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← The Albert Kennedy Trust

2025-03-31-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 2025

Contents

Trustees Annual Report


Message from our CEO		 1

Message from our Chair		 2

Our Year		 3 - 8

Structure, Governance and Management		 9 - 12
Independent Auditor’s Report 13 -16
Reference and Administrative Details 17
Statement of Financial Activities 18 - 19
Statement of Financial Position 20
Statement of cash flows 21
Notes to the financial statements 22 – 31

The Albert Kennedy Trust

Trustees’ Annual Report

Year Ended 31 March 2025

Message from our CEO

It was the greatest honour of my working life to join akt as CEO in October last year. From the very first day, I’ve seen just how urgent and life-changing our mission is for the young people we support. It is tough stuff - literally helping LGBTQ+ young people off the streets and into safety, every single week, and supporting them to rebuild their lives – but we are determined to keep doing it.

As someone who’s worked in youth homelessness and with vulnerable young people for many years, I can say with confidence and pride that akt is succeeding at this hard work. This year, we reached over 1,150 young people with advice, support and services. Each one of those is a life transformed – in ways big and small – but always for the better. It is why we take such pride in what we do.

Because we all know that a home is about so much more than four walls and a roof. It is about love. It is about belonging. It is about a place to be free to be yourself. With your support, this is what I believe akt offers to young people, often in desperate need.

I’ve discovered it is shocking to many people to realise that homelessness is a major issue facing LGBTQ+ young people today. Despite many advances in recent years, young people are still being denied a safe home, love and acceptance, simply because of who they love or who they are. Trans and non-binary young people and LGBTQ+ young people from diverse communities are experiencing an epidemic of homelessness. It is critical we continue to be there for them – and to campaign and press for wider change to support them better.

I’ve spent time with a lot of young people since October and they are brave, brilliant, and unshakably themselves. I am beyond proud to know them and believe the future leadership of the LGBTQ+ community is safe in their hands. The overwhelming message I take from every conversation with them is one of hope. After all, as one young person said, “there is nothing wrong with me.”

In fact, in my experience, it is quite the opposite. And that is why I am so hopeful about the future we can build – together.

Let’s stay proud.

Adam Pemberton Wickham

CEO, akt

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Message from our Chair

This year has been a defining one for akt.

With new leadership and the launch of landmark research into LGBTQ+ youth homelessness, we’ve taken bold steps to understand the challenge ahead and renew our commitment to long term change.

In October, we marked 35 years of akt at a celebration with our Patron, Sir Ian McKellen – a real ‘pinch me’ moment and a reminder of our deep roots in both allyship and action. What makes me proudest as Chair is that akt has never lost sight of the young people at the heart of this mission. We are not just a campaign or critic from the sidelines. We do real, frontline work supporting young people through crisis, rejection, and homelessness. And we do it with expertise, compassion and urgency.

And we are only able to do that because of you.

It is your trust in us and investment that powers this work. Despite rising demand and difficult funding conditions, akt has continued to grow its impact - reaching more young people year after year.

As we look ahead to our next strategic phase, we do so with clear eyes and a determined heart. We’re ambitious, because the need is urgent. Our community faces rising hostility. Charities like ours face unprecedented pressure. But our mission and the values haven’t changed.

One thing we know for sure; we cannot create change for young people alone. I’m always reminded that akt was founded in Manchester by allies - a group of social workers who knew things had to change and took action. That spirit of allyship, collaboration and shared responsibility remains at the heart of everything we do.

Thank you for your continued partnership. We’ve come this far together. Let’s go even further.

Rob Malcomson, MBE Chair of Trustees

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Trustees’ Annual Report

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A lot can happen in a year

This year, akt supported 1,150 LGBTQ+ young people - each with their own story, their own challenges, and their own journey toward safety and stability. Many came to us in crisis: fleeing domestic violence, conversion therapy, honour-based abuse, psychological and sexual abuse, or coping with self-harm and suicide risk. For 84 of them, we provided an immediate way off the streets - delivering 340 safe nights of emergency accommodation.

Behind every number is a life changed. Our casework team provided intensive, long-term support built entirely around the needs of the individual - helping 245 young people find a safe place to live and securing long-term housing after an average of 20 weeks of casework. For most, that meant entering private rental accommodation, with others placed in supported housing. Our team also ensured 319 young people accessed other vital services, and made 282 formal challenges to ensure those services did what they promised.

Our work goes beyond housing. This year, we delivered 875 support packs to help young people cope in emergencies and feel at home in new accommodation. It costs an average of £30 to support someone through a crisis, £132 to get them off the streets, and £697 to help them settle into a safe, stable home.

We also invested in building community. We ran 106 youth group sessions to help young people connect with one another, explore their identity, and find solidarity in shared experience. Alongside this, we began reimagining how we deliver youth work, ensuring it meets the changing needs of young people today.

Digital support continues to be a lifeline. Our live chat service - staffed by experienced caseworkers - continues to grow rapidly, handling 576 conversations with young people and 285 with professionals seeking guidance.

Half of the young people we support are trans. This year saw the completion of our three-year Trans Pathway Pilot Project, which explored how to best meet the specific needs of trans youth. The final, peer-led review has generated rich insights that will shape our future services and contribute to sector-wide learning.

We achieved all of this during a year of tough but necessary choices. To remain focused and sustainable, we made strategic reductions to our staffing structure and streamlined operations - ensuring that every pound goes further in supporting those who need us most. For every £1 raised, akt spent 78p on charitable activities. For every £1 invested, we raised £3.40 in income.

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Where we work - snapshot

Who we help - in numbers

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In their own words: how we shape LGBTQ+ futures

At akt, our work goes far beyond housing. This year, young people told us we helped them grow in confidence, feel more independent, and understand their rights. They've reconnected with community, built healthier relationships, and started to feel hopeful again.

“The abuse doesn’t define me – I define me.”

Umair, 19, a university student in the Newcastle area, came to akt after being outed as gay in his local community. Home was no longer safe - he was sleeping on friends’ sofas and in the university library just to avoid going back.

When Umair went to the council for help, they contacted his parents directly - putting him in greater danger. His parents said he could return home, so the council decided he wasn’t homeless, ignoring the psychological abuse and coercive control he was facing.

Akt stepped in. We provided emergency accommodation and essentials, helped Umair understand abuse and his rights, and connected him with legal support. The council’s decision was overturned.

Now, Umair is in a safe flat near campus. We helped him reapply for his student loan as an estranged student, access local LGBTQ+ and domestic violence support, and set up his new home with everything from bedding to toiletries.

“When I first contacted akt, I just wanted to feel okay about being gay,” he says “I thought there was no point trying — no one would help. But akt did.”

“AKT started working with me at a time when I had nobody else, I didn't know what to do or where to go. They supported me so that I could stand on my own two feet by offering guidance, by speaking to people on my behalf and by listening to me. They were a guiding light in a tunnel of darkness. I have my own flat now, and my dream job.” - Isadora, trans woman in Scotland.

No Place Like Home: an insight into LGBTQ+ youth homelessness

This year, akt launched No Place Like Home - the UK’s first in-depth academic research into LGBTQ+ youth homelessness, commissioned from the University of Kent. The report received widespread media coverage, including features in BBC News, The Big Issue, Inside Housing, and regional outlets.

The findings are stark: LGBTQ+ young people - especially trans and racialised individuals - are disproportionately affected by homelessness. Family rejection, a lack of specialist support services, and experiences of hidden homelessness are widespread. Yet current government data fails to reflect the true scale of the crisis, making it harder to deliver the change that’s so urgently needed.

The report calls for targeted policy reform, better data collection, and properly funded services that recognise the specific challenges LGBTQ+ young people face.

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It’s nice to just have other queer people who have had similar experiences or you’d be like, oh I can relate to that or I’m glad you feel comfortable sharing that to us, rather than a group of straight people who are going to be like, what is Grinder? What is Chemsex?”– trans man, North-West

“Quite often the young people that we’re supporting are homeless due to domestic abuse, which is often linked to their identity. And having that recognised as domestic abuse by local authorities can be really difficult.”– staff member, akt

“My mum was very heavy on me being a female in the way I talked and the way I presented myself. It sort of made a lot of conflicts in the house. She was afraid of me being this thing that she was taught was bad.” – trans man, North-West

Celebrating This Community

None of akt’s work would be possible without the extraordinary generosity, commitment and belief of the people and partners who stand with us.

To our grant-makers – thank you for trusting us to do this urgent work: Caerlow Trust, CA Rodewald Charitable Trust, Chillag Family Trust, Clarke Family, Community Foundation/Pattinson Estate Agents, Drapers Charitable Trust, Five Fund, Fujitsu Foundation, George Michael Fund, GMBOP, Griffiths Fund, Iris Page Foundation, Landaid/Streetsmart, LHA, London Youth Gateway (GLA), Manchester City Council, OMCVS (Our Manchester), Paul Cottingham Trust, Paul Hamlyn Foundation, Pears Foundation, ShareGift, SHAP, Terra Firma, The Oak Foundation, TK Maxx Homesense Foundation, and Van Mesdag Foundation.

To our legacy givers, including the remarkable Tony Howard – remembered with love, who left a gift that will shape the future of our services.

To our corporate champions – your creativity, platforms and funding helped us reach further. We’re especially grateful to: Alchemist Bars, BA, Candy Kittens, COTY, Conde Nast, Flying Tiger, Harry’s, Hellofresh, Jagex, Linklaters, M&S, Morrisons, Oliver Bonas, Pho, Pokemon, Pret, Puttshack, PureGym, Rightmove, Sainsbury’s, Whistles, Whitbread.

To every major donor, regular giver, and those who gave to our appeals – your support truly changes lives. Thank you for being part of this movement.

To our volunteers and mentors, who gave up weekends, marched with us, handed out flyers, and stood alongside our young people at Pride events and beyond – we see you, and we are so grateful.

And to our incredible ambassadors and celebrity allies, with special thanks to Sir Ian McKellen – your voice gives power to our cause, and your belief in LGBTQ+ young people means the world.

Together, we are creating futures where LGBTQ+ young people are safe, supported, and celebrated.

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Our Strategy and Future Plans

Our current focus is simple: to help as many LGBTQ+ young people as we can, as efficiently as possible.

Looking ahead, we are laying the foundations for long-term, sustainable growth. We’ve launched a threeyear fundraising development plan to build income across all streams and invest in what works. Alongside this, we are developing a new theory of change to clarify how akt drives impact and where we go next. This will shape a bold new five-year strategy, which we begin developing in 2025/2026.

We are also refreshing and expanding the work we do with and for young people. This includes a new Youth Voice project, giving young people more power to shape the services and systems that affect them, and a refreshed youth work programme in Manchester, in partnership with the Proud Trust.

Following the launch of our landmark report No Place Like Home , we are using its findings to influence policy and practice. We’re engaging with professionals across housing, social care and the third sector, and beginning conversations with MPs and decision-makers to make sure LGBTQ+ youth homelessness is no longer overlooked.

Alongside all this, we are exploring how akt can widen its impact in a strategic and scalable way - ensuring that we continue to meet the needs of LGBTQ+ young people across the UK, not just in the moment, but for years to come.

However, we are operating in a deeply challenging environment. Global politics, the UK Supreme Court’s ruling in April 2025, and rising hostility to LGBTQ+ rights are all creating new risks for the young people we support. Amid these pressures, funding remains our most urgent need. To do more, and reach more, we need partners who believe - like we do - that every LGBTQ+ young person deserves a safe home and a bright future.

Our Charity at a Glance

Our mission: akt supports LGBTQ+ young people aged 16–25 who are homeless or at risk of homelessness. We help them stay safe in a crisis, find a place to live, and move towards a better future.

Where we work: We’re a UK-wide charity with bases in London, Manchester, Bristol and Newcastle.

Who we help: We work with young people who are:

How we deliver support:

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Trustees’ Annual Report

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----- Start of picture text -----
Key team and leadership: Our team includes specialist caseworkers, housing experts, and youth workers—
many of whom have lived experience. We are led by our CEO, Adam Pemberton Wickham.
How we’re funded:
Income by % 2024-25
Other Income
3%
Legacies
17%
Statutory Income
1% Corporate Donations
28%
Community Giving
4%
4a
Individual Giving
26% Trusts and Grants
21%
-
----- End of picture text -----

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Trustees’ Annual Report

Year Ended 31 March 2025

Financial narrative

At the start of the year we set a deficit budget of £460,000, by the end of Q1 due to the challenging fundraising climate we had to reforecast the year and make cuts to our overheads. We implemented efficiencies across budgets to bring costs down. As staff are our largest cost it meant like many other charities we had to make the difficult decision to make staff redundancies during the year. We also took the opportunity to downsize office spaces as we came to the end of our leases in Manchester, London and Newcastle.

Income for the year was £2,487,921. Although this was a 5% increase on the previous year this was due to a £400,000 legacy that were fortunate to be notified of at the end of the financial year. Excluding legacies income was £2,072,921 which was a 10% decrease on our core fundraising across corporate donations, individual and community giving, trusts and grants and statutory income. We ended the year with a deficit of £233,192, this was significantly lower than we had anticipated due to the legacy provision.

The in-year cuts that we made mean we have a lower cost base going forward but give us the foundations to grow in a manageable way in future years as income allows.

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.

We continue to invest cash reserves via the CAF Charity Deposit Platform, this allows us to invest across a range of fixed and notice accounts whilst ensuring FSCS protection.

Reserves Policy

The trustees examine reserve levels to ensure there are adequate funds available to support the work of the charity and to protect against short- and medium-term fluctuations in income.

The level of free reserves at 31 March 2025 is £1,148,495 (unrestricted reserves excluding fixed assets and designated reserves). This is equivalent to 5.5 months operating costs based on projected expenditure for the coming year. The trustees take a risk-based approach to reserves and review the policy annually. The level of reserves required takes into account:

On this basis the Trustees consider the level of free reserves should be £700,000. Although reserves are currently higher than the target amount our budget plan for the next two years is for a planned deficit budget with a net spend of £490,000 during that period, returning to a breakeven budget in 2027-28. This will take us just below our target reserves.

The charity had £149,926 restricted reserves at the year end. These funds are grants restricted to specific areas of work as set out in note 17 to the financial statements.

At 31 March 2025, the balance of unrestricted funds designated by Trustees is £55,850. These funds relate directly to legacies left to the charity, the purpose of the designation of these funds is to enable the Trustees to manage them in an efficient and effective manner to best promote the charity's objects. During the year the Trustees agreed that an investment of £63,523 from designated reserves could be spent on fundraising costs as part of a multi-year plan to sustainably grow income. We only spent £7,673 during the year and the

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remainder will be spent during 25-26. The remainder of previously designated reserves have been transferred back into unrestricted reserves in line with the policy.

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. Trustees are appointed for a three-year term and are eligible for re-election for a second term, this can be extended to a third term on an exceptional basis, proposed by the nominations committee and approved by the Board.

Trustee recruitment is managed by the Nominations Committee, a full review of skill gaps is conducted before the recruitment process begins to complement the existing skills of the Board and to meet the ambitions of akt’s strategy. On appointment our Trustees receive a comprehensive induction, including written information about our organisational strategies, the risk register, key policies and their responsibilities as a Trustee.

New and existing trustees are also offered training opportunities to help them meet their responsibilities; a key part of this programme is safeguarding training. Trustees also regularly receive updates on changes to legislative and regulatory guidance relevant to their duties.

Organisational Structure

The Board has responsibility for the strategic direction of akt including approving the strategy and budget. The day-to-day operation of akt is delegated to the Chief Executive and Senior Management Team. 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. Trustees are appointed to oversee key areas of work as needed. The Board meets at least four times a year and holds an annual away day which focuses on strategic development, governance and for training and team building purposes. Formal matters reserved to the board include, but are not restricted to:

  1. Approving the strategy and ensuring it is in keeping with our mission.

  2. Reviewing performance against the strategy

  3. Signing off the annual budget and accounts, reviewing management accounts

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  1. Regular review of the risk register

There are three standing committees, each meets at least quarterly and has terms of reference describing its role and responsibilities. They are:

The Chairs of the committees are all experienced members of the board. Members of the committees comprise Trustees, staff and external representatives with specialist experience as appropriate.

We have a conflict-of-interest policy which requires us to identify and record any conflicts of interest held by trustees and executive team members. Any conflicts arising are formally recorded at meetings of the board. All committee meetings have declarations of interests as a standing agenda item and, where a conflict arises, we ensure our policy is followed.

Remuneration Policy

Our remuneration policy aims to be fair and provide equality of opportunity for all our employees. We aim to offer pay and benefits competitive with the charity sector in order to attract and retain the highest quality people. Pay and reward levels are based on the requirements of the role and the skills and knowledge needed to carry it out. Salaries are set using salary scales which provide a guide on the salary level for the role and helps to ensure equity amongst roles which have a similar level of responsibility, skills and knowledge. The Board approves salary levels or changes to salary for the Chief Executive.

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

akt maintains a risk register to identify and manage the risks facing our work, we believe we have appropriate procedures and controls in place to adequately mitigate against these risks. Our risk register is reviewed bimonthly by our Senior Management Team, quarterly by the Fundraising, Finance and Risk Committee and biannually by the Board of Trustees.

The most significant risk that we have faced during the last 12 months and will continue to face in the next 12 months is the inability to achieve our income targets, this would in turn impact our ability to deliver our strategic objectives and reduce the offer and quality of support we could give young people. Mitigations include:

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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:

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.

Auditors

S&W were reappointed as the charitable company’s auditors during the year and an audit re-tender will be undertaken for the next accounting period.

Approved by the Board of Trustees on 26 July 2025 and signed on its behalf by:

Rob Malcomson (Jul 31, 2025 15:50:12 GMT+1)

Rob Malcomson MBE Chair of Trustees

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The Albert Kennedy Trust

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

Year Ended 31 March 2025

Opinion

We have audited the financial statements of The Albert Kennedy Trust (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities (Incorporating the Income and Expenditure Account), the Statement of Financial Position, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 charitable company 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 charitable company’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 other information comprises the information included in the Trustees’ Annual Report & Accounts, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Annual Report & Accounts. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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The Albert Kennedy Trust

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

Year Ended 31 March 2025

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 the 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 Strategic Report or the Directors’ Report contained within the Trustees’ Annual 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 Statement of Trustees’ Responsibilities, the trustees (who are also 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.

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

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

Year Ended 31 March 2025

irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We obtained a general understanding of the charitable company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the charitable company’s industry and regulation.

We understand that the charitable company complies with the framework through:

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charitable company’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the charitable company:

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

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The Albert Kennedy Trust

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

Year Ended 31 March 2025

A further description of our responsibilities is available 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 charitable company’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.

Craig Henderson

Craig Henderson (Jul 31, 2025 17:17:03 GMT+1)

31/07/25

Craig Henderson

Senior Statutory Auditor, for and on behalf of

S&W Partners Audit Limited

Statutory Auditor Chartered Accountants 17 Queens Lane Newcastle upon Tyne NE1 1RN

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The Albert Kennedy Trust

Reference and Administrative Details

Year Ended 31 March 2025

________________ Registered Name The Albert Kennedy Trust Other Names akt Charity Registration Number 1093815 Company Registration Number 04494989 Principal and Registered Office: 128 Hoxton Street London N1 6SH Founder Patron Cath R Johnson MBE Patrons Sir Ian McKellen Daniel Winterfeldt Henry Holland Jake Graf Hannah Graf Board of Trustees Robert Malcomson MBE, Chair of Trustees Bontle Senne, Vice Chair Richard Macmillan, Vice Chair Amy Prendergast Colin Douglas Ed Tytherleigh Mark Robinson (appointed 30 October 2024) Martin Collett Matthew Haworth Sofia Haque (appointed 30 October 2024) Stephanie Dittmer (resigned 9 November 2024) Dr. Thomas Flynn (resigned 9 November 2024) Wayes Islam (appointed 30 October 2024) Yoni Ejo Company Secretary Joanne McKenna Key Management Personnel (at the Chief Executive: Adam Pemberton Wickham time of approval of the report) Director of Fundraising, Marketing and Communications: Amy Heritage Director of Services: Hayley Speed Director of People and Operations: Sheralee Lockhart Director of Finance: Joanne McKenna Bankers CAF Bank The Cooperative Bank Kings Hill Avenue 1 Balloon Street Kings Hill Manchester West Malling, Kent M60 4EP ME19 4JQ External Auditor S&W 17 Queens Lane Newcastle upon Tyne NE1 1RN

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The Albert Kennedy Trust

Statement of Financial Activities

(Incorporating the Income and Expenditure Account)

Year Ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities:
6
Total expenditure
Net (expenditure)/income
before transfers
9
Transfers
Net (expenditure)/income
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Designated
Restricted
Total
funds
Total funds
funds
funds
funds
2025
2024
£
£
£
£
2,014,339
-
-
2,014,339
1,886,421
3,435
-
403,340
406,775
412,768
66,807
-
-
66,807
75,403
2,084,581
-
403,340
2,487,921
2,374,592
592,002
-
-
592,002
490,766
1,657,045
7,673
464,393
2,129,111
2,402,023
2,249,047
7,673
464,393
2,721,113
2,892,789
(164,466)
(7,673)
(61,053)
(233,192)
(518,197)
276,141
(276,141)
-
-
-
111,675
(283,814)
(61,053)
(233,192)
(518,197)
1,123,860
339,664
210,979
1,674,503
2,192,700
1,235,535
55,850
149,926
1,441,311
1,674,503

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 22 to 31 form part of these financial statements.

18

The Albert Kennedy Trust

Statement of Financial Activities

(Incorporating the Income and Expenditure Account)

Year Ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities:
6
Total expenditure
Net income/(expenditure)
9
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Designated
Restricted
Total funds
funds
funds
funds
2024
£
£
£
1,813,420
73,001
-
1,886,421
3,610
-
409,158
412,768
75,403
-
-
75,403
1,892,433
73,001
409,158
2,374,592
490,766
-
-
490,766
1,916,927
146,860
338,236
2,402,023
2,407,693
146,860
338,236
2,892,789
(515,260)
(73,859)
70,922
(518,197)
1,639,120
413,523
140,057
2,192,700
1,123,860
339,664
210,979
1,674,503

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 22 to 31 form part of these financial statement

19

The Albert Kennedy Trust

Statement of Financial Position

Year Ended 31 March 2025

________________

Note
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
16
Net current assets
Net assets
Funds of the charity:
Restricted
17
Designated
18
Unrestricted
18
Total funds		 31 March 2025
£
£
31,190
648,231
95,343
827,924
1,571,498
(161,377)
1,410,121
1,441,311
149,926
55,850
1,235,535
1,441,311		 31 March 2025
£
£
31,190
648,231
95,343
827,924
1,571,498
(161,377)
1,410,121
1,441,311
149,926
55,850
1,235,535
1,441,311		 31 March 2024
£
£
43,400
236,189
1,006,465
661,300
1,903,954
(272,851)
1,631,103
1,674,503
210,979
339,664
1,123,860
1,674,503		 31 March 2024
£
£
43,400
236,189
1,006,465
661,300
1,903,954
(272,851)
1,631,103
1,674,503
210,979
339,664
1,123,860
1,674,503
1,571,498
(161,377)		 1,903,954
(272,851)
1,410,121 1,631,103
149,926
55,850
1,235,535		 210,979
339,664
1,123,860
1,441,311 1,674,503

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

These financial statements were approved by the Trustees on 26 July 2025 and signed on their behalf by:

Rob Malcomson (Jul 31, 2025 15:50:12 GMT+1)

……………………………………………………. Robert Malcomson MBE Chair of Trustees

Bontle Senne (Jul 31, 2025 15:22:38 GMT+1) ……………………………………………………. Bontle Senne Vice Chair of Trustees

Company Registration Number 04494989 Charity Registration Number 1093815

The notes on pages 22 to 31 form part of these financial statement

20

The Albert Kennedy Trust

Statement of Cash Flows

Year Ended 31 March 2025

________________

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

Net expenditure for the year
Adjustments for:
Depreciation charge
Loss on disposal of fixed assets
Dividends, interest and rents from investments
Increase in debtors
Decrease in creditors
Net cash (expended)/provided by operating activities
Net cash (expended)/ provided by operating activities
Cash flows from investing activities:
Interest income
Purchase of tangible fixed assets
Proceeds from the disposal of fixed assets
Transfer from short-term deposits
Net cash used in investing activities
Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of changes in net funds
At 1 April
2024
£
Short term deposits
1,006,465
Cash and cash equivalents
661,300
1,667,765		 Net expenditure for the year
Adjustments for:
Depreciation charge
Loss on disposal of fixed assets
Dividends, interest and rents from investments
Increase in debtors
Decrease in creditors
Net cash (expended)/provided by operating activities
Net cash (expended)/ provided by operating activities
Cash flows from investing activities:
Interest income
Purchase of tangible fixed assets
Proceeds from the disposal of fixed assets
Transfer from short-term deposits
Net cash used in investing activities
Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of changes in net funds
At 1 April
2024
£
Short term deposits
1,006,465
Cash and cash equivalents
661,300
1,667,765		 2025
2024
£
£
(233,192)
(518,197)
20,854
21,443
2,386
1,406
(66,807)
(76,283)
(412,042)
(82,812)
(111,474)
(9,156)
(800,275)
(663,599)
2025
2024
£
£
(800,275)
(663,599)
66,807
76,283
(11,910)
(18,224)
880
-
911,122
312,421
966,899
370,490
166,624
(293,119)
661.300
954,419
827,924
661,300
Cash flows
At 31 March
2025
£
£
(911,122)
95,343
166,624
827,924
(744,498)
923,267
1,667,765

21

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

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:

a) 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.

b) 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.

c) Key estimates and judgements

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.

d) 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.

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.

22

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

e) 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.

f) 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.

g) 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.

h) 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:

i) 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.

j) 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.

k) 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

23

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

l) 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.

m) 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.

n) 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.

o) 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.

p) 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 £103,518 (2024: £106,201). At the year end the amount of outstanding contributions to the scheme was £27,020 (2024: £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 £70 per member of the charity. The registered office address is disclosed on page 17.

3. Income from donations and legacies

Donations and gift aid
Legacies		 Unrestricted
Funds
Designated
Funds
Total Funds
2025
Total Funds
2024
£
£
£
£
1,559,339
-
1,599,339
1,813,420
-
415,000
415,000
73,001
1,559,339
415,000
2,014,339
1,886,421

4. Income from charitable activities

Income from charitable activities
Young People Support Unrestricted
Funds
Restricted
Funds
Total Funds
2025
Total Funds
2024
£
£
£
£
3,435
403,340
406,775
412,768
3,435
403,340
406,775
412,768

24

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

5. Investment income 2025 2024
£ £
Income from bank deposits 66,807 75,403

All income from investments is unrestricted.

6. Analysis of resources expended

Costs of Generating Funds
Fundraising costs
Costs of Charitable Activities
Young people support
Marketing & Communications
Governance		 Direct
Costs
Staff
Costs
Support
Costs
2025
2024
£
£
£
£
163,427
164,929
163,646
592,002
490,766
343,365
1,024,933
633,102
2,001,400
2,008,770
40,763
33,327
20,586
94,677
378,982
33,035
-
-
33,035
14,271
580,590
1,323,189
817,334
2,721,113
2,892,789

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 number of staff for the activity.

7. Support costs comprise

Premises cost
Admin
Staff expenses, recruitment & training
Development & strategy costs
Support staff costs		 Generating
funds
Charitable
activities
2025
2024
£
£
£
£
5,093
20,345
25,438
60,504
6,768
27,033
33,801
54,567
7,425
29,660
37,085
30,677
1,892
7,558
9,450
30,723
142,468
569,092
711,560
661,968
163,646
653,688
817,334
838,529

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

8. Analysis of governance costs

Audit fees
Trustee costs		 Governance
Total
2025
Total
2024
£
£
£
10,080
10,080
9,600
22,955
22,955
4,671
33,035
33,035
14,271

25

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

9. Net Income (expenditure) for the year

This is stated after charging/(crediting): 2025 2024
£ £
Depreciation 20,854 21,443
Loss on disposal of fixed assets 2,386 1,406
Operating lease rentals:
Property 91,878 118,939
Other 1,536 1,536
Auditor's remuneration - audit fees 8,400 8,000

10. Staff costs

Staff costs during the year were as follows:
Wages and salaries
National Insurance
Pension		 Total
Total
2025
2024
£
£
1,776,738
1,770,850
154,495
165,000
103,518
106,201
2,034,751
2,042,051

The number of employees whose remuneration fell within the following bands were:

£90,001 - £100,000
£70,001 - £80,000
£60,000 - £70,000		 2025
2024
No.
No.
1
-
-
1
-
1
1
2

The average number of staff employed during the period was 51 (2024: 56).

The average full-time equivalent number of staff employed during the period was 44, based on 35 hours per week (2024: 49).

The key management personnel of the charity comprise the Board of Trustees, the Chief Executive, the Deputy Chief Executive, Director of Fundraising and Marketing, Director of Finance, Director of People and Operations, Director of Services. The total employee benefits of the key management personnel of the charity were £331,879 (2024: £403,743).

11. Trustee remuneration and expenses

Travel, accommodation and subsistence expenses totalling £140 were reimbursed to 3 trustees during the year (2024: travel expenses of £751 were reimbursed to 7 trustees).

26

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

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

Manchester City Council

----- Start of picture text -----
||| |---|---| |2025|2024| |£|£| |28,100|28,100|

----- End of picture text -----

There were no unfulfilled conditions or contingencies attaching to the grants as at 31 March 2025

13. 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.

14. Tangible fixed assets

----- Start of picture text -----
||||| |---|---|---|---| |Office|Leasehold| |furniture &|Improvements| |equipment|Total| |Cost|£|£|£| |At 1 April 2024|78,459|69,584|148,043| |Additions|11,910|-|11,910| |Disposals|(23,517)|(69,584)|(93,101)| |At 31 March 2025|66,852|-|66,852| |Depreciation| |At 1 April 2024|37,099|67,544|104,643| |Charge for the year|18,814|2,040|20,854| |Disposals|(20,251)|(69,584)|(89,835)| |At 31 March 2025|35,662|-|35,662| |Net book value| |At 31 March 2025|31,190|-|31,190| |At 31 March 2024|41,360|2,040|43,400| |15.|Debtors|2025|2024| |£|£| |Trade debtors|35,943|76,634| |-| |Bad debt provision|(20,772)| |Other debtors|6,092|25,339| |Prepayments and accrued income|606,196|154,988| |648,231|236,189| |16.|Creditors: amounts falling due within one year|2025|2024| |£|£| |Trade creditors|28,204|91,266| |Other creditors and accruals|97,080|139,319| |Deferred Income|608|4,256| |Taxation and social security costs|35,485|38,010| |161,377|272,851|

----- End of picture text -----

27

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

17. Analysis of movements in restricted funds
Balance at Income Expenditure Balance at
1 April 31 March
2024 2025
£ £ £ £
The Britford Bridge Trust 10,000 - (10,000) -
The Caerlow Trust - 50,000 (15,666) 34,334
GMBOP: Pathfinder Programme - 31,086 (31,086) -
Greater Sport Grant 2,619 - (2,619) -
LandAid Charitable Trust 29,198 8,000 (29,864) 7,334
LHA London 70,000 (70,000) -
London Youth Gateway - 31,387 (31,387) -
Manchester City Council - 9,100 (9,100) -
NPT Transatlantic 5,000 - (5,000) -
Our Manchester VCS - 34,653 (34,653) -
Paul Hamlyn Foundation 16,201 55,000 (55,000) 16,201
Safe Haven London 33,333 - (33,333) -
St Martin in the Fields 112,971 - (112,971) -
The Talent Fund - 114,114 (22,057) 92,057
Grants less than £5,000 1,657 - (1,657) -
Total 210,979 403,340 (464,393) 149,926
Balance at
Balance at 31 March
1 April 2023 Income Expenditure 2025
£ £ £ £
The Britford Bridge Trust - 10,000 - 10,000
Chillag Family Charitable Trust - 8,000 (8,000) -
GMBOP: Pathfinder Programme - 29,305 (29,305) -
Greater Sport Grant 5,456 - (2,837) 2,619
Henry Smith Charity 9,867 - (9,867) -
LandAid Charitable Trust - 43,797 (14,599) 29,198
London Youth Gateway - 30,795 (30,795) -
Manchester City Council - 9,100 (9,100) -
NPT Transatlantic - 10,000 (5,000) 5,000
Our Manchester VCS - 34,653 (34,653) -
Paul Hamlyn Foundation 16,201 55,000 (55,000) 16,201
Safe Haven London - 50,000 (16,667) 33,333
St Martin in the Fields 106,278 109,897 (103,204) 112,971
Sir James Knott Trust - 5,000 (5,000) -
Tesco Community Grant - 10,000 (10,000) -
Grants less than £5,000 2,255 3,611 (4,209) 1,657
Total 140,057 409,158 (338,236) 210,979

28

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

Name of restricted fund

Name of restricted fund Purpose of the fund The Britford Bridge Trust Towards the salary of a Digital Caseworker The Caerlow Trust Salary of Digital Caseworker, Senior Digital Caseworker and young people support costs Chillag Family Charitable Trust Towards the salary of a Caseworker Greater Manchester Better Outcomes Salary and oncosts for a homelessness prevention Partnership: Pathfinder programme to support young people across Greater Manchester. Greater Sport Grant Sports activities for young people in Manchester Henry Smith Charity Towards the salary of the Newcastle Caseworker Towards the salaries of a Manchester Caseworker and Landaid Charitable Trust London Senior Caseworker LHA London Salaries of two London Caseworkers London Youth Gateway London Caseworker and support costs Manchester City Council Towards the salary of the Senior Caseworker Manchester NPT Transatlantic Towards the salary of a Digital Caseworker Our Manchester Voluntary & Towards the salary of a Senior Caseworker and Youth Community Sector Fund Engagement worker in Manchester Paul Hamlyn Foundation Youth Engagement Manager salary and overheads Safe Haven London Towards the salary of the London Services Manager and support costs St Martin in the Fields TransPathway – engagement and support service in Greater Manchester Sir James Knott Trust Services costs in Newcastle Tesco Community Grants Rainbow Starter Packs The George Michael Fund, £36,614 for the salary of the Digital Caseworker (East administered by The Talent Fund Midlands), £70,000 for theory of change work, contributing to the salary of the Director of Services and the Services Data Coordinator Five Fund, The Talent Fund £7,500 towards a Manchester caseworker Grants of £5,000 or less Rise Active Partnership, sports activities for young people in NE

There are no trust law restrictions imposed on any individual fund

29

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

________________

18. Analysis of movement in Unrestricted funds

Unrestricted - general
Designated funds:
Development and growth
Total Unrestricted Funds
Unrestricted - general
Designated funds:
Development and growth
Total Unrestricted Funds		 Balance at
1 April 2024
Income
Expenditure
Transfer
between
funds
Balance at
31 March
2025
£
£
£
£
£
1,123,860
2,084,581
(2,249,047)
276,141
1,235,535
339,664
-
(7,673)
(276,141)
55,850
1,463,524
2,084,581
(2,256,720)
-
1,291,385
Balance at
1 April 2023
Income
Expenditure
Transfer
between
funds
Balance at
31 March
2024
£
£
£
£
1,639,120
1,913,205
(2,428,465)
-
1,123,860
413,523
73,001
(146,860)
-
339,664
2,052,643
1,986,206
(2,575,325)
-
1,463,524

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 Growth organisation. Funds are used for piloting innovations, capacity building which delivers key services or that generates income or significant capital spend.

19. Analysis of net assets between funds

Tangible fixed assets
Net current assets
Tangible fixed assets
Net current assets		 Unrestricted Funds
General
Designated
Restricted
Total
fund
Funds
funds
2025
£
£
£
£
31,190
-
-
31,190
1,204,345
55,850
149,926
1,410,121
1,235,535
55,850
149,926
1,441,311
Unrestricted Funds
General
Designated
Restricted
Total
fund
Funds
funds
2024
£
£
£
£
43,400
-
-
43,400
1,080,460
339,664
210,979
1,631,103
1,123,860
339,664
210,979
1,674,503

30

The Albert Kennedy Trust

Notes to the Financial Statements

Year Ended 31 March 2025

20. Operating lease commitments

The charity holds properties and equipment under non-cancellable operating leases. At 31 March 2025 future minimum lease payments under these leases were as follows:

Less than one year
One to five years		 Property
Equipment
2025
2024
2025
2024
£
£
£
£
12,605
66,777
-
896
1,505
-
-
-
14,110
66,777
-
896

21. Related Party Transactions

Bontle Senne, Vice Chair of akt was the Chief Digital & Information Officer at Green Park until September 2024. akt paid £133,110 to Green Park for services during the year ended 31 March 2025 (2024: 42,480). The related party didn’t have any involvement with the delivery of the services, nor did they have any involvement in the decision making in relation to the contract in question.

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

22. Contingent Asset

The charity is entitled to 10% share of the proceeds of properties as part of a legacy payment. There is no current time estimate for the sale of these properties. It is estimated that the balance due to akt would be in the region of £85,000.

31