OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Charity registration number 288293 (England and Wales)

KENNEDY LEIGH CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

KENNEDY LEIGH CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms C Berman
Mr A Foux
Mr G Goldkorn
Mr A Sorkin
Mrs A Sorkin
Mr J Sorkin
Mr B Goldkorn
Mr J Segal (Appointed 24 March 2025)
Administrator Ms N Shoffman
Charity number 288293
Principal address The Kennedy Leigh Charitable Trust office
853 Finchley Road
London
United Kingdom
NW11 8LX
Auditor Xeinadin Audit Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
Bankers SG Kleinwort Hambros Bank Limited
Canary Wharf
London
E14 4SG
Solicitors Geoffrey Goldkorn Stokoe Partnership Solicitors
2nd Floor
1-3 Staple Inn
London
WC1V 7QH
Investment advisors Schroder & Co Ltd
1 London Wall Place
London
EC2Y 5AU
Veritas Investment Partners
Riverside House 2A Southwark Bridge Road
London
SE1 9HA

KENNEDY LEIGH CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Sarasin and Partners 100 St Paul's Churchyard London EC4M 8BU

Rothschild Wealth Management (UK) Limited St Swithins Lane London EC4N 8AL

Property Agents

Bidwells

Trumpington Road Cambridge CB 2LD

KENNEDY LEIGH CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Statement of financial position 14
Statement of cash flows 15
Notes to the financial statements 16 - 26

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "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 UK and Republic of Ireland (FRS 102) (updated October 2019)".

Objectives and activities

The Trust seeks to support projects and causes which will improve and enrich all parts of society as confirmed in their mission statement detailed later in this report. Significant focus was given this year on the advancement of medicine and education as well as the relief of poverty for the public benefit. These aims are supported by the objectives of the Trust as set out in the original trust deed which are:

In line with its charitable objects the Trust focuses much of its work in Israel and to a lesser extent in the UK concentrating its strategy on the following programmes carried out for the public benefit:

In setting our programmes going forward we have regard to both the Charity Commission's general guidance on public benefit and prevention and relief of poverty for the public benefit. The Trustees always ensure that the programmes we undertake are in line with our charitable objects and aims.

The charity delivers its charitable aims as follows:

The Trustees have formulated their guidelines in a mission statement an excerpt of which is detailed below:

"The Trust will support projects and causes which will improve and enrich the lives of all parts of society, not least those of the young, the needy, the disadvantaged and the underprivileged. In meeting its objectives, the Trust expects to become involved in a wide range of activities. The Trust is able to provide several forms of support and will consider the funding of capital projects and running costs. The Trust is non-political and non-religious in nature.".

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

During the year, the charity distributed £285,314 (2024: £492,865 ) in furtherance of its objectives. The Board considered a varied number of projects introduced by the Trustees themselves, by the Trust's consultant in Israel and through direct approaches to the administrator. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. A range of donations were made to worthy causes in Israel, along with the standing charitable commitments to UK charities. The beneficiaries of new and continuing significant donations made for the public benefit were as follows:

1. The advancement of health or the saving of lives

CHAI Lifeline - The Trust has supported this organisation for many years. The Trustees at their last review of the list of perennials agreed they wished to continue supporting CHAI Lifeline at the same level of funding of £17,500 per annum.

Shaare Zedek Training Programme for Palestinian Doctors – In July 2022, The Trustees agreed to commit £90,000 over 3 years in support of two Palestinian physicians on the Fellowship programme.

Israel Guide Dogs Centre (IGDC) – In March 2024, The Trustees agreed to support the IGDC Trainer Academy project with a donation of £25,000 toward the full £47,000 cost of the project.

2. The advancement of education

Hebrew University of Jerusalem ELSC for Brain Sciences Centre – In November 2015 following discussions and meetings with the University and having agreed to support a major project at the Rehovot campus, it was agreed to fund a Doctoral Fellowship at the ELSC for Brain Sciences Centre at the Givat Ram campus. It is named The Leila Foux Doctoral Fellowship in Neuroscience and will run for 25 years at a cost of $20,000 per annum.

Hebrew University of Jerusalem The Kennedy Leigh Scholarship in Sustainable Food Systems (FOOJI) - In January 2025

the Trustees, considered a new multidisciplinary PhD programme designed to connect students from diverse fields— including economics, law, pharmacy, and nutrition—while offering scholarships, networking opportunities, and industry engagement. The Trust agreed to support two cohorts of six students, one cohort each year, on a 1-year programme for two years at a total of $140,000.

Jerusalem Foundation/ Hebrew University - Training Young People from East Jerusalem as Social Workers – In January 2023, the Trustees considered a proposal to train East Jerusalemites as social workers at the Hebrew University. At the end of the course each person will be guaranteed 4 years of work by the Jerusalem municipality who is heavily involved in the project. The Trustees agreed to support the full £187,776 cost of the 4-year programme for the cohort of ten.

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

3. The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality or diversity

Hillel - The Right to Choose – This is a volunteer organization with the aim of promoting the successful integration of young people who leave the Haredi (ultra-Orthodox) communities in Israel to join modern and pluralistic society. Hillel is the only organization in Israel that supports ex-Haredi individuals. The Trustees at their last review of the list of perennials agreed they wished to continue supporting Hillel at the same level of funding of £12,500 per annum.

The Jahalin Honey Project – In June 2024, the Trustees agreed to make a £15,000 donation towards this programme to train and equip Jahalin women with the knowledge and skills for sustainable beekeeping and the production of honey and other related natural products.

Ben Gurion University – In January 2024 The Trustees considered a request to support the University’s Community Resilience Project. The project targets students' needs for psychological services and housing assistance due to the war. The Trustees, agreed to make a £25,000 donation per annum for two years, which will be diverted from the previously committed funding to the theatre outreach programme.

Yemin Orde Graduate Support Programme – In June 2024, The Trustees agreed to fund the Graduate Support Programme, which aids alumni during military service and higher education, with a donation of £25,000.

Yemin Orde Swimming Pool Project - The Trustees, over several meetings November 2024 – March 2025, considered the proposal to fund the cost of replacing the swimming pool at Yemin Orde which the Trust originally funded 50 years ago. After many discussions, the Trustees agreed upon a funding cap of $950,000 contingent on all permissions and funding being in place.

4. The advancement of the arts, culture, heritage or science

Jerusalem Print Workshop – This organisation runs a unique Graphic Arts project which brings artists and master printers together to collaborate on creating works using a variety of printmaking techniques. The Trust has been supporting this organisation's work for a number of years. The Trustees at their last review of the list of perennials agreed they wished to continue supporting Jerusalem Print Workshop at the same level of funding of £12,500 p.a.

5. The relief of those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage.

Jewish Care - The Trustees have had a long association with this organisation. In 1999 the Trust provided a substantial donation to establish the Kennedy Leigh Homecare service which was to be named in perpetuity. Following on from that the Trustees committed £10,000 per annum to help with the running costs of the service. In October 2013, the Trustees agreed to commit to a donation of £10,000 per annum for seven years for the majority of the Jewish Care fleet of buses to be named The Kennedy Leigh Shuttle; this was done in lieu of the Trust giving way to the naming rights of the homecare service so as to enable Jewish Care to raise further funds in support of this invaluable service. In 2022, the Trustees agreed to add Jewish Care to the list with an annual donation of £10,000. The Trustees at their last review of the list of perennials agreed they wished to continue supporting Jewish Care at the same level of funding of £10,000 p.a.

Jewish Association for the Mentally Ill (JAMI) - The Trust has supported this organisation for many years. The Trustees at their last review of the list of perennials agreed they wished to continue supporting JAMI who now operate under the auspices of Jewish Care at the same level of funding of £5,000 per annum.

Norwood - The Trustees have had a long association with this organisation. The Trust provided a substantial donation to establish the Kennedy Leigh Day centre some years ago and since then have made an annual donation towards the running costs of the centre. The Trustees at their last review of the perennials agreed they wished to continue supporting Norwood at the same level of funding of £10,000 per annum.

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Centre for Mind Body Medicine(CMBM) - Trauma Healing and Resilience Building in Northern Israel - In January 2025 The Trustees considered a request to support a training program for 24 mental health and school-based professionals using the evidence-based CMBM (Center for Mind-Body Medicine) model, which incorporates mind-body techniques shown to be effective in reducing trauma symptoms, stress, and burnout. The programme takes a train-the-trainer approach, equipping people to deal with trauma who then go into their communities to train others. The Trustees agreed to fund the total cost of the programme of $30,000.

Jerusalem Foundation - The SAHI – Special Hesed (Good Deeds) Unit : In March 2025 The Trustees considered a request to support a community service gap year programme for vulnerable youth with leadership qualities, is an inspirational initiative that for the first time recognises these youth as impactful leaders who can give back to society. The Trustees approved a grant of $25,000 per annum for three years to the Sahi Programme.

JPR – Institute for Jewish Policy Research - the Trust has previously supported JPR acknowledging the Institute's impactful academic contributions and strong reputation. In March 2025 The Trustees approved a donation of £15,000 funding for a UK Jewish Population Research Panel.

6. Other purposes currently recognised as charitable and any new charitable purposes which are similar to another charitable purpose

Community Security Trust (CST) - The Trust has supported this organisation for many years. The Trustees at their last review of the list of perennials agreed to continue their commitment to CST at the same level of £10,000. This grant is used specifically towards the work the CST is doing with university students through its Student and University Campus Activity programme.

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Post balance sheet commitments:

In July 2025 the Trustees considered a number of war related emergency funding requests and agreed the following commitments:

1. Ben Gurion University – Soroka Medical Center

2. Leket Israel – Emergency Food Programme

3. Alyn Hospital – Paediatric Rehabilitation

4. Magen David Adom (MDA)

5. Shaare Zedek Medical Center

6. Hebrew University – Mental Health Services

7. Kagan Centre (Youth Support)

8. Arava Institute – Gaza Water Relief

9. Clean Shelter – Gaza Desalination

Post balance sheet occurrences:

None

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Grant making policy

The current grant policy of the Trustees is to distribute annually the income and, at the Trustees’ discretion, a proportion of the capital appreciation that the Trust may have experienced over the preceding years. The funds available for distribution outside of Israel are all but committed for the foreseeable future to several UK charities. The Trustees are therefore unable to consider applications for funding from charitable organisations outside of Israel at this time. The Trust excludes applications from private individuals. Details of grants made are set out in the notes to the accounts.

The Trustees all take an active role in the management of the charity to ensure its aims are fulfilled. Regular contact is made with the beneficiaries in order to attempt to establish the needs of charities and the level of financial assistance that may be appropriate.

Achievements and performance

Significant activities and achievements against objectives

During the year the charity made grants to 26 institutions. The charity receives favourable feedback and regular updates from these beneficiaries, as well as letters of gratitude. The success of the sponsored programmes is constantly monitored by the charity.

Financial review

The net income for the year amounted to £180,822 (2024: net income of £1,802,493). This is stated after taking into account net losses on investments of £79,860 (2024: net gains of £1,783,136). The Trust paid grants to various charitable organisations in the year and these totalled £285,314 (2024: £492,865).

Total income was £689,925 (2024: £629,509) which is an increase of £60,416 in income during the year compared to the previous year. This was as a result of higher dividend income from investments held due to a global recovery in the markets and increased returns on investments.

Total expenditure in the year was £429,243 (2024: £610,152), an decrease on the prior year of £180,909. This was mainly due to a significant decrease in the level of grants payable, in line with the commitments made. Support costs and governance costs were slightly higher than the prior year at £56,769 (2043: £55,754).

A gain arose on the quoted investment portfolio of £137,115 (2024: gain of £1,595,354) in the year, due to positive market conditions, with a final portfolio value at the balance sheet date of £20,760,274 (2024: £20,499,826). A gain arose of £31,213 (2024: loss arose of £25,279) in respect of disposals of investments. The investment property held by the charity was revalued during the year, resulting in a £220,000 fair value loss (2024: gain of £200,000). In total, a loss of £28,188 (2024: gain of £11,848) arose in respect of foreign exchange gain. Thus, the overall losses on investment assets was £79,860 (2024: gain of £1,783,136) which was reported in the Statement of Financial Activities.

Going concern

The charity held unrestricted funds at the balance sheet date of £25,948,675 (2024: £25,767,853 ) after the sum of £1,182,540 (2024: £278,540) of designated funds are taken into account. There are no going concern issues.

Reserves policy

Reserves are that part of the charity's funds that are freely available for its general purposes i.e. the resources it has available once it has met its commitments and covered its other planned expenditure. The Trust requires a level of reserves to cover any unexpected contingencies in its day-to-day operations and to ensure that it has sufficient funds available to continue its grant making policy for the foreseeable future. In order to achieve this objective, the Trustees must take into account the current investment climate with its associated low returns.

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Investment policy

The Trustees have adopted a policy of diversifying its investments into UK Treasury stocks and other funds, including equities, bonds and property, to achieve a better balance between income and capital growth. Overall, the Trustees take a cautious view on investment policy with a view to protecting the trust assets but looking to broadly match appropriate performance indices for the investments made in equity-based products.

The assets of the Trust at the year-end included investments in property interests (£3.05m, 15%), in fixed interest investments (£0.43m, 2%), and in equities and similar funds (£17.28m, 83%). The Trustees believe that this asset allocation provides security, enhances the income flow of the charity whilst allowing an opportunity for capital growth.

Major risks

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and have developed a risk management strategy which involves the following:

Plans for future periods

In line with its stated public benefit objectives the charity has entered into the future commitments as detailed previously in this report.

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The Charitable Trust is constituted under the terms of a Deed dated 14th October 1983 and a subsequent scheme altering the investment policy of the Trust dated 29th November 1999. The Trustees may invest the trust fund entirely at their own discretion.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Ms C Berman

Mr A Foux Mr G Goldkorn Mr A Sorkin Mrs A Sorkin Mr J Sorkin Mr B Goldkorn Mr J Segal (Appointed 24 March 2025)

Recruitment and appointment of trustees

In February 2024 Ms Berman and Mrs Sorkin were appointed as Co-Chairpersons for two years.

On 24[th] March 2025 Mr Joshua Segal was appointed as a Trustee.

Under the terms of the original Trust deed the Board has the power to appoint new Trustees by invitation.

KENNEDY LEIGH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

All Trustees are kept up to date with ongoing developments in charity law and practice with appropriate training courses being considered if appropriate. It is the policy of the Board to provide new Trustees with all relevant information appertaining to the charity and its affairs upon induction in order that they can obtain a sufficient level of knowledge to enable them to perform their roles effectively.

The Trustees meet formally up to six times a year as well as having ad-hoc informal discussions. The decisions of the Trustees are recorded by written minute and the daily management of the Trust is the responsibility of the administrator. Ms N Shoffman is the appointed administrator of the Trust.

The trustees' report was approved by the Board of Trustees.

Ms C Berman

Trustee

14 January 2026

KENNEDY LEIGH CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.

KENNEDY LEIGH CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF KENNEDY LEIGH CHARITABLE TRUST

Opinion

We have audited the financial statements of Kennedy Leigh Charitable Trust (the ‘Trust’) for the year ended 31 March 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant 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:

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 Trust 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 requirements. 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 Trust’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 other information comprises the information included in the trustees report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the trustees report. Our opinion on the financial statements does not cover the other information and 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

KENNEDY LEIGH CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KENNEDY LEIGH CHARITABLE TRUST

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of trustees' responsibilities, 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 Trust’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit procedures performed included the reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; discussions with the directors' on their own assessment of the risks that irregularities may occur either as a result of fraud or error, their assessment of compliance with laws and regulations and whether they were aware of any instances of non-compliance, including any potential litigation or claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; inspection of relevant legal correspondence and board minutes; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

KENNEDY LEIGH CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF KENNEDY LEIGH CHARITABLE TRUST

As a result of our assessment, it is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. However, laws and regulations considered to have a direct effect on the financial statements included the UK Companies Act, the Charities Act, Employment Laws, Tax and Pensions legislation and Health & Safety legislation.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. There is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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 UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters 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, for this report, or for the opinions we have formed.

Gedalia Waldman BA FCA (Senior Statutory Auditor)

For and on behalf of Xeinadin Audit Limited (Statutory Auditor) Chartered Accountants

5 Technology Park Colindeep Lane Colindale London NW9 6BX United Kingdom

21 January 2026

Xeinadin Audit Limited is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

KENNEDY LEIGH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Unrestricted
funds
funds
general
designated
funds
2025
2025
Notes
£
£
Income from:
Investments
4
689,925
-
Total income
689,925
-
Expenditure on:
Raising funds
5
69,577
-
Charitable activities
7
359,666
-
Total expenditure
429,243
-
Net gains/(losses) on
investments
12
(79,860)
-
Net income
180,822
-
Transfers between funds
(904,000)
904,000
Net movement in funds
(723,178)
904,000
Reconciliation of funds:
Fund balances at 1 April 2024
25,489,313
278,540
Fund balances at 31 March 2025
24,766,135
1,182,540		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
funds
2025
2024
2024
£
£
£
689,925
629,509
-
689,925
629,509
-
69,577
43,238
-
359,666
566,914
-
429,243
610,152
-
(79,860)
1,783,136
-
180,822
1,802,493
-
-
382,710
(382,710)
180,822
2,185,203
(382,710)
25,767,853
23,304,110
661,250
25,948,675
25,489,313
278,540		 Total
2024
£
629,509
629,509
43,238
566,914
610,152
1,783,136
1,802,493
-
1,802,493
23,965,360
25,767,853

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

KENNEDY LEIGH CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
13
Investment property
14
Investments
15
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within one year
18
Net current assets
Total assets less current liabilities
The funds of the Trust
Unrestricted funds - general
Unrestricted funds - designated funds
19		 2025
£
61,550
99,427
1,348,913
1,509,890
(31,734)		 £
245
3,710,000
20,760,274
24,470,519
1,478,156
25,948,675
24,766,135
1,182,540
25,948,675		 2024
£
46,000
62,189
1,259,934
1,368,123
(30,421)		 £
325
3,930,000
20,499,826
24,430,151
1,337,702
25,767,853
25,489,313
278,540
25,767,853

The financial statements were approved by the Trustees on 14 January 2026

Mr J Sorkin Trustee

Mr B Goldkorn Trustee

KENNEDY LEIGH CHARITABLE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
3
Investing activities
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(577,493)
439,122
689,925		 £
(462,575)
551,554
-
88,979
1,259,934
1,348,913		 2024
£
(357,841)
416,373
629,509		 £
(670,924)
688,041
-
17,117
1,242,817
1,259,934

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Kennedy Leigh Charitable Trust is an unincorporated charity governed by a trust deed.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 UK and Republic of Ireland (FRS 102)". The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

Having reviewed the trust's financial forecasts and expected future cash flows, the Trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. The trust holds healthy cash reserves and fairly liquid investments to shelter against any unforeseen events. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 March 2025.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes, namely the provision of future grants.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The main income of the Trust is derived from quoted investments. Income received from UK quoted investments is recognised as income when receivable together with any recoverable tax credits. No relief is recoverable for such credits paid on dividend income.

All other income is accounted for on an accruals basis.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Any irrecoverable VAT is charged against the expenditure heading to which it relates.

The costs of raising funds are represented by costs relating to the management of the investment portfolios of the charity as well as expenses attributable to the management and letting of the property interests owned.

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Grants payable are payments made to third parties in the furtherance of the charitable activities of the Trust. Grants are recognised in the accounts when paid or when the Trustees have agreed to pay the grant without condition. At the end of each year a review is carried out in respect of future charitable commitments to be made and this is represented by the designated fund in the accounts.

Charitable expenditure includes grants payable, consultancy fees and trustee expenses incurred regarding the provision and supervision of charitable projects. Support costs are also included under charitable expenditure in line with the Statement of Recommended Practice.

Support costs comprise governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers

25% on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

No item of expenditure is capitalised as fixed assets additions unless it exceeds the sum of £500.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.11 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

The Trust does not operate a pension scheme. Contributions made to a personal scheme of an employee are charged in the accounts as they become payable.

1.14 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.15 Taxation

As a registered charity the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Cash absorbed by operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
(Gain)/loss on disposal of investments
Fair value gains and losses on investment properties
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
Cash absorbed by operations		 2025
2024
£
£
180,822
1,802,493
(689,925)
(629,509)
9,012
(11,848)
(31,213)
25,279
220,000
(200,000)
(137,115)
(1,633,571)
81
109
(15,550)
(24,706)
1,313
829
(462,575)
(670,924)

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Rental income 55,691 59,042
Income from listed investments 579,036 527,554
Interest receivable 55,198 42,913
689,925 629,509

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Trading costs
Other trading activities 7,845 9,823
Investment management 61,732 33,415
Total costs 69,577 43,238
Expenditure on charitable activities
Charitable Charitable
expenditure expenditure
2025 2024
£ £
Direct costs
Consultancy fees 17,583 18,295
Grant funding of activities (see note 7) 285,314 492,865
Share of support and governance costs (see note 8)
Support 36,518 36,652
Governance 20,251 19,102
359,666 566,914
Analysis by fund
Unrestricted funds - general 359,666 566,914

6 Expenditure on charitable activities

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

7 Grants payable
Charitable Charitable
expenditure expenditure
2025 2024
£ £
Grants to institutions (26 grants):
Total charitable donation 285,314 492,865

8 Support costs allocated to activities

Charitable
expenditure
2025
£
Staff costs
19,548
Depreciation
81
Office overheads
1,075
Rent
13,208
Other expenses
2,216
Subscriptions
391
Governance
20,250
56,769
2025
Governance costs comprise:
£
Audit fees
19,713
Accountancy
537
20,250		 Total
2024
£
19,383
109
1,156
13,190
2,283
532
19,101
55,754
2024
£
18,541
560
19,101

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year (2024: £nil). No expenses were reimbursed to the Trustees in the year (2024: £nil).

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2025
Number
1
2025
£
19,048
500
19,548		 2024
Number
1
2024
£
19,000
383
19,383

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 137,115 1,596,567
Sale of investments 31,213 (25,279)
Revaluation of investment properties (220,000) 200,000
Foreign exchange (28,188) 11,848
(79,860) 1,783,136

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13
Tangible fixed assets
Cost
At 1 April 2024
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Computers
£
4,143
4,143
3,817
81
3,898
245
325
14
Investment property
Fair value
At 1 April 2024
Net gains or losses through fair value adjustments
At 31 March 2025		 2025
£
3,930,000
(220,000)
3,710,000

Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Bidwells Chartered Surveyors, who are not connected with the Trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historical cost of the investment property was £850,000 (2024: £850,000).

2025 2024
£ £
Freehold 3,710,000 3,930,000

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

15 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 1 April 2024
20,499,826
-
Additions
428,359
149,134
Valuation changes
129,680
(1,578)
Disposals
(445,147)
-
At 31 March 2025
20,612,718
147,556
Carrying amount
At 31 March 2025
20,612,718
147,556
At 31 March 2024
20,499,826
-
2025
Listed investments included above:
£
Listed investments carrying amount
20,612,718		 Total
£
20,499,826
577,493
128,102
(445,147)
20,760,274
20,760,274
20,499,826
2024
£
20,499,826

During the year, the trust committed to investing $644,100 into a private partnership. At the year end, $193,230 (£149,134) was invested and drawn down, whilst the remaining $450,870 remains committed to be invested in the future over several years.

16 Debtors

Amounts falling due within one year:
Other debtors
Prepayments and accrued income
17
Current asset investments
Unlisted investments		 2025
£
19,880
41,670
61,550
2025
£
99,427		 2024
£
46,000
-
46,000
2024
£
62,189

Current asset investments comprise of cash held in investment portfolios.

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Creditors: amounts falling due within one year

Other taxation and social security
Accruals and deferred income		 2025
£
633
31,101
31,734		 2024
£
280
30,141
30,421

19 Movement in unrestricted funds

These are unrestricted funds which are material to the Trust's activities.

General funds
£
Balance at 1 April 2024
19,160,806
Income
689,925
Expenditure
(429,243)
Transfer between funds
(904,000)
On investment disposals
31,213
Quoted investments
(79,970)
Unquoted investments
6,906
Foreign currency
(28,188)
Investment property
18,447,450		 Movement in funds
Designated
funds
Transfers
£
£
278,540
-
-
-
904,000
-
-
-
-
-
1,182,540
-		 Fair value
reserve
Balance at
31 March 2025
Balance at
1 April 2024
£
£
£
6,328,507
25,767,853
(23,965,360)
689,925
(659,022)
(429,243)
610,152
-
-
31,213
54,792
210,179
130,209
(1,596,567)
6,906
(28,188)
(11,848)
(220,000)
(220,000)
(200,000)
6,318,686
25,948,675
25,767,853		 Fair value
reserve
Balance at
31 March 2025
Balance at
1 April 2024
£
£
£
6,328,507
25,767,853
(23,965,360)
689,925
(659,022)
(429,243)
610,152
-
-
31,213
54,792
210,179
130,209
(1,596,567)
6,906
(28,188)
(11,848)
(220,000)
(220,000)
(200,000)
6,318,686
25,948,675
25,767,853
25,767,853

20 Operating lease commitments

Lessee

At the reporting end date the Trust had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
4,380
-
4,380		 2024
£
13,140
4,380
17,520

KENNEDY LEIGH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

21 Related party transactions

During the year under review, the charity paid no grants to related parties.

22 Analysis of changes in net funds

The Trust had no material debt during the year.