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2022-03-31-accounts

Company Registration No: 04494989 Charity Registration No: 1093815

THE ALBERT KENNEDY TRUST

(A Company Limited by Guarantee)

Trustees’ Annual Report & Accounts

For the year ended 31 March 2022

Contents
Reference and Administrative Details 1 - 2
Trustees Annual Report 3 - 17
Independent Auditor’s Report 18 - 21
Statement of Financial Activities 22-23
Statement of Financial Position 24
Statement of cash flows 25
Notes to the financial statements 26 - 37

The Albert Kennedy Trust

Reference and Administrative Details

Year Ended 31 March 2022

Administrative details

Registered Name The Albert Kennedy Trust Other Names akt Charity Registration Number 1093815 Company Registration Number 04494989 Principal and Registered Office: 19-20 Parr Street London N1 7GW Founder Patron Cath R Johnson MBE Patrons Sir Ian McKellen Claire Harvey Dan Gillespie Sells Daniel Winterfeldt Heather Peace Henry Holland Jake Graf Phyll Opoku-Gyimah Russell Tovey Suki Sandhu Stephen K Amos Board of Trustees Robert Malcomson, appointed Chair of Trustees 21 July 2022 Terry Stacy MBE (resigned 24 June 2022) Richard Macmillan, Vice Chair Amy Prendergast Asad Dhunna Bontle Senne (appointed 21 July 2022) Colin Douglas (appointed 22 May 2021) Faz Bukhari (resigned 29 January 2022) Helen Johnston Joanne Lockwood (appointed 21 May 2022) Lee Beattie (appointed 22 May 2021, resigned 1 October 2022) Martin Collett Matthew Campion Matthew Haworth Paul Bates (resigned 14 July 2021) Sally Hill (resigned 14 July 2021) Stephanie Dittmer Susan Eastoe (resigned 17 November 2021) Dr Thomas Flynn Yoni Ejo

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The Albert Kennedy Trust

Reference and Administrative Details

Year Ended 31 March 2022

Year Ended 31 March 2022 Year Ended 31 March 2022
________________
Key Management Personnel Chief Executive: Tim Spoor (formerly Sigsworth) MBE
Deputy Chief Executive: Carrie Reiners
Director of Communications and Campaigns: Kevin Leonce
(appointed July 2021), Matt Horwood (resigned August 2021)
Director of Finance: Joanne McKenna
Director of People and Operations: Sheralee Lockhart (appointed
May 2022)
Director of Services: Lucy Bowyer
Assistant Director of Services: Hayley Speed
Assistant Director of People, Performance and Culture: Hannah
Taylor (resigned January 2022)
Company Secretary Joanne McKenna (appointed 1 October 2022)
Richard Macmillan (resigned 1 October 2022)
Bankers CAF Bank
Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Co-operative Bank
1 Balloon Street
Manchester
M60 4EP
External Auditor Haines Watts
17 Queens Lane
Newcastle upon Tyne
NE1 1RN

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The Albert Kennedy Trust

Trustees’ Annual Report (continued)

Year Ended 31 March 2022

A welcome from our Chair, Rob Malcomson

Welcome to akt Trustees’ Annual Report for 2021/22.

24% of the 100,000+ young people at risk of homelessness in the UK identify as lgbtq+. It is so distressing that in 2022 young queer and trans people are still facing rejection, abuse, and homelessness just for being brave enough to come out to their families. During the last quarter of the year 24% of the young people we helped across Greater Manchester had already experienced rough sleeping when they reached us. This is why we exist today. We are the national lgbtq+ charity providing pathways into safe housing through advocacy and support, partnered with a programme of training, mentoring and activities for young people, to ensure they get the start in life they deserve.

Over the last 12 months our team have had to adapt and significantly grow in size to respond to the residual impact of the pandemic. The number of young people accessing akt is rapidly increasing nationally and they are facing multiple challenges, including poverty, unaffordable housing, transphobia, and poor mental health alongside homelessness. We see these effects as being long term challenges for young people seeking accommodation and sustainable futures.

We have been very fortunate for the continued success of the organisation over the past 12 months, thanks to all our donors, supporters, and volunteers. Our team have been deeply affected by the challenges of the last two years. Despite this, we have provided outstanding support to young people.

Strong management by the trustees and senior managers and the hard work of the staff team and volunteers, have enabled us to come through the challenges of the post pandemic period over the last 12 months. We have also achieved significant growth within our service delivery.

Our fundraising team have significantly exceeded its target for the year by 70%, raising £2.65M to continue our vital work. I would like to take this opportunity to thank our funders, donors, and fundraisers, both from within the community and our allies; and our corporate partners for not only continuing to fund us but increasing your support during the pandemic.

I hope you enjoy reading our impact report which captures the outcomes from our work with young people during 2021/22. I am both very proud that we are reaching the most vulnerable and marginalised young people within our community, but also saddened that young Black, Brown, and People of Colour (48% of our service users) and trans and non-binary young people (48% of our services users) remain the most at risk and unsupported amongst lgbtq+ young people within society. This for me, indicates the importance of uniting to ensure that all lgbtq+ people are supported through their challenges by both the community and our allies.

We are forecasting that the longer-term impact of the pandemic on akt will comprise helping young people address the trauma of spending lockdown within abusive familial households and heightened risks of eviction, homelessness, and joblessness.

Whilst akt has prepared well financially for 2021/22, we acknowledge and need to prepare akt for the external economic situation post-pandemic, which will impact on our income generation and the lives of those young people we support.

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The Albert Kennedy Trust

Trustees’ Annual Report (continued)

Year Ended 31 March 2022

I would like to take this opportunity to thank our previous Chair, Terry Stacy. Terry greatly contributed to the significant growth and sustainability of the organisation during his nine years with akt.

Going forward into our new five-year strategy , the Board and senior management team have carefully listened to young people and all our stakeholders, to create a bold new programme, of national projects, supported by our free reserves, which responds to the real needs evidenced through our work with young people and by our research. From transforming our housing programme after 10 years of the Purple Door project, to expanding our digital services and expanding into the Midlands. This is all underpinned by a recognition that our community is wonderfully diverse in its identity and experience, and young people we help face different challenges when experiencing homelessness. At akt we believe that unity is community, and we are proud to strive to become more inclusive in our work.

I am incredibly proud of our forthcoming plans to engage young people accessing our services further in the governance and strategic work of akt, through the co-creation of a youth panel to work in partnership with the Board and a series of strategy consultation events; all with the purpose of offering young people a platform to inspire and shape the future of akt.

None of this growth would be possible without your amazing assistance and the incredible work of our team of volunteers, staff, and trustees. Thank you for your continued support as we try to prevent the cycle of homelessness for the current and future generations. I hope you enjoy reading about the success we have achieved through your help.

I hope you enjoy the report and if you would like to find out more or support our work, please visit us at www.akt.org.uk

Rob Malcomson Chair of Trustees

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Trustees’ Annual Report (continued)

Year Ended 31 March 2022

Structure, Management and Governance

The Albert Kennedy Trust (akt) is a registered charity (number 1093815 for England and Wales and SC050032 for Scotland) and a company limited by guarantee (number 04494989) and is governed by its Memorandum and Articles of Association which were last updated in September 2020. It was established in 1989 and was incorporated on the 25 July 2002.

Members

Historically the membership of akt has been limited to Trustees who have served a minimum of one year on the Board. The formal membership criteria are set down in the Articles of Association. The liability of the members is limited to a sum not exceeding £70, being the amount that each member undertakes to contribute to the assets of the charity in the event of it being wound up.

Board of Trustees

akt is governed and supported by a Board of Trustees, who are individuals working in a voluntary capacity and acting collectively to further the mission of the charity. Members of our Board of Trustees are the charity’s trustees and also act as company directors. The board focuses primarily upon strategic, policy and governance issues (in accordance with the provisions of the Companies Act 2006 and Charities Act 2011) and oversees the provision of services acting in accordance with the best interests of our young people and other stakeholders. The board is responsible for the proper management of the charity's strategy and direction including its risk appetite and oversees the allocation of resources and monitors the charity's performance.

Directors are appointed for a term of up to three years. Any director shall be eligible for reappointment, if the directors think fit and provided that they meet the requirements for appointment under Article 33 for a second term for up to three years. A director may serve a maximum of two terms, save that, in exceptional circumstances, a director may be re-appointed for an additional term for up to three years.

The balance and diversity of trustees is kept under review. During 2021/22 we prioritised further diversifying the Board to be more reflective of the young people we support. We worked in partnership with community members and specialist recruiters to run a recruitment campaign which further increased the diversity of opinion and identity of the Board across gender, lived experience and ethnicity. Our articles include a long-term commitment to seek to encourage more people with lived experience of homelessness, including former service users, and of diverse identities, to apply to join the Board. In 2022/23 we will also be working with young people to develop a youth panel of former service users to advise and support the Board with the development of the charity.

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Trustees’ Annual Report (continued)

Year Ended 31 March 2022

Trustee Induction and Training

All new trustees receive a full induction programme to ensure they understand their role and responsibilities. We have recently updated our induction to better reflect the current organisation and our new strategy, as well as our commitment to diversity, equity, and inclusion. As part of induction and training all Board members are given an induction pack including copies of the Memorandum and Articles of Association, latest audited accounts, key policies, and procedures (such as code of conduct, financial procedures, information & confidentiality) and a calendar of forthcoming events and meetings.

New and existing trustees are also offered training opportunities to help them meet their responsibilities; a key part of this programme is safeguarding training. In 2021 We introduced a programme of diversity and inclusion training mirroring that offered the staff team, focused on faith, race and ethnicity and trans identities. We are currently looking at training around supporting people who are neuro-divergent and living with a disability.

To support lgbtq+ people into Board positions, and therefore ensure more diversity of opinion and identity in governance across the sector, we have a trusteeship training programme, led by a trustee, for staff members seeking to secure their first trustee role outside of the organisation.

Board evaluation

The Chair has met recently with each of the trustees individually to discuss the outcome of the selfevaluation process and skills audit they completed. The outcome of this evaluation is being developed into an action plan to inform how our Board meetings operate, restructure of our committees and our trustee recruitment process.

Organisational Structure

The Board has responsibility for the strategic direction of akt and the Chief Executive is responsible for the day-to-day running of akt and the implementation of the business plan. The board believes that a clear division of key responsibilities between the Chair and the Chief Executive are essential elements in the charity's governance framework and facilitates the effective operation of the Board.

The Board has delegated specific responsibilities to four committees to ensure effective governance: Governance and Risk; Services; Finance and Fundraising and Communications. Members of these committees comprise Trustees, staff, and external representatives with specialist experience as appropriate. These committees meet four times a year, and on an ad-hoc basis as necessary. Invitations to join the committee membership to better match the skills-set needed are made when necessary. We regularly review the structure and schedule of Board meetings to maximise the time and performance of the Board of Trustees.

In 2021/22 the Chief Executive managed a leadership team comprising of the Deputy Chief Executive/Director of Fundraising; Director and Assistant Director of Services; Director of People and Operations; Director of Finance and Director of Marketing and Communications to support him in the performance of his duties. This includes the development and implementation of strategy; the monitoring of operations and financial performance; the assessment of control and risk; the supervision and prioritisation of resources and the day-to- day operational management of the charity and its delivery of services to young people.

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Trustees’ Annual Report (continued)

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In advance of scheduled board meetings, each trustee receives documentation providing updates on the charity's strategy, finances, operations, and development which are referenced to the delivery of the business plan.

Formal matters reserved to the board include:

  1. The charity's strategy and risk appetite including changes to service provision.

  2. Business objectives, budgets, and forecasts.

  3. Changes to fundraising.

  4. The charity's system of control and risk management.

  5. Annual financial statements.

Remuneration of Key Personnel

The remuneration of the CEO and Deputy CEO is determined by a panel of trustees of the charity. Likewise, salaries of the directors’ team are also determined by a panel of trustees alongside the CEO and Deputy CEO. The panel consider the seniority of the post, the expertise and experience of the post holder, the local and sector market conditions and benchmarking information from similar organisations in determining the remuneration of key management personnel. In December 2021, the charity completed a job evaluation and banding exercise to ensure that all roles were appropriately banded and placed in the correct salary levels across the organisation. A full salary benchmarking exercise is scheduled to conclude in Autumn 2022.

Public Benefit

We have a duty to report on the public benefit that we deliver under section four of the Charities Act 2011. Taking the Charity Commission’s guidance into consideration, the Board is satisfied that our public benefit requirements have been met and due consideration has been given to the Charity Commission’s published guidance.

Risk Management

The Board of Trustees have developed a risk register which focuses on key risk management issues, the controls necessary to manage and reduce risks, the key people and bodies responsible, and a timetable for actions and for reviews. The Risk Register is managed by the Deputy CEO.

Risks are divided into five categories of likelihood and five categories of impact with the highest risks attracting priority actions and more regular review. The schedule for review of the risk register comprises bi-monthly at SMT meetings, quarterly at Board sub committees and twice a year at full board meetings.

The key risks which have been identified in 2022/23:

In January 2021, the board of trustees conducted a tolerance exercise to determine the organisational appetite for risk. This exercise will be refreshed each year. We continued to monitor risks associated with the Covid-19 pandemic with a particular focus on challenges of staff burnout, illness and hybrid

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Trustees’ Annual Report (continued)

Year Ended 31 March 2022

working. A full data protection audit highlighted areas of concern across the organisation. New policies, staff training and the appointment of a Data Protection Officer were introduced to further mitigate the risk in this area.

OBJECTIVES AND ACTIVITIES

Our Aims and Objectives :

The objectives as set out in the memorandum of articles are:

To relieve lesbian, gay, bisexual and trans young persons in conditions of need, hardship, or distress by advancing education and training and by providing or assisting in the provision of accommodation, information, advocacy, advice, counselling, and other forms of assistance for such young person who have a need thereof.

Our Vision

To build a more inclusive society where lgbtq+ young people do not have to choose between a safe home or being who they are.

Our Mission

To provide a pathway to a better future for lgbtq+ young people living in hostile environments, experiencing or at risk of homelessness.

The strategic goals used to achieve this are:

Guiding Principles Behind our Strategy

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The Albert Kennedy Trust

Trustees’ Annual Report (continued)

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Our achievements and performance

Charitable Activities

akt has over 32 years of experience of providing support and housing solutions to 16-25-year-old Lesbian, Gay, Bisexual and Trans (lgbt) people who are homeless or living in a hostile environment after coming out to their parents or care givers. In this financial year, akt’s staff team, mentors, hosts and volunteers have provided much needed support to young lgbtq+ people in London, Manchester, Newcastle upon Tyne, Bristol and nationally, via our Digital Services team.

During the year, we have continued the expansion of our Digital Services team and will be introducing a new Live Chat system during 2022/23. The service has shown that we are able to offer complex casework remotely and given us valuable data to further expand our team to meet the needs of young people outside our physical sites.

Following on from the success of the Sports Project in Newcastle, we have established a similar programme in Manchester.

We were successful in our bid for funding for our new Trans Pathway in Manchester. Our first transspecific service was developed to meet the need for additional support for Trans young people to get into, and sustain, accommodation. Bringing together floating support and youth engagement to provide practical and social support for young trans people, the programme launched in February 2022. It is being externally evaluated and the funding runs for 3 years. Young people have been involved in developing the project to ensure that it meets their needs.

As staff began returning to hybrid working in offices, we were able to welcome young people back to face to face work.

A consultant was commissioned to carry out a review of housing at akt and what it could look like in the future. This included reviewing our existing provision as well as looking at future options. The learning from this consultancy has been included in the new strategy.

Emergency Support Pack

An akt emergency support pack provides basic support for up to three nights – which is enough time to help a young person to safety. A pack can include up to three nights’ accommodation in a safe youth hostel, basic toiletries, travel, and food. Young LGBTQ+ people with more immediate housing requirements, particularly in London, are provided with financial support for emergency hostel accommodation, food, and travel expenses whilst they are given a further assessment and support by the akt services team.

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Rainbow Starter Pack

Young people can sometimes find their own housing solutions, following a period of support, or alternatively they may need a little help with moving on from our emergency support, host programme, or supported lodgings offer. A Rainbow Starter Pack provides a specific pool of money for each city which can help young people with, for example, furniture, the first month’s rent, a deposit to enable them to rent privately, or their first week’s shop. This list is not exhaustive, and the needs of the young people are assessed individually by our services team.

Case Studies

A young trans person referred themselves to akt because they had to drop out of university due to significant mental health problems. They were estranged from their family, so received no financial support and did not have anywhere to live.

akt worked with the young person to identify their hopes for the future and prioritise the next steps. We supported them to present as homeless with the local authority and advocated for them to receive the support they were entitled to. When the accommodation provided was not appropriate, akt worked in partnership with the young person to find accommodation that met their needs. In addition, we supported them to navigate the transition from student to claiming universal credit and offered support around CV and job applications. Once settled, akt was able to connect the young person with affordable counselling and connect them to local support groups.

Chase came to akt as they wanted some advice on how to leave a controlling family environment. They were living in an overcrowded house, sharing a room with their siblings. Their parents were also disapproving of Chase pursuing a creative career and Chase felt there was no way they could be open about their sexuality and gender. Chase felt they could not keep going in the family home and had to take steps to move.

Chase was also contributing financially to the family household, which made it hard for them to save so a Rainbow Starter Pack (RSP) was a great option for them. Chase looked for a room in a shared house but found it so competitive with the renting market in London. Chase moved into Purple Door, akt’s supported accommodation project, where they were able to get some space and have some time to think about their next steps. Quite quickly, Chase found a house share with QTPOC which was an ideal situation for them. We made an RSP application but unfortunately last minute, the guarantor fell through, so they had to return to house searching again. It was quite hard to find the time to look for a place as well as working but eventually, Chase teamed up with the same group of people from the previous house share that fell through, and they all found a house together. The landlady is a part of the lgbtq+ community and wanted to help others so they didn’t require a guarantor or full credit checks through an agency. Instead, they did their own affordability checks and Chase was able to demonstrate that the accommodation was suitable for them. After 10 weeks at Purple Door, Chase moved out into permanent accommodation with the support of an RSP from akt. They are slowly unpacking and adjusting to a freer and more autonomous lifestyle.

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Trustees’ Annual Report (continued)

Year Ended 31 March 2022

People and Operations

In 2021/22 we further evolved the newly created People, Performance and Culture directorate into People and Operations. This aims to strengthen the focus on making akt a great place to work and volunteer for people from all backgrounds and identities. The departure of the Assistant Director created the opportunity to review how to best progress the work of this team further. The directorate reformed as People and Operations, with a new Director joining akt in June 2022.

With a new Operations Manager joining in January, and a new Operations Coordinator and People Coordinator, we have a balance of longer serving experience and new energy. We are finalising this phase of development with the recruitment of an Operations Assistant and a People Officer. As a growing team, we are able to sharpen our focus on developing and embedding the effective and robust policies, systems and processes to support our recent and ongoing growth, taking a more strategic approach to how we allocate time and resource.

The work of our internal Equality, Diversity and Inclusion (EDI) staff group is now being supported by staff networks, including a trans staff network and a black, brown and people of colour network. We are soon to establish an access working group, and ensure that all groups are working to consistent, clear and effective terms of reference now the initial trial period is coming to an end. To further promote an effective and diligent approach to EDI, we are forming a People and Culture board Committee to oversee EDI and People development across the organisation. This creates the forum in which to ensure that akt are delivering against the 6th Principle of the Charity Governance Code, Equality, Diversity, and Inclusion.

Volunteering

In the post-lockdown year, we have seen a large increase in volunteering applications and are focused on how to best utilise this valuable resource, to ensure a quality, safe and consistent experience is had by all involved. Alongside the other elements of People, we are reviewing policies and procedures, as well as reconsidering the scale of volunteering at akt. We are ready to deliver a five-year volunteering strategy, working to new key performance indicators that reflect a reconsidered and ambitious approach to volunteering. We are focussing primarily on process for the first year, to ensure that subsequent growth will be targeted, meaningful and well supported.

Marketing and Communications

As we prepare to support the new strategy, we continue to develop the structure of the team. We have brought marketing into the organisation as a core function alongside the work we do within communications. We continue to develop the team, introducing marketing and communications roles. Other developments have included:

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Trustees’ Annual Report (continued)

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Campaigning, Policy and Research

Outcomes for 2021/22 include:

Financial Review

The Trustees regularly review the finances, budgets and spend against budget as part of the effective stewardship of the charity. Using strategic plans and annual budgets approved by the Trustees, we seek to ensure that the charity does not commit to unsustainable levels of expenditure and retains adequate resources to continue as a going concern.

We started the financial year with a strong reserves position which provided protection against income uncertainty during the year. The trustees had agreed a deficit budget to enable us to invest further in services and increase the number of caseworkers. We ended the year with expenditure on target but thanks to the ongoing support of our donors and the receipt of a substantial legacy we ended the year with a surplus of £560,798 (£216,164 surplus on unrestricted funds).

2021/22 was a strong year for akt fundraising, with many high-profile corporate partnerships and a significant legacy donation helping to grow our income by 37% compared to 2020/21 levels. The team

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Trustees’ Annual Report (continued)

Year Ended 31 March 2022

also exceeded budgeted income targets by 70%. Nearly all income streams made significant gains in the year (community giving 34%, corporate giving 66%, individual donations 1%). Pride related corporate support in both direct donations and commercial partnerships continued to benefit the charity in income and profile. akt was also fortunate to be awarded a £100,000 donation through a Covid-19 recovery fund by a leading bank. Our Individual Giving programme was fuelled by two successful acquisition appeals in the year and strong regular giving now accounts for nearly 50% of this income stream.

Expenditure overall increased by 31% on the previous year. This was a planned investment in the organisation. We have continued to prioritise spend on services, expanding the staff team that work directly with the young people we support and increasing our expenditure on emergency support and rainbow support packs. We moved offices in Newcastle and Bristol, both moving into buildings that are occupied by other charities. We invested in a new online chat system to improve digital services and have commissioned a new website which will help us grow our digital offer to young people, improve our online resources and increase online donations.

Investment Policy

The governing documents of the charity (Memorandum & Articles of Association) provide the charity with the power to invest any monies, not immediately required for any purpose, as may be thought fit in the furtherance of its objects.

Our current policy is to hold monies in a range of interest-bearing deposit accounts for periods ranging from one to twelve months. The Board will be reviewing this policy in the next 12 months in order to consider longer term investment options.

Reserves Policy

The Trustees have examined the charity’s requirements for free reserves in the light of the predominant risks to the organisation and to make sure that we have the appropriate level of reserves to safeguard our operations and services.

The actual level of free reserves at 31 March 2022 is £1.64m (unrestricted reserves excluding fixed assets and designated reserves). This is equivalent to 6 months of operating costs based on projected expenditure for the coming year. The trustees consider the minimum level of free reserves annually on the best evidence reasonably available and examine associated opportunities and risk. Following the review, it has been determined that the minimum level of reserves required at 31 March 2022 is £750,000. Whilst our actual reserves are higher than the minimum required, our strong financial position will enable us to invest in our five-year strategy as detailed in our plans for future periods. Our expectation is that at the end of this five-year period our reserves will be in line with the required level.

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Thank You

Thank you to all our donors, supporters, funders, partners, volunteers, and our wonderful community of LGBTQ+ young people. Your generosity is helping our team ensure that young people have pathways to safe accommodation and better futures. We are pleased to recognise our most generous donations of the year.

Corporate Partners Corporate Partners
Bank of England Pangaia
Barclays Bank Pokémon Rainbow Gym
BPL Global PrettyLittle Thing
Brookfield Property Proctor and Gamble
Burberry PUIG UK Ltd
Dam GroupUK REN Skincare
Gilead Sciences Size?
Gok Wan Stance Europe
Google – YouTube Pride Stitch Fix
Harry’s Shave Club STV Studios
Highland Capital Partners Tangle Teaser
Jess-E Musique Tesco
Johnson & Johnson The Alchemist
JW Anderson Tomska
Knight Frank TRIC Awards
LINK Network Universal Music
Marks & Spencer Victoria Beckham Ltd
Morrison Foerster Xydrobe
Morrisons Supermarket
Trusts and Foundations
Comic Relief MariaMarina Foundation
Emmanuel Kaye Foundation Schroder Charitable Trust
Evan Cornish Foundation Sir James Knott
Garfield Weston Foundation St Martin in the Fields: Frontline Network
Global Make Some Noise The Ballinger Charitable Trust
Evan Cornish Foundation The Coach Foundation
John Lewis CommunityInvestment Fund The HenrySmith Charity
LHA London The Pret Foundation
London Funders The RKT Charitable Trust
London Youth Gateway

akt would like to thank the following organisations that have provided extensive in-kind support without which we could not have achieved some of our most significant developments this year.

Partners Partners
Baker McKenzie Pangaia
Linklaters Uber

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Plans for Future Periods

We have set out our new strategy for 2022/27 and will be investing over £600,000 from our free reserves during years one and two to pilot new programmes and strengthen existing ones. This will give more young people experiencing or at risk of homelessness the support they need to achieve pathways into a better future.

In Autumn 2022 we will release our equity, diversity and inclusion strategy which will be integrated into all areas of our forward plan.

Strategic Priority 1 – Provide pathways into safe, affordable & inclusive housing

Floating support: by providing interventions which include life skills training, advocacy and support to young people living in their first homes, we will increase the chance of them sustaining their tenancies and avoid further homelessness. This programme will be delivered in partnership with our outstanding casework and youth engagement team.

Housing pathways: following our recent housing options review, we will partner with housing associations, private property owners and charities to increase pathways into the scarce supply of suitably safe and affordable housing for LGBTQ+ young people at risk. The focus here will be on cocreating models of accommodation which are affordable to young people, offer a more positive impact on their lives than some traditional options and comprise a more scalable way to meet growing need amongst LGBTQ+ young people.

Strategic Priority 2 – reach young people where and when they need us most

Digital services (expansion): in lockdown our digital service provided national support to some of the most geographically and socially isolated young people experiencing rejection, homelessness, and abuse. As a low cost / high impact prevention-focused intervention, we will be developing this service through co-creation with young people to build more interactive platforms and resources to reach more young people nationally. This work will be mindful of the digital poverty many young people face.

National expansion : our digital service and our research shows a strong need for our services in the Midlands, with over 15 per cent of the young people receiving support digitally from akt located in the area. We will launch a pilot project in the Midlands in 2022, working in partnership with local services to provide the support LGBTQ+ young people need. We will be utilising our data from our service delivery and our research to evidence and inform exploration of other geographical areas showing high need; we have already identified a requirement to provide a greater level of support across the Northwest.

Strategic Priority 3 – engage with more young lgbtq+ people who face intersectional discrimination

Community outreach: LGBTQ+ young people from intersectional identities, face multiple forms of discrimination and their journeys through homelessness are often more complex and challenging. Our outreach programme, a partnership between Services, Marketing, and Communications at akt, launching in 2023/24 will be prevention-focused, working with communities to reach and support young people facing multiple discrimination.

Trans pathway (Manchester): this nationally significant pilot will develop better access to pathways of support for young trans people experiencing homelessness. 34 per cent of the young people akt help identify as trans and we will work with partners and others to ensure their services are informed by best practice.

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Strategic Priority 4 – inform and influence to create change

Mainstreaming best practice : this pilot project will develop toolkits to support providers of housing and homelessness services to better understand and meet the needs of young LGBTQ+ service users. This will improve LGBTQ+ young people’s pathways into accommodation.

Community campaigners: young people should be at the forefront of improving both their own and the next generation’s future. Working with those organisations experienced in campaigning, Young Campaigners will provide LGBTQ+ young people who have experienced homelessness with the opportunity to develop skills and receive a platform to secure their right to a better future.

Real world research: a programme of research in partnership with others, which informs better outcomes for LGBTQ+ young people experiencing homelessness – with a focus on those who face intersectional discrimination.

Youth panel: young people should always have access to a platform to have their say on the strategy and governance of a charity which supports them. Youth Panel will be co-created with young people, the Board and the akt team to provide development opportunities and a voice for those accessing our services.

Strategic Priority 5 – be a great place to work and volunteer

Team experience: we will build a strong people and operations function and infrastructure at akt to support us in becoming a more inclusive and equitable organisation, that people aspire to work for, are proud to be part of and is a space where everyone feels supported to develop and learn skills.

Volunteering: we will focus on growing and diversifying volunteering opportunities at akt, improving the volunteer experience with input from our volunteers, and seek to diversify the volunteer team to better reflect and represent the young people akt supports.

Statement of Trustees’ Responsibilities

The Trustees, who are also directors of The Albert Kennedy Trust for the purposes of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

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The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Board of Trustees on and signed on its behalf by: Nov 25, 2022

Rob Malcomson (Nov 25, 2022 09:21 GMT)

………………………………………………………………….

Rob Malcomson

Chair of Trustees

17

The Albert Kennedy Trust

Independent Auditor’s Report to the members of The Albert Kennedy Trust

Year Ended 31 March 2022

Opinion

We have audited the financial statements of The Albert Kennedy Trust “the charitable company” for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and [parent] charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to

18

The Albert Kennedy Trust

Independent Auditor’s Report to the members of The Albert Kennedy Trust

Year Ended 31 March 2022

the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

19

The Albert Kennedy Trust

Independent Auditor’s Report to the members of The Albert Kennedy Trust

Year Ended 31 March 2022

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory framework applicable to both the charitable company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Charities Act 2011, the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

20

The Albert Kennedy Trust

Independent Auditor’s Report to the members of The Albert Kennedy Trust

Year Ended 31 March 2022

Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Donna Bulmer BA (Hons) ACA (Senior Statutory Auditor) For and on behalf of Haines Watts North East Audit LLP Statutory Auditors & Chartered Accountants

Donna Bulmer (Dec 2, 2022 15:51 GMT)

……………………………..

17 Queens Lane Newcastle upon Tyne NE1 1RN 25/11/22

21

The Albert Kennedy Trust

Statement of Financial Activities

(Incorporating the Income and Expenditure Account)

Year Ended 31 March 2022

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities:
7
Total expenditure
Net income before transfers
10
Transfers
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Designated
Restricted
Total
funds
Total funds
(as restated)
funds
funds
funds
2022
2021
£
£
£
£
2,184,689
-
-
2,184,689
1,456,087
70,188
-
482,247
552,435
574,499
1,434
-
-
1,434
5,291
6,617
-
-
6,617
1,378
2,262,928
-
482,247
2,745,175
2,037,255
365,331
-
365,331
317,687
1,348,676
131,061
339,309
1,819,046
1,345,418
1,714,007
131,061
339,309
2,184,377
1,663,105
548,921
(131,061)
142,938
560,798
374,150
5,088
(5,088)
-
-
-
554,009
(136,149)
142,938
560,798
374,150
1,135,031
661,376
78,383
1,874,790
1,500,640
1,689,040
525,227
221,321
2,435,588
1,874,790

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

The notes on pages 26 to 37 form part of these financial statements.

22

The Albert Kennedy Trust

Statement of Financial Activities

(Incorporating the Income and Expenditure Account)

Year Ended 31 March 2022

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities:
7
Total expenditure
Net income/(expenditure)
before transfers
Transfers
10
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Designated
Restricted
Total funds
(as restated)
funds
funds
funds
2021
£
£
£
1,454,687
1,400
-
1,456,087
116,998
457,501
574,499
5,291
-
5,291
1,378
-
1,378
1,578,354
1,400
457,501
2,037,255
317,687
-
317,687
942,964
23,336
379,118
1,345,418
1,260,651
23,336
379,118
1,663,105
317,703
(21,936)
78,383
374,150
54,746
(54,746)
-
-
762,582
738,058
-
1,500,640
1,135,031
661,376
78,383
1,874,790

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

The notes on pages 26 to 37 form part of these financial statement

23

The Albert Kennedy Trust

Statement of Cash Flows

Year Ended 31 March 2022

Note
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
17
Net current assets
Net assets
Funds of the charity:
Restricted
19
Designated
20
Unrestricted
20
Total funds		 31 March 2022
£
£
47,403
465,280
1,612,400
596,921
2,674,601
(286,416)
2,388,185
2,435,588
221,321
525,227
1,689,040
2,435,588		 31 March 2022
£
£
47,403
465,280
1,612,400
596,921
2,674,601
(286,416)
2,388,185
2,435,588
221,321
525,227
1,689,040
2,435,588		 As restated
31 March 2021
£
£
69,115
96,375
1,167,477
722,358
1,986,210
(180,535)
1,805,675
1,874,790
78,383
661,376
1,135,031
1,874,790		 As restated
31 March 2021
£
£
69,115
96,375
1,167,477
722,358
1,986,210
(180,535)
1,805,675
1,874,790
78,383
661,376
1,135,031
1,874,790
2,674,601
(286,416)
2,388,185 1,805,675
221,321
525,227
1,689,040		 78,383
661,376
1,135,031
2,435,588 1,874,790

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Nov 25, 2022

These financial statements were approved by the Trustees on ______ and signed on their behalf by:

Rob Malcomson (Nov 25, 2022 09:21 GMT) Thomas FlynnThomas Flynn (Nov 25, 2022 09:22 GMT) ……………………………………………………. ……………………………………………………. Robert Malcomson Dr Thomas Flynn Chair of Trustees Trustee

Company Registration Number 04494989 Charity Registration Number 1093815

The notes on pages 26 to 37 form part of these financial statements

24

The Albert Kennedy Trust

Statement of Cash Flows

Year Ended 31 March 2022

Reconciliation of net income to net cash flow provided by operating activities

2022 2021
£ £
Net income for the year 560,798 374,150
Adjustments for:
Depreciation charge 45,154 20,921
Loss on disposal of fixed assets 1,298 754
Dividends, interest and rents from investments (6,617) (1,378)
Decrease in stock - 417
(Increase)/decrease in debtors (368,905) 49,041
Increase in creditors 105,881 4,153
Net cash provided by operating activities 337,609 448,058
2022 2021
£ £
Net cash provided by operating activities 337,609 448,058
Cash flows from investing activities:
Interest income 6,617 1,378
Purchase of tangible fixed assets (25,130) (19,770)
Proceeds from the disposal of fixed
assets 390 250
Transfer to short-term deposits (444,923) (1,167,477)
Net cash used in investing activities (463,046) (1,185,619)
Decrease in cash and cash equivalents (125,437) (737,561)
Cash and cash equivalents at the beginning of the year 722,358 1,459,919
Cash and cash equivalents at the end of the year 596,921 722,358
Analysis of changes in net funds
At 31
At 1 April March
2021 Cash flows 2022
£ £ £
Short term deposits 1,167,477 444,923 1,612,400
Cash and cash equivalents 722,358 (125,437) 596,921
1,889,835 319,486 2,209,321

25

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

1. Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements are presented in sterling (£) which is the functional currency of the charity.

The Albert Kennedy Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. In forming their conclusion, they have considered the current financial position, reserves levels and future plans. The charity maintains a strong cash position to meet its ongoing expenditure requirements.

Key judgements

Key judgments which the trustees have made that have a significant effect on the accounts include depreciation.

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 amount of assets and liabilities within the next reporting period.

Income

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

Grants receivable that are not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant. Grants receivable that relate to the delivery of a specific performance by the charity are recognised when the charity earns the right to consideration by its performance. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

Housing Income is accounted for over the period to which the rent is due.

Sale of goods income is accounted for when the transaction occurs.

26

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

1. Accounting policies (continued)

Income (continued)

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.

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.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Expenditure and irrecoverable VAT

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:

27

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

1. Accounting policies (continued)

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.

Operating leases

Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight-line basis over the term of the lease.

Tangible fixed assets

Individual fixed assets costing £300 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis as follows:

Office fixtures and equipment 4 years Leasehold Improvements Over the term of the lease

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.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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.

Financial instruments

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.

28

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

________________

1. Accounting policies (continued)

Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in and independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounts to £70,662 (2021: £60,457). At the year end the amount of outstanding contributions to the scheme was £27,031 (2021: £27,020).

2. Legal status of the charity

The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1.

3. Income from donations and legacies

Income from donations and legacies
Donations and gift aid
Coronavirus job retention scheme
Legacies		 Unrestricted
Funds
Restricted
Funds
Total Funds
2022
Total Funds
2021
£
£
£
£
1,849,864
-
1,849,864
1,425,706
2,067
-
2,067
28,981
332,758
-
332,758
1,400
2,184,689
-
2,184,689
1,456,087

4. Income from charitable activities

Young People Support
Youth Engagement
Purple Door Housing		 Unrestricted
Funds
Restricted
Funds
Total Funds
2022
Total Funds
2021
£
£
£
£
20,550
442,002
462,552
436,797
-
11,840
11,840
5,153
49,638
28,405
78,043
132,549
70,188
482,247
552,435
574,499

5. Other trading activities

Sale of merchandise Unrestricted
Funds
Restricted
Funds
Total Funds
2022
Total Funds
2021
£
£
£
£
1,434
-
1,434
5,291
1,434
-
1,434
5,291

29

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

6.
Investment income
Income from bank deposits
All income from investments is unrestricted.		 2022
2021
£
£
6,617
1,378

7. Analysis of resources expended

Costs of Generating Funds
Fundraising costs
Costs of Charitable Activities
Young people support
Youth engagement
Purple Door Housing
Digital, comms and research
Governance		 Direct
Costs
Staff
Costs
Support
Costs
2022
2021
£
£
£
£
81,429
190,294
93,608
365,331
317,687
267,476
582,108
286,347
1,135,931
801,639
23,204
44,482
21,881
89,567
79,754
87,454
81,315
40,000
208,769
152,383
91,829
179,228
88,165
359,222
292,430
25,557
-
-
25,557
19,212
576,949
1,077,427
530,001
2,184,377
1,663,105

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Support costs which include premises and administration costs are allocated based on the percentage cost of staff for that activity.

8. Support costs comprise

Premises cost
Admin
Staff expenses, recruitment & training
Legal & professional fees
Development costs
Support staff costs		 Generating
funds
Charitable
activities
2022
2021
£
£
£
£
4,837
22,552
27,389
33,252
6,321
29,467
35,788
28,467
6,716
31,311
38,027
25,590
1,523
7,101
8,624
8,615
5,656
26,365
32,021
-
68,555
319,597
388,152
321,076
93,608
436,393
530,001
417,000

Support costs are allocated based on the percentage cost of staff for that activity.

9. Analysis of governance costs

Analysis of governance costs
Audit fees
Trustee costs		 Governance
Total
2022
Total
2021
£
£
£
8,640
8,640
6,906
16,917
16,917
12,306
25,557
25,557
19,212

30

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

10. Net Income (expenditure) for the year

This is stated after charging/(crediting): 2022 2021
£ £
Depreciation 45,154 20,921
Loss on disposal of fixed assets 1,298 754
Operating lease rentals:
Property 89,811 85,917
Other 955 1,468
Auditor's remuneration - audit fees 7,200 6,906

11. Staff costs

Staff costs during the year were as follows:
Wages and salaries
National Insurance
Pension		 Total
Total
2022
2021
£
£
1,187,555
969,935
105,579
89,761
70,662
60,457
1,363,796
1,120,153

One employee had emoluments which fell into the band £70,000 to £79,999 (2021: one in the range £60,000 to £69,999).

The average number of staff employed during the period was 39 (2021: 32).

The average full-time equivalent number of staff employed during the period was 34, based on 35 hours per week (2021: 27).

The key management personnel of the charity comprise the Board of Trustees, the Chief Executive and director team referred to on page 2. The total employee benefits of the key management personnel of the charity were £402,208 (2021: £386,081).

12. Trustee remuneration and expenses

Travel expenses totalling £69 were reimbursed to one trustee during the year (2021: expenses of £126 were reimbursed to one trustee).

13. Government Grants recognised in the accounts were as follows:

Manchester City Council 2022
2021
£
£
28,100
28,100
28,100
28,100

There were no unfulfilled conditions or contingencies attaching to the grants as at 31 March 2022

31

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

________________

14. Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

15. Tangible fixed assets

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
16.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
17.
Creditors: amounts falling due within one year
Trade creditors
Other creditors and accruals
Deferred income (note 18)
Taxation and social security costs		 Office
furniture &
equipment
Leasehold
Improvements
Total
£
£
36,165
69,584
105,749
25,130
-
25,130
(5,706)
-
(5,706)		 Office
furniture &
equipment
Leasehold
Improvements
Total
£
£
36,165
69,584
105,749
25,130
-
25,130
(5,706)
-
(5,706)		 Office
furniture &
equipment
Leasehold
Improvements
Total
£
£
36,165
69,584
105,749
25,130
-
25,130
(5,706)
-
(5,706)
55,589
69,584
125,173
13,610
23,024
36,634
10,489
34,664
45,153
(4,017)
-
(4,017)
20,082
57,688
77,770
35,507
11,896
47,403
22,555
46,560
69,115
2022
2021
£
£
9,089
16,058
24,978
20,661
431,213
59,656
465,280
96,375
2022
2021
£
£
159,980
66,133
93,918
70,442
-
9,110
32,518
34,850
286,416
180,535

32

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

18 Deferred income
Deferred income
Balance as at 1 April
Amount released to income from charitable activities
Amount deferred in the year
Balance as at 31 March		 2022
2021
£
£
9,110
32,537
(9,110)
(32,537)
-
9,110
-
9,110

Income is deferred when received in advance of entitlement. It will be released in the next 12 months upon budgeted expenditure incurred and contract milestones met.

19. Analysis of movements in restricted funds

Albert Hunt Charitable Trust
Barclays Bank
Coach Foundation
Comic Relief
Community Foundation TW&N
Emmanuel Kaye Foundation
Global Make Some Noise
Greater Sport Grant
Henry Smith Charity
Insurance Industry Charitable
Foundation
John Lewis Victoria Fund
LHA London
London Funders
Manchester City Council
MariaMarina Foundation
RISE Active Partnership
Schroder Charitable Trust
Sir James Knott Trust
St Martin in the Fields
The Ballinger Trust
The Evan Cornish Foundation
The Pret Foundation
Your Homes Newcastle
Total		 Balance at 1
April 2021 (as
restated)
Income
Expenditure
Balance at 31
March 2022
£
£
£
£
-
5,000
(5,000)
-
-
100,000
(24,937)
75,063
-
17,513
(17,513)
-
23,591
4,000
(27,591)
-
-
1,000
(1,000)
-
17,500
39,213
(33,380)
23,333
-
23,180
(23,180)
-
-
7,540
(495)
7,045
-
29,500
(19,667)
9,833
-
10,000
(1,966)
8,034
-
5,000
(5,000)
-
-
28,405
(28,405)
-
-
49,939
(49,939)
-
-
19,000
(19,000)
-
30,000
-
(30,000)
-
-
4,300
(2,045)
2,255
-
3,000
(3,000)
-
-
5,000
(5,000)
-
-
99,907
(10,816)
89,091
7,292
10,000
(10,625)
6,667
-
10,000
(10,000)
-
-
10,000
(10,000)
-
-
750
(750)
-
78,383
482,247
(339,309)
221,321

33

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

19
Analysis of movements in restricted
funds (continued)
Grants towards services staff salaries
Grants for covid emergency support
Grants towards Purple Door service
Grants for rainbow starter packs and
emergency support
Total		 Balance at 1
April 2020
Income
Expenditure
As restated
Balance at 31
March 2021
-
295,978
(247,595)
48,383
-
40,000
(40,000)
-
-
106,333
(76,333)
30,000
-
15,190
(15,190)
-
-
379,118
(379,118)
78,383

Name of restricted fund

Purpose of the fund

Albert Hunt Charitable Trust Towards the salary of the Newcastle Services Manager Barclays 100x100 Programme Towards the salary of the Services Administrative Officer, emergency support and rainbow starter packs Coach Foundation YP higher education outcomes Comic Relief Safe Homes & Better Futures: Caseworker costs Community Foundation TW&N Towards the salary of the Newcastle Services Manager Emmanuel Kaye Foundation Towards the salary of the Digital Services Manager Global Make Some Noise Towards the salary of the Director of Services Greater Sport Grant Sports activities for young people in Manchester Henry Smith Charity Towards the salary of the Newcastle Caseworker Insurance Industry Charitable Tech for young people Foundation John Lewis Victoria Fund Rainbow starter packs LHA London Purple door running costs London Funders Emergency accommodation & London Services Manager Manchester City Council Towards the salary of the Senior Caseworker Manchester MariaMarina Foundation Purple Door running costs RISE Active Partnership Sports activities for young people in the North East Schroder Charitable Trust Towards the salary of the Newcastle Services Manager Sir James Knott Trust Towards the salary of the Newcastle Services Manager St Martin in the Fields TransPathway – engagement and support service in Greater Manchester The Ballinger Trust Towards the salary of the Newcastle Services Manager The Evan Cornish Foundation Towards the salary of the GROW trainee The Pret Foundation Rainbow starter packs/emergency support Your Homes Newcastle Digital equipment for young people in Newcastle

There are no trust law restrictions imposed on any individual fund.

34

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

20. Analysis of movement in Unrestricted funds

Unrestricted - general
Designated funds:
Development Projects and
National Growth
Contractual obligations
Total Designated Funds
Total Unrestricted Funds
General fund
Designated funds:
Development Projects and
National Growth
Contractual obligations
Total Designated Funds
Total Unrestricted Funds		 Balance
at 1 April
2021
Income
Expenditure
Transfers
Balance at
31 March
2022
£
£
£
£
£
1,135,031
1,930,170
(1,714,006)
337,847
1,689,042
323,529
332,758
(131,061)
-
525,226
337,847
-
-
(337,847)
-
661,376
332,758
(131,061)
(337,847)
525,226
1,796,407
2,262,928
(1,845,067)
-
2,214,268
As restated
Balance
at 1 April
2020
Income
Expenditure
Transfers
Balance at
31 March
2021
£
£
£
£
£
762,582
1,578,354
(1,260,651)
54,746
1,135,031
345,465
1,400
(23,336)
-
323,529
392,593
-
-
(54,746)
337,847
738,058
1,400
(23,336) (54,746)
661,376
1,500,640
1,579,754
(1,283,987)
-
1,796,407

Funds have been designated by the Trustees for the following purposes:

Development A fund created from legacy receipts to invest in the future growth of the Projects & National organisation. As part of the new strategy the trustees have agreed to allocate Growth £327,597 in the 2022-23 budget towards piloting new programmes and strengthening our existing ones. Contractual A fund to enable the charity to meet its contractual commitments, including obligations payment for operating leases and employment contract obligations in a winding up situation – the trustees have agreed that this separate designated reserve is no longer required, and funds have been allocated back into general reserves.

35

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

21. Prior Year Adjustment

A prior year adjustment has been made in respect of recognition of grant income in line with the SORP.

Changes to the balance sheet

As As restated
previously 31 March
reported Adjustment 2021
Current liabilities £ £ £
Deferred income 137,493 (128,383)
9,110
Funds
Unrestricted funds 1,746,407 50,000
1,796,407
Restricted funds - 78,383
78,383
1,746,407 128,383
1,874,790
Changes to the statement of financial activities
Income 1,908,872 128,383 2,037,255
Expenditure (1,663,105) (1,663,105)
Surplus for the year 245,767 128,383 374,150
Analysis of net assets between funds
Unrestricted Funds
General Designated Restricted Total
fund Funds funds 2022
£ £ £ £
Tangible fixed assets 47,403 - - 47,403
Net current assets 1,420,318 525,226 221,321 2,122,700
1,467,721 525,226 221,321 2,214,268
Unrestricted Funds
General Designated Restricted Total
fund Funds funds 2021
£ £ £ £
Tangible fixed assets 69,115 - - 69,115
Net current assets 987,533 661,376 78,383 1,727,292
1,056,648 661,376 78,383 1,796,407

22. Analysis of net assets between funds

36

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2022

23. Operating lease commitments

The charity holds properties and equipment under non-cancellable operating leases. At 31 March 2022 future minimum lease payments under these leases were as follows:

Less than one year
One to five years		 Property
Equipment
2022
2021
2022
2021
£
£
£
£
64,802
81,153
955
398
57,155
7,693
-
-
121,957
88,846
955
398

24. Related Party Transactions

The charity has a housing management contract with Clarion Housing Association Ltd. During the year £30,139 was paid as rent and service charges and £7,261 was received as a management fee from Clarion Housing Association Ltd. Terry Stacy, Chair of akt is also Vice Chair of Clarion Housing Association Ltd.

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

37

Accounts 31 March 2022 - final version for signature

Final Audit Report

2022-12-02

Created: 2022-11-25 By: Rachael Penn (Rachael.Penn@akt.org.uk) Status: Signed Transaction ID: CBJCHBCAABAABRkCh0ISSGfb4vMtp9hswd-v49YYDfjI

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