## **Trustee Report and Financial Statements** 

## Year Ended 

## 30 April 2025 


_Above: The 2024-25 Kennedy scholars and members of the Kennedy Memorial Trust Board._ 

Registered Charity Number 234715 



Kennedy Memorial Trust 

## **Annual report and financial statements for the year ended 30 April 2025** 

## **Contents** 

## _Page:_ 

- 1 Report of the Trustees 

- 14 Report of the independent auditors 

- 17 Statement of financial activities 

- 18 Balance sheet 

- 19 Notes forming part of the financial statements 

- 28 Appendix: Diversity data and Statistical Report on the 2025-26 Kennedy Scholarship competition 

## **Reference and Administrative Information:** 

## **Trustees** 

Prof Sir Mark Walport, Chairman (until 30 September 2025), and now Sir Richard Moore KCMG (appointed 1 October 2025) 

Ms Mary Ann Sieghart, Senior Independent Trustee (until 31 December 2025) 

Dr Tariq Baloch KC (appointed 10 July 2023) 

Professor Kirstie Blair (appointed 30 September 2024) 

Mr Matt Clifford CBE (reappointed 1 January 2024) 

Ms Stephanie Flanders (until 29 September 2024) 

Ms Tilly Franklin (appointed 27 September 2020) 

Prof Fiona Macpherson (until 29 September 2024) Prof Gareth McKinley (appointed 28 November 2022) Mr Rupert Morley (appointed 30 September 2024) Professor Rana Mitter (appointed 27 August 2024) Ms Moira Wallace OBE (reappointed 1 January 2024) 

## **Patrons** 

The Rt Hon The Lord Mayor of London – Professor Michael Mainelli (until 8 November 2024), Alderman Alastair John Naisbitt King KStJ DL 

The Governor of the Bank of England – Andrew Bailey 

## **Director and Principal Address** 

Mr Timothy Farrow-House, The Kennedy Memorial Trust, 3 Birdcage Walk, LONDON, SW1H 9JJ (until 30 June 2025) and now The Kennedy Memorial Trust, East Side, Kings Cross Station, London, N1C 4AX 

**Accountant Auditors Solicitors** _:_ Arabis Accountancy Services Ltd Dunkley’s Messrs Stone King LLP WARE Statutory Auditor Boundary House Hertfordshire Chartered accountants 91 Charterhouse Street SG12 8JL Woodlands Grange London Woodlands Lane EC1M 6HR Bristol BS32 4JY **Bankers Investment Managers** The Royal Bank of Scotland plc Amundi Asset Management 62/63 Threadneedle Street 77 Coleman Street PO Box 412155 London London EC2R 5BJ EC2R 8LA 

**Charity number:** 234715 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** 

The Trustees present their report and the audited financial statements for the year ended 30 April 2025. 

## **Status and Administration** 

The Trust is an unincorporated charity, Charity No. 234715, governed by a trust deed dated 4 July 1964 and amended 11 July 2007. Its principal activity is to administer the Memorial Fund set up to commemorate President John F Kennedy. The Memorial takes 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 Massachusetts Institute of Technology. 

The Trustees who served during the year were: 

Prof Sir Mark Walport, Chairman Ms Mary Ann Sieghart, Senior Independent Trustee Mr Tariq Baloch KC Professor Kirstie Blair Mr Matt Clifford CBE Ms Stephanie Flanders Ms Tilly Franklin, Finance Trustee Prof Fiona Macpherson Prof Gareth McKinley Mr Rupert Morley Professor Rana Mitter Ms Moira Wallace OBE 

The day-to-day running of the Trust is delegated to the Director. 

1 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Structure, 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 States 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 receive 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 Status and Administrative Information. 

The three US Trustees are appointed by, respectively, the President of the United States of America, the President of Harvard University and the President of the Massachusetts Institute of Technology (MIT). Following the retirement of Professor Maya Jasanoff in January 2024, Harvard’s President appointed Professor Rana Mitter (Harvard, 1993) as a Trustee effective 27 August 2024. The Prime Minister, Sir Keir Starmer, approved the appointment of two former Kennedy Scholars, Professor Kirstie Blair (Harvard, 1997) and Rupert Morley (Harvard, 1990) as Trustees of the Kennedy Memorial Trust. They replace outgoing Trustees, Stephanie Flanders (Harvard, 1992) and Professor Fiona Macpherson (Harvard, 1998) **;** both came to the end of their second terms on the Board. 

The Trustee body thus consisted of nine members from January 2024 to August 2024, and ten members thereafter for the remainder of the 2024-25 financial year. There is currently a vacancy among the US Trustees. 

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 three times a year. In December 2024, the Board reviewed and approved projected spending on awards for the following financial year. 

The Trust has continued to empower the sub-committees of its Board to lead key projects and further support the Executive by leveraging the capacity of its Trustees. The committees, and their respective Chairs, during this period were: Academic, scholarships, and welfare (Sir Mark Walport); Finance, operations and audit (Tilly Franklin), Alumni, fundraising and communications (Moira Wallace) and Nominations, people, and board development (Mary Ann Sieghart). 

## **Key management personnel** 

The key management personnel of the charity, responsible for directing and controlling, running and operating the charity on a day-to-day basis, comprise the Trustees together with the Director. In September 2024, the Trust recruited a second member of staff to become the Trust’s Stewardship Officer. 

Trustees do not receive remuneration in respect of their services to the charity. The remuneration of the Director is reviewed annually by the Chair, Senior Independent Trustee, and Finance Trustee. In fulfilling their obligations throughout the year, the Trustees have had regard to guidance issued by the Charity Commission. 

## **Fundraising Statement** 

The charity aims to achieve best practice in the way in which it communicates with supporters. It takes care with the tone of its communications. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities. 

This year the Trust has been implementing key projects set out in a fundraising study, from the Halpin Partnership, in preparation for a major fundraising campaign to secure donations which will enable the Kennedy Scholarships to continue in perpetuity. The Trust has created a new logo, published a new website and introduced a new database. A second member of staff has been recruited. 

2 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** 

Every year there are many hugely impressive candidates for Kennedy Scholarships, and the Trustees aim to make this life changing opportunity available to more of these inspiring young people. Increasing the number of philanthropic gifts to the Trust will make this a reality. Halpin Partnership’s report identified a high level of motivation to support the Trust among alumni and highlights the considerable potential to harness the ambitions of the Trustees and wider scholar community to establish a philanthropic culture and create a platform for fundraising as a successful ongoing activity. 

3 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Management of Principal Risks and Uncertainties** 

In 2001, Trustees conducted a major review of the risks to which the charity was exposed, including those related to the operations and finances of the Trust and those specifically related to the memorial at Runnymede. This exercise was repeated in 2009 and in June 2021. The risk register is reviewed annually by the Board, having regard to the size and objects of the Trust, and seeking to ensure that appropriate measures are in place to mitigate the Trust’s exposure to major risk. Ongoing monitoring is delegated to the Director and the Senior Independent Trustee, in consultation with the Chair. 

|1. Insufficient funds generated,<br>through returns on investments<br>and a fundraising campaign, to<br>support the ongoing annual<br>awarding of Kennedy Scholarships.|The number of scholarships awarded each year is related<br>to affordability. A spending policy has been adopted for<br>clarity and consistency in determining affordability. A new<br>fundraising campaign is being planned to strengthen the<br>Trust’s investment portfolio for the future.|
|---|---|
|2. The Trust’s acquisition of a<br>reputation that would threaten the<br>standing of the scholarships, either<br>in the eyes of potential first-rate<br>applicants or among academics at<br>Harvard or MIT.|Trustees are chosen with the scholarship’s reputation very<br>much in mind. They themselves come from a variety of<br>backgrounds and regularly reconsider the criteria for<br>awarding scholarships and the outcomes in terms of<br>diversity of background as well as fields of study.|
|3. Inadequate management of<br>applicants’ personal data in an<br>online application system, or other<br>data breach.|The Trust uses a reputable company for its online<br>application system, which employs password-protected<br>access to individual data, encryption and SSL security<br>certificates for safe data transmission. It has robust<br>disaster-recovery procedures. The Trust also has robust<br>policies pertaining to data handling and storage.|
|4. Accident or injury to a member of<br>the public visiting the Kennedy<br>Memorial at Runnymede.|The Trust has considerable public liability cover, at a level<br>researched and market-tested in 2016, to ensure that any<br>claim from a member of the public could be met.  In<br>addition, there are signs throughout the site warning<br>visitors of heightened risks in wet weather.  The memorial<br>is in a rural rather than a parkland location therefore<br>requiring appropriate footwear. Partnership with the<br>National Trust and regular visits by the Director and<br>Trustees ensure the landscape management risks are<br>appropriately monitored and acted upon.|
|5. Disruptions to operations or awards<br>relating to planned office closure<br>and/or loss of important records.|The Trust has enhanced its digital capabilities and<br>procedures so as to facilitate remote working and<br>operations,<br>ensuring<br>continuity<br>of<br>activities<br>and<br>organisational resilience. The Director now works<br>remotely, primarily, and the Trustees have decided to<br>close the Trust’s office. Essential operational files are now<br>digitised and other physical files will be assessed as to<br>their future storage – whether in digitised format or<br>physically retained. A repository will be sought for the<br>Trust’s<br>most<br>important<br>documents<br>–<br>particularly<br>applications and operational records (with appropriate<br>access restrictions) so as to preserve its archive.|



4 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Objectives and Activities of the Trust for the Public Benefit** 

In accordance with the governing documents, the objective of The Kennedy Memorial Trust is to 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 at the outset by the British public in response to 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 at Runnymede, in Surrey, and a living memorial offering Kennedy Scholarships to British postgraduate students admitted to Harvard and the Massachusetts Institute of Technology. 

## _**The Kennedy Memorial at Runnymede**_ 

The Trustees protect, preserve and maintain the Kennedy Memorial at Runnymede, in association with the National Trust, to enable public access to, and enjoyment of, the site. The Memorial was designed by Sir Geoffrey Jellicoe, who drew on The Pilgrim's Progress, Bunyan's allegory of life as a journey, as inspiration for the design of the site and opened by the Queen on the 14 May 1965. The memorial was listed in 1998, and the wider memorial landscape was added to the Register of Parks and Gardens in 2020. 

There are three elements to the Memorial: 

- a stepped pathway, made up of 60,000 granite setts winds up through woodland to bring the visitor to the glade where ... 

- a seven ton block of Portland stone stands on a plinth and is inscribed with words taken from President Kennedy's inaugural address in 1961. 

- a paved pathway leads to the Seats of Contemplation (the end of the journey) from where there is a superb view of Runnymede. 

The National Trust completed a five-year project called Runnymede Explored in Spring 2024, which has created accessible paths and trails to link Runnymede’s memorials and artworks, with creative interpretation along the trails and which included enhancements at the Kennedy Memorial such as new signage, and a new gate and bench. As the site is open to the public and free to visit, with no paying entry point, the National Trust does not hold definitive visitor data, but the local team report that footfall has increased. The team has particularly noticed an increase during the autumn and winter months due to the pathways helping improve access during those times. 

The significance of the Trust’s management of this memorial is reflected in the Trust’s new logo which was inspired by the winding, stepped pathway to the Kennedy Memorial at Runnymede and represents the journey (and growth) of our scholars, who are given this life-changing scholarship opportunity. The design is modern and forms an abstract K – the font in the logo is bespoke to the Trust. There are 6 steps to mark the Trust’s first 60 years. 



5 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## _**Kennedy Scholarships**_ 

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 typically are offered for one academic year, enable a small group of British graduates to take advantage of particular educational opportunities. Tuition costs are high at 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-type institutions with associated advertisements. 

Full application details are available on the Trust's website: www.kennedytrust.org.uk. Applicants must be British citizens at the time 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 to 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 ten years prior to 1 September in the year of award. In awarding Kennedy Scholarships, the Trustees particularly welcome applicants with a strong public-service ethos. They take into consideration candidates' intellectual attainment, readiness and ability to express themselves, and a wellresearched and argued case for their proposed course of study at Harvard or MIT. They also look for originality of mind, potential to make a mark in public life and the ability to overcome adversity. Awards are made in the expectation that Kennedy Scholars will bring the benefits of their American experience back to the United Kingdom. 

Between 2018-2023, the Trustees also awarded Kennedy Summer Research Scholarships, to British citizens who are enrolled on doctoral programmes at Harvard and MIT. These were awarded through a separate application process in support of particular research projects. 

The Trust maintains contact with former Kennedy Scholars throughout the year and typically organises several events for current and former Scholars. A summer reception for new Kennedy Scholars and alumni was held in June 2024 at Mansion House, the distinguished residence and office of the Lord Mayor of London. 



_**Above:** The six 2024-25 Kennedy scholars are (Left to right): Chris Conway, Liam Plimmer, Rania Ramli, Euan Ong, Hugh Pearson, David Gayle,_ 

_**Above:** The Kennedy Memorial Trust reception in Summer 2024 was generously hosted by The Rt Hon The Lord Mayor of London, Professor Michael Mainelli._ 

In October 2024, the Trust held a special “Kennedy Conversation” alumni event and reception at the Royal Society in central London. Alumni (from those who were part of the first cohort of Kennedy Scholars in 1966, to those recently studying in Cambridge), guests and friends gathered to hear a panel of experts from the Kennedy scholar community discuss the “New Frontier” in Artificial Intelligence _._ 

6 



Kennedy Memorial Trust 

## **Report of the Trustees** 

## **for the year ended 30 April 2025** _**(Continued)**_ 

Shashank Joshi (H, 07-08), defence editor at The Economist, moderated the evening and led the discussion with our panellists Nikhila Ravi, (H,16-17) Research Engineer and Manager at Meta AI, Matthew Clifford (MIT, 08-09) Co-founder of Entrepreneur First, and Chair of the UK’s Advanced Research and Invention Agency and Professor Andrew Blake (MIT, 77-78) a pioneer in Artificial Intelligence and formerly Research Director at The Alan Turing Institute. 


**Left to right** _: Shashank Joshi, Professor Andrew Blake & Matthew Clifford_ _**,** Nikhila Ravi (on screen) (October 2024)_ 

When arriving in the US and during their studies, Kennedy scholars have the opportunity to join events and activities hosted by US institutions dedicated to the memory of President Kennedy and the Kennedy family. This year, the John F. Kennedy Presidential Library and Museum hosted a welcome event in Autumn 2024, and the Edward M. Kennedy Institute for the U.S. Senate hosted a tour and reception in Spring 2025. 

_**Right:** Former scholars from every decade of our first 60 years joined a wonderful gathering of Kennedy Scholars at the John F. Kennedy Presidential Library and Museum in Boston to welcome our new scholars to the city as they settled into their studies and life in the US. (November 2024)_ 


7 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

_**Right** : Current and former Kennedy Scholars visiting the Edward M. Kennedy Institute for the U.S. Senate’s full-scale replica of the United States Senate Chamber (the only replica of the Senate in the world). They also saw the faithful reproduction of Senator Ted Kennedy’s Washington, D.C. Senate office. (April 2025)_ 


The Trust also provided financial support for a three-day trip to Washington DC by current Scholars as an enrichment activity. During the visit, former Kennedy scholars help facilitate visits to the Federal Reserve, World Bank, and British Embassy. The scholars also had the opportunity to explore many of the iconic sights of the capital, including the Library of Congress, the Smithsonian Museums, and the National Mall. A particularly moving moment was spent at the John F. Kennedy Eternal Flame in Arlington National Cemetery, where our scholars took time for reflection and paid their respects. 



_**Above (** Left to right): David Gayle, Rania Ramli, Hugh Pearson, Liam Plimmer and Chris Conway at the White House. (April 2025)_ 

_**Above:** Scholars at the John F. Kennedy Eternal Flame in Arlington National Cemetery (April 2025)_ 

8 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Grant-making Policy** 

Kennedy Scholarships enable leading British graduates who are also British citizens, to benefit from the broad educational opportunities available at both Harvard and MIT, two world-leading universities, without having to meet the considerable costs involved. President Kennedy himself studied at Harvard. MIT was chosen because of the President’s keen interest in seeing technological advances reflected in government and international affairs. 

All British universities and university colleges were notified of the Kennedy Scholarship competition and advertisements were placed on a range of websites and social media platforms. The Trustees have provided, through the Trust’s office, an advisory service to those enquiring about study at Harvard and MIT. Applications were submitted online, through the Trust’s website, and 143 applications were received. In January 2024, 25 outstanding candidates attended the interviews in London. 

In May 2024, following confirmation of students’ admission to Harvard or MIT, the Trust was able to award six new Kennedy Scholarships. In addition to these new awards, three current Scholars received continued support for tuition and health insurance costs for a second year, enabling them to continue or complete their degrees. As the MIT Scholar elected to defer their place, a total of eight Kennedy Scholars studied in Cambridge during the 2024– 25 academic year. The Trust offers a grant to each of the new Scholars to travel within the United States at the end of the academic year, following an application process. The Trustees ask Scholars to include discussion of their travel experiences in their post-Scholarship reports, which will be submitted later this year. For 2024–25, three Scholars applied for and were awarded travel grants. The Trust also provided financial support for a three-day trip to Washington DC by current Scholars as an enrichment activity. Kennedy Scholarships are awarded in the expectation that Scholars will bring the benefits of their American experience back to the UK 

## **Equality, Diversity, and Inclusion** 

The Trust is an educational charity which seeks to 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 to evaluate the diversity of applicants to the scholarship programme at different stages of the selection process, and to assess the efficacy of its outreach in terms of attracting applicants from a broad range of backgrounds within the UK. These measures include race, ethnicity, and gender identification, as well as indicators of socio-economic and educational background. This data is compiled annually in anonymised form and made available on the Trust’s website. The Trust does not publicise disaggregated information for those receiving awards due to data protection considerations. 

A more extensive longitudinal analysis of diversity data compiled since 2010 is included as an appendix to this report. It shows that the Kennedy Scholar community is multi-faceted and diverse. The scholarship community has also come close to gender parity in this period, though women were under-represented historically among selected Scholars and still comprise a minority of applicants overall. There is still work to be done encouraging more to apply to the Scholarship, and to expand our outreach among minority communities, but the trends in both respects are positive. 

The Trust has limited data on social, economic and educational background, but it suggests that students from the state sector make up, on average, 50% of recent Kennedy Scholar cohorts compared to 91% of UK university students/recent graduates as a whole. This may, to some extent, reflect dynamics in the most selective UK universities - which enrol a relatively higher percentage of privately educated students – from which the Trust receives a majority of its applications. 

The Trustees will continue to promote the Kennedy Scholarship as an inclusive opportunity for graduates of all UK universities, and to assess candidates holistically – considering their academic and professional achievements, their goals in pursuing further education at Harvard or MIT, adversity they may have overcome, and their potential to make a difference. 

9 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Scholar Spotlight** 

All scholars are required to provide a report of their time studying in the US and how they chose to spend their summer travel grant. Here, two members of the 2023/24 cohort share their highlights, in extracts from their reports. 


## **Philippa (Pippa) Frizzelle** 

Master of Laws (LLM), Harvard Law School 

“My year at Harvard, which would not have been possible without the Kennedy scholarship, was one of enormous personal and professional development. My ambition for the year was to deepen my understanding of public international law, forge connections with lawyers working in the field, and take the first steps towards building a career of my own as an international lawyer. 

Thanks to the significant flexibility of the LLM programme at Harvard Law School, I designed a curriculum for myself that spanned the whole spectrum of international law, from the laws of war to international environmental law. I chose a mixture of class formats: some lectures, some seminars, one reading group and one clinic. 

I was pleased that my hard work in my classes paid off; I was awarded the Dean’s Scholar Prize for five of my classes, and ultimately the Morgan and Helen Chu Prize, which is awarded to each of the two LLMs who graduate with the highest grade point averages. I was particularly proud to be the Dean’s Scholar of my US constitutional class on the First Amendment, where I had a steep learning curve to acquire the same understanding of the US constitution as Americans in my lectures.” 

_**Above:** Pippa exploring the National Parks during her time in the US._ 


**----- Start of picture text -----**<br>
Achievements and Performance<br>**----- End of picture text -----**<br>


## **Robert McDonald** 

Visiting Fellow in Applied Mathematics, Harvard Graduate School of Arts and Sciences 

“Cambridge, MA really is the intellectual centre of the United States. The Harvard Kennedy School seems to function as a direct pipeline from Massachusetts to Washington, DC, and I was astounded at the level of access I had to its fellows and visitors while I was a student here. The School of Engineering and Applied Sciences is building things I previously found inconceivable, and instilled in me the desire to ‘think bigger’ about my research. As a Visiting Fellow at GSAS, you have access to all of Harvard’s Graduate schools, as well as the College, and even that small institution down the road called MIT. I was able to work with students and faculty across the city in classes, research projects, and study groups throughout the year, and I experienced as much as I could of what Cambridge has to offer.” 

_**Left:** Rob standing in front of a painting of JFK in the White House. Having applied through the office of Senator Ed Markey, he was able to tour the East Wing of the White House and was delighted to see this depiction of JFK in person._ 

10 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Financial Review** 

The remainder of the BlackRock’s UK Property Fund was redeemed in January 2025, completing the fund manager transfer to Amundi. 

Due to changes in the structure of the Trust’s portfolio, the Trust’s dividend investment income has increased from the previous year £95,762 (2024: £84,723). Following the disposal of the BlackRock UK Property Fund, future investment income will depend on the portfolio’s asset mix, market yields and currency movements; the Trustees will continue to monitor income generation alongside total return. 

The investment shows a decrease for the year, despite the funds having a gain for the year of £546,772. This is a result of investment withdrawal of £1,019,901; £427,371, which was used to fund the scholarship programme for the 24/25 year and £592,530 was the disposal of the Blackrock Property fund, which will be used to fund the scholarship programme for the forthcoming year 25/26. The Trustees continue to closely monitor the Trust’s investments and the wider economic situation and intend to increase invested assets in future through fundraising as well as capital gains.”. 

For the year ended 30 April 2025, the Trust recorded a net movement in funds of £86,564 (2024: £1,596,027). This reflects gains on investments of £542,893 (2024: £1,995,187) and total expenditure of £697,226 (2024: £691,526). Before gains on investments, net expenditure was £456,329 (2024: £399,160). 

The number of scholarships awarded each year is related to affordability. For clarity and consistency in determining affordability, the Trustees adopted a new spending policy in November 2023, which takes account of the value of the Trust’s investments and fundraising income to generate a guideline budget constraint for scholarship expenditure each year. This policy will be kept under regular review. Through a fundraising campaign, the Trustees hope to ensure that at least ten scholarships per year can be sustainably supported in future. 

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 statements. Movements in the exchange rate between the US dollar and sterling can affect the stated results and, because of these movements, the Trust recognised a transaction loss of £2,483 in the year (2024: transaction gain of £2,962). Analysis of the expenditure is shown in Notes 4 and 5. 

As shown in Note 4, the Trust incurred lower than normal expenditure on the Runnymede Memorial in 2024–25 £7,270; (2024: £12,591). This was due to extensive repairs and cleaning of the memorial stone and surrounding stoneworks, recommended following a condition report commissioned last year. Major works are now complete but some additional cleaning, repairs, and maintenance costs vary each year. 

## **Investment Policy and Performance** 

Amundi Asset Management took over the management of the Trust’s portfolio from February 2024. 

There are no restrictions on the charity’s power to invest. The Finance Trustee, in consultation with the Chair and Trustees, reviews the performance of the portfolio and determines an appropriate investment strategy. 

Amidst current economic challenges, the Trust’s investments have decreased slightly in value compared to last ‑ year but the significant gains made since FY2024 have been largely preserved. The year end investment portfolio value was £17,643,515 as of 30 April 2025 (2024: £18,044,339). The Trustees continue to closely monitor the Trust’s investments and the wider economic situation, and hope to increase invested assets in future through fundraising as well as capital gains. 

The Trustees monitor both income yield and total return on the portfolio. In 2024–25, investment income was £95,762 and net gains were £542,893 (see Note 3 and Note 8) 

Both the initial transfer to an ESG fund within BlackRock and the selection of Amundi as the Trust’s new investment managers, reflect the Trust’s efforts to more consciously advance environmental sustainability and social responsibility, alongside financial considerations, in its investment strategy. 

The ratio of US dollar to GBP sterling investments matched the ratio of anticipated dollar and sterling expenditure. 

11 



Kennedy Memorial Trust 

**Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

Trustees recognise that share values can both increase and decrease, especially amid the current economic challenges. The following table shows the value of the Trust’s investments over the past 10 years. 

||£||£|
|---|---|---|---|
|2016|11,544,946|2021|16,852,908|
|2017|13,829,142|2022|16,865,088|
|2018|13,845,916|2023|16,463,683|
|2019|14,525,448|2024|18,044,339|
|2020|13,692,832|2025|17,643,515|



## **Reserves Policy** 

The Trust’s objective is to maintain in perpetuity the Kennedy Memorial at Runnymede and to grant the scholarships that bear President Kennedy’s name. Mindful of this, the Trustees seek to balance the interests of the current and future beneficiaries of the Trust’s work. The number of scholarships awarded each year is related to affordability and, as noted above, the Trustees have adopted a spending policy which sets out how affordability is to be calculated. The Trustees will continue to keep this under review. The total funds as at 30 April 2025, including cash balances, stand at £18,561,720 (2024: £18,475,156). Trustees review the reserve annually when deciding how many scholarships to award at interview. In January 2014, a risk reserve of £1,000,000 was agreed which, for the year to 30 April 2025, was upgraded to £1,275,535 in line with the Consumer Price Index. 

The Trustees are confident that the Trust remains a going concern for the foreseeable future. Projections for 202526 scholarship expenditure are well within the affordability estimates generated by the Trust’s new spending policy, and that policy itself will ensure the sustainability of scholarship expenditure pending launch of the fundraising campaign. 

As such, the Trustees take the view that the level agreed is acceptable in the current economic climate. It significantly exceeds the reserve needed for the long-term obligation to the Kennedy Memorial at Runnymede and provides an acceptable risk reserve to 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 resources available for Kennedy Scholarships so as to sustain the Trust in perpetuity. 

## **Future Plans** 

The Trustees will continue to disburse funds in accordance with the governing documents of the Trust and seek to ensure widespread awareness of Kennedy Scholarships within appropriate departments of British universities, university colleges and other places of higher education. They also seek to reach prospective applicants who have already graduated through social media and digital outreach. 

We have successfully completed the process to appoint Sir Mark’s successor as Chair. Following a thorough search supported by Nurole, a leading firm specializing in Chair and non-executive appointments in the not-for-profit sector, we are delighted to confirm that Sir Richard Moore assumed the role of Chair of Trustees on 1 October 2025. Sir Richard’s distinguished career includes serving as Chief of the Secret Intelligence Service (MI6), British Ambassador to Turkey, Director General for Political Affairs at the Foreign & Commonwealth Office, and postings in Vietnam, Turkey, Pakistan, and Malaysia. He brings with him a wealth of experience and a deep commitment to the values of the Trust, having himself been a Kennedy Scholar at Harvard University in 1985–86. 

As previously announced, the Trust’s London office closed on 30 June 2025 with the Executive team now working fully remotely. 

Plans for a major fundraising campaign are underway, but first the Trust will mark a celebratory year in 2026, the 60th anniversary of the first scholars departing for Boston in 1966. 

12 



Kennedy Memorial Trust 

## **Report of the Trustees for the year ended 30 April 2025** _**(Continued)**_ 

## **Trustees’ Responsibilities in relation to the financial statements** 

The Charity Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Charity Law requires the Charity Trustees to 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; 

- state 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-concern 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 ascertain 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

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

## **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 information, 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 taken all steps that he/she is obliged to take as a Trustee in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

By order of the Board of Trustees 


Sir Richard Moore KCMG **Chairman** 

Dated: 15/02/2026 

13 



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 (the ‘charity’) for the year ended 30 April 2025 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

-  give a true and fair view of the state of the charity’s affairs as at 30 April 2025 and of its income and expenditure for the year then ended; 

-  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

-  have been prepared in accordance with the requirements of the Charities Act 2011 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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 to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to 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 to 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 thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to 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 to report in this regard. 

## **Opinion on other matters prescribed by the Charities Act 2011** 

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: 

-  the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

14 



Kennedy Memorial Trust 

## **Independent Auditor’s Report to the Trustees of Kennedy Memorial Trust** _**(Continued)**_ 

-  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 information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the 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 to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to 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 competence, 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 determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011). 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to 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: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; 

- tested authorisation controls on expenditure items, ensuring all expenditure was approved in line with the charity’s financial procedures; and 

15 



Kennedy Memorial Trust 

## **Independent Auditor’s Report to the Trustees of Kennedy Memorial Trust** _**(Continued)**_ 

- performed substantive testing on management expense claims and credit card expenditure. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- 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 limitations 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 to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect 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 statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms 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 undertaken so that we might state to the charity’s members those matters that we are required to state to 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 to anyone other than the charity and the charity’s Trustees as a body, for our audit work, or the opinions we have formed. 

Dunkley & Co Limited Statutory Auditor Woodlands Grange Woodlands Lane Bristol BS32 4JY 

Dunkley & Co Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

18/02/2026 


16 



Kennedy Memorial Trust 

**Statement of Financial Activities for the year ended 30 April 2025** 

|||**Total**|**Total**|
|---|---|---|---|
|||**Unrestricted**|**Unrestricted**|
||**Note**|**2025**|**2024**|
|||**£**|**£**|
|**Income and endowments from:**||||
|Donations and legacies||**145,135**|207,643|
|Investment Income|3|**95,762**|84,723|
|||_______|_______|
|**Total Income**||**240,897**|292,366|
|||_______|_______|
|**Expenditure:**||||
|_Charitable activities:_||||
|Runnymede Memorial expenses|4|**7,270**|12,591|
|Graduate scholarships and expenses|5|**599,343**|611,346|
|Scholarship application costs|5|**90,613**|67,589|
|||________|_______|
|**Total expenditure**||**697,226**|691,526|
|||________|_______|
|Net expenditure before gains on investments||**(456,329)**|(399,160)|
|Net gains on investments|8|**542,893**|1,995,187|
|||________|_______|
|**Net income / (expenditure) and net**||||
|**movement in funds for the year**||**86,564**|1,596,027|
|**Reconciliation of funds:**||||
|Total funds brought forward||**18,475,156**|16,879,129|
|||_________|_________|
|**Total funds carried forward**||**18,561,720**|18,475,156|
|||_________|_________|



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 17 to 27 form part of these financial statements. 

17 



Kennedy Memorial Trust 

## **Balance sheet** 

## **at 30 April 2025** 

|**Note**<br>**2025**<br>**£**<br>**Fixed assets**<br>Tangible fixed assets<br>7<br>Investments<br>8<br>**Total Fixed Assets**<br>**Current assets**<br>Sundry debtors and prepayments<br>9<br>**46,352**<br>Cash and bank balances<br>**824,820**<br>_________<br>**Total Current Assets**<br>**871,172**<br>**Liabilities**<br>Creditors: amounts falling due<br>within one year<br>10<br>**(26,545)**<br>_________<br>**Net current assets**<br>**Net assets**<br>**Financed by:**<br>**Funds of the charity**<br>Unrestricted income funds:<br>13<br>Approved on behalf of the Trustees on<br>15/02/2026|**2025**<br>**2024**<br>**£**<br>**£**<br>**73,578**<br>**17,643,515**<br>_________<br>**17,717,093**<br>56,842<br>**343,083**<br>_________<br>**399,925**<br>**(41,600)**<br>_________<br>**844,627**<br>_________<br>**18,561,720**<br>_________<br>**18,561,720**<br>_________|**2024**<br>**£**<br>72,492<br>18,044,339<br>_________<br>18,116,831<br>**358,325**<br>_________<br>**18,475,156**<br>_________<br>**18,475,156**<br>_________|
|---|---|---|





**Sir Richard Moore KCMG – Trustee                                 Ms Tilly Franklin – Trustee** 

The notes on pages 19 to 27 form part of these financial statements 

18 



Kennedy Memorial Trust 

**Notes forming part of the financial statements for the year ended 30 April 2025** 

## **1 Status** 

The Trust was established by the trust deed dated 4 July 1964 and amended 11 July 2007. 

## **2 Accounting policies** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below: 

## **Basis of accounting** 

These financial statements have been prepared for the year to 30 April 2025. 

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note. 

The financial statements have been prepared in accordance 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 (FRS 102) (Charities FRS 102 SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. 

The charity has applied the small entity provisions of FRS. In accordance with this section, no statement of cash flows has been prepared. 

The charity constitutes a public benefit entity as defined by FRS 102. 

The accounts are presented in sterling and are rounded to the nearest pound. 

## **Critical accounting estimates and areas of judgement** 

There are 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 uncertainty are the carrying value of investment assets held by the charity, which will depend on the performance of investment markets and the investment income from these assets. 

## _**Going concern**_ 

The Trustees have assessed whether the use of the going concern 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 statements. 

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 concern. 

## _**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 received. 

Income is deferred only when the charity has to fulfil performance related conditions before becoming entitled to it or where the donor or funder has specified that the income is to 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 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. 

19 



Kennedy Memorial Trust 

**Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification 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 constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

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 its charitable activities. Such costs are divided between the upkeep of the Runnymede Memorial, the graduate scholarships and scholarship application costs. 

Support costs, which include governance costs, have been allocated to graduate scholarships and scholarship application costs. 

All expenditure is inclusive of irrecoverable VAT. 

## _**Cost apportionment**_ 

Within expenditure on charitable activities, costs are allocated directly either to postgraduate scholarships and scholarship application costs where possible: 

- a. Post-graduate scholarship costs are the university fees and associated costs to support the student throughout their studies. 

- 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 to either of these activities are apportioned on the basis of the time spent by the Director, which is estimated at 67% on current post-graduate scholarships and 33% on scholarship applications. 

## _**Tangible fixed assets**_ 

Tangible fixed assets are stated at cost less depreciation. All assets costing more than £500 and with an expected useful life exceeding one year are capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful economic life as follows: 

-  Office equipment 

## 20% - 30% 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 its 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 shown at ‘cost’ as it is not considered to have been impaired. Since the charity is responsible for keeping the memorial in an unspoilt condition, the costs of doing so are written off as and when incurred. 

20 



Kennedy Memorial Trust 

**Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## _**Investments**_ 

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. 

The charity does not acquire put options, derivatives or other complex financial instruments. 

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or 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 fixed income markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and bonds and within particular sectors or sub sectors. 

## _**Debtors**_ 

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at 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 maturity of less than three months from the date of acquisition.  Deposits for more than three months but less than one year have been disclosed as short-term deposits.  Cash placed on deposit for more than one year is disclosed as a fixed asset investment. 

## _**Creditors and provisions**_ 

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to 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 are 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 sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet dates. Any differences are taken to the Statement of Financial Activities. 

## _**Taxation**_ 

The Kennedy Memorial Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

21 



Kennedy Memorial Trust 

**Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## _**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 straight-line basis over the term of the lease. 

## _**Pension contributions**_ 

Contributions to the personal pension schemes of the charity’s employee are charged to 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. 

## **3 Investment income** 

|**Investment income**|||
|---|---|---|
|Dividends - UK listed investments<br>Dividends - US listed investments<br>Interest on cash deposits<br>**Runnymede Memorial Expenses**<br>Annual maintenance<br>Footpath / Monument repairs|**2025**<br>**£**<br>**13,055**<br>**76,036**<br>**6,671**<br>**_______**<br>**95,762**<br>**_______**<br>**2025**<br>**£**<br>**7,270**<br>**-**<br>**_______**<br>**7,270**<br>**_______**|**2024**<br>**£**<br>18,560<br>62,676<br>3,487<br>_______<br>84,723<br>|
|||_______<br>**2024**<br>**£**<br>**6,956**<br>**5,635**<br>_______<br>**12,591**<br>**_______**|



## **4 Runnymede Memorial Expenses** 

22 



Kennedy Memorial Trust 

## **Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## **5 Analysis of charitable expenditure** 

|**Post**<br>**Graduate**<br>**Scholarships**<br>**£**<br>**Scholarship**<br>**Application**<br>**Costs**<br>**£**<br>University and stipend fees<br>428,056<br>-<br>Student travel and expenses<br>20,357<br>14,719<br>Programme support costs<br>23,558<br>13,159<br> <br>**471,971**<br>**27,878**<br>Staff costs<br>78,224<br>38,529<br>Recruitment costs<br>12,719<br>6,264<br>Premises costs<br>7,041<br>3,468<br>Administration costs<br>14,610<br>7,195<br>Exchange losses / (gains)<br>1,657<br>816<br>Contributions Frank Knox<br>Scholars<br>(23,180)<br>(11,417)<br>114,151<br>56,272<br>Cost met by specific conditions<br>23,180<br>11,417<br>**114,151**<br>**56,272**<br>**Governance Costs**<br> <br>Accountancy<br>6,395<br>3,150<br>Audit fee<br>5,491<br>2,705<br>Legal and professional<br>1,235<br>608<br>**13,121**<br>**6,463**<br> <br> <br>Total costs for year<br>**599,343**<br>**90,613**||**Total**<br>**2025**<br>**£**<br>**428,056**<br>**35,076 **<br>**36,717**<br>**499,849**<br>**116,753**<br>**18,983**<br>**10,509**<br>**21,805**<br>**2,483**<br>**34,597**<br>**170,523**<br>**(34,597)**<br>**170,523**<br>**9,545**<br>**8,196**<br>**1,843**<br>**19,584**<br>**689,956**|**Total**<br>**2024**<br>**£**<br>468,990<br>26,699<br>25,702|
|---|---|---|---|
||||521,391|
||||84,397<br>**-**<br>10,701<br>4,737<br>(2,962)<br>(24,000)|
||||72,873<br>24,000|
||||96,873|
||||9,545<br>7,680<br>43,446|
||||60,671|
|||||
||||678,935|



During the year 6 scholarships were awarded, 5 with full liability for tuition and health insurance fees, one with partial liability due to a school-based tuition award (which was deferred to 25/26). These awards amounted to $361,266 or £285,821. Three scholars returned for their second year of study at Harvard - a stipend award was given in the second year to support with living costs. 

23 



Kennedy Memorial Trust 

## **Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## **5 Analysis of charitable expenditure – Comparative 2024** 

|**Post**<br>**Graduate**<br>**Scholarships**<br>**£**<br>**Scholarship**<br>**Application**<br>**Costs**<br>**£**<br>University and stipend fees<br>468,990<br>-<br>Student travel and expenses<br>19,101<br>7,598<br>Summer research scholarships<br>-<br>-<br>Programme support costs<br>17,700<br>8,002<br>**505,791**<br>**15,600**<br>Staff costs<br>56,546<br>27,851<br>Premises costs<br>7,170<br>3,531<br>Administration costs<br>3,174<br>1,563<br>Exchange  (gains) / losses<br>(1,985)<br>(977)<br>Contributions Frank Knox & Fulbright<br>Scholars<br>(16,080)<br>(7,920)<br>48,825<br>24,048<br>Cost met by specific conditions<br>16,080<br>7,920<br>**64,905**<br>**31,968**<br>**Governance Costs**<br> <br>Accountancy<br>6,395<br>3,150<br>Audit fee<br>5,146<br>2,534<br>Legal and professional<br>29,190<br>14,337<br>**40,650** <br>**20,021**<br> <br>Total costs for year<br>**611,346** <br>**67,589**|**Total**<br>**2024**<br>**£**<br>**468,990**<br>**26,699**<br>**-**<br>**25,702**|
|---|---|
||**521,391**|
||**84,397**<br>**10,701**<br>**4,737**<br>**(2,962)**<br>**(24,000)**|
||**72,873**<br>**24,000**|
||**96,873**|
||**9,545**<br>**7,680**<br>**43,446**|
||**60,671**|
|||
||**678,935**|



24 



Kennedy Memorial Trust 

## **Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## **6 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: 

|Administration|**2025**<br>**Number**<br>2<br>|**2024**<br>**Number**<br>1<br>|
|---|---|---|



One employee earned between £60,000 - £70,000 (2024: One employee earned between £60,000 - £70,000. The Trust made pension contributions on behalf of the employees of £6,475 (2024: £7,624). 

No Trustee received any remuneration in either year. 

Three Trustees had expenses  totalling £925 and one key management had expenses of £426 reimbursed in respect of travel, accommodation and subsistence. (2024: One Trustee was reimbursed expenses totalling £1,810). 

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 to key management personnel for the year was £73,042 (2024: £64,183). 

## **7 Fixed assets** 

|**Runnymede**<br>**Office**<br>**Memorial**<br>**equipment**<br>**£**<br>**£**<br>_Cost_<br>At 1 May 2024<br>71,178<br>1,953<br>Additions<br>-<br>2,110<br>Disposals<br>-<br>(1,043)<br>_______<br>_______<br>30 April 2025<br>71,178<br>3,020<br>_______<br>_______<br>_Depreciation_<br>At 1 May 2024<br>-<br>639<br>Charge for the year<br>-<br>605<br>Elimination on disposal<br>-<br>(624)<br>_______<br>_______<br>At 30 April 2025<br>-<br>820<br>_______<br>_______<br>_Net book value_<br>At 30 April 2025<br>**71,178**<br>**2,200**<br>_______<br>_______<br>At 30 April 2024<br>71,178<br>1,314<br><br>|**Total**<br>**£**<br>73,131<br>2,110<br>(1,043)<br>_______<br>74,198<br>_______<br>639<br>605<br>(624)<br>_______<br>820<br>_______<br>**73,578**<br>_______<br>72,492<br>|
|---|---|



25 



Kennedy Memorial Trust 

## **Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## **8 Investments** 

|**Investments**<br>Market value at 1 May 2024<br>Additions<br>Disposals<br>Realised gains<br>Net unrealised investment gain / (losses)<br>Cash deposit movement<br>Market value at 30 April 2025<br>The valuation at 30 April 2025 comprises:<br>Investments listed on a recognised Stock Exchange including unit trusts<br>UK listed investments – managed funds<br>Overseas – managed funds<br>Cash deposits|**2025**<br>**£**<br>**18,044,339**<br>**76,036**<br>**(1,019,902)**<br>**(3,879)**<br>**546,772**<br>**149**<br>_________<br>**17,643,515**<br>_________<br>**2025**<br>**£**<br>**-**<br>**17,643,515**<br>-<br>_________<br>**17,643,515**<br> <br>|**2024**<br>**£**<br>16,463,683<br>438,775<br>(853,306)<br>82,262<br>1,912,925<br>**-**<br>_________<br>18,044,339<br>_________<br>**2024**<br>**£**<br>602,666<br>17,441,822<br>(149)<br>_________<br>18,044,339<br>|
|---|---|---|



The following investments comprise more than 5% of the value of the total portfolio: 

||**2025**|**2024**|**2025**|**2024**|
|---|---|---|---|---|
||**£**|**£**|**%**|**%**|
|BR UK Property|**-**|602,666|**-**|4|
|AMUNDI ESG GLOBAL LOW CARBON|**12,319,528**|12,300,876|**70**|68|
|AIS US CORP SRI IHG D|**2,052,556**|1,907,888|**11**|10|
|AIS US CORP SRI IU C|**3,271,431**|3,233,058|**19**|18|
||**________**|________|**___**|___|



|**9**<br>**Sundry debtors and prepayments: amount falling due within one year**<br>Other debtors<br>Prepayments and accrued income|**2025**<br>**£**<br>**32,016**<br>**14,336**<br>________<br>**46,352**<br>|**2024**<br>**£**<br>52,211<br>4,631<br>________<br>56,842<br>|
|---|---|---|



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Kennedy Memorial Trust 

**Notes forming part of the financial statements for the year ended 30 April 2025** _**(Continued)**_ 

## **10 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**<br>Other creditors<br>Tax and social security<br>Accruals and deferred income|**2025**<br>**£**<br>**1,974**<br>**1,683**<br>**22,888**<br>_______<br>**26,545**<br>|**2024**<br>**£**<br>306<br>1,742<br>39,552<br>_______<br>41,600<br>|
|---|---|---|



## **11 Pensions** 

The Trust pays contributions to employees’ individual pension policies. The policies provide for benefits on a defined contribution basis and the assets underlying each policy are held by the pension provider. The pension cost charge represents the contributions payable by the Trust and amounted to £6,475 (2024: £7,624). 

## **13 Unrestricted funds** 

|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||**Balance**|||**Realised and**|**Balance**|
||**1 May**|||**Unrealised**|<br>**30 April**|
||**2024**|**Income**|**Expenditure**|**Investment**|**2025**|
|||||**Gains**||
||**£**|**£**|**£**|**£**|**£**|
|Unrestricted funds|**18,475,156**|240,897|(697,226)|<br>542,893|18,561,720|



## **14 Related Party Transactions** 

During the year, the charity received a donation of £25,000 (2024: £25,000) from the Tuixen Foundation. A related party relationship existed during the year as a former trustee of the charity served on the board of the Tuixen Foundation 

During the year, the charity received donations from 3 Trustees amounting to £11,200 (2024: £10,000). 

The Charity also incurred expenses of £11,451 in relation to events hosted by the Royal Society. A related party relationship existed during the year as a former trustee of the charity plays a key role on the Royal Society’s board 

Trustees had expenses of £925 and key management had expenses of £426 reimbursed in respect of travel, accommodation and subsistence. (2024: Trustees were reimbursed expenses totalling £1,810). 

There were no amounts outstanding at the year-end (2024 - £nil). 

## **15 Events after the reporting date** 

The Trustees have considered events occurring after the reporting date of 30 April 2025 and confirm that there were no adjusting or non-adjusting events requiring disclosure in these financial statements. 

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Kennedy Memorial Trust 

**Appendix: Equality, Diversity and Inclusion (EDI) Data** 

## **Diversity Data and Statistical Report on the 2024-25 Kennedy Scholarship competition** 

The Trustees place a strong emphasis on equality, diversity and inclusion (EDI) in the Kennedy Trust’s activities. To monitor equality, diversity and inclusion in the Kennedy Scholarship selection process, they have since 2010 recorded data on gender and ethnicity across the applicant pool and as selection progresses. Since 2017, educational data has also been recorded, including type of school attended and whether or not an applicant is a first-generation university student. The Trust also records data on eligibility for Free School Meals at schools attended by interview candidates, as an indicator of socioeconomic disadvantage. This data is collated anonymously and evaluated each year. 

In terms of socioeconomic diversity, it is more difficult to draw conclusions given the shorter timeframe of data available. Nonetheless, this data shows significant representation of first-generation students, in particular, within the applicant pool and among those selected as Kennedy Scholars. 

It should be noted that the cohort of Kennedy Scholars selected each year is impacted by admissions decisions at Harvard and MIT, which are outside the control of the Trustees. 

The Trust does not record data across the applicant pool on other protected characteristics such as religion or belief, sexual orientation, or disability. The Trustees are confident, however, that the selection process and contemporary Kennedy Scholar community is inclusive and diverse across these characteristics. The Trust has supported several Scholars across this period who have physical disabilities or chronic health conditions, for example. These Scholars have offered to serve as an advisory group to aid future Scholars with disabilities in navigating the services and support available at Harvard and MIT, and to enhance the information the Trust can provide to such students. 

## **Gender** 

Women have comprised majorities in six of the past fourteen Scholar cohorts, and since 2019, the proportion of applications has averaged 39%. There is some gender disparity in overall applications to the Kennedy Scholarship, but this is not consistently reflected throughout the selection process. The Trust has made progress towards gender equity, particularly since 2010, awarding significantly more scholarships to women compared to historical rates. The Trustees will continue to explore ways to encourage and support applicants, and believe the increasing visibility of women among its alumni community will further encourage this trend. 

## **Race and ethnicity** 

The proportion of ethnic minority applicants has shown an upward trend. This figure was 46% in this competition – the highest proportion of ethnic minority applicants since the Trust began recording this data. The Trust is proud of the increasingly diverse community of Scholars receiving its awards, and of its record of attracting strong applications from across different communities and regions in the United Kingdom. While the Trust does not hold historical data on race and ethnicity, the Trustees believe the contemporary Kennedy Scholarship community is more reflective of the racial and ethnic diversity of modern Britain. They will continue to work to encourage diversity, to support applicants from diverse backgrounds, and to work with alumni to expand outreach in minority communities. 

## **Socioeconomic Diversity** 

On average since 2019, 47% of applicants attended comprehensive school, and 16% attended selective state schools. Of those applicants educated in the private sector since, an average of 27% received a means-tested bursary to support their studies. On average, 29% of all applicants in this period were first-generation university students. The Trustees recognise that school type, free school meal data, and whether applicants are firstgeneration university students, are not exact indicators of an individual applicant’s socioeconomic status. Nonetheless, the Trustees believe they provide a sense of educational and economic advantage or disadvantage without requiring intrusive questions in the Trust’s application process and the resultant need to handle sensitive individual data. 

The Trustees will continue to promote the scholarship as an inclusive opportunity to graduates of all UK universities, and to find ways to reach a wider prospective applicant pool who may not have considered the benefits of a graduate education in the US – through social media and outreach via social mobility organisations. The generous funding the Kennedy Scholarship provides, moreover, makes graduate opportunities feasible for those without 

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Kennedy Memorial Trust 

## **Appendix: Equality, Diversity and Inclusion (EDI) Data** _**(Continued)**_ 

personal resources, and the Trust is committed to providing stipends to cover the living costs for students who could not otherwise afford to support themselves. 

The Trustees recognize that the commitment to EDI extends beyond the Kennedy Scholar community to the Trustee body and the Trust’s wider activities. While the Trustees do not control appointments to the Board, they are committed to encouraging a diverse range of candidates to consider becoming Trustees and to supporting diversity throughout the varying appointment processes that apply. 

29