Charity numb•r: 1074025 Company number: 03667290 (England and Wale8 Helena Kennedy Foundatlon Report of the Tru8ts08 and UnaudSted Flnanclal Statements For th6 year •ndod 31 May 2024
Helona K•nnedy Foundation Contents Page For the year •nd•d 31 May 2024 Report of tha Tru6te88 1to7 Independent Examlnerf8 Report to th• Trusts88 Stat•m•nt of Flnan¢l•l A¢tivlti•• Statement of Flnancial Po8ltlon 10 Not•0 to th• Flnlnclal St4t•monts 11 to19
Helena Kennedy Foundation Report of the Trustees For the year ended 31 May 2024 The Twstees, who are also directors for the purposes of company law, have pl8a$ure In psentIng their port and the financial statements for the chatitable company for the year ended 31 May 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and the Republic of Ireland IFRS 102} {effective 1 January 20191. 1 of19
Helena Kennedy Foundation Report of the Trustees Continued For the year ended 31 May 2024 Chalr's report The Helena Kennedy Foundation exists to support disadvantaged students from the further and adull education sectors to transfomi their lives through higher education and fair access to the graduale professions. The Foundation was established in 1998to make a practical Gontribution to government policies on widening participation in higher education and promoting social inclusion. We aim to tackle soclal injustice by supporting those who face multiple barriers to participation in higher education and work to fulfil their potential. Since our u8alion, the Foundation has provided financi81 support to nearly 2440studenl$. Wth the cost8 asg0¢iated with studying in higher education continuing to rise and a challenging employment market impacting on opportunities for students to gain 8ccess to part time work to support their studies, this support remains more Televant and importsnt to students, needs than ever. We award bursaries of £2,250 to individuals who have successfully completed a programme of Study at a further education sector college and are progresslng on to a course in Higher Education. Many of our wlnners have Progressed to succe8sful ¢are&rs such as accountants, audiologists. auditor$, scientists, doctors and many more. They continue to slay in touch with Ihg Foundation to help give back by mentoring current bursary winners. All the students we Support Come from low-inrne backgrounds and face financial difficulty. Our sludents are a te8tam8nl to the power of education In overcoming socSal di5advantag88 and in¢lude'. Students labelled a8 failures by tho school$, $y$lem, often because of undiagnosed l&aming difflcultie8 8uch as dyslexia. Students lacking parental and family 8UPPQrt. students who have made unsuitable career and course choices early on in their life and want to retrain and acquire higher level skills. Students who left school at 16 and found themselves in a string of unrnwarding and low Pa jobs, before recognising the need, a8 more mature adutts, to oblain higher level skills and a degree lo improve Ih8ir job pr08P&¢tS 8nd quality of life. Students in Iransillon, emotionally and geographically. Thes& include.. Ex-alcoholics or drug addicts who have realised that aducalion can support their rehabilitation process Victim8 of sexual abuse or domestic violence struggling lo lift their per80nal liv88 Out of misery through education Those fleeing from peis8CUtion and torture and seeking refuge or political asylum in the UK Students with a history of severe health problems, physical disabiliti88, or emotional difficulti88, sometimes a8 8 r8sull of serious accident that has radically altered the way they live their lives and for whom education 18 a life Saver Casualties of oppr88sion, discrimination, and injustice, often on the grounds of race, raIlOn and sexual orientation Students expori•ncing mental ill health Students who are lone parents. on low in¢ome5 and with low 8klll8 levels, many of whom come from poor, worklng class and black and minority othnia GornmuniliofS. The pastoral support offered by Ihe Foundation include8'. On& lo one support provided by the Foundation's support $18ff Specialist pracbcal and emotional support le.g., dyslexSa, victim support) brokered through partnerships with other agencies A ¢asework sèrvice lo help Iroubleshooling on issues Where funding is available, we seek lo run skills training workshops to help students d&v&lop in areas identSfl6d by employers as the ski118 needed in the workplace. includlng 1gad8rship, team working, effective ¢ommunicalion, wrrting CV and successful inteNiew Skills. To help students d8velop professional netsvorks and gain an insighl into highly competitive profgssions and industries we aim lo.. Run a menloring scheme to match students up with mentors worklng in jobs. industrie$ and professions Ihal match their interests Broker work placement and Shadowing opportunities Run insight days and Careers talks with companies acro8$ a range of industries and professions Where practicable we share our experience a$ practitioners around widoning participalion in oducation and fair access to the profes$ion$ by contributing lo publications, appearing on public platform5, commenting in the media and commi55ioning and producing research. We seek to give our students the opportunity to share their own experiences, which help$ develop their own skill$ and confidence as well as giving poliw makers a first-hand insight into the expgriences and achievements of these remarkable individual8. 2of19
Helena Konnedy Foundation Report of the Trustees Continued For the year ended 31 May 2024 08JECTIVES AND ACTIVITIES Statomont on publlc b&nBflt The trustees have considered the Charity Commissions guidance on public benefft, Includin9 the guidance 'public benefit- running a charity IPB21'. Trustees review the Foundatlons aim5. objectives. activitio$, athiev8ments, and perfonnance each year. Perfomiance is monitored against our Strategic Plan and Annual Operating Plan. Trustees refer to the guidance contained In the Charity Commission8 general guidance on public benefit and ensure that planned a¢tivitie$ contrlbute to Ihè aims and objectives set. TnJstee8 conclude that, since the Helena Kenn$dy Foundation exists primarily to overcome Social inju$tlce by providing support for disadvantaged student8 to acces5 higher education, the charity Can demon$trale beyond doubt thal each of the principles outlined in the Charity Commissions guidance on Charities and Public Benefit are being meL 3of19
Helena Kennedy Foundation Report of the Trustees Continued For the year ended 31 May 2024 ACHIEVEMENTS AND PERFORMANCE Significant activitles The financial year 23124continues to see HKF grow financially stablo. Whilst HKF navigated through the impact of COVID19, we now are dealing with the challenges of the cost of living and potential increase in luilion fees. During the year the charity was invited to lake part Sn a communications strategy programme and small leadership training, Both programs ran over a period of around 9 months. We were pleased to welcome PA Foundation as a strategic partner. This was secured through the recommendation of a previous bur$ary wlnner, The fifty bursaries sponsored by PA Foundation will be reserved for students undertaking STEM subjects. Our Bursary awards provide financlal support that makes a real difference to our students, ability lo meet the rising Costs assuiialtld willi sludyiiig, 11 rtsiiiaii?s Ili¥ pi-ii)iaiy i¥abuii lui ¥lud¥iil¥' $4vvIiL$41ivii lu Ili¥ FuuiiQ¥liL)n. The Trustees are delighted to report that the number of new student8 receiving a bursary award during thls financial year wa8 134. HKF received 580 application8, around 100fi were not reviewed due lo ineligibility or duplication. This 18 considorabty higher than usual and is attributable lo raislng awareness ol the charity, cosl of living crisi8 and changing the application process. Notwilhslanding this increase in applications, we were signrficanlly over-subscribed and many more would benefrt from the financial 8UPPOrt we offer, a8 well as the wider pack8ga of mentoring, advice and guidance. training and work p1srnents should we be ab to Secure additional fundin9. W8 also axpact our application number8 lo rise next year. Progression rates for our $ludenls are typically In the 90-951 range. Of thosè that do not progress from ona year lo the next, many go on to raturn lo their studies a year or IMO later and continue to re¢elv• advice and guidance from the ¢harily. Around 960h of our students graduate which 18 81gnifi¢anlly above the natlonal average. This is ev8n more impresslve 9iven the serious hurdles our students have overcome lo succeed In 8du¢ation. Wa are immensely proud of this a¢hiev8mont and of our students. Ensuring that our students ttsmplele their studies not only helps their life chances, but sav85 the student. higher education institution8 and the taxpayer a great deal of money, due to the high direct costs and social costs of non-completion. Thanks to the Pilot Light programme HKF continued lo lighten their focus and 8trategy. Their main objectiv88 going forward lo 2026 will be.. 1.Dovelop 4cxounl management for key funders and a¢counl$ 2.Build network of alumni as formal ambassador8 3.Establlsh Impact measures and regular reportlng NCFE We are delighl&d too that our strategic partnership with NCFE continues, The DISCOVER programme enables 15FE colleges lo lake part in a college bursary scheme, whereby 15Students are awarded a bursary of £1,500to support their success and progression lo higher education or employment. NCFE also sponsors 10HE bursaries each year. where winner8 receive £2,250. NCFE staff also mentor HKF bursary winners. The partnership is going from slrenglh to Strength, and we enjoy great support from The CEO and their team, Skills Education Group Tha Ski118 and Education Group continuas to $pon50r and support the annual House of Lords reception. Through the partnership they provide 2 bursaries per year for FE students from their member colleges progressing lo Higher Education. Any applicants we are unable to support are encouraged to apply lo SEG'S own funds and a secure bursary of £350 each. PA Consulting Thanks to former winnar PA Foundalion sponSod 10bursari8s in 2021for Stem related subjects. PA Foundation sponsored 50 bursaries. We are d?lighlgd they will continue their 8UPPQrt in 2024. Subsequenlty Pastoral and Mentoring Support We continue to offer one to support with Improving your cv, improve your Linkedln profile among81 olhor3 which is also now available as re$our¢e on YouTube. This is also an opportunity for winner8 to discuss any issues in a safe 4of19
Helena Kennedy Foundation Report of the Trustees Contlnu•d For the year ended 31 May 2024 environment. The meet and greet week as part of the welcome to HKF was well reived. Wo continue to offer one to one support alongside a monthly drop-in chat session. FINANCIAL REVIEW During the year, the lotsl income received was £462,82812022-23 '. £450,176>. Total exp8nditure was £315,892 {2022-23 '. £279,607), resulting in a total net income before investment gains of £146,936 12022-23 .' £170.5691 net income. The gain attributable to unrestricted funds was £31.566{2022-23'. £13,112) after investment gains and adjustmenls, which consolidated the Charity's unreslricted reserves position from £307,792 at thé start of the year to £339,358 at the end. Of this. £75.OOOis represented by general fund reserves, reprèsenting six months, running costs to cover unforeseen costs and commitments in line with the reserves policy. The remaining £264,358is accounted for a$ designated funds on Ihe balan sheet, being eam8rk8d by thè charity for future spending on charitable objects, in line with the reserves policy. The flnancial numbers represent a robust position. The Charily has achieved a 8e¢ure fSnandal footlng through a combin81ion of fundr4i5ing activity and keeping operating Gosls undèr Control ovèr thls pèriod of 11ght fiscal iestrainl which has. regrettably, resulted in many Small charities like HKF ceasing lo operate. In this regard, the positive achievements of thg Foundation ov8r the last six years cannot be und6r8taled and praise for this is dug in no small measure to the dedical8d efforts of our operations Manager and her small team. Our Treasurer, who bring8 with him a w&alth of financè experience. has al80 re8ulled in significant improvèmen18 to our finanGlal processes and financial planning. Re81rictad funds Increa8ed by £130,919after adjustments, from £535,68110 £666,600. Of this balance, the whole £666,600 related lo the Badged Bur8ary Scheme. In line with the reserves policy. restricted funds are managed to ensure that they ar8 Spent in line with donor requirements and do not go into a negative p081tion. The Tru51ee8 are pleased lo note that direct charitable exp&nditure through student bursaries In 2023124amounled lo £202,31812022-23.' £172.6471- Investment Powers and Policy Under the Memorandum and Articles of Association, the Chafily ha8 the power lo invest in any way the Tru8tees wish, The present policy is lo invest surplus liquid deposits in incom8 generating cash deposits and investments. Reservo8 R&stricled fund8 are managed to ensure that they are sp6nt in line with donor requiremen18 and do not go into a negative position. The Charity regularly r8view8 11$ reserves policy, as il ha8 done during thi8 year. and Sets aside at lea8t six months running costs lo cover unforeseèn costs and commitment8 in the event of a sudden reduction In funding or ¢e$salion of a¢tivltle$. These are accounted for as general fund lunre8lrl¢ledl reserves and aro al80 indèx linked lo inflationary pr88sur•s. Any additional unre$lri¢ted funds which remain unspent aro a¢counled for as contingency funds on tho balance sheet, belng held in reserve by the charity to cover bursary as well as other forms of 51udent support. in line with charitable objects and the reserve policy. In addition. this year CRM 5yslem5 are being fine-luned lo streamline the charity data base and sludenl selection proGess85. Other unrestricted funds are accounted for as designated fund reserves or inve$led over the Short to medlum torm. Sof19
Helena Kennedy Foundation Report of the Trustees Continued For the year ended 31 May 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng document The Helena Kennedy Foundation is a company limited by guarantee, governed by its Memorandum and Articles of As80¢iation dated 13th November 1998. 11 18 regi$leRd as an independent educational charity with the Charity Commission. The members (currently 131 undertake to contribute the sum of £1 in the event of the Charity winding up. Organisation and Managament The Board of Trustees delegates the day-ldaY leadership and management of the charity to paid full-lim6 employees who during the year comprised a Director of Opsrations Manager and a Projects Coordinator. The charity is fortunate to b8 SUPPOrted by a range of volunteers who help the ¢harlty through the generous donation of their time, skills and experience in a numbér of way8'. givin9 careers talk8 on a range of sectors and indu8lri08 allowing sliidenls lo shadow them al work organising fundrai¥ing aclivitios assisting within the foundation with activitie8 including admlnl8tr8llon, sludenl support and organising events Many of our volunl88r8 8r& previou8 benefieiaries of the charity who want to give something back, Our ben•flcSarS&s also come back lo the Foundation to give talk8 at events as amb853ador5. Rl$k Management Trustees regularly review th6 major organi88tional, fSnanclal and reputational ri8k8 as888smenls lald out by the Foundation. Rocrultmgnt and oppolntment of trustegs Appointment of Trustee8 New Truslees arn appolnled through an open process following completion of a Trustees skills aLtdit undertaken to assess any gaps In the overall profile and competencies of the Board. As set out in the Articles of Association, TruBle86 are appointed by agreement at the annual general meeting nomally held in October or November each year. Trustees Induction and Training New Trustees 8re off&red an Induction program. Thi8 includes,. An opportunity lo visit the Foundation'5 offices lo meet staff lo familiarise th8mselve8 with the Foundatlon's work. copy of the Tru8t888 information pack, containing rèlevant literature on char¢ly trusteeship from the Charity Commission, Including details of the Trustee appraisal system. Relevant information from Companies House on the re8pon8ibilitie$ of direclor8hip. There are al80 ongoing development opportunities for Tru6tees to attend conferences and Seminars on i8$ues rèlev8nt to Iheir role$. Those aro provided on an ad hoc ba81S. REFERENCE AND ADMINISTRATIVE INFORMATION Namo of Charlty Chaflty rogl$tratlon numbor Company rnglstratlon numb9r Prlnclpal address Helena Kennedy Foundation 1074025 03667290 South & City College Birmingham Handsworth Campus The Council Hou8e. Soho Road Birmingham England B219DP 8of19
Helona Kennedy Foundatlon Report of th• Trustees Continued For the year ended 31 May 2024 Trustees Th8 trustees and officèrs seNing during the year and since the year end were as follows.. Dr Julie Mills OBE DL (Chairl Mr John Sandiford Haigh {Treasurerl Mr lan Kernohan Ms Elizabeth He8S Ms Mica Coleman Jones MS landra Maccallum Tchoudnowsky Mr Mark Cooper Mr Paul Eeles Ms Rachael Shimmin OBE Mr Philip Le Feuvre Indopondent examlnfrr Victoria Anderson 8A (Hons) FCA DChA Clark Brownscombe Limrted 2 St Andrews Place Lewes, Ea6t Su8S6X BN7 1UP Bankern The Co-operallve Bank plc PO Box 101 1 Balloon Street Manchester, M80 4EP CAF Bank Ltd 25 Klngs Hill Avenue Klng8 Hill, West Malling Kent ME194JQ Aldemor& Bank SO Sl Mary A¥e London, EC3A 8FR Virgin Money Jubilee House Gosforth Newcasllo Upon Tyne, NE34PL Approvad by the Board of Trustees and signed on its behaff by 12 February 2025 Dr Julie Mills OBE DL (Chair) 7of19
Helena Kennedy Foundatlon Independent Examlners Report to the Truste68 For the year ended 31 May 2024 I report to the Iru8tees on my examination of the accounts of the charitable company for the year ended 31 May 2024. Responslbllltl•s and basls of report As the charity Trustees, who are also directors for the purposes of company law. are responsiblg for the preparalion of the account8 in accordance with the requiremenls of th8 Companies Act 2006 {'the 2006 Act'i. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006Acl and are eligible for independent examinalion. I report in respect of my examination of your charity's aGcounts carried out under Sgction 145 of the Charities Act 2011 Ilhe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under 3ection 14515llbl of the 2011 Act. Independent examln8rs ststement Since the Charitable company's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. l Confirm that l am qualified to undertake the examination by virtue of my membership of In51ilute of Chartered Accountants in England and Wales, which 15 one of the listed bodies. I havè completed my examination. I confirm that no mallers have ¢ome to my all8nlion in ¢onnection with thé examination giving me co118e to believe that in any matori81 rèspect.. 1. accounting records wera not kept in respect of the Company a8 required by section 386 of the 2006 Act; or 2. tha accounts do not accord wllh Iho$e re¢ord$; or 3. the ac¢ounl$ do not comply wllh the roquiremanls of $8Ction 396 of Ihe 2006 Act other than any requirgment that the accounts give a Irue and fair view, whlch 18 not a matter considered a5 part of an independent examinalion, or 4. the accounts have not been prepared In a¢¢ordance wlth the methods and principles of the Statement of Re¢ommended Practice for accounting and rfjporting by charities applicable to charitie$ Preparing Ihelr accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in Gonneclion with the examination to which attention should be drawn in Ihis report in order to enable a proper understanding of tha accounls to b8 reached. Vldoria Anderson BA (Hon81 FCA DChA Clark BrownsGomb8 Limited 2 St Andrew8 Place Lewes, East Sussex BN7 1UP 13 February 2025 8of19
Helena Kennedy Foundatlon Statement of Financial Actlvltles (Includlng Income and Expendlture Account) For th• y•ar •nd8d 31 May 2024 Note8 Unrostrlctgd funds Rostrlcted funds 2024 2023 Incomg and ondowmgnts from: DonationB and legacies Other trading acts'vite6 Investments 151,579 1,507 13.492 296,250 447.829 1,507 13,492 462,828 438,703 1.927 9,546 450,176 Totsl 166.578 296,250 Expondituro on: Raising fund$ Charitable activitie8 {4,8921 1108,6821 1113,574} 14,8921 1311,000) 1315.892) 14,3011 (275,3061 (279,807) 516 {202,3161 (202,3181 Total Net gain61{lossas) on inve8tmen18 Transf•f8 twOon funds Other r&cognl$od galnsllo¥•o• Net movom•nt In fund• 15,549 {36,9871 15,549 (12,4691 36,987 31,568 130,919 162,486 186,100 RKonclllatlon of fundB Total funds brought forward Totsl funds carrled forward 307,792 339,358 535,681 666,600 843,473 1.005.906 685.373 843,473 9of19
Registered Numb6r.' 03667290 Helena Kennedy Foundation Statement of Flnancial P08itlon As at 31 May 2024 Nots8 2024 2023 Flxed as$ots Tangible assels Investments 12 261 13 273,381 257.387 273.381 257.648 Current a$$ots Deblors Cash al bank and in hand 14 47,471 701,986 749.457 {16.8801 22,501 572.799 695,300 19.4751 Credltor8: amounts falllng due wlthln one year 15 Net current assets 732,577 1,005,958 685,828 843,473 Totsl a980ts less current Ilabllltl Not a88ets 1,005,958 843,473 Th• fund• of th• chavlty Restricted in¢omo funds Unrè8tri¢tsd in¢omo fund8 16 668,600 339,358 1,005,958 535,681 307,792 843.473 16 Total fund• For tho yèar endéd 31 May 2024 the Company w88 6ntit18d to exempllon from audit under 8ection 477 of the Compani88 Act 2006 relating to small companieB. The member5 hav8 not required the company to obtain an audit of 118 Bccoun18 for the year in que8tion in accordance with section 478, The tr1181888 acknowledge their re8pon8ibilili&6 fof complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. These accounts hava been prepared in accordanco With the provisions applicable lo companl&s 8ubject to the small companies, regime. The financial Statements wore approved and authorl8ed for issue by the Board and slgned on ils hhalf by.. Dr Julie Mills OBÈ CIL jchairj Trustee 12 February 2025 10of19
Helena Kennedy Foundation Nots8 to the Flnanclal Statements For the year ended 31 May 2024 1. Accountlng Pollcles Basls of accounting The financial statements have been prepared under the historical cost convention, except for investments whlch are Included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo ¢h8rities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,. 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 8t historical Cost or transaction value unless otheiS8 stated in the relevant accounting policy nolels). Golng concern The financial statements a prepared, on a going concern basis, under the hi8torical cost convention. The trustees consider thal there ar6 no material uncertainli&8 about the charitable ¢ompany'8 ability to continue a8 a going ¢on¢ern. Tha trustaes do not consider that th&r• 8r8 any sour8 of ostimatlon un¢8rtainly al the r•portlng datè thal have 8 significant risk of causing a material adjustment to the carrying amounts of assets and liabiliti88 within Ihe next reporting period. Funds The Charity maintains a general unrestricted fund which r8pre8ents funds which are expendabl? at the di8cretion of the trustees in furtherance of the object8 of the charity. Such funds may be held in order lo finance both working capital and capital inv&stment. Designated funds Gompri88 of unre8tricted funds that have been 88t aside by the Tru8lee8 for particular purpose8. Re$lriGted fund8 have been provided to the ch8rity for particular purposes, and it i¥ the poliGy of Ihe board of tru8188s to carefully monitor the application of Ihose funds in accordance with the re8triclion8 placed upon them. Thero 15 no fomal policy of transfer botween fvnd8 or on th& allocation of funds to dtsignaled funds, olhor than that described above Incomlng resources Income 1$ rfjcogni5ed when the charity ha$ enlillemenl to the funds, any performance condltion$ atto¢hed to the income have been met, it is probable that the income will b8 received and that the amount can be measured reliably. Income from government and olheT grant8, whether 'capital' 9r8nts or 'revenue' grants. is recognised when the charity has entitlement to the funds, any performance conditions attached lo the grant8 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 th8 criteria for income recognition are met. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliabty by the charity., this is normally upon notification of the interest paid or payable by the bank. 11 of19
Helena Kennedy Foundation Notes to the Financlal Statements Continued For the year ended 31 May 2024 Ro$ources expended Expenditure is recognised once there is a legal or constructiv6 obligation to make a payment to a third party, il is probable that setll8ment will be required and the amount of the obligation can be measured reliably. Expenditure is classrfied under the following activity headings.. Costs of raising funds relate to the costs incutred by the charitable company In inducing third parties lo mak6 voluntary contributions to it. as well as the cost of any activities with a fundraising pury)ose Expenditure on charitable activities includes the costs of delivering sgrvices undertaken to further the purposes of the charity and their associated support w$1¥ Other expenditure represents those items nol falling into any other heading Irrecoverable VAT is charged as a cost against the activity for which the expenditure was inCurd. Allocatlon and appolntmont of costs Re50urc85 8xp&nded are allocated lo the particular activlty where the cost relales directly to that activity. However, a proportion of the cost of overall direction and administration of ea¢h activity. comprising the salary and overhead costs of the central function, Is apportioned lo the bursary programme based on the value of uncomitted bursary amounts. Gov&rnance ¢osts are the costs associated with the governance arrangaments of the charity. Thèse costs ar8 r448nr.IxIAd with r.nnAtitLltional and 8latLltory requirements and includ• any costs associatèd with the Strategic management of tho charity's aclivitles. Taxotlon A8 a registered charity, the company 18 exempl from income and ¢orporatlon tax lo the extent that its income and galn8 arg applicable to charitable purposes only. Value Added Tax 1$ not recoverable by the company, and 18 therefor& Included in the rel&vanl costs in the Statement of Financial Activities. Tanglblg flxed assets Tangible flxed assets, other than freahold land, are staled at cosl or valuation less depre¢l•tion and any provision for impairment. Depreciation is provided at rate8 calculated lo write off the cost or valuation of fixed as88ts, less Ih8ir 88timated residual value, over their expected useful lives on the followin9 ba818'. Office Equipment- 4 years Debtors Trade and other debtors are recognised at the $elll•m•nt amount due after any Iradt discount offer8d. Prepaym&nl$ aro valued at the amounl prepald net of any trade discounts due. Current asset Invostments Investment$ are a form of basic financial in$trumgnt and are initially re¢ognised at their transaction value and subsequently measured at their fair value as at the balance Sheet dale using the closing quoted market price. Any change in fair value will be recognised in the slalement of financial activitie$ and any 8xces8 of fair value over the historic cost of the investment8 will be shown a8 a fair value reserve in the balance sheet. Investmenl gain5 and1088es, whether realised or unrealised, are combined and shown in the heading "Net gainsll1089e$l on investments. in the statement of financial activities. The Charity does not acquire put options, derivatives or other Gomplex financial instruments. Reali8ed gains and losses All galns and lossas are laken to the Siatement of Financial Activities as they arise. Realised gains and losses on inve8lment8 are ¢alculated as the drfference bètsyeen 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 ltteir carrying value. Realised and unrealis6d investment gains and loss&s are combined in the Statement of Financial Activities. 12of19
Helena Kennedy Foundatlon Not•8 to the Financial Statements Contlnued For the year ended 31 May 2024 Credltors and provisions Creditors and provisioris are recognised where the charity has a present obligation resulting from a pa8t event that will probably resutt 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 inslrumenls. Basic financial inslwments arg initialty recognised at transaction value and subsequently measured at their settlement value with the gxception of bank loans which are subsequenlly measured al amort15ed c051 using the effective interest method. 2. Incorno from donatlons and legaclas Unrestrlcted funds Restrlctod funds 2024 2023 Donations received 151,579 296.250 447,829 438.703 151,579 296.250 447.829 438,703 3. Ineom• earned from othor actlvltles 2024 2023 Unrestrlcted funds Fund raising and Publicity 1.507 1,927 1,507 1,927 4, Investment In¢omo 2024 2023 Unrestrlcted funds Income Irom listed investmenls 7,822 5,670 7.560 Bank interest r8ceivable 1,986 13,492 9,548 5. Costs of charltablè actlvltl•s by fund type Unrestricted fur8 Restrlcted funds 2024 2023 Bursary Programme Support costs 202.318 202,318 108.682 172,647 102.659 108.682 108,682 202,318 311,000 275.306 13of19
Helena Kennedy Foundatlon Noto8 to the Financlal Statements Contlnued For the year ended 31 May 2024 6. Costs of charltablo activltie# by actlvlty type A¢tivttles undBrtakgn dlroctly Support costs 2024 2023 Support costs Bursary Programme 202,318 108,682 311,000 275.308 7. Analysls of support Costs 2024 2023 Bur8ary Programma Other Office Expenses Investment Management C08t8 Website and IT 5,636 2,324 5,809 2,319 9,450 77.579 12,013 7,745 68,176 12,000 4,900 1.710 Staff Costs Accountancy Consultancy Gov8rn8n¢e $ts 1,680 108.682 102,659 8, Not Incom•llexpgndlture) for tho yoar Thi816 slated after chargingl(crediting)'. 2024 2023 Depreciation of owned fixed assets A¢counl8n¢y fees staff pension ¢ontrlbullon8 261 314 1,680 1,736 1,710 1,546 14of19
Helena Kennedy Foundation Note8 to the Flnanclal Ststements Continued For the year ended 31 May 2024 9. Staff costs Total staff costs for the year ènded 31 May 2024 were: 2024 2023 Salaries and wag68 Social security cost8 Pension costs 70,348 2,197 1,736 65,389 1,241 1,546 74,281 68.176 2024 2023 Management No employee eam8d more than £60,000 during the year Inil'.20231. Both members of Staff are key management and their remuneralion is outlined above. 10. Tru8tee remuneratlon and related party tran8actlon8 The charity trustees were not paid or received any other benefits from employment with the charity In the year12023:£nill. No charity trust88 received payment for professional or other service8 supplied lo the charity {2023'.£rbil). The trusle&s all give freely their time and expertise without any form of remuneration or other benefit in cash or kind12023.'£nill. Tru81ees' expenses repfes8nts the payment or reimbursement of travel and sub¥i8ten¢e cosls totalling £nll12023'.£nll}. There are no related party transaction8 to di8clos& for 2024 (2023.'none}. There are no donations from related p8rt18s which are outsid8 the normal course of business and no restricted donalion8 from related partios. 15of19
Helena Kennedy Foundation Notes to th• FinancSal Statemonts Contlnued For the year ended 31 May 2024 11. Comparatlv• for the Statement of Flnanclal A¢tlvlti•s Unrestrl¢t•d funds Restrlcted funds 2023 Income and endowments from: Donations and legacie8 Other trading activit88 Inveslm6nts 140,953 1,927 9,546 1 S2,426 297,750 438,703 1,927 Total 297,760 450,176 Expondltur• on: Raising funds Ch8ritable actlvitiès (4,3011 {102,6591 {108.960) 14,3011 {275,308) {279,607} 1172,647) 1172,6471 Total Nel galnsl{108se8) on inv881ments Tran•l•rn b•twwn fund$ Other recognl•ed galn•llo8808 N•t mov•m•nt In fund• 112,4691 119.8851 (12,4891 19,885 13,112 144.988 158,100 Reconclllatlon of fund# Tolal funds brought forward Total fund• cafrled forward 294,680 307,792 390,693 535.681 685,373 843,473 12. Tonglblo flxod a890t• Offlce oqulpmont Colt or valuatlon Al 01 June 2023 At 31 May 2024 25,643 25,643 D6proclatlon At 01 June 2023 25,382 Charg• for year At 31 May 2024 Nrt book valu08 26,643 At 31 May 2024 At 31 May 2023 261 16of19
H•lona Kennody Foundation Nots8 to the Flnanclal Statemonts Contlnued For the year ended 31 May 2024 Invostments 13. Analysls of Investments botween funds as at year •nd&d 31 May 2024 2024 2023 Unrostrlcted funds Llsted inveslment¥ 273,381 257,387 273,381 257,387 14. Debtorn 2024 2023 Amounts duo wlthln ong ygar: Tradè dobtor8 43,000 4,471 15,111 7,390 Prèpayments and accrued Inme 47h71 22.501 15. Cradltor8: amounts falllng due wfthln one yoar 2024 2023 Other credltor8 1,234 15,646 1,918 7,557 Ac¢ruals and doferred Incom8 16.880 9,475 16. Movement In fund• Unrutrl¢tod Funds Balance at 0110612023 In¢omlng ro8our¢•• Outgolng r••ourc•s Tran8fvr8 Galns and 10880• Balance at 3110512024 Ggner81 Designated funds Genèral 232,792 75,000 166,578 1113,574) 136,9871 15.549 2eA.358 75,000 307.792 166.578 (113.574) {36.987) 15.549 339.358 17of19
Holena Kennedy Foundation Notes to the Flnancial Statements Continued For the year ended 31 May 2024 Unrestrfctad Funds - Pravlous yoar Balance at 0110612022 Incomlng resources Outgolng rosources Transfgrs Galn¥ and losses Balance at 3110512023 Gener81 Deslgnaled funds General 219,680 75,000 152,426 1106,960) 119,885} (12,469} 232,792 75,000 294.680 152,426 (106,9601 119.8861 112,4e9) 307,792 Purpo•0 of unrestrlcted Fund• D88ignAted lund8 Designated fund8 are unreslrlcted fund8 earmarked by the truste88 lor partlcular purpo8e8. Ganeral Unre$trl¢ted funds are donatlons and othèr incoming resource8 recolved or genaratod for the charitablo purposes. R••trfclod Fund• Balanco at 0110612023 Incomlng ro•ourceB Outgolng rosourc•• Tran•foTI Balanc• at 3110512024 Badgèd 8urJarleo 535,681 296,250 {202,318) 36,987 866,800 $35,681 296,2BO {202,3181 36,987 666,600 Rostrlcted Fundi . Pravlou• year Balance at 0110612022 In¢omlng re$ourc•s Outgolng re80urc•• Tranglern Balance at 3110512023 Badged 8ursarlo8 390,693 297,750 {172,647) 19,885 535,681 390.693 297,750 {172,647) 19,886 535.681 Purpose of ra8trlctod funds 88dged Bursarie8 The Badged Bursary Fund relatss lo projec18 invofving payment of bursaries to Students. 18of19
Holena Kennedy Foundation Notes to tho Financlal Statements Continued For the year ended 31 May 2024 17. Analys1$ of not assets betweon funds TangSblo Ilx•d ai4•t• Invoitmonts N•t ¢urr•nt 08•0ts 1 N•t Asi•ts Unrestrfctsd funds General De8ignat6d funds General 203,381 70,000 60,977 5,000 264,358 75,000 Rastrlctad fund$ Badged Bursarie8 866.600 666,600 273,361 732,877 1,005.958 Pr•vlou8 yoar T•nglblo Invojtments Il¥•d •••et• Il•t ¢urMnt a••ets I N•t A•Mts Unrestrlct•d fund• General De8ign8led fvnd8 General 281 187,387 70,000 45,144 5,000 232,792 75,000 R01tr1ctod fund• Badgad 8ur8arits 535,881 535,681 281 257,387 585,825 843A73 18. Company 11m1t by guarantse Helena Kennedy Foundation 58 a company limited by guaranloe and a¢cordlngly do•8 not have • Jhorg capltal. 19of19