THE KEI%DRICK FOL'h'DA TIOI CHARITI, REGISTRA TIOIY LYO: 309072 THE KEYI DRICK FOUIYDA'fioN FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE KELYDRICK 14'OL'Il'DATIOI%' CHAIUTI, REGISTRA TIONI LN'O: 309072 ANI¥4UAL REPORT AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTEW'rs Page Report of the Trustee Independent Examiner. s Report Statement of Financial Activities Balance Sheet CRsh Flow Statement Notes to the Financial Statements 8-11
THE KEi%DIUCK FOL',%'DA TIOA CHARITY REGlS'fRA TIOII L%0: 309072 TRUSTEE: The Kendrick Trust whose appotnted tmslees are :_ Mityliael Page (Cliaii-niwi) Karen Bossom Marsha Carey - Elms Claire Connell Virginia Cullura (resigned 25.5.2024) Samantha Kumra Jean Elliott Roger Garrick (Secretary) Michael Wall Keith Miller Charles Ramsden PRINCIPAL ADDRESS: Kendrick School, London Road. Reading. Berkshire, RGI 5BN INDEPENDENT EXAMINER: Holy Brook .4ssociateg1 Curious Lodye, I, Floor PinnBcle Building. Tudor Road. R¢4din¥, Berkshire. RGI INH SECRETARY.. Roger Garrick, Company Secretary, The Kendrick Trust Ltd. BANKERS: Lloyds TSB. Market Place Branch, l Market Place. Readin& Berkshire, RGI 2EQ SOLICITORS: clark5jeI, One Forbury Squar4 The Forbury, Readin% Berkshire, RGI 3EB INVESTMENT ADVISORS: CCLA, One Angel Lane, London EC4R 3AB
A'vuiDA L¢ll VLV illARknu &v&4• Trust Deed The Kendrick Foundation was fornied by a Scheme approved by The Charity Commissioners for England and Wales dated 9 March 1998 as mi)dified by subsequent orders dated 23 January 2002, 7 March 2003, 30 March ?n(M nA ?nth tlprppi.hr ?n17 Registration The Foundation was re8iStered with the Charity Commissioners for England and Wales on 9 March 1998 and ven th¢ re8istration number 309072. T4.5{re The tnjstee of the Kendrick Foundation is the Kendrick Trust, a company limited by guarantee. The directors of the Kendrick Tnjsl during the year under review w¢re'. F*fichael Pa8e (Chairnian) R fT!ITrii.k I4.Tt.T Karen B0550m Marsha Carey-Elms Claire Connell Vir8inia Cullura (resigned 25. 5.2024) Samantha Kimra Jean Elliott Michael Wall Keith Miller Charles Ramsden The number of directors within the Kendrick Trusl shall not be more than I l and so long as there shall be less than 2 directors, none of the power or diretIOnS veAted in the directors Shall be exercisable except for the purpose ot. appointing a new director or directors. None of the directors noted above receive remuneration for the time speni on the atyairs of the Foundation. Roger Garrick was reimbursed £13 for expenses incurred in filing the annual return for ihe Kendrick Trust with Companies House. No other out of pocket expenses were paid to. or in respect of, the directors for the year ended 31 March 2024. LJIAlvl i¢bi Uit¢u Wiirii i r4uii ru iiuiii 4iLii?il¥ yrOyLf IVILii ali Jiiiri rii iii k¢iiuii¥k sJ1)i)i, IlVlljLiiaiiviii may be sght from the Kendrick Parents, Society (KPS) or the Kendrick Old Girls, Association (KOGA) Induction and trainin8 is by means of infornial mentorin8 by the chairn)an and other trustees. The charity has no employees. The directors meel as required, generally once or tivice per annum, to receive reports. to oversee and recommend payment of grants, to review the Foundation, 5 investment perfornjance in the light of appropriate professional advice and to approve the Foundation's annual accounts and trustee's report. There are two committees of directors. The Grants committee considers and detern)ines applications for granls within the charits s qrant-rnakln Dolicv and the Finance Committee reoularlv reviews investrnent performance with the Investment Mana8ers. Only very minor decisions are taken without reference to the directors. Page I
A. VVIIVA A AVII LAAAIU A I7V JV7V I Aims and Objectives The aims and objectives of the Kendrick Foundation are to advance the education of the beneficiaries. namely the pupils and forn]er pupils of Kendrick Girls. School in Reading. i) makin8 grants to the school and to current and recent students. The trust nornia]ly makes available up to 900/0 of the previous year's unrestricted income for distribution in the current year. ii) maintainin8 the value of its assets for the benefit of future generations of Kendrick pupils and. in particular, to rebuild the capital value previously represented by the playing field sold in 2004. R¢w of a¥kii¢¥eilAriiÉa lib¥" iiir yr#i Incom¢ was £S8,024. £1.970 more than the previous year. The increase was in interest received due to the ontinuing rise in interest rates experienced in 2023. Dividend income was at the same level as 2022123. Donations of £85,OIK) were made to Kendrick school for the maintenance and decoration of the Cedars building 1447 qnni thp rssn!f4rpmbnt ii!Fi r If ?q nnn! thv ni!rr.hSb4 nf mnnjtr)r!!! i)ri)hp flir thp 4iAiimminc> ni)nl (£6,IiOO), the funding for student awards (£2,000) and a £500 grant to enable the Students to experience a poet for aday. AS agreed in the previous year l(Y/o of the annual income (£5.802) was allocated to the student disbursement Fund. One 8rant of £220 was paid direct to a current pupil towards their travel costs to the World Scoul Jamboree in South Korea and £4.705 (thc amount allocatcd to thc disburscment fund in ?0?21•3} was paid to the school for distribution to students in accordance with the rules of the fund. As at 31" March 2024 no student grants had been made from this fund. Investment Policy and Performvdnce during the year C.CLA were appointed the Foundation's investment manager ai the AGM in June 2015. They manage the Foundation's funds. on a discretionary basis, closely monttored by the trustee. The investmeni policy is to achieve a reasonable rate of return within an acceptable level of risk. The value of investments increased durin8 the year by £310,619 reflecting the economic circumstances durin8 the year. The Charity Commission require the Foundation to recoup, over 60 years, the 2004 donation to Kendrick OliVUj vi &L.8Iii ivi iirw >VVkii iakniLILJfi. J Ilf UJI¥LlldJ LJVV,VVV IUI LILLJ VuIVv IL411 biVWtJ LV £1,817,834. at 3151 March 2024, £947.076 (1090/0) above the amount of £870,788 needed to achieve the tar8et. The value of the rwnainin8 pernlanent endowmenL which provides the expendable income, is £1,434,815. Public benefit Ll rvtliiUiltAVi& wijiyiiru wjiij iii¥ uuiy j)fL Vui 111 )rlIvI1 * Ul Ljlf UllÉll ILlfJ &V I l j LV iidwr uur regard to public benefit guidance published by the Commission. It exists to support the work of Kendrick School by makin8 grants for activities not covered by standard funding The Foundation gives annual tr8vel 8rants to senior students. to encourage them to widen their experience and become more rounded individuals by contributing to a different culture and sharing their skills for the benefit of others. Thp FThinAtinn 4nlA l?nA in ?nn4 tn thp vnnoinintinn fittlnts niii nf g orlnrto h11 at th This flIlty is available to the general public in outaof-school hours, at weekends and in school holidays. Page 2
AVII 41V. JVYV I Identification of Major Risks The tTUStee considers the variability of investment returns on the pennanent endowment to constitute the charity's major risk. The trustee responds by taking appropriate professional advice and diversifying its iniipqtmgntq bn Jcvnrdanne ivlth qiirh All1v9 Trustee's Responjibilitieg in relalion to tht financial statements Law applicable to Charities in England and Wales requires the trustee lo prepare financial statements for each financial year which give a true and fair view of the charity's financia] activities during the year and of its financial position at thc end of thc year. In preparift4 those financial statements, the trustee is required to.. Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. Slate whether applicable accounting standard5 and statements of recommended practice have been followed subjert to any departures disclosed and explained in the financial statements, and Prepare the financial statements on the 40ino ¢oncern basis unless it is inat)DfoDriate to Dresume that the charity will continue in business. io. Reserves Policy Following the sale of originally endowed land and subsequent donation of £2. 8m to the Kendrick School and in accordance with a c.harities C,ommission Order dated 30 March 2004 the Irustee initially invested £SOO,000 in A separate rewupment fund and its policy is to increase the value of this tund, including the reinvestment of income from 72,60/0 of the units held, 50 that it reaches a value of £2.8m over 60 years. The trustee's poli in respect of the balance of the endowment fund is to produce an income that is transferred to an unrestricted fund out of which the grants and other proper expenditure of the Foundation can be paid for the foreseeable future The trustee, s norn)al policy for the unrestricted income fund is that the amount of grants made, in accordance with the Foundation's objectives, shall not exceed 9(P/o of the income in the previous year, Any AIK)> VI IllvIlLE Vvfl bj dlltb JLldUf dLIU dULJIILiI1tsdL1i Vi[S VAJU IJ i iru ivII*Èuu iv ÈLIiILiLf iiir FuuLIU411iiAi. in exceptional circumstances. to provide grants exceeding Its normal policy. 12. Accounts The trustee confirnis th&t the accounts comply with.. the governing document the statement of recommended practice "Accounting and Reporting by Charities" issued in 2005. The trustee is responsible for keepin8 accounting records which disclose with reasonable accuracy at any time the financial position of t e charity and enable tt to ensure that the financia] statements comply with the Charities Act ?ni i Tt 14 Ml4'1) r prevention and ThthI fiif iyr{liniy thv ¢if thv i.hMritv #ntl hvnt'Ab flir tmkinii fi)r th on of fraud and other irregularities. e trustee on l Qckw 2024 and signed on its behalf by.. Approved by MICHAEL PAGE Chairnian of The Kendrick Trust Page 3
THE KENDRICK FOUNDATION CHARTfY REGISTRATION NO: 309072 Independent Examin•¥ Reportto th• Trustse of The Kèndrick Found•tion I report to the trustees on my examination of thé accounts of th8 Kendrick Foundation for the year ended 31 March 2024 ich arè sét out on pages 5 - 11. R•3pectlv• Responslbllhles of tru8ts08 and examln•r The charity trustees are r8sponsiblé for the preparalion of the accounts. The charity's trustees considér that an audit is not required for this y8ar under section 144 of the Charities Act 2011 (tho Chariti88 Ad) and that on independent examination is needed. It is my responsibility to.. 8X8mine the accounts under setxion 145 of tho Charities Act to follow the procedures laid dovm in the gènéral directions given by the Charity Commission (under section 145 {5)Ibl of the Charities Act, and to state whether particular matters hav8 come to my attention Bas1• of Ind•p•nd•nt •X4mln•rf• •tAt•m•nt My examination wa$ carried out in accordance with general Directions given by the Charity Commission. An examination indudes a review of the a¢xounting r8cords kept by the ¢harity and a companson of the accounts presented with those records. It also indudes consideration of any unusual items or disclosur8$ in the accounts and seeking explanations from tho trustees concorning any Such matters. The proceduros undertaken do not providè all the evidence that would b• required in an audit, and consequently no opinion 1$ given 8$ to whether the arxounts presonl a rue and fAi¢' view and the report 1$ limit8d to those matlers sel out in the $tatem8nt b81ow. Ind•p•nd•nt Examln•rf• •tat•m•nt I have complétèd my examination. I confimi that no material matters have como to my attention in connection vith the examlnation which givès me c8use to believe Ihat, in any material respect.. the accounting fecords vmre not kept in accordance with section 130 of the Charitie$ Act; or the attounts did not accord with the aounting records; or the accounts did not comply wrth the ap'plic3ble requirements concerning the fcrrn. and cop.tep.• of accounts set out in Ihe Charities (Accounts and Reports) R8gulalion$ 2008 other than any requirement that the accounts give a Irue And fairf view which is not a matter considered as part of an indèp8nd8nt examination I have no concems and have Come across no other matters in connection with the examination to whith attention should be drawn in this report in order to enablé a proper underslanding of the accounts to be reached. Sabina Reed Association of Accounting TechnKians Hoty Brook Associates Curious Lounge 1 It Floor Pinnade Building Tudor Road Reading RG1 INH Date...30.08.2024............. Page 4
THE KENDRICK FOUNDATION CHARrrY REGISTRATION NO: 309072 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unreslricted Disbursement Permanent Income Fund Endowment Total Tot Yegr Ended Year Ended 313 2024 313 2023 Notej Income from:. Bank and deposit interest Dividend income Disbursemeni Fund Transfer 3,003 55,021 (5,802) 1.032 55.022 55.021 5.802 Total incoming resources 52.222 5.802 58,024 56.054 Eipenditure on:. Cost of charitable activities Administration Costs 85.000 408 4,925 89.925 408 34,900 408 Total resources expended 85.408 4,925 90.333 35,308 Other Recognised Gvdins and Losses Gains/(losses) on investment assels.- Realised Ilnrealiqed Iln,619 .3in.619 (112,249) Net Income l (Expenditure) (33,186) 877 310.619 278,310 (111,503) Fund balances at l April 68,889 4,705 2.942,060 3.015.654 3.127,157 Fund Balances at 31 March 35,703 5,582 3,252,679 3,293,964 3,015,654
THE KEi%DIULK FOUINDAI'IV LHAIUTY REGlliTRATIOIY Il'u: J09072 BALAI%'LL SHLLI. AS AT JI MARCH 2024 Notej 31 March 2024 31 MAreh 2023 Fixed Asset5 Investments J.252.67Y 2.942.Ll60 3.252,679 2.942.060 Current Assels Cash held by Investment Manager Cash at Lloyds bank 37,714 3,944 72,190 1,777 41.658 73.967 Creditor5: falling due within one yeAr 10 (373) (373) Nei Currenl Assetj 41,285 73.594 Total Assets less Current Liabilities 3,293.964 3.015,654 Represented by: Unrestricted income fund Diqhiirsement Fiind Pennanent endowment fund 35,703 5 5512 3,253.679 68,889 4 7(1$ 2,942,060 3,293,964 3,015,654 Appioved by the Twslee on I c)th LJ 2024 and siwied on its beh1. by. (sigiied) MICHAEL PAtiE Vage 6
TUE KLIN'DIULK Tr'L)UNDA TIUIY CHAIUTI R£GISTRA TION IYL>: 309072 LASU STATEIllEIYT FOR I EAR L'LYDLD JI MARCH 2024 Note 31 March 2024 31 March 2023 Cash generAted for Operaling Activities Net cash (used in) Operating Activities 14 (90,333) (35.308) Ca9h flows from Investing Activities Dividends, interest and rents from investments Purchase of propety, plant & equipment Ytl ¢H)li pi'ovided (iistd iii) iiivt$liu8 a¢.Ibvilit$ 58,024 56,054 Cash flows from Fin4n¢ing Activities Repayments of borrowing et cash provided (ustd in) financing aclivities ChATr£e on cRsh And ¢Agh eqiiivalents in the yev4r Cash al bank and in hAnd al start ofyevdr CAsh At bank and in hand al end of yeAr 73,967 41,658 53,221 73,967 Va8e 7
THE KELNDRILK FUUNDATIOI CHARITY IlLtsI4TRA TION NO.. 309072 rUTES TO 'I'HL * III'A)i 'LIAL STA TEhlENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting Policies The financial statements are prepared under the historical c05t convention wtth items recognised al cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial slalLiiieiils ha¥¢ beeij pity Ld iIi aicoidaiiie will) klie Sialeiii¢iil of RLLV111131LJidid Pi"aclii¢ . Accouiiliii¥ and Reporting by Charities preparing thetr accounts in accordance with the Financiat Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kin8dom and Republic of Ireland (FRS 102) and Charities Act 2011. The Kendrick Foundation constitutes a public benefit entity as defined by FRS 102 . All iii¢Jthiièiils ai¢ stated &¢ ti)Id-tiiai k'ei Wdlu¢ dl Ilie bal}e ilTreet dale. 'l-lie tiiovetiieiit In Ilie Sthieiiienl of Financial Activities comprise5 both realised and unrealised gains and10sse5. Bank interest is accounted for on an a¢¢ruals basis. Investment income is accounte4J for when received. Reknovety ot" t&i deduLled oil iiileresl i eceived As aoUnted li)i when i¢Leiv Donations are recognised and applied to the Trust Fund when received. Grants and donations are accounted for when approved. Administrative expenditure is aOUnted for on an accruals basis. Liabililies e iecowiis¢d on an a[UalS basis. Permvdnenl Endowment Fund The permanent endowment fund relate5 to the va]ue of the land and assets origtnally donated to the Foundation. The land wa5 disposed of during the year 2004-05. The Charity Commissioners direthed by order on 30 March 2004 that £500,000 of the pro¢d3 be invested with the purpose of ac¢umulatin8 ruiid vf £? 8111 Ov¢1 60 y¥diS 10 i'iiuup IIIV LU)I vf dviiaLiuiis Iv k¥iidi lik SLliuvl iii l Lsp¥iI ()[ a>>i>liiig iii construction of new sports facilities. The balance of the pern)anent endowment fund is applied in accordance with the objects of the Foundation Income Fund (Unrestricted) The Income Fund represents funds to be used for the payment of grants, donations and administrative expenses of the Foundation. Donations and Girls No donations were received during the year. Bank and Deposit Interest Year to 31 MArch 2024 Year to 31 Mfirch 2023 Received by Unrestricted Funds 3.003 1.032
THE KEIYDRILK FOL'h'DA'I'IUI) LHARITI, REGISTRA'I'IOI%' IYO. 3090 12 U I"Eb 'l'O I'HE Tr'IIIALIAL SITATELIIENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Year lo 31 lach 2024 Year lo 31 Illarcb 2023 CCLA Ethical Investment Fund Property Fund 48,561 6.460 48,561 6,461 .o?I Investment Income received for Unrestricted Funds 55.021 55.022 C,08t of Charilgble Activities DuiiIib ihe yew ilie Foundation tiiade (lotiatsoiis to KendriLk Sch(xil ol. 185,iJw toi woik oil tlie Led'S buildin& replacement of Firedoors. a monitorig probe for the swimming pool. a contributson to student awards and to enable the students to experience a poet for a day. A £220 granl was paid direct to a student and £4,705 paid to the school to establish a disbursement fund to enable the sch(x)I to make antS lo students in in accordance with the agreed criteria. All i11.1bIt ¥.%p¥i)dilui'¢ ix) 2024 )d 202i was fi'uii) uill'esli'i¥l¢d fuiids. Adminiitration Costs Year to 31 March 2024 Income Fund Endowment Fund Year to 31J.2023 Totydl Independeiit E'xaniiner's iemunerauon Sundry expenses Data Protection Olyice Fee 13 35 13 35 13 35 408 408 408 .4diiiiiiisii'alioi) Losls yle 31.J.202J 408 No remuneration was paid to the trustee during the current period or previous years. There were no employees during the year. 408 408 Vage 9
THE KEADRILK FOUNDA I IUI CHA ry KLtsiSi"RATIOIY Il'u: 309072 ,YOl'L&4"IU TI1£ F'INANCIAL STATEhlEIlTS FOR THE YEAR ENDED 31 MARCH 2024 Investments at Market Value Year to 31 March 2024 Year to 31 March 2023 CCLA - COIF Ethical Investment Fund CCLA - COIF Propety Fund 3,313,269 119.410 2,816,155 125,905 3.252,679 2,942,060 At 31 Marcli 2024 the pui chase knost ot. tlie Iiivesuiieiits held was as tollows. Cost of investments ,849,191 1.849,191 Market value of investments at start of year 2,942,060 3,074,309 Redlised 8wns l (losses) Unrealis¢d gains l (losses) 310.619 (132,249) Market value of investments at end of year 3,252,679 2.942,060 As'bel All&LL011 of Iiiv¥>lii)ei)ts li¢ld Overseas Equities UK Equittes Property Infrastructure & Operatin8 Assets Contractual & Other Income Private Equity & Other Fixed interest Cash 62.0 59.6 ioo.o i(K).o io. credito. t'Allin8 due Within ofte year Accruals 373 373 373 373 Vage 10
THE KENDRtCK FOUNDATION CHARrrY REGISTRATION NO: 309072 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AnAlysii of Fund Balances Permanent Disbursemeiit Eiidowiiielll Fund Fund Ilicoe Fund ToÉal Funds Investments Cash held by Investment Manager Cash at Lloyds bank Creditors 3.252.679 3.252,679 37.714 3.944 (373) 32.132 3.944 (373) 5,582 35.703 5.582 3.252,679 3.293,964 The Pernianeni Endowment Fund ¢onsi$i$ ot the t"ollowin8 Recoupment fund Amount onnallY invested in 2004 Income and Bains in years 2004- 2023 Unreali5ed investsnent gains l (losses) in year 2024 500.000 1,118,425 199,439 Re¢oupment Fund al 31 March 2024 Balance of Endowment Fund at 31 March 2024 1,811,8b4 ,434,815 Total Pernianent Endowment Funds 3,252.679 Post Bal&n¢e Sheet F.vents There were no post balance sheet events 13. RelAted Party Transactions and Ultimate Controlling Party The trustee of the Kendrick Foundation is the Kendrick Trust. a ¢ompany in¢orporated by guarantee. (Company number 3517162) The directors ot- the Kendnck Trust, a$ noted on page I, are responsible for the management of the Foundation. There were no related party transactions. 14. Reconciliation of nel movement in funds to net e4yh flow from operating activities 31.3,2024 31.3.2023 Net income l (expenditure ) as per the SOFA Adjuslments for:. Depreciation char8es Dividends, interesl and rents from investments (Gains) I t8$eS on investments (iiiLie(Ise) I deLieas¢ it2 d¢btUfb Increase l{decrease) in creditors 278,310 (111,503) (58.024) (310.619) (56,054) 132,249 Y4et tash (ujed in) operating VdCtivitie8 Pagell