Charity registration number 1144803 THE KIER FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE KIER FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tmstèes Mr 8 L Hayes MrA Petticrew Mi D Foley Ms K Armsden Mr L Brown Ms D Howard Ms N Watkins Ms J Tham M5 D Hawkes Charity number 11448J3 Principal addrts$ Marriott House Brindley Close Rushden NN106EN Indgp•ndent examiner Azels Thorpe House 93 Headlands Kettering Northampton5hire United Kingdom NN15 6BL Bankers National WeslTninsler Bank plc 81 High Street Bedford Bedlordshire United Kingdom MK40 1YN
THE KIER FOUNDATION CONTENTS Pa9e Trustee5' report Independent exarninerf5 report Slalemenl of financial aclivrties Balance sheet Statement of cash flows Notes lo the financial statements 8-12
THE KIER FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Iruslees present their annual report and financial slalemenls for the year en(Jed 30 June 2024. The finaTICi31 st8temenls have been prepared in accordance with Ihe accounting policie5 sel out in note 1 lo the financial statements and comply with the charrty's Trust Deed. the Chaiilies Act 2011 and "Accounting and Reporting by Charities" Statement of Recommended Piacti¢e applicable lo charities preparing Iheii accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland published In October 2019. Objective5 and activities The charity's objec15 retnain unchanged, with the Trust Deed and Reference Document stating the objects of the charity as. To raise funds lor and ofler practical assistance to charitable bodies and olh&r qualifying causes throughout the UK, mainly through the activities of Kier employee5 in the company's areas ol operation. This include responding lo International crises To offer sUPPOrt funding for Kier Group employee5 and Kier Group businesses lo assist with their thvn fundraising aims. There has been no change In these during the yeai. The trustees have paid due regard to guidance issued by the Charity Comrnission in deciding what activilies the ¢hariiy should undertake. Charity Partner At the end ol June 2023 we bid a fond farewell to our previous charity pariner Evèry Youth Ilormerly End Youth Homelessness) and began a new partnership with the charity The Trussell Trust. Ftsr our partnership with The Trussell Trust our objectives are.. Fundraising We aim lo raise £250.000 over the two years to support the Trussell core delivery programmes, to support people through times of crisis and equip them with thè financial skills making il less likely they will need to use a food b3nk In the future. Volunteering We will offer al least 200 volunteer days to the Trussell. This will include Group wide Tesco volunleei days linked with the Kier Inclusion Networks, and local lotsd bank volurileerin9 Pro bono." Kier colleagues will offer up lo £100,000 worth of pro bono work. Inclusive of food bank donations, through practical support to develop Community foodbank facilities. The Trussell Trust support a nationwide neOrk ol loodbanks arid also offer advice and counselling services to Ihtsse in need. The Trussell Trust was chosen as a partner after pitching to trustees lo be a Gandidale lor Kier's next charity partner. and then winning an employee vote. Our locus in the corning year will be to build on the successes of the previous partnership and lo continue to engage staff to help them raise funds lor causes that they hold dear. In the first year ol our pariner5hip any funds raised will be put into resourcing The Trussell Trust'5 C05t of Living Resilience Fund ICOLRI. The principal aim of the COLR fund is lo make sure frontline food bariks. working flai-out to meet record levels of nèed loi help, can keep the doors open lor people whose Incomes havè been ¢rtJshed by the cost of living. We make sure food banks can keep the doors open by.. building capacity with grants for food, increased running Gos15 and more people power providing tailored training, resources, bespoke systems and 121 support lo réspond lo challenges and serve cornmunities safely through this ever-changing environment.
THE KIER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The COLR fund gives grants which aré paid directly to food banks which include strategic facilities grants, volunteering grants and cii5is fund giants. The Trussell Trust's Trntial team also supports food banks by providing resources lo ensure they Gan 'keep their doors open, for instance, by funding the iecruilment and training ol foodbank volunteer5. In our first year of partnership Kier colleagues raised 2 brilliant £125,000 with various iniliatwes Including taking part In Dragonboat laces, h31f marathons, the London Royal Park5 Challenge walking rllaiathon, the three peaks double challenge, abseiling challenges and bake sales. The Kier Foundation staff have worked hard with thè staff at The TrLJssell Trust to find the best way to facililale volunteering al the foodbanks. We encouraged employees lo join in with the volunteering opportunit$ provided by Tes¢o's al the end of Novernber and had 42 51aff members helping with this campaig Over the year Kier colleagues volunteered another 50.5 days lo make a tol81 of 92.5 volunteering days donated Our Kier colleagues have also bÈen busy donating their time land sometitne5 mUsGlell to help loodbanks moving premises. The people power provided is valued at over £5.000. Work also began on a project In Northern Ireland lo provide a portacabin which will replace the unsuitable buildings housing the Vineyaid Compassion loodbank operation. Once this project is completed 31 the end 012024 it will make a massive difference both lo the people using their services and lo the slaft working there. Employee Challange Moving through May We decided lo run our Moving through May event again In 2024 with an emphasis on beating your personal best. We challenged Kier employees to gel tlloving by walking. running or cycling and going the extra mile for oharity. By taking part in this virtual challenge to raise funds for charities and do something positive for the cornmunilies we work in, we encouraged staff lo lake care of their own mental and physical health 1.323 partieipants look part In Moving through May and thanks to their support we raised over £80,000 which was Split between the Kier Foundation and 27 charities chosen by our region21 businesses. Winners of the various categories were invited to collect their trophies in peison at our celebration event. held al Millennium Point in Birmingham at the ènd of Junè Employ•e Match Fundlng Kièr employees once again showed their love ol fundraising for charities with match funding applications increased slightly totalling £78,745 in the year ending in 2024 12023.. £71,649). This year there were 169 different employee tnalGh funding applicalions12023.' 1271 I)elping lo support 101 different charilies12023.' 891. Business Support Funding The Kier Foundalion is always keen to 5UPPOrt local cotnmunilie5 in which we work through our business 5UPPOrt funding scheme lo encourage Kier businesses to run community projec15 within local aieas in which KEr opèratè. This year we supported 5 local programmes12023". 613nd donated a lolal of £15,864.6212023 £22,852) There were successful applications from employees in Transportation. Regional Civil Engineeiing. and Conslruction. Projects included helping create a mefflor181 garden in Cornwall. creating a sensory garden for a Special academy, contributing to the funds foi purchasing a minibus to Iransport disabled children and helping to rebuild a village hall and comtnunity hub. Charity Champion5 In 2016 we launched the Kier Foundation Charity Champion initiative encoura9ing eTnployees to become 3mbassadors lor The Kier Foundation. This year the nurnber ol Charity Champions supporting thè charity deereaseil to 9712023. 1071. The Charity Chatnpions across Group really are extended members ol our team, and we are always happy to welcome nèw champions onboard. Winners Club Regular income from the tnonlhly employe&only lottery 'The Winners, Club.. continued to grow with income frot 'tickel sales. being split equally between employee prize money and The Kier Foundation. During the year The Winners Club has pioduced £99.610 of income for The Kier Foundation 12023 £88,061) with 3,937 playus12023". 3.6041 as of the 1 July 2024 draw.
THE KIER FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Outlook Over the next twelve rnonths we will be focusing on a¢hieving our objectives for Kier Group charity partner and begin the Search lor the new charily partner. We will locus our efforts on our flag ship fundraising and vjellbeing event Moving through May and lotsk al ways to continue the development ol Kier Foundation. We aim lo complete a lottery licence application, once granted thè Iicence will enable us lo grow our employee lottery and this stream ol sustainable income lo donate lo cause5 Kier people hold dear. Risk Management The Trustee5 have a duly lo identify and review the risks to which the charity Is exposed and lo ensLJrè appropriate Controls arè in plac8 to provide reasonable assurance against fraud and error. Flnanclal review Incoming resources In the year were £265.309 12023. £291,821). This includes income Ihal wa5 unrestricted. A suiplus of £77.445 was made in the year12023' surplus £20. 9311. AI 30 June 2024 total ieserv6s were £233,862 12023. £156,417). Reserves Policy It IS the policy of the charity th21 unrestricted funds which have not been designated for a specifi¢ use should be main13ined al a reasonable level to support the current and future charitable objectives. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding. they will be able lo continue the charity's current aelivilies while consideration is given to ways in which additional funds may be raised. Thi5 level of reserves has been maintained throughout the year. Structure. governance and management The charity is controlled by its governing do¢umenl, a deed ol trust, and consliiuies an unincorporated charity. The trustees who served during the year and up to the date ol signaturè of the financial slalements were. Mr B L Hayes Mr A Petticrew Mr D Foley Ms K Armsden Mr L Brown Ms D Howard Ms N ivalkins Ms J Tham Ms D Hawkes Mr D Taylor (Resigned 26 March 20241 Rècruitment and Appointment of Trustees Trustees are appointed by existing members and are eilhef current or former employees of Kier. New Trustees are recruitèd through a skills and need based approach. Rebecca Staden continued to manage the Foundation from 5 June 2017 to date. with assi5t2nce of Jemy Wells and Tonya Kennedy. The trustees, report was approved by the Board ol Trvslees. M5 D Howard Chair D8te'.
THE KIER FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KIER FOUNDATION I repori to the ITLJslees on my examination ol the financial statements of The Kier Foundation Ithe charity) for the year ended 30 June 2024. Responsibilities and basis ol report As the Iruslees of the charity you are responslblè lor thè prepaialion of the finanual slalements in accordan with the requirements of Ihe Charities Act 2011 Ithe 2011 Act). I rèport in respect of my exarnin3tion of Ihe charity's financial statemènts ¢arried out under 5edion 145 of the 2011 Act. In carrying Out my examination I have followed all the applicable Directions given by Ihe Charily Comrni55ion under section 14515llbl of the 2011 Act. Independent examinerfs statement Since the Charity's gross incorne exceeded £250,000 your examiner rnusl be a member of a body listed in section 145 of the 2011 Acl. I Confir that l atn qualified lo undertake the examination because l am a metmber of Inslilule of Chartered Accountants In England and Wales, which Is one of the listed bodies. Your allenlion is drawn to the lact that the charity has prepared financial statements in acCOrdae with Accounting and Reporting by Charities preparing their a¢¢ounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic ol Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities. Staternent of Recommended Practi issued on 1 April 2005 which is referred lo in the extant re9ulations but has now been withdrawn. understand that this ha5 been done in order for financial statements lo provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no tnatters have come lo my attenlion In Gonneclion with the examination giving me cause lo bel*ve that in any material iespecl.. accounting recoids were not kept in respect ol the charity as required by section 130 01 the 2011 Act", Dr the financial statements do not accord with those records., or the financial slalemenls do not comply with the applicable reqvirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and lair view which 15 not a matter COTTrsidered as part of an independent examination. I have no concerns and havè tome across no other matters In connection with the examination to which attention should be diawn in th15 report in order to enable a proper understanding of the financial statements lo be reached. Paul Tyler FCA Azels Thorpe House 93 Headlands Kettering Northamptonshire NN15 6BL United Kingdom
THE KIER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Unrestricted fund$ funds 2024 2023 Notes Charitable a¢livilies 2S5,309 291.821 enditure Charitable activities 187.864 270,690 Net income for the yearl Net movement in funds 77,445 20,931 Fund balances al 1 July 2023 156.417 135,486 Fund balances at 30 June 2024 233,862 156.417 Thè statement of financial aclivitie5 includes all gains and losses rewgnised in the year. All income and expenditure derive Ilotn continuing 3Ctivities.
THE KIER FOUNDATION BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Notes Current assets Debtors Cash al bank and in hand 17.374 262,958 39.341 119.576 280.332 158,917 reditors.. amounts falling due within one year 10 146.4701 12,5001 Net current assets 233,862 156.417 Income funds Unrestricted funds 233,862 156,417 233.662 156.417 The financial statemènts werè approved by the Trustees on Ms D Howard Trustee
THE KIER FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Note Cash flows from operatlng aetivities Cash generated frornllabsorbed by) operations 12 143,382 110,1541 Net cash used in Investlng activities N•t cash ustd in financing activities Net increa$ellde¢reasel in cash and cash equivalents 143.382 110.1541 Cash and cash equivalents al beginning of year 119,57S 129,730 Cash and cash equivalents at end of year 262,958 119.576
THE KIER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity infomiation The Kier Foundalion is a charity controlled by its governin9 document, a deed of trust, and constitutes an unincorpoiated charity. 1.1 Accounting convention The financial statements have been prepared in accord3n¢e with Accounting and Reporting by Ch3rilies'. Slalemenl ol Recommended Practice applicable to charities preparing their accounts in accord3nce with the Financial Reporting Standard applicable in the UK and Republic ol Ireland Issued In Oolober 2019, Ihe Financial Reporling Standard applicable in the United Kingdom and Rèpublic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Aepted Practice The financial s131emenls have been prepared lo give a "true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'tiue and fair view,. This departure has involved following Accounting and Reporting by Charities" Slatemenl ol Recommended Practice applicable lo charities pieparing their accounts in accordance with the Financial Reporting Standard 2ppli¢able ID the UK 8nd Republic of Ireland issued in October 2019 rather than the AGcounling and Reporting by Charilies". Statement ol Recornrnended Practice effective from 1 April 2005 which has since been withdrawn. The financial slalements ale prepared In 51eiling, which is the functional currency of the charity. Monetary amounts in these financial statement5 are rounded lo the nearpsl £. The financial slalernenls have been prepared under the historical c05t convention. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time ol approving Ihe financial statements, the trustees have a reasonable expectalion thal Ihe charity has adequate resoui¢e5 to continue In operational existence lor the foreseeable future. Thus the IrLJslees continue to adopt the going concern basis of accoLJnling in preparing the financial statetllents. 1.3 Charitable funiFs Unrestricted funds are availablè Yor usè 8t the discretion of the Iruslees in furtherance ol their chaiilable tsbjeclives. Designated funds represent amounts of unpaid match fLJnding where the outcome of events Is known but payment had not been made al 30 June. 1.4 Income Income Is recognised when the charity Is legally enlilled lo il after any pèrftsrmance conditions have been met. the amounts can be mea5uied ieliably, and il is probable that income will be ieceived. Cash donations are recognised ori receipt. Other donations are recognised once the charity has been notified of the donèlion. unles5 perfortnance conditions require deferral ol the atnounl Incomè tax recoverable In relation to donations received under Gift Aid or deeds of eovenanl is rÈcognised al the lime of the donation. Legacies are recognised on receipt or otherwise Il the charity has bèen notified ol an irnpending dislribulion, the amount 15 known, and receipt is expected. 11 the amount 15 not known, the legacy Is treated as a contingènt asset. 1.S Expenditure Liabilities are recognised as expenditure zs sotsn as there Is a legal or constructive oblioalion committing the charity to Ihal expenditure, il Is probable that settlement will be required and the amount ol the obligation can be measured reliably.
THE KIER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Aceountlng policies Icontlnuedl Expenditure is accounted for on an accruals basis. All expenses, including SUPPOrt ¢0Sts and govèrnance costs, are allocated Dr apportioned to the applicable expenditure heading5. 1.6 Cash and cash equivalents Cash arid cash equivalents include cash in hand, deposi15 held al call with banks. other short-lerm liquid investments with original maturities ol three tmonths or less. and bank oveidiafts. Bank overdrafts are shown within borrowin9s In current liabilities. 1.7 Financial instruments Thé chaiily has ele¢led lo apply the provisions ol Section 11 '8asic Financi31 Instruments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all ol ils financial instrLJmÈnts Financial inslruments are recognised In the charity's balafiGe sheet when the Charity becomes party to the conlraclual piovisions ol the instrument. Firiancial assets and liabilities are offset. with the net amounts presented In the financial statefflenls. when there Is a legally enforceable right 10 Sel off the recognised amtrunt5 and there is an intention to settle on a nel basis or to realise the asset and settle the liability simullane()usly. Basic financial asseis Basic financial assets. which Include debtors and cash and bank balsnces, are initialty rneasured at transaclion price including Iransaction costs and are subsequèntly caiiied at amortised cost using the effective inleresl method unless the arrangement constitutes a financing transaction. where the transaction is measured al the prèsènt value of the fulure receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities Induding creditors and bank108ns are initially recognised al transaction price unless the arrangement constitutes a financing transaction. where the debt instrument Is measured al the present value of the future paywenls discounted at a Tnaikel rale of inleiest. Financial liabilities classified as payable within one year are nol amortised. Dèbt inglrurnents are subsequently cartied al 8mortised cost. using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired In the ordinary course of operations from supplier5. Atnoun15 payable are classified as current liabilities il payrnent is due within one year or less. If not, they are presented ag non-curr&nl liabilities. Trade credilors are r6cognised initially al transaction piice and subsequently measured at amortis&d cost using the effective Interest rnelhod. DerecogniQon of financial liabilities Financial Iiabililies are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.8 Employee benèflts The cost of any unused holiday entitlernenl 15 recognised in the period in which the employee's service5 are received Termination benefit5 are recogrii5ed immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide terrninalion benefits.
THE KIER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Critical accounting estimatts and judgements In the applicaiion of the chaiily's ac¢ounting policies. the trustees are required lo make judgements, estimates and assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other sourGes. The estimates and associated assurnptions are based on historical experience and other factors that are considered lo be relevant. Actual results may diffei from these eslimales. The estimates and underlying a55umplions ale reviewed on an ongoing basis. Revisions lo accounting eslirnates are recognised iri the periotj In which the estimate is revised wh@rÈ the revision affects only that period, or in the period of the ievision and future periods where the revision affects both current and future periods. Charitable activities TearnEmployee-onty Other Challenge 10tt8ry'. The fundi*i$lng Winnèrs, Club aclivS1195 li.•.Charity partner office $pecill fundrai Fundra151ng Total 2024 Total 2023 2024 2024 2024 Sales within charitable activities 2,312 99.610 155,381 8.006 265.309 291,821 For the year ended 30 Junè 2023 TpamEmployee-on Other Challenge lottery.. Thg fundral$ln9 Wlnn•rs' Club Actlvltl•s li.e.Charlty partrngr oflicfy fundral¥er¥ Fundral$lng Total 2023 Sales within charitable activities 3,578 88,061 191,850 8,332 291,821 Charitable activities 2024 2023 Donation to charity partner Match funding and reslricled donations to chanly partner Match funding schemes and restricted donations 37.933 29,895 116.840 77,431 28,259 162,277 184,668 267,967 Share ol governance costslsee note 51 3,196 2,923 187,864 270.890 10-
THE KIER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Supportcosts Support Governance costs costs 2024 2023 Bank charges Independent examinerfs fees 78 3.120 76 3,120 73 2,850 3.196 3,196 2.923 Analysed between Charitable activities 3,196 3,196 2.923 Trustees None of the trustee5 loi any persons connected with them) received any remuneration or benefits fioffl the charity during the year. There were also no expenses reimbuised to trustees by the charity during the year. Employees There were nil12023." nil) employees during the year. Taxxtion The charity Is exempl from tax on income and gains falling within section 50Jf ol the Taxes Acl 1988 or section 252 of the Taxationol Chargeable Gains Act 1992 to the extent that these are applied to Its charitable objects. DebtorJ 2024 2023 Amounts falling due within one year: Other debtors 17.374 39.341 10 Creditors= amounts falling due within one year 2024 2023 Other credilois Accruals and deferred income 43.970 2,500 2,500 46,470 2,500
THE KIER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 11 Related party transactions Transa¢tion$ with related parti•s During thè year the charity entered Into the following transactions with related parties 2024 2023 Expenses paid by the Kier Group 165.000 135,988 165,000 135.988 12 Cash generated from operations 2024 2023 Surplus foi the year 77,445 20,931 Movements in working capital.. Decreasellincieasel in debtors Inciea5e In creditors 21.967 43,970 131,0851 Cash generated fromllab$orb*d byl operations 143.382 110,1541 13 Analysls of change8 In net funds The charily had no debt during the year. 12-