Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E **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 2025** Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** ## **Page** |Report of the Trustees|| |---|---| |-
Legal and Administrative Information|1| |-
Structure, Governance, Management|3| |-
Public Benefit Statement|5| |-
Objectives and Activities|6| |-
Achievements and Performance for 2024-25|7| |-
Financial Review|9| |-
Reserves Policy|10| |-
Risk Management|11| |-
Objectives for 2026-27 and beyond|12| |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| Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **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 2025. 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** Lisa Smith (President 2025-26) Kwamena Taylor-Hayford (President 2024-25) Danilo Boer appointed 21 April 2026 Liza Enebeis resigned 25 November 2025 Emma Follett appointed 1 January 2026 Ravi Amarantuga Hitchcock Fura Johannesdottir resigned 3 October 2024 Hannah Kelly Jonathan Kneebone Nils Leonard appointed 21 May 2025 Russie Miessi resigned 18 March 2025 Malcolm Poynton Priya Prakash Jack Renwick Chaka Sobhani resigned 31 March 2026 Rodrigo Sobral Franca appointed 24 November 2025 Camilla Wallander appointed 20 January 2026 ## **Chairman** Timothy Lindsay ## **Company Secretary** John Misselbrook appointed 5 September 2025 Dara Lynch resigned 5 September 2025 ## **Key Management Personnel** The senior staff members to whom the day to day management of the charity is delegated are listed below: David Patton (appointed 24 February 2026) Chief Executive Officer Dara Lynch (resigned 30 September 2025) Chief Executive Officer Donal Keenan Chief Operating Officer John Misselbrook Chief Financial Officer Lisa Cheung (appointed 12 November 2024) Marketing Director Paul Drake Foundation Director Pippa Irvine Digital Director Sammi Vaughan Director of Partnerships Page - 2 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **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 Page - 3 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **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: - To ensure the organisation stays focused on its mission and strategy. - To make policy decisions. - To provide support and constructive challenge to the management team, in particular the Chief Operating Officer and Chief Executive. 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. Page - 4 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **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 12 and note 22 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 or paternity pay, as well as annual leave and pension contributions. ## **Organisation** During the year the charity operated from its offices located within Shoreditch, with staff working on a hybrid home and office basis. 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: - D&AD Trading Limited, the objectives of which are to administer the non-charitable activities of the group. Its profits are donated to the charity under Gift Aid. - D&AD USA INC, a trading company. - D&AD Hong Kong Ltd, a trading company. Page - 5 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **3. Public Benefit Statement** The Trustees confirm that, in carrying out the charity’s activities, they have had due regard to the Charity Commission’s guidance on public benefit. The charity’s activities during the year were undertaken in furtherance of its charitable objects and for the public benefit. In accordance with its objects, the charity provides education to members of the public with an interest in creative excellence in design, advertising and other communications media, and promotes the appreciation and understanding of such creative excellence. These benefits are delivered through the provision of publicly accessible courses and learning programmes, the operation of professional and student awards, and the free online dissemination of awarded work. The charity maintains a digital archive of winning work, replacing a former print annual, which enables broad, inclusive and global access to creative excellence and its educational value. During the year, the charity continued initiatives to support entry into the creative industries and to engage the public with the creative process, including the Shift programme, a talent development initiative focused on increasing diversity within the creative industries. Since its launch in 2016, Shift has operated in multiple international cities, with over 70% of participants securing employment within the creative sector. Through these activities, the charity advances best practice in the creative fields, supports skills development and education, promotes public appreciation of creative excellence, and advances its commitments to diversity, equity, inclusion and sustainability. Page - 6 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** **4. Objectives and activities** ## **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: - To champion excellence in creativity by setting industry standards, - To educate and inspire the next generation, - To promote the contribution of creativity, ideas and innovation to business success. The charity’s strategic aims are to: - Develop the relevance of the charity’s activities to its beneficiaries, - To continue to raise the profile of the charity, - To increase the number of participants and beneficiaries of the charity’s aims and objectives, - To develop new activities in accordance with the charity’s objectives, - To create significant surpluses through commercial activities in order to fund the D&AD Foundation and advance the cause of creative education. ## **Objectives for the year** In 2024/25 the charity’s principal objectives for the year were to: - maintain reserves at levels determined by the charity’s reserves policy. - further develop a fully integrated brand communications and marketing strategy across programmes. - maintain investment in digital strategy, to deliver online content to D&AD’s stakeholders and to build D&AD’s online community. - review and extend markets and audience beyond UK and Europe. - build international awareness in key geographical locations, and to develop products and programmes to engage these markets and audiences. - augment professional development strategy to meet market requirement and ensure relevance across both creative and client communities. - advance development of our diversity, equality, equity and inclusion both within D&AD and within the industry, communities and society we are a part of. - establish an appropriate environmental sustainability policy and framework. - fully utilise D&AD head office in Shoreditch. ## **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. Page - 7 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **5. Achievements and performance for 2024-25** In the face of persistent geopolitical uncertainties, with both global and industry economic challenges, D&AD sustained the delivery of its awards and educational 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 Awards Festival and Ceremony, held on 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 2024-25**|**Achievements in 2024-25**| |---|---| |To maintain reserves at levels
determined by the charity’s
reserves policy.|Requisite reserves as determined by the reserves policy for 31 August
2025 amount to £5.3m.
Actual group reserves reported as at that date amount to £6.8m (2024:
£6.7m) of which free unrestricted reserves are £5.5m (2024: £5.6m).| |To continue to develop a fully
integrated brand
communications and
marketing strategy across
programmes.|The implementation and advancement of a clear and consistent
marketing and communications strategy across all platforms has
contributed to a significant increase in organisational profile and
awareness, 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.|Ongoing investment in D&AD’s digital platforms during 2024–25
included the development and implementation of new CRM and CMS
systems,
delivering
substantial
improvements
in
back-office
efficiency, organisational productivity, external communications,
accessibility, and the overall customer user experience for our global
audiences.| |To review and extend markets
and audience beyond the UK
and Europe.|During the year, D&AD continued to explore opportunities to extend its
international reach beyond the UK and Europe, including market
engagement, partnership discussions and the evaluation of potential
operating models in new territories. Global presence was further
strengthened through international representatives and regional
engagement through Awards, Shift and Masterclasses.| |To continue to build
international awareness in key
cities.|International
awareness
continued
to
grow
through
senior
management engagement in key markets and the appointment of
international representatives across India, Australia, Brazil, the USA,
China and Japan. Further expansion of the Shift programme is planned
for South Africa and Europe.| |To further develop products
and programmes to engage
these markets and audiences.|D&AD continued to review and evolve its programmes and products to
ensure relevance to the creative industry and its global community,
including the ongoing development and delivery of the Awards, Shift
and professional learning initiatives.| Page - 8 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** |**Objective in 2024-25**|**Achievements in 2024-25**| |---|---| |To continually develop the
redefined professional
development strategy.|During the year, D&AD continued to refine its professional
development strategy to ensure it remains relevant to the evolving
needs of the creative industry. Work focused on developing a
structured series of focused training modules designed to support both
creative and client communities, with longer-term plans to establish a
scalable e-learning offering and CPD pathway. Engagement with larger
corporate partners and organisations with global reach continued,
alongside an expanded focus on supporting in-house creative teams.| |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.|Continued implementation of D&AD’s diversity, equity, equality and
inclusion strategy through its three established pillars, fostering an
inclusive organisational culture, where individuals feel welcome and
able to be themselves, promoting greater diversity within the creative
industry
through
D&AD’s
programmes
and
platforms,
and
strengthening representation within D&AD to better reflect the diversity
of the London working community.| |To establish an appropriate
environmental sustainability
policy and framework.|D&AD established a sustainability framework including a Net Zero
Carbon Strategy and a structured supplier evaluation process. These
initiatives support the organisation’s environmental commitments
while helping promote sustainable practices across the creative
industry through community engagement and strategic partnerships.| |To fully utilise D&AD head
office in Shoreditch.|D&AD increased utilisation of its Shoreditch head office to support
programme delivery and improve operational efficiency, while also
making the space available to the wider creative community to
encourage collaboration and engagement.| Page - 9 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **6. Financial review** ## **Financial performance** The financial performance for the year reflects continued investment in programmes that support creative talent while maintaining a stable income base from the D&AD Awards. Total incoming resources for the year were marginally lower than in the previous twelve-month period. This primarily reflects a reduction in income from the talent programme following the conclusion of Google Shift sponsorship. This decrease was largely offset by the introduction of alternative sponsorship within the Shift programme, together with the further development of Shift Studio, which generated income not realised in the prior year. Total expenditure for the year remained broadly consistent with the prior year (2024). As a result, the Group recorded a net inflow of funds of £68,000 for the year ended 31 August 2025 (2024: £211,000). ## **Principal funding sources** The principal source of funding for D&AD continues to be revenue generated through entries to the Professional Awards Scheme. Despite ongoing challenges within the creative and advertising industries, awards entry income remained stable at £4,765,000 for the year (2024: £4,738,000), reflecting the continued global relevance and recognition of the D&AD Awards. ## **Funds** As at 31 August 2025, Group funds totalled £6,770,000 (2024: £6,702,000), all of which were unrestricted (2024: £nil restricted). The charity continues to invest in the development of its programmes and products to support its charitable mission and maintain the relevance and impact of its activities within the creative industries. Through careful cost management and ongoing operational efficiencies, D&AD aims to ensure that sufficient resources are available to support the continued expansion and delivery of its programmes in future periods. Page - 10 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **7. Reserves policy** Unrestricted funds are held to support the delivery of D&AD’s charitable objectives and to ensure the organisation can operate sustainably. These funds are used to: - cover the costs of delivering the charity’s programmes and charitable activities; - meet administration, fundraising and support costs necessary for the effective operation of the organisation; - fulfil obligations to members, participants and supporters; - address shortfalls in funding for educational and industry development projects that may otherwise rely on sponsorship or donations; - support the development of new activities aligned with the charity’s objectives; and - maintain the infrastructure required for the charity to operate efficiently. The Trustees maintain a reserves policy designed to ensure the financial sustainability of the charity and to provide sufficient working capital to manage operational risks and fluctuations in income. Maintaining appropriate reserves enables D&AD to continue delivering its programmes and charitable activities while responding to changes within the creative industries and wider economic environment. Given the significance of Awards entry income within D&AD’s funding model, maintaining appropriate reserves also provides an important safeguard against potential fluctuations in participation levels across the global creative industry. The Trustees consider reserves to play an important role in supporting the organisation’s financial resilience. This includes sustaining operations during periods of economic or industry uncertainty, managing seasonal fluctuations in income and expenditure, and enabling the organisation to invest in initiatives that support long-term growth and impact. Reserves also support the continued development and expansion of programmes aligned with D&AD’s charitable mission, including initiatives designed to broaden access to creative opportunities such as the Shift programme. In determining the appropriate level of reserves, the Trustees have considered the potential effects of adverse economic conditions and fluctuations in core revenue streams. The reserves policy therefore aims to maintain unrestricted reserves sufficient to: - provide working capital equivalent to approximately six months of operating expenditure, mitigating potential timing differences between expenditure commitments and income receipts; - provide additional financial capacity to manage risks associated with core revenue streams; - support investment in the growth and development of charitable activities; and - mitigate the impact of unforeseen volatility or significant external events, while maintaining the organisational infrastructure required to deliver the charity’s strategy. Based on these considerations, the Trustees have determined that an appropriate level of reserves is £5.3 million. As at 31 August 2025, free unrestricted reserves totalled £5,492,803 (2024: £5,612,106), which the Trustees consider to be broadly consistent with the organisation’s reserves policy and sufficient to support the continued delivery of D&AD’s charitable activities. The reserves policy is reviewed regularly by the Trustees to ensure it remains appropriate to the scale, risks and strategic ambitions of the organisation. Page - 11 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **8. Risk management** The Trustees recognise that effective risk management is essential to the continued delivery of the charity’s activities and long-term financial sustainability. As part of its business planning and governance processes, the Board undertakes regular reviews of the key strategic, operational and financial risks facing the organisation. The charity maintains a structured risk management framework which includes: - regular review of principal risks by Trustees and senior management; - monitoring of risk likelihood and potential impact; and - the implementation of appropriate mitigation measures designed to reduce the likelihood of occurrence and minimise potential disruption to the charity’s activities. The Trustees recognise that the charity’s income sources are closely linked to the performance of the creative industries and the wider business environment. Maintaining appropriate reserves therefore forms an important part of the charity’s approach to managing financial risk. The principal risks identified and the key mitigation measures in place are summarised below. ## **Key Risks and Mitigation** |**Risk**|**Mitigation**| |---|---| |**Dependence on**|Diversification of income streams through programme development, sponsorship| |**industry income**|and partnerships. Maintenance of appropriate reserves to mitigate fluctuations in| ||awards participation or sponsorship income.| |**Loss of key staff**|Succession planning for key roles, competitive remuneration and benefits, and| ||ongoing employee engagement initiatives.| |**Strategic planning**|Board-led strategic planning and regular review of a rolling three-to-five-year| |**and governance**|strategic plan. Trustee recruitment to ensure a diverse mix of skills and| ||experience.| |**Conflicts of interest**|Maintenance of a trustee register of interests and adherence to Charity| |**or governance risk**|Commission guidance on trustee benefits and governance procedures.| |**Competition within**|Ongoing market analysis and benchmarking, supported by clear communication of| |**the sector**|the unique value and positioning of D&AD programmes.| |**Event delivery risks**|Appropriate event insurance and contingency planning, including hybrid and digital| ||delivery models where required.| |**Financial**|Robust budgeting, forecasting and monthly financial monitoring processes,| |**management and**|supported by strong internal financial controls.| |**control**|| |**Fraud or operational**|Segregation of duties, internal control procedures, periodic internal reviews and| |**error**|annual external audit.| |**Global events and**|Maintenance of business continuity planning and sufficient reserves to support| |**economic volatility**|operational resilience during periods of disruption.| |**Cyber security and**|Cyber security audits, secure authentication systems, cloud-based data| |**data protection**|management, insurance cover and regular staff training on cyber awareness.| Page - 12 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **9. Objectives for 2026/27 and beyond** D&AD exists to stimulate, enable and award creative excellence in design and advertising. Through its programmes, awards and educational initiatives, the charity supports the development of creative talent and contributes to the growth and diversity of the global creative industries. Through these priorities, D&AD aims to expand opportunities for creative talent, support professional development across the industry and strengthen the global creative community. D&AD will continue to develop international partnerships and initiatives that expand access to its programmes and support the growth of creative communities worldwide. D&AD will fulfil this mission sustainably through the following priorities: ## **9.1. Financial sustainability and organisational resilience** ## **Objective** To maintain financial resilience and ensure the long-term sustainability of D&AD’s activities. ## **How we will deliver this** D&AD will continue to operate within the framework of its reserves policy while strengthening financial sustainability through operational efficiency and the development of new income streams across programmes, partnerships and commercial initiatives. These measures will support the continued growth and reach of D&AD’s activities and community engagement. ## **9.2. Global Reach and Industry Engagement** ## **Objective** To strengthen D&AD’s international presence and deepen engagement with the global creative industry. ## **How we will deliver this** D&AD will continue to develop its international profile through coordinated brand, communications and programme activity, expanding participation from agencies, consultancies, in-house creative teams and emerging talent. The organisation will prioritise engagement with audiences beyond the UK and Europe and strengthen relationships in key international creative and growth centres. ## **9.3. Programmes, Learning and Community Development** ## **Objective** To evolve D&AD’s programmes and learning opportunities to support creative talent and industry development. ## **How we will deliver this** D&AD will continue to develop and refine its programme offering, to remain relevant to the global creative industry and to expand professional development and learning initiatives. The organisation will also continue to enhance its digital platforms to strengthen community engagement, to improve access to its programmes and resources through scalable learning opportunities, designed to support creative careers globally. ## **9.4. Responsible and Inclusive Organisation** ## **Objective** To ensure D&AD operates as an inclusive, responsible and sustainable organisation. ## **How we will deliver this** D&AD will continue to embed diversity, equity and inclusion across its programmes and internal culture, ensuring representation reflects the diversity of the communities it serves. The organisation will also advance its environmental sustainability commitments, including the implementation of its Net Zero Carbon Strategy and responsible procurement practices. Page - 13 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD REPORT OF THE TRUSTEES** ## **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: - Select suitable accounting policies and then apply them consistently; - State whether applicable accounting standards, including FRS 102, have been followed subject to any material departures disclosed and explained in the financial statements; - Observe the methods and principles in Statement of Recommended Practice Charities (SORP). - Make judgements and estimates that are reasonable and prudent; - Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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: - There is no relevant audit information of which the charitable company’s auditor is unaware; and - The trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. ## **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 5/14/2026 ……………………………………………... John Misselbrook, Secretary Page - 14 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **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 2025 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: - give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. ## **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. Page - 15 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **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: - the information given in the [strategic report and the] trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - [the strategic report and the] trustees’ annual report have been prepared in accordance with applicable legal requirements. ## **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: - the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report. ## **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: Page - 16 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF D&AD LIMITED** - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. 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: - We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council Page - 17 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF D&AD LIMITED** - We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 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. Date: 5/18/2026 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. Page - 18 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2025** |**Note**
**Income from**
_Charitable activities:_
**4**
Professional Awards
New Blood Awards
Professional Development
Shift
Total income from charitable activities
Investment income and interest
**5**
Other income
**5**
**Total income**
**Expenditure on**
_Charitable activities:_
**6**
Professional Awards
New Blood Awards and Academy
Professional Development
Shift
**Total charitable expenditure**
**7**
**Net income / (expenditure)**
Total funds brought forward
**19**
**Total funds carried forward**|**Unrestricted**
**Total**
**Total**
**2025**
**2025**
**2024 restated**
**Note 1e**
**£**
**£**
**£**
5,835,979
5,835,979
5,883,228
653,441
653,441
662,004
699,890
699,890
603,339
511,477
511,477
766,797| |---|---| ||7,700,787
7,700,787
7,915,368
164,124
164,124
106,801
3,653
3,653
582| ||**7,868,564**
**7,868,564**
**8,022,751**| ||4,890,322
4,890,322
4,879,094
890,145
890,145
937,080
1,080,305
1,080,305
826,642
939,553
939,553
1,168,596| ||**7,800,325**
**7,800,325**
**7,811,412**| ||**68,239**
**68,239**
**211,339**
6,701,534
6,701,534
6,490,195| ||**6,769,773**
**6,769,773**
**6,701,534**| 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. Page - 19 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD BALANCE SHEETS - GROUP AND CHARITY AS AT 31 AUGUST 2025** |**Note**
**Fixed assets**
Intangible assets
**14**
Tangible assets
**15**
Investments
**16**
**Current assets**
Debtors
**17**
Cash at bank and in hand
**Current liabilities**
Creditors falling due within one year
**18**
**Net current assets**
**Total assets less current liabilities**
**Long term liabilities**
**Net assets**
**20 / 21**
**Accumulated funds**
Unrestricted funds
**20 / 21**
**Total accumulated funds**|**Group**
**Group**
**Charity**
**Charity**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
1,201,188
988,563
1,201,188
988,563
75,782
100,865
75,782
100,865
-
-
1,000
1,000| |---|---| ||1,276,970
1,089,428
1,277,970
1,090,428| ||632,359
1,154,824
622,359
1,140,074
6,104,695
5,542,926
6,094,695
5,532,236| ||6,737,054
6,697,750
6,717,054
6,672,310
(1,107,564)
(902,801)
(1,311,334)
(1,100,940)| ||5,629,490
5,794,949
5,405,720
5,571,370| ||6,906,460
6,884,377
6,683,690
6,661,798
(136,687)
(182,843)
(136,687)
(182,843)| ||**6,769,773**
**6,701,534**
**6,547,003**
**6,478,955**| ||6,769,773
6,701,534
6,547,003
6,478,955| ||**6,769,773**
**6,701,534**
**6,547,003**
**6,478,955**| 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 £68,047 (2024: £345,620 surplus) 5/15/2026 The financial statements were approved by the trustees on ........................................... and signed on their behalf by: Lisa Smith **..................................................................** Trustee Company registration number 00883234 Page - 20 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2025** |**Cash inflow from operating activities**
Net cash (used) / provided by operating activities
**Cash flow from investing activities**
Investment income and interest received
Payments to acquire tangible and intangible fixed assets
**Net (decrease ) / increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at close of year**|**2025**
**2024**
**£**
**£**
865,361
(575,267)| |---|---| ||164,124
106,801
(467,716)
(735,886)| ||(303,592)
(629,085)| ||**561,769**
**(1,204,352)**
5,542,926
6,747,278| ||**6,104,695**
**5,542,926**| ## **Reconciliation of net income / (expenditure) to cash flow from operating activities** |**Net income / (deficit) for the reporting period**
**Adjustments for:**
Depreciation charges
Investment income
(Increase) / decrease in debtors
Increase in creditors
**Net cash provided by operating activities**
**Analysis of cash and cash equivalents**
Cash at bank and in hand|**2025**
**2024**
**£**
**£**
68,239
211,339
280,174
309,916
(164,124)
(106,801)
522,465
(347,784)
158,607
(641,937)| |---|---| ||**865,361**
**(575,267)**| ||**6,104,695**
**5,542,926**| Page - 21 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **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) Statement of Financial Activities (SOFA) headings** Following a review of the classification of income and expenditure, certain headings within the Statement of Financial Activities have been reclassified to provide greater clarity and to more accurately reflect D&AD’s charitable activities. Income and expenditure previously reported under trading subsidiary activities, relating to bespoke in-house team training (a component of professional development), have been incorporated within the professional development category. Page - 22 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **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. Page - 23 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **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 14 and 15 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 16. Page - 24 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ||||||**Unrestricted **|**Unrestricted**| |---|---|---|---|---|---|---| ||||||**2025**|**2024**| ||||||**£**|**£**| |**4. INCOME FROM CHARITABLE ACTIVITIES**||||||| |Professional Awards|||||5,835,979|5,883,228| |New Blood Awards|||||653,441|662,004| |Professional Development|||||699,890|603,339| |D&AD Shift|||||511,477|766,797| |Total income from charitable activities|||||**7,700,787**|**7,915,368**| |**5. INVESTMENT INCOME, INTEREST AND OTHER**||**INCOME**||||| |Bank deposit interest|||||164,124|106,801| |Other income|||||3,653|582| ||||||**167,777**|**107,383**| |**6. COSTS OF ACTIVITIES IN FURTHERANCE OF THE CHARITY'S**|||**OBJECTIVES**|||| |Professional Awards|||||4,890,322|4,879,094| |New Blood Awards|||||890,145|937,080| |Professional Development|||||1,080,305|826,642| |D&AD Shift|||||939,553|1,168,596| |Total expenditure on charitable activities|||||**7,800,325**|**7,811,412**| |**7. ANALYSIS OF TOTAL RESOURCES EXPENDED**||||||| |**Costs of activities in furtherance**|**Direct staff**|
**Other direct**|
**Sales &**|**Digital**|**Support &**|**Total**| |**of the charity's objectives**|**costs**|**costs**|**Marketing**||**Governance**|| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Year to 31 August 2025**||||||| |Professional Awards|627,772|1,651,316|761,881|865,951|983,402|4,890,322| |New Blood Awards|164,150|162,511|276,537|96,959|189,988|890,145| |Professional Development|256,812|317,763|142,720|103,851|259,159|1,080,305| |D&AD Shift|160,556|276,322|277,093|75,894|149,688|939,553| |**Total**|**1,209,290**|**2,407,912**|**1,458,231**|**1,142,655**|**1,582,237**|**7,800,325**| |**Year to 31 August 2024**||||||| |Professional Awards|751,831|1,787,805|635,350|931,507|772,601|4,879,094| |New Blood Awards|177,779|212,913|257,394|104,816|184,178|937,080| |Professional Development|210,045|314,162|57,531|95,528|149,376|826,642| |D&AD Shift|173,886|407,367|320,824|121,409|145,110|1,168,596| |**Total**|**1,313,541**|**2,722,247**|**1,271,099**|**1,253,260**|**1,251,265**|**7,811,412**| Page - 25 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** |**8. SUPPORT AND GOVERNANCE COSTS**
Staff and related costs
Facilities
Consultancy and professional services
Insurance
Depreciation
**Total support costs**
**Governance**
Salaries and related costs
Audit fees
Legal and professional fees
Other governance costs
**Total governance costs**
**Total**
**Support**
Other support costs|**Unrestricted**
**Unrestricted**
**2025**
**2024**
**£**
**£**
275,334
280,472
321,471
307,738
45,207
35,877
38,850
40,157
22,441
9,801
105,996
219,692| |---|---| ||**809,299**
**893,737**
553,740
397,803
33,322
35,640
16,803
47,705
169,073
44,111| ||**772,938**
**525,259**| ||**1,582,237**
**1,418,996**| ## **9. NET INCOMING RESOURCES** Net incoming resources for the year are stated after charging: ||**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Auditors remuneration:||||| |In respect to current year audit|31,912|31,675|29,979|27,960| |In respect to prior year audit|1,129|7,650|1,129|7,680| |Depreciation / amortisation:||||| |Owned assets (tangible and intangible)|280,174|309,916|280,174|309,916| |Rentals under operating leases: land and|203,844|203,844|203,844|203,844| |buildings||||| Page - 26 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **10. ANALYSIS OF STAFF COSTS** |**Staff costs comprise:**
Wages and salaries
Social security costs
Pension costs
Healthcare
Recruitment and training
Redundancy and termination
**Total staff costs**|**2025**
**2024**
**£**
**£**
2,482,043
2,642,463
293,026
308,455
191,130
210,670
14,799
12,119
25,870
27,667
164,173
81,196| |---|---| ||**3,171,041**
**3,282,570**| The number of employees whose emoluments (salaries and benefits in kind) excluding pensions fell within the following |£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£140,001 - £150,000
£290,001 - £300,000|1
2
1
2
-
1
2
1
-
2
2
-
-
1
1
-| |---|---| ||**7**
**9**| 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 7 (2024: 9). The total pension contributions paid by the charity during the year for employees earning more than £60,000 was £59,904 (2024: £71,718) ## **11. STAFF NUMBERS** The average number of employees including temporary and short-term contract staff analysed by function was: |Charitable activities
Income generation
Administration and support|**2025**
**2024**
**number**
**number**
28
34
17
15
7
8| |---|---| ||**52**
**57**| ## **12. TRUSTEES AND KEY MANAGEMENT PERSONNEL** During the year £9,838 was paid to 2 trustees in respect of travel and subsistence expenses incurred on behalf of the charity (2024: £6,883 to 3 trustees). The trustees received no remuneration or other employment benefits for their role as trustees. However, the charity made payments for other services performed by trustees as follows: Kwame Taylor-Hayford provided services as Executive Creative Director for the D&AD Studio programme and was compensated a total of $31,000 (£23,261) (2024: £nil) for these services during the year. The charity purchased trustee indemnity insurance costing £1,755 (2024: £3,587) to protect the charity from loss arising from neglect or default of its trustees and employees. The charity considers its key management personnel comprise the Trustees, Chief Executive, Chief Operating Officer and Excutive Directors. The total employee benefits of the charity's key management personnel were £1,078,983 (2024: £1,099,712). Page - 27 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **13. 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. ## **14. INTANGIBLE FIXED ASSETS - GROUP AND CHARITY** |**14. INTANGIBLE FIXED ASSETS - GROUP AND CHARITY**|| |---|---| |**Cost or valuation**
As at 1 September 2024
Additions
Disposals
**As at 31 August 2025**
**Amortisation**
As at 1 September 2024
Charge for the year
Eliminated on disposal
**As at 31 August 2025**
**Net book value**
As at 31 August 2025
As at 31 August 2024|**Website and**
**software**
**£**
1,198,510
441,442
(15,475)| ||**1,624,477**| ||209,947
213,342
-| ||**423,289**| ||**1,201,188**| ||988,563| ## **15. TANGIBLE FIXED ASSETS - GROUP AND CHARITY** |**Cost or valuation**
As at 1 September 2024
Additions
Disposals
**As at 31 August 2025**
**Depreciation**
As at 1 September 2024
Charge for the year
Eliminated on disposal
**As at 31 August 2025**
**Net book value**
As at 31 August 2025
As at 31 August 2024|**Leasehold**
**Office**
**improvements**
**equipment**
**Total**
**£**
**£**
**£**
1,122,715
474,615
1,597,330
-
26,274
26,274
-
(4,970)
(4,970)| |---|---| ||**1,122,715**
**495,919**
**1,618,634**| ||1,122,715
373,750
1,496,465
-
51,357
51,357
-
(4,970)
(4,970)| ||**1,122,715**
**420,137**
**1,542,852**| ||-
75,782
75,782| ||-
100,865
100,865| Page - 28 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **16. INVESTMENTS IN SUBSIDIARIES** The charity has an investment in the following subsidiary undertakings: |**Registered office**
D&AD Trading Limited
64 Cheshire Street, London E2 6EH
D&AD Limited
D&AD USA Inc.
Cost at the beginning and end of the year
Suite 1201, Tower 2, The Gateway,
25 Canton Road, Tsimshatsui,
Kowloon, Hong Kong
Frankfurt Kurnit Klein and Selz, P.C.
488 Madison Avenue, NY 10022,
USA|**Status**
**% Ownership**
Trading
100%
Non-trading
100%
Non-trading
100%
**2025**
**2024**
**£**
**£**
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. |**Profit & Loss Account**
Turnover
Cost of sales
Gross profit
Administration expenses
**Profit on ordinary activities**
**Balance sheet**
Current assets
Creditors: amounts falling due within one year
Total net assets
Called up share capital
Retained profit
**Shareholders' funds**|**2025**
**2024**
**£**
**£**
308,123
314,003
(85,940)
(92,303)| |---|---| ||222,183
221,700
(3,376)
(3,085)| ||218,807
218,615| ||257,051
268,497
(33,280)
(44,918)| ||223,771
223,579| ||1,000
1,000
222,771
222,579| ||223,771
223,579| Page - 29 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** |**17. DEBTORS**
Trade debtors
Other debtors
Prepayments and accrued income
**Total debtors**
**18. CREDITORS**
**Creditors falling due within one year**
Trade creditors
Other creditors
Taxation and social security
Accrued expenses
Deferred income
Owed to subsidiary undertakings
**Total creditors**
**Long term liabilities**
**Total creditors**|**Group**
**Group**
**Charity**
**Charity**
**2025**
**2024**
**2025**
**2024**
**£**
**£**
**£**
**£**
228,001
541,686
228,001
541,686
156,313
238,129
156,313
238,129
248,045
375,009
238,045
360,259| |---|---| ||**632,359**
**1,154,824**
**622,359**
**1,140,074**| ||336,097
392,424
336,097
392,424
14,110
24,804
14,110
24,804
100,425
84,367
100,425
84,367
467,648
276,403
464,367
273,288
189,284
124,803
159,284
83,000
-
-
237,051
243,057| ||**1,107,564**
**902,801**
**1,311,334**
**1,100,940**| ||**136,687**
**182,843**
**136,687**
**182,843**| ||**1,244,251**
**1,085,644**
**1,448,021**
**1,283,783**| ## **19. OPERATING LEASE COMMITMENTS** As at the reporting date, the group had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall dues as follows: |Within one year
Between two and five years
**Total operating lease commitments**|**Charity and**
**Charity and**
**Group**
**Group**
**2025**
**2024**
**£**
**£**
250,000
250,000
298,677
548,677| |---|---| ||**548,677**
**798,677**| Page - 30 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E ## **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** |**20. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Fixed assets**
Intangible assets
Tangible assets for use by the charity
**Current assets**
Debtors
Cash at bank and in hand
**Current and long term liabilities**
**Net assets 31 August**|**Total funds**
**Total funds**
**2025**
**2024**
**£**
**£**
1,201,188
988,563
75,782
100,865
632,359
1,154,824
6,104,695
5,542,926
(1,244,251)
(1,085,644)| |---|---| ||6,769,773
6,701,534| For the purpose of these accounts, all D&AD Group funds are unrestricted ## **21. RECONCILIATION OF FUND MOVEMENTS** |Unrestricted funds
Restricted funds
**Total funds**
Unrestricted funds
Restricted funds
**Total funds**|**Balance**
**Income**
**Expenditure**
**Transfers**
**Balance**
**01-Sep**
**gains and**
**31-Aug**
**2024**
**losses**
**2025**
**£**
**£**
**£**
**£**
**£**
6,701,534
7,868,564
(7,800,325)
-
6,769,773
-
-
-
-
-| |---|---| ||**6,701,534**
**7,868,564**
**(7,800,325)**
**-**
**6,769,773**| ||**Balance**
**Income**
**Expenditure**
**Transfer to**
**Balance**
**01-Sep**
**gains and**
**restricted**
**31-Aug**
**2023**
**losses**
**funds**
**2024**
**£**
**£**
**£**
**£**
**£**
6,490,195
8,022,751
(7,811,412)
-
6,701,534
-
-
-
-
-| ||**6,490,195**
**8,022,751**
**(7,811,412)**
**-**
**6,701,534**| Page - 31 - Docusign Envelope ID: E23F0269-CE3B-8B85-837C-F7F584A5350E **D&AD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2025** ## **22. 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 £191,130 (2024: £210,670). At the Balance Sheet date , the amount due to the pension scheme administrators was £26,574 (2024: £20,854). The expected cost to the charity in the coming year, if all staff take up their pension option, is approximately £189,000 (2024: £204,000). ## **23. RELATED PARTY TRANSACTIONS** Other than the trustee transactions reported in note 12, related party transactions during the year included: Sales of £89,316 (2024: £95,388) and purchases of £308,123 (2024: £314,003) 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 £237,051 (2024: £243,057). Sales of £59,384 (2024: £14,960) were made to JKR (Jones Knowles Ritchie) where Lisa Smith was employed as Executive Creative Director. Lisa is also a director of D&AD. Sales of £10,987 (2024: £6,209) and purchases of £nil (2024: £6,600) were made to Studio Dumbar where Liza Enebeis is a partner and creative director. Liza is also a director of D&AD. Sales of £2,375 (2024: £980) were made to Saboteur Studios where Hannah Kelly is a designer. Hannah is also a director of D&AD. Sales of £945 (2024: £1,047) were made to The Glue Society where Jonathan Kneebone is the Founder. Jonathan is also a director of D&AD. Sales of £550 (2024: £525) were made to Born Social where Russie Miessi is a strategist. Russie retired as a director of D&AD on 18 March 2025 and sales have been included to that date. Sales of £36,348 (2024: £8,352) and purchases of £400 (2024: £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 and transactions have been included from that date. Sales of £4,236 (2024: £9,950) 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 and sales have been included from that date. Sales of £nil (2024: £7,105) were made to Kin where Kwame Taylor-Hayford is the co founder. Kwame is also a director of D&AD. Sales of £nil (2024: £5,675) were made to Huge where Fura Johannesdottir is Global Chief Creative Officer. Fura resigned as a director of D&AD on 3 October 2024 and sales have been included to that date. 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. ## **24. 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. Page - 31 -