Letter from the Chair
2020 has been a turbulent and challenging year for us all, amid a public health crisis that has created huge economic and societal disruptions. We are not out of the woods yet, but nine months on from the start of the COVID-19 pandemic we know far more about the virus we are facing, and with the promise of effective vaccines on the horizon, can have a more hopeful outlook for 2021.
Inevitably, the events of 2020 have had a significant impact on the Trust’s activities. Most notably, the disruptions to international travel and higher education settings had immediate implications for our new cohort of Kennedy Scholars, who were unable to relocate to the United States for the Fall term. As we have communicated previously by email, the Trustees sought to provide new Scholars with reassurance and flexibility through the spring and summer, with seven ultimately choosing to defer their graduate studies – and their Kennedy Scholarships – until next year. (One awardee has subsequently withdrawn to take up a postgraduate opportunity in the UK). The three Scholars who began their courses this year did so remotely, and report that they are enjoying the classes and online experience, even if different from what they had originally envisaged. We hope they will have an opportunity to experience some American collegiate life over the summer vacation or in subsequent years of their programmes.
Dr Rachel Glennerster delivers the Trust's annual lecture in September 2020, via ZoomIn the meantime, we have sought to make the best of our current circumstances and forge a vibrant digital community among former Kennedy Scholars and our wider networks, with digital communications and online events allowing us to connect with our alumni across the United Kingdom and across the world. Dr Rachel Glennerster, Chief Economist of the UK’s Foreign, Commonwealth, and Development Office, cheerfully adapted to a Zoom format and gave a wonderful annual lecture in September, which many of you were able to attend. Ed Balls also joined our new Scholars for a virtual welcome gathering, offering excellent advice and encouragement and helping to forge cohort bonds from afar. We are grateful to both Rachel and Ed for their time and support for the Trust. We also reflect back fondly to January, when we were able to hold a wonderful dinner for alumni in the legal field honouring Lady Arden and Lord Hamblen – two former Kennedy Scholars who have been appointed to the Supreme Court. We look forward to hosting more such events for particular alumni groups in future, and until then will continue to expand our online activities. We will shortly circulate details of an event in late January with Professor Fredrik Logevall of Harvard, who will be speaking to us about his acclaimed new biography of John F. Kennedy. It is a fitting tribute to the Trust’s namesake and honoree that we should gather together to reflect on Kennedy’s life and legacy around the 60th anniversary of his inauguration as President.
The UK’s living memorial to President Kennedy – the Kennedy Scholarship programme – continues to attract a strong and diverse array of applicants. As you will see in their profiles, the 2020-21 Scholars are an impressive group who embody the Trust’s commitment to promoting educational excellence and public service. Their subject areas range from law and public policy to theology, sociology, and democratic theory, and while coming at things from different perspectives, a desire to understand and help address major social and political challenges of our time united their applications, as well as a strong thread of community service. The Trustees are currently reviewing a new round of applications, having determined to run the scholarship competition as normal this year. We hope that the Kennedy Scholars selected shortly will be able to start their courses at Harvard and MIT in person in the Fall term 2021, alongside those who have deferred their awards.
The large number of deferrals has made it difficult to report meaningfully on scholarship costs and savings generated this year by means-testing the stipend portion of the award. We will undertake a more extensive review next year once the full financial picture is clearer. Certainly, means-testing does not seem to have deterred applicants or been a concern to awardees, who have approached the process with openness and appreciation. Those with financial need have received full stipends for living costs of $27,250, with the Trust providing lower but still substantial amounts to those who are able to support some of their living costs themselves. We feel that the principle of means-testing is as important here as the savings realised, in that the Trust must balance generosity with financial prudence over the longer-term. The Trust continues to provide substantial awards which cover tuition and health insurance fees for all students, while means-testing the stipend helps to increase the longevity of the endowment fund. Nonetheless, our current projections suggest that the Trust’s endowment will be exhausted by the late 2030s without a substantial injection of capital. For that reason, we intend to launch a new fundraising campaign next year, in advance of the Trust’s 60th anniversary in 2024, to endow the Kennedy Scholarships for the next sixty years and beyond. We would be grateful for your support in this endeavour.
Professor Maya Jasanoff, Harvard University
Tilly Franklin, CIO of Cambridge University
In terms of the Trust itself, we were delighted to welcome two new Trustees who joined the Board in September. Reflecting the Trust’s transatlantic origins and activities, Professor Maya Jasanoff has been appointed by the President of Harvard University as one of the three American representatives on the Board of Trustees (the others being MIT Professor Andrew Whittle, and the US Ambassador to the Court of St. James). Maya is a leading historian of the British Empire who holds the Coolidge Professorship of History at Harvard, and spent time in the UK as a graduate student. Also in September the Prime Minister announced the appointment of Tilly Franklin as a Trustee. A former Kennedy Scholar (Harvard, 1993-94), Tilly is the Chief Investment Officer at the University of Cambridge, and will oversee the Trust’s finances and investment portfolio. I myself have been reappointed for another term as Chair, and Mary Ann Sieghart has been reappointed as Senior Independent Trustee. I look forward to working with our new and returning Board members over the coming year and appreciate their significant contributions to the work of the Kennedy Trust.
We all hope that 2021 brings a return to normality and a chance to meet again in person – to celebrate the wonderful connections and community forged via the Kennedy Scholarships. If all goes well we should be able to hold our annual reception in London next summer, after the disappointment of having to cancel our physical events this year. Until then, we hope to continue engaging with you, both online and off, and send our very best wishes to you and your families.
- Professor Sir Mark Walport, December 2020
Financial Report
The endowment fund has performed well this year, especially given the volatility in the markets since March. As of December 31st 2020 the fund stood at £15,071,192, dropping to £12.5 million in March, and recovering to over £15.5 million by early December 2020. The Trustees remain committed to funding at least ten Scholars per year, having determined that a substantial cohort size is important for the success of the Kennedy Scholarships as an educational and cultural exchange – helping to promote ties of fellow feeling among Scholars, as well as sustaining the programme’s visibility, prestige, and appeal in both the UK and US.
For the academic year 2020-21, the Trust is supporting three Kennedy Scholars, including one returning Scholar in the second year of their course. Another new student is on a fully-funded doctorate at Harvard but will receive a contribution from the Trust to their overall financial package. Where a full scholarship has been awarded this year, the cost will amount to £63,290 – lower than normal due to reduced health charges for students studying remotely. In total, 551 Kennedy Scholarships have now been awarded since 1966. The Trust has also continued to award Kennedy Summer Research Scholarships to British doctoral students at Harvard and MIT. Ten such Scholarships, each of $3000, have now been awarded, thus supporting important research and expanding the Kennedy Scholar network.
The Trust’s Report and Accounts can be downloaded from the Charity Commission’s website at. Go to http://www.charitycommission.gov.uk/find-charities/ and enter our registered charity number 234715 or “Kennedy Memorial Fund.”
Fundraising
The Annual Fund was launched in 2011. The Trustees are hugely grateful to those former scholars who have contributed generously to fund existing and future beneficiaries of the Kennedy Memorial Scholarships. Since that time, over £1.3 million has been donated or pledged, and we acknowledge below those who have, or will have, made major contributions over the ten-year period to 2021-22. We also note that some donors wish to remain anonymous, while others have pledged to give indefinitely such that their contribution will be even more significant over time.
The Trust would like to particularly acknowledge and express thanks to Robin Petty, who made a substantial donation of over $50,000 in the last financial year, becoming one of the Trust’s largest individual donors alongside Mary Stokes, Kate Bingham, Christopher Wyke, and Peter Englander. We are especially grateful to Peter, who over the course of the past ten years has been the Trust’s largest donor, as well as a phenomenal Trustee.
While acknowledging these major gifts, we are mindful of former scholars currently in the early stages of their careers whose giving is proportionate. All donations to the Trust, however large or small, are much appreciated, and we are delighted that recent alumni have chosen to give back to the Trust and help future Kennedy Scholars follow in their footsteps. Thank you to you all.
£20,000 and over
| £10,000 and over
| £5,000 and over
|
Ms Kate Bingham
| Mr Daniel Alexander
| Mrs Judith Aldersey-Williams
|
Mr James Caven-Atack
| Lady Mary Arden
| Prof Michael Giles
|
Dr Peter Englander
| Prof Andrew Blake
| Prof Keith Glover
|
Mr Christopher Fisher
| Mr Anthony de Garr Robinson
| Mr Hugh Harris
|
Ms Stephanie Flanders
| Ms Philippa Dodds John
| Mr Timothy Sims
|
Ms Mary Stokes
| Dr Charles Jonscher
| Dr Gordon Woo
|
Mr Christopher Wyke
| Mr Rupert Morley
| Mr Duncan Woods
|
Anonymous (3)
| Mr Romano Subiotto
|
|
| Dr Mark Urquhart
|
|
| Ms Moira Wallace
|
|
| Mr Stian Westlake
|
|
And amongst those who donate in $USD:
$20,000 and over
| $10,000 and over
| $5,000 and over
|
Dr Robin Petty
| Mrs Antonia von Gottberg
| Dr Matthew Bidwell
|
Dr Peter Parham
| Mr Malcolm Leytham
| Mr Nicholas Braden
|
Mr Colin Warren
| Mr Timothy Ridley
| Prof Gareth McKinley
|
|
| Dr Matthew Realff
|
|
| Mr Mark Williamson
|
|
| Mr Dale Winter |
Roll of Donors
The list of names that follows is based on all gifts received by the Kennedy Memorial Trust in the 2019-20 financial year and includes an acknowledgment of anonymous donors.
We thank you all for your generosity.
1966
Mrs Caroline Arms
The Rt Hon David Curry
Mr David Forrester
1968
Dr Robin Petty
Dr Adrian Thomas
Anonymous (2)
1969
Lady Lester of Herne Hill
Lord Waldegrave of North Hill
Anonymous (1)
1970
Professor John Craven
Mr and Mrs Robert John
Mr Timothy Ridley
Anonymous (1)
1971
Mr Colin Warren
Lord King of Lothbury
Dr Marion Prince
1972
Dr Peter Parham
Professor Michael Proctor (in memory of Professor Susan Manning, trustee of the Kennedy Memorial Trust 2004-2013)
Professor Caroline Series
1973
Mr Malcolm Leytham
1974
Dr Gordon Woo
1975
Mr James Caven-Atack
Mr Stephen Locke
Anonymous (1)
1976
Dr Peter Englander
1978
Professor Simon Goldhill
1979
Dr Adrian Rossiter
Mr Simon Yun-Farmbrough
1980
Mr Graham Dunning
Professor Hannah Ginsborg
1981
Professor Michael Giles
1983
Ms Moira Wallace
1985
Mrs Judith Aldersey-Williams
Mr Timothy King
Mr Richard Moore
1986
Mr Philip Rutnam
Professor Gareth McKinley
1987
Mr Andrew Cainey
1989
Ms Kate Bingham
Professor Henrietta Harrison
1990
The Hon Diana Harding
Mr Rupert Morley
1991
Ms Charlotte Hogg
Mrs Antonia von Gottberg
1992
Mr Nicholas Braden
Ms Stephanie Flanders
Dr Mark Urquhart
1993
Anonymous (2)
1994
Mr Kieron Beal
1996
Dr Matthew Bidwell
1998
Mr Giles Edwards
1999
Dr Thomas Karshan
Dr Andrew Sweeting
Ms Harriet Wallace
Mr Alexander Fox
2000
Dr Miratul Muqit
2002
Ms Lorna McGregor
Dr Christopher Whitton
2003
Mr Siddarth Dhar
2004
Dr Thomas Barnet-Lamb
2007
Mr Andrew McIntyre
2008
Dr Thomas Wide
2009
Mr Dale Winter
2015
Mr Tom O'Bryan
2018
Dr Laura Heath