A charity set up by King Charles III has grown to its largest ever size, with its income exceeding £10m for the first time in its 17-year history.
Turquoise Mountain Trust, registered in Scotland, saw its income increase to £11.8m in the 2022 calendar year, according to newly filed accounts.
This is an increase of 28% on the year prior when its income was at £9.2m and more than double the charity’s income four years earlier (£5.2m in 2018).
Rise in grants
The charity was co-founded in 2006 by the then-Prince Charles and works to restore historic buildings and provide employment as well as relief from poverty in Afghanistan, Myanmar and the Middle East.
Its latest accounts say the growth in income last year was led by an increase of grants received (£3.2m) from artisan development activity in Saudi Arabia.
Overall, 79% of the charity’s income came from grants, while 9% came from donations and the remaining 12% from sales and other activity.
Major donors to the charity were the Ministry of Culture which gave £4.9m and £0.8m from the Royal Commission for Al Ula in Saudi Arabia.
Expenditure at Turquoise Mountain Trust also increased from £8.9m to £10.3m
Some £7m was spent on grants for artisan development, where the charity funds traditional crafts such as calligraphy, gem-cutting and woodwork.
The charity’s fundraising costs of £200,000 reflect a “small in-house development team and minimal global travel and large events,” the accounts state.
Staff costs
The charity employed 292 staff on average, an increase of 28 (10%) on the year before, with most working outside the UK.
Some 157 staff members were based in Afghanistan, while the second-highest number of staff were in Jordan. Some 15 staff were based in the UK.
The highest earner at the charity made between £100,000 - £110,000 when they made between £110,00 - £120,000 the year prior.
Employees earning above £60,000 per year decreased to 12 members of staff compared to 14 the year before.
