Report of the Trustees and
Financial Statements
for the Year Ended 26 December 2020 John Thomas Kennedy Charitable Foundation
John Thomas Kennedy Charitable Foundation
Contents of the Financial Statements for the Year Ended 26 December 2020
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiner’s Report | 4 |
| Statements of Financial Activities | 5 |
| Balance Sheets | 6 |
| Notes forming part of the Financial Statements | 7 |
John Thomas Kennedy Charitable Foundation
Legal and Administrative Information for the Year Ended 26 December 2020 TRUSTEES: Mr J T Kennedy Mr S P Kennedy Ms N M Kennedy Ms C A Kearney CHARITY REGISTERED NUMBER: 1082421 PRINCIPAL OFFICE: Reedham House 31 King Street West Manchester M3 2PJ REPORTING ACCOUNTANTS: Freedman Frankl & Taylor Chartered Accountants Reedham House 31 King Street West Manchester M3 2PJ BANKERS: Allied Irish Bank P. O. Box 73306 London W5 9PB
Page 1
John Thomas Kennedy Charitable Foundation
Report of the Trustees
for the Year Ended 26 December 2020
The trustees have pleasure in presenting their report and financial statements for the year ended 26 December 2020.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of trustees and professional advisers on page 1 of the financial statements.
The Trustees
The Trustees who served the charity during the year were as follows:
Mr J T Kennedy Mr S P Kennedy Ms N M Kennedy Ms C A Kearney
There is no chief executive officer nor any staff employed in the charity. The day to day affairs are undertaken by Mr S P Kennedy on behalf of the trustees.
All major decisions are taken collectively by the Trustees.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is constituted by the Trust Deed dated 27 June 2000 and registered with the Charity Commissions under charity number: 1082421. The management of the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust Deed. The Trustees have the power to appoint further trustees by a simple majority voting system.
RISK REVIEW
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate any exposure to major risks.
OBJECTIVES AND ACTIVITES
The principal object of the charity is general charitable purposes. The charity is to apply the income and all such part or parts of the capital at such time or times and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the Trustees may in their discretion think fit.
GRANT MAKING POLICY
The intention is to utilise the income from the funds to make grants and donations to various charitable causes known to the Trustees or in respect of which the Trustees may receive specific applications. In certain cases, capital sums may be distributed as well.
ACHIEVEMENTS AND PERFORMANCE
In accordance with the Trust Deed, the Trustees have the power to invest in stocks, shares, investments and properties in the UK as they see fit. The Trustees believe that the performance of investment during the year has been satisfactory and has allowed us to meet our charitable objectives.
The Trustees believe that the performance of investments during the year has been satisfactory and has allowed them to meet their charitable objectives.
The charity has not done any fund-raising activities during the year, although this may be contemplated in the future.
Funds were distributed during the year ended 26 December 2020 for the benefit of a number of individual charities.
The Trustees have absolute discretion in determining the selection of investments for the Trust.
Yearfast Building Ltd
The charity’s wholly-owned trading subsidiary carries out non-charitable trading activities for the charity. Its trading activity being that of commercial property letting. During the year, the company made a donation of £Nil to the charity.
Page 2
John Thomas Kennedy Charitable Foundation
Report of the Trustees (continued)
for the Year Ended 26 December 2020
FINANCIAL REVIEW
The annexed financial statements show the state of the finances of the charity at 26 December 2020 which the Trustees consider to be satisfactory.
RESERVES POLICY
It is the policy of the charity that the Trustees may at their discretion, for the period of 21 years from the date of the Trust deed, instead of applying the income of the Trust Fund in any year, accumulate all or any part of such income at compound interest by investing the same, and the resulting income, in any of the authorised investments and hold the same as an accretion to and as part of the capital of the Trust Fund, without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Trust Fund arising in the then current year.
Approved by the Trustees and signed on their behalf
………………………………….
Mr S P Kennedy – Trustee
Dated: ………………………………….
Page 3
Independent Examiner’s Report
To the Trustees of John Thomas Kennedy Charitable Foundation
for the Year Ended 26 December 2020
I report on the financial statements of the charity for the year ended 26 December 2020 which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the 2011 Act
-
follow the procedures laid down in the general Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Adam Caplan BSc ACA
Freedman Frankl & Taylor Chartered Accountants Reedham House 31 King Street West Manchester M3 2PJ
Dated: ………………………………….
Page 4
John Thomas Kennedy Charitable Foundation
Statement of Financial Activities for the Year Ended 26 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Notes | Unrestricted | Unrestricted | |
| Funds | Funds | ||
| £ | £ | ||
| INCOMING RESOURCES | 2 | ||
| Incoming resources from generated funds | |||
| Voluntary income | 30,000 | 43,508 | |
| _ | _ | ||
| Total incoming resources | 43,508 | 43,508 | |
| _ | _ | ||
| RESOURCES EXPENDED | 3 | ||
| Charitable activities | 22,800 | 59,050 | |
| Governance costs | 4,977 | 5,230 | |
| _ | _ | ||
| Total resources expended | 27,777 | 64,280 | |
| _ | _ | ||
| NET INCOMING RESOURCES | 2,223 | (20,772) | |
| Unrealised gains/ (losses) on investments | - | - | |
| _ | _ | ||
| NET MOVEMENT IN FUNDS | 2,223 | (20,772) | |
| Fund balances at 27 December 2019 | 1,298,130 | 1,318,902 | |
| _ | _ | ||
| FUND BALANCES at 26 December 2020 | 1,300,353 | 1,298,130 | |
| _ | _ | ||
| All amounts derived from continuing activities. |
All gains and losses recognised in the year are included in the statement of financial activities.
Page 5
John Thomas Kennedy Charitable Foundation
Balance Sheet As at 26 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Notes | Unrestricted | Unrestricted | |
| Funds | Funds | ||
| £ | £ | ||
| FIXED ASSETS | |||
| Investments | 5 | 1,452,660 | 1,452,660 |
| CURRENT ASSETS | |||
| Cash at bank | 16,333 | 10,390 | |
| _ | _ | ||
| 16,333 | 10,390 | ||
| CREDITORS | |||
| Amounts falling due within one year | 6 | (168,640) | (164,920) |
| _ | _ | ||
| NET CURRENT (LIABILITIES)/ASSETS | (152,307) | (154,530) | |
| _ | _ | ||
| NET ASSETS | 1,300,353 | 1,298,130 | |
| _ | _ | ||
| FUNDS OF THE CHARITY | |||
| Unrestricted funds | 7 | 1,300,353 | 1,298,130 |
| _ | _ | ||
| TOTAL FUNDS | 1,300,353 | 1,298,130 | |
| _ | _ |
The financial statements were approved by the Board of Trustees on ………………………. and were signed on its behalf by:
………………………………….. Mr S P Kennedy - Trustee
Page 6
John Thomas Kennedy Charitable
Foundation
Notes forming part of the Financial Statements
for the Year Ended 26 December 2020
1. Accounting convention
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets and in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, the Charities Act 2011 and the requirements of the Charities Statement of Recommended Practice (SORP FRS 102).
a. Consolidated financial statements
The charity has taken advantage of exemptions afforded by paragraph 24 of SORP (FRS 102) not to produce consolidated financial statements because the gross income, after consolidation adjustments, of the group in the accounting year is no more than the threshold for a small charity.
- b. Incoming resources
Donations receivable for the general purposes of the charity are included as unrestricted funds. These are included in the Statement of Financial Activities when the charity becomes entitled to the resource.
c. Resources expended and basis of allocation of costs
All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities relate to grants paid in the year by the Trustees in line with the Trust Deed.
Governance costs comprise costs for the running of the charity.
The charity is not registered for Value Added Tax and accordingly expenditure is shown gross of irrecoverable Value Added Tax.
d. Valuation of investments
All investments are valued at their market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
-
e. Investment income
-
Income from investments is accounted for on a receipt basis.
-
f. Taxation
The charity is exempt from tax on its charitable activities.
- g. Fund accounting
Unrestricted funds held by the charity are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.
| 2. Analysis of incoming resources Voluntary income Donations |
2020 £ 30,000 _ |
2019 £ 43,508 _ |
|---|---|---|
Page 7
John Thomas Kennedy Charitable
Foundation
Notes forming part of the Financial Statements
for the Year Ended 26 December 2020
3. Analysis of resources expended
| Charitable activities Donations Medical/health/sickness Accommodation and housing Education Religious activities General charitable purposes Donations under £1,000 Governance costs Legal and professional fees Independent examiner’s fees Bank charges |
2020 £ 6,000 14,500 - 2,000 - 300 _ 22,800 _ 2,400 2,520 57 _ 4,977 _ |
2019 £ 12,500 14,500 6,000 21,000 2,400 2,650 _ 59,050 _ 2,400 2,760 70 _ 5,230 _ |
|---|---|---|
4. Trustees’ remuneration and benefits
There were no trustees’ expenses and no trustees’ salaries for the year ended 26 December 2020 nor for the year ended 26 December 2019.
5. Investments
2020 £ MARKET VALUE At 27 December 2019 1,452,660 _ At 26 December 2020 1,452,660 _ NET BOOK VALUE At 26 December 2020 1,452,660 _ At 26 December 2019 1,452,660 _
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Foundation
John Thomas Kennedy Charitable
Notes forming part of the Financial Statements
for the Year Ended 26 December 2020
5. Investment cont...
The charity’s investment at the balance sheet date in the share capital of the following company:
Yearfast Building Ltd
Nature of business: Commercial property letting
| % | |||
|---|---|---|---|
| Class of shares: | holding | ||
| Ordinary | 100.00 | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Aggregate capital and reserves | 1,965,239 | 1,963,239 | |
| (Loss)/Profit for the year | 5,367 | 5,367 | |
| _ | _ |
6. Creditors: amounts falling due within one year
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Yearfast Building Ltd | 115,000 | 115,000 | |||
| Other creditors | 46,200 | 46,200 | |||
| Accruals | 7,440 | 3,720 | |||
| _ | _ | ||||
| 168,640 | 164,920 | ||||
| _ | _ | ||||
| Movement in funds | |||||
| Net movement | |||||
| At | 27.12.19 | in funds | At 26.12.20 | ||
| £ | £ | £ | |||
| Unrestricted funds – general funds | 1,298,130 | 2,223 | 1,300,353 | ||
| _ | _ | __ | |||
| 1,298,130 | 2,223 | 1,300,353 | |||
| _ | _ | __ | |||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement in | ||
| resources | expended | losses | funds | ||
| £ | £ | £ | |||
| Unrestricted funds – general funds | - | 2,223 | - | 2,223 | |
| _ | _ | _ | __ | ||
| - | 2,223 | - | 2,223 | ||
| _ | _ | _ | __ |
8. Movement in funds
Page 9
FOR TRUSTEES INFORMATION ONLY
John Thomas Kennedy Charitable Foundation
for the Year Ended 26 December 2020
| Donations £ Medical/health/sickness ADF International 5,000 ICAP 1,000 _ Accommodation and Housing The Sanctuary 5,000 ARISE 5,000 Francis House Charitable Trust 2,500 Variety Club Children’s Charity 1,000 Irish Community Care 1,000 Religious activities Society of African Missions 1,000 The Good Counsel Network 1,000 Donations under £1,000 The Essex Search & Rescue 300 ___ |
£ 6,000 14,500 2,000 300 _ 22,800 _ |
|---|---|
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