Charity registration number SC047201 (Scotland) THE MRS WINIFREDANN KENNEDY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE MRS WINIFRED ANN KENNEDYTRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr lain Clarke Howie John Currie Charles Laurie Andrew Low Sheel8gh Rusby Alison Smith Kimberley Hiddleston Charfty reglstration Scotland SC047201 Independent examiner John Simpson FCA Montpelier Professional (Galloway) Limited 1 Dashwood Square Neon Stewart DG8 6EQ Bankers Royal Bank of Scotland 133 King Street Castle Douglas DG71NB Investec Bank plc 2 Gresham Street London EC2V 7QP
THE MRS WINIFREDANN KENNEDY TRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 6-12
THE MRS WINIFRED ANN KENNEDY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial ststements for the year ended 31 March 2025. The finanaal statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Charities and Trustee Investment {Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Chartties SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" Objectives and activities The purpose of the Charity is to support agencies and organisations which improve the conditions of those experiencing mental health issues or physical disabilities within Dumfries & Galloway region. Eligible applicants come from.. Community Groups Registered Charities Voluntary Organisations Not for Profft Groups Public Sector Org8nisations All applicants must be active within Dumfries & Galloway and any spend is restricted to those resident in Dumfries & Galloway. The trust will not nomally fund individual applicants. Public benefrt The trustees have referred to the guidan contained in the Office of the Scottish Charity Regulator's general guidance on public benefit when reviewing their objectives and in planning their future activities. In particular. the trustees Consider how planned activities will contribute to the objectives they have set GTrntmaking Grantmaking is primarily for capital expenditure and will not cover core costs for existing work, staff salaries or retrospective fijnding. Achievements and p8rfomiance Significant activitias and achievements against objectives During the year grants totalling £46,655 (2024.. £8,279) were made. Financial review The year to 31 March 2025 has seen a deficit of £27,358 (2024.. surplus £41,923). Total ndS held at the year end are £8(,038, all of which are unrestricted. The reason for the deficit was that donations made were at a much higher level that the previous year. Going conrn The fi.nancial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient viith the level of reserves for the charty to be able to continue as a going concern. Reserves poliGy The trustees reserves policy is to maintain unrestricted reserves at a level that will continue to generate sufficient income for the charity to continue to make grants from the income generated in future years. The tnjstees believes the current fund balance achieves this aim. Investment policy The trustees plan to make the donations from the income generated from the investment portfolio over a cycle. During the year income of £24,749 (2024: £23,829) was generated. Investec manage the portfolio on a balanced medium risk and the trustees are happy with the performance so far.
THE MRS WINIFRED ANN KENNEDY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlods It is hoped that as the trust becomes more known in the communty grant applications will increase and we will be able to help make a positive impact within the region for those suffering from mental or physical disabilities. The trust has transitioned to the administration work being completed by an unpaid volunteer. Structure, governance and management The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The trustees who served during the year and up to the date of Signatu of the financial statements were: Mr lain Clarke Howie John Currie Charles Laurie Andrew Low Sheelagh Rusby Alison Smith Elisabeth Gray Keith Thom Kimberley Hiddleston (Resigned 6 January 2025) {DeaSed 21 October 2024) Recmitment and appointment of tmstees There must always be a minimum of S and maximum of 11 trustees. The trustees must have lived in the former stewartry district council area for a period of at least 5 years. Trustees should be upstanding members of the community. Org8nisation81 structure The trustees of Mrs Winifred Ann Kennedy Trust act under the terms of the Wll of the late Mrs Kennedy who provided that funds were to be employed for the benefit of the physically or mentally disabled of Dumfries and Galloway. The trustees wish applications for funding from trust funds. Applications from groups or c(ganisations satisfying trust objects will be considered by trustees at their quarterly meetings. Othermatte Risk managen7ent The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ees. report was approved by the Board of Trustees. L> , Howie r lain Clark Trustee
THE MRS WINIFRED ANN KENNEDY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MRS WINIFRED ANN KENNEDY TRUST I report on the financial ststements of the for the year ended 31 March 2025, which are set out on pages 4 to 12. Respective responsibilities of trustees and examiner The 's trustees are responsible for the preparation of the financial statements in accordance with the temis of the Charities and Trustee Investment (Scotland} Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a>-(cl of the Charities Accounts (Scotland) Regulations 2006 does not apply. It is my responsibility to examine the financial statements as required under section 44(1){c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention. Basls of independent examiner's ststement My examination is carried out in accordance viith Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by th& charity and a compariscn of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements. Independent examinerfs statomant 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 arLounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investrnent (Scotland) Act 2005 and Regulation 4 of the Charrties Accounts (Scotland) Regulations 2006, and to prepare financial statements which accord with the accounting records 8nd comply with Regulation 8 of the Charities Accounts (Scotland) Regulath'ons 2006 have not been met, or 2. to which, in my opinion, attention should be dra in order to enable a proper understanding of the financial statements to be reached. John Simpson FCA Chartered Accountsnts Ireland Montpelier Professional {Galloway) Limited 1 Dashwood Square NeW(on Stewart DG8 6EQ Date:........
THE MRS WINIFREDANN KENNEDY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted funds 2025 Unrestricted funds 2024 Notes Income from: Donations and legacies Investments 50 23.829 24,749 Totsl Income 24,749 23.879 Expenditure on: Raising funds Charitable activities 4,390 48,447 4,163 10,674 Total expenditure 52,837 14,837 Net gainsl(losses) on investments 12 730 32,881 Net incomellexpendlture) and movement In funds (27,358) 41,923 Reconciliation of funds: Fund balances at 1 April 2024 833,396 791,473 Fund balances at 31 March 2025 806,038 833,396 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE MRS WINIFREDANN KENNEDY TRUST BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Investments 14 778,998 778,760 Current assets Cash at bank and in hand 29,080 55,886 Creditors: amounts falling due wlthln one year 15 (2,040) (1,250) Net current assets 27,040 54,636 Total assets less current Ilabllities 806,038 833,396 The funds of the Unrestricted funds 16 806,038 833,396 806,038 833,396 Th Inancial statements were approved by the trustees on . .3.1.Is ain Cl ustee ke Howie
THE MRS WINIFREDANN KENNEDY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity information The Mrs Winrfred Ann Kennedy Trust is a Scottish registered charity. 1.1 Basis of preparation The financial statements have been prepared in accordance with the 's goveming document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities". Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" The is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional CuencY of the . Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the has adequate resour$ to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific condttions by donors that the capital must be maintained by the . 1.4 Income Income is reCognid when the is legally entitled to it after any performan conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE MRS WINIFRED ANN KENNEDY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir&t costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributatle to a single activty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other shorkterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Finanaal assets classified as receivable within one year are not amortised. Baslc financial liabilltles Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are Subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interesl method. Derecognition of financial liabilities Financial liabilities are derecognised when the 's contractual obligations expire or are discharged or cancelled. 1.8 Employee beneflts The cost of any unused holiday entitiement is recognised in the period in which the employee's senfices are received. Tennination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide terminats'on benefits.
THE MRS WINIFRED ANN KENNEDY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the 's accounting policies. the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 50 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Income from listed investments 24,749 23,829 Expenditure on raising funds Unrestrlcted Unrestricted funds funds 2025 2024 Investment management 4,390 4,163
THE MRS WINIFRED ANN KENNEDY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activltles Grants pald Grants pald 2025 2024 Direct costs Insurance Donations 792 779 200 792 979 Grant funding of activities (see note 7) 46,655 8,279 Share of support and governance costs {se8 note 8) Support 1,000 1.416 48.447 10,674 Analysls by fund Unrestricted funds 48,447 10,674 Grants payable Grants paid Grants paid 2025 2024 Gr8nts to instrtutions.. Birchvale Players Lockerbie Primary School LoGal Initiatives in New Galloway {LING) Solway Support CIC Castle Douglas IT Centre Better Lives Partnership Castle Douglas High School sensory room The Fullarton Theatre DG Handyvan Project Gatehouse Development Initiative 1,929 500 4,500 1.350 6,158 7,226 13,841 2,500 6,930 10,000 46,655 8,279 Support costs allocated to activities Grants paid 2025 Total 2024 Governance 1,000 1,416
THE MRS WINIFREDANN KENNEDYTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to actlvities (Continued) 2025 2024 Governance costs comprise: Independent Examiners fees 1,000 1,416 1.000 1,416 Nat movement In funds 2025 2024 The net movement in funds is stated after ¢hargingl(crediting): Fees payable for the independent examination of the charity's financial ststements 1,000 1,416 10 Trustees Trustees, expenses None of the trustees (or any persons conneded with them) received any remuneration or benefits from the during the year. The charity Insuran policy includes trustee liability cover. 11 Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Total There were no employe@s whose annual remuneration was more than £60,000. 12 Gains and losses on investments Unrestrlcted Unrestrlcted funds funds 2025 2024 Gainsl(losses} arising on.. Revaluation of investments Sale of investments (2,981) 3,711 31,318 1,563 730 32,881 10-
THE MRS WINIFRED ANN KENNEDY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 14 Flxed asset Investments Listed Unllstsd Investments Investments Total Cost or valuatlon At 1 April 2024 Additions ljaluation changes Disposals 771,060 144,430 730 {144,922) 7,700 778,760 144,430 730 (144,922) At 31 March 2025 771,298 7,700 778,998 Carrying amount At 31 March 2025 771,298 7,700 778,998 At 31 March 2024 771,060 7,700 778,760 UK Listed Investments are represented by: UK Fixed Inccome Overseas Fixed Income UK Equities European Equities North American Equities Japanese Equtties Far East & Australian Equities Overseas Equities Emerging Economies Commercial Propety Alternative £93,438 £82,808 £158,059 £54,938 £127,903 £21,561 £21,657 £77,006 £17,715 £25,679 £771,298 The historical cost of the listed investments at 31 March 2025 was £658.689 (2024: £631,799). Unlisted Investments are UK equity shares, the historical cost of these investments at 31 March 2025 was £7,700 (2024: £7,700). 15 Creditors: amounts falling due wlthln one year 2025 2024 Accruals and deferred income 2,040 1,250 11
THE MRS WINIFRED ANN KENNEDY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources expended Gains and At 31 March losses 2025 General funds 833,396 24,749 {52,837} 730 806,038 Previous year: At 1 April 2023 Incomlng resources Resources expended Gains and At 31 March losses 2024 General funds 791,473 23,879 (14,837) 32,881 833,396 17 Analysis of net assets between funds Unrestricted funds 2025 At 31 March 2025: Investments Current assetsl(liabilities) 778,998 27,040 806,038 Unrestrlcted funds 2024 At 31 March 2024: Investments Current assetsl(liabilities) 778,780 54.636 833,396 18 Related party transactions There were no disdosable related party transactions during the year (2024 - none). 12-