THE KENNEDY CHARITABLE TRUST
Scottish Charity No SC023217 FINANCIAL STATEMENTS For the Year to 5th April 2025
08/12/2025
K00646-AGMF]
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THE KENNEDY CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2025
The Trustees present their annual report and financial statements for the charity for the year ended 5th April 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019).
Objectives and activities
Objectives of Trust
The Trust Funds are held by the Trustees for such purposes as are recognised by the law of Scotland and by UK Tax law as exclusively charitable. They are to be applied for such one or more of those purposes as the Trustees in their sole discretion think fit. . 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 organisations can be sustained.
Grant-making policy As the Trust's objectives are broad the Trustees have opted for a policy of making donations to charitable organisations who provide direct charitable 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.
Report on the activities The Trust's public benefit is discharged by making donations in accordance with of the Trust its objectives, aims and grantmaking policy, to organisations directly involved in the provision of charitable services.
The Trust does not 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 health and citizenship and community development.
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THE KENNEDY CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2025
Achievements and performance
Investment policy and In accordance with the Trust Deed, the Trustees have power to invest in performance such stocks, shares, investments and property as they in their sole discretion think fit. The Trustees engage Cazenove Capital as investment managers.
The Trustees' investment policy is geared towards a balanced return between capital and income.
There are no constraints placed upon the investments which may be held in the portfolio.
At the close of the financial statements the portfolio had decreased in value by 20.40%. During the year there were partial disposals of the sole investment to meet donations however, there were also unrealised losses of approximately £25,000 which has increased the fall.
The Trust holds only a single OEIC investment.
Gross dividend income decreased by 19.44%.
Financial review
Financial review The Trust's ability to make meaningful donations is reliant on income and investment returns from its investment portfolio. The Trust occasionally receives 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 £431,840.00 (2024 £542,545.00) and there are net current assets of £39,360.57 (2024 £59,445.66) held by the Trustees, giving closing reserves of £471,200.57 (2024 £601 ,990.66).
During the year the Trust received investment income of £22,006.27 (2024 £26,969.56).
£122,500.00 (2024 £132,500.00) was applied in making donations to 5 (2024 5) organisations.
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THE KENNEDY CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2025
Reserves policy It is the policy of the Trustees to distribute the income of the Trust in the form of grants or donations. It is anticipated 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 unrestricted and are represented by a a single OEIC investment and cash balances. The new OEIC is managed on a discretionary basis by the investment managers. The Trustees have power to draw upon the investments in furtherance 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 to maintain specific reserves.
Risk management The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate 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 to advise them. The OEIC holding has a diversified asset base.
Going concern The Trustees have no material uncertainties as to the Trust's ability to continue as a going concern.
Structure, governance and management
Founding 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.
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Appointment of new Trustee: The power to appoint new Trustees is reserved to the Trustees in office. There must be a minimum of three Trustees at all times. Unless otherwise determined the effective quorum for Trustee meetings is two Trustees.
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Decision making All operating decisions are considered by the Trustees in office, who are also the key management personnel.
Employees
The Trust has no employees (2024 None).
- Management All Trustees are active in the management of the Trust.
Related party transactions The Trustee Niall Michael Sinclair Kennedy is an employee of Cazenove Capital. During the year, Cazenove Capital was paid the sum of £1,400.97 (2024 £1,295.16) for the provision of investment services and advice to the Trustees, of which £300.00 remained outstanding at the year end (2024 £300.00).
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THE KENNEDY CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2025
Reference and Administrative Information
A Scottish Charity No: SC023217
Address 43 Ann Street Edinburgh EH4 1PL
Trustees (appointed by Niall Michael Sinclair Kennedy Esq. deed/assumption) Mrs Judith Victoria Kennedy Mrs Tessa Mary Whitley
Advisers:-
Solicitors
Investment advisers
Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE
Cazenove Capital 18 Charlotte Square Edinburgh EH2 4DF
Independent examiner
Kevin Cattanach CA Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT
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THE KENNEDY CHARITABLE TRUST
GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 5TH APRIL 2025
Statement of Trustees’ responsibilities in respect. of the financial statements
The Trustees are responsible for preparing the report and financial statements in | accordance with applicable law and regulations.
The Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require the Trustees to prepare financial statements for each financial 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 statements, the Trustees are required to follow best practice and:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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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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prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the Trust will continue on that basis.
The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust to enable them to ensure that the financial statements comply with the legislation. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Financial statements preparation
The Trustees confirm that the financial statements for the year ended 5th April 2025 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Trust's own governing document.
Approved on behalf of the Trustees
ams Knwthn 6-4-26 Signed Date NIALL MCHA SINCLAIR KENNEDY Fullname. OSOSCSC~SSS
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KENNEDY CHARITABLE TRUST
| report on the financial statements of the Trust for the year ended 5th April 2025 which are set out on pages8 to 14.
This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion as set out below and for no other purpose. To the fullest extent permitted by law, | do not accept 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 charity's Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities & Trustee Investment (Scotland) Act 2005 ("the Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) (" the Regulations"). The charity Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination is carried out in accordance with Regulation 11 of the Regulations.
An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the financial statements.
Independent examiner's statement
In the course of my examination, no matter has come to my attention : 1) which gives me reasonable cause to believe that in any material respect the requirements :
. to keep accounting records in accordance with Section 44 (1)(a) of the Act and Regulation 4 of the Regulations; and
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to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Regulations.
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have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Name: Kevin Cattanach CA ho [ac Address: Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Date: 6 April 2026
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THE KENNEDY CHARITABLE TRUST
BALANCE SHEET AS AT 5TH APRIL 2025
| Notes | 2025 | 2024 | |||
|---|---|---|---|---|---|
| Fixed assets | |||||
| Investments | 6 | £431,840.00 | £ 542,545.00 | ||
| Current assets | |||||
| Cash on deposit | 40,980.57 | 61,065.66 | |||
| Total current assets | “£40,980.57 £ 61,065.66. |
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| Less: | |||||
| Current liabilities | |||||
| Creditors: amounts falling due within twelve months | 2 | (1,620.00) | (1,620.00) | ||
| Total liabilities | ~__(1,620.00) _(1 620.00) |
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| Net current assets | 39,360.57 | 59,445.66 | |||
| Net assets | £ 471,200.57 | £ 601,990.66 | |||
| Funds of the charity | |||||
| Unrestricted funds | 471,200.57 | 601,990.66 | |||
| Total charity funds | £ 471,200.57 | £ 601,990.66 | |||
| The Notes on pages 10 to 14 form part | ofthese | accounts. | |||
| Approved on behalf ofthe Trustees | |||||
| NMSKawnrtny | O6-H-26 | ||||
| Signed | Date | ||||
| NAL MICHAEL SINCLAIR | KENNEDY | ||||
| Fullname |
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THE KENNEDY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5th APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | Total | Total | |||
| Income and endowments from: | |||||
| Investments | 7 | 22,006.27 | 26,969.56 | ||
| Total | £ | 22,006.27 | £ | 26,969.56 | |
| Expenditure on: | |||||
| Raising funds | |||||
| Investment managementcharges | 3 | (1,295.16) | (1,400.97) | ||
| Charitable activities | |||||
| Donations | 8 | (122,500.00) | (132,500.00) | ||
| Supportand governance costs | 4 | (2,581.20) | (1,927.20) | ||
| Total | £(126,376.36) | £(135,828.17) | |||
| (104,370.09) | (108,858.61) | ||||
| Net (losses)/gains on investments | 6 | (26,420.00) | 24,860.00 | ||
| Net income and net movement in funds | (130,790.09) | (83,998.61) | |||
| Balance as at 6th April 2024 | 601,990.66 | 685,989.27 | |||
| Balanceasat5thApril2025 | £ | 471,200.57 | £ | 601,990.66 |
All funds are unrestricted in both the current and previous years. The Notes on pages 10 to 14 form part of these accounts.
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THE KENNEDY CHARITABLE TRUST
Notes To The Financial Statements
1 Accounting Policies
a) Financial statements preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the : Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (second edition issued October 2019 and effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 (as 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 Trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
b) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date. The statement of financial activities includes the net gains or losses arising on revaluation and disposals throughout the year.
Fair value revaluation of the portfolio at the account date is done at either mid market price or bid price depending on the nature of the investment.
c) Realised gains and losses
All gains or losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between the sales proceeds their opening carrying value or their purchase value if acquired subsequent to 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.
d) Income
Investment income is included in the financial statements in the year in which it becomes entitled to it, it 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 notification of both amount and intended settlement date.
e) Expenditure
Expenditure is included in the financial statement on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.
f) Cost of raising funds
Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists.
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Notes To The Financial Statements
THE KENNEDY CHARITABLE TRUST
g) Support and governance costs
Support costs are the costs associated with the direct management of the charity.
Governance costs are the costs of compliance with the statutory and regulatory requirements of the charity.
Fees charged by Turcan Connell for legal and accounting services are included in the financial statements as follows:
Support (legal and administrative costs) - 40%
Governance (accountancy costs) - 60%
These are recorded in the Statement of Financial Activities as appropriate.
Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities.
All other governance 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 to other organisations, support and governance costs are not allocated against individual grants or donations.
h) Grants
Grants payable are payments to third parties in furtherance of the charitable objects of the Trust.
In the case of an unconditional grant offer this is accrued once 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 to 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.
i) VAT
The Charity is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is included as part of the expense.
| 2 | Current liabilities | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
| Less than 12 months | ||||||
| Whitelaw Wells, independent examination fee | 720.00 | 720.00 | ||||
| Turcan Connell, administration and accounting fees | 600.00 | 600.00 | ||||
| Cazenove Capital, investment management fee | 300.00 | 300.00 | ||||
| £ | 1,620.00 | £ | 1,620.00 | |||
| 3 | Cost ofraising funds | 2025 | 2024 | |||
| Total | Total | |||||
| Investment management fees | 1,295.16 | 1,400.97 | ||||
| £ | 1,295.16 | £ | 1,400.97 |
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THE KENNEDY CHARITABLE TRUST
Notes To The Financial Statements
| 4 | Support and governance costs | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Support costs | ||||||
| Turcan Connell, administration fees | 744.48 | 482.88 | ||||
| £ | 744.48 | £ | 482.88 | |||
| Governance costs | ||||||
| Whitelaw Wells, independent examination fees | 720.00 | 720.00 | ||||
| Turcan Connell, accountancy fees | 1,116.72 | 724.32 | ||||
| 1,836.72 | ||||||
| £ | 2,581.20 | £ | 1,927.20 |
- 5 Trustees remuneration and related party transactions
No Trustees received any expenses or remuneration during the year (2024 Nil). All Trustees act gratuitously. The Trust has no employees (2024 Nil).
The Trustee Niall Michael Sinclair Kennedy is an employee of Cazenove Capital Management Limited. Cazenove Capital Management Limited received investment management fees of £1,295.16 (2024 £1,400.97) during the period of which £300.00 (2024 £300.00) was outstanding at the year end.
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THE KENNEDY CHARITABLE TRUST
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Notes To The Financial Statements
6 Investments 2025 2024
Total Total
Fair value of investments at 6th April 2024 £ 542,545.00 £ 655,699.00
£ 542,545.00 £ 655,699.00
Less
Proceeds of disposals of investments (84,285.00) (138,014.00)
£ 458,260.00 £ 517,685.00
Realised (losses) (1,380.00) (2,880.00)
Net unrealised (losses)/gains (25,040.00) (26,420.00) 27,740.00
Fair value of investments at 5th April 2025 £ 431,840.00 £ 542,545.00
Held Thus
Schroder Charity Multi Asset Fund S 431,840.00
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 to 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.
7 Investment income 2025 2024
Total Total
Dividends & interest on investments 21,109.05 26,203.66
Deposit Interest 897.22 765.90
£ 22,006.27 £ 26,969.56
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THE KENNEDY CHARITABLE TRUST
Notes To The Financial Statements
8 Charitable activities
Grants and donations
| Grants and donations | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Total | Total | |||
| Citizenship and community development | ||||
| Home Link Family Support | 30,000.00 | 25,000.00 | ||
| NSPCC | 50,000.00 | 50,000.00 | ||
| Children 1st | 30,000.00 | 30,000.00 | ||
| L'Arche | 2,500.00 | - | ||
| Salvation Army | - | 500.00 | ||
| 112,500.00 | 105,500.00 | |||
| Arts, heritage, culture or science | ||||
| National Galleries ofScotland | - | 17,000.00 | ||
| Health | ||||
| Charlie Waller Trust | 10,000.00 | 10,000.00 | ||
| £ | 122,500.00 | £ | 132,500.00 |