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← The Kenward Trust

2025-03-31-accounts

“ Registered number: 07931728 Charity number: 1146481

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The Kenward Trust (A company limited by guarantee)

Annual report and consolidated financial statements ; for the year ended 31 March 2025

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The Kenward Trust (A company limited by guarantee)

Contents

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Page| |Reference|and|administrative|details|of the Company,|its|Trustees|and|advisers|1-2| |Trustees’|report|3-11| |Independent auditor’s|report on|the|financial|statements|12-16| |Consolidated|statement|of financial|activities|17| |Consolidated|balance sheet|18-19| |Company|balance|sheet|20|-|24| |Consolidated|statement|of cash|flows|22| |Notes|to the|financial|statements|23|-|48|

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The Kenward Trust

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(A company limited by guarantee)

. Reference and administrative details of the Company, its Trustees and advisers for the year ended 31 March 2025

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Trustees

G Gibb, Chair of Board of Trustees (appointed 26 June 2024) P Andrews, Chair of Kenward Enterprises J Elks (resigned 26 June 2024) S Webster, Chair of the Finance Committee and Deputy Chair S Thompson, Chair of the Quality Assurance Committee S Belton H Kendall G Monk (resigned 8 November 2024) A Price Dr. S Plummer C Munday (resigned 18 September 2024) Dr M Sarfraz J Park M Barker (appointed 26 June 2024)

Company registered number

07931728

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Charity registered number

1146481

Registered office -

Kenward House Kenward Road Yalding ME18 6AH ,

Company secretary

Pau! Brown

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Chief executive officer

Penny Williams

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The Kenward Trust

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(A company limited by guarantee)

Referenceand administrative details of the Company, its Trustees and advisers (continued) for the year ended 31 March 2025 2

Independent auditor

Kreston Reeves LLP Chartered Accountants Statutory Auditor 7 Maritime Place Quayside Chatham Maritime Chatham Kent ME4 4QZ

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Solicitors

‘Whitehead Monckton Limited 72 King Street Maidstone Kent ME14 1BL

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: The Kenward Trust (A company limited by guarantee)

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Trustees’ report for the year ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the Kenward Trust for the year 1 April. 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a - Directors' report under company law. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their ‘accounts in accordance with ‘the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102),

About Us

Kenward Trust provides.support to those affected by addiction, homelessness and crime.

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The Trust was founded.in 1968 by Ray and. Violet Sinden, a couple with a strong Christian faith. The couple’s eldest daughter, Olive, was friendly with a Church Army Captain who worked amongst the homeless individuals on the. streets of London. ‘Many of them had been sober for some weeks and wished to remain in recovery, but there was no place that would give them shelter. Ray decided to take some of these men home for rehabilitation, but one quickly turned into three and their farm in Sevenoaks became overcrowded. The family sold up and purchased our estate in Yalding, which is where Kenward began.

-From those modest beginnings, the Trust today takes in around 200 residents each year across nine buildings, . assupport.well as reaching hundreds:of young people through prevention initiatives and helping others with advice and Why our work is important

At Kenward Trust we provide a breadth of services, from early intervention and education in schools to . fesidential rehab and resettlement accommodation. All our work has the same aim of helping support those with - addiction issues to transform their lives and create new futures. Our work centres on giving people the opportunity to change their lives, think differently and reach their full potential. Our Vision, Mission, Values & Christian Ethos Our Vision: Every individual suffering with addiction issues receives the support they need to transform their'lives. Our Mission:

To support and empower all individuals affected by addiction and homelessness so they can transform their lives and create new futures.

Our Values:

Kenward Trust has a strong sense of its Christian roots and ethos, from which we draw the underlying value underpinning every aspect of our work and the way we deliver services. At our core is our belief in empowering and involving service users and significant others in all we do.

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Openminded:

We are open to new ways of collaborative. working and being flexible to meet the needs of the individuals who require our support.

Care:

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Care is central to everything that we do. We are compassionate. and supportive within our staff team as well as to our residents.

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The Kenward Trust {A company limited by guarantee)

Trustees’ report (continued) for the year ended 31 March 2025 Empathy: , We listen. Every voice is heard and appreciated, and all our services are judgement free. Empowerment:

We empower all that access or run-our services for them to reach their full potential.

Education: Being: informed and reducing stigma around addiction, homelessness and crime guides all aspects of our work. Our Christian Ethos: 7 Our Christian Ethos:underpinsthe way we. help people in crisis. We aim to reach out to those who are on the Coe margins of society, and we. believe that everyone deserves a second chance.

Chair — G Gibb:

It is an honour to Chair the Board of Trustees at Kenward Trust and to celebrate an exceptional yearof hard 7 work, dedication and commitment that has. seen the Trust grow and deliver services that lead the way nationally. .c ~ . ° .Berunder no illusion how difficult a challenge this has been, recovering from years of economic uncertainty and . financial difficulties has not been easy and our team, led by our outstanding CEO Penny Williams has been unwavering in achieving. great results, ‘helping over 200 people through residential rehabilitation. Almost three quarters of these completed.their programme — well done to them and our team that helped them get there. Le We have worked ‘hard to drive up up our prevention focus, prevention focus, focus, and we have reached out to over 2,000 young people

We have worked ‘hard to drive up up our prevention focus, prevention focus, focus, and we have reached out to over 2,000 young people - through our school’s programme - vital work that has been a focus of our fundraising, and. we will continue to grow and develop this area.

| would like to take the opportunity to thank our Trustees and many, many volunteers who help across all aspects of the Trust — without them we could not function effectively and ‘continue to get great outcomes for those we support in these economically challenging times. | would also like to thank our donors and supporters who generously give their money to help us continue to expand our work to meet ‘increasing demand.

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We are Team Kenward and are proud of what-we do and ‘how we all come together to make a difference. CEO - P Williams: “4. Executive Summary This year has been one of considerable growth for Kenward Trust. We have strengthened our core services, délivered impactful support to individuals in recovery and focused our fundraising on the Youth Services. We.end the year with a:significant profit compared to last 10 years performance. The Senior Leadership Team have a clear direction and commitment to our strategic objectives:

The financial year from April 2024 to March 2025 has marked a significant milestone in the development and sustainability of Kenward Trust, with the organisation achieving a profit for the year, following the small loss last year. The increase in-capacity both in Stage One Residential Rehabilitation and Stage 2 and 3 Move-On Projects with property acquisition through leasing, meant an uplift in turnover of £594k. This positive outcome reflects the continued dedication of our staff, the strength of our services, and our strategic efforts to expand and innovate.

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We are at a pivotal moment in our journey of recovery, to move into a more stable financial position. Despite many setbacks, not least surviving a pandemic, our unwavering commitment to our mission and the resilience of our team have enabled us to weather the storm and emerge stronger.

Through careful planning, innovative fundraising strategies, and strengthened partnerships, we aim to. diversify our services and revenue streams to provide financial stability, deepen our engagement with stakeholders and support a dedicated.work force.

Kenward has always maintained a strong reputation nationally, treating people from all over the country. It has been able to flex with the trends of substances.used and more recently adapting for those taking ketamine.

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The Kenward Trust {A company limited by guarantee)

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Trustees' report (continued) for the year ended 31 March 2025

1. Executive Summary (continued)

The essence of Kenward is person centric care. Our core values are honoured every day by the team, not just at our residential rehab but in resettlement, youth work and Kenward Enterprises.

Kenward Trust is transforming lives, creating new futures.

2. Strategic Objectives and Progress

Our strategic priorities for the year were:

Developing and Growing Our Services and Quality

In a major step forward, we successfully expanded our residential rehabilitation capacity at Yalding to 41 rooms. Additionally, we launched a new Stage 2 project at Colebrook Road, Tunbridge Wells, with a leased property from Moat Housing. This facility provides 14 rooms, including a dedicated community space on the ground floor, - and enhances our capacity to support individuals transitioning to more independent living.

Colebrook Road officially opened in October 2024, initially housing 9 residents and reaching full capacity of 14 by December 2024. The “Community Hub” allows other services and charities to be able to use a large space on the ground floor which offers more support for our residents also.

Our youth outreach and prevention work has continued to grow, building on the momentum from our recognition as "Charity of the Year" in 2023. This acknowledgement has helped raise awareness and support for our youth services, which remain a vital component of our mission to prevent addiction and related harm. We delivered substance misuse workshops to over 2,000 young people across schools and youth settings, adapting delivery methods to post-COVID realities.

We are strengthening Kenward Place activity with beekeeping and a focus on growing the conference bookings. Footfall and revenue increased steadily, particularly through venue hire, events, and on-site volunteering opportunities for our residents.

Community support remained strong throughout the year. Our festive events at Kenward Place during December drew local engagement and helped raise essential funds, including our first Christmas Art Fair.

Achieving our Reserves Policy

This objective is a strategic goal for 2024-2027 and this year has made significant progress delivering an operating surplus of £171k. With the expansion in resettlement including the property lease of London Road, Tunbridge Wells we continue to target a surplus for next year that will contribute to achieving this goal.

Developing a trauma informed culture and value

Supporting our staff through the development of a trauma-informed culture grounded in our values. As part of improving quality and outcomes for service users we have introduced the SMART recovery, based on Cognitive Behavioural Therapy and is recognised by the NHS. This will improve the quality of our programme and give residents something to attend in the community after primary treatment, with the aim of reducing relapse. Staff receive training on this, as we strive to develop our workforce.

3. Operational Highlights

Residential Rehab

Maintained an 80%+ occupancy rate. Resident feedback reflected strong therapeutic engagement and a high sense of community. To further enhance the support available to our residents, we welcomed Dr. Annie McCloud to the team. Her expertise in psychology has been instrumental in strengthening our therapeutic offering and providing a more trauma informed approach to recovery.

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The Kenward Trust (A company limited by guarantee)

Trustees’ report (continued) _ for the year ended 31 March 2025

3. Operational Highlights (continued)

Resettlement Services

The opening of our new house in Tunbridge Wells was quite an operation, with refurbishment required and then the smooth management of moving residents in. We have also launched a pilot peer mentoring scheme to support residents moving back into independent living, which has been greatly valued by residents.

Youth Work

Visited 33 schools across Kent.and February 2025 saw the launch of our inaugural Kenward Will Change Lives Ball. This high-profile fundraising event, supported by KM Group, was a resounding success — raising £20,000 and significantly boosting our public profile.

QUOTES from students this academic year:

QUOTE from teachers this academic year:

. QUOTE from one of our funders (Clarion Futures): “The silence and focus amongst the young people was 2 incredibly touching and it was lovely to see many of them interacting with Andy and Kim afterwards. | have no doubt of the assembly's great impact for these young people.”

4. People and Culture

Our team remains our greatest asset. This year we:

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5. Stakeholder Engagement and Partnerships

We've continued active engagement with commissioners, local authorities, and sector partners. Notable achievements include:

6. Impact and Outcomes

This year:

e Around 200 individuals accessedour residential rehab programme e 76% completed their treatment programme e 65% of residents accessed ongoing support or moved into resettlement housing ° 2,000+ young people engaged in prevention work

° 3,000+ community members attended Kenward Place events

7. Challenges and Lessons Learned

Challenges included:

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We responded by streamlining administrative systems and building stronger cross-team coordination.

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The Kenward Trust (A company limited by guarantee)

Trustees’ report (continued) for the year ended 31 March 2025

8. Outlook and Priorities

Looking ahead, we will focus on:

The core focus will be to reach 95% occupancy in our residential services and ensure that Kenward Enterprises and Youth services provide a return.

Improving the quality of our services is also key and our ambition is fo grow the “value” we offer all our residents to enrich their stay with us and better prepare them for a future in recovery.

Additionally, a new Stage 3 home for 9 residents will be leased, again from Moat Housing, for occupancy in April 2025 in Tunbridge Wells. This offers a pathway for residents in Stage 2 to maintain their connections in the Tunbridge Wells area.

Expansion of services to optimum levels is part of our strategy to ensure an increase in profit to achieve financial stability for the trust and ensure the reserves policy is met.

Developing a strong culture of trauma informed and achieving career paths and succession management via training, is key to staff retention.

Kenward Enterprises

Kenward Enterprises has made solid progress recovering from the impact of the COVID-19 pandemic. We have seen a revival in clientele and increased interest in our room hire and activities offerings. The team’s innovation and resilience have played a key role in rebuilding our commercial operations, which are essential in supporting our charitable objectives.

Youth Work

Our youth outreach and prevention work has continued to grow, building on the momentum from our recognition as "Charity of the Year" in 2023, This acknowledgement has helped raise awareness and support for our youth services, which remain a vital component of our mission to prevent addiction and related harm.

As we move into the new year, our focus remains on delivering against our three strategic objectives: to continue developing and growing our services and the quality of our work; to strengthen our financial position and achieve our reserves policy; and to invest in our staff training within a values-led culture. These priorities will ensure we remain sustainable, impactful, and aligned with our mission. We would like to thank our dedicated staff, partners, and supporters for their continued commitment, without which our progress would not be possible.

CEO P Williams

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The Kenward Trust (A company limited by guarantee)

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Trustees’ report (continued) for the year ended 31 March 2025

Financial review

The Trust expanded Stage one Capacity during the year going from 31 to 41 at its main site in Yalding. The opportunity to offer more capacity to funders wanting to place recovering addicts with us has been well received and has been a primary driver in increasing revenue. The Stage 2 and 3 capacity has also been increased via property rentals to provide a home our move-on residents. This increase in revenue has helped offset the rising costs experienced in the employment and property categories.

The Trust has a long-term Business Loan from Unity Trust Bank who continue to show their support and believe in our recovery business plan. They are aware of our strategy of careful cost control and boosting capacity for income. The funds advanced last year have been put to good use in improving working conditions and resident accommodation quality.

Total income for the year was £2,948,385 (2024: £2,354,790). This is an increase of £593,595 (25.2%) compared to 2024 and was achieved from increased capacity and some price increases.

The. increase in revenues was accompanied by a 16.4% increase in costs to £2,777,000 (2024: £2,384,902). Despite this significant increase in revenue, our continued focus on cost control meant that our costs rose at a slower rate than revenues. The largest constituent increase in these costs relates to direct costs, particularly staff costs which rose by 19%, or £258,267, to £1,603,828 (2024: £1,345,561). This is the result of pay reviews and staff increases to manage the increased number of residents.

The Charity had a net movement in funds of positive £171,385 (2024: £(30,112)) which represents an improvement over 2024 of £201,497.

Our total funds have increased to £5,359,180 (2024: £5,187,795) at the year end, comprising £5,343,060 (2024: £5,151,671) unrestricted and £16,120 (2024: £36,124) restricted. .

The Balance Sheet shows net current assets of £176,069 (2024: £16,461) which represents an improvement in the year of £159,608.

Kenward belongs to a pension scheme with The Pensions Trust. Entry to the defined benefit scheme was closed several years ago and nowa defined contribution auto enrolment scheme is in operation. The old scheme is underfunded which means that an actuarial deficit must be included in the accounts; the provision for this has increased in the year to £14,652 (2024: £5,550). The overall withdrawal liability remains much higher. This will only be triggered if The Kenward Trust were to withdraw from the scheme completely, which it does not plan to do.

Reserves Policy

The Board of Trustees has reviewed the Reserves Policy of the Kenward Trust regarding the Charity's current operations and its plans. Particular attention and reference has been given to guidance provided within FRS 102, Charity Commission publications RS3 and CC19 (Charity Reserves and Charities and Reserves, respectively) and Charity Commission Guidance OG43 (Charity Income Reserves). The Board of Trustees has agreed a reserves policy equivalent to two months of employment costs. For the financial year 1st April 2024 to 31st March 20285, this was projected as £274,000. While our liquid cash reserves have been below this level for the financial year, the Board of Trustees will continue to be prepared to sel! one or more of the Charity's freehold properties in order to generate the appropriate level of liquid funds. The Trustees remain confident that the Trusts growth strategy mean this reserves target is achievable in the short to medium term.

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The Kenward Trust (A company limited by guarantee)

Trustees’ report (continued) for the year ended 31 March 2025

Structure, Governance & Management Governing Document

The Kenward Trust is a charitable company limited by guarantee, incorporated on 1st February 2012 and registered with the Charity Commission on 21st March 2012. The Company took over delivery of services and ownership of property from The Kenward Trust Fund (charity number 265394) on 1st Apri! 2012.

The Kenward Trust Fund was registered as a charity on 27th March 1973 and has been governed by its Trust Deed, dated 24th May 1972. On incorporation, the fundamental elements of the Trust Deed were removed from -the Charity Register on 9th January 2015. Therefore, the Charity remains governed by the vision, purpose and intentions of the founding trustees; as now set out in the Articles.

Membership is open to individuals or organisations that apply to the Charity and are approved by the Trustees. There are currently eleven members (the Directors/Trustees of the Charity), each of whom agreed to contribute £10 in the event of the Charity winding up.

Appointment of Trustees

Under the requirements of the Articles, any person appointed as a Trustee by the Board of Trustees must retire at the next annual general meeting, at which time the appointment must be either ratified or terminated. At each Annual General Meeting, Trustees who have been in office for 3 years must retire from office but may stand for re-election.

Trustee Induction and Training

As a Care Quality Commission (CQC) registered organisation the Trustees take recruitment, induction and training of our Trustees very seriously. The Kenward Trust complies with Regulation 5 to ensure that all ; prospective and existing Trustees are assessed and continue to be deemed a fit and proper person to act as a Trustee of the Charity.

New Trustees undergo orientation to brief them on: their legal obligation under charity and company law, the Charity Commission guidance on public benefit, and inform them of the content of the business plan and recent financial performance of the Charity. Trustees are encouraged to attend ongoing, appropriate, external training events where these will facilitate the undertaking of their role. Most trustees are also on one or more committee.

Organisation

The Board of Trustees, which can have between three and twelve members, administers the Charity. The Board normally meets quarterly and there are subcommittees covering Finance, Business Development, Quality Assurance which includes People & Policies and spirituality, which also meet on a quarterly basis.

A Chief Executive is appointed by the trustees to manage the day-to-day operations of the Charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and programme delivery.

Related Parties and Cooperation with Other Organisations

None of our Trustees receive remuneration or other benefits from their work with the Charity. Any connection between a Trustee or senior manager of the Charity with a resident, must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. In the current year, one Trustee was kind enough to rent property to the Trust at a discounted rental to house some residents in our Stage 3 programme.

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The Kenward Trust

(A company limited by guarantee)

| Trustees’ report (continued) for the year ended 31 March 2025

Related Parties and Cooperation with Other Organisations (continued)

The Trustees considered the rental and agreed it satisfied their test of reasonableness. The Trust also commissioned an occupational health assessment from a business under the control of the Trustee at an arm's length price.

The Charity's wholly owned subsidiary, Kenward Enterprises Ltd, was established to operate the social enterprise activities. Kenward Enterprises Limited was incorporated on 20th February 2016.

Pay Policy for Senior Staff

The directors consider that the Board of Trustees and the Senior Management Team comprise the key management personne! of the Charity in charge of directing and controlling, running and operating of the Charity on a day-to-day basis. All Trustees give their time freely and no Trustee received remuneration in the year.

The pay of senior staff is reviewed from time to time. In the view of the nature of the Charity, the Trustees benchmark against pay levels in other charities of a similar size. Some senior talent is retained on a consultancy basis to attract the best people.

Fund Raising Policy

The charity undertakes fundraising activities, which include fundraising in the community, applying to and partnering with companies and grant giving trusts, appeals and organising of events. Our fundraising activities are carried out in line with the Fundraising Code of Practice as set out by the Fundraising Regulator. No thirdparty agencies are used to fundraise on behalf of the charity. No fundraising complaints were received.

Risk Management

The charity continues to enhance and improve risk management systems. It operates a robust Risk Register that is analysed quarterly by the Financial and Quality Assurance Committees. The Finance Committee oversee financial and business risks whilst the Quality Committee reviews, clinical risks, staff risks and health & safety and RAG rated. All red coded risks are discussed at the board quarterly. A full review is carried out at the annual Trustees Strategic Day.

The Risk Register identifies principal risks to delivery of strategic objectives (as directed and agreed by the Board of Trustees for each financial year).

This is an important part of our governance process and provides a vehicle through which the Trustees, Chief Executive, Senior Management Team and Project Managers, as appropriate can:

  1. Agree and analyse the Charity's strategic objectives;

  2. Identify the principal risks to achieving them; 3. Agree necessary actions or establishment of systems and procedures to mitigate those risks identified; and

  3. 4, Implement procedures to minimise any potential impact on the Charity, if the risks materialise.

Trustees’ responsibilities statement

The Trustees (who are also directors of Kenward Trust for the purposes of company law) are responsible for the preparing of the Group strategic report and the financial statements in accordance with applicable law and United Kingdom (United Kingdom Generally Accepted Accounting Practice).

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The Kenward Trust (A company limited by guarantee)

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Trustees’ report (continued)

for the year ended 31 March 2025

Trustees’ responsibilities statement (continued)

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain - the group and charity's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are. responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and the dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as disclosure to our auditors

Approved by order of the members of the board of Trustees and signed on their behalf by:

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The Kenward Trust (A company limited by guarantee)

Independent auditor's report to the Members of The Kenward Trust

Opinion

We have audited the financial statements of The Kenward Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group') for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charitable company's ability to continue as a going concern for a period of at Jeast 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.

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The Kenward Trust (A company limited by guarantee)

Independent auditor's report to the Members of The Kenward Trust (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. lf, 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.

Opinion 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 Trustees’ report including the Strategic report.

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

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Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, 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.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability fo 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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The Kenward Trust (A company limited by guarantee)

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Independent auditor's report to the Members of The Kenward Trust (continued)

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 expectedto 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:

Capability of the audit in detecting irrégularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to. obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, anti-bribery, safeguarding and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees’ and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

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The Kenward Trust (A company limited by guarantee)

Independent auditor's report to the Members of The Kenward Trust (continued)

Capability of the audit in detecting irregularities, including fraud (continued)

Because of the inherent limitations of an audit, there is a risk that we wil! not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with [SAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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Kreston Reeves LLP

2 September 2025

The Kenward Trust

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(A company limited by guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) for the year ended 31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |2025|2025|2025|2024| |Note|£|£|£|£| |Income from:| |Donations|and|legacies|-|4|81,633|60,807|142,440|109,492| |Charitable|activities|5|2,662,049|-|2,662,049|2,099,409| |Other trading|activities|-|6|113,649|28,720|142,369|144,505| |Investments|7|1,527|-|1,527|1,384| |Total|income|.|2,858,858|89,527|2,948,385|2,354,790| |Expenditure|on:|I| |Raising|funds|8|148,109|-|148,109|106,589| |Charitable|activities|9|2,549,604|79,287|2,628,891|2,278,313| |Total expenditure|2,697,713|79,287|2,777,000|2,384,902| |Net|income/(expenditure)|161,145|10,240|171,385|(30,112)| |Transfers between funds|20|30,244|(30,244)|-|-| |‘Net movement in funds|191,389|(20,004)|171,385|(30,112)| |Reconciliation of funds:| |Total|funds|brought|forward|5,151,671|36,124|5,187,795|5,217,907| |Net movement|in|funds|191,389|(20,004)|171,385|(30,112)| |Total funds carried forward|5,343,060|16,120|5,359,180|§,187,795|

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

The notes on pages 23 to 48 form part of these financial statements.

I

Page 17

The Kenward Trust (A company limited by guarantee) Registered number: 07931728

| | | | , }

Consolidated balance sheet as at 31 March 2025

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Fixed|assets| |Tangible assets|14|6,228,478|6,233,906| |6,228,478|6,233,906| |Current|assets| |Stocks|16|8,801|7,811| |Debtors|17|416,441|261,384| |Cash|at bank|and|in|hand|98,103|110,961| |523,345|380,156| |Creditors:|amounts|falling|due|within|one| |year|18|(347,276)|(363,695)| |Net current assets|176,069|16,461| |Total|assets|less|current|liabilities|6,404,547|6,250,367| |Creditors:|amounts|falling|due|after more| |than|one year|19|(1,030,715)|(1,057,022)| |Net assets|excluding|pension|liability|5,373,832|5,193,345| |Defined|benefit|pension|scheme|liability|26|(14,652)|(5,550)| |Total|net assets|5,359,180|5,187,795|

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Page 18

The Kenward Trust

i

. -

; |

(A company limited by guarantee) Registered number: 07931728

Consolidated balance sheet (continued) as at 31 March 2025

2025 2024
Note £ £
Charityfunds
Restricted funds 20 16,120 36,124
Unrestricted funds
Designated funds 20 4,974,611 4,943,990
General funds 20 368,449 207,681
Total unrestricted funds 20 5,343,060 5,154,671
Totalfunds §,359,180 5,187,795

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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G Gibb 5
Chair
wo
Date: \ \a \2 )
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The notes on pages 23 to 48 form part of these financial statements.

Page 19

The Kenward Trust (A company limited by guarantee) Registered number: 07931728

Company balance sheet as at31 March 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 14 6,217,330 6,216,758
Investments 15 5,000 5,000
6,222,330 6,221,758
Currentassets
Stocks 16 3,737 3,309
Debtors 17 620,227 452,094
Cash atbank and in hand 84,280 100,934
708,244 556,337
Creditors: amounts falling duewithin one
year 18 (331,361) (338,711)
Netcurrent assets 376,883 217,626
Total assets less current liabilities 6,599,213 6,439,384
Creditors: amounts falling due after more
than oneyear 19 (1,030,715) (1,057,022)
Net assets excluding pension liability 5,568,498 §,382,362
Defined benefitpensionscheme liability 26. (14,652) : (5,550)
Total net assets 5,553,846 " "5 376,812

Page 20

The Kenward Trust (A company limited by guarantee) Registered number: 07931728

: :

.

) ,

Company balance sheet (continued) as at 31 March 2025

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:
2025 2024
Note £ £
Charity funds
Restricted funds 20 16,120 36,124
Restricted funds 20 16,120 36,124
Unrestricted funds
Designated funds 20 4,974,611 4,943,990
General funds 20 563,115 396,698
Total unrestricted funds 20 §,537,726 5,340,688
Total funds 5,553,846 5,376,812
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~

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
G Gibb ?
Chair \jal2s
Date: .
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The notes on pages 23 to 48 form ‘part of these financial statements.

.

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b
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Page 21

The Kenward Trust

(A company limited by guarantee)

Consolidated statement of cash flows for the year ended 31 March 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows from|operating|activities| |Net cash|used|in|operating|activities|(see|note|24)|132,986|§,325| |Cash|flows|from|investing|activities| |Dividends,|interests and|rents|from|investments|1,527|1,384| |Purchase|of tangible fixed|assets|(110,024)|(96,445)| |Net cash|used|in|investing|activities|(108,497)|(95,061)| |Cash flows from|financing|activities| |Repayments|of borrowing|(37,347)|(20,879)| |Cash|inflows|from|new|borrowings|-|90,000| |Net cash|(used|in)/provided|byfinancing|activities|(37,347)|69,121| |Change|in cash|and|cash equivalents|in the year|(12,858)|(20,615)| |Cash|and|cash|equivalents at the|beginning|of the year|110,961|131,576| |Cash|and cash|equivalents|at the end|of the year|98,103|110,961| |The|notes on|pages 23|to 48|form|part of these|financial|statements|

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Page 22

The Kenward Trust (A company limited by guarantee)

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; : ot | | } ,

Notes to the financial statements

for the year ended 31 March 2025

1. General information

The Kenward Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed. Its registered office is Kenward House, Kenward Road, Yalding, Maidstone, Kent, ME18 6AH.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Kenward Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.3 Income

|

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

:

Page 23

The Kenward Trust (A company limited by guarantee)

: Notes to the financial statements | for the year ended 31 March 2025

2. Accounting policies (continued)

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with . the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Going concern

The financial statements have been prepared on a going concern basis, as the Trustees are of the opinion that the Charity can continue operating for a period of at least 12 months from the date these accounts were signed.

The Charity group has net current assets of £176,069 (2024: net current assets of £16,461) Improvements continue to be made increasing income and closely monitoring costs.

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern.

The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

Page 24

The Kenward Trust (A company limited by guarantee)

.

| | :

Notes to the financial statements for the year ended 31 March 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. - Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All. costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Land & Buildings are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

7

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Company may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Consolidated statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

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Land and Buildings - 1% Revalued
Plant and machinery - 10%
Motor vehicles - 20%
Fixtures and fittings - 10%
Office equipment - 20%
Computer equipment - 20%
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2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 25

The Kenward Trust (A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2025

2. Accounting policies (continued)

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and 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.

2.12 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 Financial instruments

The Group 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.

2.14 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

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Page 26

The Kenward Trust (A company limited by guarantee)

; ' ' ,

°

Notes to the financial statements for the year ended 31 March 2025

  1. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Multi-employer defined benefit pension scheme

The Charity is part of the Pensions Trust Growth Plan, however entry to this scheme was closed a number of years ago. This is a multi employer defined benefit pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. It is not possible to separately identify the assets and liabilities of participating employers on a consistent and reasonable basis.

The fund is in deficit and if the charity was to withdraw from the scheme the cost of withdrawa! would have ‘been £386,284 on 30 September 2016. The charity does not plan to withdraw from the scheme.

A revised recovery plan took effect in April 2016 with new contributions.

The deficit contributions due from September 2023 will be £5,228 per year.

The group operates a Defined benefit pension scheme. However, the scheme is a multiple employer scheme and the group is unable to identify its share of the underlying assets and liabilities.

A full. actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the. Trustee has asked the participating employers to pay additional contributions to the scheme, as shown above.

Tangible fixed assets

Property valuations

Freehold land and buildings are revalued by a professional valuer every 5 years. Trustees assess on an annual basis the valuation of the properties. The value of the properties is estimated to be the open market value at the balance sheet date.

;

Remaining asset classes are held at depreciated cost. The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on technological advancements, future investments, and economic utilisation. See note 14 for the carrying amount of the long-term leasehold property, plant and machinery, motor vehicles, fixtures and fittings and computer equipment.

Page 27

The Kenward Trust

(A company limited by guarantee)

| Notes to the financial statements | for the year ended the year ended year ended ended 31 March 2025

for the year ended the year ended year ended ended 31 March 2025

  1. Critical accounting estimates and areas of judgement (continued)

Critical areas of judgement:

Lease commitments

The Charity has entered into a range of lease commitments in respect of plant and equipment. The classification of these leases as either financial or operating leases requires the Trustees to consider whether the terms and conditions of each lease are such that the Charity has acquired the risks and rewards associated with the ownership of the underlying assets.

Muiti-employer defined benefit pension scheme

Certain employees participate in a multi-employer defined benefit pension scheme. In the judgement of the Trustees, the. Charity does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see note 26 for further details.

Page 28

The Kenward Trust

(A company limited by guarantee)

; ;

forNotes theto year the endedfinancial31 Marchstatements2025 .

4. Income from donations and legacies

Unrestricted Restricted Total Total
funds
2025		 funds
2025		 funds
2025		 funds
2024
£ £ £ £
Donations
Grants and trusts - 54,721 54,721 54,801
Community fundraising 23,259 - 23,259 31,138
Other 48,905 - 48,905 10,543
Donations received 9,469 6,086 15,555 13,010
81,633 60,807 142,440 109,492
Total2024 71,038 38,454 109,492

5. Income from charitable activities

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Residential rehabilitation fees 1,610,697 1,610,697 1,160,791
Housing benefit 947,520 947,520 835,091
Clientcash contributions 55,776 55,776 58,471
RHI Income 47,977 47,977 45,022
Other 79 79 34
2,662,049 2,662,049 2,099,409
Total2024 2,099,409 2,099,409

Page 29

The Kenward Trust

;

| Notes to the financial statements : for the year ended 31 March 2025

(A company limited by guarantee)

6. Income from other trading activities

. Unrestricted
funds		 Restricted
funds		 Total
funds		 Total
funds
2025 2025 2025 2024
£ £ £ £
Telephone receipts 2,640 - 2,640 1,697
Rental income 18,069 - 18,069 38,609
Training income 15,030 28,720 43,750 42,806
Enterprise income 60,719 - 60,719 43,435
. Otherincome 17,191 - 17,191 17,958
113,649 28,720 142,369 144,505
Total2024 119,285 25,220 144,505
  1. Investment income
Unrestricted
funds		 Total
funds		 Total
funds
2025 2025 2024
£ £ £
Interest 1,527 1,527 1,384
Total2024 1,384 1,384

Page 30

The Kenward Trust (A company limited by guarantee)

Notes fo the financial statements for the year ended 31 March 2025

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
£ £ £ £
Sundries 21,346 - 21,346 2,816
PR and marketing 15,421 - 15,421 16,324
Interest paid 429 - 429 685
Wages and salaries 40,708 - 40,708 24,846
National insurance and social security costs 2,883 - 2,883 2,264
Pension costs 1,178 - 1,178 720 ,
81,965 - 81,965 47,655
Total 2024 42,374 5,281 47,655
Social enterprise
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Purchases (inc. opening and closing stock) 13,603 13,603 6,088
PR and marketing 2,499 2,499 4,719
Social Enterprise direct costs 19,836 19,836 17,473
Wages and salaries 24,206 24,206 24,685
Depreciation 6,000 6,000 5,969
66,144 66,144 58,934
Total2024 58,934 58,934

Page 31

| The Kenward Trust | (A company limited by guarantee)

Notes to the financial statements

for the year ended 31 March 2025

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Restricted
funds funds Total Total
2025 2025 2025 2024
£ £ £ £
Charitable activities 2,549,604 79,287 2,628,891 2,278,313
Total2024 2,189,588 88,725 2,278,313

10. Analysis of expenditure by activities

Direct Support Total Total
costs costs funds funds
2025 2025 2025 2024
£ £ £ £
Charitable activities 2,148,162 480,729 2,628,891 2,278,313
Total2024 1,857,412 420,901 2,278,313

Page 32

The Kenward Trust (A company limited by guarantee)

Notes to the financial statements

for the year ended 31 March 2025

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

- Charitable
activities		 Total
funds		 Total
funds
2025 2025 2024
£ £ £
Staffcosts 1,559,059 1,559,059 1,317,731
Council tax 25,170 25,170 24,253
Lightand heat 179,930 179,930 196,232
Telephone 8,425 8,425 12,024
Residentexpenses 6,453 6,453 8,341
Residents catering 71,111 71,111 65,566
Therapy costs 5,369 5,369 2,619
Household costs 11,642 11,642 12,510
Motorexpenses 33,994 33,994 23,940
Consultancy 68,079 68,079 49,333
Staffexpenses 9,387 9,387 8,653
Volunteerexpenses - - 90
Stafftraining and development 10,914 10,914 9,462
Agency staff 45,359 45,359 57,123
Rentand rates 84,671 84,671 43,373
TV licenses 1,886 1,886 2,033
Waste and sanitation 16,753 16,753 13,244
Testing costs 5,815 5,815 5,622
Small equipment - - 145
Animal expenses 4,145 4,145 5,118
2,148,162 2,148,162 1,857,412

Page 33

The Kenward Trust (A company limited by guarantee)

|

Notes to the financial statements for the year ended 31 March 2025

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Charitable Total Total
activities funds funds
2025 2025 2024
£ £ £
Depreciation
.		 109,453 109,453 125,247
Printing, postage and stationery 6,527 6,527 5,594
Repairs and maintenance 105,702 105,702 58,090
Bankcharges 4,274 4,274 4,256
Auditfees 18,744 18,744 17,220
ITand website costs 26,064 26,064 19,815
Recruitment costs 9,505 9,505 7,106
Health and safety 8,044 8,044 8,152
insurance 40,636 40,636 43,164
Loan interestand arrangement fees 88,390 88,390 87,351
Legal and professional fees 23,129 23,129 6,360
Leasing ofequipment 14,264 14,264 14,374
Donation platform charges 697 697 997
Governance costs 25,300 25,300 23,175
480,729 480,729 420,901
Total 2024 420,901 420,901
11. Auditor's remuneration
2025 2024
£ £
Fees payable to the Company's auditorforthe audit ofthe Company's
annualaccounts 13,000 12,500

Page 34

The Kenward Trust (A company limited by guarantee)

|

| i]

; |

Notes to the financial statements for the year ended 31 March 2025

12. Staff costs

KMP disclosure

The total amount of employee benefits received by key management personnel during the year was £131,678 (2024: £102,606). This includes amounts totalling £46,688 (2024: £42,079) paid to individuals who are not employees of the charity but who provide services in a key management capacity.

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co
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|||||||| |---|---|---|---|---|---|---| |Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Wages and|salaries|1,446,049|1,222,197|1,446,049|1,222,197| |Social|security|costs|108,357|90,010|108,357|90,010| |Pension|costs|49,422|33,354|49,422|33,354| |4,603,828|1,345,561|1,603,828|1,345,561|

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The average number of persons employed by the Company during the year was as follows:

)

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Group|Group| |2025|2024| |No.|No.| |Average number expressed|as|headcount|79|70| |The|number|of|employees|whose|employee|benefits|(excluding|employer|pension|costs)|exceeded| |£60,000 was:|

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|||||||| |---|---|---|---|---|---|---| |Group|Group| |2025|2024| |No.|No.| |In|the|band|£60,001|- £70,000|-|1| |In|the|band|£70,001|- £80,000|1|-|

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  1. Trustees’ remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

|

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - ENIL).

Page 35

The Kenward Trust

(A company timited by guarantee)

Notes to the financial statements for the year ended 31 March 2025

| 14. Tangible fixed assets

Group

Long-term Fixtures
Landand leasehold Plantand Motor and Computer
buildings property machinery vehicles fittings equipment Total
£ £ £ £ £ £ £
Cost or valuation
At1 April 2024 6,108,278 10,360 477,035 21,625 273,910 50,628 6,941,836
Additions 48,000 - 24,693 - 31,702 5,629 110,024
At 31 March 2025 6,156,278 10,360 501,728 21,625 305,612 56,257 7,051,860
Depreciation
At1 April2024 145,868 1,579 360,452 21,625 153,968 24,438 707,930
Charge fortheyear 42,573 - 34,975 - 30,195 7,709 115,452
At31 March2025 188,441 1,579 395,427 21,625 184,163 32,147 823,382
Net book value
At 31 March 2025 5,967,837 8,781 106,301 - 121,449 24,110 6,228,478
At31March2024 5,962,410 8,781 116,583 - 119,942 26,190 6,233,906

|

Page 36

The Kenward Trust (A company limited by guarantee)

a | / | | | } | |

Notes to the financial statements

for the year ended 31 March 2025

14. Tangible fixed assets (continued)

Group (continued)

Company

- Land and Plantand Motor Fixtures Computer
buildings machinery vehicles and fittings equipment Total
£ £ £ £ £ £
Costorvaluation
At 1 April2024
Additions		 6,108,278
48,000		 477,035
24,693		 21,625
-		 207,974
31,702		 50,628
5,629		 6,865,540
110,024
At 31 March 2025 6,156,278 501,728 21,625 239,676 56,257 6,975,564
Depreciation
At1 April2024
Chargefortheyear		 145,868
42,573		 360,452
34,975		 21,625
-		 96,399
24,195		 24,438
7,709		 648,782
109,452
At31 March2025 188,441 395,427 21,625 120,594 32,147 758,234
Net book value
At31 March2025 5,967,837 106,301 - 119,082 24,110 6,217,330
At31March2024 5,962,410 116,583 - 111,575 26,190 6,216,758

Included in land and buildings is land of £1,021,320 (2024: £1,021,320) which is not depreciated.

Land and buildings are stated at their most recent valuation, in accordance with the Charities SORP under a revaluation model. Had the buildings not been revalued, the historical cost net book value would have been £4,221,976 (2024: £4,221 ,976)

The net book value of assets held under finance leases or hire purchase contracts included above are ENil (2024: £850).

| | I | ,;

l | |

Page 37

The Kenward Trust

‘

|

(A company limited by guarantee)

Notes to the financial statements forthe year ended 31 March 2025

15. Fixed asset investment

investments
in
subsidiary
companies
Company £
Cost orvaluation
At1 April2024 , 5,000
At 31 March 2025 5,000
Net book value
At 31 March 2025 5,000
At31March2024 5,000
16. Stocks
Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Finished goods and goods forresale 8,801 7,811 3,737 3,309
17. Debtors
Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Amounts owed bygroup undertakings - - 206,549 194,588
- - 206,549 194,588
Duewithin oneyear
Tradedebtors 140,687 90,062 139,953 87,579
Otherdebtors 13,139 13,139 13,139 13,139
Prepayments and accrued income 262,615 158,183 260,586 156,788
416,441 261,384 620,227 452,094

Page 38

The Kenward Trust {A company limited by guarantee)

;

i

Notes to the financial statements

for the year ended 31 March 2025

18. Creditors: Amounts falling due within one year

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Bank loans|.|61,198|72,238|49,531|50,571| |Trade|creditors|188,999|146,509|186,563|145,042| |Other taxation|and|social|security|29,863|71,994|28,051|70,499| |Pension|fund|payable|7,952|7,014|7,952|7,014| |Other creditors|60|4,746|60|4,391| |Accruals|and|deferred|income|59,204|61,194|59,204|61,194| |;|347,276|363,695|«331,361|«=|338,711| |Creditors:|Amounts|falling|due|after more more|than|one|year| |Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Bank loans|1,030,715|1,057,022|1,030,715|1,057,022|

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

19. Creditors: Amounts falling due after more more than one year

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

,

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Payable|or repayable|by|instalments|746,462|780,437|746,462|780,437|

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

The amounts disclosed above relate to two loans. The first loan is repayable up to December 2042 and incurs interest at a rate of 2.75% above base rate. The loan is secured against the Charity's property. The second loan is repayable up to March 2029 and incurs interest at a rate of 2.75% above base rate. The loan is secured against the Charity's property.

Page 39

The Kenward Trust {A company limited by guarantee)

| |

Notes to the financial statements

for the year ended 31 March 2025

20. Statement of funds

Statement of funds - current year

.

_

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|Transfers|31|March| |-| |.|April|2024|Income.|Expenditure|in/out|2025| |£|£|£|£|£| |Unrestricted|funds| |Designated|funds| |Land|and|buildings|4,943,990|-|(42,573)|73,194|4,974,611| |General|funds| |Fixed|asset fund|850|-|(850)|-|-| |Free|reserves|212,381|2,858,858|(2,654,290)|(33,848)|383,101| |Pension|fund|reserve|(5,550)|-|-|(9,102)|(14,652)| |207,681|2,858,858|(2,655,140)|(42,950)|368,449| |Total|Unrestricted funds|5,151,671|2,858,858|(2,697,713)|30,244|5,343,060|

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

Page 40

The Kenward Trust

(A company limited by guarantee)

:

|

:

Notes to the financial statements for the year ended 31 March 2025

20. Statement of funds (continued)

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|Transfers|31|March| |April|2024|Income|Expenditure|infout|2025| |£|£|£|£|£| |Restricted|funds| |RESET|1,750|31,000|(19,511)|(10,739)|2,500| |KIP|- Think|Differently|7,959|-|(4,025)|~|3,934| |Kings|Hill|Rotary|-|250|-|-|250| |Therapeutic Community|721|-|-|-|721| |TK Maxx|“|500|(500)|-|-| |Neighbourly|Foundation|-|1,500|(1,500)|-|-| |Chapel|8,116|5,886|-|(12,811)|1,191| |Outreach|youth|worker funding|-|34,309|(34,309)|-|-| |Outreach|- Sevenoaks|Round| |tabie|1,687|-|-|-|1,687| |NFU|Funding|-|Events|1,696|-|(1,147)|-|549| |HEAD|OFFICE|-|Henry|Oldfield| |Trust|11,000|5,000|(16,000)|-|-| |HEAD|OFFICE|-|COMUPTERS| |(Boxley|& SEW)|701|1,000|-|(701)|1,000| |HEAD|OFFICE|-|Charitable| |Trust|Cobtree|Forest|2,294|3,882|(895)|(993)|4,288| |HEAD|OFFICE|-|Kent|fire|and| |Rescue|200|-|(200)|-|-| |Beatrice|Laing|Trust|-|§,000|-|(5,000)|-| |Walker|Construction|-|1,200|(1,200)|-|-| |36,124|89,527|(79,287)|(30,244)|16,120| |Total|of furids|5,187,795|2,948,385|(2,777,000)|-|5,359,180|

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

Page 41

, The Kenward Trust | {A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2025

20. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at Transfers 31 March
1 April2023 Income Expenditure infout 2024
£ £ £ £ £
Unrestricted funds
Designated funds
Land and buildings 4,964,709 - (40,772) 20,053 4,943,990
General funds
Fixed assetfund 28,140 - (27,290) - 850
Free reserves 170,714 2,291,116 (2,222,834) (26,615) 212,381
Pension fund reserve (18,637) - - 13,087 (5,550)
180,217 2,291,116 (2,250,124) (13,528) 207,681
TotalUnrestrictedfunds 5,144,926 2,291,116 (2,290,896) 6,525 5,151,671

Page 42

The Kenward Trust (A company limited by guarantee)

‘ '

Notes to the financial statements for the year ended 31 March 2025

20. Statement of funds (continued)

:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|Transfers|31|March| |1|April|2023|Income|Expenditure|infout|2024| |£|£|£|£|£| |Restricted|funds| |Restricted|Funds|-|all|funds|-|200|-|-|200| |RESET|5,549|3,650|(6,549)|(900)|1,750| |Youth/Community|Services|(1,140)|-|-|1,140|-|'| |KIP|- Think|Differently|13,720|4,020|(9,781)|-|7,959| |Outreach|youth worked|funding|-|26,270|(26,270)|-|-| |Outreach|-|Sevenoaks|Round| |table|-|-|-|1,687|1,687| |NFU|Funding|- events|‘|-|6,443|-|(4,747)|1,696| |Archery|Project|301.|-|(301)|-|-| |Kings|Hill|Rotary|5,281|-|(5,281)|-|-| |Therapeutic|Community|15,288|510|(15,077)|-|721| |TK|Maxx|-|11,000|-|-|11,000| |Neighbourly|Foundation|-|2,700|-|(1,999)|701| |Chapel|1,101|-|(1,101)|-|-| |Outreach|youth|worker funding|-|4,000|-|(1,706)|2,294| |Outreach|-|Sevenoaks|Round| |table|3,408|4,881|(173)|-|8,116| |NFU|Funding|-|Events|140|-|(140)|-|-| |HEAD|OFFICE|-|Henry|Oldfield| |Trust|2,913|-|(2,913)|-|-| |HEAD OFFICE|- COMUPTERS| |(Boxley|& SEW)|99|-|(99)|-|-| |HEAD.|OFFICE|-|Charitable| |Trust|Cobtree|Forest|2,207|-|(2,207)|-|-| |HEAD|OFFICE-|Kent|fire and| |Rescue|12,667|-|(12,667)|-|-| |Beatrice|Laing|Trust|11,447|-|(11,447)|-|-| |)| |72,981|63,674|(94,006)|(6,525)|36,124| |Total|of funds|5,217,907|2,354,790|(2,384,902)|-|5,187,795|

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

|

Page 43

| The Kenward Trust

(A company limited by guarantee)

.

.

Notes to the financial statements

for the year ended 31 March 2025

20. Statement of funds (continued)

RESET - Amounts awarded by Colyer Ferguson, to be paid annually, to provide funding for a Manager. The manager controls the activities of our Stage 2 rehabilitation programme (Move-On) and our Homeless project.

Youth/Community Services - Amounts received from local councils to provide information to young people about alcohol and substance misuse. Young people are invited to site to connect with adults who have previously been residents. The funds are also used to provide out of hours support to 'hot-spots' as directed by the local councils, using the services of Kenward staff, a dedicated consultant and staff members. Canterbury Masonic/Skinners Academy - Grants made to help fund the employment costs of staff engaged in the Youth Education and Activities. Kent Community Foundation and Canterbury Masonic/Skinners Academy also gave grants to help fund the employment costs of staff engaged in the Youth Education and Activities.

KIP Think Differently - Think Differently is our secondary school drug and alcohol education programme. We. update young people and answer any questions on the potential lifechanging consequences of drug, substance and alcohol misuse, dependency and antisocial behaviour.

Therapeutic Community - This represents funds received for the use in our main Stage One therapeutic treatments.

Chapel - Donations and fundraising events have been organised for the construction of a Chapel on the main site of the Charity at Kenward House. This is an ongoing project and will involve either the construction of a separate building or the re-designation of an existing building on the site. It is unlikely that there will be any spend within the next 24 months on this project but funds will continue to be accumulated.

P Harrison Foundation - Funds provided for the purchase of gym equipment for resident use in our onsite gym.

TK Maxx - A grant made under the TK Maxx Community Fund scheme. The Trust has used this to help fund the employment costs of staff engaged in the Youth Education and Activities.

7 Neighbourly Foundation — A grant used to fund the employment costs of staff engaged in the | Streetreach education programme centred around Maidstone | Walker Construction — Funds for use in the maintenance of the main driveway to Kenward Place. | }

Kings Hill Rotary — Money Granted for the creation of a site-map signage at the Kenward Place location.

Land and Buildings - This represents our fixed asset balance less any subsequent depreciation, gains or losses and loans.

| |

Page 44

The Kenward Trust

(A company limited by guarantee)

. | !

.

a

;

i ;

Notes to the financial statements

for the year ended 31 March 2025

21. Summary of funds

Summary of funds - current year

,

Balance at
- Balance at 1 Transfers 31 March
April 2024 Income Expenditure _ in/out 2025
£ £ £ £ £
Designated funds 4,943,990 - (42,573) 73,194 4,974,611
General funds - 207,681 2,858,858 (2,655,140) (42,950) 368,449
Restrictedfunds 36,124 89,527 (79,287) (30,244) 16,120
5,187,795 2,948,385 (2,777,000) - 5,359,180
Summary offunds - prioryear
Balance at
Balance at Transfers 31March
1 April 2023 Income Expenditure in/out 2024
£ £ £ £ £
Designated funds 4,964,709 - (40,772) 20,053 4,943,990
General funds 180,217 2,291,116 (2,250,124) (13,528) 207,681
Restricted funds 72,981 63,674 (94,006) (6,525) 36,124
5,217,907 2,354,790 (2,384,902) - 5,187,795

22. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds
2025 2025 2025
£ £ £
Tangible fixed assets 6,228,478 - 6,228,478
Currentassets 507,225 16,120 523,345
Creditors due within oneyear (347,276) - (347,276)
Creditors due in morethan one year (1,030,715) - (1,030,715)
Provisions for liabilities andcharges (14,652) - (14,652)
Total 5,343,060 16,120 5,359,180

i | |

Page 45

The Kenward Trust

(A company limited by guarantee)

| | | | |

Notes to the financial statements for the year ended 31 March 2025

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |||22.|Analysis of net assets between funds|(continued)||| |Analysis|of net assets|between funds-|prior year||| |||Unrestricted|Restricted|Total| |||funds|funds|funds| |||2024|2024|2024| ||| ||||TangibleCurrent assets fixed assets|6,233344|,|032906|36,124-|6,233380|,|1590|6| |Creditors|due within|one|year|(863,695)|-|(363,695)| |||Creditors|due|in|more|than|one year|(1,057,022)|-|(1,057,022)| |Provisions|for|liabilities|and|charges|(5,550)|-|(5,550)| ||| |-|a| |Total|_|5,151,671|36,124|5,187,795| |:|23.|Reconciliation|of net movement|in funds|to|net|cash|flow from|operating|activities|,| |Group|Group| |2025|2024| |£|£| |Net|income/expenditure|for|the|year|(as|per|Statement|of|Financial| |Activities)|171,385|(30,112)| |Adjustments|for:|:| |Depreciation|charges|115,452|131,216| |Dividends,|interests and|rents from|investments|(1,527)|(1,384)| |Increase|in|stocks|(990)|(2,425)| |Increase|in|debtors|(155,057)|(87,196)| |Increase/(decrease)|in|creditors|(5,379)|1,557| |Pension|movement|9,102|(6,331)| |Net cash|provided|by|operating|activities|132,986|5,325| |24.|Analysis|of cash|and|cash|equivalents| |Group|Group| |2025|2024| |£|£| |Cash|in|hand|98,103|110,961| |Total cash|and cash|equivalents|98,103|110,961|

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

Page 46

The Kenward Trust (A company limited by guarantee)

| ;

Notes to the financial statements for the year ended 31 March 2025

25. Analysis of changes in net debt

At 1 April At 31 March
2024 Cash flows 2025
P £ £
Cash atbankand in hand 110,961 (12,858) 98,103
Debtdue duewithin 1 year (79,252) 10,102 (69,150)
Debtdue due after 1 year (1,057,022) 26,307 (1,030,715)
: (1,025,313) 23,551 (1,001,762)
  1. Pension commitments - | The Charity is part of the Pensions Trust Growth Plan, however entry to this scheme was closed a number of-years ago. This is a multi employer defined benefit pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. It is not possible to separately identify the assets and liabilities of participating employers on a consistent and reasonable basis.

The fund is in deficit and if the charity was to withdraw from the scheme the cost of withdrawal would have been £386,284 on 30 September 2016. The charity does not plan to withdraw from the scheme.

A revised recovery plan took effect in April 2016 with new contributions.

The deficit contributions due from September 2023 will be £5,228 per year.

The group operates a Defined benefit pension scheme. However, the scheme is a multiple employer scheme and the group is unable to identify its share of the underlying assets and liabilities.

A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme, as shown above.

27. Operating lease commitments

At 31 March 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group Company Company
2025 2024 2025 2024
£ £ E £
Not laterthan 1 year 113,701 78,979 113,701 78,979
Later than 1 yearand not laterthan 5 years 48,116 140,771 48,116 140,771
Laterthan 5 years - 130,333 - 130,333
161,817 350,083 161,817 350,083

Page 47

The Kenward Trust

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 March 2025

28. Related party transactions

.

’ During the year Kenward Trust leased two properties owned by Gillian Monk (Trustee). Total rental payments paid during the year were £17,700 (2024: £22,600). No rent was outstanding as of year end 31 March 2025 (2024: £Nil). Also during the year Kenward Trust spent £Ni! (2024: £420) with All Health Matters, whom Gillian Monk is also a Director. No balance was outstanding with All Health Matters as of 31 March 2025 (2024: £Nil). During the year, the trustees and key management personnel donated £2,612 to the charity. Of this, a donation totalling £350 (2024: ENil) towards football sponsorship costs was made to the charity by Big Plan Ltd, a company controlled by P Williams, who serves as key management personnel. A donation : totalling £500 (2024: ENil) towards a restricted fund was made to the charity by Paul Brown, who serves as key management personnel. A donation totalling £267 (2024: ENil) towards a restricted fund was made to the charity by Sally Thompson, who serves as a trustee. No conditions were attached to the remaining amount of donations made by related parties during the year.

29. ~=Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office Registered office or principal or principal Principal activity Principal activity
number place of business
Kenward Enterprises Limited 10017029 Kenward House, Kenward Road, To provide a
Yalding, Maidstone, Kent, ME18 commercial benefit
6AH to the parent charity
and its beneficiaries
Class of Holding Included in
shares consolidation
Ordinary 100% Yes
Thefinancial results of the subsidiary forthe yearwere:
Name Income Expenditure Profit/(Loss) Net
£ £ fortheyear year liabilities
£ £
KenwardEnterprisesLimited 60,719 (66,366) (5,647) (189,666)

The financial results of the subsidiary for the year were:

Page 48