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2021-05-31-accounts

Charity number: 1074025

Company number: 03667290

(England and Wales)

Helena Kennedy Foundation

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 May 2021

Helena Kennedy Contents Page For the year ended 31 May 2021

Report of the Trustees 1 to 7
Independent Examiner's Report to the Trustees 8
Statement of Financial Activities 9
Statement of Financial Position 10
Notes to the Financial Statements 11 to 20

Helena Kennedy Report of the Trustees For the year ended 31 May 2021

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 May 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).

Chair's report

The Helena Kennedy Foundation exists to support disadvantaged students from the further and adult education sectors to transform their lives through higher education and fair access to the graduate professions.

The Foundation was established in 1998 to make a practical contribution to government policies on widening participation in higher education and promoting social inclusion. We aim to tackle social injustice by supporting those who face multiple barriers to participation in education and work to fulfil their potential.

Since our creation, the Foundation has provided financial support to nearly 2300 students. With the costs associated with studying in higher education continuing to rise and a challenging employment market impacting on opportunities for students to gain access to part time work to support their studies, this support remains more relevant and important to students' needs than ever. We award bursaries of £2,250 - which we increased in 2018 from £1,500 to reflect the increasing financial burden faced by students -to individuals who have successfully completed a program of study at a further education sector college and are progressing on to a course in higher education.

All the students we support come from low income backgrounds and face financial difficulty. Our students are a testament to the power of education in overcoming social disadvantages and include:

This includes:

One to one support provided by the Foundation's support staff

To help students develop professional networks and gain an insight into highly competitive professions and industries we aim to:

Where practicable we share our experience as practitioners around widening participation in education and fair access to the professions by contributing to publications, appearing on public platforms, commenting in the media and

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Helena Kennedy

commissioning and producing research. We seek to give our students the opportunity to share their own experiences, which helps develop their own skills and confidence as well as giving policy makers a first-hand insight into the experiences and achievements of these remarkable individuals.

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Helena Kennedy Foundation Report of the Trustees Continued For the year

OBJECTIVES AND ACTIVITIES

Statement on public benefit

The trustees have considered the Charity Commissions guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

Trustees review the Foundations aims, objectives, activities, achievements, and performance each year. Performance is monitored against our Strategic Plan and Annual Operating Plan. Trustees refer to the guidance contained in the Charity Commissions general guidance on public benefit and ensure that planned activities contribute to the aims and objectives set.

Trustees conclude that, since the Helena Kennedy Foundation exists primarily to overcome social injustice by providing support for disadvantaged students to access higher education, the charity can demonstrate beyond doubt that each of the principles outlined in the Charity Commissions guidance on Charities and Public Benefit are being met.

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ACHIEVEMENTS AND PERFORMANCE

Significant activities

The financial year 20/21 was an extraordinary one. The Charity navigated the consequences of a global pandemic which saw national lockdowns, the total disruption of Further and Higher Education systems and disproportionate negative outcomes for the most vulnerable in society. The Board continued to meet regularly, albeit virtually, and the Charity continued to operate, switching to remote working and increasing engagement through social media channels.

Our Bursary awards continue to provide financial support that makes a real difference to our students' ability to meet the rising costs associated with studying. It remains the primary reason for students' application to the Foundation. The Trustees are delighted to report that the number of new students receiving a bursary award during this financial year was 81. Applications for 2021 were 190. This is lower than we usually expect and is attributable to the pandemic. Notwithstanding this dip in applications, we were significantly over-subscribed and many more would benefit from the financial support we offer, as well as the wider package of mentoring, advice and guidance, training and work placements should we be able to secure additional funding.

Progression rates for our students are typically in the 90-95% range. Of those that do not progress from one year to the next, many go on to return to their studies a year or two later and continue to receive advice and guidance from the charity. Around 96% of our students graduate - which is significantly above the national average. This is even more impressive given the serious hurdles our students have overcome to succeed in education. We are immensely proud of this achievement and of our students. Ensuring that our students complete their studies not only helps their life chances, but saves the student, higher education institutions and the taxpayer a great deal of money, due to the high direct costs and social costs of non-completion.

Mission Statement

The charity's mission statement and strapline were reviewed, and trustees approved the following

Mission Statement: HKF promotes equality of opportunity, enabling disadvantaged FE students to realise their potential, by supporting them through higher education into fulfilling careers.

Strapline: Nurturing talent, driving opportunities,

transforming lives. Work Placements

With graduates facing increased pressure to prove their potential for employment opportunities HKF wishes to ensure that our beneficiaries, who are already faced with their own significant barriers to success, have the best chance of reaching their goals both at university and beyond. In response to this, the Foundation has sought ways to empower Winners in these increasingly competitive and demanding times, enabling them to access work experience opportunities to complement their studies through the HKF Work Experience scheme. Approximately 20 award winners secured work placements with companies such Howes Percival, and all award winners were offered mentoring and coaching support, which more than half took up. After graduating, award winners are offered pro bono coaching with professional graduate coach.

We are delighted that our alumni project continues to make progress. This year two of our alumni won prestigious Festival of Learning awards. Kirsty Young received the Return to Learning award and Rosie Wainwright received the Outstanding Individual learner award. Maleekah Bokhari, an award winner from 2007 was honoured as young global leader of the year by the World Economic Forum. Alumni James Corbin has established himself as a plus size model and has been featured in Vogue magazine and worked with Valentino.

NCFE

We are delighted too that our strategic partnership with NCFE continues. The DISCOVER programme enables 15 FE colleges to take part in a college bursary scheme, whereby 15 Students are awarded a bursary of £1,500 to support their success and progression to higher education or employment. NCFE also sponsors 10 HE bursaries each year, where winners receive £2,250. NCFE staff also mentor HKF bursary winners. The partnership is going from strength to strength, and we enjoy great support from The CEO and his team.

Skills Education Group

The Skills and Education Group continue to sponsor and support the annual House of Lords reception. Through the partnership they provide 2 bursaries per year for FE students from their member colleges progressing to

Higher Education. Any applicants we are unable to support are encouraged to apply to SEG's own funds and a secure bursary of £350 each.

2020 Impact report

To mark the 20th Anniversary of the Helena Kennedy Foundation (HKF) the trustees commissioned an impact report to evaluate the impact of bursaries on our winners. The research sought to understand and provide evidence of how HKF contributed to transforming lives and communities in Britain by providing financial bursaries, mentoring, and supporting disadvantaged students from the further and adult education sectors. The report was launched at the AOC conference in 2018 by Baroness Kennedy and is available as a resource online at the HKF website.

College badge bursary scheme

College badge bursary schemeThese are bursaries for FE and sixth form colleges to ring fence for students from their own college. As with the standard scheme, they are open to students in their last year at college and applying to start a first-time higher education course the following year. Bursaries are named after the sponsoring College so although the selection panel is run by HKF, the College can be sure at least one of their own students will be a beneficiary. Students who miss out on their college's badged bursary can still be entered for the standard HKF bursary so have two chances of achieving an award.

This is a time when the gap between the richest and poorest has grown to its widest for several generations (Dorling, 2015) and the impact of policy reform is biting the most vulnerable the hardest to reach communities. The learners who apply for bursaries are often blighted by ongoing poverty that has blighted their lives, their families and community. The evidence from the learners is that the bursaries are a real lifeline to them continuing their studies, progressing to Higher Education, and gaining careers that empower them, their family, and their communities.

Pastoral and Mentoring

Support Annual Career

ready week

HKF continued its annual career ready week where a number of sessions were delivered by our supporters and alumni. The sessions including Improving your cv, improve your LinkedIn profile amongst others is now available as a resource on YouTube.

The meet and greet week as part of the welcome to HKF was well received. We continue to offer one to one support alongside a monthly drop-in chat session. This is an opportunity for winners to discuss any issues in a safe environment.

FINANCIAL REVIEW

During the year, the total income received was £317,746 (2019/20: £200,486). Total expenditure was £237,857 (2019/20: £238,671), resulting in a total net income before investment gains of £79,889 - (2019/20: (£37,535) net expenditure.

The gain attributable to unrestricted funds was £70,420 (2019/20: (£5,767) deficit) after investment gains and adjustments, which consolidated the Charity's unrestricted reserves position from £196,010 at the start of the year to £266,430 at the end. Of this, £75,000 is represented by general fund reserves, representing six months' running costs to cover unforeseen costs and commitments in line with the reserves policy. The remaining £191,430 is accounted for as designated funds on the balance sheet, being earmarked by the charity for future spending on charitable objects, in line with the reserves policy.

The financial numbers represent a robust position. The Charity has achieved a secure financial footing through a combination of fundraising activity and keeping operating costs under control over this period of tight fiscal restraint which has, regrettably, resulted in many small charities like HKF ceasing to operate. In this regard, the positive achievements of the Foundation over the last six years cannot be understated and praise for this is due in no small measure to the dedicated efforts of our Operations Manager and her small team.

Our Treasurer, who brings with him a wealth of finance experience, has also resulted in significant improvements to our financial processes and financial planning.

Restricted funds increased by £25,075 after adjustments, from £348,625 to £373,700. Of this balance, the whole £373,700 related to the Badged Bursary Scheme. In line with the reserves policy, restricted funds are managed to ensure that they are spent in line with donor requirements and do not go into a negative position.

The Trustees are pleased to note that direct charitable expenditure through student bursaries in 2020/21 amounted to £151,175 (2019/20: £147,625).

Investment Powers and Policy

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Trustees wish. The present policy is to invest surplus liquid deposits in income generating cash deposits and investments.

Response to COVID19

The Charity is at present, in a sound financial position and has sufficient 6 month reserves due to its reserves policy. There is some concern with universities being able to fund bursaries in 2022, trustees are closely monitoring the situation. This may result in a reduction of bursaries being awarded in 2022 should our funders be adversely affected by COVID19.

The Foundation operations were impacted by COVID19 with staff members having caring responsibilities which were mitigated by working from home and making other arrangements. The charity had initiated migration to cloud based storage which was expediated due to COVID19.

Reserves

Restricted funds are managed to ensure that they are spent in line with donor requirements and do not go into a negative position.

The Charity regularly reviews its reserves policy, as it has done during this year, and sets aside at least six months running costs to cover unforeseen costs and commitments in the event of a sudden reduction in funding or cessation of activities. These are accounted for as general fund (unrestricted) reserves and are also index linked to inflationary pressures.

Any additional unrestricted funds which remain unspent are accounted for as contingency funds on the balance sheet, being held in reserve by the charity to cover bursary as well as other forms of student support, in line with charitable objects and the reserve policy. In addition, this year CRM systems are being fine-tuned to streamline the charity data base and student selection processes. Other unrestricted funds are accounted for as designated fund reserves or invested over the short to medium term.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Helena Kennedy Foundation is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 13th November 1998. It is registered as an independent educational charity with the Charity Commission. The members (currently 13) undertake to contribute the sum of £1 in the event of the charity winding up.

Organisation and Management

The Board of Trustees delegates the day-to-day leadership and management of the charity to paid full-time employees who during the year comprised an Operations Manager and a Projects Manager.

The charity is fortunate to be supported by a range of volunteers who help the charity through the generous donation of their time, skills and experience in a number of ways:

Many of our volunteers are previous beneficiaries of the charity who want to give something back. Our beneficiaries also come back to the Foundation to give talks at events as ambassadors.

Risk Management

Trustees regularly review the major organisational, financial and reputational risks assessments laid out by the Foundation.

Recruitment and appointment of trustees

Appointment of Trustees

New Trustees are appointed through an open process following completion of a Trustees skills audit undertaken to assess any gaps in the overall profile and competencies of the Board. As set out in the Articles of Association, Trustees are appointed by agreement at the annual general meeting normally held in October or November each year.

Trustees Induction and Training

New Trustees are offered an induction program. This includes:

There are also ongoing development opportunities for Trustees to attend conferences and seminars on issues relevant to their roles. These are provided on an ad hoc basis.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity Helena Kennedy Foundation Charity registration number 1074025 Company registration 03667290 number Principal South & City College Birmingham Handsworth address Campus The Council House, Soho Road Birmingha m England B21 9DP

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Dr Julie Mills OBE (Chair)
Mr John Sandiford Haigh
(Treasurer) Mrs Jacqueline Mace
(Vice Chair) (Resigned: 01 July
2020)
Mr Al Coates
Mr Ian
Kernohan Ms
Karen Mitchell
Prof Vicky
Duckworth Ms
Lesley Davies OBE
(Resigned: 31 January
2021) Ms Elizabeth Hess
Ms Mica Coleman Jones
Ms Iandra MacCallum
Tchoudnowsky Mr Mark Cooper
Independent
examiner		 Victoria Anderson BA (Hons) FCA
DChA Clark Brownscombe Limited
2 St Andrews
Place Lewes, East
Sussex BN7 1UP
Bankers The Co-operative Bank
plc PO Box 101
1 Balloon Street
Manchester, M60
4EP CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill, West
Malling Kent
ME19 4JQ
Aldemore
Bank 50 St
Mary
Axe
London,
EC3A 8FR
Virgin
Money
Jubilee
House
Gosforth
Newcastle Upon
Tyne, NE3 4PL

Approved by the Board of Trustees and signed on its behalf by

............................................................................. Dr Julie Mills OBE (Chair)

Helena Kennedy Foundation Independent Examiners Report to the Trustees

Responsibilities and basis of report

As the charity's trustees of Helena Kennedy Foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of Helena Kennedy Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

This Report is made solely to the Charity Trustees, as a body. My review work has been undertaken so that we might state to the Trustees those matters we have agreed to state and for no other purpose. To the fullest extent, permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Trustees as a body, for the examination, for this report, or for the conclusions I have formed.

Independent examiners statement

Since the Charitable companys gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Helena Kennedy Foundation as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Victoria Anderson BA (Hons) FCA DChA Clark Brownscombe Limited 2 St Andrews Place Lewes, East Sussex BN7 1UP

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Helena Kennedy Foundation Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 May 2021

Income and endowments
from:
Notes
Donations and legacies
2
Other trading activites
3
Investments
4
Total
Expenditure on:
Raising funds
5
Charitable activities
6/7
Total
Net gains/(losses) on
investments
Transfers between funds
Other recognised gains/losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
103,861
1,197
6,838
111,896
-
(89,682)
(89,682)
15,606
32,600
70,420
196,010
266,430		 Restricted
funds
£
205,850
-
-
205,850
-
(148,175)
(148,175)
-
(32,600)
25,075
348,625
373,700		 2021
£
309,711
1,197
6,838
317,746
-
(237,857)
(237,857)
15,606
-
95,495
544,635
640,130		 2020
£
189,357
2,079
9,050
200,486
(1,650)
(237,021)
(238,671)
(7,662)
-
(45,847)
590,482
544,635

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Registered Number : 03667290

Helena Kennedy Foundation Statement of Financial Position As at 31 May 2021

Helena Kennedy
Foundation Statement of
Financial Position As at
31 May 2021
Notes
Fixed assets
Tangible assets
13
Investments
14/15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Restricted income funds
18
Unrestricted income funds
18
Total funds		 2021
£
3,433
267,384
270,817
22,576
354,041
376,617
(7,304)
369,313
640,130
~~640,130~~
373,700
266,430
640,130		 2020
£
7,166
244,148
251,314
30,316
329,225
359,541
(66,220)
293,321
544,635
544,635
348,625
196,010
544,635

For the year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

John Sandiford Haigh Trustee

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Helena Kennedy Notes to the Financial Statements For the year ended 31 May 2021

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

Helena Kennedy Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The financial statements are prepared, on a going concern basis, under the historical cost convention.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Funds

The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.

Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.

There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above

Incoming resources

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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Helena Kennedy Foundation Notes to the Financial Statements Continued For the year ended 31 May

Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation and appointment of costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, a proportion of the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned to the bursary programme based on the value of uncomitted bursary amounts.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Office Equipment - 4 years

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Current asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

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Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation

can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. Income from donations and legacies

ncome from donations and legacies
Donations received
Sponsorships received		 Unrestricted
funds
£
103,861
-
103,861		 Restricted
funds
£
205,850
-
205,850		 2021
£
309,711
-
309,711		 2020
£
186,057
3,300
189,357

3. Income earned from other activities

Unrestricted funds
Fund raising and Publicity		 2021
£
1,197
1,197		 2020
£
2,079
2,079

4. Investment income

Unrestricted funds
Income from listed investments
Income from
cash/settlementsheld in an
investment portfolio		 2021
£
6,103
735
6,838		 2020
£
7,564
1,486
9,050

5. Expenditure on other trading activities

Fund raising and Publicity 2021
£
-
-		 2020
£
1,650
1,650

6. Costs of charitable activities by fund type

Bursary Programme
Support costs
7. Costs of charitable activities by activity type
Support costs
Bursary Programme
8.Analysis of support costs
Bursary Programme
Other Ofce Expenses
Investment
Management Costs
Website and IT
Staf Costs
Accountancy
Governance costs		 Unrestricted
funds
£
3,000
86,682
89,682
Activiti
es
undertak
en
directly
£
151,175		 Restricted
funds
£
148,175
-
148,175
Support
costs
£
86,682		 2021
£
151,175
86,682
237,857
2021
£
237,857
202
1
£
5,194
2,323
8,724
56,761
12,000
1,680
86,682		 2020
£
147,625
89,396
237,021
2020
£
237,021
202
0
£
12,334
2,348
12,417
48,420
12,000
1,877
89,396

9.Net income/(expenditure) for the year

This is stated after charging/(crediting):

2021 2020
£ £
Depreciation of owned fxed assets 3,733 3,785
Accountancy fees 1,680 1,680
Staf pension contributions 1,620 1,324

10. Staff costs

Total staff costs for the year ended 31 May 2021 were:

Total staf costs for the year ended 31 May 2021 were:
Salaries and wages
Social security costs
Pension costs		 2021
£
54,113
1,028
1,620
56,761		 2020
£
45,801
1,295
1,324
48,420

No employee earned more than £60,000 during the year (nil:2020). Both members of staff are key management and their remuneration is outlined above.

Employees 2021
2
2		 2020
2
2

11. Trustee remuneration and related party transactions

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020:£nil).

No charity trustee received payment for professional or other services supplied to the charity (2020:£nil). The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2020:£nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling

£nil (2020:£196). There are no related party transactions to disclose for 2021 (2020:none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

12. Comparative for the Statement of Financial Activities

Income and endowments from:
Donations and legacies
Other trading activites
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Total
Net gains/(losses) on investments
Transfers between funds
Other recognised gains/losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
68,607
2,079
9,050
79,736
(1,650)
(92,396)
(94,046)
(7,662)
16,205
(5,767)
201,777
196,010		 Restricted
funds
£
120,750
-
-
120,750
-
(144,625)
(144,625)
-
(16,205)
(40,080)
388,705
348,625		 2020
£
189,357
2,079
9,050
200,486
(1,650)
(237,021)
(238,671)
(7,662)
-
(45,847)
590,482
544,635

13. Tangible fixed assets

Cost or
valuation
At 01 June 2020
At 31 May 2021
Depreciation
At 01 June 2020
Charge for year
At 31 May
2021
Net book
values
At 31 May
2021
At 31 May
2020		 Ofc
e
equipme
nt
£
25,643
25,643
18,477
3,733
22,210
3,433
7,166

Investments

14.
Analysis of movement of commercial
investments
Market value at
01 June 2020
Additions to
investment at
cost
Disposals at
carrying value
Net gain/(loss)
on revaluation
Market value at
31 May 2021		 Liste
d
investmen
ts
£
244,148
14,543
(6,913)
15,606
267,384

15. Analysis of investments between funds as at year ended 31 May 2021

Unrestricted funds
Listed investments
. Debtors
Amounts due within one year:
Trade debtors
Prepayments and accrued income
Other debtors		 2021
£
267,384
267,384
2021
£
18,000
4,293
283
22,576		 2020
£
244,148
244,148
2020
£
25,900
4,416
-
30,316

16. Debtors

17. Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income		 2021
£
-
7,304
7,304		 2020
£
2,166
64,054
66,220

18. Movement in funds

Unrestricted Funds

Incomin
g
resourc
es
£
111,896
-
111,896
Incomin
g
resourc
es
£
79,736
-
79,736		 Outgoin
g
resourc
es
£
(89,682)
-
(89,682)
Outgoin
g
resourc
es
£
(94,046)
-
(94,046)		 Transfers
£
32,600
-
32,600
Transfers
£
16,205
-
16,205		 Gains and
losses
£
15,606
-
15,606
Gains and
losses
£
(7,662)
-
(7,662)		 Balance
at
31/05/20
21
£
191,430
75,000
266,430
Balance
at
31/05/20
20
£
121,010
75,000
196,010

Purpose of unrestricted Funds

Designated funds

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

General

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Restricted Funds

Badged Bursaries Balance
at
01/06/20
20
£
348,625
348,625		 Incomin
g
resourc
es
£
205,850
205,850		 Outgoin
g
resourc
es
£
(148,175)
(148,175)		 Transfers
£
(32,600)
(32,600)		 Balance
at
31/05/20
21
£
373,700
373,700

Restricted Funds - Previous year

Article 26
Badged Bursaries		 Balance
at
01/06/20
19
£
11,955
376,750
388,705		 Incomin
g
resourc
es
£
-
120,750
120,750		 Outgoin
g
resourc
es
£
-
(144,625)
(144,625)		 Transfers
£
(11,955)
(4,250)
(16,205)		 Balance
at
31/05/20
20
£
-
348,625
348,625

Purpose of restricted funds

Badged Bursaries

The Badged Bursary Fund relates to projects involving payment of bursaries to students.

Article 26

The Article 26 project is aimed at supporting students seeking sanctuary in the United Kingdom to access higher education.

19. Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds
General
Designated funds
General
Restricted funds
Badged Bursaries		 Tangible
Investment
s
Net
current
Net Assets
fxed assets
assets /
£
£
(liabilities)
£
£
3,433
197,384
(9,387)
191,430
-
70,000
5,000
75,000
-
-
373,700
373,700
3,433
267,384
369,313
640,130

Previous year

Previous year
Unrestricted funds
General
Designated funds
General
Restricted funds
Badged Bursaries		 Tangibl
efxed
assets
Investment
s
Net
current
assets
/
(liabilitie
s)
Net Assets
£
£
£
£
7,166
174,148
(64,554)
116,760
-
70,000
5,000
75,000
-
-
352,875
352,875
7,166
244,148
293,321
544,635

20. Company limited by guarantee

Helena Kennedy Foundation is a company limited by guarantee and accordingly does not have a share capital.