CHARITY REGISTRATION NUMBER: 00273258
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Unaudited Financial Statements
31 December 2025
IOANNOU & CO
Chartered accountants 767-769 High Road North Finchley London N12 8JY
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Financial Statements
Year ended 31 December 2025
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 16 |
| Notes to the detailed statement of financial activities | 17 |
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Trustees' Annual Report (continued)
Year ended 31 December 2025
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2025.
Chair's report
2025 was one of the most eventful years for the Friends of Kenwood. Two world class exhibitions were staged in the House with the crucial support of the Friends.
Heiress: Sargent's American Portraits brought together 8 oil paintings and 10 charcoal portraits of American women who made such an impact on British society. The centenary celebration of John Singer Sargent attracted some 35,000 visitors and received worldwide publicity. The exhibition was underwritten by the Friends of Kenwood who believed its impact would far outweigh the risk. We were pleased that our confidence was rewarded and our investment resulted in a significant addition to our curatorial fund from ticket sales.
To enable the exhibition to go ahead, the Friends agreed to lead a fundraising campaign and became the lead partner for English Heritage. This was the first time the Friends of Kenwood had attempted a major fundraising initiative and its success will be a blueprint for further projects.
Heiress was the brainchild of Friends of Kenwood Council member, Richard Ormond, and English Heritage senior curator, Wendy Monkhouse. The Friends of Kenwood drew up a Heads of Agreement with English Heritage and both English Heritage and the Friends of Kenwood worked tirelessly to make it the success it became. In particular, Helen Payne, Mark King, Pat Hardy, Ken Solomons and Mala Gole worked with their colleagues at English Heritage to support them.
After Heiress, a small and extraordinary exhibition, "Double Vision: Vermeer at Kenwood", was staged bringing together Vermeer's 'Guitar Player' (1672) that hangs in the Dining Room at Kenwood, with the Philadelphia Art Museum's version. The two paintings on the same subject were displayed side by side for the first time since they were created over 300 years ago. The exhibition was free and was part funded by a donation from the Friends. Again, it attracted many new visitors to Kenwood House and received favourable press coverage.
Both exhibitions were accompanied by events and lectures as part of our monthly series of lectures, organised by Angela Cox, Richard Ormond, Pat Hardy, Nicholas Fielding and Helen Payne, which have consistently been fully booked across the year.
In September 2025, the Friends launched a campaign to fund the dedicated, site-based Curator post at Kenwood. English Heritage agreed that, if Friends of Kenwood could raise the funds, the post would be able to continue. This will be our focus for the next year, as well as planning events for future years to celebrate the centenary of the Iveagh Bequest.
Our Treasurer, Ken Solomons, has had the added task of over overseeing the costs of staging both exhibitions, ensuring donations were received and accounted for, as well as his usual responsibilities in taking care of the Friends of Kenwood accounts. It has been a monumental task and one he has done effectively and efficiently.
Council member, Jerzy Kierkuc-Bielinski, resigned from the Council during the year. I am grateful to Nick Fielding for managing the Friends of Kenwood website and editing the biannual Newsletter, to Helen Payne for the fortnightly email news bulletin, to Mala Gole for organising a great number of highly successful events over the year, and to Sally Doganis and Tracy Abraham for their active participation.
Finally, I am grateful to all members of the Friends of Kenwood Council who have assisted in fundraising and development, which is why 2025 has been such a resounding success.
Dame Jenny Abramsky Chair of Trustees
21 April 2026
1
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Trustees' Annual Report (continued)
Year ended 31 December 2025
Reference and administrative details
Registered charity name THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Charity registration number 00273258 Principal office Kenwood House Hampstead Lane London NW3 7JR The trustees
Dame J G Abramsky Mr K S Solomons Mrs M Gole Mrs A Cox Mrs S E Doganis Mr M B King Mr R L Ormond Ms H E Payne Mrs T C Abraham Mr J J Kierkuc-Bielinski (Resigned 17 September 2025) Mr N Fielding Dr P J Hardy Company secretary Mrs Mala Gole Independent examiner Constantinos E. Ioannou FCA
2
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Trustees' Annual Report (continued)
Year ended 31 December 2025
Structure, governance and management
The Friends Of The Iveagh Bequest, Kenwood, also known as "The Friends of Kenwood", is constituted as unincorporated charity, the activities of which are governed by a trust deed dated 27th February 1977 as amended on 15th April 2012 as amended on 15th September 2021.
The trustees oversee and authorise all expenditure of the charity as well as the main fund-raising events.
Objectives and activities
The object of the charity is the promotion and improvement of the amenity for the public at large of the Iveagh Bequest, including Kenwood House, Hampstead Lane, London NW3 7JR, its estate and collections, through the support and assistance of a group of Friends.
Achievements and performance
Grants were made to English Heritage during 2025 towards the cost of the "Heiress: Sargent’s American Portraits" and "Vermeer: Double Vision exhibitions".
We continued to work closely with English Heritage on the planning and implementation of the Heiress exhibition and, following a campaign of fundraising by both parties and ticket sales, a substantial surplus was realised, which was shared between us.
Our programme of talks was again successfully presented in the Lecture Theatre, with the additional benefit of the new audio-visual system, and a live-stream link for members unable to attend in person.
Financial review
We have continued our programme of phased bank deposits and holdings in two charity ESG funds and the returns from these investments are reflected in the accounts.
There has been no substantive progress in the development of the Kenwood Masterplan and there are no outstanding requests for funding in this respect.
Plans for future periods
The charity will continue the promotion of its objectives and the support of English Heritage. Our strong financial position, as shown in the accounts, will enable us to continue to provide significant support.
The trustees' annual report was approved on 20 April 2026 and signed on behalf of the board of trustees by:
Dame J G Abramsky Trustee
Mr K S Solomons Trustee
3
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Independent Examiner's Report to the Trustees of THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Year ended 31 December 2025
I report to the trustees on my examination of the financial statements of THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD ('the charity') for the year ended 31 December 2025.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Constantinos E. Ioannou FCA Independent Examiner
Chartered Accountant
767-769 High Road North Finchley London N12 8JY.
20 April 2026
4
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Statement of Financial Activities
Year ended 31 December 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 47,106 | 107,213 | 154,319 | 32,822 |
| Other trading activities | 5 | 9,274 | 101,450 | 110,724 | 7,575 |
| Investment income | 6 | 11,695 | 3,126 | 14,821 | 13,821 |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| Total income | 68,075 | 211,789 | 279,864 | 54,218 | |
| =================================== | =================================== | =================================== | =================================== | ||
| Expenditure | |||||
| Expenditure on charitable activities | 7,8 | 37,639 | 60,000 | 97,639 | 43,482 |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| Total expenditure | 37,639 | 60,000 | 97,639 | 43,482 | |
| =================================== | =================================== | =================================== | =================================== | ||
| Net gains on investments | 9 | (17,032) | (4,552) | (21,584) | (10,294) |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| Net income and net movement in | funds | 47,468 | 156,341 | 203,809 | 21,030 |
| =================================== | =================================== | =================================== | =================================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 408,789 | 108,104 | 516,893 | 495,863 | |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| Total funds carried forward | 456,257 | 264,445 | 720,702 | 516,893 | |
| =================================== | =================================== | =================================== | =================================== |
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 7 to 14 form part of these financial statements.
5
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Statement of Financial Position
31 December 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 13 | 220,141 | 198,557 | |
| Current assets | ||||
| Debtors | 14 | 11,735 | 8,246 | |
| Cash at bank and in hand | 490,589 | 312,052 | ||
| ----------------------------------- | ----------------------------------- | |||
| 502,324 | 320,298 | |||
| Creditors: amounts falling due within one year | 15 | 1,763 | 1,962 | |
| ----------------------------------- | ----------------------------------- | |||
| Net current assets | 500,561 | 318,336 | ||
| ----------------------------------- | ----------------------------------- | |||
| Total assets less current liabilities | 720,702 | 516,893 | ||
| =================================== | =================================== | |||
| Funds of the charity | ||||
| Restricted funds | 264,445 | 108,104 | ||
| Unrestricted funds | 456,257 | 408,789 | ||
| ----------------------------------- | ----------------------------------- | |||
| Total charity funds | 16 | 720,702 =================================== |
516,893 =================================== |
These financial statements were approved by the board of trustees and authorised for issue on 20 April 2026, and are signed on behalf of the board by:
Dame J G Abramsky Trustee
Mr K S Solomons Trustee
The notes on pages 7 to 14 form part of these financial statements.
6
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements
Year ended 31 December 2025
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Kenwood House, Hampstead Lane, London, NW3 7JR.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
7
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
8
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
3. Accounting policies (continued)
Investments in associates (continued)
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
9
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
4. Donations and legacies
| 4. | Donations and legacies | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Donations | ||||
| Donations | 28,966 | 95,155 | 124,121 | |
| Legacies | ||||
| Legacies & Bequests | – | – | – | |
| Gifts | ||||
| Corporate Benefactors | 1,500 | – | 1,500 | |
| Subscriptions | ||||
| Subscriptions Annual Members | 9,675 | – | 9,675 | |
| Subscriptions Life Members | 1,375 | – | 1,375 | |
| Subscriptions Rembrandt Members | 900 | – | 900 | |
| Subscriptions Vermeer Members | 1,500 | – | 1,500 | |
| Gift Aid Repayments | 3,190 | 12,058 | 15,248 | |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| 47,106 | 107,213 | 154,319 | ||
| =================================== | =================================== | =================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Donations | ||||
| Donations | 1,623 | – | 1,623 | |
| Legacies | ||||
| Legacies & Bequests | – | 12,000 | 12,000 | |
| Gifts | ||||
| Corporate Benefactors | 1,500 | – | 1,500 | |
| Subscriptions | ||||
| Subscriptions Annual Members | 8,746 | – | 8,746 | |
| Subscriptions Life Members | 1,125 | – | 1,125 | |
| Subscriptions Rembrandt Members | 900 | – | 900 | |
| Subscriptions Vermeer Members | 1,500 | – | 1,500 | |
| Gift Aid Repayments | 2,428 | 3,000 | 5,428 | |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| 17,822 | 15,000 | 32,822 | ||
| =================================== | =================================== | =================================== | ||
| 5. | Other trading activities | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Fundraising events | 9,274 | 101,450 | 110,724 | |
| =================================== | =================================== | =================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Fundraising events | 7,575 | – | 7,575 | |
| =================================== | =================================== | =================================== |
10
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
6. Investment income
| Investment income | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Bank interest receivable | 11,695 | 3,126 | 14,821 | |
| =================================== | =================================== | =================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Bank interest receivable | 11,423 | 2,398 | 13,821 | |
| =================================== | =================================== | =================================== | ||
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Charitable Activities | 35,661 | 60,000 | 95,661 | |
| Support costs | 1,978 | – | 1,978 | |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| 37,639 | 60,000 | 97,639 | ||
| =================================== | =================================== | =================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Charitable Activities | 41,440 | – | 41,440 | |
| Support costs | 2,042 | – | 2,042 | |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ||
| 43,482 | – | 43,482 | ||
| =================================== | =================================== | =================================== | ||
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Charitable Activities | 95,661 | – | 95,661 | 41,440 |
| Governance costs | – | 1,978 | 1,978 | 2,042 |
| ----------------------------------- | ----------------------------------- | ----------------------------------- | ----------------------------------- | |
| 95,661 | 1,978 | 97,639 | 43,482 | |
| =================================== | =================================== | =================================== | =================================== | |
| Net gains on investments | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Gains/(losses) on listed investments | 17,032 | 4,552 | 21,584 | |
| =================================== | =================================== | =================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Gains/(losses) on listed investments | 8,375 =================================== |
1,919 =================================== |
10,294 =================================== |
7. Expenditure on charitable activities by fund type
8. Expenditure on charitable activities by activity type
9. Net gains on investments
11
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
10. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,080 =================================== |
900 =================================== |
11. Staff costs
The average head count of employees during the year was Nil (2024: Nil).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
12. Trustee remuneration and expenses
No trustee received remuneration for their role.
13. Investments
| Investments | |
|---|---|
| Listed | |
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2025 | 198,557 |
| Additions | – |
| Fair value movements | 21,584 |
| ----------------------------------- | |
| At 31 December 2025 | 220,141 |
| =================================== | |
| Impairment | |
| At 1 January 2025 and 31 December 2025 | |
| Carrying amount | |
| At 31 December 2025 | 220,141 |
| =================================== | |
| At 31 December 2024 | 198,557 |
| =================================== |
All investments shown above are held at valuation.
Financial assets held at fair value
14. Debtors
| 14. | Debtors | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Prepayments and accrued income | 11,735 | 8,246 | |
| =================================== | =================================== | ||
| 15. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 1,763 | 1,962 | |
| =================================== | =================================== |
12
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | Gains and | 31 December |
|||
| 1 January 2025 | Income | Expenditure | losses | 2025 | |
| £ | £ | £ | £ | £ | |
| General funds | 408,789 | 68,075 | (37,639) | 17,032 | 456,257 |
| =================================== | =================================== | =================================== | =================================== | =================================== | |
| At | |||||
| At | Gains and | 31 December |
|||
| 1 January 2024 | Income | Expenditure | losses | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 407,076 | 36,820 | (43,482) | 8,375 | 408,789 |
| =================================== | =================================== | =================================== | =================================== | =================================== | |
| Restricted funds | |||||
| At | |||||
| At | Gains and | 31 December |
|||
| 1 January 2025 | Income | Expenditure | losses | 2025 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund 1 - desc | |||||
| in a/cs | 108,104 | 211,789 | (60,000) | 4,552 | 264,445 |
| =================================== | =================================== | =================================== | =================================== | =================================== | |
| At | |||||
| At | Gains and | 31 December |
|||
| 1 January 2024 | Income | Expenditure | losses | 2024 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund 1 - desc | |||||
| in a/cs | 88,787 | 17,398 | – | 1,919 | 108,104 |
| =================================== | =================================== | =================================== | =================================== | =================================== | |
| Analysis of net assets between funds | |||||
| Unrestricted | Restricted | Total Funds |
|||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Current assets | 458,020 | 264,445 | 722,465 | ||
| Creditors less than 1 year | (1,763) | – | (1,763) | ||
| ----------------------------------- | ----------------------------------- | ----------------------------------- | |||
| Net assets | 456,257 | 264,445 | 720,702 | ||
| =================================== | =================================== | =================================== | |||
| Unrestricted | Restricted | Total Funds |
|||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Current assets | 410,751 | 108,104 | 518,855 | ||
| Creditors less than 1 year | (1,962) | – | (1,962) | ||
| ----------------------------------- | ----------------------------------- | ----------------------------------- | |||
| Net assets | 408,789 | 108,104 | 516,893 | ||
| =================================== | =================================== | =================================== |
17. Analysis of net assets between funds
13
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Financial Statements (continued)
Year ended 31 December 2025
18. Restricted funds
The Restricted Funds are represented by a designated bank account named as Curatorial Fund which was established in 2019 by an anonymous donation from a member of the charity, amounting to £100,000, to which was added the relevant Gift Aid of £25,000. Its primary purpose is to fund English Heritage for the cost of mounting temporary exhibitions over a ten-year period to raise the profile of Kenwood House and its collections. It may also be used for research and other curatorial activities, and it is covered by an agreement between the charity, English Heritage and the donor. As at 31 December 2025 the restricted funds balance was £264,445 (2024 - £108,104).
14
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Management Information
Year ended 31 December 2025
The following pages do not form part of the financial statements.
15
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Detailed Statement of Financial Activities
Year ended 31 December 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 124,121 | 1,623 |
| Legacies & Bequests | – | 12,000 |
| Corporate Benefactors | 1,500 | 1,500 |
| Subscriptions Annual Members | 9,675 | 8,746 |
| Subscriptions Life Members | 1,375 | 1,125 |
| Subscriptions Rembrandt Members | 900 | 900 |
| Subscriptions Vermeer Members | 1,500 | 1,500 |
| Gift Aid Repayments | 15,248 | 5,428 |
| ----------------------------------- | ----------------------------------- | |
| 154,319 | 32,822 | |
| ----------------------------------- | ----------------------------------- | |
| Other trading activities | ||
| Fundraising events | 110,724 | 7,575 |
| ----------------------------------- | ----------------------------------- | |
| Investment income | ||
| Bank interest receivable | 14,821 | 13,821 |
| ----------------------------------- | ----------------------------------- | |
| ----------------------------------- | ----------------------------------- | |
| Total income | 279,864 | 54,218 |
| =================================== | =================================== | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Insurance | 536 | 529 |
| Legal and professional fees | 1,080 | 900 |
| Other office costs | 1,990 | 2,876 |
| Other interest payable and similar charges | 362 | 613 |
| Awards and Grants | 75,203 | 26,898 |
| Costs of Fund-Raising Events | 13,820 | 7,112 |
| Newsletter costs | 4,023 | 4,156 |
| Computer & internet expenses | 625 | 398 |
| ----------------------------------- | ----------------------------------- | |
| 97,639 | 43,482 | |
| ----------------------------------- | ----------------------------------- | |
| ----------------------------------- | ----------------------------------- | |
| Total expenditure | 97,639 | 43,482 |
| =================================== | =================================== | |
| Net gains on investments | ||
| Gains/(losses) on listed investments | (21,584) | (10,294) |
| ----------------------------------- | ----------------------------------- | |
| ----------------------------------- | ----------------------------------- | |
| Net income | 203,809 | 21,030 |
| =================================== | =================================== |
16
THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD
Notes to the Detailed Statement of Financial Activities
Year ended 31 December 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Charitable Activities | ||
| Activities undertaken directly | ||
| Sundry expenses | 1,990 | 2,876 |
| Awards and Grants | 75,203 | 26,898 |
| Costs of Fund-Raising Events | 13,820 | 7,112 |
| Newsletter | 4,023 | 4,156 |
| Computer & internet expenses | 625 | 398 |
| ----------------------------------- | ----------------------------------- | |
| 95,661 | 41,440 | |
| ----------------------------------- | ----------------------------------- | |
| Governance costs | ||
| Insurance | 536 | 529 |
| Examiner's Fee | 1,080 | 900 |
| Finance charges | 362 | 613 |
| ----------------------------------- | ----------------------------------- | |
| 1,978 | 2,042 | |
| ----------------------------------- | ----------------------------------- | |
| ----------------------------------- | ----------------------------------- | |
| Expenditure on charitable activities | 97,639 | 43,482 |
| =================================== | =================================== |
17