Kennedy Memorial Trust Trustee Report and Financial Statements Year Ended 30 April 2024 Registered Charity Number 234715
Kennedy Memorial Trust
Annual rtrport and financial statements
for the year ended 30 April 2024
Contents
P8ge."
Report ol the Trustees
epon oflhe independeni audffors
15
Statement of financial 8CtNrties
16
88lan¢e sheel
17
Notes formin9 part of the financi81 stslemenls
28
App•ndix'. Diversty d•ta and Stgtsstieal R•port on tho ?n?i?4 Kp.nnArfy.qehD14rship Competition
Referenc• and AdmInIstrave Informauon:
Trusleos
Prol Sir Mark Walport. Chairman Ireappoinld 8 July 20201
Ms Mary Ann Sieghart, Senior Independent Trustee (reappointed 1 January 20211
Mr Tarlq BaloKh l
Kennedy Memorial Trust Report of the Trustee5 forthe year ended 30 April 2024 The Trustees presenl their report and the audrted finanal statements for the year end 30 Apnl 2024. Status and Administration The Trust is an unincorporated charty. Charrty No. 234715. governed by a trust deed dated 4 July 1964 8nd amended 11 July 2007. Its principal aciivny is io adminisier the Menxjrial Fun(J Sei up to c(mmemorate PSl(lent John F Kennedy. The Memorial takes hvo forms.. a memorial in landscape and ston8 al Runnymede the award of Kennedy Stholar5hips e&h year to British gradu8te students lo attend Harvard Unwersity and Ihe massachu5lS Instiiute of Technology. The Trustees who served during thg year Vre.. Mr TarHJ BaloGh (appointed 10 Juty 20231 Mr Matt Clrfford CBE Ms Stephanie F18nders Ms Tilly Franklin (Finan Trusleel Prol Maya J8sanoff lunlil 11 Janvary 2024) Prol Fiona Macpherson Prol Gareth McKinley Ms Mary Ann Sieghart (Senior Independenl Trustee) Ms Moira Wallace ULI Prol Sir Mark Walport (Chairman) Tho day.to-d#y running of tho TruBt IB dolegatgd to th• Dir•¢tor.
Kennedy Memorial Trust Report of the Trustee5 for the year ended 30 April 2024 (Continued) Structure. Governance and Management Govèrning Document The main d(Ument governing the CO[Lt ol the Trusi's aCtrt$ is the trust deed. Organlsation Structure The Board is formalty composed of eTghl United Kingdom Trustees and three Ullf(ed Slates ol America Trustees. The UK Trustees a appointed by the Piime Min15ter ofthe Unrted Kingdom. Once appointed, Trustees ar8 given induction training in the govemance. operalKJn and managemenl ol the Trust by the Director. As Ihe need Is identified, Trustee5 receive training either as a Board or individualty in their specific areas of responsibility. I he Trustees hold office lor a period not exceeding five years and. upon re"nI. become eligible lor re-appoinlmtsnl for one further temi. The Tru51ees who served during the yeaf are ltsled under Stalus and Administrative Inlomi•lion. The three US Trustees are appvinted by. re5pectNely, Ihe President of the Unrted States of America. the President of Harvard University and the psKIent ol the Massxhusett$ Insb'tute ol Technoloov IMITI Followino the retirement of Professor Maya Jasanoff in January 2024. Harvard's Present appoinled Professor Rana Mrtler as o Trustee effoctivo ?7 Augu6t ?0?4. Th•r• 1¢ ¢urrontly a va¢•n¢y amon9 th• US Tru6t•#s •nd th• TryJ$t is in communication wrth the US Embassy in London regarding this appointnI. The Tru$lee body thus consisted of len rnembeTr from May 202310 January 2024, and nine mèmbers thereafter for the remainder of th9 2023-24 financial year. Ther8 are hyo ex-off0 patrons. the Rl Hon Ihe Lord Mayor ol London and the Govemor ol th& Bank of England. Managem•nt Structurn The overall poly for the Trust 16 laKI down by the Board cl Truslees. which rr1$ Iin*s 8 year. In January 2024, the Board reviewed and approved prqected spending on for the following financi81 year. This year, the Trust ccfflrni88ioned 8 fundraising study. from Halpin Partnership. and condueled a review ol rts Govemance slruclure. As a re5Urt ol these fv40 iniliatNes. a decision was taken to increase the capacity ol tho Trust's Executive team by recruiting bolh an AdministratNe Assistant and a Fundraisino and Alurnni Relations Associate (both positions potentially on a part-iirrE basis} in supp)rt of the Director. TheTrusl has created su0MMrtteeS of ts Board in orderto1gv8ragethecapacilyofils Trustees lo furthersupport Ihe Executtvg. These Committees, and their a85 of pon$t)lIty. are-. Academlc. Scholarshlps and wellare Sir Mark Walport (Chairl Oversee Kennedy Scholarship ¢c¥petItU)n Conduct long and short listing of applie8nts Review scholar feedback and recommend any changes Divprsily Support handling ol weware $8S Oversee mearns-testing of stipend aupport Finance. operations and¥udit Tilty Franklin {Chairl Financial strategy Budget planning and m<110T1r Bu3incB3 plan ¢r¢otion ond monitoring Investments Report and accoun Operational syslems loire5. IT. CRM. dala proteclion, reL2t&J plect8) Care of the Memorial
Kennedy Memorial Trust Report of the Trustè8S for the year ended 30 April 2024 (Continued) Alumni. fundraising and ¢ommunkation$ mra Wall&e (Chair) Alumni enoaoement Event planning Fundraising Strategy. delivery, pol. donor recognition lrnpacl reporting Vvebsite reaeveiopmeni External comMUnat)n5 Nominations. p8ople. and boarddov•lopmonl Mary Ann Sieghart (Chairl Board development and evaluation Aniculaiion and revlew o19overnanGe framework Staff recruitment. remUneratn, HR matters Trustee and Chair rKruitrn8nt PrthparAtn of slrategy sess)n working vjith Chair and othw siih<rnimittp.p4 Key manag?m?nt personn•l The key management Pers1 of Ihe charty. responsible for directing and Controlling, njnning and operating the r.hrily nn 8 d8y-In4ay basi5. comprise the Trustees Ic•Jelher wth the Director. Trustees do not recew8 remuneralion in respect ol Ihfrir services lo the charity. The remunèr8lk)n ol the Diredor Ys reviewed annualty by the Chair, Senior Indwndenl Trust¢s, orwj Finance Truslee. In tuwilling Ihetrobligations throughout theyear, the I wstges nave hall regard Iolhe gukJatKe Issugd by the Ghartty Commission on public benefrt. Fundrnblng Stst¢mont The charity airns t¢ achieve best practice in the way in which il communicates with supporters. 11 takes care with the tone ol ils communicationy. The charrty undertes to rexi lo and investigate any wmplaints regarding ils fundraising a¢lNities and to leam Ircffl them •nprove ts service. DuriThJ the yoar, Ihe charrty received no complaints about its fvndrai$ing activrties. This year the Trust Commiss)ntI a fyndrgising stuty. from the Halpin Partnwship. in preparatn for a mgjor fundraising campaign to secure donalions which wll enablè the Kennedy Scholarships lo continue in perpetuity. The prqect included an asseSsEn1 ol past lundr¥isin9 actw, compelrtor reseaKh 8na b8ncnmarking, davelopino a Case lor Support. inleNiews with alumni aThJ a resou appraisal. I lalpin Partn¢rJhip'$ report exploined that a Mp8K4 would bc a oonsidefublo ¢¢op ¢hon9e for tha Trust as there Is cuirenlly limited lundraising capacrty. However, the report identified a hvJh level of motivation to support the Trust and highlighis tha considerable pc4enlral lo harness the ambilK)ns of the Trustees anJ wider scholar community lo establish a phiknthrOP cuttufe8nd creale a platfom forfundraisino 86 8$uSsIu1 ongoing aclNrty. Kennedy Scholarship5 enable the leaders and ¢hange makers of lorrK)rrow lo learn, griw4 and evolve through study at Harvard and MIT. The Scholarships ensuie this this transformative experience is available to students who champion the values of inlelle¢lual èndeavour, leadership. arKI publt service, regardless of economic circumstances. Every year there are more hKJhty impressive candidates than thè Tnjst can afford to 8w8rd scholarships. The Trustees aim to make this lrfe changing opportunty avalble lo mre of Ihèse inspiring young people. Increasing the nufflber of philanthropic gifts to Ihe Trust will make this a reality.
Kennedy Memorial Trust Rèport of the Trustee5 for the year ended 30 April 2024 (Continued) Management of Principal Risks and Uncertainties In 21K)1. Tiustees conducted 8 major review of the risks lo which Ihe charty wa5 exposed, including those related lo the operations and finance5 of the Trust and those specificalty related to the mernorial at Runnyrnede. This exercise was repealed in 2009 and in June 2021. The risk gIste u% wiewed annually by the Board, having regard lo the size 8nd objects of the Trust. and seeking lo ensure thal apprcpriale measures are in pla lo miligale the TrLlSt's &xposiir8 lo major risk Ongoin9 monitoring is d•le9ated totheDireetor#nd thè Senr Independ•nt Trust•è. in Consultstn with the Chair. 1. InSUfflent funds generated. through returns on investmenis and a fundraising campavJTr, to support the ongoing annual awarding of Kennedy Scholarships. The number of hOlarShIpS awarded each year is related to affordability. A spending pclry has been adopted lor clarrty and consislÈncy in detemining affordability. A new fvndiaising campaign is being planned lo strengthen the Trust'è investment portfolio for the future. 2. The Tru$l's acquisition of a r•pulation that would thr1¥ th• standing of the scholarships, either In the eyes of potent1 Iirsl-tate applicants or among ac8demu at Harvard or MIT. Trustees a chosen wrth the schd8rship's reputation very mLtch in mind. They themselves come from a variety of bxkgrounds and regularty reconsiderlhe erileria for Y•ardii)9 sctiv1¥llIyJ 411)d tliv tsul601)ies ii) lerms of dwersity of background as well as fields ol study. 3. Inadequate ManagenI of appInIs. personal dala In an online applKalion syslem. or other data breh. The Trust uses a repulablg cLxnpany for rts online application system, whh employs password-prolecled access to indiwdual data, encryption and SSL security certificatès for safe data transmission. It has robust dfy¥sler.recovery procedure5. The Trust also h¥$ robu$l policEs perlaining to data handling and Storage. 4. Accident or injury lo o member of the publK visilirng Kennedy Memorial at Runnyndtr. The Trust has consbjerable public Ikqbilty ¢over, al vg1 researched and mart(et-le$led in 2016. to ensurg Ihal any claim frcrfn a member of the Publ could be rnet. In addition, there are signs throughout the 511e warning visitors of h¢i9htty)ed risK$ in wet wealher. The niemorial is in 8 rural rather than a parkland location therefore requiring appropriate f¢¥)ear. Partnership with the National Trust and reQur visrts by the Director and Truslees ensu the landscape managemgnt risk$ arg apprgprialety monrtored and acted upon 5. Uiswptions to ¢)perations or awaffjs relating lo planned office closure andlor loss ol important records. I he Trust ha5 enhanced rts dvJital ¢apabilities and PrcedureS so as lo facilitate remote working and operations. ensuring conbnuty of activrties and organisational resilience. Th¢ Dir¢¢tor now w¢)rks remolety, primarity. and the Trustees have decided lo cljse the Trusi's o(Trce. planning for tnis cthure Is underway. Essenlial operalK•nal fi$ a now digilised and other phys1 files will be assess&Y as lo their future $tor¥ge- whether in dwjitised format or physically retained. A rep05rt0ry will be sought for the Trust's most itnportant dwumenls- partularlY applKation5 and operalional records Iwilh appropriate access controls) so aslo reserve rts archive.
Kennedy Memorial Trust Report of the Trustees for the year ended 30 April 2024 (Continued) Objectives and Activities of the Trust for the Public Benefrt In accordance with the goveming documents. the objective of The Kennedy Memorial Twsl is to preserve an 8pproprKate British memorial to President John F Kennedy, perpetuating the memory of his outlook and a¢hvernents. The Kennedy Memorial Trust adminisleis monev donated al the outset by the Brrtish public in response lo an appeal after the assassinalw of Presidenl Kennedy on 22 Novernber 13. The British mernorial has two eXpreSSn8.. a physical rnemorial in landsca and stone at RUnnYde. in Surrey. and a Iwing memorial offering Kennedy Scholarships lo British poslgr8duate students admitted lo Harvard and the Massachusetts Institute of TecThnoiogy. The Kenfty Memorlalat Runnym8d• Th•TrustÈes prot•ct, pr•serve and maintain Ihe Kennedy Memorial al Riinnympilp. in A4qnp.itiAn with IhKt National Trust. lo enab public access to, and enjoymenl of, the srte. The Memork81 was desvJned by Sir Geoffrey Jelli¢oo. who drew on The Pilgrim's PrLy3ress. Bunyan's allegory ol life as a joumey, as inspiration ltsr the design of the 31te and opened by the Queen on the 14 May 1965. The mem¢xk41 wès listed in 1998. andthewthr memorial landscape was added le the Register ol Parks and Garden$ in 2020. There are three elements lo the Memori81". a stepped pathway. made vp of 60,000 graniée wnds up through wo&aland to briThg the vi$ilor1o the glade where... a seven ton bthk of PortL8nd stone stsnds on a plinth and inwb&J wrth W(d8 taken Irom President Kennedy'8 inaugural address in 1981 a paved palhway18ads to the Seats ol contemplat Ilhe end of thejoum8yl from wheie Ihgre is a Superb view ol Runnymede The National Trust ha$ re¢gntty ccfflpieled a fNe-year project ¢alW Runnymede Explored which has crèated ccessible paths artd Ir•il$ to link Runnymede's memorials and athorks. with ¢rè8tsve intarpretalKsn along the tr8118 telling Runnymede's incredible stories. The enh8wmenls at the Kennedy Memorial Include new signage, a bench neartne gate lorthose who can'i manwJe thtt¥ivps ¥nLI ¥ 1¥1 al Itiv Vil11 f¥4luiiiiy # 4 Ironi JFK, in8ugura1 address in 1961 on one side. Th• quot• ro4ds.' All Ihis WMI not bo finK9hod IN> Ij kFrt rtnA rtHyx Nnr wlll rf fini.qhad in th8 on8 Ihousand days...nor even perhaps our lrfelime on th ptsngl. But bl us begin.. On the other side ol the gale, from JFK'S CommencemenlAddress al IheAmerKan UnNersty in 1963. another inscription reads. Ourm(k81 b851C common link Is th81 we 811inhabil Ihisplan&t. We 811 brealhe Ihe $8me air. W& all chgrish OurChdn s lulu. And we gre ell mortal., The gale was assembkd at the end of thg carving prOCA by young al ¥n Instrtution for Young Offenders- I IMP Isi?. M8si$rCafy¢r, Hwjh dd@u, and Phil Surey. 0 was r85pon&ble l(all Ing on Ehe 9&te, hold the ncw g81oin the atHMPIstS.
Kennedy Memorial Trust Report tsf thp TnJ4tgp lor th& year ended 30 April 2024 {Continued) Kennety Scholarshlps Kennedy Scholarships provide lull tuition fees and health insurance, a stipend for liwng c051s. a generou5 onlribution toward5 the Gost of one retum air fare to Boston a¢)d an &ldthonal discretionary grant for vacation travel wrthin the US. The Scholarships. whth typr31ty are offered for one ac&Jemic year, enable a srnall group ol exceplionalty lalenled British graduates lo lake advantage of postgraduate educah.onal opportunitie5, tailored lo ambitious development plans. Tuitk)n costs high at both Harvard and MIT and most applicants have considerable sludenl debt from their undergraduate degrees. There are clear benefits which arise from obtaining graduate qualification in the US. both for the indNKlual's professi1 career and for the UK when they return. The Trust is one ol a small number of bodies enablin9 dIng British graduates lo avail themselves of this opportunrty. Kennedy bcholarships are awarded annualty. in competsbon. after a UK wi49 publicity campaign In universities and unNersty4ype institulions vAth assockated •dverti$arÉnts. Full appli¢ation dfttoil6 are ?vJitsble on the Truct's wcbGrtc." YhYw.kcnAcdytwGt.or9.uk. Applicants mutst bc 8ritlGh cilviens at the time of applicatn. ordinarily sIdent in the Unrted Kingdom and lo have been wholly or mainly edu¢aled in a British s¢hool and a British institution ol higher education. 11 not due lo graduate in the year ol applulDn. the Trustees require that appIantS commenced Iheif underoraduate $ludi¥s al a UK inslilulion ol higher education no earlyer than len years prior lo 1 September the year of 8W8rd. In awarding Kennedy Schol¥rship$. thè Trustees particularty w•kom• appli¢ants vjith • stron9 p¥blie-s•rvi¢• •thos. Th•y t•k• into ¢on$ideratioTh candKlal¢$' intelleclval attainment. readinesy and abilrty to express themselves, and a well- researched and argued case for their propose(I courso of Study al Harvard or MIT. They also bok for originality of mind, potential to make a mark in publ life and the 8bility to overcome adversity. Awards are made in tho expectation that Kennedy Scholars will bring the benefrts ollheirAwran experience back lo the United Kingdom. In iecenl years, the Tru51ees have also awarded Kennedy Summer Research SchoL4rships. first olfered in tho finanGi•I yeer lo 30 April 201 e, to Dritish citizens Ytho are •mrt411¢¢1 on doctoral pra9rammes at I laNard and MIT. These have been awarded through a Separate application proce$$ in support of research proj8Cts and are offered lo broaden the reach ol Kennedy Schokrnhips. Th9 2023 awardeg was a doctoral candat8 ITh th8 Departmenl of Aeronautics and Astronauijcs at MIT. Tho Trucl maintoins eonttset with k*rmor Kcnncdy Scholorg throughout thc ycor ond typicolly orgonisc9 scverol events for current and former Scholars. A summer reception lor new Kennedy Scholars and alumni was hekl in July 2023 ai L¢rndon Mithraeum Bthmberg SPACE - a wnlemporary 8n 90110ry 8lop the remains ol a Romarn Igmple, now part ol Bloomberq's European Headquartets. To mgrk thè 601h 8nnivor$8ry ol the tragic assassination of presont John F. K8nnedy th8 Trusl hald a spacial event and reception for alumni at the Royal Society on Tuesday 21 November- the eve ¢)f the anniversary itself. Tlltl VV¥11L lvdluivd ¢1 pdiiel vf K¥iiiiwJy ¥¥liuldi¥ vxpkjring President Kennelly s and ¢oniinuE(J relevance In considering contemporary gk)bal challenges. The Tnjsl plan to hokl evenls lor alumni in both the UK and the US in 2024 to prepare for a celebration of the 60- annerSary of first scM)lars dep8rtitv4 for Cambridge in 1966. In Aonl 2024 our Schola JLI Us¥bULl Trubl& &ted theJohn F. Konn6dy LibNary FcwnuatioTr, wher IlJeyenJoyed a privale lour ofthe museurn and cebbrnton th"nner.
Kennedy Memorial Trust Rgport of tho Tnjstoes for the year ended 30 Aprll 2024 fcontinued) Grant-rnaking Policy Kennedy SchoLir5hips enab leading British graduates who are also Briti%h citizens lo benefrt from the broad educalK)nal opportunrties avai18ble al both Harvard and MIT, woikl-1eILng urniversilps, without having to meet the considerable Costs involved. Piesidenl Kennedy himself studied at Harvard. MITwas chosen alongside Harvard because oflhe President's keen interest in seeing lechnologKaladvancesreflecled in ggvemrnenl and international AffAir4 In Augus12023. all British unNersitie$ universty ¢olkgesw¢re notffjd oftheforthcoming Kennedy Scholarship competition and advertisements were placed on a range of websites and media plafforms. The Trustees have provKled. through the Tru$l'$ office, an advisory see to those enquiring about Study al Harvard and MIT. Applications were submitted online. through the Trust's website. and 154 appli¢ations were leiVed. In January 2023, 21 outstanding candhlales re celled lo inleryiew. Eight aludcnl? w¢rc provi7101ty stClOd to recove scholarships. Impact Reportlng 2093 mark•d th• 60," anniv•rsary of Pr•Gid•nl K•nn•drfs a$$as$ination-th•tr¥gic gv•nt th¥t l•d to th• foundation of thè Kennedy Memorial Trust in 1W The Trust is prcllucing a ¢p1@henSe report charting thè Impad of ils philanthropy over time, partularlY in terms of the Scholars supported and their Contribut5 a¢ro$s a range c1 profèssKinal Ild$, lo public lrfe. and auoss civil society. The ceport will be published as part ol the celebration8 Surrounding the 60th annvery of the lirsl Schola departing for Boston in 1966. Equallty, Dlv•r81ty, and Inclu8lon TheTrust is an educational chartyvthich seekslociferstho18rnhip opportunth'es aswdely as sIble, r8cogni5ing the transformative impact Ihal graduate edUCatn can have. To this end. the Trvsl tracks a number ol indicators lo ev81uale the diversty of appIan¢S lo the $¢holarship programme and al drfferent stages of the sele¢lion pro¢es$, and lo assess the effi¢acy of 11$ outreach in l&rms of attfacting appIntS trom a broad range ol backgrounds within the UK These measurea inGlude r•Ge. ethnicity. •nd gend¢r rf¢#lifit&tion. &$ wall Èa ir)dicotorts of tsocio cconomK and educational background. The Tru51 doe5 not publicise dis89gre9aled inlormalion for those receiving award8 dug lo data protlI0n conshl8ratKns. A more extensive lon9rtudinal 8natysis of dNersity data (see appendixl shows that the Kennedy Scholar community K5 rnulti-laceted and dNerse. wrth nearty a Ihlrd of Scholar¥ In Ih15 period identifyin9 as a racial or ethnic minority within the United Kingdom. The scholarship community has also corne close lo gender parity in this period, though women were unier-represenieo nisTori¢aity among Sèwea Scnoiars and stlll comprlse a minoiily of applibttiil¥ overall. There is still work lo be done encouraging more women to apply lo the Scholarship, and lo expand our outreach among minority ¢ommUnrtS, but the trends in both respects are posrtive. The Trust has limited data on slxial. ontynt antl educAtnnal background. but it suggests Ihat over recent years students from the state sector make up approximalety thirds of Kennedy Scholar Cohorts, compared to 90¥0 of UK university stUdents1ent graduates as a whole. This may, to some extent, reflect dynami¢$ in the most seleclNe UK universilie5- whh enrol a relalivety highef pwcentage of privately educated students- from which Ihp Trust recp.ive8 a rnajorrty of rts applThtions The Tru8lee3 will ntinue to promete the Kennedy Scholarship as an indusNe opportunity for graduates ol all UK universities, and lo assess candidates holi51ically - Gon5idering their a¢adeM and professional achievements, their goals In pursuing further education at Harvard or Ml i. aclvefsrty they may nave overcome, ano their poteniial to rnake a difference.
Kennedy Memorial Trust Rèport of the Trustees for the year ended 30 April 2024 (Continued) Achievernents and Performance Flnanclal Revlew In 2023 most ol the Trust's assets We transferred to knundi. ex¢epl lor a m31nder invested in BlackRock's UK Property Fund. Due lo the suspension of redemplK)ns lo this fund due lo rts illiquKI nature this fund remains with Blackrwk. The Trust hopes to liquKlale and Iransfei its assets in thi5 hjnd in future. The 2023-24 financial year has seen an inerease in irwne levels. the Tru$l reNed donations and investment ncome of 2024 £292.36612023." £231.7731. Due lo the expendrture lotsl expendrture in the year has fallen 10 £691,ti2ti12023'. £803,9811. For the year ended 30 April 2024, the Twsl had a surplus £1..027 ¢orroared with a bss of £415,875 for tho yg4r•nd•d 30 April 2023. This r•fl•cts a largor9ain on inv4slmonls eomparod to last yoar12024.. Gains £1,995.187 2023.. Gains £156,339) even as nel expendrture wa$ l¢)wer12024." £399,160., 2023.. £572.2141. Excluding th8 inve51rTpnl gains. the Trusl nGUrred 8 defKil of £399.16012023.' £572.2141 in the ye3r. This year, Trustees supported seven new Kennedy Scholarswho started their studies in auiumn 2023, six ofwhom $liJdi8d al Harvard anfl nne. whn stiJdi@d al MIT Th@y offw@d schdarshirj rn¥IS to Ihrep thlhpr StinIg frnrn the previous cohort lo Complete their Courses Overall. the Trust provided fvll or partial support lo 10 Kenngdy Scholars Studying in 202>24. They also 8UPPOrted one sUneT Research Scts)larship. The Trust offers a grant ol $2.500 for each ol the new Scholars lo travel wrthin the United Stales al th& end of the aCadern year, following an application process. The Trustees ask SchoLars to include a description and evaluation ol their travel experience5 in their post-scholarshp reports. The Trust also provided financi31 support for a three. day trip to Wo8hin9ton DC by currenl Scholars 89 an •nrKhm8nl 8CtNty. Kennedy Scholarships ar& awarded in the eXPts110n Ihat Scl)oL8rs will bring the beneftts ol thelr American experience back to the UK. Th• nurnb•r of seholarshps *ard•d •#eh y1 IÈ r•lat•d to aflordability Forelarity and eonÈi$t•ney in d•t•miinlng affordability. the Trustees adopted a new spending policy In November 2022, which tskes account ol the value of Ihe Trust'8 inveslrnents and luTrdraising income to generale a guideline budget constraint for scholarship expenditure ea¢h year. Truslees reco9nise that KlarShIpS a funded from the investment portfolio. with the sale 0188sets covering the scholarship costs. This p)Iw is kepl under regular rev¢ew. Through 8 fundraising campaign, the Trustees hope to ensure thal at ast len scholarships per year can be susiainably supported in luture. A lar9• propctrtion of the exwditur• wilhin the financial statthTh•nts is paid in U8 dolLars and then converted into pounds for the purpose ol these financial slalement5. Movemenls In the exchange rale between the US dollar and sterling can affect the slated results and, because ol these rnovernenls, the Trus( recognised a transaction gain Of f.2.g62 12023" tr8rnsaction loss £7.4041 Tolgjl èxpèndrturè in the yèar amounted to £691.52612023". £803.9871. Analysis of the expendrture 1$ shown in notes 4 and 5. As shown in note 4, the Trusl incurred higher Ihan norn1 expenditure on the Runnymede Mernorial in 2023-24. This was due to extensive repairs and cleaning of the memonal stone and surrounding stoneworks, recommended following a condition report cornmissioned last year. Major works are ncm complele bul some additional deaning. repairs, and maintenance cos15 may be reflected in next year's accounts. Investment Policy and Perforniance Amundi Asset Management acted as the Trust's investment adws&i and managed its funds for most of the 2023- 24 financial year. As noted atxwe. IheTrusl retsin$ an invesbnenl in BlackR<xk's UK Property Fund whi¢h il hopès io Ilquloaie wheH IhJul¢Jty becomes avallabk. There are no restfictions on the charity's power to invest. The Ffftan Truslee, in consultation with the Clair and Truytees. the rforManCe of tho portlolio snd determiné% an 3ppropriat@ investrnent gtr8t
Kennedy Memorial Trust Roport of the TnJstPP4 for the year ended 30 Aprll 2024 (Continued) The yearnd investment portfolio value wa5 approximety £18.04 million as of 30 April 2024. compared lo near È18.46 million as of 30 April 2023 Thg Trustees continue to closety rnonitor tho Tftisl'q invp.qtmpnts xnd the wider economic situation. and hopeto increasetheir invested assets fthurethrough fundraising as well as capital gaiAs. For 2023-2024, the income retum on inveslrnents was 0.51 %12023.' 0.42 OAI. The total return, including ¢aprtal gain5 W85 12.630h12023'. 0.93%). A5 expeeted, investment income continued lo decline from hislonc levels due lo recent changes in thè Trugt's inv8slrnp.nt rtIn1 ThiA rpllpr.IAI firstty. thè April 2021 transfer of investments within BlackRock into an Environrrnlal. Social. and Governance IESGI fund, in an accumulating rather than dstributIng shai¢ cla55. Secondty, the Trust's February 2023 transfer of 83sels to Amundi LLC furthered this trerid, as all shares held within the new portfolio are in an accumulating class. The expect&J transfer of the Trust'5 remaining BlackRock investmen15 is expected to reduce investment inco. Both the inihal Iransferlo an ESG fund wthin Bl&kRock and Isele)n of Amundi 8$ Ihg Trust's new investment mana9ers, refiect the Tru?t'a efforta to more con¥ciou?ty odvoncc cnvironmentsl BU6tainability and social respon51bilty. alongside financial Conserat)n5, in rts investmeThl strategy. The ratio of US dollar lo G8P 51erling invesiments matched the ratio of an11pated dollar and sterling expenditure. Tru51ees recognise that share values can both increase and decrease. especially amid the current econornic ¢hallon90¢. The 1011owing tsble th• valu• of th• TTU8t'6 IlW•Stm•nts ov•rth• past 10 y•ors 11.RF11.qRfi 11,544.946 13,829,142 13.845.916 14,525,448 ?020 2021 2022 2023 2024 13.692.832 16.852.908 16.865.088 16.463.683 18,044,488 2016 2017 201a 2019 R88grv•8 Pollcy Th1 Tnjst's obj8cth.ve is lo maintain in petyuty Ihg Kenne0¥ Memorial at Runnymedè and lo llr8nt the scholarships that bear President Kennedy's name Mindful of this, the Trustees seek to balan the interests ol th& Current and future beneflarieS ol the Trust's wo. The number ol $¢holarships awarded gach y•ar is ra1aled lo 8ffordability and, as noted above, the Trustees have adopted a spending policy which sets out how affordability is lo be catuial80 wh1ch takes accouni of ine vaiug of tne Trusi's Inve61menis ana fundralsing Incom¥ Iu U¥11¥1411e guideline budget ¢onslr8inl lor scholarship expendrture each year. Tho total funds a6 at 30 April 2024, includin9 Ca8h balancgs. $l•nd #t £18,475.15612023. r1R R79 1?91 Tni8tA*a review the reserve annually when deciding how many scholarships lo award at interview. In January 2014, 0 risk reseNe of £1,000.000 was agreed whth. lor Ihe yeaf lo 30 Apnl 2024, was upgrade¢ to £1,275.535 in line with the Consumer Pru Index. The Trustees arè eonfid8nl that the Trust rèmains a ooing cOnrn for the fe$80ab1e fvlure. After absorbing significantly higher scholarship expendrture last year- due 10 8 lar9er than normal cohort including Scholars who had been offered deferrals during the pandem - schoL8rship expenditure returned to normal levels in 23-24. Prq'eclions for 2024-25 scholarship expenditure a well wrthin the affordability e51imales generated by the Trust's new spending policy. and that poIY rtsew will ensure the sustainabilty 01 SCh013rsnip expenLliiure pen(Jing launch of the fundraysing camp8vJn. As 3uGh. the Trustees take the view th81 the Icvel agreed its acccptablo in the currant oconomic climst•. It significantly exceed5 the reserye needed for the long-lem obligation to the Kennedy Memorial at Runnymede and provi(Ses an acceptab risk reserve to manage unexpected and year-to-year variation5 in the Gosts of Kennedy Scholarships. They plan on the basis that income received from fundraising will increase the resources available lor Kennedy Schokrship5 $0 as to sustain the Tru51 in perpeluty.
Kennedy Memorial Trust
Report of thè Trustees
for the year ended 30 Aprll 2024 (Continued)
Future Plans
TheTruslees will continue lo disburse fijnds in accordan with the goveming documents of the Trust and seek lo
ensure widespread awareness of Kennedy Scholarships within appropriate department5 of British universities,
university colleges and other places ol hgher education. They 81so seek lo reach prosp18 applicants who have
already graduated through socol wjia and digrtal outreach.
The Chair ol Trustees. Sir Mark Walport, will step down in Juty 2025 afterfv40 fv11 lemis on the Board. Sir Mark has
given exceptional servrE to the Trust and the process to appoint his successor will begin in summer 2024. W8
expect a preferred candidate to be identrfth towards the ènd of January 2025. Once formal approval from the UK
Prirne Min15ter Is feceive
Kennedy Memorial Trust Report of the Trusteès for the year ended 30 April 2024 {ContlnuedJ Tru$tees' Responsibilities in relation to the financial statements The CharrfcyTruslee5 are responsible for pwaring a trustees. annual report and financial slalements in accordance with applicable L8w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountng prtICe1. Charity Law requires the Charity Trustees lo prepare accounts for each vear which aive a true and fair view ol the state of affairs of Ihe Trust and of the incorne and expendrture of the Twslfor that per¥)d. In preparing the financial statements the Tru51ees are required to.. select suttable accouniing polw and appty them consistenity.. observe the rnethod5 and principks in thè Chants SORP.. make judgments and estimates thal are reasonable and prudert.. Stale whether appliG8ble •cGountin9 Standards and State[It$ of ¢t¢tynm¢nd¢d praGtiGe have been followed, subject lo any departures discbsed and explained in the a¢counl5', prepare the financial slalemenls on the going-cortcern basis unSS rt 15 inappropriate to presume that the Trust will continue in owration. The Trustees are responsible lor keeping xcounling recdS ¥thh di%cl)sewith reasonable accuracy Ihefinan¢ial posilh)n ol the Trust and which enab them to ascertain the financial position of the Twsl and ensure that the accounts c(Nnply wbth the Charities Acl 2011 and Iru$l deed. They are also Sponsible lor safeguarding the assets of tho Tru¢t and h¢nco fortoking rcosonablo stepa lorth pr#v¢ntiorb•nd deteGtion of fr•ud and other irre9ularilieJ. The Trustees are responsible lor ihe maintenance and integrrty of the corporat& an(J finan¢ial inlomialion included on the ¢harity'swebsile. LeOiSon in the United Kingdom wvemiThJthe Dreparth"on and d155eminalkin ol financial $talemenl$ may differ from legyslation in otherjurisdi¢tK)ns. Statèment as to dlsclosure to our audltors In so lar as the Trustees are aware at the ijme of approwng our Trustees, annual report.. There is no relevanl information, being infomalpjn needed by Ihe auditor in connection with praparing thgir report, ol which the charity's auditor is unaware. and the Trustees. hwng made enquiries ol felbw Tru51ees and the charity's audrtor that they oughl lo have indwhjua1¢9ken. have each 18ken 811 steps that helshe 15 obliged lo take as a Trustee in order to make Iheffoefves aware of any waTht audrt infomation and lo establish that the auditor ig £Morc of thot informotion. By order ol the Board of Trustee8 Professor Sir Mark Walport Chalrman Dated.. 1910212025 11
Kennedy Memorial Trust Indtspendent Auditoes Rtspgrt to th& Truatees of Kennedy Memorial Trust Opinion We have sudiled the financial slalemenls of The Kennedy Memorial Trust lthe'charity'l for the year ended 30 April ?0?4 whirh ccsmpri.%p. Ihp. .EtAtFhmp.nt nf financsal ac.tivitip8. thp halAnp. <hpt xnd Ihp. nntg lo tho financial slalemenls, including the principle accounting policie5. The financial porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, in¢luding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irgland, (United Kingdom Generally Accepted Accounu'ng Practsce}. In our opinion, the financial statements.. oiv@ a IrLl& and fair viow of th& stato ol th• ch8rbty'g affairs as at 30 April ?O?a anrl of itq inrthm. AA(4 Axr)AnrlitiJrA for the year then ended., • have been properly prepared in accordance with United Kinotlom Generally Accepted Accounlino Practice.. and have ken prepared in accordance with the requ1mentS of the Charities Act 2011 Basis lor oplnlon We conducted our audit in acwdance wilh Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibililles under those slandards are further described in the auditor's responslbi11119s lor the audit ol the financial slalemenls sectson ol our reDort. We are independent ol the charity in accordance with the ethical requirements that are relevant to our audit of the financial slat&ments in the UK, including the FRC'S Ethical Standard, 8nd we have lullilled our other 8th81 responsibilities in accordance with these. We believe that the audit evidence we have obtained is sufficienl and appropriate io provide a basis for our opinion. Concluslons relatSng to golng ¢on¢¥rn In auditing the financial stalemenls, we have conclude(l that the Tru$leos' use of the going concern ba8is of aGcounling in the preparation ol th? finanGial slalemenls 1$ appropriat&. 8ased on the work we have porformed, we have nol identified any malerial uncertainties rèlating lo events or conditions that, individually or colleth'vely, may cast significant doubl on Ihe char¢ty's ability to continue as ¥ going concem for a perk•d of al least twelve months from when the finanual stslements are aulhorised for issue. Our responsibilities and the responsibilities of thè Trustees with respect lo going concom ar8 dèscribed in the relevant sections of this report. Other Informatlon The Trustees are responsible for the olher infomalion. The other Infomiation comprises the information included in the Repori ol the Trustees. other Ihan the linancial slalernenls and our audrtor s report Ihereon. Our opinion on the financial slalemen15 does not cover the other information and. except lo the exlenl otherwise explicitly staled in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in tloing so. nSider whether the other infomalion is m21orially inconsistonl with the financial statom@nls or ovr kn4)wIFhdo• oht¥inpd in th Allrtit nr nthp.nmgp Appp.ars ID be rnaterially misslaled. If we identify such material inconsistencies or apparent material misstalements, we are required to delermine whether there is a material misstalemenl in the fin8ncial slalements or a material rnissiatemenl ofthe other informalion. If. based on the workwe have performed. we conclude thalthere is a material rnisslatemenl of this other information, we are required lo report that fact. We hav8 nothing lo report in this gard. Oplnlon on other matters prescribed by the Charities Act 2011 We have nothing to report in respect of the following maiters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. • the information given in Ihe Report of the Trusteos is inconsistent in any material re5pe¢t with the financial ststernents., or 12
Kennedy Memorial Trust Independent AuditoV¥ Report to the Trustee8 of Kennedy Memorial Trust (Contlnued) • sufficient accounting records have not been kept: or thè financial statements are not in agwment wilh thè accounting reeord¥ #nd rèturns.. or • we have noi received all the infomialion and explanations we require for our audit. Responsibllities of Trustees As explained more fully in the Twstees. responsibililie5 5ts1emenl. the direGtors ate responsible for the pfyparation ol the financial statemenis and for being satisfied that they give a true and lair view, and for such intern81 control as the Trustees determine is necessary lo enable the preparation of financial 5talemenls that are free from malerial misstalamÉ¢nt, whothéi duo to fr#ud or erroT. In preparing the financial statements. the Tfuslees are Tesponslble for ass8$slng the charity's abS1ity lo conllnue as a qoino concern, disclosino. as applicable. matters related lo going concem and using the aoing concern basis of accounting unless the Trustees either intend lo liquidale the charity or lo cease operations. or have no realistic altèrnative but to do $0. Auditor's responsibilities for the audSt ol thè financlal statements niir nbjftr.liveq ar& In nhtain rKtaqnnAhl•. 8%qiir8nr&. AhoLJt wh.thAr IhFtfin8nr.iAI qlptpmn1< Aq A whnlp. Arg. frp.p. frnm matèrial misstatemenl. whether (iue lo fraud or error, and lo issuè an auditor's report that includes our opinion. Rtrasonabla assuran¢¢ is a htqh leve101 assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemènl when il exisis. Misslalements can arise from fraud or error and are considered matarial if, individualty or in the aggregate, they could reasonably be expected lo influence the economic d8cisions of users taken on the basis of these financial sleMents. Irregularities. including fraud, 8re instsnces of non.complianee with laws and regulations. We design procèdures line with c)ur re$pon$ibililies, outlined above. io detect material misslatements in respectof irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach lo idenlifying and assg$$ing the ri$k$ ol material misslalemenl in respect ol irregularities, including fraud and non-compliance with laws and regulations, was as follows.. Ili¥ ¥iiyoy¥iii¥iil Vdiliiei tr11suied Ili¢il Ilie Viiy¢lyVlllell( Iv¢lti wll¥Liiv¥ly liaLI IlIt* OVVlUVii¢4le competence. capabilities and skills lo idgnlity or recognise non-compliance with applicable laws and regulations., wo oblainod an undèr6tondln9 of tho 10901 r¢9ulotory fromcworko thtst ore oppli¢oblo to tho chority and determined Ihal the most significant Irameworks which are directly relevant lo specific assertions in the financial stalernenls are those Ihat rèlate to the reporting framework Islalement ol Re¢ommended Practice.. Accounting and Reporting by Charities r)reparing their 8c¢ounts in 8ccordance with the Financial Reporting Stsndard applicable in Ihe United Kingdom 8n¢J Republic of Iland IFRS 1021 and the ChaTilies Act 20111. identified laws and regulations were eommunicaled wilhir¢ the audit team regularty ènd the team remained alert to instances of non-compliance throughout the audit. We assessed the su5ceplibilily of the charity's financial stalaments lo material misstslemenl, including obtaining an understanding of how fraud might occur. by.. making enquiries of management 8$ to their knowledge of actual. suspected and alleged fraud.. and considaring tha inlema1 controls in place lo mitigate risks of fraud and non-compliarice with laws and f8gulations. Tu LIIE ribk ur rriaud IIiiDUgh rnanagernenL bia5 and ov8tride of Gontyo15, we". perfored arnalytical procedures lo identify any unusual or unexpecled relationships., tested journal entries lo identify unusual Iran5aclions', a55essÈd whether judgemenls and assuwnptions made in delermiiiing Ihe aLwunting esliiiiates wei"e indicative of potential bias., tested aulhorisalion Gonlrols on expenditure items, ensuring all expenditure was approved in line with the charrty's finan¢ral procedures- and 13
Kennedy Memorial Ttust Independent Auditorf¥ Report to the Trustees of Kennedy Memorial Trust (Continued) perfomied subslarbtive lesling on management expense daims and credit card expenditure. In response lo the risk of irregularities and norFcompliance with laws and requlalions. we desiqned procedures which included, bul were not limitéd lo.. agreeing financial statement disclosure5 to underlying Slspporbng documentation: reading the Jninules of meetings of those charged wilh govemance- enquiring of management as lo aciual and potential litigation and claims.. and r•viowing any availablè corrè8pondèn¢o With HMRC and the charity's legal advisors. There are inhèr$nl limitations in our audit procedures dgsrribe¢J abDv8. Th$ morg rèmoved that 18ws and regulations are from financial transaclions, the less likely il is that we would become aware of non-compliance. Auditing slandards also Iimil the audit procedures required to identify non-compliance with law5 and regulations lo enquiry ol the director5 and other management and th• ins¢t10n of regulatory and le981 correspondence, if any. Materlal mlsstsiemenis ihai aNse due io fraud can bg naroer sjeteci than tn08e tn8t anse trom error as they may involve deliberate concealment or collvsion. A lurthcr d¢tscription of our respon3ibilitl¢8 for th¢ audit of the finzlncial statements 13 IoGated on the finanoial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibilities. This descnptK>n forms part of our auditor's reptsrt. Use of our report This report is made sol¢ly lo Ili¥ ilidiily't* Tiust¥¥>. LJy. 111 ÈlLWILlorsLtr wiul Clidylvi 3 ul Ptail 16 ul Ui¥ Charities Ael 2011. Our audit work has been undertaken so thal we might stale lo the charity's mgmbers thosg mallets that wè are required lo slate lo Ihem in an auditor's report and for no other purpose. To the fullest extent p•rmitted by law, w• do not •¢e•pt or ¥•$um• r9$pon%ibility to anyon• oih•r than th¥ charity And th• charity'$ Trustees a$ a body. for our audit work. or the opiniong we hav¢ formed. Dale.. 1910212025 Dunkl8y & Co Lirniled Slalutory Audilors Chart8r8d account8nls Woodlands Grange WuudldiidJ Ldii Bristol BS32 4JY Dunkley 8 Co Limited is eligible to act as an auditor in lems ol section 1212 of the Companies Act 2006 14
Kennedy Memorial Trust Statement of Financial Activitiès forthe yearende(130 April 2024 Total Unrastrict8d Total Unrestricted Note 2024 2023 Income and endowments from: Donations and lag8¢i*$ Investment Inco 207,643 84,723 156,849 72,924 Totsl Incom• 292,366 231,773 Expenditure.. Ch8ri18ble 8cl1vil$.' Runnyrnede Memorial expenses Graduate $char5h1p$ and expensey Scholarship application c051s 12,591 611,346 67,589 16,798 737.529 49,660 Total exp¢ndltur• 691.526 803,987 Net expendi(ure before gains on investments {399,1601 1572,2141 Nel gains on inve51m8nts 1,995,187 1&fj,339 N•t Ineonw I l•xp•hdltur•l and n•1 movernent In funds for the year 1.596.027 1415,87SI Reconclllatlon of funds: Total funds broughl forward 16,879,129 17,295.004 Total fund# etsrrlod lorwaryl 10,475.166 16,879,129 The staternent of financial actwities includes all gains and losses recojnised in the year. All incorne and expendrture derive Irorn continuing actlvrt. The notes on pages 16 to 24 fom part of these financial Statem5. 15
Kennedy Memorial Trust Notgs fomiing prt of tha financial statements for the year ended 30 April 2024 Note 2024 2024 2023 2023 Flx8d assets Tangible fixed assets Investments 72,492 18,044.339 71.804 16,4S3,683 Totsl Fixed Assets 18.116.831 16,535.487 Current assets Sundry debtors and prepayrrents 56.B42 77.413 Gash anoj bank balqnrxs 294,886 Total Current Assets 399.925 372,099 Llabllltles Creditors. amounts falling dug within one year 10 141.6001 128.4571 Nal curront assets 358.325 343.642 Not a$$ets 18.475,156 16,879,129 Flnancad by: Funds of the charity UnreslriGled in¢ome lund$'. 13 18,475,156 16,879,129 Approved on behall ofthe Trust5 on Tlr Professor Slr Mark Walport- TTU$tg• Ms Tilly Franklln - Trustee The notes on pages 16 10 24 fom part ol these fmancial statements 16
Kennedy Memorial Trust Notes forming part of the financial statements for the year ended 30 April 2024 {ConlinuedJ status The Trust was e5tabli5hed by the trust deed dated 4 Juty 1964 and amended 11 July 2CQ7. AbGuunting pvliLie The prinrApal EKcounling pol5 adopted, judgemenls and key source5 of estirnalion uncert81nty in the preparation of the financk41 statements arè laid out lOW.. Basis of aGGounting The$9 financial stal&manls have been prepared for the yearto 30April 2024. Tha finanrial slAlttm&nts hav(t bAAn i&nrtr th hiqtnrir21 r.t)nv&ntion with ilams initially recognised al cost or lonsath'on value unkn otherwse stsled in the revant accounting policy note. The financral statements have been prepared in accordance th Accounting and Reporting by Charities.. Slalennl of Recommended Praclte applicable lo charities preparing their accounts in accordance with the Financtal ReDorting Standard aDDlicable In the Unrted Kinodom and Reoublt of Ireland IFRS 1021 (Charities FRS 102 SORPI. the Finan¢i31 Reporting Standard appluble in the UK and Republ¢ ol Ireiqnd IFRS 1021, Ccmpanies Act 2006 and the charitSAC1 2011. rhe charrty conslilutes a Publ tenelrt enlity as ¢Jefrned by FRS 102. The accounts are presented in sleding and are rounded to the neaTest pound. Crftlcal accountlng estlmates and ar•as ofJudg•ment There are no signifranl areas ol adjuslment or key assumptJns that affect items in the financial slalemenls. Wrth respect to the next reporting period, the most Slgnrficant ¥eas of uncertainty are the carrying value of invactmont a66816 hakl by thè charity. which will dopond on tho porfommnco of inv8ttmonl markat6 and tho investment income from these assets. Golno concem Th• Trustees haw gss8ss8d wh•th•r th• us• of th• 9¢ing ¢orwn 8$$umpth)n 1$ appropriala in praparing these financial slalemenls. The trustees have made Ihts assessment in respect lo a period of one year from the date of apprDval of these financral siaiements. The Trustees are ot the opinion that there are no malerial uncertainties Telated to events or conditions that MAY P.A%t ionrfie.Ant dniihl nn th•. sjhilrty nf th e.h#rity In .hnliniJp A A onirng ethnpfft.rn Thp Trii&tg.AR arg. nf th opinion that tecause the value of assets held by the charity are very malerially in excess of the liabilit9 of thè charity and the lèvel of commitments in r¥spt ¢f grants approved tor prqects payable in luturt years. Income Income is recogni5ed in the period in whh the Charity is entItd lo receipt. the amounl can be measured reliably and rt is probab5e that the funds will be received. Income Is deferred only when the chanty ha5 10 fullil perfomHrKe Tele condiiions tselore becorning eniiiied to it or Whe the donor or fvnder has spe¢Ffied th* the in¢m * to be expended in a future a¢counting period. InconE comprise5 donation5. intere51 receivable and divhlend5 from listed investments. Donations are recojnised when the charity has confirmation of bolh the amount and settlement dale. In the event of donalions pledged but not receNed. the anKJunt is accru for where the receipt 15 considered probable In the event that a donation ig sut¥'ett to conditions that require a Ve1 of perfomiance bpforp the harity is entrtled to the funds. the income 15 deletred as noted above. 17
Kennedy Memorial Trust
Notes forming part of the financial Statements
for the year ended 30 Ap1 2024 (Cgritsriu¥d)
Inlere5l on funds hekl on deposr¢ B included when receivabb and thè amount can be measured reliabty by
the chaity,. ths is normalty upon notfficathjn of the interest pa#J or payab by the bank.
Dividends are rwnised once the divhlend has been dlar ar rM)tIfl1on has been recewed of Ihe
dividènd due
Expenditure
Expenses are accounted for on an cru8& basis.
ExpwnditurÉt 1$ onto thÉr& is a 1 or eonStrLive d)lltinTh In mAkg. A ryrnrt1 tf) A third r)arty,
rt is probable thata transfer01On0mlC benefitswill be required in settlement and Iheamountof the obligaty'on
can be measured reliabty.
All expendrtuie is accounted for on an xcnpls basis. Expenditure is comprised of direct costs and support
costs. All expenses. including 5UPPOrt costs. are allocated or appOrtned to their aPpIThb expenditure
headings. The classification befven actNities is a5 follow5..
Expenditurè on r•isiThJ funds includes all expendrf<ure assc£ialed wfth raising lunds through the charity.
b. Expenditure on charilabk actNities includes all costs asscLted wrth lurtheiin9 the ¢hantab purposes
of the charity Ihrough the provi5k)n of ts charli8b activrties Such costs are dwided bee&n the
upkeep ol the Runnymede Memorial. the grnduale scholarshp$ and scholarship application costs.
Support ¢osis. which ind(Kle govgmance costs. havo been alocated lo gfaduatg scholarship$ and
hokrship application costs.
Al èxpenditure is in¢le of irreCovwab VAT.
Cost•pportlonment
Within expenditure on charitable activities. costs are alkx8t8(I dirtttty eitherlo po$lgraduat8 scholarship5 and
scholarship applulion costs where p)ssible'.
a. Posl-graduale scholarship costs are Ihe unwsty fees and associated costs 10 5UPPOrt the sludeThl
throughout their sludies.
b. S¢holarship applKatK)n costs mprIse of costs for processing grants and applic81ions. including
support ol tUal and wtential applunts.
Costs that cannot be directly attributable lo eilher ol these act7110$ are apportioned on the basis ol the lime
spent by the Oireclor, whh is estimaled at 67% on current posl-graduatè seholarships and 330A on
scholarship applicats'ons.
Tanglblo IIx8d assets
Tangibl8 fixad assèts ar• stated at cost less depreciation. All assets costing more than £500 and with an
expected useful life exceeding one year are ¢apital¢ed. Depla1)n is provided al rates cakuL8led lo write
ON the fV51 IE55 e5tirnatEd resitjvdl v(Ilue uf ¥¥l tJv¥i Il¥ ¥xyrilvJ usvful 11117 lif¥ lullvws.
Office equipmenl
20%- 30% per annum C cost
No depreciation is provided on the Runnymede Memorial. The land was gffted to the charity in perpelurty in
1%4 In memory of Pres*Jent John F. Kennedy. In VEW ol the nature of Ihè Mèmorial and its indefinrtely long
Useful lrfe. the Iruslees do not beleve Ihal 3 relK8ble valuabon can be placed on the land. The book value ol
the memorial shown al 'c051' a5 rt 15 not eonsideied lo have been impaired. Since the charity is responsib
for keeping the rnerTh)rial in an un¢poitt ¢I)nOn. tho ¢oèts ol doin9 60 are written off as and when incurred.
18
Kennedy Memorial Trust
Notes forning part of th& financial 4tatÈments
for the year ended 30 Aprll 2024 {continuj
Investments
Listed investentS arè a forn of bas fina11 instrument and initialty rv.ThJniqpel k)t their transaction
value and subsequently measureil al their fair value as al thè balarr2 Sheet dale using the cbsing quoted
market price.
The charity does not aequiie put W)n$. derivatives or other finanual inslrumenls.
Realised gains lor losses) on investrnent assets a calculated as the drfferen between disposal proceeds
and their opening carryin9 value or their purchase value rf acquired subsequent to the first day ol the financial
year. Unrealised gains and losses are cakulaled as the dilferen¢e between the lair value al the year end and
their carrying value al Ihat date. RealLsed and unaliSed investment gains lor losses) are comblneo In ih
statement of financk81 trtIeS and are credrted lor debf¢edl in the year in which Ihey arise.
The main fomi offinanaal risk f•Ge
Kennedy Memorial Trust hlots$ fom)Inu part of the financial ststèments for the year ended 30 April 2024 (Continuedj Leased assets Rentals applicable to operabng leases whÈie substantially all of the beneffts and risks of ownership remain with the le&sor are charged to the statement of financial aciNit on a straNJht-line basis over the lèm of the lease. Penslon eontrlbutlons Contribulions to the personal pension schemes of the charity's empw a charged to the statement ol financial activities when they are payable to the scheme. The assets ofthe scheme are administered in a fund which is independent from the charty. Investm•nt In¢om• 2024 2023 Dividends- UK IBted investments Dividends- US ltsled investments Interest. UK fixed interest securibe5 Int•rKt on cash d•pos*É 18,560 62,676 71,847 3.487 1,077 84,723 72,924 Runnym•de M•morfal Exp•n¥ 2024 2023 Annual maint8nanc8 6,958 6,442 Fwlpalh l Monument repair8 6,636 10,356 12,S91 16,798 20
Kennedy Memorial Trust Not•s forming part of thg finaneial statements for the year ended 30 April 2024 (Continued) Analysis of charitable expenditu Post Scholarship Application Costs Oiaduale Scholarships Tot•1 2024 Total 2023 Unversty and 6tipend f stlent travel and expenses Summer research scholarships Programrne support costs 468.990 26,699 14fifi 19.101 7,598 29,543 2,413 15.365 17.700 8.002 25.702 521.391 668,787 Staff costs Premi8es costs AdministratK)n costs Exchanofi loainsl I losses Contributions Frank Knox 27,851 3,531 84,397 10,701 4,737 12.962 75,470 11,534 4.463 7.404 7,170 3,174 11.9851 19771 16.080 48.825 16 080 64,905 7.920 24.048 7.920 24,000 72,873 22.Q09 75.962 22,909 Cost mel by specffic Cdith)nS Govornance Costs A¢countancy Audit lee Le9al and professional 0,395 5.146 29.190 3.130 9,J45 7.680 9,205 7,492 2,774 14.337 Total costs for year 678 935 787 189 During the year 10 scholarships wwe awarded12023.. 101. 8 wrth full liabilty IOT luilion and health insurance lee$ and with partial liabilrty due 10 a school-based tuition awafd. The8e awaids amo¢Jnted to 16.462 or £330.e18. Followinq means tèsting. lull stipends of $28.IXJO 1 £22.032 lor IIv1ng expenses were awarded lo 6 scholars. Iln 2023 10 scholarships were awarded." 9 wilh lull liabilrty lor luilion and health insura1 fe8s lincluding two partial scholarship r8nèwalsl, and one wrth partrdl liabilty due to a schwkbased tuition award. 3 Scholars received full stipends of $27.250 1 £22,136}. 21
Kennedy Memorial Trust Notes forniing part of the financial ststemènts for the year ended 30 April 2024 (Continued) Analysis of charitable expenditure- CompaTrtive 2023 Post Graduaté ScholaTrhips S¢holarshlp Application Costs Total 2023 UnNer5ity and slipend fees StLKlenl travel and expenses Summer research scholarships Piogr8mma support costs 621.466 24.710 2.413 9,610 621.466 29.543 2.413 15,365 4.833 5.755 914.561 10,588 668 787 Staff costs Premise5 Costs Administration cos18 Exchange Igainsl I bsses Contributions Frank Knox & FulbrHJht Scholars 50.565 7.728 2.989 4,*1 24,905 3.8(XS 1,474 2.443 75,470 11,534 4,463 7,404 50.894 15.349 25,C68 75,962 Cost r1 by specific Condn$ 98,871 Govemancg Costs A¢¢vyiitancy Audit lee Legal and profes8KJnal 0.200 5.020 1.859 ),057 2,472 915 9.265 7.492 Total costs lor year 737.529 787 189 22
Kennedy Memorial Trust Notes formiho part of tho finantial 4tAtpmènts forthe year ended 30 April 2024 (Continuedl Truste&s and employees The Btaff etstste of tho Trust are sh¢y4m gbovg in notè S. The avw•Je numbor of ftill timg. llIVAlr>nt employees in the year was." 2024 Number 2023 Number Administration One empltyee 8arned bètween £60.000- £70.OLX)12023'. One employee earned lessthan £60.000. Thg Tmsl made pensKJn conlribulDns on behalf of the employees of £7.62412023.. £13,079). No Tru51ee wewed any romuneratv)n in erther year. Two Tru$leès had expenses of £3.214 reimbufsed in respect of travel. accommodation and subsistence. 12023.. One Twslee was reimbursed expenses lolalling £3351. Th8 key rnanagemenl peisonnel of charty in charge of directing and controlling, running and operating lh8 charity on a day-ttrday basis cornpri5e the Twustee5 and thtr Oir8clor. Tgtsl Temuneralion lo kèy management Penn•1 fr)r Ihg year was £64.18312023.. £73.4341. Flxed ass•t8 Runnymedè Offl¢a Memorfal equlpment Total Cost Al1 May 2023 Additions 71,178 1,042 991 72,220 991 30 April 2024 71,178 2,033 73,211 Depreciali¢yJ At 1 May 2023 Charge lor the year 416 223 416 223 AI 30 Aprl 2024 639 639 Nel bwk value At 30 April 2024 71,178 1.394 72,672 AI 30 Ap 2023 71.178 626 71.804 23
Kennedy Memorial Trust Notes fom)ing part of the financial statemènts for ine year ended 30 April 2024 (Continued) Investments 2024 2023 Market value at 1 May Additions Disposals Rè31i69d gain6 Nel unrealised investment gain I Ilossesl Cash (Jeposll movewEni 16,463,683 16,865,088 43B.775 16.108,177 1853,3061 116.662,7821 02,262 J29,010 1,912,925 1173.2791 13.1391 AAarkgt valu• al 30 April 18.044,339 16,463,683 The valuation 8130 April 2024 comprises". Inv&slmenls listed on a wnised Stk Exchange inc(n9 unil trusts 2024 2023 UK listed investments- managed fvnds Uverseas- managed funds Cash deposits 602.666 17.441,822 Iq491 640.667 15,823,165 11491 18.044.339 16,483,683 Tha following investments comprise nijre than 5% of the v81ue of the ltstal portfdio.. 2024 2023 2024 2023 BR UK Property AMUNDI ESO QLO8AL LOW CAReoN AIS US CORP SRI IHG D AIS US CORP SRI IU C 602.666 12,300,87e 1.907,888 3.233,058 640,667 11,093.712 1,623,204 3,106,249 OT 10 10 18 Sundry debtors and prepayments: amount falllng du• wlthln one year 2024 2023 OihEr dEbt015 Prepayments and accrued income 5L,211 4.631 15b,214 11,139 S6,842 77,413 24
Kennedy Memorial Trust Notes foming part of the financlal statement for the year ended 30 April 2024 (Conllnued) 10 Creditors.. amounts falling due wlihln on& year 2024 2023 Other creditors Tax and s187 security AccruaL% and deferred income 3( 1,742 39.552 26.105 41,600 28,457 11 Pen$itsn$ Th¢ Trttst pays Gontribution? to employ¢ea' indNidual pension polic. Thc poli¢ic= provido for benefit6 on a defined ¢onlribulion basis and the assets Ltnderfyirtgeach policy are held by the pension providor. The pension c¢sl charge represents the contributnS payab by the Tw$¢ and amounted to £7.62412023'. £13,079). 12 Unr•slrlct•d funds Reali5ed and Balance Balance Unrgal18ed 1May 30 Apr51 2023 Incom• Exp•ndltur• Investment Galns 2024 Unrè51ricled lunds 16,879.129 292,366 1691,5261 1,995,187 18,475,156 13 R8lat8d Party Transactlons Dunno the year, Ihe Tuixen FoundatIn. ol whth Dr Peter EnglaThJer is o trustee, donated £25,000 to ihe charity12023.. £25.CI)01. During the year, the chanty receNed donations Irom Trustees amounting to £37,20012023.' £35,2cK)I. There were no affuntS outstanding at the yearond {2023- Ènill. 25
Kennedy Memonal Trust Diversity data and Ststisti¢al Report on the 202>24 Kennedy Scholarship competttlon Dlversity data and Statisti¢al Report on the 2023.24 Kennedy Scholarship cornpetition The Tru5tee5 pLgce a strong emphasis on eqvalty. dNersty and irtlusion IEDII In the Kennedy Trust'5 activities. To morlrtoi equalty, diversrty and i1luSIon in the Kennedy Schd8rship selection process, Ihev have since 2010 recorded data on gender and ethnlty across the 8pplicant pool and as selection progres5e5. Since 2017. educational data has also been recorded. including type of school attended and wh•th•r or not an applicant is a first-9en•ratw)n univwsty stiidpnl Thp. Trijqt xl&n rp.cords data on eligibility for Free School Meals 81 s¢hwls attended by inter¥ivw candidates. as an indicator of SOCIO8EOnOmt disadvantage. Thi5 data is Gollated anymouS1Y and evaluated each year. Summary anatysis of that data from Ihe compelitn denStrate$ Ihal the Kennedy Scholarship communrty has become more dwÈrse in temis of gender and ethn origin. In lerms ol socioeconom dwersity. rt 1$ nK)rè difficult to draw conclusions given ihe shorter tsmelrame of dala available, Nuiiethele55. this data show• sKJnificant representotion of first%ener81ion studen13, in porti¢ular, within the appli¢ant pool and among those selected as Kennedy Schokirs. 11 should be noted that the cohort of Kennedy Scholars setected each year 18 impacted by admissions decisions at Harvard and MIT. which a oulside the control ol the Trustees. The Trust dcs not record data acr055 the applKanl pool on other proMed characieri$lics such a8 religion or belief, sexual orientation. ordisability. TheTruslee5 a confident, however. that the selection process 8nd contemporary Kennedv Scholar community is incluswe 8nd diverse across these characteristic$. The Trust has supported several ScholaT5 across Ihts period who have physical disabilities or Chron hèalth condrtions, for exary)le. These Scholars have offered to sèrve as an advisory group lo future Scholars with disabilities in navy8ling the services and Support available 8¢ H8rvar¢J ano MIT. and io enhance th? Inform¥lK>ri t1 Tiu¥l [1 yiu¥iU¥ Iv auGh nts. The Trustees recognvze that the commrtrrEnt lo EDI extends btyond the Kennedy Scholar community to the Trustee body and the Twsl'$ wtyjer aclNrtv8s While the Truslees do not control appointments lo the Board. Ihey are ccffjmitted to encouraging a dNerse range of eandidales lo consider becoming Tiu¥lg¥¥ #ila lu ¥uyportin9 diYffisy throu9hoyt the v•ryirt9 appoinlment Proc¥ that apply. Gendor 46% 01 K8nn8dy schola s818cledsHJce 2011.12 ore wcThn. In Ihal limefr8me, Ihg proport 018pp1KalnS from ¥%Men h8$ avetsged 38%. Women h8ve Compnsed maprilies in seven ollhe p8$1 fourtggn SclK)larcohort$. Over811, women make up 34Yo of Kennedy Scholar 8lumni12021589), reflecting 8 higher proport w mai& &cIla In Ihe Iwsts &ahraad&S {196fv0T onw8rasi. As the above headline 51alist suggest, there is sorne gender disparity in overall appl9 to the Konnody Scholarehip, but Ihis is not conÈtst•ntly r•fl•ct•d throughoul th• $91gction process Thp Trii<l has ma(le progress towards gender equity. parti¢ularty since 2010. awarding significantly m schokgrships to women cOMpad lo histor81 rales. The Trustees will continue lo explore ways to en¢oLJrage and support female appInIS. and bel the incfeasing visibility of women among its alumni community will further encourage this tsen¢J. Race and ethnicity The proportion of ethn minority appInIS and has shvwn an ypwwd trend and this figure wa5 45• in the rnosl recent Kennedy Scholarship compelitKJn lfr)r 2023-241- the highe51 prow)rtion of ethnic rninority applicanls since the Trust began recording this data. The Trust is proud of the increasingly dN¢rse communty of Schc4ars receNing its awards since 2010, and of il¥ reGord of attracting gtrong applitn3 frorn tscro-- drffcrcnt comrnunitieE and r10Th$ in the United Kingdom. W)ilelhe Trust does not hold hislorKal dats on race and elhnicty, the Trustees believe the contemporary Kennedy bchoiafship communrty Is mre refieaNe of tne raclal an¢ eihnlc ¢wersity of modern Britain. They will Continue to work lo encouraqe dNersrty, to support appli¢anls from diverse backgrounds, and lo work wrth alumni lo expand OLrtreach in minonty ¢ommunilYès. 26
Kennedy Memorial Trust Diversity data and Statistical Report on the 2023-24 Kennedy Scholarship competition Sociiy8conomlc Diversity On average since 20120. 47% OlaptiCanlS attended tXyW)henSN8 Sch1. and 16% altend&d selectN8 slate SchIs. In thpe*l. 29% 01allan1& c¥1 8V8r8ge. w8r8 fits1- generalti)n university sludent$. Tne Trustees recognise thai schcd type. free scnw rr1 aata. ants wnner appiicanis are firsi- oeneralion universrty students, are not exa indicators of an indmdual applunl's socioonOMiC stslus. Nonetheles5, the Trustees bele Ihey provide a sense ol educatk)nal and economr advantage or disadvantagewrthout requiring intrusive questions in tha Trust's aptioN procèss and tha r8sullant need to handle sensi¢Ne individual dats. The Trustees will continue lo promote the schoLarship as an inclusive opportunity to graduates ol all UK univer511ies, and to find ways to reach a wder prosFective applicant pool who may not have considered th@ trnrIt4 tyf ¥ graduate •dvcation in the US- through sccial media and oulreach via social mobilrty org8nis81ions. The generous funding the Kennedy Schc4arship prowdes, moreover, makes graduate opportunities lea5ible lor those wthoul personal resources. and the Trust is wmmrtled to providing stipends lo ¢ov&r th& living costs for Sludenls who coukl not othemse aflord to Supp Ih&mselv&s. 27
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KMT 2023-24 Trustee Report and Financial Statements Final Final Audit Report 2022-19 202-17 By.. Status." Tr$3¢7 ID". CBjCHBG4lY1lWFNzabEWy1F1nN1O¥xEN. "KMT 2023-24 Trustee Report and Financial Statements_Final" History Docurngnt created by Tim Farrow-Hou89 ltim@kennedytrusl.org.vkl ¥1?n?-17- 5'rffi'?o PKI r?UT - Document emailed lo Sir Math Walport Imath.walport99@gmail.c4Jml for 20217-s..0..zo PU Ok4T . Do¢um8nt emailed lo Tilty Franklin ltilly-fvanklin 202>02-IF. S..08'.26 PM GMT u(am.co.ukl lor ¥9nature Emall viewed by Tilly Franklin Iblly.tranklin 202M2-18- 11'.14'.54AM GMT utsm..ukI Do¢urn8nt e•sned by Tilty Franklin ItiUy.frankJin ucim.cJ).uk) Slgn8lLY¢ D•te'. 202&02.18. 11."15."33MI GMT-Tknb Stsrta.. Email wewed by Sir Mark Walport 1mark.walpor199@gmall.c7l 202M2-19-9'.31".10 GMT Documant Owsigned by Sir Mark Walport Imath.walpor199@gm811.eoml snale Lknte.. 202&02.19.9..32."46 GMf.mrne ScAwt*'. Ag1v¢Tn11I Luriiplvlv¢J. 202&02-19-9".32..46fvM GMT IJ Adobe Acrobat S