THE KENNEDY CHARITABLE TRUST Scottish Charity No SC023217 FINANCIAL STATEMENTS For the Year to 5th April 2024 0911212024 KOO(A6-AGMF]
Pag¢ 2 THE KENNEDY CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2024 The Trustees present their annual report and financial statements for the charity for the year ended 5th April 2024. The financial slalements have been prepared in accordance wlh the accounting policies set out in Note 110 the financial slalemenls and comply with the Charity's Trust Deed, the Ch8rilies and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scollandl Regulalions 2006 (as amended) and the Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland IFRS 1021 (second edib'on issued October 2019 and effective 1 January 20191. Ob-gctives and activities b'eclives of Trust The Trust Funds are held by the Trustees for such purposes a5 are recognised by the law of Scotland and by UK Tax law as exclusively chanlable. They are lo be applied for such one or more of those purposes as the Trustees in their sole discretion think fil. The Trustees do not engage directly in charitable activities or projects. The main activity is grant-making. By support of operational charities the Trustees aim is to provide public benefit by ensuring that the front line charitable activities of those organisalions Can be sustairied. Grant-makin olic As the Trust's objectives are broad the Trustees have opted lor a policy of making donations lo charitable organisalions who provide direct charitsble benefit and who they feel require most support, and who the Trustees believe can make significant front line impact as a result of that support. Re ort on the actNities of the Trust The Trust's public benefit is discharged by making donations in accordance with its objectives, aims and granlmaking policy, to organisalions directly involved in the provision ol charitable services. The Trust doe5 Flot engage in charitable activities directly. The Trustees have supported a wide range of charitable causes in the year under review as permitted by the flexible diversity of objectives laid down in the Trust Deed Donations were directed to organisations involved in the conseNalion, health, and citizenship and community development.
Page 3 THE KENNEDY CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2024 Achievernents and rformance Investment oli erformance and In accordance with the Trust Deed, the Trustees have power to invest in such stock5, shares, investments and property as they in their sole discreb'on think fit. The Trustees engage Cazenove Capital as investment managers. The Trustees, investment policy is geared towards a balanced retum beeen capital and income. There are no constraints placed uwn the investments which may be held in the portfolio. At the close of the financial statements the portfolio had decreased in value by 17.26%. During the year there were partial disposals of the sole investment lo meet don8tions. The Trust holds only a single OEIC investment. Gross dividend income decreased by 11.79%. Flnanclal revlew Financial review The TTUS1'5 ability lo make meaningful donations is reliant on income and investment returns from ils investment portrolio. The Trust occasionally reiVeS voluntary donations which serve to enhance the Trust's grantmaking. At the close of the account the sole investment of the Trust has a fair value of £542,545.00 12023 £655,699.00) and there are net current assets of £59,445.6612023 £30,290.27} held by the Trustees, giving closing reserves of £601,990.6612023 £68S,989.271. During the year the Trust reNed investsment income of£26.969.5612023 £29,706.64). £132,500.00 {2023 £45,500.00) was applied in making donations to 5 (2023 4} organisalions.
Page 4 THE KENNEDY CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO STH APRIL 2024 Reserves olic It is the policy of the Trustees lo distribute the incorlle of the Trust in the form of grants or donations. It is anlicipaled that, where possible, any surplus income at the close of the account would be so distributed in a following year. As the Trust does not provide direct charitable services, the Trustees believe that normal expenditure can be met from income generated. The funds of the Trust are wholly unrestrieled and are represented by a single OEIC investment and cash balances. The new OEIC is managed on a discretionary basis by the investment managers. The Twslees have power to draw upon the investments in furtheran of the Trust's objectives whilst retaining sufficient funds to meet any commitments they may undertake. As the assets of the Trust are held in a ready realisable form the Trustees do not therefore consider it necessary lo maintain specific reserves. Risk mana ement The Trustees have assessed the major risks lo which the charity is exposed. in particular those related lo the operations and finances of the Trust and are satisfied that systems are in place to miligale our exposure to the major risks. As the Trust relies on its investment returns in order to make its donations. the Principal risk faced by the Trust lies in the performance of its investments. The Trustees have mitigated this by retaining investment managers lo advise them. The OEIC holding has a diversified asset base. Goin concem The Trustees have no material uncertainties as to the Trust's ability lo continue as a going concem Structure ovemanee and mana ement Foundin Document Deed of Trust, by William Michael Clifford Kennedy, dated 16th and 28th December 1994 and registered in the Books of Council and Session on 16th January 1995. oinlmenl of new Trustee,. The power lo appoint new Trustees is reserved to the Trustees in office. There musl be a minimum of three Trustees at all limes. Unless otherwise determined the effectrve quorum for Trustee meetings is Trustees. Decision makin All operating decisions are considered by the Trustees in office, who are also the key management personnel. Em lo The Tiust has no ernployee$12023 None). Mana emenl All Trustees are active in the management of the Trust. Related transaction The Trustee is an employee of Cazenove Capital. During the year, Cazenove Capital was paid the sum of £1,400.97 12023 £1,715.15) for the Provision of inveslmenl servi8 and advice to the Trustees, of which £300.00 remained oulslanding at the year end12023 £400.00}
PAge S THE KENNEDY CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO STH APRIL 2024 Reference and Administrativo Information A Scottish Charit No. SC023217 Address 43 Ann Street Edinburgh EH4 1PL Trustees deedlassum oinled b on Advisers'.- Solicitors Investment advisors Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 gEE Cazenove Capital 18 Charlotte Square Edinburgh EH2 4DF Inde endent examiner Vvhilelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
Page 6 THE KENNEDY CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO STH APRIL 2024 Statement of Trustees. res nsibilities in res ect of the financial slalemenls The Trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations. The Charities and Trustee Investment Iscotlandl Act 2005 and The Charities Accounts (Scollandl Regulations 2006 las amended) require the Tru51ees to prepare financial statements for each fi'nancial year which give a true and fair view of the state of affairs of the Trust and of its results for that period. In preparing those financial slatemenls, the Trustees are required to follow best practice and.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent", slate whether applicable accounting standards and statements of recommended practice have been followed, subjèct lo any departures disclosed and explained in the financial statements," and prepare the financial statements on the going conrn basis. unless il is inappropriate lo assurne that the Trust will continue on that basis. The above noted legislation also requires the Trustees lo be responsible for keeping pmper accounting records which disclose with reasonable accuracy al any time the financial position of the Trust lo enable them lo ensure that the financial slalements comply with the legislation They are also responsible lor safeguarding the assets of the Trust and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Financial statements re aration The Trustees confirm that the financial statements for the year ended 5th April 2024 have been prepared so as lo comply with current slatulory requirements. the Charity SORP and the Trusvs own governing document. Approved on behalf of the Trustees kiv Date
P88e 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KENNEDY CHARITABLE TRUST I report on the financial statements of the Trugt for the year ended 5th April 2024 ¥thich are set out on pages 8 to 14. This report is made lo the Trustees, a5 a body, in accordance wlh the lerrns ol rny engagernent. My work has been undertaken to enable me lo report my opinion as set out below and for no other purpose. To the fullest exlent permitted by law, I do not aecept or assume responsibility to anyone other than the charity and the Trustees, as a body, for my work or for this report. Respective responsibilities of Trustees and examiner The charitls Trustees are responsible for the preparation ol the financial statements in accordance vAth the terms ol the Chaiities & Trustee Investment (Scollandl Act 2005 {"the Act,) and the Charities Accounts (Scollandl Regulations 2006 las amended) I" the Regulatitsns,?. The charity Trustees consider that the audit iequiietnenl of Regulation 10111 lal lo lo} of the Regulation5 does not apply. 11 is rny responsibilily to examine Ihe finanaal slalements as required under section 44{11 Ic) of the Act and to stale whether particular matters have come to my attention. Basis of Ind#ndnt •xamlnèVs rèport My examination is carried out in a(Lordan¢e wlh Regulation 11 of the Regulations. An examination indudes a review of the accounting records kept by the charrty and a cornparison ol the financial statements presented with those records. It also indudes consideration ol any unusual items or disdosures in the financial slatemonts. and seeks explanations from you as Trustees concèming any such matters. The procedures undertaken do not provide all the evidence that would be required in an aud((. and (x)nsequenlly I do not express an audit opinion on the view gwen by the financial stalernenls. Independent examinerfs statement In the u[Se of my eXalall0. no maller has come lo my attention which gives me reasonable cause to believe that in any material respect the requirements= to keep accounting records in accordan with Section 4411llal of the Act and Regulation 4 of th6 Regulations., and lo prepare financial ststemenls which accord vAlh the accounting re¢ords and ¢omply with Regulation 8 of the Regulations. have not been met.. or lo which, in my opinion, attention should be drawn in order to enable a proper understanding of tha 21 ere ccoun 9 Ainslie Place Edinburgh EH3 6AT ants Date=
Page 8 THE KENNEDY CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024 Notes 2024 2023 Fixed assets Investments £ 542,545.00 £ 655,699.00 Current assets Cash on deposit 61,065.66 32,010.27 Total CUTrent assets £ 61,065.66 £ 32,010.27 Less.. Current liabilities Creditors." amounts falling due within Nvelve months {1,620.00) {1,720.001 Total Ilabilities 11,620.00) 11,720.00 Net currgnt assets 59,445.66 30,290.27 Net assets £ 601,990.66 £ 685.989.27 Fkjnds of the chari Unrestricted funds 601,990.66 685,989.27 Total charity funds £ 601,990.66 £ 685,989.27 The Notes on pages 10 to 14 form part of these accounts. Approved on behalf of the Trustees
Page 9 THE KENNEDY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5th APRIL 2024 2024 Total 2023 Total Note Income and endowments from: Investments 26,969.56 29,706.64 Total £ 26,969.56 £ 29,706.64 Ex enditure on: Raisin fvnds Investment management charges 11,400.971 11,715.151 Charitable activities Donations Support and g0Veman costs (132,500.001 145,500.001 11,927.20} {2,755.201 Total 135,828.17 49,970.35 (108,858.611 120,263.711 Nel Ilossesllgains on investments 24,860.00 157,155.001 Nat Income and net movement In funds 183,998.61) 177,418.711 Balance as at 6th April 2023 685.989.27 763,407.98 Balance as al 5th Aprll 2024 £ 601,990.66 £ 685.989.27 All funds are unrestricted in both the current and previou5 years. The Notes on pa9es 10 10 14 form part of these accounts.
Pag¢ 10 THE KENNEDY CHARITABLE TRUST Notes To The Financial Slalernents 1 Accountin Policies al Financial statements re aration The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise staled in the relevant notelsl lo these accounts. The financial slalements have been prepared in accordance with the . Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 (second edition issued October 2019 and effective 1 January 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities and Trustee Investment IS¢ollandl Act 2005, and the Charities Accounts (Scollandl Regulations 2006 las amended). The Trust constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared on a going concern basis. The Trustees have assessed the frusl's ability lo continue as a going concern and have reasonable expectation that the Trust has adequate resources lo continue in operational existence lor the foreseeable future. thus they continue to adopt the going concem basis of accounting in preparing the financial statements. bl Investments Investments are a fomi of basic financial Instrument and are initially recognised al their Irans8Ction value and subsequently measured at their fair value al the balance sheet dale. The slalement of financial activities includes the nel gains or losses arising on revaluation and disposals throughout the year. Fair value revaluation of the portfolio at the account date is done al either mid market price or bid price depending on the nature of the investment. cl Realised ains and losses I gains 01 losses are taken to the slalement of financial activities as they arise. Realised gains and losses are calculated as the difference between the sales proceeds thei¥ opening carying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value Realised and unrealised gains and losses are combined in the statement of financial activities. dl Income Investment income is included in the financial statements in the year in which it becomes enlilled to it. il can be reliably determined and there is probability of receipt. Donations are included in the financial statements together with associated gift aid, where applicable, when the Trustees have been advised of the donation with nolificalion of both amount and Intended settlement date. enditufe Expenditure is included in the financial statement on an accruals basis and recognised in lull as soon as a eonslructive obligation exists. the sums payable can be reliably measured and theie Is probability of payment. fl Cost of raisin funds Investment management charges are included on an accruals basis and recognised in fLJII as s(x)n as a constructive obligation exists
Pagell THE KENNEDY CHARITABLE TRUST Notes To The Financial Statements ort and overnance costs Support costs are the costs associated wlh the direct rnanagemenl of the charity. Govemance costs are the costs of compliance with the statutory arbd regulatory requirements of the charity. Fees charged by Turcan Connell for legal and accounting seNices are included in the financial statement5 a5 follows. Support (legal and administrative costs) - 400/0 Governance (accountancy costs) - 60% These are recorded in the Statement of Financial Activities as appropriate. Independent examination fees are recorded in support and govemance costs in the Statement of Financial Activities. All other govemance and support costs are recorded in the Statement of Financial Activities as appropriate. As the charity does not provide services directly but by way of grants lo other organisalions, support and govemance costs are nol allocated against individual grants or donations. h) Grants Grants payable are payments lo third parties in furtherance of the charitable objects of the Tnjst. In the case of an unconditional grant offer this is accrued On the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject lo the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements. Provisions for grants are made when the intention to make a grant has been communicated to the recipient. The Charity is not registered for VAT purposes 2nd all VAT incurred is therefore irrecoverable. Where applied, VAT is incSuded as part of the expense. 2 Current liabilities 2024 202 Less than 12 months Whilelaw Wells, independent examinab'on fee Turcan Connell, adminislralion and accounting fees Cazenove Capital. investment management fee 720.00 600.00 300.00 720.00 600.00 400.00 1,620.00 £ 1,720.00 3 Cost of raisin funds 2024 2023 Investment management fees 1.400.97 1,715.15 1,400.97 £ 1.715.15
Page 12 THE KENNEDY CHARITABLE TRUST Notes To The Financial Statements 4 Su rtand overnan 2024 Tola 2023 Su ort costs Turcan Connell, administration fees Other support costs 482.88 240.00 718.08 240.00 722.88 £ 958.08 Governance costs Whilelaw Wells, independent examination fees Turcan Connell. accountancy fees 720.00 724.32 720.00 1,077.12 1.444.32 2,167.20 £ 2,755.20 S Trustees remuneration and related art transactions No Trustees received any expenses or remuneration during the year12023 Nill. All Trustees act graluilously. The TrLJSt has no employees12023 Nil). The Truste s an employee of Cazenove Capital Management Limited. Cazenove Capital Management receive Investment management fees of £1,1,400.9712023 £1,715.151 during the peri, of which £300.0012023 £400.00) was outstanding at the year end.
Page 13 THE KENNEDY CHARITABLE TRUST Notes To The Financial Statements 6 Investsnents 2024 Total 2023 Totsl Fair value of investments at 6th April 2023 £ 655,699.00 £ 740,754.00 £ 655,699.00 £ 740,754.00 Less Proceeds of disposals of investments {138,014.001 127,900.00) £ 517,685.00 £ 712,854.00 Realised {losses) Net UnalISed Ilossesygains 12,880.001 27,740.00 11,495.001 155,660.001 24,860.00 Fair value of investments at 5th April 2024 £ 542,545.00 £ 655,699.00 Held Thus Schroder Charity Multi Asset Fund S 542,545.00 The investment is listed on a recognised stock exchange and within the UK. The main risk to the Trust from financial instruments lies in the volatility of the markets. The Trust's investment is mainly traded in markets with good liquidity and high trading volumes. The Trust has no investment holdings in markets subject lo exchange controls or trading restrictions. The Trust manages investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes. 2024 2023 Dividends & interest on investments Deposit Interest 26,203.66 765.90 29,706.64 £ 26,96956 £ 29,706.64
Page 14 THE KENNEDY CHARITABLE TRUST Notes To The Financial Statements 8 Char((able activities Grants and donations 2024 Total 2023 Total Citizenshi and communi Home Link Family Support NSPCC develo ment 25,000.00 50,000.00 10,000.00 30,000.00 Children 1st Salvation Army 30,000.00 500.00 105,500.00 40,000.00 Arts herila e culture or scien National Galleries of Scotland 17,000.00 Conservatr'on Plantlife 500.00 Health Charlie Waller Trust 10,000.00 5,000.00 £ 132,500.00 £ 45,500.00