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← The Edward James Foundation Limited

2024-09-30-accounts

The Edward James Foundation Limited (a company limited by guarantee)

ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 SEPTEMBER 2024

Company Registration No. 06689362 (England and Wales) Charity Registration No. 1126084

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Contents

Page
Chair’s introduction 3
Trustees’ report 5
Statement of corporate governance 22
Statement of internal control 26
Independent auditor’s report 28
Consolidated statement of financial activities 33
Consolidated and Charity Balance sheets 34
Consolidated statement of cash flows 35
Notes to the Financial statements 36
Reference and administrative information 71

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Chair’s introduction

For the year ended 30 September 2024

The Edward James Foundation has made progress in implementing our 2030 Vision this year, whilst continuing to adapt to ongoing economic challenges. We have achieved key milestones and continued to evolve our strategic approach to ensure our long-term sustainability and growth.

April 2024 saw the formal opening of our new campus in Malet Street, London, a landmark event in the history of West Dean College. Dilke House offers our students a high-quality learning environment at the heart of Europe’s most dynamic and prestigious student quarter. Thanks to the skill and dedication of our Estate and Education teams, the rented premises in the Design Centre were vacated, and the new Malet Street campus opened, as scheduled, despite a tight and complex timetable. We welcomed our first short course students over the summer and in September they were joined by higher education students from the School of Design.

West Dean’s new presence in the capital represents a significant step for the College. This central location enhances our visibility and offers tremendous potential for expanding our educational reach. While it is still early days, we anticipate that West Dean London will contribute to our desired growth in student numbers and further strengthen and broaden our reputation as a provider of high-quality education in arts, crafts, conservation and design.

The College enjoyed another successful year in terms of the student experience, and it has been heartening to see higher education enrolments sustained at a time when many institutions have experienced shortfalls in recruitment. Registrations for short courses have also shown robust performance, returning to healthy levels that reflect the ongoing demand for our diverse educational offerings.

The Tapestry Studio gained a prestigious commission from Sadlers Wells East for two large-scale tapestries by West Dean Fellow Eva Rothschild. An earlier commission, ‘John Barry, O Kelly, Sonny and Richard Moore’, a celebration of the ‘everyday heroes’ who kept essential services going during the pandemic, designed by Michael Armitage, was viewed by over a million people in the first six months after it was prominently displayed in the newly reopened National Portrait Gallery in the summer of 2023.

The Foundation has now set itself firmly on the path towards environmental sustainability. This was the first year of a ten-year programme to increase native woodland on the Estate and saw us plant 22,500 trees. The programme is funded by the Forestry Commission under the England Woodland Creation Offer. We continue to work with our tenant farmers to adopt a more regenerative agricultural model. This, together with advances in our horticultural, forestry and other activities, means that our ambitious plans to become climate neutral, improve biodiversity, and adapt to climate change, remain on target. As an educational and creative organisation with a large rural estate in a National Park we have the opportunity to play an exceptional role in developing innovative approaches to nature restoration and community engagement with the natural environment. For example, we are expanding the range and scale of home-grown produce for public sale and for consumption in our College and Garden restaurants, reducing food miles and creating a more circular local economy.

The Foundation has faced financial challenges in recent years, influenced by a combination of factors including broader economic trends such as the sustained high rates of inflation. As we continue to navigate these challenges, we have had to adjust to multiple pressures. The cost of living challenge has impacted short course enrolments, while changes to both the National Living Wage and Employer National Insurance rates have necessitated further adaptations. T he harmonisation of accounting practices between the Foundation and KLC School of Design exposed differences in fee income recognition practice. This led to a significant negative post-acquisition adjustment. Despite these challenges, we remain focused on our mission and are actively implementing strategies

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The Edward James Foundation Limited (A company limited by guarantee; Company Registration No. 06689362)

Chair’s introduction (continued) For the year ended 30 September 2024

to strengthen our financial position. We are not yet out of the woods, but we are making progress and are confident in our ability to overcome these challenges.

The Foundation is managing its cashflow during this period of turbulence by drawing on reserves. Until 2021 these cash reserves were invested primarily for income. With the support of our investment advisers, Mercers, we have gradually migrated to a more diversified and lower risk model of investment which balances growth and income, and which adopts a socially responsible approach that excludes, for example, holding investments in fossil fuel and environmentally damaging industries.

During the year our Chief Executive Alex Barron announced his resignation after almost twenty years with the Foundation, first as Finance Director then as Chief Executive. Trustees are extremely grateful to him for his immense contribution during this time and wish him well in his future initiatives. The Deputy Chief Executive and Principal Francine Norris also announced her intention to stand down with effect from April 2025. Again, the Trustees are grateful to Francine, especially for the leading role she has played in the development of the College’s educational offering.

The Foundation conducted a wide-ranging search for Alex Barron’s replacement and Professor Anna GoughYates took over as Chief Executive at the start of 2025. Anna will develop a comprehensive Deficit Reduction Plan aimed at bring ing us to a break-even position within the period of the Strategic Plan, through a review of operational costs and a focus on new revenue streams.

As always, Trustees are acutely aware of the contribution made by all staff. Their professionalism and commitment constitute our greatest strength, and we are pleased to thank them for everything they do to make West Dean such a success.

Professor Paul O’Prey CBE Chair of Trustees 27 February 2025

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report For the year ended 30 September 2024

The Trustees present their Annual report and audited accounts for the year ended 30 September 2024 which have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and the Charities SORP (FRS 102).

ABOUT US

The Edward James Foundation (the Foundation) is a registered charity which operates West Dean College (the College). The College comprises three Schools: Arts, Conservation and Design, the latter resulting from the acquisition of KLC School of Design (KLC) in July 2021. The Foundation also comprises West Dean Gardens, West Dean Estate and West Dean Tapestry Studio.

Our Objects

To advance, promote or carry out such charitable educational purposes as the Trustees in their absolute discretion think fit in particular by (but without limitation):

Our Vision

Our schools of arts, conservation and design offer a uniquely broad range of world-leading courses. At the heart of all we do is our belief that 'making' makes our lives better. We celebrate the intrinsic value of work that has been hand-made by artists and artisans, and challenge the assumption that mass-produced must be the only way because, across the world, the maker movement is growing.

From online courses to postgraduate degrees, our student cohorts reflect the interests, backgrounds and aspirations of a global community. Guided by experts, who are often leaders in their field, our students are encouraged to develop their practice and reach their true potential.

Our London and Sussex campuses connect our students to the city and countryside, providing inspiring study environments and state-of-the-art studios across all our disciplines, helping to forge collaborations and discover their creative voice.

Our Founder

The original vision for West Dean College was conceived in a series of letters between Edward James, our founder, and Aldous Huxley, beginning with an initial communication to the writer on Christmas Day 1939. In it, James wrote that he had been inspired by Huxley’s 1937 book on idealism, Ends and Means, to gift his family home and Estate to create a community of artistic practice and education.

James established his eponymous Foundation in 1964 and the College opened its doors in 197I as a centre for education and training in arts and conservation. Today, we continue to develop our portfolio of courses to provide the highest quality education and do so with a spirit of independence that, like our founder, aspires to difference, uniqueness and a freedom to experience the world and its nature through making and creativity.

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

STRATEGIC REPORT: OUR ACHIEVEMENTS AND PERFORMANCE

This year has been full of significant achievements. We’ve continued to see strong demand for our higher education courses, alongside completing the post Covid-19 recovery of our short courses which experienced significant disruption during that unprecedented period. We’ve also opened West Dean: London, our new premises in the heart of Bloomsbury, and started creating new woodland as part of our landscape-scale sustainability plan. These successes have been made possible by our pre-pandemic asset strength, which has allowed us to absorb several years of financial deficits. Our new Chief Executive is preparing a Deficit Reduction Plan to return us to surplus over a two to three year period.

Our achievements and performance are described in more detail below across the following core activities:

Educational Programmes

The heart of our mission is to deliver the highest quality education in the arts, conservation and design and to preserve the knowledge and application of craft skill. Our portfolio expanded to include interior design and garden design from the academic year 2021/22, following the successful acquisition of KLC School of Design in July 2021. Encompassing learning from one-day introductory sessions all the way through to post-graduate qualifications, our course programmes give people the opportunity to learn practical hand skills in a wide range of subjects across art, craft, making, conservation and design. For many students, these support the development of a vocation or career and for all, they contribute to a life better lived.

Our aims,performance and achievements for 2023/24 Our aims,performance and achievements for 2023/24
Our aimsfor 2023/24 included: The key achievements in 2023/24 included:
We will continue to grow student numbers in
accordance with the targets set out in the strategic
plan through portfolio development and effective
recruitment to existing programmes. This will include
particularly emphasis on the short course programme
based at our Sussex campus and higher education
programmes across all three schools.		 Most student number targets were met or exceeded,
except where planned:

Higher Education numbers held firm at the Sussex
campus and in most areas at the London campus,
the exception being due to the suspension of a
part-time interior design course as part of the
London premises move;

Short Course numbers at the Sussex campus
successfully recovered to pre-pandemic levels
during Summer 2024;

Short Courses commenced at the new London
campus (see next aim in this table);

Online Certificate in Residential Interior Design
numbers were down significantly while the
programme was temporarily suspended, the
course refreshed and then relaunched.
We will successfully launch West Dean: London as a We launched West Dean: London in April 2024 with

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

new hub for arts, craft, conservation and design in
Bloomsbury.		 a ‘Trailblazer’ programme of Short Courses from
across all three schools. A decant of all School of
Design activity from Chelsea Harbour to Bloomsbury
was then undertaken as planned during Summer 2024,
in readiness for the 2024/25 academicyear.
We will invest in our new West Dean: London
campus to achieve an enhanced teaching and learning
experience for our students.		 Following the lease being signed in October 2023, we
prepared the new campus for students. Initial
investment was primarily directed towards IT and
audio-visual equipment, furniture, and the creation of
café, common room and libraryspaces.
We will implement the actions set out in our EDI
action plan and monitor the success of these through
our committee structure.		 We have included EDI as a standing agenda item for
key academic and management committees to ensure
the regular reportingand monitoringof actions taken.

Our aims for 2024/25:

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

Sharing our Collection and Archive

The Edward James Foundation Collection includes artworks, antiquities, artefacts, furniture, books, correspondence, deeds, documents and ephemera from pre-history to the twenty-first century. The Archive comprises correspondence, manuscripts, photographs, Estate deeds and other material relating to the history of the House and Estate, its resident families and the College. Among this is the extensive Edward James Archive that documents James’ prominent role in 20th century arts and culture. The archive also now contains documents related to the establishment and history of KLC School of Design.

Our aims,performance and achievements for 2023/24 Our aims,performance and achievements for 2023/24
Our aimsfor 2023/24 included: The key achievements in 2023/24 included:
We will continue to develop our policy framework
towards Museum Association accreditation.		 We have continued to develop our collections
management standards towards Museum Association
accreditation and have developed criteria for
acquisitions of external works and collections as well
as for the collection of exemplary work that
represents the educational mission of the College.
We will launch the online catalogue as part of the new
branded website and complete the cataloguing of
Edward James’s literary papers.		 We have continued the process of cataloguing and
digitising material in order for inclusion in the online
catalogue.
We will continue to offer a programme of public
access through specialist tours and events aiming to
broaden the diversityof audiences for these.		 We ran a series of specialist tours to coincide with
the centenary of the Surrealism movement. The series
received national listings andplaces sold out.

Our aims for 2024/25:

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

West Dean Gardens

The award-winning grade II* listed West Dean Gardens are an inspirational setting for our educational work. They provide an opportunity for us to share the rich heritage of the estate with thousands of visitors who enjoy and admire both the Gardens and their historical context, and they contribute to an extraordinary and inspiring sense of place for our students.

Our aims,performance and achievements for 2023/24 Our aims,performance and achievements for 2023/24
Our aimsfor 2023/24 included: The key achievements in 2023/24 included:
We will focus on visitor engagement and interaction
to further enjoyment and learning from visits.		 We introduced a series of Garden Tours with
Afternoon Tea, which have enabled a higher level of
engagement. The series has proved extremely popular
with visitors.
We will revitalise and refresh the areas around the
pergola and north lawns, combating the effects of box
blight and box moth caterpillar.		 We have successfully achieved this aim, including the
full redesign and replanting of the Sunken Garden.
We will increase to 90% or more the proportion of
plants for resale which we grow or nurture in-house.		 Although we didn’t achieve the expected sales mix,
the growing journey has begun. The nurturing of some
plants has taken longer to get the necessary volume
and having the early season flush of colour is a
challenge with current facilities.

Our aims for 2024/25:

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

The West Dean Estate and our local community

The Estate is not only part of the inspirational setting for the College, but it offers natural and built assets to support expansion and it provides vital income generated from farming, forestry, letting, special events, Garden visitors and tourism. The health and good stewardship of the Estate is not just an aim, but a necessity to create a vibrant and sustainable place in which our community can live, work and learn. The Estate is one that conserves its heritage, habitats and special qualities, that inspires people through its College and Gardens, and that celebrates its unique position in the South Downs National Park.

The community in and around West Dean College and Gardens and West Dean village is an integral part of who we are. Encompassing West Dean village, West Dean Primary School and our tenants, the Weald and Downland Living Museum, and set within the South Downs National Park, we are a proud member of our local community.

Our aims,performance and achievements for 2023/24 Our aims,performance and achievements for 2023/24
Our aimsfor 2023/24 included: The key achievements in 2023/24 included:
We will commence new woodland creation, planting
more than 20,000 trees in the first six months.		 We planted approximately 22,500 trees in Winter
2023/24.
The planting was approved and funded by
the
Forestry
Commission
under
the
England
Woodland Creation Offer.
We will continue working closely with our tenant
farmers
to
agree
approaches
to
implementing
landscape-scale sustainability plans.		 We
are
grateful
to
our
tenant
farmers
for
collaborative
approach
and
their
willingness
to
explore new ways of working. This has enabled us to
make significant progress towards a landscape-scale
sustainability plan.

Our aims for 2024/25

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

OUR FUTURE PLANS

Our strategic plans are set out in ‘Vision 2030’. Drafted during the lockdown periods of Covid-19 in 2020/21 and approved by the Board in July 2021, the plans reflect a level of ambition based on our increasing impact over recent years, the organisation’s resilience during a period of global uncertainty, as well as the significant demand for our high-quality educational offer.

Vision 2030 remains true to the craft community philosophy developed by our founder, Edward James, and it sets out our ambitious plans for expansion and development. These include:

The balance on the Vision 2030 fund (see note 28) represents the unexpended proceeds from the disposal of assets which have been designated by the Trustees for the purpose of financing projects envisaged by the strategic plan.

Detailed aims for 2024/25 are set out by activity earlier in this report, but these all fall into one of five priorities for the year:

SECTION 172 STATEMENT

The Trustees of The Edward James Foundation Limited, as is the case for all trustees of UK charitable companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

A trustee of a charitable company must act in the way they consider, in good faith, would be most likely to promote the success of the charity for the benefit of its stakeholders as a whole and, in doing so have regard (amongst other matters) to the:

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

The following paragraphs summarise how the Trustees of The Edward James Foundation Limited fulfil their duties:

EMPLOYEES

We are highly dependent on our employees, and our extensive number of visiting tutors, to deliver our objectives and we are hugely grateful for their dedication and passion.

The organisation engages with its employees frequently and through various channels. This includes interactive quarterly staff meetings which are led by the Chief Executive, monthly emails providing latest news and developments, as well as staff-focused social events during the year.

We endeavour to pay all employees above the National Living Wage and offer them the opportunity to participate in pension schemes (to which we make a contribution of up to 7.5%, depending on the scheme). In addition, we provide various other benefits such as a cycle to work scheme and access to an Employee Assistance Programme.

VOLUNTEERS

Volunteers are an integral part of the welcoming community of West Dean. We currently have around 50 volunteers, the majority of whom provide support within our beautiful gardens and surrounding landscape. We work to ensure that volunteers gain valuable experience whilst working at the College and feel respected, safe and recognised for everything they do in support of our charitable activities.

OUR APPROACH TO SUSTAINABILITY

Over the last few years, we’ve developed a 10-year roadmap action plan to deliver a sustainable future for the College’s 6,500 acre estate, education and operations. Our Sustainability Policy (available in full on our website) is driving the plan which aligns with global best practice frameworks including the United Nation’s Sustainable Development Goals.

West Dean’s natural heritage setting has long been a place of inspiration to many. As custodians of that estate, we have a duty to ensure it can thrive long into the future. To maximise our unique sense of place, we are bringing together creativity, nature and wellbeing in a bold vision to become an exemplar of sustainability. We are committed to embedding sustainability permanently across all of our activities, including the estate, our education provision, our collection, our gardens and our community activities.

It is an easy fit with Edward James’ original philosophy for West Dean, and we’re confident that our sustainability action plan is not only the right and necessary thing to do, it will help inspire and support the participation of a diverse community throughout West Dean.

We started with a comprehensive Baseline Sustainability Review and extensive surveys to develop an evidence based process that includes biodiversity, our carbon footprint and many of the areas reflected in the United Nation’s Sustainable Development Goals (UN’s SDGs). We have subsequently finalised our action plan which is, at a minimum, self-financing.

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

Against a global backdrop of environmental and social challenges including climate change, biodiversity loss and inequality, our need to act has never been stronger. We are looking to lead the way in our sector, meeting annual emissions reductions, incorporating sustainability improvements across all areas of our work and breaking down barriers to enable equitable access.

Our sustainability action plan will deliver:

STREAMLINED ENERGY AND CARBON REPORTING

In line with our Environmental, Social and Governance (ESG) Strategy & disclosures and compliance with governmental legislation like the Streamlined Energy and Carbon Reporting, we are publishing our Greenhouse Gas (GHG) Emissions data for 2023/24 and 2022/23:

2023/24 2022/23 Change %
Energy Consumption used to calculate emissions (kWh) 900,034 985,475 (8.7)
Energy Consumption Breakdown:
Gas or Oil Kerosene,
propane andgas		 Kerosene and
propane
Electricity West Sussex,
Chelsea
Harbour and
Bloomsbury		 West Sussex
and Chelsea
Harbour
TransportFuel Diesel& petrol Diesel& petrol
Scope 1 emissions in metric tonnes CO2e:
OilConsumption 106 97 9.3
Gas Consumption 5 0 100.0
Transport Fuel 44 38 15.8
Total Scope 1 155 135 14.8
Scope 2 emissions in metric tonnes CO2e:
Purchased Electricity– Locationbased 165 177 (6.8)
Purchased Electricity–Market based 0 24 (100.0)
Totals:
Scope 1 and 2 metric tonnes CO2e (Location) 320 312 2.6
Scope 1and 2 metric tonnes CO2e (Market) 155 159 (2.5)
Other:
BiomassBoiler(woodchipfeedstock)metric tonnes CO2e 48 27 77.8

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

We have followed the 2024-25 HM Treasury Government Sustainability Reporting Guidance and the GHG Reporting Protocol – Corporate Standard. We have used 2024 DEFRA Emission Factors. We have included within our calculations our Scope 1 emissions oil consumption and our transport related emissions. Our Scope 2 consists of our purchased electricity. According to GHG emissions accounting best practice, the CO2e produced from biologically sequestered carbon, e.g. from the combustion of biomass for heat generation is not included under Scope 1-3. It is reported separately as a biogenic (from a life form) emission. The biomass boiler fuelled by wood chip coppiced or felled timber from West Dean forests provides much of our heating and hot water is considered a renewable fuel.

OUR APPROACH TO SAFEGUARDING

The College is committed to practices that protect children and vulnerable adults from abuse, exploitation, bullying, neglect and self-harm. We have a Safeguarding policy which covers our responsibility to protect and prevent students from radicalisation and extremism in response to the Prevent duty requirements. The College is committed to working with local safeguarding organisations including the local authorities, Channel, Prevent coordinators and other community and referral groups to ensure the safeguarding of all students.

OUR APPROACH TO FUNDRAISING

The Trustees take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities.

In demonstration of our commitment to good fundraising, The Edward James Foundation Limited is a member of the Fundraising Regulator and we uphold the standards set out in the Code of Fundraising Practice. This includes taking into account the needs of any individual donors who may be in vulnerable circumstances.

The Foundation’s Fundraising policy and Gift Acceptance policy govern our approach to fundraising and this is reviewed annually. We did not engage external professional organisations to deliver any of our fundraising activity in 2023/24.

In 2023/24 we received 0 (2022/23: 0) complaints about our fundraising programme.

GRANT MAKING

A significant proportion of Higher Education students and some Short Course students would be unable to study at the College without some form of financial assistance towards tuition fees. The value of scholarships and bursaries awarded to students this year totalled £369,918 (2022/23 £349,741). Of this total, £324,864 (2022/23 £301,295) was contributed from the West Dean Scholarship Fund and the balance of £45,054 (2022/23 £48,446) was contributed from annual unrestricted operating budgets. The West Dean Scholarship Fund is administered by the Foundation using funds which have been designated by the Trustees or which have been restricted for this purpose by third party donations from partners and funders who share our mission to inspire the artists, conservators and designers of the future, and to whom we are enormously grateful.

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

PUBLIC BENEFIT

In setting their objectives and planning their activities the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

In implementing our primary charitable objective, we offer educational courses and programmes that contribute greatly to public life, including through the protection of heritage craft skills, the promotion of sustainable design and making techniques and the enhancement of wellbeing. We provide significant financial subsidies across all our educational activities and we award a number of scholarships and bursaries to enable students who might otherwise be unable to do so to study at the College. Students are considered on merit, potential and financial need.

In implementing our secondary charitable objective, we also provide public access to West Dean Estate, West Dean Gardens, West Dean House and West Dean College, and we operate West Dean Stores as an essential service to the local community. We have also recently launched an ambitious landscape-scale sustainability project, which will enable us to make a positive contribution to tackling climate change and increasing biodiversity.

RISKS AND UNCERTAINTIES

The Trustees have assessed the major risks to which the Foundation is exposed and are satisfied that systems and procedures are in place to manage and to mitigate these. Detailed consideration of risks is delegated to the Finance and Audit Committee, assisted by the Chief Executive, and is carried out at least three times a year. A formal review of the Foundation’s risk management processes is undertaken on an annual basis by the Board. The Trustees recognise that systems can provide only reasonable, but not absolute, assurance that major risks are being adequately managed.

There are currently a number of moderate risks where the Trustees have agreed mitigation steps and these include cyber-security, delivery of strategic plans and regulatory compliance. The most significant risk and uncertainty we are managing at the time of this report is our annual operating deficit. We have intentionally used our pre-pandemic asset strength to absorb the impact of economic instability over recent years, as well to invest in the KLC School of Design and its relocation to Bloomsbury as part of the launch of ‘West Dean: London’. However, the period of external instability has been longer and deeper than we anticipated and our new Chief Executive will develop a comprehensive Deficit Reduction Plan aimed at bringing us to a break-even position within the period of the Strategic Plan, through a review of operational costs and a focus on new revenue streams.

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Operating deficit

This year we recorded Net Expenditure (before investment and actuarial gains and losses) of £4.434m (2023: £3.146m), as summarised in Table 1 below.

Table 1

Table 1
2024 2023
Net
£’000		 Net
£’000
Net movement in funds (per Statement of
Financial Activities)		 (2,272) (2,919)
Add back:
Actuarial loss on defined benefitpension scheme 95 69
Netgain on investments (2,257) (296)
Net Expenditure (before investment and
actuarialgains/losses)		 (4,434) (3,146)

This is our fifth consecutive deficit since the Covid-19 pandemic in 2019/20. Our pre-pandemic asset strength has afforded us the ability to sustain these deficits, so absorbing the worst of the macro-economic disruption while continuing to support our students, acquiring KLC School of Design (including in 2023/24 relocating the associated London premises to Bloomsbury) and evolving our business model for the future. However, nearly £0.8m of the worsening in 2023/24 related to two one-off accounting adjustments arising from the relocation of our London premises:

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

In order to offer a more realistic comparison of operating performance, we include a further summary in Table 2 below to reconcile this year’s result to the measure we use for management purposes, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA).

Table 2

Year ended 30 September:

Table 2
Year ended 30 September:
2024 2023
Income
£’000		 Costs
£’000		 Net
£’000		 Net
£’000
Financial investments 320 (168) 152 323
Trading (excludingmemberships) 1,922 (2,038) (116) (373)
West Dean Estate 2,811 (1,805) 1,006 280
Fundraising (includingmemberships) 253 (181) 72 157
Insurance proceeds 115 - 115 183
Governance - (173) (173) (208)
Net operating income available for
education		 5,421 (4,365) 1,056 362
Education 8,476 (13,966) (5,490) (3,508)
Net Expenditure (before investment
and actuarial gains/losses) – see Table 1		 13,897 (18,331) (4,434) (3,146)
Add back:
Loan interest 256 238
Depreciation 804 699
Amortisation 61 61
Pension scheme investment income (124) (139)
Chelsea Harbour dilapidations (one-off) 145 -
Rent adjustment(non-cash) 635 -
Earnings Before Interest, Tax,
Depreciation and Amortisation(EBITDA)		 (2,657) (2,287)

Unlike the Net Expenditure for the Year, which is affected by the one-off accounting adjustments detailed above, the EBITDA result is closer to that achieved in 2022/23. Nevertheless, the EBITDA result for the year is disappointing because it masks the very positive progress made in several areas, notably returning School of Arts Short Course take-up to pre-pandemic levels and significantly improving net income from West Dean Estate. This progress was undermined by three one-off issues totalling approximately £1.5m, all relating to the School of Design fee income:

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

Had it not been for these one-off factors, the 2023/24 EBITDA result would have been 50% lower than in 2022/23. We are firmly focused on returning to modest, sustainable annual surpluses and are on track for a reduction in the EBITDA deficit in 2024/25.

Investment gains (reflected on the Consolidated Statement of Financial Activities)

The investment gain during the year of £2.257m (2022/23: £0.296m) represents:

Financial investment policies

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way that the Trustees see fit, providing that such powers of investment are only exercised for the purpose of attaining the objects of the Foundation and in a manner that is legally charitable. Since mid-2020/21, the Trustees have adopted a total return approach to financial investment. This objective is conditional on:

This investment objective replaced an approach based on maximising income yield while maintaining the value of capital in real terms. In general terms, the change in objective has impacted on the results in the annual financial statements through lower Investment Income from Financial Investments reflected in the Statement of Financial Activities in favour of reduced net losses / higher net gains on Financial Investments. In the short to medium term, this necessitates the periodic disposal of financial investment assets to realise cash to support operating activities; in the medium to long term, through Vision 2030, it is intended that increases in the value of Financial Investments will provide funding for future strategic projects and annual operating activities will be sustainable without reliance on returns from these investments.

The Finance and Audit Committee monitors investment performance and reports to the Board on a regular basis. Members of the Finance and Audit Committee have background experience and knowledge of finance and investment markets and property. Mercer assists the Trustees as an independent investment adviser. During 2021/22, Mercer assisted us to complete a review and repositioning of our financial investments to ensure they are more actively managed to align with our organisational values and ethical principles.

Actuarial gains on The Edward James Foundation Final Salary Pension Scheme

The most recent actuarial valuation as at 30 September 2021 reported a surplus of £0.765m. The update for accounting purposes as at 30 September 2024 was a surplus of £2.408m (2022/23: £2.197m). However, the Trustees have decided to restrict the asset recognised in the financial statements to £niI (2023: £nil). See note 26 for further details.

18

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

Intangible fixed assets

There have been minor additions only in the last two financial years. More than 90% of the carrying value as at 30 September 2024 relates to the goodwill generated on the acquisition of KLC Limited on 31 July 2021.

Tangible fixed assets

The additions of £1.094m (2022/23: £0.907m) included £0.416m (2022/23: £0.023m) in respect of fitting-out our new premises in Bloomsbury and £0.240m (2022/23: £nil) in respect of new woodland creation on West Dean Estate. The new woodland qualified for 100% funding through the Government’s England Woodland Creation Offer.

Property investment fixed assets

The additions of £0.206m (2022/23: £0.608m) related to the major refurbishment of residential houses on West Dean Estate.

Cash balances

As at 30 September 2024, we held cash balances totalling £0.710m (2023: £2.399m). The fall in cash levels during the year was driven by a combination of factors (the annual operating deficit, loan repayments, and the investments set out above in respect of tangible and property investment fixed assets) as reduced by the proceeds on disposal of financial and property investments. Alongside the targeted improvements in annual operating result, the Trustees also instructed in June 2024 the disinvestment of two financial investment holdings in property funds. Given the relatively illiquid nature of these holdings, the disinvestment process takes many months, but this has realised approximately £3.1m in cash in the first quarter of 2024/25. These proceeds will be held within money market funds, yielding broadly in line with the Bank of England base rate, and will be available to support operating cash requirements as needed.

Investments held for sale

As at 30 September 2024, we held for sale £8.232m (2022/23: £nil) of investments. This comprised:

Funding and reserves

The Foundation holds a wide range of investments which generate income to subsidise its educational activities.

The primary sources of investment and trading income are from investment property, financial investments, the opening of its gardens to the public (including shop and restaurant) and the operation of a conference facility. This income ensures that the fees charged for education provided by West Dean College can be maintained at significantly lower than cost.

19

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

As explained earlier in this Financial Review, we have used some of our reserves to absorb the worst of the macro-economic disruption of the last five years while ‘Net operating income available for Education’ has been insufficient to meet the ‘Net cost of Education’. The Reserves Policy of the Foundation is to hold as a general unrestricted reserve an amount equivalent to not less than 6 months’ charitable expenditure (equivalent to a minimum of £8.6m as at 30 September 2024), of which at least 20% should be held in cash and the balance in financial investments readily convertible to cash. As at 30 September 2024, the Policy was met by the availability of a £1m overdraft facility while awaiting the proceeds of disinvestment of financial investment holdings explained above. The Trustees have also ensured sufficient investments have been reallocated from designated reserves to meet the Policy. In 2025/26 we will be updating Vision 2030 . Alongside this, our new Chief Executive will be developing a comprehensive Deficit Reduction Plan which will aim to bring us back to a break-even position within the period of the Strategic Plan. The Trustees also have in place a Strategic Cash Management Policy, in order to ensure sufficient cash is held at all times to meet not only charitable operating expenditure (as set out in the Reserves Policy) but also any strategic capital commitments.

Statement of Trustees’ responsibilities

The Trustees, who are also the Directors of The Edward James Foundation Limited for the purpose of company law, are responsible for preparing the Trustees’ report and the Financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company and the Group for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

20

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Trustees’ report (continued) For the year ended 30 September 2024

Disclosure of information to auditors

In so far as the Trustees are aware, there is no relevant audit information of which the Charitable Company’s auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

I declare that the Trustees have approved the Trustees’ report (incorporating the Strategic Report) above and have authorised me to sign it on their behalf.

Perko Prey Professor Paul O’Prey CBE Chair of Trustees 27 February 2025

21

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Statement of corporate governance For the year ended 30 September 2024

The following statement is provided to enable the reader to understand The Edward James Foundations Limited’s corporate governance framework and structure. It covers the year ended 30 September 2024 and the period up to the date of approval of the financial statements.

Governing document

The Edward James Foundation Limited (the Foundation) is a charitable company (the charitable company or Charity) limited by guarantee and governed by its Memorandum and Articles of Association. Prior to its incorporation in 2008, the Foundation was constituted as an unincorporated charity; this original charity is now dormant (numbered 1126084-1, formerly 306372).

Governance framework

The Foundation is committed to exhibiting best practice in all aspects of corporate governance. Its Governance Handbook expands on the governance approach set out in the Memorandum and Articles of Association. Furthermore:

Group Structure

The Foundation delivers education through West Dean College and, as a secondary activity, maintains and preserves the West Dean Estate. The Foundation is the parent company of two wholly-owned subsidiaries:

22

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Statement of corporate governance (continued) For the year ended 30 September 2024

Corporate Governance Structures

The Board of Trustees

The Foundation’s governing body is its Board of Trustees who are responsible for policy matters and the overall direction of the Charity and have absolute discretion in applying its funds in furtherance of the objects of the Foundation. None of the Trustees has any beneficial interest in the Foundation and each Trustee guarantees to contribute £10 in the event of winding up.

The Board of Trustees increased from nine to twelve Trustees during 2023/24, following three appointments and two retirements. There were ten Trustees as at the date of approval of the financial statements for the year ended 30 September 2024.

The Board of Trustees usually meets five times a year, unless there are exceptional circumstances such as in the years ended 30 September 2020 (Covid-19) and 2021 (acquisition of KLC Limited). During the year ended 30 September 2024 it met on five occasions (2023: five). Members of the Foundation’s Executive Leadership Team attended all Board meetings during the year ended 30 September 2024.

Most Board and sub-committee meetings take place in-person or as a hybrid mix (i.e. in-person with some participants via video conference), although they have been held entirely via video conference in exceptional circumstances (e.g. during Covid-19). During the year ended 30 September 2024, all of the five Board meetings and thirteen of the fourteen sub-committee meetings took place in-person or as a hybrid mix.

Sub-committees

The Foundation has various sub-committees which support, and report to, the Board of Trustees:

The Education Committee

Purpose: To review the range of subject areas, the range of qualifications, the quality of the teaching provision, regulatory matters affecting education at West Dean College and the stewardship of the Foundation’s archive and art collections.

Composition: At least three members of the Board, the Principal & Deputy Chief Executive and the President of the Student Association.

Meeting frequency: Scheduled to meet at least three times per year. During the year ended 30 September 2024 it met three times (2023: three).

Purpose: To review the Foundation’s annual revenue and capital budgets, financial performance, financial forecasts, investments and controls. It also assesses the adequacy of the Foundation’s risk management policies, its insurance needs, its IT risks and the financial implications of any special initiatives. It is responsible for overseeing the relationship with the Group’s external financial auditors, internal auditors and for finalising the Foundation’s audited group financial statements for approval by the Board of Trustees.

23

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Statement of corporate governance (continued) For the year ended 30 September 2024

Composition: At least three members of the Board (there were temporarily two during 2022/23 following a retirement in May 2022), the Chief Executive and the Director of Finance & Business Systems (this post has been vacant since January 2024 and is being covered by an Interim Head of Finance at the date of approval of the accounts for the year ended 30 September 2024).

Meeting frequency: Scheduled to meet at least three times per year. During the year ended 30 September 2024 it met six times (2023: six).

The Estate Committee

Purpose: To keep under review strategically the management of West Dean Estate, including the West Dean College Campus, and to make any necessary recommendations to the Board arising from that review. The management of the Estate and Campus includes property repairs, land/property sales and purchases, construction of property, and letting/renting of land/property.

Composition: At least four members of the Board, the Chief Executive, the Director of Estates and the Director of Finance & Business Systems (this post has been vacant since January 2024 and is being covered by an Interim Head of Finance at the date of approval of the accounts for the year ended 30 September 2024).

Meeting frequency: Scheduled to meet at least two times per year. During the year ended 30 September 2024 it met three times (2023: three).

The Remuneration Committee

Purpose: To review and agree salaries for all staff based upon the recommendations of the Chief Executive. The Chief Executive’s remuneration package is reviewed annually by the Remuneration Committee, which can seek external advice if desired. In reviewing the Chief Executive’s remuneration package, the Remuneration Committee considers factors such as:

Composition: At least three members of the Board. The Remuneration Committee is chaired by a Trustee who is not the Chair of the main Board of Trustees. It has adopted the Committee of University Chairs’ Remuneration Code. The Chief Executive is not a member of the Remuneration Committee.

Meeting frequency : The Remuneration Committee meets at least once per year. During the year ended 30 September 2024 it met once (2023: twice).

The Nominations & Governance Committee

Purpose: The Committee considers and makes recommendations to the Board on matters relating to governance and appointments to the Board and its sub-committees.

24

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Statement of corporate governance (continued) For the year ended 30 September 2024

Composition: At least three members of the Board, the Chief Executive and the Principal & Deputy Chief Executive.

Meeting frequency: The Nominations & Governance Committee meets at least once per year. During the year ended 30 September 2024, it met once (2023: twice).

Urgent Situations Committee

Purpose: The Urgent Situations Committee (USC) meets only in exceptional circumstances. It was established in March 2020 to support the Chief Executive and Executive Leadership Team in terms of emergency response, crisis management and ensuring business continuity during COVID-19. The USC acts with the delegated authority of the Board during designated periods of urgent and serious situations, in order to:

Composition: At least four members of the Board and all members of the Executive Leadership Team.

Meeting frequency: No meetings of the Committee have been deemed necessary since the year ended 30 September 2020.

Recruitment, election and training of Trustees

The power of appointing successor or additional Trustees is vested in the Members of the company who, as noted above, are also the Trustees. The number of Trustees may not exceed twelve nor be less than three. Trustees serve for four-year terms before being considered for reappointment. Ordinarily, Trustees may serve up to two, four-year terms. Exceptionally, this may be extended for a third, four-year term. The Covid-19 pandemic period interrupted the normal cycle of trustee recruitment and the Board has taken action to address this. During the year ended 30 September 2024, the Board:

Trustees are selected on the basis of their specialist skills and knowledge of relevance to the Foundation’s broad activities. New Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Handbook of Governance, the Charity structure and decision making processes, recent activities and financial performance and plans. There is formal training for Trustees as required.

Day-to-day management

The Trustees have delegated responsibility for the day-to-day management of the Foundation to the Chief Executive. Following the resignation of Alexander Barron during 2023/24, to take effect on 12 January 2025, an external recruitment process was undertaken. Professor Anna Gough-Yates has been appointed and started in post on 13 January 2025.

25

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Statement of internal control For the year ended 30 September 2024

The following statement is provided to enable the reader to understand The Edward James Foundations Limited’s system of internal control. It covers the year ended 30 September 2024 and the period up to the date of approval of the financial statements.

System of internal control

The Edward James Foundation Limited’s system of internal control is embedded in its ongoing operations and includes:

The Board is ultimately responsible for the Foundation’s system of internal control and for reviewing the effectiveness of these arrangements. The Board has delegated detailed consideration of risks to the Finance and Audit Committee. Furthermore, it has delegated day-to-day responsibility to the Chief Executive, who is the Accountable Officer as defined by the Office for Students, for maintaining a sound system of internal control that supports the achievement of the Foundation’s strategy, whilst safeguarding its assets.

Risk management

The Foundation maintains a critical risk register. This is updated regularly and reviewed by the Foundation’s Finance and Audit Committee.

The Executive Leadership Team receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms, which are embedded within the Foundation’s various departments.

The Finance and Audit Committee and the Board of Trustees have regularly reviewed the key strategic, corporate compliance and financial risks to which the Foundation is exposed together with the operating, financial and compliance controls that have been implemented to mitigate the risks.

Effectiveness of the system of internal control

A formal review of the Foundation’s risk management processes is undertaken on an annual basis by the Board of Trustees. The emphasis is on obtaining the relevant degree of assurance and not merely reporting by exception. The Board of Trustees recognises that systems can provide reasonable, but not absolute, assurance that major risks are being adequately managed.

26

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Statement of internal control (continued) For the year ended 30 September 2024

External audit

The Board of Trustees is informed by comments made by the Foundation’s external auditors in their management letters and seeks to act upon these to improve internal controls.

Internal audit

Having previously been postponed due to the emergence of the Covid-19 pandemic, the Foundation commissioned Kingston City Group (KCG) to undertake an annual internal audit programme which commenced in 2021/22. Work during 2023/24 related to reviewing the approach taken to the preparation of the OfS Annual Financial Return.

This Statement of Internal Control was approved by the Trustees and the Chief Executive on 27 February 2025.

Prt oP Professor Paul O’Prey CBE Chair of Trustees

Professor Anna Gough-Yates Chief Executive

27

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Independent auditor’s report to the members of The Edward James Foundation Limited For the year ended 30 September 2024

Opinion

We have audited the financial statements of The Edward James Foundation Limited (the ’parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on

28

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Independent auditor’s report to the members of The Edward James Foundation Limited (continued) For the year ended 30 September 2024

the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Opinions on matters prescribed by the Office for Students (OfS) “Regulatory advice 9: Accounts direction”

In our opinion, in all material respects:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Act 2011 or the Office for Students Accounts direction require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

29

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Independent auditor’s report to the members of The Edward James Foundation Limited (continued) For the year ended 30 September 2024

Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

30

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Independent auditor’s report to the members of The Edward James Foundation Limited (continued) For the year ended 30 September 2024

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

31

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Independent auditor’s report to the members of The Edward James Foundation Limited (continued) For the year ended 30 September 2024

Date 3 March 2025 Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

32

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Consolidated statement of financial activities including income and expenditure account For the year ended 30 September 2024

Notes
Income from
Donations and legacies
3
Income from charitable activities
4
Income from trading activities
5
Investment income
- Properties
6
- Financial investments
6
Other income
7
Total income
Expenditure on
Raising funds
- Fundraising cost
- Trading costs
- Property investment management
- Financial investment management
Charitable activities
8
Total resources expended
Net gain on investments
13
Net incoming resources before transfers
Transfers between funds
27,28
Net income for the year
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
26
Net movement in funds
Fund balances at
1 October
Fund balances at
30 September		 Unrestricted
Fund
£
3,593
8,476,222
1,921,846
2,492,181
310,215
114,655
13,318,712
181,415
2,037,164
1,804,877
168,359
13,946,902
18,138,717
2,137,353
(2,682,652)
319,099
(2,363,553)
(95,000)
(2,458,553)
142,163,625
139,705,072		 Restricted
Fund
£
249,650
-
-
319,099
9,831
-
578,580
-
-
-
-
192,871
192,871
119,938
505,647
(319,099)
186,548
-
186,548
1,947,666
2,134,214		 Total 2024
£
253,243
8,476,222
1,921,846
2,811,280
320,046
114,655
13,897,292
181,415
2,037,164
1,804,877
168,359
14,139,773
18,331,588
2,257,291
(2,177,005)
-
(2,177,005)
(95,000)
(2,272,005)
144,111,291
141,839,286		 Total
2023
£
220,692
9,610,259
1,701,626
2,344,228
362,887
183,408
14,423,100
64,479
2,075,131
2,063,592
40,287
13,325,844
17,569,333
295,760
(2,850,473)
-
(2,850,473)
(69,000)
(2,919,473)
147,030,764
144,111,291

The Consolidated statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. It includes all gains and losses for the year and all activities are continuing.

The notes on pages 36 to 70 form an integral part of the financial statements,

33

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Consolidated and Charity Balance Sheets For the year ended 30 September 2024

Group Group Charity Charity
2024 2023 2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 14 453,609 486,541 453,609 486,541
Tangible assets 15 34,744,745 34,463,242 34,723,665 34,442,533
Property investments 16 99,000,122 104,449,246 99,000,122 104,449,246
Financial investments 17 9,234,905 12,715,009 9,235,828 12,715,932
143,433,381 152,114,038 143,413,224 152,094,252
Current assets
Stocks 19 77,557 67,308 20,336 20,877
Investments held for sale 20 8,232,753 - 8,232,753 -
Debtors 21 2,131,369 2,805,197 2,153,488 2,832,156
Cash at bank and in hand 710,090 2,398,893 628,630 2,337,495
11,151,769 5,271,398 11,035,207 5,190,528
Creditors: amounts falling due within one
year 22 (5,761,622) (6,008,530) (5,648,450) (5,931,421)
Net current assets 5,390,147 (737,132) 5,386,757 (740,893)
Total assets less current liabilities 148,823,528 151,376,906 148,799,981 151,353,359
Creditors: amounts falling due after more
than one year 23 (6,984,242) (7,265,615) (6,984,242) (7,265,615)
Net assets 141,839,286 144,111,291 141,815,739 144,087,744
Income funds
Restricted funds 27 2,134,214 1,947,666 2,134,214 1,947,666
Unrestricted funds
Designated funds 28 131,105,072 133,378,625 131,105,070 133,378,623
General unrestricted funds 28 8,600,000 8,785,000 8,576,455 8,761,455
139,705,072 142,163,625 139,681,525 142,140,078
141,839,286 144,111,291 141,815,739 144,087,744

The total income of the Charity as an individual entity for the year was £12,311,946 (2023: £13,011,839) and its net deficit was £2,634,804 (2023: £3,217,083 deficit). A Statement of financial activities for the Charity as an individual entity is not included using the exemption given in section 408 of the Companies Act 2006.

The notes on pages 36 to 70 form an integral part of the financial statements.

The accounts were approved by the Trustees and the Chief Executive. They were authorised for issue on 27 February 2025.

Professor Paul O’Prey CBE Chair of Trustees

Professor Anna Gough-Yates Chief Executive

34

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Consolidated statement of cashflows For the year ended 30 September 2024

Notes
Cash used in operations
33
Investing activities
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from disposal of tangible fixed assets
Purchase of investment property
Proceeds from disposal of financial investments
Proceeds from disposal of property investments
Net cash (outflow)/inflow from investing activities
Financing activities
Repayment of borrowings
Net cash (used)/generated from investing
activities
Net (decrease)/increase in cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(3,259,373)
(1,093,792)
(28,296)
11,000
(206,234)
1,600,000
1,560,000
1,842,678
(272,108)
(272,108)
(1,688,803)
2,398,893
710,090		 2023
£
£
(4,194,133)
(907,365)
(5,130)
-
(607,732)
3,000,000
-
1,479,773
(311,586)
(311,586)
(3,025,946)
5,424,839
2,398,893		 2023
£
£
(4,194,133)
(907,365)
(5,130)
-
(607,732)
3,000,000
-
1,479,773
(311,586)
(311,586)
(3,025,946)
5,424,839
2,398,893
(3,025,946)
5,424,839
2,398,893

The notes on pages 36 to 70 form an integral part of the financial statements.

35

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements

For the year ended 30 September 2024

1. Accounting policies

Company information

The Edward James Foundation Limited is a private company, limited by guarantee. It is incorporated in England and Wales. The registered office is Estate Office, West Dean, Chichester, West Sussex, PO18 0QZ.

1.1

Accounting convention

These Financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities SORP (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The Financial statements are prepared in sterling, which is the functional currency of the Group. 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

Going concern

At the time of approving the Financial statements, the Trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Trustees have intentionally used reserves to absorb the worst impact of the macro-economic disruption experienced in recent years. Our new Chief Executive is preparing a Deficit Reduction Plan to return us to surplus over a two to three year period. The Foundation has sufficient cash reserves and liquid financial investments to enable it to continue operating beyond 12 months after the date of approving the Financial statements. The Trustees therefore continue to adopt the going concern 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 the charitable objectives unless the funds have been designated for other purposes.

Designated funds are either represented by the carrying value of assets that the Group requires to carry out its business or reflect funds set aside by the Trustees for future projects as explained in the notes to the Financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of restricted funds are set out in the notes to the Financial statements.

1.4

Incoming resources

Income is recognised when the Group is legally entitled to it after any performance 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 once the Group 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 otherwise if the Group 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.

Government grants are recognised within Donations and legacies. Income from Government grants is recognised when there is evidence of entitlement, receipt is probable and the amount can be measured reliably.

36

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

1. Accounting policies (continued)

1.4

Incoming resources (continued)

Trading income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Fees received in advance in relation to educational courses are initially reflected on the balance sheet as deferred income and recognised as income over the period of the course.

1.5 Resources expended

Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These estimates are based on staff time, floor area, student and delegate activity levels and equipment utilisation. The irrecoverable element of VAT is included within the area of expense to which it relates.

The cost of raising funds represents the costs associated with generating incoming resources other than from undertaking charitable activities, and includes costs relating to: the letting of land and buildings on West Dean Estate, in-hand forestry, the management of quoted investments, West Dean Gardens, conference and event activities and fundraising.

Charitable activities represent the costs applied by the Charitable company in undertaking its work to meet its charitable objectives. They include all direct costs of West Dean College’s educational provision, all bursaries and scholarships payable to students and those support costs incurred that enable the educational activity to be undertaken.

Governance costs are those associated with constitutional and statutory requirements. They include both direct costs and a share of indirect staff costs.

Support costs represent the costs incurred by the Charitable company which, while not directly related to the charitable educational provision of West Dean College, are necessary to facilitate their provision. These costs include marketing, finance, human resources and IT.

All grants, bursaries and allowances towards fees are included as expenditure in the period for which the award is given.

1.6 Intangible fixed assets - other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Product design rights

straight line over 5 years

37

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

1. Accounting policies (continued)

1.7 Intangible assets – goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill arising on the acquisition of a subsidiary is included in ‘Intangible assets’.

Intangible assets acquired are recognised separately from goodwill only when they are separable from the acquired entity and give rise to other contractual / legal rights.

Goodwill amortisation is calculated by applying the straight-line method to its estimated useful economic life. Estimates of the useful economic life of goodwill are based on a variety of factors including any legal and contractual provisions. Where a reliable estimate of goodwill cannot be made, it is presumed to be 10 years.

Goodwill is assessed at each reporting date to determine whether there is any indication of impairment. Where there is an indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit (CGU) to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

1.8 Tangible fixed assets

Tangible fixed assets are initially valued at cost and subsequently valued at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings straight line over 7 to 50 years
Plant and machinery straight line over 4 to 20 years
Fixtures, fittings and equipment straight line over 10 years
Motor vehicles straight line over 5 years

Freehold land, some of the Charity’s buildings and chattels (e.g. works of art) are not depreciated. The buildings, including the main house, and the chattels held by the Charity are not depreciated as the useful economic lives of these assets are of such significant lengths that the accumulated depreciation charges are considered to be immaterial.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/expenditure for the year.

Capitalisation and replacement

Building improvements costing more than £2,500 together with furniture and equipment costing more than £500 per item are capitalised and carried in the balance sheet at historical cost less depreciation.

1.9 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured at fair value. Fair value is based on open market value. The surplus or deficit on revaluation is recognised in net income/expenditure for the year. Transaction costs are expensed as incurred.

38

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

1. Accounting policies (continued)

1.10 Financial investments

Financial 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 income/expenditure for the year. Transaction costs are expensed as incurred. Having adopted a total return investment approach in recent years, the Trustees have decided to drawdown a minimum of 3% of financial investment value each year in lieu of income distributions.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiary companies are measured at cost.

1.11 Impairment of fixed assets

At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.12 Stocks

Stocks include finished goods held for sale, food and drink held as raw materials for catering operations and fuel. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost and are expensed as they are used.

1.13 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14 Financial instruments

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group’s balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.14.1 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 rate 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. Financial assets classified as receivable within one year are not amortised.

39

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

1. Accounting policies (continued)

1.14 Financial instruments (continued)

1.14.2 Basic financial liabilities

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 receipts 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 classified 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 interest rate method.

1.14.3 Derecognition of financial liabilities

Financial liabilities are derecognised when the Group’s contractual obligations expire or are discharged or cancelled.

1.15 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee services are received.

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16 Retirement benefits

The Group operates two post-employment benefit plans:

i) Defined contribution pension scheme

A defined contribution pension scheme is a post-employment benefit plan under which an organisation pays fixed contributions to a pension scheme administered by a third party and will have no legal or constructive obligation to pay further amounts. Obligations for contributions are recognised as an expense in the periods during which services are rendered by employees.

ii) Defined benefit pension scheme

A defined benefit pension scheme is a post-employment benefit plan under which an organisation’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the organisation.

The cost of providing benefits under the defined benefit pension plan is determined using the projected unit credit method; and is based on actuarial advice.

The change in the net defined liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income / (expenditure) in subsequent periods.

40

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

1. Accounting policies (continued)

1.16 Retirement benefits (continued)

ii) Defined benefit pension scheme (continued)

Re-measurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income / (expenditure) in subsequent periods.

The net defined benefit pension liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligation is to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme, which is currently assessed by the Trustees as £nil.

1.17 Leases

Rentals payable / receivable under operating leases, including any lease incentives received, are charged / credited to income on a straight line basis over the term of the relevant lease.

1.18 Taxation

The Foundation is a registered charity and is not subject to taxation on income or gains so far as they are applied for wholly charitable purposes. Any income tax recovered on investment income and covenanted subscriptions is included with the respective income.

West Dean Limited donates its taxable profits by way of Gift Aid to The Edward James Foundation Limited.

1.19 Basis of consolidation

The Financial statements consolidate the results of the Charitable company and its wholly owned subsidiaries, West Dean Limited and KLC Limited on a line by line basis.

2. Critical accounting estimates and judgements

In the application of the Group’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 only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.1 Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the Financial statements.

2.1.1 Stocks

Calculations require judgements to be made, which include forecast consumer demand and a review of obsolete stock.

41

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

2.2 Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:

2.2.2 Useful life of goodwill

Goodwill is amortised over the Trustees' estimate of its useful economic life. Such estimates are based on a variety of factors including any legal, regulatory and contractual provisions. At each reporting date, the Trustees assess whether there are any indicators of impairment taking into account the economic viability and future financial performance of the cash generating unit. If such indicators are identified, an impairment may be recognised.

42

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

3. Donations, legacies and grants

Unrestricted
Funds
£
Donations and gifts
3,593
Government grants
-
3,593
Unrestricted
Funds
£
Donations and gifts
2,147
Government grants
-
2,147
4.
Income from charitable activities
School of
Arts
School of
Conservation
£
£
Fees receivable
4,297,123
1,482,485
School of
Arts
School of
Conservation
£
£
Fees receivable
4,060,752
1,524,304
5.
Income from trading activities
West Dean Gardens (The Edward James Foundation Limited)
West Dean Gardens (West Dean Limited)
Conferences (West Dean Limited)
West Dean Stores (West Dean Limited)
Income from trading activities		 Restricted
Funds
£
249,650
-
249,650
Restricted
Funds
£
218,545
-
218,545
KLC
School of
Design
£
2,696,614
KLC
School of
Design
£
4,025,203		 Total
2024
£
253,243
-
253,243
Total
2023
£
220,692
-
220,692
Total 2024
£
8,476,222
Total 2023
£
9,610,259
2024
£
338,143
855,851
453,255
274,597
1,921,846		 Total 2023
£
220,692
-
220,692
Total 2023
£
9,610,259
2023
£
290,366
699,872
421,657
289,731
1,701,626

43

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

6. Investment income

Investment Income
Properties
West Dean Estate income
Financial investments
Income from financial
investments
Interest receivable
Net interest on defined benefit pension scheme
Properties
West Dean Estate income
Financial investments
Income from financial
investments
Interest receivable
Net interest on defined benefit pension scheme		 Unrestricted
Funds
£
2,492,181
170,595
15,620
124,000
310,215
Unrestricted
Funds
£
2,344,228
180,023
32,823
139,000
351,846		 Restricted
Funds
£
319,099
9,831
-
-
9,831
Restricted
Funds
£
-
11,041
-
-
11,041		 Total
2024
£
2,811,280
180,426
15,620
124,000
320,046
Total
2023
£
2,344,228
191,064
32,823
139,000
362,887		 Total 2023
£
2,344,228
191,064
32,823
139,000
362,887

West Dean Estate income included £1,951,248 (2023: £1,884,413) in respect of rental income from land and buildings.

7. Other Income

Other Income
2024 2023
£ £
Proceeds from Insurance claim 114,655 183,408

During the year ended 30 September 2024, the Group received a further £70,000 (2023: £80,000) from a claim on its Property and Business Interruption Commercial Insurance policy, following a fire in a sub-tenanted building at one of its tenanted farms, in 2021. The claim remains in progress.

44

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

8.
Charitable activities
Staff & staff related costs
Visiting tutors & lecturers
Material & other course costs
Catering provisions
Premises costs
Dilke House non-cash rent
Dilapidation cost-Chelsea Harbour
Insurance
Irrecoverable VAT
Depreciation
Other charitable expenditure
Grant Funding of activities (note 9)
Share of support costs (note 10)
Analysis by fund
Unrestricted funds
Restricted funds		 School of
Arts
£
2,136,415
623,829
361,254
311,011
362,407
95,258
-
102,077
285,778
249,282
161,246
4,688,557
152,025
1,118,784
5,959,366
5,868,816
90,550
5,959,366		 School of
Conservation
£
1,400,397
91,473
186,504
118,198
240,389
31,753
-
102,077
91,007
160,223
109,499
2,531,520
217,893
803,319
3,552,732
3,450,411
102,321
3,552,732		 KLC
School of
Design
£
1,510,282
164,104
121,191
20,248
882,252
508,044
145,287
102,077
50,358
180,625
101,448
3,785,916
-
841,759
4,627,675
4,627,675
-
4,627,675		 Total 2024
£
5,047,094
879,406
668,949
449,457
1,485,048
635,055
145,287
306,231
427,143
590,130
372,193
11,005,993
369,918
2,763,862
14,139,773
13,946,902
192,871
14,139,773		 Total 2023
£
4,973,109
879,167
646,722
375,872
1,496,802
-
-
272,319
513,085
530,585
472,756
10,160,417
349,741
2,815,686
13,325,844
13,164,267
161,577
13,325,844

45

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

8. Charitable activities (continued)

Analysis of expenditure in year ended 30 September 2023:

School of School of School of School of KLC School KLC School
Arts Conservation of Design Total 2023
£ £ £ £
Staff & staff related costs 1,959,525 1,334,581 1,679,003 4,973,109
Visiting tutors & lecturers 580,459 75,408 223,300 879,167
Material & other course costs 365,961 175,397 105,364 646,722
Catering provisions 271,359 103,169 1,344 375,872
Premises costs 351,433 229,994 915,375 1,496,802
Insurance 90,773 90,773 90,773 272,319
Irrecoverable VAT 309,624 101,313 102,148 513,085
Depreciation 229,406 140,322 160,857 530,585
Other charitable expenditure 203,030 148,642 121,084 472,756
4,361,570 2,399,599 3,399,248 10,160,417
Grant Funding of activities (note 9) 152,458 197,283 - 349,741
Share of support costs (note 10) 1,034,162 796,769 984,755 2,815,686
5,548,190 3,393,651 4,384,003 13,325,844
Analysis by fund
Unrestricted funds 5,470,900 3,309,364 4,384,003 13,164,267
Restricted funds 77,290 84,287 - 161,577
5,548,190 3,393,651 4,384,003 13,325,844
9. Grants payable
KLC
School of School of School of Total
Arts Conservation Design Total 2024 2023
£ £ £ £ £
Grants to individuals 152,025 217,893 - 369,918 349,741
KLC
School of School of School of
Arts Conservation Design Total 2023
£ £ £ £
Grants to individuals 152,458 197,283 - 349,741

Grants to individuals include bursaries and scholarships of £45,054 (2023: £48,446) funded internally by the Foundation, together with bursaries and scholarships of £324,864 (2023: £301,295) paid from the West Dean Scholarship Fund.

46

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

10. Support costs Support costs
Support Governance Total Support Governance Total Basis of
costs costs 2024 costs costs 2023 allocation
£ £ £ £ £ £
Staff costs 1,670,089 41,777 1,711,866 1,725,108 112,767 1,837,875 Staff time and
student/delegate
days
Depreciation 147,533 - 147,533 117,280 - 117,280 Staff time and
student/delegate
days
Marketing 281,025 - 281,025 314,304 - 314,304 Staff time and
costs student/delegate
days
Other costs 492,151 29,000 521,151 450,757 - 450,757 Staff time and
student/delegate
days
Audit fees - 73,996 73,996 - 28,559 28,559 Governance
Accountancy - - - - 5,940 5,940 Governance
Legal and
professional - 18,763 18,763 - 54,353 54,353 Governance
Trustee
related
expenses - 9,529 9,529 - 6,618 6,618 Governance
2,590,798 173,065 2,763,863 2,607,449 208,237 2,815,686

11. Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Group during the year.

Expenses totalling £9,529 relating to travel and subsistence were either reimbursed to, or paid directly on behalf of six Trustees (2023: £6,618 to eight Trustees).

During the year, £3,590 (2023: £3,590) was paid in respect of insurance to:

47

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

12. Employees

Staff Costs during the year were:

Wages and salaries
Social security costs
Other pension costs		 2024
£
6,997,632
591,590
307,506
7,896,728		 2023
£
6,866,566
582,352
297,529
7,746,447

Staff costs include compensation for loss of office paid to 4 people totalling £44,816 (2023: 3 people totalling £56,420)

Average number of employees

The average monthly number of employees during the year was:

Direct education staff
Other staff		 2024
Number
77
202
279		 2023
Number
79
196
275

Higher paid employees

Employees receiving benefits (including compensation for loss of office and excluding employer pension contributions) in the following range were:

£160,000- £169,999
£150,000- £159,999
£120,000- £129,999
£110,000- £119,999
£100,000- £109,999
£90,000- £99,999
£80,000- £89,999
£70,000- £79,999
£60,000- £69,999		 2024
Number
1
0
1
0
1
0
0
2
4
9		 2023
Number
1
0
1
0
1
0
1
2
6
12

48

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

12. Employees (continued)

Included in above are employees earning a basic salary (before salary sacrifice) of over £100,000 per annum:

£150,000- £154,999
£140,000- £159,999
£125,000- £129,999
£115,000- £119,999		 2024
Number
1
0
1
0
2		 2023
Number
1
0
1
0
2

Remuneration of key management personnel

Members of the Foundation's Executive Leadership Team (ELT), which includes the Chief Executive, are considered to be key management personnel.

The employment costs of those considered to be key management personnel are:

Wages and salaries
Benefits
Social security costs
Other pension costs		 2024
£
450,896
9,279
50,977
28,574
539,726		 2023
£
461,833
9,721
54,939
31,176
557,669

The remuneration costs of key management personnel include compensation for loss of office paid to 1 person totalling £20,000 (2023: £nil)

Remuneration of the Chief Executive

Details of the remuneration package of the Chief Executive, who for Office for Students reporting purposes is the Foundation’s Head Provider, are:

Basic Salary
Employer's pension contribution
Salary sacrifice arrangements
Company car		 2024
£
144,531
11,718
11,718
5,591
173,558		 2023
£
143,097
11,602
11,602
6,533
172,834

The Chief Executive’s basic salary is 7.12 (2023: 6.30) times the median total remuneration of other employees, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the Foundation to its employees.

The Chief Executive’s total remuneration is 7.15 (2023: 6.83) times the median total remuneration of other employees, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration paid by the Foundation to its employees.

49

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

13.
Net gains / (losses) on investments
Unrestricted
Funds
Restricted
Funds
Total
2024
Financial Investments:
£
£
£
Revaluation gain/(deficit)- Mercer
1,262,400
119,938
1,382,338
Revaluation gain/(deficit)- Mayfair Pitch
(128,113)
-
(128,113)
Revaluation gain/(deficit) CCLA COIF
Property Fund
(18,846)
-
(18,846)
Gain/(Loss) on sale of financial investments
-
-
-
Property investments
Gain on revaluation of investment properties (see
note 16)
1,055,395
-
1,055,395
Gain /(Loss) on sale of Investment Property
(33,483)
-
(33,483)
2,137,353
119,938
2,257,291
Unrestricted
Funds
Restricted
Funds
Total
2023
Financial Investments:
£
£
£
Revaluation
(174,928)
27,550
(147,378)
Gain on sale
221,999
-
221,999
Property investments
Gain on revaluation of investment properties (see
note 16)
221,139
-
221,139
268,210
27,550
295,760
14.
Intangible fixed assets
Group and Charity
Product design
rights
Software
Goodwill - KLC
School of Design
£
£
£
Cost
At 1 October 2023
10,000
12,599
607,118
Additions
-
28,296
-
At 30 September 2024
10,000
40,895
607,118
Amortisation and impairment
At 1 October 2023
10,000
-
133,176
Amortisation charge
-
2,021
59,207
At 30 September 2024
10,000
2,021
192,383
Carrying Amount
At 30 September 2024
-
38,874
414,735
At 30 September 2023
-
12,599
473,942		 13.
Net gains / (losses) on investments
Unrestricted
Funds
Restricted
Funds
Total
2024
Financial Investments:
£
£
£
Revaluation gain/(deficit)- Mercer
1,262,400
119,938
1,382,338
Revaluation gain/(deficit)- Mayfair Pitch
(128,113)
-
(128,113)
Revaluation gain/(deficit) CCLA COIF
Property Fund
(18,846)
-
(18,846)
Gain/(Loss) on sale of financial investments
-
-
-
Property investments
Gain on revaluation of investment properties (see
note 16)
1,055,395
-
1,055,395
Gain /(Loss) on sale of Investment Property
(33,483)
-
(33,483)
2,137,353
119,938
2,257,291
Unrestricted
Funds
Restricted
Funds
Total
2023
Financial Investments:
£
£
£
Revaluation
(174,928)
27,550
(147,378)
Gain on sale
221,999
-
221,999
Property investments
Gain on revaluation of investment properties (see
note 16)
221,139
-
221,139
268,210
27,550
295,760
14.
Intangible fixed assets
Group and Charity
Product design
rights
Software
Goodwill - KLC
School of Design
£
£
£
Cost
At 1 October 2023
10,000
12,599
607,118
Additions
-
28,296
-
At 30 September 2024
10,000
40,895
607,118
Amortisation and impairment
At 1 October 2023
10,000
-
133,176
Amortisation charge
-
2,021
59,207
At 30 September 2024
10,000
2,021
192,383
Carrying Amount
At 30 September 2024
-
38,874
414,735
At 30 September 2023
-
12,599
473,942		 Total
2023
£
659,190
(619,653)
(186,915)
221,999
221,139
-
295,760
Total
£
629,717
28,296
10,000
40,895
607,118		 658,013
10,000
-
133,176
-
2,021
59,207		 143,176
61,228
10,000
2,021
192,383		 204,404
-
38,874
414,735		 453,609
-
12,599
473,942		 486,541

50

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

15. Tangible fixed assets

Group
Cost
At 1 October 2023
Additions
Disposals
At 30 September 2024
Depreciation and
impairment
At 1 October 2023
Charge for the year
On disposals
At 30 September 2024
Carrying Amount
At 30 September 2024
At 30 September 2023		 Freehold
land and
buildings
£
21,285,800
547,561
-
21,833,361
2,281,321
334,741
-
2,616,062
19,217,299
19,004,479		 Plant and
machinery
£
6,423,618
439,218
-
6,862,836
3,617,645
363,576
-
3,981,221
2,881,615
2,805,973		 Fixtures,
fittings and
equipment
£
1,957,518
91,180
-
2,048,698
1,702,064
98,227
-
1,800,291
248,407
255,454		 Motor
vehicles
£
137,184
15,833
(18,500)
134,517
124,605
7,728
(10,483)
121,850
12,667
12,579		 Chattels
£
12,384,757
-
-
12,384,757
-
-
-
-
12,384,757
12,384,757		 Total
£
42,188,877
1,093,792
(18,500)
43,264,169
7,725,635
804,272
(10,483)
8,519,424
34,744,745
34,463,242

51

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

15. Tangible fixed assets (continued)

Charity

Cost
At 1 October 2023
Additions
Disposals
At 30 September
2024
Depreciation and
impairment
At 1 October 2023
Charge for the year
On disposals
At 30 September
2024
Carrying Amount
At 30 September
2024
At 30 September
2023		 Freehold
land and
buildings
£
21,285,800
547,561
21,833,361
2,281,321
334,741
2,616,062
19,217,299
19,004,479		 Plant and
machinery
£
6,201,405
434,077
-
6,635,482
3,416,141
358,806
-
3,774,947
2,860,535
2,785,264		 Fixtures,
fittings and
equipment
£
1,957,518
91,180
-
2,048,698
1,702,064
98,227
-
1,800,291
248,407
255,454		 Motor
vehicles
£
137,184
15,833
(18,500)
134,517
124,605
7,728
(10,483)
121,850
12,667
12,579		 Chattels
£
12,384,757
-
-
12,384,757
-
-
-
-
12,384,757
12,384,757		 Total
£
41,966,664
1,088,651
(18,500)
43,036,815
7,524,131
799,502
(10,483)
8,313,150
34,723,665
34,442,533

52

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

16. Property investments

Group and Charity

Group and Charity
Fair value
At 1 October
Additions
Disposal
Reclassification to current assets
Net gains through fair value adjustment
At 30 September		 2024
£
104,449,246
206,234
(1,593,483)
(5,117,270)
1,055,395
99,000,122		 2023
£
103,620,375
607,732
-
-
221,139
104,449,246

Investment property is comprised of the West Dean Estate and is held as part of the Group’s charitable activities.

The net gains through fair value adjustment reflects open market values of property investments. These increases are based on annual reports prepared by a Royal Institution of Chartered Surveyors (RICS) Registered Valuer in accordance with RICS Red Book valuation methodology. In preparing the annual reports, the RICS Registered Valuer inspected assets totalling approximately 20% of the portfolio.

The value reflected as at 30 September 2024 and 30 September 2023 includes a barn which suffered significant fire damage during the year ended 30 September 2021. Although the damage is in the process of being repaired, on the basis that insurers have confirmed that cover is in place to fund the work required to restore it, it has been reflected at the same value as it would have had if the fire had not occurred. As such, neither an impairment nor a debtor for the insurance proceeds has been included in these financial statements at 30 September 2024 or 30 September 2023.

53

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

17.
Financial investments
Group
At 1 October 2023
Valuation changes
Reclassification to current assets
Disposal
At 30 September 2024
Carrying Amount
At 30 September 2024
At 30 September 2023
Historic Cost
At 30 September 2024
At 30 September 2023
Charity
At 1 October 2023
Valuation changes
Reclassification to current assets
Disposal
At 30 September 2024
Carrying Amount
At 30 September 2024
At 30 September 2023
Historic Cost
At 30 September 2024
At 30 September 2023		 Listed
investments
£
12,715,009
1,235,379
(3,115,483)
(1,600,000)
9,234,905
9,234,905
12,715,009
7,505,318
12,267,218		 Listed investments
£
12,715,009
1,235,379
(3,115,483)
(1,600,000)
9,234,905
9,234,905
12,715,009
7,505,318
12,267,218
Shares in
subsidiaries
Total
£
£
923
12,715,932
-
1,235,379
(3,115,483)
-
(1,600,000)
923
9,235,828
923
9,235,828
923
12,715,932
923
7,506,241
923
12,268,141		 Listed investments
£
12,715,009
1,235,379
(3,115,483)
(1,600,000)		 Listed investments
£
12,715,009
1,235,379
(3,115,483)
(1,600,000)
9,234,905
9,234,905
12,715,009
7,505,318
12,267,218
Total
£
12,715,932
1,235,379
(3,115,483)
(1,600,000)
9,235,828
9,235,828
12,715,932
7,506,241
12,268,141

Refer to note 32 for details of shareholdings in subsidiaries.

54

The Edward James Foundation Limited

(a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

18.
Financial instruments
Group
2024
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,039,991
Equity instruments measured at fair value
-
Instruments measured at fair value through
income and expenditure
12,350,388
Carrying amount of financial liabilities
8,390,776
19.
Stocks
Group
2024
£
Raw materials and consumables
39,131
Finished goods and goods for resale
38,426
77,557
20.
Investments held for sale
Properties for Sale
Financial investment: CCLA Property
Fund (liquidation instructed)
Financial investment: Mayfair Pitch
(liquidation instructed)
21.
Debtors
Group
2024
£
Trade debtors
994,621
Amounts due from subsidiary
undertakings
-
Other debtors
45,370
Prepayments and accrued income
1,091,378
2,131,369		 18.
Financial instruments
Group
2024
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,039,991
Equity instruments measured at fair value
-
Instruments measured at fair value through
income and expenditure
12,350,388
Carrying amount of financial liabilities
8,390,776
19.
Stocks
Group
2024
£
Raw materials and consumables
39,131
Finished goods and goods for resale
38,426
77,557
20.
Investments held for sale
Properties for Sale
Financial investment: CCLA Property
Fund (liquidation instructed)
Financial investment: Mayfair Pitch
(liquidation instructed)
21.
Debtors
Group
2024
£
Trade debtors
994,621
Amounts due from subsidiary
undertakings
-
Other debtors
45,370
Prepayments and accrued income
1,091,378
2,131,369		 18.
Financial instruments
Group
2024
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,039,991
Equity instruments measured at fair value
-
Instruments measured at fair value through
income and expenditure
12,350,388
Carrying amount of financial liabilities
8,390,776
19.
Stocks
Group
2024
£
Raw materials and consumables
39,131
Finished goods and goods for resale
38,426
77,557
20.
Investments held for sale
Properties for Sale
Financial investment: CCLA Property
Fund (liquidation instructed)
Financial investment: Mayfair Pitch
(liquidation instructed)
21.
Debtors
Group
2024
£
Trade debtors
994,621
Amounts due from subsidiary
undertakings
-
Other debtors
45,370
Prepayments and accrued income
1,091,378
2,131,369		 18.
Financial instruments
Group
2024
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,039,991
Equity instruments measured at fair value
-
Instruments measured at fair value through
income and expenditure
12,350,388
Carrying amount of financial liabilities
8,390,776
19.
Stocks
Group
2024
£
Raw materials and consumables
39,131
Finished goods and goods for resale
38,426
77,557
20.
Investments held for sale
Properties for Sale
Financial investment: CCLA Property
Fund (liquidation instructed)
Financial investment: Mayfair Pitch
(liquidation instructed)
21.
Debtors
Group
2024
£
Trade debtors
994,621
Amounts due from subsidiary
undertakings
-
Other debtors
45,370
Prepayments and accrued income
1,091,378
2,131,369		 18.
Financial instruments
Group
2024
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,039,991
Equity instruments measured at fair value
-
Instruments measured at fair value through
income and expenditure
12,350,388
Carrying amount of financial liabilities
8,390,776
19.
Stocks
Group
2024
£
Raw materials and consumables
39,131
Finished goods and goods for resale
38,426
77,557
20.
Investments held for sale
Properties for Sale
Financial investment: CCLA Property
Fund (liquidation instructed)
Financial investment: Mayfair Pitch
(liquidation instructed)
21.
Debtors
Group
2024
£
Trade debtors
994,621
Amounts due from subsidiary
undertakings
-
Other debtors
45,370
Prepayments and accrued income
1,091,378
2,131,369		 18.
Financial instruments
Group
2024
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,039,991
Equity instruments measured at fair value
-
Instruments measured at fair value through
income and expenditure
12,350,388
Carrying amount of financial liabilities
8,390,776
19.
Stocks
Group
2024
£
Raw materials and consumables
39,131
Finished goods and goods for resale
38,426
77,557
20.
Investments held for sale
Properties for Sale
Financial investment: CCLA Property
Fund (liquidation instructed)
Financial investment: Mayfair Pitch
(liquidation instructed)
21.
Debtors
Group
2024
£
Trade debtors
994,621
Amounts due from subsidiary
undertakings
-
Other debtors
45,370
Prepayments and accrued income
1,091,378
2,131,369		 Group
2023
£
1,873,661
-
12,715,009		 Group
2023
£
1,873,661
-
12,715,009		 Charity
2024
£
1,014,757
923
12,350,388		 Charity
2023
£
1,872,969
923
12,715,009
8,743,721
Charity
2023
£
17,187
3,690
8,789,935 8,296,596
Group
2024
£
39,131
38,426		 Group
2023
£
36,789
30,519		 Charity
2024
£
20,316
20
77,557 67,308 20,336 20,877
Group
2024
£
994,621
-
45,370
1,091,378
2,131,369		 Group
2023
£
1,829,356
-
44,305
931,536
2,805,197		 2024
£
5,117,270
733,941
2,381,542
8,232,753
Charity
2024
£
969,387
48,173
45,370
1,090,558
2,153,488		 2023
£
-
-
-
-
Charity
2023
£
1,828,664
27,998
44,305
931,189
2,832,156

As explained in note 2.2.1, KLC School of Design operates Open Learning courses for which students have up to 12 months to complete a course. This therefore results in a significant level of accrued income.

55

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

22.
23.
24.		 Creditors: amounts falling due within one year
Group
Group
2024
2023
Notes
£
£
Loans and overdraft
24
335,493
326,228
Trade creditors
756,186
811,135
Amounts due to subsidiary
undertakings
-
-
Other taxation and social
security
224,548
284,509
Other creditors
856,830
289,932
Accruals
314,855
386,957
Deferred income
25
3,273,710
3,909,769
5,761,622
6,008,530
Creditors: amounts falling due after more than one year
Group
Group
Notes
2024
2023
£
£
Bank loans
24
6,984,242
7,265,615
Loans and overdrafts
Group and charity
Group
Group
2024
2023
£
£
Bank Loans
7,319,735
7,591,843
Payable within one year
335,493
326,228
Payable within two to five years
1,420,856
1,379,995
Payable after five years
5,563,386
5,885,620		 Creditors: amounts falling due within one year
Group
Group
2024
2023
Notes
£
£
Loans and overdraft
24
335,493
326,228
Trade creditors
756,186
811,135
Amounts due to subsidiary
undertakings
-
-
Other taxation and social
security
224,548
284,509
Other creditors
856,830
289,932
Accruals
314,855
386,957
Deferred income
25
3,273,710
3,909,769
5,761,622
6,008,530
Creditors: amounts falling due after more than one year
Group
Group
Notes
2024
2023
£
£
Bank loans
24
6,984,242
7,265,615
Loans and overdrafts
Group and charity
Group
Group
2024
2023
£
£
Bank Loans
7,319,735
7,591,843
Payable within one year
335,493
326,228
Payable within two to five years
1,420,856
1,379,995
Payable after five years
5,563,386
5,885,620		 Creditors: amounts falling due within one year
Group
Group
2024
2023
Notes
£
£
Loans and overdraft
24
335,493
326,228
Trade creditors
756,186
811,135
Amounts due to subsidiary
undertakings
-
-
Other taxation and social
security
224,548
284,509
Other creditors
856,830
289,932
Accruals
314,855
386,957
Deferred income
25
3,273,710
3,909,769
5,761,622
6,008,530
Creditors: amounts falling due after more than one year
Group
Group
Notes
2024
2023
£
£
Bank loans
24
6,984,242
7,265,615
Loans and overdrafts
Group and charity
Group
Group
2024
2023
£
£
Bank Loans
7,319,735
7,591,843
Payable within one year
335,493
326,228
Payable within two to five years
1,420,856
1,379,995
Payable after five years
5,563,386
5,885,620		 Creditors: amounts falling due within one year
Group
Group
2024
2023
Notes
£
£
Loans and overdraft
24
335,493
326,228
Trade creditors
756,186
811,135
Amounts due to subsidiary
undertakings
-
-
Other taxation and social
security
224,548
284,509
Other creditors
856,830
289,932
Accruals
314,855
386,957
Deferred income
25
3,273,710
3,909,769
5,761,622
6,008,530
Creditors: amounts falling due after more than one year
Group
Group
Notes
2024
2023
£
£
Bank loans
24
6,984,242
7,265,615
Loans and overdrafts
Group and charity
Group
Group
2024
2023
£
£
Bank Loans
7,319,735
7,591,843
Payable within one year
335,493
326,228
Payable within two to five years
1,420,856
1,379,995
Payable after five years
5,563,386
5,885,620		 Creditors: amounts falling due within one year
Group
Group
2024
2023
Notes
£
£
Loans and overdraft
24
335,493
326,228
Trade creditors
756,186
811,135
Amounts due to subsidiary
undertakings
-
-
Other taxation and social
security
224,548
284,509
Other creditors
856,830
289,932
Accruals
314,855
386,957
Deferred income
25
3,273,710
3,909,769
5,761,622
6,008,530
Creditors: amounts falling due after more than one year
Group
Group
Notes
2024
2023
£
£
Bank loans
24
6,984,242
7,265,615
Loans and overdrafts
Group and charity
Group
Group
2024
2023
£
£
Bank Loans
7,319,735
7,591,843
Payable within one year
335,493
326,228
Payable within two to five years
1,420,856
1,379,995
Payable after five years
5,563,386
5,885,620		 Charity
2024
£
335,493
701,918
920
224,548
858,407
274,943
3,252,221
5,648,450
Charity
2024
£
6,984,242
Charity
2024
£
7,319,735
335,493
1,420,856
5,563,386		 Charity
2024
£
335,493
701,918
920
224,548
858,407
274,943
3,252,221
5,648,450
Charity
2024
£
6,984,242
Charity
2024
£
7,319,735
335,493
1,420,856
5,563,386		 Charity
2023
£
326,228
785,840
920
263,016
288,157
366,038
3,901,222
5,931,421
Charity
2023
£
7,265,615
Charity
2023
£
7,591,843
326,228
1,379,995
5,885,620
2023 £
2,066,370
5,525,473
Security
(Land
Registry Title
number)		 Interest rate Repayable date 2024 £ 2023 £
WSX265408 3.28% - 3.62% March 2036 1,930,974 2,066,370
WSX265296 2.29% August 2030 5,388,760 5,525,473

Details of the Bank loans and amounts outstanding at the reporting date are:

As at 30 September 2024, the Group and Charity had an unutilised overdraft facility for £1,000,000 (2023: £1,000,000) in place.

56

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

25. Deferred income

Group

Arising from grants
Arising from course and diploma fees received in advance
Arising from conference and event deposits
Movement in deferred income
Deferred income at 1 October
Released to statement of financial activities in the year
New deferred income in the year
Deferred income at 30 September
Charity
Arising from grants
Arising from course and diploma fees received in advance
Movement in deferred income
Deferred income at 1 October
Released to statement of financial activities in the year
New deferred income in the year
Deferred income at 30 September		 2024
£
176,302
3,075,919
21,489
3,273,710
3,909,769
(3,909,769)
3,273,710
3,273,710
2024
£
176,302
3,075,919
3,252,221
3,901,222
(3,901,222)
3,252,221
3,252,221		 2023
£
189,200
3,712,022
8,547
3,909,769
5,472,612
(5,472,612)
3,909,769
3,909,769
2023
£
189,200
3,712,022
3,901,222
5,467,499
(5,467,499)
3,901,222
3,901,222

57

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

26. Retirement benefit schemes

Defined contribution schemes

The Group operates defined contribution pension schemes for all qualifying employees. The assets of these schemes are held separately from those of the Group in independently administered funds.

The Charity contributes to defined contribution pension schemes administered by Scottish Widows, Legal & General and the National Employment Savings Trust Corporation (‘NEST’). Depending on the scheme, the employer makes contributions proportionate to those made by employees up to a maximum of 7.5%. Contributions payable by the Charity amounted to £307,266 (2023: £297,529). £54,435 (2023: £47,595) was unpaid at the year end.

Defined benefit scheme

The employer operates a defined benefit pension scheme in the UK “The Edward James Foundation Final Salary Pension Scheme”. This is a separate trustee administered fund holding the pension scheme asset to meet long term pension liabilities.

Valuation

A full actuarial valuation is carried out by a qualified actuary, independent of the scheme’s sponsoring employer, every three years. The most recent full actuarial valuation was carried out as at 30 September 2021. This actuarial valuation showed a defined benefit pension surplus of £765,000 and there have been no subsequent updates. The surplus has been restricted to £nil (2023: £nil) in these financial statements via adjustment to actuarial gains. The major assumptions shown below are those used in the full actuarial valuation as at 30 September 2021 rolled forward to 30 September 2024 by a qualified actuary.

Funding policy

The employer had agreed with the Trustees that it would pay monthly contributions of £4,167 from 1 April 2019 to 31 December 2021 and £nil thereafter. The best estimate of contributions to be paid by the employer to the scheme for the period commencing 1 October 2024 is therefore £nil. In addition and in accordance with the actuarial valuation, the employer has agreed with the Trustees that it will meet expenses of the scheme and levies due to the Pension Protection Fund.

The amounts included in the balance sheet arising from the Group’s obligations in respect of defined benefit plans are as follows:

58

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

26. Retirement benefit schemes (continued)

Movements in the present value of defined benefit obligations:

Liabilities at 1 October
Benefits paid and expenses
Expenses
Actuarial gains and losses
Interest cost
At 30 September		 2024
£
10,571,000
(739,000)
538,000
(59,000)
582,000
10,893,000		 2023
£
11,470,000
(685,000)
(1,051,000)
258,000
579,000
10,571,000

The defined benefit obligations arise from plans which are wholly or partly funded.

Movements in the fair value of plan assets:

Fair value of assets at 1 October
Interest income
Return on plan assets (excluding amounts included in net interest)
Benefits paid and expenses
Contributions by the employer
Surplus not recognised
Administrative expenses paid from Plan assets
At 30 September		 2024
£
10,571,000
706,000
595,000
(739,000)
(211,000)
(29,000)
10,893,000		 2023
£
11,470,000
718,000
(1,383,000)
(685,000)
-
521,000
(70,000)
10,571,000

Amounts recognised in the Consolidated statement of financial activities:

Recognised with Other gains and Losses
Actual return on scheme assets
Actuarial changes related to obligations
Total costs		 2024
£
-
(95,000)
(95,000)		 2023
£
(1,383,000)
1,314,000
(69,000)

The actual return on the scheme assets over the year ending 30 September 2024 was a £1,301,000 increase (2023: £665,000 decrease).

59

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

26. Retirement benefit schemes (continued)

The fair value of plan assets at the reporting date was as follows:

The fair value of plan assets at the reporting date was as follows:
Cash
Equity instruments
Debt instruments
Other		 2024
£
284,000
780,000
5,289,000
6,948,000
13,301,000		 2023
£
299,000
781,000
5,091,000
6,597,000
12,768,000

None of the fair values of the assets shown above include any of the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

Key assumptions

Cash
Equity instruments
Debt instruments
Other		 2024
£
284,000
780,000
5,289,000
6,948,000
13,301,000		 2023
£
299,000
781,000
5,091,000
6,597,000
12,768,000

Mortality assumptions

The mortality assumptions adopted at 30 September imply the following life expectancies on retirement at age 65:

Retiring today
Males
Females
Retiring in 20 years
Males
Females		 2024
2023
Years
Years
21.9
22.1
24.0
24.0
23.6
23.7
25.5
25.5

60

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

27. Restricted funds

Group and Charity

West Dean
Scholarship
Fund
Other
West Dean
Scholarship
Fund
Other		 Balance at
1 October
2023
£
1,655,086
292,580
1,947,666
Balance
at 1
October
2022
£
1,559,527
303,357
1,862,884		 Incoming
resources
£
259,481
319,099
578,580
Incoming
resources
£
229,586
-
229,586		 Movement in funds
Resources
expended
Transfers
£
£
(192,871)
-
-
(319,099)
(192,871)
(319,099)
Movement in funds
Resources
expended
Transfers
£
£
(161,577)
-
-
(10,777)
(161,577)
(10,777)		 Revaluations
gains and
losses
£
119,938
-
119,938
Revaluations
gains and
losses
£
27,550
-
27,550		 Balance at
30
September
2024
£
1,841,634
292,580
2,134,214
Balance at
30
September
2023
£
1,655,086
292,580
1,947,666

West Dean Scholarship Fund

The Fund was established to provide bursaries and scholarships for students attending courses at West Dean College. The Fund’s capital is invested in quoted investments and its income is derived from this source, as well as from donations, grants and legacies. The Fund is analysed between Restricted and Designated funds, according to whether the use of the original income was specifically restricted by the donor or whether it was determined by the Trustees of the Foundation.

Other restricted funds

Other restricted funds comprise grants and donations received for specific purposes other than to provide bursaries and scholarships for students attending courses at West Dean College. Such grants and donations are held as restricted funds until the terms of the original restriction are satisfied, following which a transfer to unrestricted or designated funds (as appropriate) takes place.

61

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

28. Unrestricted funds Group

Movement in funds

Group Movement in funds
General unrestricted
funds
Pension reserve
(note 26)
Designated funds
Freehold property
(charitable use)
Chattels (charitable use)
Investment properties
West Dean Scholarship
Fund
Vision 2030
Total
General unrestricted
funds
Pension reserve
(note 26)
Designated funds
Freehold property
(charitable use)
Chattels (charitable use)
Investment properties
West Dean Scholarship
Fund
Vision 2030
Total		 Balance at 1
October
2023
£
8,785,000
-
8,785,000
17,360,002
12,364,220
97,081,437
1,268,663
5,304,303
133,378,625
142,163,625
Balance at
1 October
2022
£
8,100,000
-
8,100,000
17,360,002
12,364,220
100,378,575
1,391,208
5,573,875
137,067,880
145,167,880		 Incoming
resources
£
12,564,915
-
12,564,915
547,561
-
206,234
-
-
753,795
13,318,710
Incoming
resources
£
14,193,514
-
14,193,514
-
-
-
-
-
-
14,193,514		 Resources
expended
Gains/
(losses)
£
£
(17,898,975)
997,841
-
-
(17,898,975)
997,841
(334,741)
-
-
-
-
1,055,395
-
84,118
-
-
(334,741)
1,139,513
(18,233,716)
2,137,354
Movement in funds
Resources
expended
Gains/
(losses)
£
£
(17,064,767)
27,199
-
-
(17,064,767)
27,199
-
-
-
-
-
221,139
(142,417)
19,872
(269,572)
-
(411,989)
241,011
(17,476,756)
268,210		 Transfers
£
4,151,219
-
4,151,219
1,624,477
20,537
(5,270,900)
-
(206,234)
(3,832,120)
319,099
Transfers
£
3,529,054
-
3,529,054
-
(3,518,277)
-
(3,518,277)
10,777		 Balance at
30
September
2024
£
8,600,000
-
8,600,000
19,197,299
12,384,757
93,072,166
1,352,781
5,098,069
131,105,072
139,705,072
Balance at
30
September
2023
£
8,785,000
-
8,785,000
17,360,002
12,364,220
97,081,437
1,268,663
5,304,303
133,378,625
142,163,625

62

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

28. Unrestricted funds (continued) Charity

Charity
General unrestricted
funds
Pension reserve
(note 26)
Designated funds
Freehold property
(charitable use)
Chattels (charitable use)
Investment properties
West Dean Scholarship
Fund
Vision 2030
Total
General unrestricted
funds
Pension reserve
(note 26)
Designated funds
Freehold property
(charitable use)
Chattels (charitable use)
Investment properties
West Dean Scholarship
Fund
Vision 2030
Total		 Balance at
1 October
2023
£
8,761,455
-
8,761,455
17,360,002
12,364,220
97,081,437
1,268,663
5,304,301
133,378,623
142,140,078
Balance at
1 October
2022
£
8,076,455
-
8,076,455
17,360,002
12,364,220
100,378,575
1,391,208
5,573,873
137,067,878
145,144,333		 Incoming
resources
£
12,564,915
-
12,564,915
547,561
-
206,234
-
-
753,795
13,318,710
Incoming
resources
£
14,193,514
-
14,193,514
-
-
-
-
-
-
14,193,514		 Movement in funds
Resources
expended
Gains/
(losses)
£
£
(17,898,975)
997,841
-
-
(17,898,975)
997,841
(334,741)
-
-
-
-
1,055,395
-
84,118
-
-
(334,741)
1,139,513
(18,233,716)
2,137,354
Movement in funds
Resources
expended
Gains/
(losses)
£
£
(17,064,767)
27,199
-
-
(17,064,767)
27,199
-
-
-
-
-
221,139
(142,417)
19,872
(269,572)
-
(411,989)
241,011
(17,476,756)
268,210		 Transfers
£
4,151,219
-
4,151,219
1,624,477
20,537
(5,270,900)
-
(206,234)
(3,832,120)
319,099
Transfers
£
3,529,054
-
3,529,054
-
(3,518,277)
-
(3,518,277)
10,777		 Balance at
30
September
2024
£
8,576,455
-
8,576,455
19,197,299
12,384,757
93,072,166
1,352,781
5,098,067
131,105,070
139,681,525
Balance at
30
September
2023
£
8,761,455
-
8,761,455
17,360,002
12,364,220
97,081,437
1,268,663
5,304,301
133,378,623
142,140,078

63

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

28. Unrestricted funds (continued)

Freehold property (charitable use)

The fund represents freehold property assets which are considered essential to the provision of the Foundation’s charitable activities.

Chattels (charitable use)

The fund represents the artworks which are considered essential to the provision of the Foundation’s charitable activities.

Investment property

The fund represents investment assets essential for the generation of investment income required to support the charitable activities. Transfers in the year represents refurbishments to cottages across the estate which forms part of Vision 2030.

West Dean Scholarship Fund

The fund was established to provide bursaries and scholarships for students attending courses at West Dean College. The Fund’s capital is invested in quoted investments and its income is derived from this source, as well as from donations, grants and legacies. The Fund is analysed between Restricted and Designated funds, according to whether the use of the original income was specifically restricted by the donor or whether it was determined by the Trustees of the Foundation. When awards are made, a transfer to unrestricted funds takes place. In previous financial statements, part of the designated West Dean Scholarship Fund was seperately analysed as quoted investments; the opportunity has been taken in these financial statements to more accurately combine the disclosure, in line with the approach taken in the analysis of restricted funds.

Vision 2030

The fund was established in 2016/17 in anticipation of major capital expenditure arising from Vision 2030. It comprises proceeds from the disposal of financial investments, chattels and land and buildings. When Vision 2030 expenditure is incurred, a transfer between funds takes place.

64

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

29.
Analysis of net assets between funds
Fund balances at 30 September 2024 are
represented by:
Intangible assets
Tangible assets
Investment properties
Investments
Net current assets
Creditors > 1 year
Fund balances at 30 September 2023 are
represented by:
Intangible fixed assets
Tangible assets
Investment properties
Investments
Net current assets
Creditors > 1 year		 2024
Unrestricted
funds
£
453,609
34,724,745
99,000,122
8,339,435
4,171,403
(6,984,242)
139,705,072
2023
Unrestricted
funds
£
486,541
34,443,242
104,449,246
11,763,289
(1,713,078)
(7,265,615)
142,163,625		 2024
Restricted
funds
£
-
20,000
-
895,470
1,218,744
-
2,134,214
2023
Restricted
funds
£
-
20,000
-
951,720
975,946
-
1,947,666		 2024
Total
funds
£
453,609
34,744,745
99,000,122
9,234,905
5,390,147
(6,984,242)
141,839,286
2023
Total
funds
£
486,541
34,463,242
104,449,246
12,715,009
(737,132)
(7,265,615)
144,111,291

30. Capital commitments

At 30 September, the Group had capital commitments, contracted for but not provided in the Financial statements, as follows:

Relating to insurance claims
Software		 2024
£
31,700
-
31,700		 2023
£
154,041
12,825
166,866

65

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

31. Commitments under operating leases

Lessee

At 30 September, the Group and Charity had future minimum lease payments under non-cancellable operating leases:

Not later than 1 year
Later than 1 year and not later than 5
years
After 5 years		 Group
2024
£
837,454
3,387,327
729,094
4,953,875		 Group
2023
£
508,479
36,979
36,979
582,437		 Charity
2024
£
837,454
3,387,327
729,094
4,953,875		 Charity
2023
£
508,479
36,979
36,979
582,437

The significant increase in future minimum lease payments in 2024 reflects the negotiation of a new lease in Bloomsbury and the exercising of a break clause on a previous lease in Chelsea Harbour.

Lessor

At 30 September, the Group and Charity had future minimum lease payments under non-cancellable operating leases relating to residential investment properties:

Not later than 1 year 2024
£
273,444		 2023
£
208,633

The Group and Charity also leases out commercial investment properties however, due to the rental income derived from these being linked to various market factors, they are deemed to be contingent rents and so excluded from the above.

32. Subsidiaries

These consolidated Financial statements include the results of the Group’s wholly owned subsidiaries:

Country of % held % held
Name of incorporation Nature of Class of 2024 2023
undertaking or residency business shareholding direct indirect direct indirect
West Dean England Retail, Ordinary £1 100.00 - 100.00 -
Limited Hospitality and
Conferencing
KLC Limited England Prior to Ordinary £1 100.00 - 100.00 -
acquisition by
the Group on
31 July 2021, it
operated a
school of design.

The trading activities of West Dean Limited utilise spare capacity in the Charitable company’s land and buildings to generate profits which can then be donated to the Charitable company to support its objects. The Charitable company holds 3 shares representing the 100% holding.

66

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

32. Subsidiaries (continued)

A summary of the results is given below:

West Dean Limited

Income/Gains
Expenditure
Net income
Distribution to parent company by gift aid
Funds retained
Total funds brought forward
Total funds carried forward
Paid to The Edward James Foundation Limited
Owed to The Edward James Foundation Limited		 2024
£
1,585,346
(1,222,547)
362,799
(362,799)
-
23,544
23,544
2024
£
139,591
48,173		 2023
£
1,411,755
(1,114,145)
297,610
(297,610)
-
23,544
23,544
2023
£
89,132
27,998

KLC Limited

KLC Limited did not generate any income or incur any costs since being acquired by The Edward James Foundation Limited on 31 July 2021.

2024 2023
£ £
Owed from The Edward James Foundation Limited 920 920

67

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

33.
Cash used in operations
Net expenditure for the year
Adjustments for:
(Gain)/Loss on disposal of investments
Revaluation of investments
Depreciation and impairment of tangible fixed assets
Amortisation of Goodwill
Amortisation of Software
Surplus on disposal of tangible fixed assets
Reversal of bad debt
Movement on defined pension scheme recognised in the Statement of financial
activities
Movements in working capital:
Increase in stocks
Decrease in debtors
Decrease in creditors
(Decrease)/ increase in provisions
Cash used in operations		 2024
£
(2,177,005)
33,483
(2,290,774)
804,272
59,207
2,021
(2,983)
11,832
(95,000)
(10,249)
661,996
(256,173)
-
(3,259,373)		 2023
£
(2,850,473)
(221,999)
(73,761)
699,326
61,467
-
-
-
(69,000)
(1,154)
451,515
(2,155,727)
(34,327)
(4,194,133)

34. Analysis of cash and cash equivalents

As at 30 September, the Group held cash and cash equivalents:

Cash in hand
Total cash and cash equivalents		 2024
£
710,090
710,090		 2023
£
2,398,893
2,398,893

68

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

35. Analysis of changes in net debt

Cash
Loans falling due within one year
Loans falling due after more than one year
Total		 Balance at 1
October 2023
£
2,398,893
2,398,893
(326,228)
(7,265,615)
(5,192,950)		 Cash-flows
£
(1,688,803)
(1,688,803)
(9,265)
281,373
(1,416,695)		 Balance at 30
September
2024
£
710,090
710,090
(335,493)
(6,984,242)
(6,609,645)

36. Related party transactions

In order to capture information regarding related party transactions, the Foundation maintains a register of interests of Trustees and key management personnel. During the year, the only related party transactions were: £187,056 (2023: £135,325) with the Foundation’s validating partner, the University of Sussex. Professor Paul O’Prey, Chair of the Trustees, was a Member of Council of the University of Sussex until 12 July 2024.

69

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

37. Comparative consolidated statement of financial activities

Income from:
Donations and Legacies
Income from Charitable Activities
Income from Trading Activities
Investment Income
- Properties
- Financial Investment
Other Income
Total Income
Expenditure on:
Raising Funds
- Fundraising Cost
- Trading Costs
- Property Investment Management
- Financial Investment Management
Charitable Activities
Total Resources Expended
Net Gain on Investments
Net (outgoing) / incoming resources before
transfers
Transfers between funds
Net Incoming Resources
Other Recognised Gains and Losses
Actuarial gain on defined benefit pension schemes
Net Movement in Funds
Fund balances at
1 October
Fund Balances at 30 September		 Unrestricted
Fund
£
2,147
9,610,259
1,701,626
2,344,228
351,846
183,408
14,193,514
64,479
2,075,131
2,063,592
40,287
13,164,267
17,407,756
268,210
(2,946,032)
10,777
(2,935,255)
(69,000)
(3,004,255)
145,167,880
142,163,625		 Restricted
Fund
£
218,545
-
-
-
11,041
-
229,586
-
-
-
-
161,577
161,577
27,550
95,559
(10,777)
84,782
-
84,782
1,862,884
1,947,666		 Total 2023
£
220,692
9,610,259
1,701,626
2,344,228
362,887
183,408
14,423,100
64,479
2,075,131
2,063,592
40,287
13,325,844
17,569,333
295,760
(2,850,473)
-
(2,850,473)
(69,000)
(2,919,473)
147,030,764
144,111,291

70

The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Professional advisers For the year ended 30 September 2023

Charity name and number

The Edward James Foundation Limited: Registered Charity Number 1126084, Company Number 6689362

Registered office

Estate office West Dean Chichester West Sussex PO18 0QZ

Trustees

The following Trustees served during the period under report:

Professor Paul O’Prey CBE[1 3 4 5] (Chair) Dr Ghazwa Alwani-Starr[2] Martin Ashley MVO RIBA[3] Naomi Davenport[2] Kevin Edgeley CFA[1] Appointed 1 December 2023 Caroline Griffith[1 4] Professor Nigel Llewellyn PhD FSA[2] (Deputy Chair) Retired 27 June 2024 Mike McCart[3 5] Francis Plowden FCA[1 2 3 4 5] (Deputy Chair) Alison Richmond ACR FIIC[6] Retired 19 October 2023 Yen-Yen Teh RIBA Appointed 7 December 2023 Ray Shostak CBE Appointed 1 April 2024

1 Member of Finance and Audit Committee

2 Member of Education Committee

3 Member of Estate Committee

4 Member of Remuneration Committee

5 Member of Nominations & Governance Committee

6 Member of Equality, Diversity and Inclusivity Steering Committee

Clerk to the Board

None Vacant Chief Executive Alexander Barron ACA FRSA Resigned 12 January 2025 Professor Anna Gough-Yates Appointed 13 January 2025

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The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)

Notes to the Financial statements (continued) For the year ended 30 September 2024

Legal Stone King LLP
13 Queen Square, Bath, Somerset. BA1 2HJ
Withers LLP
16 Old Bailey, London. EC4M 7EG
Shakespeare Martineau LLP
Bridgeway House, Bridgeway, Stratford upon Avon. CV37 6YX
Bankers National Westminster Bank
5 East Street, Chichester, West Sussex. PO19 1HH
Santander UK plc
2 Triton Square, Regent’s Place, London. NW1 3AN
Auditors Moore Kingston Smith
9 Appold Street, London. EC2A 2AP
Insurance brokers Willis Towers Watson
The Anchorage, 34 Bridge Street, Reading. RG1 2LU
Investment Mercer Limited
managers/advisers 1 Tower Place West, Tower Place, London. EC3R 5BU
Estate managers Savills
Exchange House, Petworth, West Sussex, GU28 0BF
Tod Anstee Limited
The Old Coach House, 14 West Pallant, Chichester, West Sussex, PO19 1TB
Pensions administrators Mercer (formerly JLT Employees Benefits)
Tower Place, London, EC3R 5BU
Scottish Widows Plc
15 Dalkeith Road, Edinburgh, EH16 5BU
National Employment Savings Trust Corporation (“NEST”)
Riverside House, Southwark Bridge Road, London, SE1 9HA
Legal and General
One Coleman Street, London. EC2R 5AA

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