The fund's mission "is to help change the lives of some of the most neglected and marginalized people in the UK, and in the poorest countries and regions overseas". The Fund grants money for three broad purposes. Firstly, to effect a ban on the use of landmines, and to provide relief for those whose lives have been damaged by them. Secondly, it funds palliative care in Africa for those affected by terminal disease, including HIV/AIDS. Thirdly, it funds projects for young people in the United Kingdom "facing special difficulties in making the transition to adult life".
In 2003 and 2004 the Fund engaged in controversial and expensive litigation in the United States with the Franklin Mint, over the Mint's use of images of the late princess. According to the Fund's accounts, it spent over £3.4 million on litigation, and there was a £1m+ fall in donations to the Fund during this period. In July 2003 the Fund froze payments to charities, pending conclusion of the court case. In November 2004 the Fund abandoned its legal case against Franklin Mint.
In April 2005 Andrew Purkis, Chief Executive since 1998, resigned his post. The current CEO is Dr. Astrid Bonfield. The President of the Fund is Lady Sarah McCorquodale, eldest sister of Diana, Princess of Wales.
The summarised financial statements available on the Fund's website indicate that during 2004 there was a net disbursement of £13.9 million, and that on December 31 of that year the Fund had £34.1 million in resources.