THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
THE KENDRICK FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS
| Page | |
|---|---|
| Report ofthe Trustee | 1-3 |
| IndependentExaminer’s Report | 4 |
| Statement ofFinancial Activities | 5 |
| Balance Sheet | 6 |
| Cash Flow Statement | 7 |
| NotestotheFinancialStatements | 8-11 |
THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
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TRUSTEE:
The Kendrick Trust whose appointed trustees are :-
Michael Page (Chairman) Karen Bossom Marsha Carey - Elms Claire Connell Virginia Cullura (resigned 25.5.2024) Samantha Kumra Jean Elliott (resigned 7.10.2024) Roger Garrick (Secretary) Michael Wall Keith Miller (resigned 7.10.2024) Keith Skipsey (appointed 7.10.2024) Charles Ramsden
PRINCIPAL ADDRESS:
Kendrick School, London Road, Reading, Berkshire, RG1 5BN
INDEPENDENT EXAMINER:
Holy Brook Associates, Curious Lodge, 1* Floor Pinnacle Building, Tudor Road, Reading, Berkshire, RG1 1NH
SECRETARY:
Roger Garrick, Company Secretary, The Kendrick Trust Ltd.
BANKERS:
Lloyds TSB, Market Place Branch, 1 Market Place, Reading, Berkshire, RG1 2EQ
SOLICITORS:
Clarkslegal, One Forbury Square, The Forbury, Reading, Berkshire, RG1 3EB
INVESTMENT ADVISORS:
CCLA, One Angel Lane, London EC4R 3AB
THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
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REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2025
- Trust Deed The Kendrick Foundation was formed by a Charity Commissioners for England and Wales scheme dated 9 March 1998 as modified by orders dated 23 January 2002, 7 March 2003, 30 March 2004 and 20 Dec 2017.
2. Registration
The Foundation’s registration number with the Charity Commissioners for England and Wales is 309072.
3. Trustee
The trustee of the Kendrick Foundation is the Kendrick Trust, a company limited by guarantee. The directors of the Kendrick Trust during the year under review were:
Michael Page (Chairman) Roger Garrick (Secretary) Karen Bossom Marsha Carey-Elms Claire Connell Virginia Cullura (resigned 25.5.2024) Samantha Kumra Jean Elliott (resigned 7.10.2024) Michael Wall
Keith Miller (resigned 7.10.2024) Keith Skipsey (appointed 7.10.2024) Charles Ramsden
Virginia Cullura and Jean Elliott resigned after many years as Directors and Keith Miller upon relinquishing Governors,his role as wasChairappointeof Ken d ricka director.School Governors. Keith Skipsey, the Vice Chair of the Kendrick School
The number of directors within the Kendrick Trust shall not be more than 11 and so long as there shall be less than 2 directors, none of the power or discretions vested in the directors shall be exercisable except for the: purpose of appointing a new director or directors.
No directors received remuneration for the time spent on the affairs of the Foundation. Roger Garrick was reimbursed £34 for expenses incurred in filing the annual return for the 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 2025. Directors are recruited by nominations from the Kendrick Parents’ Society (KPS) and Kendrick Old Girls’ Association (KOGA) and from people interested in Kendrick School. The Chair and Deputy Chair of Kendrick School Governors are also Directors. Induction and training is by informal mentoring from the other trustees.
The charity has no employees.
- Governance
The directors meet as required, generally once or twice per annum, to receive reports, to oversee and recommend payment of grants, to review the Foundation’s investment performance 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 determines applications for grants within the charity’s grant-making policy and the Finance Committee regularly reviews investment performance with the Investment Managers. Only very minor decisions are taken without reference to the directors. Page 1
THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
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REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2025
- Aims and Objectives The aims and objectives of the Kendrick Foundation are to advance the education of the beneficiaries, namely the pupils and former pupils of Kendrick Girls’ School in Reading.
The charity seeks to carry out its objectives by :-
i) making grants to the school and to current and recent students. The trust normally makes available up to 90% of the previous year’s unrestricted income for distribution in the current year.
li) maintaining 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.
- Review of achievements during the year
Income was £57,984, only £40 less than the previous year. Dividend income was £56,107 an increase of £1,086 and interest £1,877 a reduction of £1,126 due to lower interest rates. As agreed by the Trustee 10% of the total income (£5,798) has been allocated to the Student Disbursement Fund.
Donations of £34,000 were made to Kendrick school towards replacing the IT room roof, providing Air Con in the 6" Form Block and disabled access to the Cedars building.
Two grants, totalling £1.500, were made to current pupils towards the costs of attending the UCL School of Architecture and for development work in Pakistan and one grant to a former pupil towards fieldwork costs in Australia for her Earth Science Degree. These grants have been paid out of the Student Disbursement Fund.
Investment Policy and Performance during the year
CCLA were appointed the Foundation’s investment manager at the AGM in June 2015. They manage the Foundation’s funds, on a discretionary basis, closely monitored by the trustee. The investment policy is to achieve a reasonable rate of return within an acceptable level of risk. The value of « investments decreased during the year by £92,849, reflecting the economic circumstances during the year. The Charity Commission require the Foundation to recoup, over 60 years, the 2004 donation to Kendrick School of £2.8m for new sports facilities. The original £500,000 set aside for this purpose had grown to £1,779,132, at 31 March 2025, £882,542 (98%) above the value of £896,590 needed to achieve the target.
The value of the remaining permanent endowment, which provides the expendable income, is £1,380,698.
7. Public benefit
The Foundation has complied with the duty (set out in section 4 of the Charities Act 2011) to have due regard to public benefit guidance published by the Commission. It exists to support the work of Kendrick School by making grants for activities not covered by standard funding. The Foundation gives annual travel grants 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.
The Foundation sold land, in 2004, to finance the construction and fitting out of a sports hall at the school. This facility is available to the general public in out-of-school hours, at weekends and in school holidays.
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
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REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2025
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- Identification of Major Risks
The trustee considers the variability of investment returns on the permanent endowment to constitute the charity’s major risk. The trustee responds by taking appropriate professional advice and diversifying its investments in accordance with such advice.
- Trustee’s Responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustee is required to:
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e Select suitable accounting policies and then apply them consistently;
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e Make judgements and estimates that are reasonable and prudent;
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e State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
10. Reserves Policy
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Following the sale of originally endowed land and subsequent donation of £2.8m to the Kendrick School and in accordance with a Charities Commission Order dated 30" March 2004 the trustee initially invested £500,000 in a separate recoupment fund and its policy is to increase the value of this fund, including the reinvestment of income from 72.6% of the units held, so that it reaches a value of £2.8m over 60 years. The trustee’s policy 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 normal policy for the unrestricted income fund is that the amount of grants made, in accordance with the Foundation’s objectives, shall not exceed 90% of the income in the previous year. Any excess of income over grants made and administration costs paid is carried forward to enable the Foundation, in exceptional circumstances, to provide grants exceeding its normal policy.
- Accounts
The trustee confirms that the accounts comply with:
e statutory requirements e —_ the governing document e the statement of recommended practice “Accounting and Reporting by Charities” issued in 2005. The trustee is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011.preventionIt is andalso detectionresponsible of fraudfor safeguarding and other irregularities.the assets of the charity and hence for taking reasonable steps for the
Approved by the trustee on Ge Qeksre2025 and signed on its behalf by: MICHAELae PAG Chairman of The Kendrick Trust
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
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Independent Examiner's Report to the Trustee of The Kendrick Foundation
| report to the trustees on my examination of the accounts of the Kendrick Foundation for the year ended 31 March 2025 which are set out on pages 5 - 11.
Respective Responsibilities of trustees and examiner
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Charities Act).
| report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the Act.
Independent Examiner's statement
| have completed my examination. | confirm no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
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e the accounting records were not kept in accordance with section 130 of the Charities Act; or e the accounts did not accord with the accounting records; or e the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair’ view which is not a matter considered as part of an independent examination
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| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Sabina Reed
Association of Accounting Technicians Holy Brook Associates Curious Lounge 1st Floor Pinnacle Building Tudor Road Reading RG1 1NH
Date... 1 August 2025
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Disbursement | Permanent | Total | Total | ||
|---|---|---|---|---|---|---|
| Income | Fund | Endowment | Year Ended | YearEnded | ||
| Notes | 31 3 2025 | 3132024 | ||||
| £ | £ | £ | z | £ | ||
| Income from:- | ||||||
| Bank and deposit interest | 6 | 1,877 | - | - | 1,877 | 3,003 |
| Dividend income | 7 | 56,107 | - | - | 56,107 | 55,021 |
| DisbursementFund Transfer | (5,798) | 5,798 | - | - | - | |
| Total incomingresources | 52,186 | 5,798 | - | 57,984 | 58,024 | |
| Expenditure on:- | ||||||
| Cost ofcharitable activities | 8 | 34,000 | 1,500 | - | 35,500 | 89,925 |
| Administration Costs | 9 | 429 | - | - | 429 | 408 |
| Total resources expended | 34,429 | 1,500 | - | 35,929 | 90,333 | |
| Other Recognised Gains and Losses | ||||||
| Gains/(losses) on investment | assets:- | |||||
| Realised | 10 | - | - | - | - | |
| Unrealised | 10 | - | - | (92,849) | (92,849) | 310,619 |
| NetIncome /(Expenditure) | 17,757 | 4,298 | (92,849) | (70,794) | 278,310, | |
| Fund balances at 1 April | 35,703 | 5,582 | 3,252,679 | 3,293,964 | 3,015,654 | |
| FundBalancesat31March | 53,460 | 9,880 | 3,159,830 | 3,223,170 | 3,293,964 |
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
| BALANCE SHEET AS | BALANCE SHEET AS | AT 31 MARCH 2025 | |
|---|---|---|---|
| Notes | 31 March 2025 | 31 March 2024 | |
| £ | £ | ||
| Fixed Assets | |||
| Investments | 10 | 3,159,830 | 3,252,679 |
| 3,159,830 | 3,252,679 | ||
| Current Assets | |||
| Cash heldby InvestmentManager | 61,698 | 37,714 | |
| Cash at Lloydsbank | 2,036 | 3,944 | |
| 63,734 | 41,658 | ||
| Creditors: fallingdue within oneyear | 11 | (394) | (373) |
| Net Current Assets | 63,340 | 41,285 | |
| Total Assets less Current Liabilities | 3;223,170 | 3,293,964 | |
| Represented by: | |||
| Unrestricted income fund | 12 | 53,460 | 35,703 |
| DisbursementFund | 12 | 9,880 | 5,582 |
| Permanentendowment fund | 12 | 3,159,830 | 3,253,679 |
| 3,223,170 | 3,293,964 |
a by the Trustee on bw Q<-r04EL 2025 and signed on its behalf by: //
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,Ld
(signed) MICHAEL PAGE
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
CASH FLOW STATEMENT FOR YEAR ENDED 31 MARCH 2025
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Note|31|March|2025|31|March|2024|
|£|£|
|Cash|generated|for|Operating|Activities|
|Net|cash|(used|in)|Operating|Activities|15|(35,908)|(90,333)|
|Cash|flows|from|Investing|Activities|
|Dividends,|interest|and|rents|from|investments|57,984|58,024|
|Purchase|of property,|plant &|equipment|-|-|
|Net|cash|provided|(used|in)|investing|activities|57,984|58,024|
|Cash|flows|from|Financing|Activities|
|Repayments|of borrowing|-|-|
|Net|cash|provided|(used|in)|financing|activities|-|~|
|Change|on|cash|and|cash|equivalents|in|the year|22.076|(32,309)|
|Cash|at|bank|and|in|hand|at|start|of year|41,658|73,967|
|Cash|at|bank|and|in|hand|at end|of year|63,734|41,658|
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
- Permanent Endowment Fund
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
- Accounting Policies
The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice : Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Kendrick Foundation constitutes a public benefit entity as defined by FRS 102.
All investments are stated at mid-market value at the balance sheet date. The movement in the Statement of Financial Activities comprises both realised and unrealised gains and losses.
Bank interest is accounted for on an accruals basis.
Investment income is accounted for when received.
Donations are recognised and applied to the Trust Fund when received.
Grants and donations are accounted for when approved. Administrative expenditure is accounted for on an accruals basis.
Liabilities are recognised on an accruals basis.
The permanent endowment fund relates to the value of the land and assets originally donated to the Foundation. The land was disposed of during the year 2004-05. The Charity Commissioners directed by order on 30 March 2004 that £500,000 of the proceeds be invested with the purpose of accumulating a fund of £2.8m over 60 years to recoup the cost of donations to Kendrick School in respect of assisting in construction of new sports facilities. The balance of the permanent endowment fund is applied in accordance with the objects of the Foundation.
Income Fund (Unrestricted)
The Income Fund represents funds for the payment of the Foundation’s grants to the school and administrative expenses.
Student Disbursement Fund
The Student Disbursement Fund represents funds for the payment of grants on behalf of students.
Donations and Gifts
No donations were received during the year.
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Bank and Deposit Interest Year to Year to
31 March 2025 31 March 2024
£ £
Received by Unrestricted Funds 1,877 3,003
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
NOTES TO THE FINACIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
he Investment Income
| Investment Income | ||
|---|---|---|
| Year to | Year to | |
| 31 March 2025 | 31 March 2024 | |
| £ | £ | |
| CCLA | ||
| Ethical Investment Fund | 49,520 | 48,561 |
| Property Fund | 6,587 | 6,460 |
| 56,107 | 55,021 | |
| Investment Income received for | ||
| UnrestrictedFunds | 56,107 | 55,021 |
- Cost of Charitable Activities
During the year the Foundation made donations to Kendrick School of £34,000 towards replacing the IT Room roof and providing Air Con in the 6th form block and disabled access for the Cedars building and grants to 2 current and 1 former student totalling £1,500.
All charitable expenditure in 2025 and 2024 was from unrestricted funds.
Administration Costs
| Administration Costs | ||||||
|---|---|---|---|---|---|---|
| Year to | 31 March 2025 | Year to | ||||
| IncomeFund | Endowment Fund | Total | 31.3.2024 | |||
| £ | £ | £ | £ | |||
| Independent Examiner’s remuneration | 360 | - | 360 | 360 | ||
| Sundry expenses | 34 | - | 34 | 13, | ||
| Data Protection Office Fee | 35 | - | 35 | 35 | ||
| 429 | - | 429 | 406 | |||
| Administration costs y/e 31.3.2024 | 406 | - | 406 | 406; | ||
| No remuneration was paid to the trustee during the | current | period or | previous | years. | ‘ | |
| Therewerenoemployeesduringthe | year. |
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 10. | Investments at Market Value | ||
|---|---|---|---|
| Year to | Year to | ||
| 31 March 2025 | 31 March 2024 | ||
| £ | £ | ||
| CCLA—COIF Ethical InvestmentFund | 3,038,736 | 3,313,269 | |
| CCLA —COIF Property Fund | 121,094 | 119,410 | |
| 3,159,830 | 3,252,679 | ||
| At 31 March 2024 the purchase cost ofthe investments held was as follows: | |||
| Cost ofinvestments | 1,849,191 | 1,849,191 | |
| Market value ofinvestments at start ofyear | 3,252,679 | 2,942,060 | |
| Realised gains / (losses) | |||
| Unrealised gains / (losses) | (92,849) | 310,619 | |
| Market value ofinvestments at end ofyear | 3,159,830 | 3,252,679 | |
| Asset Allocation ofInvestments held | % | % | |
| Overseas Equities | 53.7 | 62.0 | |
| UK Equities | 7.7 | 6.0 | |
| Property | 8.1 | 8.0 | |
| Infrastructure& Operating Assets | 6.2 | 8.7 | |
| Contractual & Other Income | 1.8 | LZ | |
| Private Equity& Other | 4.4 | 3.2 | |
| Fixed interest | 9.6 | 7.6 | |
| Cash | 8.5 | 33 | |
| 100.0 | 100.0 | ||
| 11. | Creditors: fallingduewithin oneyear |
||
| Accruals | 394 | 373 | |
| 394 | 373 |
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THE KENDRICK FOUNDATION
CHARITY REGISTRATION NO: 309072
‘
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Analysis of Fund Balances
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|---|---|---|---|---|---|---|---|
|Permanent|
|Income|Disbursement|Endowment|Total|
|Fund|Fund|Fund|Funds|
|£|£|£|£|
|Investments|-|-|3,159,830|3,159,830|
|Cash|held by|Investment Manager|51,818|9,880|-|61,698|
|Cash|at Lloyds bank|2,036|-|-|2,036|
|Creditors|(394)|-|-|(394)|
|53,460|9,880|3,159,830|3,223,170|
|The Permanent Endowment Fund|consists|of the|following|
|Recoupment|fund|
|Amount|originally|invested|in|2004|500,000|
|Income|and|gains|in years|2004 —2024|1,317,864|
|Unrealised|investment|gains|/|(losses)|in|year 2025|(38,732)|
|Recoupment Fund|at|31|March|2025|1,779,132|
|Balance|of Endowment Fund|at|31|March|2025|1,380,698|
|Total|Permanent Endowment Funds|3,159,830|
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Post Balance Sheet Events
There were no post balance sheet events
- Related Party Transactions and Ultimate Controlling Party
The trustee of the Kendrick Foundation is the Kendrick Trust, a company incorporated by guarantee. (Company number 3517162) The directors of the Kendrick Trust, as noted on page 1, are responsible for the management of the Foundation. There were no related party transactions.
1S: Reconciliation of net movement in funds to net cash flow from operating activities
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|||||||||
|---|---|---|---|---|---|---|---|
|31.3.2025|31.3.2024|
|Net income|/ (expenditure|)|as|per the SOFA|(70,794)|278,310|
|Adjustments|for:-|
|Depreciation|charges|=|-|
|Dividends,|interest|and|rents from|investments|(57,984)|(58,254)|
|(Gains)|/ Losses on|investments|92,849|(310,619)|
|(increase)|/|decrease|in|debtors|-|~|
|Increase|/(decrease)|in|creditors|21|-|
|Net|cash|(used|in)|operating|activities|(35,908)|(90,333)|
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