| ltat | ion with t |
he Chair | he Chair | . | . | |||
|---|---|---|---|---|---|---|---|---|
| 1. | Insufficient | funds | generated, | The number ofscholarships awarded each year is related |
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| through returns on investments |
to affordability. A spending policy has been adopted for |
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| and a fundraising | campaign, | to | clarity and consistency in determining affordability. A new |
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| support the awarding of |
ongoing annual Kennedy Scholarships. |
fundraising campaign is being planned to strengthen the Trust's investment portfolio for the future. |
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| 2. | The Trust's | acquisition of |
a | Trustees are chosen with the scholarship's reputation very |
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| reputation | that would threaten | the | much in mind. They themselves come from a variety of |
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| standing ofthe scholarships, |
either | backgrounds and regularly reconsider the criteria for |
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| in the eyes of potential first-rate applicants or among academics at |
awarding scholarships and the outcomes in terms of diversity of background as well as fields ofstudy. |
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| Harvard or MIT. |
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| 3. | Inadequate | management | of | The Trust uses a reputable company for its online |
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| applicants' | personal data |
in an | application system, which employs password-protected |
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| online application data breach. |
system, | or | other | access to individual data, encryption and SSL security certificates for safe data transmission. It has robust |
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| disaster-recovery procedures. The Trust also has robust |
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| policies pertaining to data handling and storage. |
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| 4. | Accident or | injury | to a member | of | The Trust has considerable public liability cover, at a level |
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| the public | visiting | the Kennedy | researched and market-tested in 2016,to ensure that any |
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| Memorial | at | Runnymede. | claim from a member of the public could be met. In |
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| addition, there are signs throughout the site warning |
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| visitors of heightened risks in wet weather. The memorial |
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| is in a rural rather than a parkland location therefore |
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| requiring appropriate footwear. Partnership with the |
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| National Trust and regular visits by the Director and |
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| Trustees ensure the landscape management risks are |
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| appropriately monitored and acted upon. |
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| 5. | Disruptions | to operations | or awards | Following the coronavirus pandemic the Trust has |
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| relating to |
planned | office | closure | enhanced its digital capabilities and procedures so as to |
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| and/or loss of important records. |
facilitate remote working and operations, ensuring |
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| continuity of activities and organisational resilience. The |
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| Director now works remotely, primarily, and the Trustees |
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| have decided to close the Trust's office. Planning for this |
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| closure is underway so as to undertake this process |
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| efficiently and with minimal operational disruptions. |
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| Essential operational files are now digitised and other |
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| physical files will be assessed as to their future storage— |
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| whether in digitised format or physically retained. A |
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| repository will be sought for the Trust's most important |
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| documents —particularly applications and operational |
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| records (with appropriate access restrictions) so as to |
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| reserve its archive. |
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Unrestricted | ||||
| Note | 2023 | 2022 | |||
| Income and endowments | from: | ||||
| Donations and legacies |
158,849 | 196,310 | |||
| Investment Income |
72,924 | 85,451 | |||
| Total Income | 231,773 | 281,761 | |||
| Expenditure: | |||||
| Charitable activities: |
|||||
| Runnymede Memorial |
expenses | 16,798 | 6,662 | ||
| Graduate scholarships |
and | expenses | 737,529 | 960,072 | |
| Scholarship application |
costs | 49,660 | 24,938 | ||
| Total expenditure | 803,987 | 991,672 | |||
| Net expenditure before |
gains on investments | (572,214) | (709,911) | ||
| Net gains on investments | 156,339 | 890,179 | |||
| Net (expenditure) l income and net |
|||||
| movement in funds for the year |
(415,875) | 180,268 | |||
| Reconciliation offunds: |
|||||
| Total funds brought forward |
17,295,004 | 17,114,736 | |||
| Total funds carried forward | 16,879,129 | 17,295,004 |
| Note | 2023 | 2023 | 2022 | 2022 | ||
|---|---|---|---|---|---|---|
| Fixed assets | ||||||
| Tangible fixed assets | 71,804 | 72,012 | ||||
| Investments | 16,463,683 | 16,865,088 | ||||
| Total Fixed Assets | 16,535,487 | 16,937,100 | ||||
| Current assets | ||||||
| Sundry debtors and | prepayments | 77,413 | 55,128 | |||
| Cash and bank balances | 294,686 | 328,554 | ||||
| Total Current Assets | 372,099 | 383,682 | ||||
| Liabilities | ||||||
| Creditors: amounts | falling due | |||||
| within one year | 10 | (28,457) | (25,778) | |||
| Net current assets | 343,642 | 357,904 | ||||
| Net assets | 16,879,129 | 17,295,004 | ||||
| Financed by: |
||||||
| Funds ofthe charity | ||||||
| Unrestricted income |
funds: | 13 | 16,879,129 | 17,295,004 | ||
| Approved on behalf |
ofthe Trustees on | 7 July 2023 |
| Post | Scholarship | ||||
|---|---|---|---|---|---|
| Graduate | Application | Total | Total | ||
| Scholarships | Costs | 2023 | 2022 | ||
| University and stipend fees |
621,466 | 621,466 | 871,449 | ||
| Student travel and expenses | 24,710 | 4,833 | 29,543 | 42,660 | |
| Summer research scholarships | 2,413 | 2,413 | |||
| Programme | support costs | 9,610 | 5,755 | 15,365 | 2,974 |
| 658,199 | 10,588 | 668,787 | 917,083 | ||
| Staff costs | 50,565 | 24,905 | 75,470 | 56,789 | |
| Premises costs | 7,728 | 3,806 | 11,534 | 9,788 | |
| Administration | costs | 2,989 | 1,474 | 4,463 | 3,258 |
| Exchange losses / (gains) | 4,961 | 2,443 | 7,404 | (19,788) | |
| Contributions | Frank Knox | ||||
| Scholars | 15,349 | 7,560 | 22,909 | 43,487 | |
| 50,894 | 25,068 | 75,962 | 6,560 | ||
| Cost met by | specific conditions | 15,349 | 7,560 | 22,909 | 43,487 |
| 66,243 | 32,628 | 98,871 | 50,047 | ||
| Governance | Costs | ||||
| Accountancy | 6,208 | 3,057 | 9,265 | 8,575 | |
| Audit fee | 5,020 | 2,472 | 7,492 | 6,250 | |
| Legal and professional | 1,859 | 915 | 2,774 | 3,055 | |
| 13,087 | 6,444 | 19,531 | 17,880 | ||
| Total costs for year | 737,529 | 49,660 | 787,189 | 985,010 |
| for the y | ear ended 30April 2023 ( | Continued) | ||
|---|---|---|---|---|
| 5 Analysis ofcharitable |
expenditure | —Comparative 2022 |
||
| Post | Scholarship | |||
| Graduate | Application | Total | ||
| Scholarships | Costs | 2022 | ||
| University and stipend fees |
871,449 | 871,449 | ||
| Student travel and expenses | 42,184 | 476 | 42,660 | |
| Summer research scholarships | ||||
| Programme support costs |
928 | 2,046 | 2,974 | |
| 914,561 | 2,522 | 917,083 | ||
| Staff costs | 38,049 | 18,740 | 56,789 | |
| Premises costs | 6,558 | 3,230 | 9,788 | |
| Administration costs |
2,182 | 1,076 | 3,258 | |
| Exchange (gains) Ilosses Contributions Frank Knox 8 Scholars |
Fulbright | (13,257) 29,377 |
(6,531) (14,47 ~0 |
(19,788) 43,487 |
| Cost met by specific conditions | 29,377 | 14,470 | 43,487 | |
| 4,155 | 2,045 | 6,200 | ||
| Governance Costs |
||||
| Accountancy | 5,745 | 2,830 | 8,575 | |
| Audit fee | 4,187 | 2,063 | 6,250 | |
| Legal and professional | 2,047 | 1,008 | 3,055 | |
| 11,979 | 5,901 | 17,880 | ||
| Total costs for year | 960,072 | 24,938 | 985,010 |
| 2023 | 2022 |
|---|---|
| Number | Number |
| Total remuneration paid to key manageme Fixed assets |
nt personnel for the year was f73,4 |
34 (2022:f69,03 | 8). |
|---|---|---|---|
| Runnymede | Office | ||
| Memorial | equipment | Total | |
| Cost | |||
| At 1 May 2022 | 71,178 | 1,042 | 72,220 |
| Additions | |||
| 30 April 2023 | 71,178 | 1,042 | 72,220 |
| Depreciation | |||
| At 1 May 2022 | 208 | 208 | |
| Charge for the year | 208 | 208 | |
| At 30 April 2023 | 416 | 416 | |
| Net book va/ue | |||
| At 30 April 2023 | 71,178 | 626 | 71,804 |
| At 30 April 2022 | 71,178 | 834 | 72,012 |
| Investments | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
| Market value | at 1 May | 16,865,088 | 16,852,908 | |||||
| Additions | 16,108,177 | |||||||
| Disposals | (16,662,782) | (448,810) | ||||||
| Realised gains | 329,618 | 28,226 | ||||||
| Net unrealised investment |
(losses) | Igains | (173,279) | 861,953 | ||||
| Cash deposit | movement | (3,139) | (429,189) | |||||
| Market value | at 30 April | 16,463,683 | 16,865,088 | |||||
| The valuation | at 30 April | 2023 comprises: | ||||||
| Investments | listed on | a recognised | Stock Exchange | including | unit trusts | |||
| 2023 | 2022 | |||||||
| UK listed investments | —managed | funds | 640,667 | 2,535,666 | ||||
| Overseas —managed | funds | 15,823,165 | 14,326,433 | |||||
| Cash deposits | (149) | 2,989 | ||||||
| 16,463,683 | 16,865,088 |
| The following investments comprise |
more than | 5%ofthe value o | fthe total portfo | lio: | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||
| 0/ | 0/ | ||||
| Charitrak UK |
1,743,662 | 10 | |||
| BRISHS DEV WD ESG IDX | 7,770,514 | 46 | |||
| BRBGF EMG MKTS EQTY | 1,446,992 | 9 | |||
| BRISHS GBL INFL LKD IDX | 4,320,066 | 26 | |||
| BR UK Property | 640,667 | 792,004 | 5 | ||
| ISHS CORE WORLD | 788,861 | 5 | |||
| AMUNDI ESG GLOBAL LOW CARBON | 11,093,712 | 67 | |||
| AIS US CORP SRI IU C | 1,623,204 | 10 | |||
| AIS US CORP SRI IHG D | 3,106,249 | 19 | |||
| Sundry debtors and prepayments: | amount | falling due within | one year | 2023 | 2022 |
| Other debtors | 66,274 | 44,986 | |||
| Tax and social security | 6,932 | ||||
| Prepayments and accrued income |
11,139 | 3,210 | |||
| 77,413 | 55,128 |
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