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 be￿een
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 re￿iVeS 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 re￿Ned 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 servi￿8 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 con￿rn 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#￿nd￿nt •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 eXa￿l￿all0￿. 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 Un￿alISed 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