Princes Exchange Foundation
Latest income
£29.4m
Latest spending
£4.5m
Accounts read
FY2025
Financial health, per FY2025 accounts
The accounts state that the Foundation recorded a surplus of £28,022,185.71 on restricted funds and £nil on unrestricted funds, resulting in total net assets of £43,375,038.34. Per the trustees' report, free reserves are £nil because governance costs are met by donated services from Turcan Connell and donations are paid from available restricted funds, meaning the charity has no requirement for free reserves. The auditors confirmed that the going concern basis of accounting is appropriate with no material uncertainties identified.
What the accounts disclose
Related-party transaction: Turcan Connell provides legal and administrative services to the Foundation. During the year fees of £81,227.58 (2024: £112,155.17) were paid to Turcan Connell for legal advice and administrative services specifically in connection with some of the restricted funds. Turcan Connell donated services with a value of £23,895.34 (2024: £5,790.00) (excluding VAT) during the year, for which no fee was raised, and made a monetary donation of £5,340.00 (2024: £4,320.00) to the Foundation, £5,340.00 of which was outstanding at the year end.
“Turcan Connell provides legal and administrative services to the Foundation. During the year fees of £81,227.58 (2024: £112,155.17) were paid to Turcan Connell for legal advice and administrative services specifically in connection with some of the restricted funds. Turcan Connell donated services with a value of £23,895.34 (2024: £5,790.00) (excluding VAT) during the year, for which no fee was raised, and made a monetary donation of £5,340.00 (2024: £4,320.00) to the Foundation, £5,340.00 of which was outstanding at the year end.” — page 4
Per FY2025 accounts as filed with OSCR.