THE kTNDIUCK FOUNDATION CHARITY REGISTrATION NO: 309072 THE KENDRICK FOUNDATION FINANCIAL STATEMEN75 FOR THE YEAR ENDED 31 MARCH 2021
THE KENDIUCK FOUNDATION CHARrrY REGISTIL4TION NO: 3119072 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR KNDED 31 MARCH 2021 ONTEIYTS Pa8e Report of the TTu5tee Indepa)deM Examiner's Report Statement of Financial Aaiviiies Balance Sheet C.&8h Flow Sthtemurt Notey to the Financial Statemts 8-11
THE KEL¥DRICK FOUNDATION cHARy REGISThATION NO: 309072 TRUSTEE: Michad P¢ Icbairnwi) Marsha Carey- Elms Claire cne11 Virgi Cullurn Allan Currall Jean Elli(1 Garrtck {Secrdary) Jan Nowecki Michad W1 William Whittirtgham PIUNCIPAL ADDRFSS: Kendrick Sch. London R(d, Readin& Berkshir< RGI 5BN INDEPKNDENT EXAMINEIL. Jasnt8 Cowper Kr¢s¢ffi. R¢JdinB Brid8e C*A)rBe Strrt Readin& Berkshire, RGI 8LS SECRETARY Rc8er Ganicl C(mpany Se¢rdary. The Kendrick Tntst Ltd. BANKERS: Uoyds TSB. Market Place Bran¢h. l Market Place. Readin& Berkshire, RGI 2EQ SOLICoIl$. Clarkslryd. On¢ Ftybury Squar< The Forbury. Readin& Befkshire. RGI 3EB INVESTMENT ADSORS. CCL& Senaior 85 e¢D Virt(Yia Strert London EC4V 4ET
THE KENDRICK FOUNDATION CHARrrY RECISTRATION NO: 3091172 REPORT OF THE TRuE FOR THE YEAR ENDED 31 MARCH 2021 Trust Deed The Kendrick Fcwndation was fcyrned by a Scheme wroY•AI by The Charity Cmmissioners for Enfind ortd Whles dated 9 March 1998 as m(Mlified by SLb3Wt th dat1 23 January 2LM)2. 7 Mar¢h 2(X)3. 30 March 2(K)4 and 20th D¢<<mbu 2017. Re8iltrntiott The Fndation w&% rryi#ered with the ClTrarity commissier9 for Engld and Wal¢$ on 9 March 1998 gnd givM the re8istrati¢m numbu 30W72. Trn The tru$¢ee of the Kendrick Fcundatiort is the Kertdri¢k TrusL a company limited by bwant¢e. The directors of the Kendrick Tr durin8 the year under review were." Pa8e (Chainnan) Ro8w Garrick (Secretory) Karen B¢)ssom Marsha Car¢y-Elms Claire Coftndl Virginia Cullu Allan C.urrall Jekn Elliott Jan Nowe£ki Michael Wall William Whittin8ham The number of dir#tm within the Kendri¢k Tft shall not be than I l and so lon8 48 Ihere shall be les5 than 2 director& oone of the Fthver (w discMi0 Ve¢d in the direciors shall be exer¢isable excepi f(r ihe rpose of appointin8 a new dirlor (r difr5. None of the diredm n(rted above rettive remuneration for the time Spent cffi the atTairs of the Foundatiort, Roger Garrkck was reimbursed £13 for expenses In1 in fLlinB the annual return for the Kendrick Trust with Companies H$¢. No othw of p(Kk¢t expense5 were paid to. or in respets of. the (bI)[S for the year ¢nd¢d 31 March 2021. Direcuxj are re<Witl when rty4uiroJ fr(xn amon8 peo¢ with aft intenst in Kendrick Sch(NJl: nixnination5 may be SthL8hi frun the KendrF¢k Parents. &Kiety (KPS) or the Kendrick Old Girls, Association (KOGA). Induction and trainith8 15 by means of infornjai mentorin8 by the chlitrnan and oth¢r tru51ees. The Chlty has no employeu. The dire¢t(xs meet & n4uired, generally onc¢(Ytivi¢¢ per annum. The pwx)se of these mewings is to receive reports and to ovtY5¢¢ and recommend payment of and to review the Fwndation'$ investment perforni8rt¢e in the light of apprwiaie prof¢ssional advi¢¢ and dso to receive and approve the Foundation's ounts and reFM)rts detsiling t rUent financial position of the FndatiOn. A comrnittee of direaors ha$ delegated wthority to consider and dderniine applications for within the chaTity'5 grant-m4king policy. Only very min(Y dlS(M$ are tak¢n withTrrt reference io the dirKtors. Page I
THE KENDIUCK FOUNDATION CHARrrY REGJSTRATION NO: 309072 REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021 Aims and Objettiva The aims and d)jedi¥¢s of the Kendrick FTrthda¢i(x) are to advanct the th¢ati(m of the b¢rtefi¢iaries. nwnely the pupils and f(Kmer pu&xls of Kendrick Gid$' Sth(Kl in Reading. The charity see&5 to ojt its objectives by.- L) making to the sch(M)l and to ojrreni and recohi students. The ncm&lly makes available up to IAy/o of the preViS year'5 unrestricted income for distribution in the ojrreni year. ill maintainin8 the valu¢ of tts assets for the benefit of futyre generations of Kenthick pupi15 and. in particular. to rd)uild the capital value previ(SlY represend by the playin8 field sold 2004. Review of achievements dnI8 the year Iring the year d(mations of £76.0(X) were made to K¢ndri¢k school as contribuuons towards the S¢hwl Kpansion project. These donations make the tcrfai contributions io the project £126.000 which was the agreed ¢x)mmilrn¢nt made by the trustee. No 8rants were mad¢ during the year to current and former pi[S as L¢xkdown and iravel re¥nl03 imposed durirt¥ th¢ Covid Pandemic made ihe norniat Udent projects and tr4vel irnpo55ible. The Tru5ke inlends to increase the fundin8 for student 8rants in future yar5 to WMpenle for the lack of 8rants in 20V21. No 8rani was mad¢ towaTd the School speech day a$ thi5 wa5 unable to take pla¢e due to Covid restftaion5 InVeent Policy nd PerftsrwaN¢e during the year CCLA w¢re appCInt the Fojndation's investment rnanaB¢r •1 the AGM in June 2015. Thty mart¢ ihe FndatiOn'S i dis¢reii¢yw b&qi& dosely m71(1 by the trUe¢. The investment policy i$tg h1¢Ye a reasonable rot¢ of relurn in the contexi of an acceptable level of risk. The value of the in¥esMent prfolio increased during the y¢4r by £479.828. which was a si8nifJ¢ant achievement in a year of 8ener&l fin•n¢i81 difficjjlry due the Covid pandemic. The r¢¢(wpment fund is required by the Charity Commi&%1(, ¢0 recoup. over 60 years. the 2(M)4 dfflation uf £2.8m to Kendrick Sch(d for new sp5 facilities. The Origin £500.¢JX) set aside forthis purpose had grown to £1.499.728. al 31. M8Tth 2021, £701.97418V/•) alM)ve the w of £797.754 needed rup ¢he £2.8m eveniy over 60 years. The value (<the Temginin8 pmnanent endowmeni whi¢h provides the expendable income, is £1,29),147. Publi¢ b¢o¢fi¢ The F1ndlOp has complled with th¢ duty (set (Mrt in seaion 4 of the Charities Act 2011) to have due resard to public benefit 8uidance publish1 by the Commission. It ex15ts to support the work of Kendrick Sch(K)I by making sranis for aaivities not ¢oYered by standard funding. The FIndatIOn wves annual trnvel 8r4Th19 lo senior students. (o enc(wrage them to widen iheir exp¢rien¢e and become more r(MJnd¢d individuals by wnlnbuting to a di(ferent culture and sharirJ8 their skills for the benefit of others. Th¢ Foundatson sold land. in 2¢))4, 10 finance the constnbction and fitlin8 ¢)ui of a SrtS hall at the school. This facility is available to th¢ Benerai public in tXll-of-school hout4 ai WendS and in sch(x)I holidays. Page 2
THE KENDRICK FOUNDATION REPORTOFTHE TRVSTEE FOX THE YEAR ENDED 31 MARCH 2021 oCM4•r The ¢ru#ee lde$S the variability of ln¥t$knna return5 00 the permanetti endowme1 to constitute the ty's majiy risk. The tsus¢ T¢SF)nds by tsking professiOr advice and diversifyittg 119 Law applicable io dwitits IA England ajd Wdes reqthru thetruAee io prepare finane4#1 statunents for e•ch fhnAMthd yw w.¢h giv¢ a mi¢ and fair view d the ch•n'ry's finaocid adiyities the yr oThd of lis finaTKid al th¢ end of tho ye4r In thffi¢ 4temeM& the truK¢e 1$ to. Sd¢ suitable a¢coJntsD8 poiieies theD apply th•m coosist¢rtdy' Make JeMentS 4od estiffl•ies that are rea90nle pnthii. Stste applicable cntin¥ MrdS aud sr•t¢rnwn of T(rtmended mce have been fdlowed thjert io any dtFW¢u di[0 cwiined in th¢ fiDncial Sutsmeftts, and Pw the fLnancaAi wments the g(Xn8 ncern btsis Unl¢ ii is in•ppropri&e to esUMe ihat t ¢lwity will in busness 10. Followin8 th¢ sHl¢ 181n{Y endowtd IWHI and rf£2 8m io the KendTiek. School 4nd in XCLYdanc¢ with 4 clwitiescthnmis5l Ordwdwed 3(ft Mch 2(XM the trux¢e initially invested £,0 in a Xparoie recwrni furvj and its 1$ to iticrux the Ve of this fimd. indudin8 the reinvtstrneni or inc(ne ffcrfn 72 6% of units hdd, $0 that il Texhe5 a value rf£2 Sm oer 60 yur• The $ policy in of the bdanc endTreAt fund is pr¢Nkv 4D inciffje that IB trsf¢t to an unresirithed fid which the ¥llts aTrJ other F¢(yer &KwdiDJtt of the FWThdats ¢an be ptiid for th¢ for¢%¢8ble tlrture. The trusMe's rLorntil rrt4i¢y fty the Ufirewicityj incorne fuNI is ihe affl1 of ttl8 mad¢. in dwKe with the FwndI's d)j1Ve& sh1 ncrt exctd W.4 of the io¢irne in ihe pr¢viws year. Any èxeuj of incane over w4nts m•4e and odmioisii•tsoii C0#5 paid is forwlrd TO en•bl¢ the FLxuthuon. iti ¢xC¢pti(xL cIrc4llnr fo tffiide 8Tants exceedin8 lis nonnal piCY Accou The trumet c(mfirn)s the a119 with". aty. requiremen the yo¥ernin8 the sthtem¢tti pxtiCg"Ac4owiin8 and RekwJtinB by Chuitsu. i55ued in ?005. The IStee is re•bIr f(Y keepin8 accwiD8 r¢oxd$ ti¢h di0 with reaMxwblt •ctwacy ar any tsme th¢ fin8ocid po8ittc of the chariD' Ind ¢neble it to ensure that the fitWJC4d i¢ments GL¥nply with the Ch¥ities Act ?01 I li is al rw*xsiblt f safeguuth"n8 the of the chan'ty and hrnce f ttkin8 re4sonable ep3 fcf the Approved by the tfU5k¢ (xh 21r21 and (MJ 11> behalf by.. MICHAEL P Chaimith of Th¢ K¢ndri¢k Tntst Pa8¢ 3
THE KEL¥DIUCK FOUNDAIION CHARITY REGISTRATION NO: 309072 l•d•pendth Ex•min•e• R•portto th• Trust•e of Th• Kendrl¢k F4)undtion I rwjrt to t tnJs1••5 1)n nry eXann d lh• accuxts d the K•ndric Foundab"on forthe y•ar ended 31 Marth 2021 whKh set out on pages 5- 11. RMpon•ibilill•s and bath olr•port As Ihe chanty trus1•• of lh• K•ndnck Foundathx you arty lof th• prepar8tion of th• a¢¢ounti in a(¥ordance th requirements of the Chan1 Act 2011 Ilhe Acf). I rfj in r•speca d my eXaminatn ol thts F¢)undaticYt's wntS Carried ct under s•ction 145 of the 2011 Act and in earrying out ry examInft I have folkn4d all the appheable t)rtKJns given ty the Charity Commission under S•<#ion 14515) {bl of the I hav• compl•ted my •XaMinalK. I confirm that matonal matt•rs hav• e4nts to ftTy tt•ntK>n In nneCtion V+ilh th• examinabon giving m• ¢aw• to WioV• thot in any matsnol r•spe¢.' aceountinp rty>xd5 w• k•pt in resp•¢l ofth• FOUr110n u r•qulr•d by s•c4ion 130 oftho Ad,. or th• actnts ¢Jo not •ct4nl tith these rwxd'. I lh• aOUnts do not compty the appIlble rewirements ¢onc•rrMng the fomi and cont•nl of acCnIS sel oui in ihe Chantses (ACtnIS R•IrtS) Rogulait>ns 2C#)8 oth•r than any requir•ment th•t the rxcountg gN• a'lw• and 18ir w6vf V&thK 15 nol • m•tl•r c¢rwd•rnd part ol an indop•ndorrt exAmination. I have no o)nc4ms •nd hav• )$> fK> Oth•r matt•rs in conn8dion th• OX14n•t10ft lo whKh attenllon $hould dravffl in ¢his rw wwbl• • ¥oPer urthrstAnding d th• ac¢ourts to M reaeh•d. I Pe Alox P•al &Sc IHonsl, FC& DChA {Seniof Stlulory AUtht) Ch8rtered Aceounlant jam C¢yper l<Jeston Reading Bridgts Hous• Gaory Stre•t R•adi Berks RG1 8LS 22 July 2021 Page 4
THE kTNDIUCK FOUNDATION CHARrfY REGISTRATION NO: 309072 STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2021 Unrts¢rifted Pemlrtent Total Income Ettdowment Yr Ended Yr Ended F¥Thd Futtd 31 March 202131 Mr¢h 202 Nfj lttetsme from:. Bank and dett iftter¢st Dividend rn¢ome Other Income 45 50.9)5 45 50.995 270 51,340 18,818 Tot in¢omirtg r¢sr¢¢$ 51.040 51.040 70,434 Eipe•di¢ure on:. c.ost of ch8ri¢able activitie4 Administriort Cos 76.¢XK) 1015 76.000 2.015 52,650 2,043 78,015 78.015 54.693 Otber Recogttixd Gaini nd LoMes Gain(1088es) ort investmthi a$$..- Re1$ed Unr¢aiiseA 10 10 479,828 479.828 (46.989) Ne¢ in¢ome IIExpelldlture) (26,975) 479,828 452.853 (31,248) Fund ball¢$ * l April 2020 2.310,047 2,350,655 2.381.903 Fund BAl*neu #131 MArch 2021 13.633 2,789.875 2.803W8 2JSiI.655 Page 5
THE KKNDRICK FOUP4DATAO BAL4NCE SHEET AS AT 31 MARCH 2011 JI Mah 2020 Fixed Auets IrtV¢5tmen15 10 2.789.87S 2.310.1)47 2.789.875 2.310.047 C¥rr¢•t A>eis Calh ld Invethent Manw Cash 81 Uoyds baftk 13.078 2.512 38.0.18 4.469 15.5 42.507 Credil•rK. IAllln# dq¢ wii&l• yer 11,8WI Ntt Currtut Asgds 13.633 40.608 Totsl Amets IM Cuyretht iAibaitit• 2.803.508 2.350.655 Reprei¢d by: UnTesiric¢¢d income fund endowmeni fund 12 12 13.633 2.789.875 40.608 2.310.047 2.8Q3.X18 2,350,655 Approved by the Tnet th i 4 2021 and si8n*l (m i15 beht by (SI) MICHA PAGE
THE KEL¥DIUCK FOUNDATION CHARrrY REGISTRATION NO: 3091172 CASH FU)W STATEMENT FOR YEAR ENDED 31 MARCH 2(121 Note 31 Mreh 2021 31 M4rch 2Q20 C gterled for Operiing Actlvitiej Net cash (used in) Operatin8 Activities 15 (77,957} (54.547) Cih flowi from Investin% Adivities Dividends. interest artd rents from invesunents Purchase of proirty, plani & 04uipment tb provided (wed iavesting #rtfvltl 51.040 51,899 51,040 51,899 CAih ll•w from FiThancin8 Activities Rep8ym¢nts of borrowin8 Nel proVId (wkd ini etivits Change ON eaib And ¢•h eq•ivalenls in the ye 26,917 Cuh t bDk al i¢art rfyear C$sh 1 And in had at end of ye*r 42,507 IS5 45,155 42,507 Pa8e 7
THE KENDIUCK FOUNDATION CHARITY REGISThATION NO: 309072 NOTES TO THE FtNANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Atcountinz Policies The financiai staiem¢nts are weparol under the histwicol $1 wivention with it¢m$ recogni5ed at cost or transaaion value unle55 othetwise ststed in the relevant notes to thes¢ a¢counts The financial SeMentS haVeb ptepared in a¢Kdance wilh the Statement of R¢coTnm¢ndal Prartirx ' Accouniin8 and Reponing by Chhrittes wep4Tirtg their accwnts in accordance wth ihe Financial Reporting Standard applicable in the UK Republic rflrdand (FRS 102) isgJed on 16 July 2014 and FinaTt¢ial Reportin8 Standard applicable in the unit Kin8dorn and Republic of Ireland (FRS 102) and Charitses A¢t 2011. The Kendrick Fcdmd8ti ¢(mlly a wbli¢ ben&it entity as defined by FKS 102 . All investments are $ts at mid-mtrkd value at ihe bance sheet date. Th¢ movement in the Statement of Financial Activities comprises both re4lil and uoreaiised 8ains and losses. Bank interest is accLJnicd fLY on an oe¢rual$ b45. Inv¢siment in¢s)me is aCcnl whert received. Recovery of tsx deducted on intere# received is a¢x(wnted for when re1Ved Dlti(ls are rwised and applied to the Tty Fund when received. Gronts and donations are In(cd for whM 4pptt)v Administrative expendibjre is aCcnted for on an a¢¢nlS basis. Liabilities are rewlsed on an xcnwl$ b•81$ Ptmirteut Endowmeftt Fund Th¢ permaneni endowment fvnd reltI to the value of the land and assds (sin]Y donated to the Foundiiion. The land was disposed of durin8 the year 24-05. The C.haTity Commissioners dirted by order on 30 March 2(KM that £51NJ.LXM) of the prj$ be investrjj with the purw)5e of accumulaiing fund rf£2.8m over 60 years to recoup the cost of donlon5 to Kendrick School in respect of assi51in8 in construction of new sport5 facilities. The baiartt of the pemarteni ertdowment fund is applied in a¢¢(Ydan¢e with the objects of the F(M]ndation. In¢ome Fund {URrestrirted) The Inwme Fund represersts fund$ io be for th¢ payment of Brants. donations and administraiive ¢xp¢nw of the Fd&tiOn. DonAiion$ ttd Gifts No donation$ w¢re re¢¢ived during the year. B*ttk •ttd Dtposii InieTtst Year 10 31 MArth 2021 Year lo 31 March 2020 RKeived by Unrestrithed Funds 45 270 Pa8e 8
TKE KENDRICK FOUI¥DATION CHARrfY REGIST114TION NO: 309072 NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 lTrvestmegt Ineome Yur to 31 Mrrh 2021 YeAr to 31 M•r¢h 2020 CCLA Investtn¢nt Fund Prcw Fund 43.963 7.383 50,W5 51.346 Investhient Income re¢eived f(Y Unrericted Funds 50,995 51.346 Other l#come Year 10 31 Mrch 2021 ltytome Fynd Elldowmeot Fund Year t 31.3.2020 Total Inlerest Investments 283 18.535 her Incimne yle 31.3.2020 283 18.535 Chrlt•ble pdire Durin8 the year th¢ F(xdatiOn made donaiiffis to Kffidrick S¢hod of £70.(M for the s¢hool expansion project. Ail charitable expuditUTe in 2021 and 2020 wls from unrestrT¢ted fund$. AdtyinithtitiD Co¥lJ Year to 31 March 2021 tome EndowmeAt FuDd Year io 31.3.2020 TotAI Ind¢Fxndent Examintr's TwUnu1( Sundry expell Ic 2,INJ2 13 2,030 13 13 1015 1015 2,043 Administratiffi 1$ yle 31.3.2020 2.043 2.043 No rernuneration was pwd to the trustee durin8 the curmi puiod (r previiNJS yews. There were no anployees during the year. Page 9
THE KENDIUCK FOUNDATION CHARITY REGISTRATION NO: 3119072 NOTES TO THE FINANCIAL STATE.MENTS FOR THE YEAR ENDED 31 MARCH 2021 10. lnvostmtnts at Market Vlw¢ Year to 31 March 2021 Yur to 31 March 2020 CCLA - COIF Investment Fund CCLA.. COIF ProFffj Fund 2.659.667 130.208 2.176.897 133.150 2.789.875 2.310.047 At 31 March 2021 the purcho8e of the investsiients held as follow$.' c( of investments 1,849,191 1.849.191 Market value of investhients at SW1 of year Trsfer fr(¥n Old Girl's Scholarship Fund 2,310.047 2.338.501 18,535 Reatised Bains l {lo&w) Unreolis¢d gains l Oosses) 479.828 {46.989) Market value of investments of year 2.789.875 2.310,047 All(Kation of tnvestments held Ovw8eas Equities UK Equities 63.8 55.8 10.3 Infrastnjaure & Optratin8 Assets Contracwal & Other Income Priv¢ Equiiy & Other Fixed in¢etest Ic1).o 100.0 Credilorj: flliu8 due witbln ont year Accruals 1,957 1.8 1.957 1.899 Pag¢ 10
TEE hl¥DIucK FOUNDATION CHARrfY REGISTRATION NO: 309072 NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 12. An$15 of Fund #Dee$ Pennanent Endowment Fund Income Fund Total Funds 1789.875 1789.875 13.078 2.512 (1,957) Cash held by Investment Man Cash Al Lloyds bank cr111)r5 13.078 1512 {1.957) 13,633 2.789.875 2,803,508 The Perrnaneni Endowmejrt Fund ¢4)nsists of the followin8 Recwpment fund Amount originally invested in 2L Ina)m¢ and gain5 in years 2(X>4- 2020 Unr1$1 tnve5tment 88in$ I Ilosges) in year 2021 5(M).OOQ 715.605 284.123 Recoupment Fund at 31 March 2021 Bai8n¢¢ of Endownent Fund 31 MAr¢h 2021 1,499.728 1.290.147 Twl P¥m&nent Endowment Funds 2,789,875 13. Posl BAIMee Sbee¢ Eveots There were no balan¢¢ sheet eveDts 14. Relted Party Tr#¢¢1> Ultimate ControU1 Prty The trustee of the Kendri¢k FndlOn is the Kthjrick Trus4 4 C(Nnpthy incoTpcffat&d by guaratt. (Company number 3517162) The dire£kYs of the Kendrick TrusL &4 noted page l. are responsible f(Y the mana8ement of the Fwndation There were no rd8tryl pty transactions. 15. RttonriliatiDD of moverne•t in fundi to net from operting activhlu 31J.N121 31.3.2020 ith¢omt I lexpenditurt ) • per tbt SOFA Adjustments for".- D¢preQ.ati c8¢$ vidend& interest and rents from invernents (Gains) l Losses on inv¢thents (in¢re&se) I d¢85C in debtors Increase /(dee) in uedii(Ys 451853 131248) (51,040) (479.828) (70,434) 46,989 58 Nei th (uxd im) operntitig divitJ (77,9571 Pagell