That's not quite how it is. The commercial subsidiary is a publicly-traded company and the Foundation (the charity) owns about 49% of it (last year it wasn't p

That's not quite how it is. The commercial subsidiary is a publicly-traded company and the Foundation (the charity) owns about 49% of it (last year it wasn't publicly traded and they owed ~98% of it iirc). The Foundation received £213m from "other trading activities" last year (which I interpret as income from their share of the commercial subsidiary) out of a total income of £220m. Out of this, the Foundation spent £12m on "charitable activities" and £195m on "raising funds"... [1] [1] https://register-of-charities.charitycommission.gov.uk/en/charity-search/-/charity-details/5002372/charity-overview https://register-of-charities.charitycommission.gov.uk/en/ch...