**Report of the Trustees and** ## **Financial Statements** **for the Year Ended 26 December 2021 John Thomas Kennedy Charitable Foundation** ## **John Thomas Kennedy Charitable Foundation** **Contents of the Financial Statements for the Year Ended 26 December 2021** ||**Page**| |---|---| |**Legal and Administrative Information**|**1**| |**Report of the Trustees**|**2**| |**Independent Examiner’s Report**|**4**| |**Statements of Financial Activities**|**5**| |**Balance Sheet**|**6**| |**Notes forming part of the Financial Statements**|**7**| ## **John Thomas Kennedy Charitable Foundation** |**Legal and Administrative Information**|**Legal and Administrative Information**| |---|---| |**for the Year Ended 26 December 2021**|| |**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 2021** The trustees have pleasure in presenting their report and financial statements for the year ended 26 December 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 application in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **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 Objectives and aims** 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. ## **Public benefit** The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit. ## **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. Page 2 ## **John Thomas Kennedy Charitable Foundation** ## **Report of the Trustees (continued)** ## **for the Year Ended 26 December 2021** ## **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 2021 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 £31,000 (2020: Nil) to the charity. ## **FINANCIAL REVIEW** The annexed financial statements show the state of the finances of the charity at 26 December 2021 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 order of the board of trustees on …… **25/10/2022** …………….and signed on their behalf by: …………………………………. Mr S P Kennedy – Trustee Page 3 ## **Independent Examiner’s Report To the Trustees of** ## **John Thomas Kennedy Charitable** ## **Foundation** ## **Independent examiner’s report to the trustees of John Thomas Kennedy Charitable Foundation** I report to the charity trustees on my examination of the accounts of John Thomas Kennedy Foundation (the Trust) for the year ended 26 December 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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. 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 2021** |||2021|2020| |---|---|---|---| ||Notes|Unrestricted|Unrestricted| |||Funds|Funds| |||£|£| |**INCOMING RESOURCES**|2||| |**Incoming resources from generated funds**|||| |Voluntary income||41,000|30,000| |||_______|_______| |**Total incoming resources**||41,000|30,000| |||_______|_______| |**RESOURCES EXPENDED**|3||| |**Charitable activities**||4,150|22,800| |**Governance costs**||4,727|4,977| |||_______|_______| |**Total resources expended**||8,877|27,777| |||_______|_______| |**NET INCOMING RESOURCES**||32,123|2,223| |**Unrealised gains/ (losses) on investments**||-|-| |||**_______**|**_______**| |**NET MOVEMENT IN FUNDS**||32,123|2,223| |Fund balances at 27 December 2020||1,300,353|1,298,130| |||_______|_______| |**FUND BALANCES at 26 December 2021**||1,332,476|1,300,353| |||_______|_______| |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 2021** |||2021|2020| |---|---|---|---| ||Notes|Unrestricted|Unrestricted| |||Funds|Funds| |||£|£| |**FIXED ASSETS**|||| |Investments|5|1,452,660|1,452,660| |**CURRENT ASSETS**|||| |Cash at bank||7,216|16,333| |||_______|_______| |||7,216|16,333| |**CREDITORS**|||| |Amounts falling due within one year|6|(127,400)|(168,640)| |||**_______**|**_______**| |**NET CURRENT (LIABILITIES)/ASSETS**||(120,184)|(152,307)| |||_______|_______| |**NET ASSETS**||1,332,476|1,300,353| |||_______|_______| |**FUNDS OF THE CHARITY**|||| |Unrestricted funds|7|1,332,476|1,300,353| |||_______|_______| |**TOTAL FUNDS**||1,332,476|1,300,353| |||_______|_______| The financial statements were approved by the Board of Trustees on and authorised for issue on …… **25/10/2022** …………………. 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 2021** ## 1. **Accounting convention** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared 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' and the Charities Act 2011. 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. - **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|2021
£
41,000
_______|2020
£
30,000
_______| |---|---|---| Page 7 ## **John Thomas Kennedy Charitable** ## **Foundation** ## **Notes forming part of the Financial Statements** ## **for the Year Ended 26 December 2021** ## **3. Analysis of resources expended** |Charitable activities
Donations
Medical/health/sickness
Accommodation and housing
Education
Religious activities
Donations under £1,000
Governance costs
Legal and professional fees
Independent examiner’s fees
Bank charges|2021
£
(5,000)
2,500
3,000
2,000
1,650
_______
4,150
_______
2,400
2,280
47
_______
4,727
_______|2020
£
6,000
14,500
-
2,000
300
_______
22,800
_______
2,400
2,520
57
_______
4.977
_______| |---|---|---| ## **4. Trustees’ remuneration and benefits** There were no trustees’ expenses and no trustees’ salaries for the year ended 26 December 2021 nor for the year ended 26 December 2020. ## **5. Investments** 2021 £ **MARKET VALUE** At 27 December 2020 1,452,660 _______ At 26 December 2021 1,452,660 _______ **NET BOOK VALUE At 26 December 2021** 1,452,660 _______ **At 26 December 2020** 1,452,660 _______ Page 8 **Foundation** ## **John Thomas Kennedy Charitable** ## **Notes forming part of the Financial Statements** ## **for the Year Ended 26 December 2021** ## **5. Investment cont...** The charity’s investment at the balance sheet date in the share capital of the following company: ## **Yearfast Investments Ltd** Nature of business: Commercial property letting % ||%||| |---|---|---|---| |Class of shares:|holding||| |Ordinary|100.00||| |||2021|2020| |||£|£| |Aggregate capital and reserves||1,997,243|1,898,652| |(Loss)/Profit for the year||98,591|(66,587)| |||_______|_______| ## **6. Creditors: amounts falling due within one year** |Yearfast Building Ltd
Other creditors
Accruals|2021
£
104,000
16,200
7,200
_______
127,400
_______|2020
£
135,000
26,200
7,440
_______
168,640
_______| |---|---|---| ## **8. Movement in funds** |Net movement
At 27.12.20
in funds
£
£
Unrestricted funds – general funds
1,300,353
32,123
_______
_______
Total funds
1,300,353
32,123
_______
_______|At 26.12.21
£
1,332,476
________
1,332,476
________| |---|---| Net movement in funds, included in the above are as follows: |Unrestricted funds – general funds
Total funds
|Incoming Resources
Gains and
Movement in
resources
expended
losses
funds
£
£
£
41,000
(8,877)
-
32,123
_______ _______
_______
________
41,000
(8,877)
-
32,123
_______
_______
_______
________| |---|---| Page 9 **John Thomas Kennedy Charitable** **Foundation** ## **Notes forming part of the Financial Statements** ## **for the Year Ended 26 December 2021** ## **Movement in funds – continued** **Comparatives for movement in funds** |Net movement
At 27.12.19
in funds
£
£
Unrestricted funds – general funds
1,298,130
2,223
_______
_______
Total funds
1,298,130
2,223
_______
_______|At 26.12.20
£
1,300,353
________
1,300,353
________| |---|---| Comparative net movement in funds, included in the above are as follows: |Unrestricted funds – general funds
Total funds
|Incoming Resources
Gains and
Movement in
resources
expended
losses
funds
£
£
£
30,000
(27,777)
-
2,223
_______ _______
_______
________
30,000
(27,777)
-
2,223
_______
_______
_______
________| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |Net movement
At 27.12.19
in funds
£
£
Unrestricted funds – general funds
1,298,130
34,346
_______
_______
Total funds
1,298,130
34,346
_______
_______|At 26.12.21
£
1,332,476
________
1,332,476
________| |---|---| Comparative net movement in funds, included in the above are as follows: |Unrestricted funds – general funds
Total funds
|Incoming Resources
Gains and
Movement in
resources
expended
losses
funds
£
£
£
71,000
(36,654)
-
34,346
_______ _______
_______
________
71,000
(36,654)
-
34,346
_______
_______
_______
________| |---|---| Page 10 ## **John Thomas Kennedy Charitable** ## **Foundation** ## **Notes forming part of the Financial Statements** **for the Year Ended 26 December 2021** ## **9. Related party disclosures** At 26 December 2021, there were balances of £119,000 (2020 - £160,000) due to companies in which some of the trustees are directors. During the year donations amounting to £41,000 (2020 - £30,000) were made by companies in which some of the trustees are directors. ## 10. **Ultimate controlling party** The charity is jointly controlled by the trustees. ## 11. **Going concern** The charity's financial statements for the year ended 26 December 2021 have been prepared on a going concern basis as, after making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Page 11 ## **FOR TRUSTEES INFORMATION ONLY** **John Thomas Kennedy Charitable Foundation** ## **for the Year Ended 26 December 2021** ## **Donations** |£
**Medical/health/sickness**
ADF International
(5,000)
_____
**Accommodation and Housing**
Irish Abroad
1,000
Variety Club Children’s Charity
1,500
_____
**Religious activities**
Society of African Missions
1,000
Society of Friends of Westminster Cathedral
1,000
______
**Education**
Seashell Trust
1,000
Broughton Jewish Primary School
1,000
RNLI
1,000
______
**Donations under £1,000**
Greater Manchester HS Police Trust
650
Salford Children Holiday Club
500
Young Lives vs Cancer
500
______

|£
(5,000)
2,500
2,000
3,000
1,650
_______
4,150
_______| |---|---| Page 12