The Kennedy Memorial Trust
Report and Financial Statements
Year Ended
30 April 2022
Registered Charity number 234715

The Kennedy Memorial Trust
Annual report and financial statements
for the year ended 30 April 2022
Contents
Page..
Report of the Trustees
10
Report of the independent auditors
Statement of financial activities
14
Balance sheet
Notes forming part of the financial slatements
25
Appendix.. Stalistical Report on the 2022-23 Kennedy Scholarship competition
Reference and Administrative Information:
Trustees
Mr Matt Clifford MBE
Dr Peter Englander OBE
Ms Stephanie Flanders
Ms Tilly Franklin
Prof Maya Jasanoff
Prof Fiona Macpherson
Ms Mary Ann Sieghart
Ms Moira walla￿ OBE
Prof Sir Mark Walport (Chairman)
Prof Andrew Whittle
Patrons
The Rl Hon The Lord Mayor of London- Sir William Russell {unlil 11120211., Vincent Keaveny (from 1112021)
The Governor of the Bank of England - Andrew Bailey
Director and Principal Address
Dr Emily Charnock, The Kennedy Memorial Trust, 3 Birdcage Walk, London, SW1 H 9JJ
Accountsnt
Arabis Accountancy servI￿s Ltd
Ware
Hertfordshire
SG12 8JL
Auditors
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers
The Royal Bank of Scotlanij plc
62163 Threadneedle Street
PO Box412155
LONDON
EC2R 8LA
Investment Managers
BlackRo¢k Investment Management (UK) Limited
12 Throgmorton Avenue
LONDON
EC2N 2DL
Solicitors
Messrs Stone King LLP
Boundary House
91 Charterhouse Street
LONDON
EC1M 6HR
Charity number
234715

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 Aprll 2022
The Tnjstees present their report and the audited financial statements for the year ended 30 April 2022.
status and Administration
The Trust is an unincorporated charity, Charity No. 234715, govemed by a trust deed dated 4 July 1964 and
amended 11 July 2007. Ils principal activity is lo administer the Memorial Fund set up lo commemorate President
John F Kennedy. The Memorial lakes two forms..
a memorial in landscape and stone at Runnymede
the award of Kennedy Scholarships each year to British graduate students to attend Harvard University and
the Massachusells Institute of Technology.
The Trustees who served during the year were..
Mr Matt Clifford MBE
Dr Peter Englander OBE
Ms Stephanie Flanders
Ms Tilly Franklin (Finance Trustee)
Prof Maya Jasanoff
Prof Fiona Macpherson
Ms Mary Ann Sieghart (Senior Independent Trustee)
Ms Moira Wallace OBE
Prof Sir M8rk Walport (Chairmanl
Prof Andrew Whillle
The day-to-day running of the Trust is delegated to the Director.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Strudure, Governance and Management
Governing Document
The main document governing the conduct of the Trust's activities is the trust deed.
Organisation Structure
The Board is formally composed of eight United Kingdom Trustees and three United Slates of America Trustees.
The UK Trustees are appointed by the Prime Minister of the United Kingdom. Once appointed, Trustees are given
induction training in the governance, operation and management of the Trust by the Director. As the need is
identified, Trustees re￿1ve training either as a Board or individually in their specific areas of responsibility. The
Trustees hold office for a period not exceeding five years and, upon retirement, become eligible for re-appointment
for one further term. The Trustees who served during the year are listed under Reference and Administrative
Information.
One of the US Trustees is appointed by the President of the United States of America, one by the President of
Harvard University and one by the President of the Massachusetts Institute of Technology IMIT}- In the former
Case, the United States Ambassador lo the Court of St James's usually serves as a Trustee ex-officio, bul following
a change of presidential administration a new Ambassador was not confirmed until May 2022. The Trustee body
thus consisted of len members throughout the 2021-22 financial year.
There are two ex-officio patrons.. the Rt Hon the Lord Mayor of London and the Governor of the Bank of England.
Management Structure
The overall policy for the Trust is laid down by the Board of Trustees, which meets twi￿ a year. In January 2022,
the Board reviewed and approved projected spending on awards for the following financial year.
Key management personnel
The key management personnel of the charity, responsible for directing and controlling, running and operating the
charity on a day-lo-day basis, comprise the Trustees together with the Director. Trustees do not re￿1ve
remuneration in respect of their ServI￿S lo the charity. The remuneration of the Director is reviewed annually by
the Chair, Senior Independent Trustee, and Finance Trustee.
Fundraising Statement
The charity aims to achieve best practi￿ in the way in which it communicates with supporters. It lakes care with
the tone of its communications. It applies best practice to protect supporters, data and neither sells data to, nor
swaps data with other organisalions, and respects its donors, communication preferen￿s. The charity manages
ils own fundraising activities and does not generally employ the ServI￿S of professional fundraisers. The charity
undertakes lo react to and investigate any complaints regarding its fundraising activities and to leam from them
and improve its service. During the year, the charity received no complaints about ils fundraising activities.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Management of Principal Risks and Uncertainties
In 2001, Trustees conducted a major review of the risks lo which the charity was exposed, including those related
lo the operations and finances of the Trust and those specifically related to the memorial at Runnymede. This
exercise was repealed in 2009 and in June 2021. The risk register is reviewed annually by the Board, having regard
lo the size and objects of the Trust, and seeking lo ensure that appropriate measures are in place lo miligale the
Trust's exposure lo major risk. Ongoing monitoring is delegated lo the Director and the Senior Independent Trustee,
in consultation with the Chair.
1. Insufficient funds generated,
through returns on investments
and a fundraising campaign, to
support the ongoing annual
awarding of Kennedy Scholarships.
The number of scholarships awarded each year is related
to affordability. A new fundraising Campaign is being
planned to strengthen the endowment for the future.
2. The Trust's acquisition of a
reputation that would threaten the
standing of the scholarships, either
in the eyes of potential first-rate
applicants or among academics at
Harvard or MIT.
Trustees are chosen with the scholarship's reputation very
much in mind. They themselves come from a variety of
backgrounds and regulady reconsider the criteria for
awarding scholarships and the outcomes in terms of
diversity of background as well as fields of study.
3. Inadequate management of
applicants, personal dats in an
online application system, or other
ijala breach.
The Trust uses a reputable company for ils online
application system, which employs password-prolecled
access to individual data. encryption and SSL security
certificates for safe dats transmission. 11 has robust
disasler-recovery pr0￿dUreS. The Trust also has robust
policies pertaining to data handling and storage.
4. Accident or injury to a member of
the public visiting the Kennedy
Memorial at Runnymede.
The Trust has considerable public liability cover, al a level
researched and market-lested in 2016, to ensure that any
claim from a member of the public could be mel. In
addition, there are signs throughout the site warning
visitors of heightened risks in wel weather. The memorial
is in a rural rather than a parkland location therefore
requiring appropriate footwear. Partnership with the
National Trust and regular visits by the Director and
Trustees ensure the landscape management risks are
appropriately monitored and acted upon.
5. Disruptions to operations or awards
relating to emergency
circumstances
In light of the coronavirus pandemic, which continued
thmughout 2021-22, the Trust has enhanced ils digital
capabilities and adapted ils prO￿dureS so as to facilitate
remote working and operations, ensuring continuity of
activities and organisational resilience. This reduces the
risk of operational interruption posed by future pandemics
or emergency circumstances. Experience during the
coronavirus pandemic can also provide guidance for the
future if grantees fa￿ disruptions lo international travel or
US universities are forTrd to temporarily close their
campuses. The Trustees have developed flexible policies
to support grantees and adapt lo new circUmstan￿s.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Objectives and Activities of the Trust for the Public Benefit
In accordance with the governing documents, the objective of The Kennedy Memorial Trust is lo preserve an
appropriate British memorial to President John F Kennedy. perpetuating the memory of his outlook and
achievements.
The Kennedy Memorial Trust administers money donated al the oulsel by the British public in response lo an
appeal after the assassination of President Kennedy on 22 November 1963. The British memorial has two
expressions.. a physical memorial in landscape and stone al Runnymede, in Surrey, and a living memorial offering
Kennedy Scholarships lo British postgraduate students admilled to Harvard and the Massachusetts Institute of
Technology.
The Trustees protect, preserve and maintain the Kennedy Memorial at Runnymede, in association with the National
Trust, to enable public aC￿sS to, and enjoyment of, the site. Kennedy Scholarships provide full tuition fees and
health insurance, a stipend for living costs, a generous contribution towards the cost of one return air fare to Boston
and an additional discretionary grant for vacation travel within the US. The Scholarships, which are offered for one
academic year, enable a small group of British graduates lo lake advantage of particular educational opportunities.
Tuition costs are high al both Harvard and MIT and the majority of applicants have considerable student debt from
their undergraduate degrees. There are clear benefits which arise from obtaining a graduate qualification in the
US, both for the individual's professional career and for the UK when they return. The Trust is one of a small number
of bodies enabling leading British graduates to avail themselves of this opportunity. Kennedy Scholarships are
awarded annually. in competition. after a UK-wide publicity campaign in universities and university-lype institutions
with associated advertisements.
Full application details are available on the Trust's website: www.kenned
rust.o
.uk. Applicants must be British
citizens at the lime of application who are ordinarily resident in the United Kingdom and who have been wholly or
mainly educated in a British school and a British institution of higher education. If not due lo graduate in the year
of application, the Trustees require that applicants commenced their undergraduate studies at a UK institution of
higher education no earlier than len years prior to 1 September in the year of award. In awarding Kennedy
Scholarships, the Trustees particularfy welcome applicants with a strong public-service ethos. They take into
consideration candidates, intellectual allainment. readiness and ability to express themselves, and 8 well-
researched and argued case for their proposed course of study at Harvard or MIT. They also look for originality of
mind, potential lo make a mark in public life and the ability to overcome adversity. Awards are made in the
expectstion that Kennedy Scholars will bring the benefits of their American experience back lo the United Kingdom.
In re￿nt years, the Trustees have also awarded Kennedy Summer Research Scholarships, first offered in the
financial year lo 30 April 2018, to British citizens who are enrolled on doctoral programmes at Harvard and MIT.
These have been awarded through a separate application process in support of particular research projects, and
are offered to broaden the reach of Kennedy Scholarships. The Summer Research Scholarships were temporarily
suspended during the 2021-22 financial year, due to a combination of the coronavirus pandemic impacting research
travel plans of prior applicants, and the Director being on maternity leave during the normal application period.
The Trust maintains contact with fom)er Kennedy Scholars and typically organises several events for current and
former Scholars throughout the year. Due lo the continuing global comnavirus pandemic, however, the Trust was
not able lo resume ils normal events programme in 2021-22, bul as UK reslriclions eased an annual lecture and
dinner was held in September 2021. This was organised as a hybrid event, with a socially-dislanced in-person
event and a live-stream of the lecture via video conferencing software. The Trustees look forward to resuming other
events in 2022-23, including an annual summer fftception, but intend lo hamess the benefits of digital technology
for reaching wider audiences- including alumni living overseas- moving forward.
In fulfilling their obligations throughout the year, the Trustees have had regard to the guidance issued by the Charity
Commission on public benefil.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Grant-making Policy
Kennedy Scholarships enable leading British graduates who are also British citizens lo benefit from the broad
educational opportunities available al both Harvard and MIT, two world-leading universities, without having lo meet
the considerable costs involved. President Kennedy himself sludied al Harvard. MIT was chosen because of the
President's keen interest in seeing technological adVan￿S reflected in government and international affairs.
In August 2021, all British universities and university colleges were notified of the forthcoming Kennedy Scholarship
competition and advertisements were placed on a range of websites and social media pla￿ormS. The Trustees
have provided, thmugh the Trust's office, an advisory Servi￿ to those enquiring about study at Harvard and MIT.
Applications were submitted online, through the Trust's website, and 141 applications were received. In January
2022, 24 outstanding candidates were called to interview. Due to a rise in UK COVID cases at that time, these
interviews were condLJCted online via video-conferencing software. Following the interviews, eight students were
provisionally selerted to re￿1ve scholarships.
It was possible to confirm seven awards in May 2022 after the students, admission to Harvard or MIT. In addition,
one Scholarship was confirmed for a student initially selected in 2020 whose plans to attend Harvard in the 2021-
21 academic year were disrupted by the coronavirus pandemic. Beyond the new and deferred awards, two grantees
will re￿1ve full tuition and health Insuran￿ fees for a second year, enabling them to continue or complete their
degrees.
The Trust also offers each new Kennedy Scholar the opportunity lo apply for a summer travel grant, to undertake
extended exploration of the United Stales following conclusion of the academic year. The Trustees also offered
Kennedy Scholars from 2019-20 and 2020-21 the chance lo apply for these grants in the 2021-22 financial year,
since they were unable to undertake US travel al the time due lo COVID disruptions. Ten fomier Scholars applied
for and were awarded these grants.
The Trustees stayed in contact with fomier Kennedy Scholars through email updates throughout the year, online
events, and their support of the Kennedy Scholars, Association- a membership organisation for former Kennedy
Scholars.
Equality. Diversity. and Inclusion
The Trust is an educational charity which seeks lo offer scholarship opportunities as widely as possible, recognising
the transformative impact that graduate education can have. To this end, the Trust tracks a number of indicators
lo evaluate the diversity of applicants to the scholarship programme and at different stages of the selection process,
and lo assess the efficacy of ils outreach in lemis of attracting applicants from a broad range of backgrounds within
the UK. These measures include ra￿, ethnicity, and gender identification, as well as indicators of socio-economic
and educational background. This data is presented in the Appendix in anonymised form and is made available on
the Trust's website. The Trust does not publicise this information for those re￿Iving awards due to data protection
Considerations. The Trustees will continue lo monitor these indicators dosely and look to produ￿ a more detailed
longitudinal analysis in future.
Impact Reporting
With the Trust's 60 anniversary approaching in 2024, the Trust plans to produce a comprehensive report charting
the impact of its philanthropy over time, particularly in terms of the Scholars supported and their contributions
across a range of professional fields, lo public life, and across civil society. The Trustees intend to incorporate
aspects of this impact report into the Trustee Report for 2022-23.
Achievements and Performance
Financial Review
Within the 2021-2022 financi81 year. the disruptions caused by the COVID-19 pandemic continued to have some
impact on the Trust's income and expenditures. While investment ￿rforManCe strengthened significantly
throughout the year, the Trust's income from investments was lower than in recent years due to a change in
investments and dividend dislribulions, with £85,451 received in 2021-22 {2021.' £181,138). The Trust's income
from donations, however, returned lo typical pre-COVID levels after a drop in the 2020-21 financial year. The Trust
received donations and legacies of £196,310 in 2021-2212021= £98,074). Operationally, the Trust's expenditure

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
continued to be somewhat lower than pre-COVID levels, due lo limitations on holding in-person activities, including
intetviews and alumni events. Nonetheless, core operational costs remained steady as the Trust retained its offi
in London and had certain continuing overhead expenses. The Director continued lo worf( remotely, with the
exception of a period of maternity leave in late 2021 and early 2022.
For the year ended 30 April 2022, the Trust made a surplus of £180,268 compared with a surplus of £2,696,439
for the year ended 30 April 2021. This includes net investment gains of £890,179 12021.. Gains £2,731,528).
Excluding the investment losses I gains, the Trust incurred a deficit of £709,91112021'. Deficit £35,089) in the year.
After switching to remote teaching early in the coronavirus pandemic, both Harvard and MIT returned lo in-person
leaching across most programmes in the 2021-22 academic year. This enabled the eight new Kennedy Scholars
lo procure visas to study, despite a general ban on travel from the United Kingdom lo the United Slates for part of
this time. Due to COVID disruptions, the Trustees had also agreed to defer Kennedy Scholarship8 for six awardees
originally offered awards in May 2020, who were able lo defer commencement of their courses until August 2021.
As such, the Trust supported fourteen new or deferred Kennedy Scholars studying at Harvard in 2021-22. The
Trust met the full tuition fees and health insurance costs for eleven of these Scholars, and provided a full means-
lesled stipend of $27,250 for seven of them. One Scholar was awarded a partial stipend following means-testing,
while three others declined stipend support for 2021-22. Of the three other Scholars whose tuition and fees were
not Covered by the Trust in full, one was a PhD candidate who received departmental support, and was awarded
a supplemental research grant from the Trust. Two others were Scholars jointly supported by the Kennedy Trust
and the UK Fulbright Commission, where tuition, fees, and stipend costs were shared.
The Trust also provided renewed funding lo two former Scholars lone from 2019-20 and one from 2020-211 to
enable them to continue their Harvard programmes, covering their tuition and health insurance costs, and providing
a small stipend in one case.
Typically, the Trust offers a grant of $2,500 for each Scholar lo travel within the United Slates at the end of the
academic year, following an application process. Given the disruptions lo US travel in 2020 and 2021, those
completing their Scholarships in either year had been unable lo take advantage of this opportunity. The Trustees
therefore extended the timeframe in which these former Scholars could apply for and use these grants until March
31, 2022. Of 11 former Scholars eligible to apply, nine applied and were awarded travel grants. In addition, all
sixteen current, deferred, or renewed Scholars applied and were awarded travel grants.
The Trust also provided financial support for a Ihree-day trip lo Washington DC by current and deferred Scholars
an enrichment artivily which had been suspended in 2020 and 2021 due to the coronavirus pandemic.
Kennedy Scholarships are awarded in the expertalion that Scholars will bring the benefits of their American
experience back to the UK.
A large proportion of the expenditure within the financial statements is paid in US dollars, and then converted into
pounds for the purpose of these financial slatemenls. Movements in the exchange rale between the US dollar and
steding can affect the slated results and, because of these movements, the Trust recognised a transaction gain of
£19,788 in the year12021.. transaction loss of £50,8661- Total expenditure in the year amounted to £991,67212021..
£314,301). Analysis of the expenditure is shown in notes 4 and 5.
The number of scholarships awarded each year is related lo affordability and Trustees will continue to keep this
under review. The Trustees intend lo launch a major fundraising campaign lo ensure that the desired number of
awards can be sustainably supported over lime.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Investment Policy and Performance
BlackRock Investment Management acted as the Trust's investment adviser and managed ils funds in 2021-22.
There are no reslriclions on the charity's power lo invest. The Finance Trustee, in consultation with the Chair and
Trustees, reviews the performance of the portfolio and determines an appropriate investment strategy.
The robust market for much of the 2021-22 financial year was reflected in the value of the Trust's investments,
which reached a high of £17.66 million as of December 31 2021. However, the subsequent market drop in early
2022 combined with inflation has eroded some of the gains made during the previous financial year in real terms.
The year-end endowment value was nearly £16.87 million as of 30 April 2022, compared lo £16.85 million as of 30
April 2021. The Trustees continue to monitorthe situation closely, recognising that the economy remains precarious
as countries move out of restrictive lockdown measures and lake steps lo manage inflationary presSLJres.
For 2021-2022, the income return on investments was 0.520/y12021.. 1.320/ol- The total return, including capital
gains was 5.94010 12021= 21.27'/01 which is slightly lower than the benchmark retum to 30 April 2022 of 6.18010.
Investment income was impacted by a significant change in the Trust's investment portfolio finalised in late April
2021, where just under half of the Trust's endowment was reinvested in an Environmental, Social, and Governance
{ESGI fund offered by BlackRock. in an accumulating rather than distributing share class.
This change reflected the Trustees, decision in June 2020 to adopt an investment strategy that more consciously
advanced environmental sustainability and social responsibility. In accordance with the Trust's risk management
policies, a formal investment management review was undertaken in September-November 2021, with ESG
considerations placed alongside financial considerations. A subcommittee of Trustees, led by the Finance Trustee,
sought formal proposals from three investment managers, reviewing each in terms of the ESG offer, projected
returns, and overall cost. They ultimately selected Amundi Asset Management lo manage the Trust's investments
from the 2022-23 financial year onwards. This transfer will be initiated in July 2022.
The ratio of US dollar lo GBP sterling investments matched the ratio of anticipated dollar and sterling expenditure.
Trustees recognise that share values can both increase and decrease, especially amid the current Un￿rtainty. The
following table shows the value of the Trust's investments over the past 10 years.
2013
2014
2015
2016
2017
10,231,790
10,378,122
11,681,986
11,544,946
13,829,142
2018
2019
2020
2021
2022
13,845,916
14,525,448
13,692,832
16,852,908
16,865,088
Reserves Policy
The TrLJSt's objective is to maintain in perpetuity the Kennedy Memorial al Runnymede and lo grant the
scholarships that bear President Kennedy s name. Mindful of this, the Trustees seek to balance the interests of the
Current and future benefieiaries of the Trust's work. The number of scholarships awarded each year is related to
affordability and Trustees will continue lo keep this under review. The total funds as at 30 April 2022 stand at
£17,295,00412021= £17,114,736}- Trustees review the reserve annually when deciding how many scholarships lo
award at interview. In January 2014, a risk reserve of £1,000,000 was agreed which. for the year to 30 April 2022,
was upgraded lo £1,173,445 in line with the Consumer Price Index.
The Trustees are confident that the Trust remains a going concern for the foreseeable future. The Trust has been
able lo absorb the significantly increased scholarship expenditure this year las a result of supporting both new and
deferred awardeesl, and expects scholarship expenditures in 2022-23 to return lo normal levels.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Reserves Policy continued
As such, the Trustees take the view that the level agreed is a¢￿ptable in the current economic climate. It
significantly eX￿ed5 the reserve needed for the long-lerm obligation lo the Kennedy Memorial al Runnymede and
provides an acceptable risk reseNe lo manage unexpected and year-to-year variations in the costs of Kennedy
Scholarships. They plan on the basis that income received from fundraising will increase the resour￿$ available
for Kennedy Scholarships so as to sustain the Trust in perpetuity, and are preparing lo launch a major new
fundraising initiative lo that end.
Future Plans
The Trustees will continue to disburse funds in accordance with the goveming documents of the TrLJSt and seek to
ensure widespread awareness of Kennedy Scholarships within appropriate departments of British universities,
university colleges and other places of higher education.
While there may be lingering effects of the coronavirus pandemic for some time, the Trustees expect teaching at
Harvard and MIT to remain in-person and believe that the Trust's normal events schedule can resume in 2022-23.
Despite the challenges of the COVID-19 pandemic, the Trustees hope lo harness some of the positive changes
which emerged during this period, such as the experience of digital engagement wlh alumni and wider audiences,
and the operational benefits of the digital shift ne￿SsI1ated by COVID. Since remote working arrangements have
proved successful, the Trustees plan to close the Trust's London office in 2022-23. A new fundraising campaign is
being planned lo strengthen the endowment for the future.
Trustees, Responsibilities in relation to the financial statements
The Charity Trustees are responsible for preparing 8 trustees, annual report and financial statements in accordance
with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting
Practice).
Charity Law requires the Charity Trustees lo prepare accounts for each year which give a true and fair view of the
state of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing the financial
statements the Trustees are required to..
select suitable accounting policies and apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgments and estimates that are reasonable and prudent.,
slate whether applicable accounting standards and statements of recommended practice have been
followed, subject to any departures disclosed and explained in the accounts.,
prepare the financial statements on the going-con￿rn basis unless it is inappropriate to presume that the
Trust will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial
position of the Trust and which enable them to aS￿rtain the financial position of the Trust and ensure that the
accounts comply with the Charities Act 2011 and trust deed. They are also responsible for safeguarding the assets
of the Trust and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the Maintenan￿ and integrity of the corporate and financial information included
on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.

The Kennedy Memorial Trust
Report of the Trustees
for the year ended 30 April 2022 (Contlnuedj
Statement as to disclosure to our auditors
In so far as the Trustees are aware at the time of approving our Trustees, annual report:
There is no relevant infomialion, being information needed by the auditor in connection with preparing their report,
of which the charity's auditor is unaware, and the Trustees, having made enquiries of fellow Trustees and the
charity's auditor that they ought to have individually taken, have each tsken all steps that helshe is obliged to take
as a Trustee in order to make themselves aware of any relevant audit infomialion and to establish that the auditor
is aware of that information.
By order of the Board of Trustees
Professor Sir Mark Walport
Chairman
Dated.. Aug 1, 2022

The Kennedy Memorial Trust
Independent Auditor's Report to the Trustees
of Kennedy Memorial Trust
Opinion
We have audited the financial statements of The Kennedy Memorial Trust Ilhe 'charily'l for the year ended 30 April
2022 which comprise the statement of financial activities, the balance sheet and the notes lo the financial
statements, including the principle 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 Stsndard applicable in the UK and Republic of Ireland, (United Kingdom
Generally Accepted Accounting Practice}.
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affairs as at 30 April 2022 and of its income and expenditure
for the year then ended.,
• have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
• have been prepared in awordance with the requirements of the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUK} IISAS IUKII and applicable
law. Our responsibilities under those stsndards are further described in the auditorfs responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these. 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 lo events or
conditions that, individually or collectively. may cast significant doubt on the charity s ability lo continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the
relevant sections of this report.
other information
The Trustees are responsible for the other information. The other information comprises the information included
in the Report of the Trustees, other than the financial statements and our auditor's report Ihereon. Our opinion on
the financial statements does not cover the other information and, ex￿p1 lo the extent othe￿iSe explicitly staled
in our report, we do not express any fomi 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 kllo￿edge obtained in the audit or otherwise appears
lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required lo determine whether there is a material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing lo report in this regard.
10

The Kennedy Memorial Trust
Independent Auditor's Report to the Trustees
of Kennedy Memorlal Trust (Contlnued)
Opinion on other matters prescribed by the Charities Act 2011
We have nothing lo report in respect of the followng matters in relation to which the Charities Act 2011 requires us
lo report to you if, in our opinion..
• the information given in the Report of the Tnjstees is inconsistent in any material respect with the financial
statements., or
sufficient accounting records have not been kept., or
• the financial statements are not in agreement with the accounting records and returns,. or
we have not received all the infomalion and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees, responsibilities statement, the directors 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 detemiine is ne￿$Sary to enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial statements, the Trustees are responsible for 8ssessing the charity's ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Trustees either intend lo liquidate the charity or to ￿ase operations, or have no realistic
altemalive bul to ijo so.
Audito￿$ responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assuran￿ about whether the financial statements as a whole are free from
material misslalement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion.
Re8sonable assurance is a high level of assuran￿, bul is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always delecl a material misslatemenl when il exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including
fraud. The extent lo which our prO￿dureS are capable of detecting irregularities, including fraud is detailed below.
Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competen￿, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations.,
we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity
and detemiined that the most significant frameworks which are directly relevant lo specific assertions in
the financial statements are those that relate lo the reporting framework (Statement of Recommended
Practi￿.. Accounting and Reporting by Charities preparing their accounts in accordan￿ with the
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and
the Charities Act 20111.
identified laws and regulations were communicated within the audit team regularfy and the team
remained alert to instances of non-compliance throughout the audit.

The Kennedy Memorial Trust
Independent Auditor's Report to the Trustees
of Kennedy Memorlal Trust (Contlnued)
We assessed the susceptibility of the charity s financial statements to material misstatement, including obtaining
an Ljnderstanding of how fraud might occur, by..
making enquiries of management as lo their knowledge of actual, suspected and alleged fraud., and
considering the intemal controls in place lo mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we..
perfomied analytical prO￿dureS to identify any unusual or unexpected relationships.,
tested journal entries to identify unusual transactions.,
assessed whether judgements and assumptions made in detemiining the accounting eslimales were
indicative of potential bias.,
tested aulhorisalion controls on expenditure items, ensuring all expenditure was approved in line with the
charity's financial procedures., and
performed substantive testing on management expense claims and credit card expenditure.
In response to the risk of irregularities and non-complian￿ with laws and regulations. we designed procedures
which included, bul were not limited lo..
agreeing financial statement disclosures lo undedying supporting documentats'on.,
reading the minutes of meetings of those charged with governance.,
enquiring of management as to actual and potential litigation and claims- and
reviewing any available correspondence with HMRC and the Charity's legal advisors.
There are inherent limitslions in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to
enquiry of the directors and other management and the inspection of regulatory and legal Correspondence, rf any.
Material misstatements that arise due to frauij can be harder to delect than those that arise from error as they may
involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial slalements is located on the Financial
Reporting Council's website at.. Mvw.frc.or
.uklaudilorsres
onsibililies. This description fom)s part of our auditor's
report.
Use of our report
This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the
Charities Act 2011. Our audit work has been underiaken so that we might slate to the charity's members those
mallers that we are required to stale lo them in an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's
Trustees as a body, for our audit work, or the opinions we have formed.
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
Buzzacott LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006
Dated.. 30 August 2022
12

The Kennedy Memorial Trust
statement of Financial Activities
for the year ended 30 April 2022
Total
Total
Unrestricted Unrestricted
2022
2021
Note
Income and endowments from:
Donations and legacies
Investment Income
196.310
85.451
98,074
181,138
Total Income
281.761
279,212
Expenditure:
Charitable aclivities.-
Runnymede Memorial expenses
Graduate scholarships and expenses
Scholarship application costs
6,662
960,072
24,938
6,071
256,974
51,256
Total expenditure
991,672
314,301
Nel expenditure before gains on investments
1709.911)
135,0891
Nel gains on investments
890.179
2,731,528
Net income and net
movement in funds for the year
180.268
2,696,439
Reconciliation of funds:
Totsl funds brought fotward
17.114.736
14,418,297
Total funds carried forward
17,295.004
17,114,736
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 15 to 24 form part of these financial statements.
13

The Kennedy Memorial Trust
Balance sheet
at 30 April 2022
Note
2022
2022
2021
2021
Fixed assets
Tangible fixed assets
Investments
72.012
16.865.088
71,178
16,852,908
Total Fixed Assets
16.937.100
16,924,086
Current assets
Sundry debtors and prepayments
Cash and bank balances
55,128
328,554
10,721
661,015
Total Current Assets
383,682
671,736
Liabilities
Creditors.. amounts falling due
within one year
10
{25,778)
1481,0861
Net current assets
357,904
190,650
Net assets
17.295,004
17.114,736
Financed by:
Funds of the charity
Unrestricted income funds:
13
17.295,004
17.114,736
Approved on behalf of the Trustees on 1 August 2022
Professor Sir Mark Walport - Trustee
MS Tilly Franklin - Trustee
The notes on pages 15 to 24 form part of these financial statements
14

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022
status
The Trust was established by the trust deed dated 4 July 1964 and amended 11 July 2007.
Accounting policies
The principal accounting policies adopted, judgements and key SoU￿S of estimation uncertainly in the
preparation of the financial statements are laid out below..
Basis of accounting
These financial slalemenls have been prepared for the year to 30 April 2022.
The financial statements have been prepared under the historical cost convention wlh items initially
recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note.
The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 Icharilies
FRS 102 SORPI, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102).
Companies Act 2006 and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
Critical accounting estimates and areas of judgement
There am no significant areas of adjustment or key assumptions that affect items in the financial statements.
With respect to the next reporting period, the most significant areas of uncertainly are the carrying value of
investment assets held by the charity, which will depend on the performan￿ of investment markets and the
investment income from these assets.
The full economic impact of the global coronavirus pandemic and current conflict in Ukraine is still unknown.
11 is therefore not currently possible lo evaluate all the potential implications for the charity's aclivilies,
beneficiaries, funders, suppliers and the wider economy. Estimates used in the financial slatemenls,
particularly with respect lo the value listed investments Isee the investment policy on page 71 are subject lo a
greater degree of uncertainty and volalilily.
Going concem
The Trustees have assessed whether the use of the going concem assumption is appropriate in preparing
these financial statements. The Trustees have made this assessment in respect to a period of one year from
the date of approval of these financial stalemenls.
The Trustees are of the opinion that there are no material uncertainties related to events or conditions that
may cast significant doubt on the ability of the charity to continue as a going concem. The Trustees are of
that opinion because the valLJe of assets held by the charity are very materially in excess of the liabilities of
the charity and the level of commitments in respect of grants approved for projects payable in future years.
15

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022
Accounting policies (Continued)
Income
Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured
reliably and it is probable that the funds will be re￿ived.
Income is deferred only when the charity has to fulfil performance related conditions before becoming entitled
to il or where the donor or funder has specified that the income is lo be expended in a future accounting
period.
Income comprises donations, interest receivable and dividends from listed investments.
Donations are recognised when the charity has confirmation of both the amount and settlement date. In the
event of donations pledged but not received, the amount is accrued for where the receipt is considered
probable. In the event that a donation is subject to conditions that require a level of performance before the
charity is entitled to the funds, the income is deferred as noted above.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by
the charity., this is normally upon nottficalion of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the
dividend due.
Expenditure
Expenses are accounted for on an accruals basis.
Expenditure is recognised once there is a legal or conslruclive obligation lo make a payment to a third party,
il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation
can be measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure is comprised of direct costs and support
costs. All expenses, including support costs, are allocated or apportioned to their applicable expenditure
headings. The classification between activities is as follows..
a. Expenditure on raising funds includes all expenditure associated with raising funds through the Charity.
b. Expenditure on charitable activities includes all costs associated with furthering the charitable purposes
of the charity through the provision of ils charitable aclivilies. Such costs are divided between the
upkeep of the Runnymede Memorial, the graduate scholarships and scholarship application costs.
Support costs, which include govemance costs, have been allocated lo graduate scholarships and
scholarship application costs.
All expenditure is inclusive of irrecoverable VAT.
Cost apportionment
Within expenditure on Charitsble activities, costs are allocated directly eilherto poslgraduale scholarships and
scholarship application costs where possible=
Post-graduate scholarship costs are the university fees and associated costs to support the student
throughout their studies.
16

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
2 Accounting policies (Continued)
b. Scholarship application costs comprise of costs for processing grants and applications, including support
of actual and potential applicants.
Costs that cannot be directly attributable lo either of these activities are apportioned on the basis of the lime
spent by the Director, which is estimated al 670/0 on current postgraduate scholarships and 33Q/o on
scholarship applications.
Tanglble flxed assets
Tangible fixed assets are slated at cost less depreciation. All assets costing more than £500 and with an
expected useful life exceeding one year are capitalised. Depreciation is provided al rates calculated to write
off the cost less estimated residual value of each asset over its expected useful economic life as follows..
offi￿ equipment
20'/0- 30,/0 per annum on cost
No depreciation is provided on the Runnymede Memorial. The land was gifted to the charity in perpetuity in
1964 in memory of President John F. Kennedy. In view of the nature of the Memorial and ils indefinitely long
useful life, the Trustees do not believe that a reliable valuation can be placed on the land. The book value of
the memorial is shown at'cost, as il is not considered lo have been impaired. sin￿ the charity is responsible
for keeping the memorial in an unspoill condition, the costs of doing so are wrillen off as and when incurred.
Investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction
value and subsequenlly measured at their fair value as al the balance sheet dale using the closing quoted
market price.
The charity does not acquire pul options, derivatives or other complex financial inslrumenls.
Realised gains lor losses) on investment assets are calculated as the difference between disposal prO￿edS
and their opening carrying value or their purchase value if acquired subsequent lo the first day of the financial
year. Unrealised gains and losses are calculated as the difference between the fair value al the year end and
their carrying value at that date. Realised and unrealised investment gains lor losses) are combined in the
statement of financial activities and are credited lor debited) in the year in which they arise.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets
due lo wider economic conditions, the attitude of investors lo investment risk, and changes in investor
sentiment concerning equities, bonds and property investments.
Debtors
Debtors are recognised at the settlement amount, less any provision for non-recoverabilily. Prepayments are
valued al the amount prepaid. They have been discounted to the present value of the future cash receipt
where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a
malurily of less than three months from the dale of acquisition. Deposits for more than three months but less
than one year have been disclosed as short-lerm deposits. Cash pla￿d on deposit for more than one year is
disclosed as a fixed asset investment.
17

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
Accounting policies (Continued)
Creditors and pmvisions
Creditors and provisions are recognised when there is an obligation at the balan￿ sheet date as a result of
a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the settlement can be eslimaled reliably. Creditors and provisions are recognised al the amount the charity
anlicipales it will pay lo sellle the debt. They have been discounted lo the present value of the future cash
payment where such discounting is material.
Fund accounting
Unrestricted funds.. these comprise the accumulated excess of income over expenditure on the Statement of
Financial Activities. They a￿ available for use at the discretion of the Trustees in furtherance of the general
objectives of the Trust.
Foreign currency
Foreign currency transactions are translated into steding at the rates ruling when they occurred. Foreign
currency monetary assets and liabilities are translated at the rates ruling al the balance sheet dates. Any
differences are taken to the Statement of Financial Aclivilies.
Taxation
The Kennedy Memorial Trust is a registered charity and therefore is not liable to income tax or corporation
tax on income derived from ils charitable activities, as il falls within the various exemptions available to
registered charities.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain
with the lessor are charged to the statement of financial activities on a slraight-line basis over the term of the
lease.
Pension contributions
Contributions to the personal pension schemes of the charity's employee are charged lo the statement of
financial activities when they are payable to the scheme. The assets of the scheme are administered in a fund
which is independent from the charity.
Investment income
2022
2021
Dividends - UK listed investments
Dividends - US listed investments
Interest on cash deposits
85.418
82,392
98,656
90
33
85.451
181,138
18

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
Runnymede Memorial Expenses
2022
2021
Annual maintenan
6.662
6,071
6.662
6,071
Analysis of charitable expenditure
Post
Graduate
Scholarships
Scholarshlp
Appllcatlon
Costs
Total
2022
Total
2021
University and stipend fees
Student travel and expenses
SLJmmer research scholarships
Programme support costs
871,449
42,184
871.449
42.660
143,232
1,840
10,770
1,358
476
928
2,046
2,974
914.561
917 083
157,200
Staff costs
Premises costs
Administration costs
Exchange Igainsl I losses
Contributions Frank Knox & Fulbright
Scholars
38,049
6,558
2,182
113,257)
18,740
3,230
1,076
{6,5311
56.789
9.788
3,258
119,788)
69,038
10,598
3,307
50,866
29,377
14,470
43.487
21,866
111,943
21,866
133,890
Cost met by specific conditions
29,377
4,155
14,470
43.487
6.200
Governance Costs
Accountancy
Audit fee
Legal and professional
5,745
4,187
2,047
11,979
2,830
2,063
1,008
8,575
6,250
3,055
7,377
6,600
17,221
Total costs for year
960.072
24,938
985,010
308,230
19

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
Analysis of charitable expenditure- Comparative 2021
Post
Graduate
Scholarshlps
Scholarship
Appllcatlon
Costs
Total
2021
University and stipend fees
Student travel and expenses
Summer research scholarships
Programme support costs
143,232
1,782
10,770
143,232
1,840
10,770
1,358
58
1,358
155,784
1.416
157,200
Staff costs
Premises costs
Administration costs
Exchange losses
Contributions Frank Knox
46,256
7,101
2,215
34,080
14,650
75,002
14,650
89,652
22,782
3,497
1,092
16,786
7,216
36,941
7,216
44,157
69,038
10,598
3,307
50,866
21,866
11,943
21,866
133,890
Cost met by specific conditions
Governance Costs
Accountancy
Audit fee
Legal and professional
4,943
4,422
2,173
11,538
2,434
2,178
1,071
5,683
7,377
6,600
3,244
17,221
Total costs for year
256,974
308,230
During the year 16 scholarships were awarded, 13 with full liability for tuition and health insurance fees (including
two partial scholarship renewals), two with partial liability due lo shared costs with the UK Fulbright Commission,
and one doctoral candidate for whom there was no liability for fees. These awards amounted lo £707,680 or
$968,62712021.. 3 awards were made, all with full liability for luilion and health fees, including one partial
scholarship renewal, amounting lo £111,499 or $150,428). Following means-testing, full stipends of £20,176 or
$27,250 for living expenses were awarded lo 7 Scholars, with reduced stipend amounts for others.
20

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
Trustees and employees
The staff costs of the Trust are shown above in note 5. The average number of full time equivalent
employees in the year was..
2022
Number
2021
Number
Administration
No employee eamed between £60,000 - £70,00012021.. One employee earned more than £60,000)- The
Trust made pension contributions on behalf of the employees of £4,98012021.. £6,031). A consultant was
employed during the Director's matemity leave to administer aspects of the current Kennedy Scholarship and
Knox Fellowship competitions.
No Trustee received any remuneration in either year.
No Trustee had expenses reimbursed.12021= No Trustees were reimbursed expenses) in respect of travel,
accommodation and subsistence.
The key management personnel of the charity in charge of directing and controlling, running and operating
the charity on a day-to-day basis comprise the Trustees and the Director.
Total remuneration paid lo key management personnel for the year was £56,78912021: £69,038).
Fixed assets
Runnymede
Memorial
Office
equipment
Total
Cost
At 1 May 2021
Additions
71,178
71,178
1,042
1,042
30 April 2022
71,178
1,042
72,220
Dep￿Ciall0n
At 1 May 2021
Charge for the year
208
208
At 30 April 2022
208
208
Net book value
At 30 April 2022
71,178
834
72,012
At 30 April 2021
71,178
71,178
21

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
Investments
2022
2021
Market value at 1 May
Additions
Disposals
Realised gains
Nel unrealised investment gains
Cash deposit movement
16.852.908
13,692,832
8,856,987
1448.810) 18,858,893)
28.226
2,001,525
861.953
730,003
1429.189)
430,454
Market value at 30 April
16,865,088
16,852,908
The valuation at 30 April comprises..
Investments listed on a recognised Stock Exchange including unit trusts
2022
2021
UK listed investments- managed funds
Overseas- managed funds
Cash deposits
2,535,666
14,326,433
2,989
2.327,054
14.093,676
432,178
16.865.088
16,852,908
The following investments comprise more than 50A of the value of the total portfolio..
2022
2021
2022
2021
BR Charities UK Equity Index Fund
BR ISHR DEV WD ESG IDX
BR BGF EMG MKTS EQTY
BR ISHR GBL INFL LKD IDX
BR UK Propety
ISHS CORE MSCI WORLD
1,743,662
7,770,514
1,446,992
4,320,066
792,004
788,861
1,659,687
7,615,130
1,634,637
3,896,088
667,367
947,821
10
46
10
46
10
24
26
22

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
Sundry debtors and prepayments.. amount falling due within one year
2022
2021
Other debtors
Tax and social security
Prepayments and accrued income
44,986
6.932
3.210
5,900
4,821
55.128
10,721
10 Creditors: amounts falling due within one year
2022
2021
Other creditors
Tax and social security
Accruals and deferred income
1,237
429,880
1,476
49,730
24,541
25,778
481,086
11 Pensions
The Trust pays contributions lo employees, individual pension policies. The policies provide for benefits on a
defined contribution basis and the assets undedying each policy are held by the pension provider. The pension
cost charge represents the contributions payable by the Trust and amounted to £4,98012021'. £6,031 }.
12 Financial commitments
At 30 April 2022 the Trust had commitments under non-cancellable operating leases as follow.
Land and Buildings
2022
2021
Operating lease payments due..
within one year
later than one year and not later than five years
2.632
7,864
2,632
Total
2,632
10,496
13 Unrestrleted funds
Balance
1May
2021
Reallsed and
Unrealised
Investment
Gains
Balance
30 April
2022
Income Expendlture
Unrestricted funds
17,114,736
281,761
1991,672)
890,179
17,295.004
23

The Kennedy Memorial Trust
Notes forming part of the financial statements
for the year ended 30 April 2022 (Continued)
14 Related Party Transactlons
During the year, the Tuixen Foundation. of which Dr Peter Englander is a Iruslee, donated £25,000 to the charity
{2021'. £25,000).
During the year, the charity re￿iVed donations from Trustees amounting to £15,57812021'. £2,200).
There were no amounts outstanding at the year-end12021.' £nill.
24