Statement regarding news reports on QCT finances

Recent news reports have referred to the charity’s Annual Accounts in the financial year 2020-21. During the last financial year the Queen’s Commonwealth Trust’s (QCT’s) total spend was £1.528million, of which over 80% was on charitable activities.

Staff are a core part of most charities’ expenditure. The majority of staff time for QCT is focused on charitable activities – for example work to strengthen the organisations of Young Leaders who are transforming their communities.

Where QCT’s income fundraised in the year is below budgeted expenditure, these expenditure requirements have been met through drawing down on the one-off grant QCT received from the Queen’s Trust in 2019. This grant is supporting QCT, as intended, as the charity develops its own philanthropic programme. QCT continues to draw down on these funds to supplement its own fundraising in support of its charitable purpose.

In April 21, QCT restructured, reducing the size and costs of its senior team, with the current CEO’s salary now approximately half of the figure quoted in recent reports. The spend on the Senior Management Team is now substantially lower in the current financial year, reflecting this restructure. This adjustment has enabled QCT to continue to support young social entrepreneurs across the Commonwealth with flexible funding, practical business tools and support, and a vibrant youth network, in a sustainable way.

QCT is grateful for the generosity of individuals and corporate partners to help support Young Leaders and the impact they make in their Commonwealth communities.

This year QCT has launched the QCT Platinum Jubilee Fund for Young Leaders, aiming to raise £5million to fund and strengthen a further 70 Young Leaders and their organisations, in recognition of its Patron, Her Majesty The Queen’s 70 years of service.