# **The Edward James Foundation Limited (a company limited by guarantee)**
**ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 SEPTEMBER 2025**
**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|23|
|Statement of internal control|28|
|Independent auditor’s report|30|
|Consolidated Statement of Financial Activities|35|
|Consolidated and Charity Balance Sheets|36|
|Consolidated statement of Cash Flows|37|
|Notes to the Financial Statements|38|
|Reference and administrative information|73|
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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 2025**
West Dean is internationally renowned for its unique combination of creativity, nature and community. Both in Sussex and London we are a gathering place for makers, artists, designers, writers and conservators, from beginner students to master practitioners. We are also defined by our commitment to the natural environment and the preservation of our exceptional South Downs National Park estate. Everything we do is shaped by a strong sense of purpose and place. That purpose — to advance the creative and applied arts, cultural heritage, and nature regeneration — speaks directly to the cultural, social and environmental challenges of our time.
During the year we said farewell to our Chief Executive Alex Barron, after almost twenty years of exceptional service to the Edward James Foundation. Francine Norris also departed as Principal and Deputy Chief Executive. On behalf of the Board I would like to thank them for their outstanding commitment to West Dean, and we wish them every success in their future endeavors.
We find ourselves at a defining moment in West Dean’s story. Like many arts and educational institutions, our finances have come under pressure due to sustained challenges in the wider economy and the longer-term consequences of the Covid pandemic. A strong endowment has allowed us to weather the turbulence of recent times, but a sustainable future depends on seeking long-term growth and diversification, as well reshaping and updating many of our structures and processes. In January 2025 we welcomed Professor Anna Gough-Yates as our new Chief Executive and Principal. Towards the end of the financial year Professor Laura Peters joined as Vice Principal, and Ian Pleace as Director of Finance. Together with Ian Graham, our Director of Estates and Campus Services, they come together to form a strong new Executive Leadership Team, leading a major programme of organizational change. This will see us clarify and strengthen our offering to students, building on our record of ensuring high levels of teaching quality and student satisfaction while offering innovative and attractive courses tailored to student needs. We are also exploring exciting opportunities for diversification and growth which have been stimulated by our environmental sustainability strategy. A new Financial Recovery Plan and an updated organizational strategy for the Foundation are explored in more detail in this Annual Report.
Alongside this important strategic work, the year has provided many opportunities to celebrate the creativity and innovation of the West Dean community of students, staff, alumni and partners.
Our School of Design is now well established at our Bloomsbury campus. The addition of Interior and Garden Design through our 2021 acquisition of KLC School of Design has greatly enhanced our education portfolio and extended West Dean’s reach in London. Earlier in the year, the School was awarded Centre of Excellence status by the Society of British and International Interior Design, a prestigious recognition, granted to only four institutions. The talents of our students and staff were further demonstrated by West Dean’s strong representation at the 2025 RHS Chelsea Flower Show, with contributions from across our community. Our contribution to London Craft Week 2025 saw an interactive exhibition of student and alumni work, exploring the hidden stories and skills behind fine art and craft practices through objects, images, showreels, and live demonstrations. Short courses and taster workshops ran alongside, introducing visitors to crafts such as bookbinding, automata, and leatherwork.
Our Sussex campus continued to see strong recruitment to its degree, diploma and short course programmes. We partnered with Petworth House to offer a series of short courses inspired by Turner’s work there. Alongside Petworth’s permanent collection of twenty Turner paintings and a special summer exhibition of ten more, we programmed one-day courses at Petworth together with longer courses at West Dean, including visits to the exhibition.
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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 2025**
Our gardens remain a popular and enriching destination for visitors. A highlight of the year was the opening of the West Dean gardens free of charge to mark Mental Health Awareness Week 2025, providing a space for visitors to reconnect with nature and community. We welcomed over 10,000 visitors during the week — many joining us for the first time.
Sussex is home to our Tapestry Studio, and we look forward to celebrating its 50th anniversary during 2026. In January, West Dean Honorary Fellow Eva Rothschild unveiled two new large-scale tapestries, The In Breath and The Out Breath, at the highly anticipated Sadler's Wells East. As the largest artworks created on the loom at the West Dean Tapestry Studio, and the first designed for a theatre, this commission marks Eva’s third major collaboration with our Master Weavers, further solidifying our reputation for excellence in textile arts.
Our commitment to the sustainability and preservation of our wider estate is embedded within every aspect of West Dean. We completed our second year of tree planting funded through the Government’s England Woodland Creation Offer. Detailed biodiversity surveys are underway across the estate, with recent work recording over 30 bird species at dawn. These surveys provide essential data to guide our sustainable land management strategy. As part of our commitment to heritage preservation, significant progress has been made in the conservation and restoration of Scheduled Ancient Monuments across the estate.
Like many organizations in the arts and education sectors, we face multiple, complex financial, demographic and operational pressures. But, as the examples above demonstrate, West Dean also has significant strengths — an extraordinary natural environment, a globally respected educational offer, and a highly distinctive identity rooted in the legacy of Edward James. As always, Trustees are acutely aware of the contribution made by our staff, whose professionalism and commitment constitute the greatest of our strengths. With a clear strategy, renewed leadership and a shared sense of purpose, we look to the future with confidence.
Professor Paul O’Prey CBE **Chair of Trustees** 26 February 2026
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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 2025**
The Trustees present their Annual Report and audited accounts for the year ended 30 September 2025 which have been prepared in accordance with the accounting policies set out in note 1 to the accounts and which comply with the Companies Act 2006, Financial Reporting Standard 102 and the Charities SORP.
## **ABOUT US**
The Edward James Foundation (the Foundation) is a registered charity which operates West Dean College (the College). The College comprises two 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.
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 1971 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.
## **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):
- (a) The delivery of education through West Dean College;
- (b) Provided that the activity at (a) above has (in the opinion of the Trustees) been fulfilled then in the Trustees discretion, as a secondary activity, preserving (in whole or in part) the West Dean Estate to the extent that the said Estate consists of land, buildings, and physical or natural environment, which is of historical, architectural, environmental or scientific importance.
Since the end of the financial year, we have taken the opportunity to re-articulate our vision, mission and values as part of the development of our new institutional strategy. This work has been informed by a structured programme of consultation with trustees, staff, students and other key stakeholders, ensuring that the refreshed vision, mission and values reflect our purpose, educational ambitions and long-term sustainability.
## **Our Vision**
West Dean is a leading centre for excellence in the arts and environmental sustainability. We are outward-facing and partnership-driven, sharing our distinctive approach with diverse audiences locally, nationally and internationally. Through educational excellence, cultural contribution and environmental stewardship, we ensure Edward James's vision endures for future generations.
## **Our Mission**
We educate and inspire people to achieve their potential, through exceptional teaching, creative practice and engagement with arts, craft, conservation, design and horticulture.
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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 2025**
We protect and steward our extraordinary estate, ensuring it remains a sustainable and productive resource. We engage our learners and diverse audiences with our natural environment, our heritage and with one another, providing an environment that fosters creativity and wellbeing.
## **Our values**
Edward James, conceived of West Dean as a community rooted in creative learning, and care for both culture and landscape. Our values derive from this vision and shape how we work today:
- **Creativity and independence.** We nurture creative excellence and encourage independent thinking. We value innovation, experimentation and the courage to challenge convention.
- **Practice and making.** We believe in learning through making. We see craftsmanship as a tool for selfexploration, connecting us to traditions and contemporary practice. We recognise the power of making to support wellbeing, creativity and personal development.
- **Community and collaboration.** We foster an inclusive, collaborative environment that connects diverse communities with creative pursuits. We aim to spread culture through teaching and to preserve knowledge that might otherwise be lost.
- **Stewardship and sustainability.** We value heritage and the natural environment, for their intrinsic worth and as spaces that inspire creativity, learning and wellbeing.
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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 2025**
## **STRATEGIC REPORT: OUR ACHIEVEMENTS AND PERFORMANCE**
We have continued to see strong demand for our higher education courses and short courses, with our School of Design now firmly established at our new London campus in the heart of Bloomsbury. We have also continued to create new woodland as part of our landscape-scale sustainability plan. These successes have been made possible by our asset strength, which has allowed us to absorb several years of financial deficits. During the financial year, significant changes were made to our Executive Leadership Team (ELT), with the appointment of a new Chief Executive & Principal, Vice Principal and Director of Finance. The ELT has developed a Financial Recovery Plan to address the deficit position and a new institutional strategy focused on the Foundation’s long term sustainability.
Our achievements and performance in 2024/25 are described in more detail below across the following core activities:
- Educational programmes
- Sharing our Collection and Archive
-
- West Dean Gardens
- The West Dean Estate and our local community
## **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. Encompassing learning from one-day introductory sessions all the way through to post-graduate qualifications, our courses and programmes give people the opportunity to learn practical 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 2024/25** _Our aims for 2024/25 included: The key achievements in 2024/25 included:_ We will continue to grow student numbers in Higher Education applications increased across all accordance with the targets set out in the strategic plan Schools compared with 2023/24, reflecting through portfolio development and effective strengthened marketing and recruitment activity and a recruitment to existing programmes. During 24/25 we clearer articulation of the West Dean offer. will focus on the successful relaunch of online Programme development activity continued across certificate programmes and the extension of our higher priority subject areas, with curriculum review and education programme into ceramics and graphic design preparation work undertaken to support future subject areas. portfolio expansion. Work also progressed on the refresh of our short courses and our online provision, alongside wider review of recruitment strategy informed by external consultancy advice. We will successfully run the first full academic year at The first full academic year of delivery at West Dean: West Dean: London establishing a cross-School London in Bloomsbury was completed successfully, creative community for arts, craft, conservation and with students reporting a positive experience of the design built on our practice-based ethos. new campus and its facilities. Teaching, assessment and academic support arrangements were embedded, and students benefitted from enhanced access to resources, exhibitions and industry engagement. The year provided a strong operational and academic foundation for further development of the London campus.
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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 2025**
|We will work with all our students to increase levels of
engagement and ensure that a wide range of voices
inform our programmes. We will extend our Student
Association to the Bloomsbury campus in support of
this.|Student engagement continued through course
representation, School Boards, student membership
of key committees and ongoing dialogue with course
teams. Work was undertaken to review and improve
student feedback mechanisms, including revisions to
end-of-course surveys to support more meaningful
qualitative feedback. Preparatory steps were taken to
strengthen Student Association arrangements at the
Bloomsbury campus, with renewed focus on visibility,
induction activity and student leadership ahead of the
following academic year.|
|---|---|
|We will review our course costing model to ensure
that our costs and fees remain appropriate in light of
broader sector concerns around financial sustainability.|Course costing assumptions were reviewed as part of
wider financial sustainability work, and this was
informed by increasing cost pressures across the
organisation. This work supported a clearer
understanding of programme-level cost drivers in
short courses and HE, and contributed to institutional
decision-making on portfolio planning, resource
allocation and future fee-settingconsiderations.|
## **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, which joined the Foundation in 2021.
|**Our aims, performance and achievements for 2024/25**|**Our aims, performance and achievements for 2024/25**|
|---|---|
|_Our aims for 2024/25 included:_|_The key achievements in 2024/25 included:_|
|We will continue to develop our policy framework and
practices towards Museum Association accreditation.|During the year, the Foundation kept its collections
governance and care arrangements under review,
ensuring that policies and practices continued to
support teaching, research, loans and public access
activity. In light of wider organisational priorities and
the prevailing financial climate, a decision was taken
during the year to pause active progression towards
Museum Accreditation, recognising that the resource
and evidential requirements associated with
accreditation would represent a significant distraction
from core educational delivery and financial
sustainability objectives at this time. The position will
be kept under review as circumstances change.|
|We will continue the development of the online
catalogue for the archive material held at the College.|Significant progress was made in auditing,
reconstructing and enhancing catalogue records
following the earlier loss of data from the Collections
Management System. Over 1,000 object records were
audited and updated, representing approximately 30
per cent of the Collection. Cataloguing activity
progressed across key archives, including the Edward
James Archive and the Christopher Clarkson Archive,|
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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 2025**
**----- Start of picture text -----**
improving accessibility for teaching, research and
external enquiry.
**----- End of picture text -----**
|improving accessibility for teaching, research and
external enquiry.|improving accessibility for teaching, research and
external enquiry.|
|---|---|
|||
|We will further develop our public access programme
of general and specialist tours and events building on
the success of last year’s programme and aiming to
achieve the access targets required for Museum
Association accreditation.|The public access programme was significantly
expanded, with the introduction of a new programme
of themed tours focusing on Edward James and
Surrealism. These tours proved highly popular. The
Collections Team also delivered free and specialist
tours for partner organisations, supported teaching-
led exhibitions, contributed to national and
international research activity, and facilitated high-
profile loans to major institutions including the Palazzo
Reale, Milan and Towner Eastbourne. In parallel, a
strategic decision was taken to limit lending of key
works to ensure continued availability for teaching and
public engagement at West Dean.|
## **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 2024/25**
_Our aims for 2024/25 included: The key achievements in 2024/25 included:_ We will grow more produce. Further focus will During the year, increased emphasis was placed on continue in broadening the growing breadth and productive growing within the Gardens, with a broader volume within the gardens for both consumption in range of fruit, vegetables and herbs cultivated for use outlets and through retail opportunities. Planning is across West Dean’s catering outlets. Closer working underway with the kitchen teams for this year’s between the Gardens and kitchen teams supported seasonal menus. improved alignment between seasonal growing and menu planning, strengthening the connection between the estate, food offer and visitor experience. Produce grown at West Dean continued to contribute to both on-site consumption and retail opportunities, supporting income generation and sustainability objectives.
We will undertake more visitor engagement. Additional engagement activities will commence building on last year’s successes and also improving the horticultural courses at the Sussex campus with a greater emphasis on practical learning.
We will revitalise the Pergola & Woodland Walk. A focus of the year will be the over stood woodland walk toward the northern boundary and an enlargement and
Visitor engagement activity was further developed through an expanded programme of garden-led events, talks and informal learning opportunities, building on strong attendance in the previous year. The Gardens continued to play a central role in supporting horticultural teaching, with students benefitting from increased access to practical learning within a working historic landscape. Feedback from visitors and students reinforced the value of the Gardens as both a learning resource and a destination, contributing to the wider educational and public benefit objectives of the Foundation.
Work progressed on the revitalisation of the Pergola and Woodland Walk, with planning and preparatory activity undertaken to address long-standing challenges
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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 2025**
|full new planning scheme, with garden grown and
nurtured plants, of the pergola herbaceous border.|associated with overgrowth and accessibility. Early
phases focused on site clearance, assessment and the
development of a refreshed planting approach,
prioritising the use of garden-grown and estate-
nurtured plants. This work laid the foundations for
phased restoration, supporting both biodiversity
objectives and the long-term enhancement of the
visitor experience.|
|---|---|
## **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 2024/25**|**Our aims, performance and achievements for 2024/25**|
|---|---|
|_Our aims for 2024/25 included:_|_The key achievements in 2024/25 included:_|
|We will improve produce sourcing and supply chains
through partnership working with our farming tenants.
Specifically, we will target improvements to the supply
of beef, lamb and venison by reducing food miles and
increasing produce quality through the links between
farmer and chef.|During the year, closer working relationships were
developed between the Estate, farming tenants and
catering
teams
to
strengthen
local
sourcing
arrangements. Estate-produced beef, lamb and venison
continued to be incorporated into menus across West
Dean’s outlets, supporting reduced food miles and
improved traceability. This collaboration helped to align
estate management, animal welfare considerations and
culinary
requirements,
contributing
to
quality
improvements and reinforcing the sustainability
credentials of the food offer.|
|We will work to protect and conserve key Scheduled
Ancient Monuments on the Estate with support from
Natural England, then we will disseminate the history
and conservation processes of these sites to the public.|Engagement continued with Natural England and
specialist advisers to support the responsible
management and conservation of Scheduled Ancient
Monuments on the Estate. During the year, monitoring,
planning and preventative conservation activity was
undertaken to safeguard these assets. Interpretation
and public-facing communications continue to be
developed to improve awareness of the historical
significance of the sites and the conservation
approaches being adopted, supporting the Foundation’s
wider educational and public benefit objectives.|
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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 2025**
## **LOOKING AHEAD: OUR NEW STRATEGY**
Our new Strategic Plan, which was approved by the Board of Trustees in December 2025, has been informed by internal engagement, data gathering and analysis, market and brand research, competitor benchmarking and a detailed assessment of national trends and the policy environment. The new strategy runs to 2031 and will be measured against a set of clear Key Performance Indicators (KPIs) for each of the strategic objectives. At the time of writing, these KPIs remain under development.
Our strategic aims and goals, which are outlined below, are built around the following three themes:
- Education
- West Dean as a visitor and cultural destination
- Our estate and heritage
These are supported by the following strategic enablers:
- **Developing our people.** We will build an engaged, collaborative culture where colleagues are developed professionally, connected to our mission and strategy, and equipped to contribute to West Dean's success.
- **Partnership and engagement.** We will build and deepen engagement internally and with external organisations aligned to our values to provide broaden our reach, reputation and sustainability.
- **Effective technology and infrastructure.** We will strengthen our underlying digital infrastructure. We will utilise technology, including artificial intelligence, to improve our learning and teaching, including augmented and hybrid delivery. We will develop systems that support how we engage with our learners and prospective students, enhance how we deliver our commercial and estates activities.
- **Financial sustainability.** We will deliver annual operating surpluses by the end of this strategy, to provide the capacity to invest for the future and ensure our mission endures.
## **EDUCATION**
As a provider of skills and learning, we will be a recognised authority in art, craft, conservation, design and creative education, reaching diverse audiences, while sustaining the distinctive, practice-led experience that defines West Dean.
Our strategic aims for Education are:
- Being a partner of choice for leading educational organisations, professional bodies and creative enterprises in art, craft, design and conservation.
- Delivering inspirational teaching that fosters creativity and builds practical skills that will endure in an era of rapid technological change.
- Serving diverse communities of learners, including those engaged in professional development, those forging new careers, and those exploring creativity for personal fulfilment and wellbeing.
- Building a sustainable educational portfolio that deepens engagement with our existing community while reaching new audiences.
- Providing the support, infrastructure and technology that enable learners to succeed.
- Creating lasting relationships with alumni and returning learners, opening opportunities for mentoring, collaboration and lifelong engagement with West Dean.
- Connecting those we teach with activities that build their wellbeing, and with activities in our gardens and wider estate.
- Connecting those we teach with activities in our gardens and wider estate to enhance their wellbeing and enrich their experience.
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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 2025**
The strategy envisions a number of activities to deliver these aims between now and 2031. However, in 2025/26 the key priority actions are:
- Being a partner of choice for leading educational organisations, professional bodies and creative enterprises in art, craft, design and conservation.
- Delivering inspirational teaching that fosters creativity and builds practical skills that will endure in an era of rapid technological change.
- Building a sustainable educational portfolio that deepens engagement with our existing community while reaching new audiences.
## **VISITOR AND CULTURAL DESTINATION**
As a cultural institution and visitor destination, we will be recognised as a leading centre for heritage, horticulture and creativity in the South of England, inspiring and connecting diverse audiences with West Dean’s expertise and heritage.
Our strategic aims for West Dean as a visitor and cultural destination are:
- Being recognised as a leading visitor destination and cultural institution in the South of England.
- Delivering an enriching and engaging experience to diverse audiences coming to explore our gardens, estate, and the Edward James collections and archives.
- Providing an excellent residential experience for guests visiting the estate and holidaymakers seeking to explore the South Downs and West Sussex.
- Connecting visitors and guests with our wider educational mission and estates activities, showcasing our expertise and fostering ongoing relationships with them.
The strategy envisions a number of activities to deliver these aims between now and 2031. However, in 2025/26 the key priority actions are:
- Opening the new Gardens Gatehouse visitor centre which will contain an enhanced retail offer and improved visitor welcome facilities.
- Relaunching the visitor restaurant as the Gardens Kitchen, reconfiguring the kitchen to better serve customers and expanding capacity through the redevelopment of the vacated retail space within the current restaurant building.
- Developing the quality of the visitor experience through focused team development, training, auditing and operational assessment, led by the newly appointed Visitor Experience Manager.
## **ESTATE AND HERITAGE**
As a custodian of our estate, collections and natural environment, we will conserve and enhance the heritage entrusted to us, ensuring it remains a sustainable and productive resource that supports learning, creativity, wellbeing and community.
Our strategic aims for West Dean’s estate and heritage are:
- Ensuring our estate and its rich heritage, archives, collections and natural resources are open to a wide and diverse range of audiences and communities, inspiring and educating them, and enhancing their wellbeing and physical and mental health.
- Utilising our estate to its full potential, making it a resource for makers, creators, designers and entrepreneurs, as well as for businesses and the local community.
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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 2025**
- Being known as an innovator in heritage and environmental conservation, actively stewarding our natural environment and historic assets so they are protected, preserved and able to thrive.
- Achieving climate neutrality by 2030, embedding environmental sustainability across our activities.
- Ensuring we provide a physical environment that serves the needs of those who work and live with us, including our staff, students, and tenants.
- Fostering collaborative partnerships with national and regional organisations engaged in heritage conservation and environmental sustainability.
The strategy envisions a number of activities to deliver these aims between now and 2031. However, in 2025/26 the key priority actions are:
- Widening the Foundation’s partnership network and strengthen its position as an exemplar estate in land use and environmental sustainability.
- Increasing the number of guided tours of the main house and increasing the range of archive exhibits on display (e.g. through the reinstatement of Evelyn James’ bedroom as a functioning display space).
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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 2025**
## **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:
- Likely consequences of any decisions in the long term;
- Interests of the charitable company’s employees;
- Need to foster charitable company’s business relationships with suppliers, customers and others;
- Impact of the charitable company’s operations on the community and environment;
- Charitable company’s reputation for high standards of business conduct; and
- Need to act fairly between members of the charitable company.
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 Foundation is committed to providing equality of opportunity in line with our Equality, Diversity & Inclusivity Policy, and to maintaining a working environment where everyone is treated fairly, with respect and dignity. We do not tolerate any form of discrimination, bullying or harassment in our recruitment or employment practices.
The Foundation gives full and fair consideration to applications for employment from people with disabilities, having regard to their particular aptitudes and abilities. Where appropriate, reasonable adjustments will be made to support disabled candidates through the recruitment process and to remove barriers within the workplace.
All reasonable adjustments are made to support the continued employment and development of employees who become disabled during employment, including the provision of appropriate training. The Foundation is committed to ensuring that disabled employees have access to training, career development and promotion opportunities within the workforce. All employees and applicants are treated on merit, recognised as individuals, and valued for the contribution they make.
The organisation engages with its employees frequently and through various channels. This includes interactive regular online 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.
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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 2025**
## **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 2024/25.
When coming into contact with a donor or prospective donor who may be in vulnerable circumstances or needs extra care and support, we give consideration to needs of the donor or prospect. This includes:
- Not accepting a donation if we know, or have reason to believe that a person cannot make an informed decision to donate.
- Returning a donation if we discover that the donor could not make an informed decision at the time of the donation.
- Being alert to the signs that some lack the capacity to make an informed decision and support them appropriately.
In 2024/25 we received 0 (2023/24: 0) complaints about our fundraising programme.
The Trustees recognise that regulatory expectations in relation to charitable fundraising are continuing to develop, including strengthened requirements relating to donor protection, transparency and trustee oversight. During 2024/25, work commenced to review the Foundation’s fundraising arrangements in light of these emerging requirements, with further development of policies, guidance and assurance processes planned.
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 £385,346 (2023/24 £369,918). Of this total, £183,557 (2023/24 £192,871) was contributed from the West Dean Scholarship Fund and the balance 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 2025**
## **OUR APPROACH TO SUSTAINABILITY**
Over the last few years, we have 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.
This approach is an easy fit with Edward James’ original philosophy for West Dean, and we are 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.
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:
- 10-year roadmap action plan encompassing the 6,500 acre West Dean’s Estate;
- Improved mixed land use to support a strong productive, farmed landscape that enhances natural capital, mitigates against climate change and is nature positive with Biodiversity Net Gain;
- Reforestation and the planting of 0.5 million new trees;
- 30% reduction in water use across College operations, estate management and gardens;
- Growing local crops and produce for our restaurants and shops;
- Zero waste to landfill by 2028;
- Certified Climate Neutral by 2030 as part of our long term commitment to achieving Net Zero Emissions by latest 2050;
- Leadership in embedding sustainability in arts, design, landscape and conservation education;
- An inclusive culture, curriculum, collection and campus to broaden access and widen participation;
- Alignment with the UN’s SDGs - the blueprint foundations for sustainability best practice with seven most relevant to West Dean College.
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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 2025**
## **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 2024/25 and 2023/24:
**----- Start of picture text -----**
2024/25 2023/24 Change %
Energy Consumption used to calculate emissions (kWh) 991,093.41 900,033.63 10%
Energy Consumption Breakdown:
Gas or Oil Kerosene, Kerosene,
propane and gas propane and gas
Electricity West Sussex, West Sussex,
KLC & Dilke Chelsea
House Harbour and
Bloomsbury
Transport Fuel Diesel & Petrol Diesel & petrol
Scope 1 emissions in metric tonnes CO2e:
Oil Consumption 172.89 105.78 63%
Gas Consumption 5.95 4.63 29%
Transport Fuel 57.32 37.90 51%
Total Scope 1 236.16 155.39 52%
Scope 2 emissions in metric tonnes CO2e:
Purchased Electricity – Location based 154.14 164.81 -7%
Purchased Electricity – Market based 0.00 0.00 0%
Totals:
Scope 1 and 2 metric tonnes CO2e (Location) 390.30 320.20 22%
Scope 1 and 2 metric tonnes CO2e (Market) 236.16 155.39 52%
Other:
Biomass Boiler (wood chip feedstock) metric tonnes CO2e 40.24 47.57 -15%
**----- End of picture text -----**
_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._
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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 2025**
## **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 was delegated to the Finance and Audit Committee during the year, 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. From September 2025, governance arrangements have changed such that the Finance and Audit Committee has been replaced by a new Finance and Estates Committee and a separate Audit Committee. In future, the detailed consideration of risks will be delegated to the newly constituted Audit Committee.
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 remains the annual operating deficit. We have used our 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. However, the period of external instability has been longer and deeper than we anticipated and the current approach is not sustainable. A Financial Recovery Plan (FRP) has been developed which aims to achieve at least break even in 2028/29, with a focus on short term action plans for each of our charitable and business activities. There are numerous risk factors to be considered as part of implementing the FRP, including student recruitment, short course registrations, inflation, the sales market for residential property and future subsidy arrangements for UK farming and sustainable land management.
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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 2025**
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
## **Financial performance**
This year we recorded Net Expenditure (before investment and actuarial gains and losses) of £4.169m (2023: £4.434m).
This is our sixth consecutive deficit since the Covid-19 pandemic in 2019/20. Our pre-pandemic asset strength has afforded us the ability to absorb these deficits, but they are clearly unsustainable in the medium to long term. Reducing the deficit is the major priority of the Executive Leadership Team and the Trustees have endorsed a new Financial Recovery Plan which aims to achieve at least break even by 2028/29.
In order to offer a more realistic comparison of operating performance, we include the summary below to reconcile this year’s result to the measure we use for management purposes, Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA).
**----- Start of picture text -----**
Year ended Year ended
30 September 30 September
2025 2024
£’000 £’000
Net expenditure (before investment gains and actuarial movements) (4,169) (4,434)
Depreciation/amortisation 782 865
Loan interest 184 256
Pension interest (118) (124)
EBITDA (3,321) (3,437)
Adjustments for "one-off" items
Chelsea Harbour dilapidations - 145
Bloomsbury rent adjustment - 635
Employee severance costs 516 -
Legacy KLC debtor adjustment 210 -
Adjusted EBITDA (2,595) (2,657)
**----- End of picture text -----**
The “one-off” items that have been adjusted for are as follows:
- In 2024, £0.145m of dilapidations expenditure relating to our previous KLC premises in Chelsea Harbour which crystallised on the exiting of this property.
- In 2024, a £0.635m rent adjustment relating to our premises in Bloomsbury. The initial period of occupation during 2023/24 was entirely rent-free and so no cash payment was made in the year, but accounting standards require us to spread evenly the total rent due over the lease term. Our 2023/24 results therefore exceptionally included two (rather than one) large London rentals, one to reflect the rent paid in respect of Chelsea Harbour and another to reflect the rent accrued in respect of Bloomsbury.
- In 2025, £0.516m of costs in connection with a voluntary severance scheme and other employee severance costs. The subsequent headcount reduction allows for a reinvestment in new posts considered to be critical to our strategic growth ambitions while still delivering annualized savings of c0.£45m.
- In 2025, a review of aged debtor balances resulted in legacy KLC debts of £0.21m being provided for in full.
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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 2025**
The key financial headlines are as follows:
- On an adjusted basis, EBITDA has shown a slight improvement. While income has continued to grow, reflecting both volume and pricing effects, so too has the recurring cost base given continued inflationary pressures.
- Total income has increased by 8.4% from £13.90m to £15.06m. This has been driven by strong income growth in charitable activities of 12.7% (from £8.48m to £9.56m), with the related costs of charitable activity growing by only 2%, from £14.140m to £14.419m, although 2023/24 expenditure was impacted by the £0.635m of additional rent costs referred to above. We saw good growth across our educational portfolio of programmes and courses, with our Sussex campus performing particularly strongly.
- Income growth from trading activities has been more modest, increasing by 5.6% from £1.92m to £2.03m. However, associated costs have grown by 13.8%, from £2.04m to £2.32m. The performance of commercial activities remains under close Executive Leadership review.
- Net gains on investments were £2.66m (2024: £2.26m). This improvement reflected valuation increases in both the financial investment and investment property portfolios, although the mix has changed. The financial investments managed through Mercer saw a revaluation gain of £0.86m (2024: £1.38m), while the investment properties saw a revaluation gain of £2.02m (2024: £1.06m). As reported in the previous year, a number of investments were earmarked for sale in 2024 and reclassified as current assets as a result. The majority of these investments have been sold during the year, realizing losses of £0.22m.
- Net actuarial movements on the Foundation’s defined benefit scheme gave rise to a £25k loss (2024: £95k loss), recorded in Other Comprehensive Income. The impact of actuarial movements on the Foundation’s financial position remains muted due to the scheme remaining in surplus, with the Trustees having concluded that the inclusion of the surplus as an asset on the balance sheet is not appropriate in light of the recognition criteria outlined in FRS 102. In the first instance, therefore, most actuarial movements impact the unrecognized net asset rather than Other Comprehensive Income.
- During the year, the triennial valuation of the Foundation’s defined benefit pension scheme was completed. It was valued at at 30 June 2024, and, on a funding basis, the scheme had total liabilities of £12.45m and total assets of £13.24m and a funding level of 106% as at the valuation date. For the purposes of financial reporting as at 30 September 2025 on an FRS 102 basis, the key actuarial assumptions have been rolled forward.
- Fixed assets have increased from £143.4m to £146.4m. This is due in large part to the revaluation gains referred to above, with capital expenditure and depreciation/amortisation broadly offsetting each other.
- Cash and cash equivalents have increased from £0.71m to £2.42m. While operating cash flow was broadly flat (an outflow of £2.77m in 2025, compared with an outflow of £3.02m in 2024), cash balances have been boosted by the sale of the majority of the investments that were identified for sale in the prior year. Proceeds from these investment sales totalled £5.718m (and the net book value of assets held for sale has reduced from £8.232m to £2.173m), which has offered significant mitigation for the continued weak operating cash flow performance.
- Loan balances continued to be repaid in the year in line with repayment schedules. Total loan debt stood at £6.98m as at 30 September 2025 (2024: £7.32m). The loans relate to an AMC facility taken out in 2016 to fund works to the estate’s biomass facility and a NatWest loan taken out in 2020 to fund critical refurbishment works to the roof of the Main House at West Dean.
- As at 30 September 2025, restricted reserves stood at £2.29m (2024: £2.13m), designated reserves were £133.64m (2024: £131.11m), and general unrestricted reserves were £4.43m (2024: £8.60m). Net assets
20
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Trustees’ report (continued) For the year ended 30 September 2025**
therefore stood at £140.31m in total as at 30 September 2025 (2024: £141.84m), the reduction reflecting the continued operating deficit position, partly offset by revaluation gains on investments.
- The deficit position and the deterioration in general unrestricted reserves are being addressed through a new Financial Recovery Plan. As noted earlier, this plan seeks to secure at least a break even position by 2028/29. Each of the Foundation’s areas of activity (e.g. Higher Education, Short Courses, Visitor Attraction etc.) have been allocated a financial improvement target, to be delivered through cost reduction, revenue growth and efficiency/scale gains. These targets have been set by reference to an exercise to fully allocate overheads to revenue-generating activity, acknowledging that a degree of structural subsidy between non-educational and educational activities is likely to continue.
## **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:
- i. the free reserves requirement in our Reserves Policy being met at all times;
- ii. all investment decisions reflecting our Sustainability Policy;
- iii. all investment decisions either strengthening or leaving unchanged our ability to meet our charitable objectives.
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 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 (and from 1 October 2025, the Finance & Estates 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.
## **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. That said, the trustees acknowledge the financial sustainability challenges inherent in this model and which face the Foundation, and the new Financial Recovery Plan seeks to address the continued deficit position. As explained earlier in this Financial Review, we have continued to use our reserves to absorb the worst of the macro-economic disruption of recent years. The Reserves Policy of the Foundation is to hold as a general unrestricted reserve an amount equivalent to not less than 6 months’ expenditure (equivalent to a minimum of £9.62m as at 30 September 2025), of which at least 20% should be held in cash and the balance in financial investments readily convertible to cash. As at 30 September 2025, the general unrestricted reserve stood at £4.43m. The Foundation’s Financial Recovery Plan seeks to reduce the decline in reserves, and, ultimately, rebuild them.
21
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Trustees’ report (continued) For the year ended 30 September 2025**
## **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:
- Select suitable accounting policies and then apply them consistently.
- Observe the methods and principles in the Charities SORP (FRS 102).
- Make judgements and estimates that are reasonable and prudent.
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial statements.
- Prepare the Financial statements on the going concern basis unless it is inappropriate to presume that the Group and Charity will continue in business.
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.
## **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.
Professor Paul O’Prey CBE **Chair of Trustees** 26 February 2026
22
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Statement of corporate governance For the year ended 30 September 2025**
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 2025 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:
- It is registered with the regulator of Higher Education, the Office for Students.
- It has adopted the Committee of University Chairs Higher Education Code of Governance. As part of its adherence to this Code, the Foundation:
- Conducted an internal, high-level review of compliance at the point of adoption in 2018.
- Commissioned Kingston City Group (KCG) to undertake rolling internal audit programme. A new programme has been agreed by the Audit Committee (which replaced the previous Finance & Audit Committee), commencing in 2025/26. Under the new plan, a financially-focused audit review will take place alongside a review of an operationally-focused one. In addition to these two annual reviews, KCG will continue to review the Annual Financial Return submission to the Office for Students.
- Appointed a Clerk to the Board in May 2020. The post became vacant in October 2022, with interim board support provided. A substantive appointment to the role was made in summer 2025.
- Previously established an Equality, Diversity and Inclusion (EDI) working group, which first met in February 2021, and appointed an external consultancy in 2020/21 to conduct an independent audit of its EDI policies, practices and procedures. An action plan arising from this work was approved during 2021/22 and concluded prior to the year under review. During 2024/25, arrangements were developed to re-establish an EDI working group, with its first meeting scheduled for early 2026.
## **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:
- West Dean Limited: A trading company which manages the activities of the shop and restaurant in West Dean Gardens, the conference and event activities of West Dean College and the shop in West Dean Village.
- KLC Limited: A dormant company which previously managed the activities of KLC School of Design. These activities, together with the assets and liabilities, were transferred to The Edward James Foundation Limited immediately following its acquisition of 100% of the share capital of KLC Limited on 31 July 2021. It is the Trustees’ intention to retain this dormant company for a number of years, as part of its commitment to protect the use of the KLC brand name.
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**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 2025**
## **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 numbered ten during 2024/25. Following a trustee appointment after the year end date, there remain eleven Trustees as at the date of approval of the financial statements for the year ended 30 September 2025.
The Board of Trustees usually meets five times a year, unless there are exceptional circumstances. During the year ended 30 September 2025 it met on five occasions (2024: five). Members of the Foundation’s Executive Leadership Team attended all Board meetings during the year ended 30 September 2025.
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). It was agreed in October 2024 that the majority of Education Committee meetings would be held on Teams to ensure Student Association representation from both the London & Sussex Campuses. During the year ended 30 September 2025, all of the five Board meetings and seven of the eleven sub-committee meetings took place in-person or as a hybrid mix. One Education Committee meeting was held virtually.
## **Sub-committees**
During the year, the Foundation reviewed its Committee structure and changes have been made which have come into full effect for the year ending 30 September 2026. These changes are discussed below.
Throughout the year, and prior to the introduction of the revised Committee structure, the Foundation operated the following sub-committees which supported, and reported to, the Board of Trustees (note that in some cases, the role titles of executive leadership members have subsequently changed):
- **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 2025 it met two times (2024: three).
-
- **The Finance and Audit Committee**
- _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.
_Composition:_ At least three members of the Board, the Chief Executive and the Director of Finance & Business Systems (this post has been vacant since January 2024 and was covered by an Interim Head of Finance for the majority of the year ended 30 September 2025).
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 2025**
_Meeting frequency:_ Scheduled to meet at least three times per year. During the year ended 30 September 2025 it met four times (2024: six).
-
## **The Estate Committee**
_Purpose:_ To strategically keep under review 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 was covered by an Interim Head of Finance for the majority of the year ended 30 September 2025).
_Meeting frequency:_ Scheduled to meet at least two times per year. During the year ended 30 September 2025 it met two times (2024: 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:
- The experience and qualifications of the Chief Executive.
- The Chief Executive’s performance which is assessed annually against objectives formally agreed at the start of a financial year.
- The breadth of sectors in which the Foundation operates and the level of responsibility this entails.
- The Foundation’s geographical location.
_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 and 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 2025 it met once (2024: once).
- **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.
_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 2025, it met once (2024: once).
- **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:
25
**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 2025**
- protect the health, safety and welfare of staff, students and visitors;
- support the Chief Executive by authorising any material financial transactions or budget amendments (i.e. revenue items in excess of £100,000, borrowings and asset disposals) necessary to protect the financial resilience and sustainability of the Foundation; and
- support the Chief Executive with any other urgent matter which falls within the Primary Responsibilities of the Board (as set out in the Handbook of Governance).
_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.
The revised sub-committee structure, which is effective for the year ended 30 September 2026, reflects the evolving governance needs of the Foundation as well as the revised composition of the Executive Leadership Team (which now comprises the Chief Executive & Principal, the Vice Principal, the Director of Estates and the Director of Finance). The new sub-committee structure is as follows:
- **Audit Committee,** comprising four members of the Board, with the Chief Executive & Principal and the Director of Finance in attendance. The Committee 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. The new Committee held its initial meeting on 18 September 2025.
- **Finance and Estates Committee,** comprising five members of the Board and the Executive Leadership Team. The Committee reviews the Foundation’s annual revenue and capital budgets, financial performance, financial forecasts, investments and controls. The Committee also keeps under strategic review the management of West Dean Estate, including the West Dean College Campus, and makes 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. The new Committee held its initial meeting on 18 September 2025.
- **Education Committee,** with its purpose and composition substantially unchanged.
- **Nominations and Governance Committee,** with its purpose and composition substantially unchanged.
- **Remuneration Committee,** with its purpose and composition substantially unchanged.
## **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 2025 and up until the point of approval of these financial statements, the Board appointed one new trustee, following an external recruitment process.
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.
26
**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 2025**
## **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, which took effect in January 2025, an external recruitment process was undertaken. Professor Anna Gough-Yates was appointed and started in post on 13 January 2025.
In April 2025, Francine Norris departed her role as Principal and Deputy Chief Executive, having played a central role in the development of West Dean over the years. Professor Anna Gough-Yates assumed the role of Principal on her departure. The Board thanks Francine for her outstanding service to the Foundation.
On 1 September 2025, following external recruitment processes, Professor Laura Peters and Ian Pleace joined the Executive Leadership Team as Vice Principal and Director of Finance respectively. Ian Graham remains as Director of Estates.
27
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Statement of internal control For the year ended 30 September 2025**
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 2025 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:
- Comprehensive budgeting systems with an annual budget, which is reviewed and agreed by the Board of Trustees.
- Regular reviews by the Board of Trustees of periodic and annual financial reports which indicate financial performance against forecasts.
- A clearly defined schedule of limits of authority which is reviewed and agreed by the Board of Trustees.
- An ongoing process designed to identify and prioritise the risks to the achievement of operational objectives, strategic aims and compliance obligations, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically.
- Setting targets to measure financial and other operational performance.
- The adoption of formal project management, for example, through a Project Steering Group.
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 (and, fully effective for the year ended 30 September 2026, the new Audit Committee). Furthermore, it has delegated day-to-day responsibility to the Chief Executive and Principal, 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 (and, fully effective for the year ended 30 September 2026, the new 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.
28
**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 2025**
## **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**
The Board of Trustees has commissioned Kingston City Group (KCG) to undertake rolling internal audit programme. A new programme has been agreed by the Audit Committee, commencing in 2025/26. Under the new plan, a financially-focused audit review will take place alongside a review of an operationally-focused one. In addition to these two annual reviews, KCG will continue to review the Annual Financial Return submission to the Office for Students
This Statement of Internal Control was approved by the Trustees and the Chief Executive on 26 February 2026.
Professor Paul O’Prey CBE **Chair of Trustees**
Professor Anna Gough-Yates **Chief Executive**
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 For the year ended 30 September 2025**
## **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 2025 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:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 30 September 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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.
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 2025**
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 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:
- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ annual report have been prepared in accordance with applicable legal requirements.
## **Matters prescribed by the Office for Students (OfS) “Regulatory advice 9: Accounts direction”**
In our opinion, in all material respects:
- funds from whatever source administered by the institution for specific purposes during the year ended 30 September 2025 have been applied to those purposes and managed in accordance with relevant legislation; and
- the requirements of OfS’s accounts direction have been met.
## **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 and the Charities Act 2011 or the Office for Students Accounts direction require us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- grant and fee income, as disclosed in the notes to the accounts, has been materially misstated.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 22, 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.
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 2025**
## **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:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.
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.
32
**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 2025**
## **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:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council
- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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.
33
**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 2025**
## **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.
Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
Date: 2 March 2026
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
34
**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 2025**
|**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**|**Unrestricted**
**Fund**
£
1,135
9,555,047
2,029,620
2,420,176
197,651
15,266
**14,218,895**
176,659
2,318,249
2,266,929
49,925
14,235,069
19,046,831|**Restricted**
**Fund**
£
263,138
-
-
577,810
1,035
-
**841,983**
-
-
-
-
183,557
183,557|**Total 2025**
£
264,273
9,555,047
2,029,620
2,997,986
198,686
15,266
**15,060,878**
176,659
2,318,249
2,266,929
49,925
14,418,626
19,230,388|**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|
||||||
|Net Expenditure (before investments gains and actuarial
movements)|(4,827,936)|658,426|(4,169,510)|(4,434,296)|
|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**|2,588,846
(2,239,090)
577,810
**(1,661,280)**
(25,000)
**(1,686,280)**
139,705,072
138,018,792|75,016
733,442
(577,810)
**155,632**
-
**155,632**
2,134,214
2,289,846|2,663,862
(1,505,648)
-
**(1,505,648)**
(25,000)
**(1,530,648)**
141,839,286
140,308,638|2,257,291|
|||||(2,177,005)
-|
|||||**(2,177,005)**|
|||||(95,000)|
|||||**(2,272,005)**
144,111,291
141,839,286|
Net expenditure (before investment gains and actuarial movements) has been presented as additional information given it is a key performance metric for the Foundation.
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 38 to 72 form an integral part of the Financial Statements.
35
**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 2025**
|**Notes**
**Fixed assets**
Intangible assets
**15**
Tangible assets
**16**
Property investments
**17**
Financial investments
**18**
**Current assets**
Stocks
**20**
Investments held for sale
**21**
Debtors
**22**
Cash and cash equivalents
**35**
**Creditors: amounts falling due within one**
**year**
**23**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after more**
**than one year**
**24, 25**
**Net assets**
**Income funds**
Restricted funds
**28**
Unrestricted funds
Designated funds
**29**
General unrestricted funds
**29**|**Group**
**2025**
£
428,722
34,555,643
101,329,293
10,099,509
146,413,167
157,541
2,173,218
2,067,333
2,424,592
6,822,684
(6,297,168)
525,516
146,938,683
(6,630,045)
140,308,638
2,289,846
133,584,653
4,434,139
138,018,792
140,308,638|**Group**
**2024**
£
453,609
34,744,745
99,000,122
9,234,905
143,433,381
77,557
8,232,753
2,131,369
710,090
11,151,769
(5,761,622)
5,390,147
148,823,528
(6,984,242)
141,839,286
2,134,214
131,105,072
8,600,000
139,705,072
141,839,286|**Charity**
**2025**
£
428,722
34,532,117
101,329,293
10,100,432
146,390,564
28,046
2,173,218
2,578,906
1,839,138
6,619,308
(6,094,736)
524,572
146,915,136
(6,630,045)
140,285,091
2,289,846
133,584,651
4,410,594
137,995,245
140,285,091|**Charity**
**2024**
£
453,609
34,723,665
99,000,122
9,235,828|
|---|---|---|---|---|
|||||143,413,224
20,336
8,232,753
2,153,488
628,630|
|||||11,035,207
(5,648,450)|
|||||5,386,757|
|||||148,799,981
(6,984,242)|
|||||141,815,739|
|||||2,134,214
131,105,070
8,576,455|
|||||139,681,525|
|||||141,815,739|
The total income of the Charity as an individual entity for the year was £13,454,231 (2024: £12,311,946) and its net deficit was £1,994,984 (2024: £2,634,804 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 38 to 72 form an integral part of the Financial Statements.
The Financial Statements were approved by the Trustees and the Chief Executive. They were authorised for issue on 26 February 2026.
Professor Paul O’Prey CBE **Chair of Trustees**
Professor Anna Gough-Yates **Chief Executive**
36
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Consolidated Statement of Cash Flows For the year ended 30 September 2025**
|**Notes**
**Cash used in operations**
**34**
**Investing activities**
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from disposal of tangible fixed assets
Interest Received
Purchase of investment property
Purchase of financial investments
Proceeds from disposal of financial investments
Proceeds from disposal of property investments
**Net cash (outflow)/inflow from investing activities**
**Financing activities**
Interest Paid
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|**2025**
**£**
**£**
(2,772,054)
(543,870)
(41,032)
10,304
59,449
(188,716)
-
3,110,723
2,607,615
5,014,473
(184,490)
(343,427)
(527,917)
1,714,502
710,090
2,424,592|**£**
(1,093,792)
(28,296)
11,000
15,620
(206,234)
-
1,600,000
1,560,000
(255,799)
(272,108)|**2024**
**£**
(3,019,194)
1,858,298
(527,907)|
|---|---|---|---|
||||(1,688,803)
2,398,893|
||||710,090|
The notes on pages 38 to 72 form an integral part of the Financial Statements.
37
**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 2025**
## **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 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.
## **1.3**
## **Going concern**
The Trustees have a reasonable expectation that the Group will have adequate cash reserves and liquid financial investments to continue to meet its obligations and liabilities as they fall due for a period of at least twelve months from the approval of these Financial Statements. Critically, and as required by the Foundation’s bank loan covenants, the level of liquid financial investments is forecast to remain in excess of the level of bank debt. The Trustees have intentionally used reserves to absorb the worst impact of the macro-economic disruption experienced in recent years, but they have endorsed the Executive’s Recovery Plan with a view to returning to achieving at least a break even position by 2028/29. In light of these considerations, the Trustees therefore continue to adopt the going concern basis of accounting in preparing the Financial Statements.
## **1.4 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.
## **1.5 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.
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 2025**
## **1. Accounting policies (continued)**
## **1.5 Incoming resources (continued)**
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.
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 relation to educational courses are initially reflected on the balance sheet as deferred income and recognised as income over the period of the course.
## **1.6 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.
## **1.7 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
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 2025**
## **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.
## **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
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 2025**
## **1. Accounting policies (continued)**
## **1.10 Financial investments (continued)**
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.
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 2025**
## **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.
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 2025**
## **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.
## **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.
## _2.1.2 Defined Benefit pension scheme asset_
- That no pension asset should be recognised in respect of the defined benefit pension scheme given that the asset is unlikely to be realised through reduced contributions or a repayment from the scheme.
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 2025**
- _2.1.3 Impairment of assets_
The determination of whether there are indicators of impairment of the Group’s tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit
## **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:
## _2.2.1 Revenue recognition in relation to Open Learning courses_
- When a student purchases an Open Learning course, they have a set period of time in which to complete their studies. Revenue is recognised in relation to such courses based on dates of course commencement and length of time needed to complete a course.
- _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.
- _2.2.3 Useful life, residual value and impairment of tangible fixed assets_
- The carrying value of tangible fixed assets is calculated on the basis of estimates of depreciation periods derived from the expected useful life of the asset concerned and residual values. The expected useful life of the asset concerned and its estimated residual value may change under the influence of technological developments, market circumstances and changes in the use of the asset. These factors may also give rise to the need to recognise an impairment on assets.
- _2.2.4 Fair value of investment property_
- The fair value of investment property is based upon open market values for residential properties and net present value of future rental yields for commercial / farming lets.
- _2.2.5 The financial risks associated with its Final Salary Pension Scheme._ In 2011, the Scheme was closed to further accrual, so eliminating the risk of further deficits arising in respect of future employee service, but the liabilities in respect of past service have yet to be fully secured and therefore fluctuate with movements in markets and actuarial assumptions. The investment strategy is reviewed regularly and has contributed towards a more proactive exit strategy; a significant de-risking exercise was undertaken early in 2020/21. A series of Liability Management Exercises was planned for 2019/20 but have been held in abeyance since the Covid-19 pandemic commenced. Since 2018, the Scheme has been in surplus on a Technical Provisions basis and the next target is to achieve a surplus on a Self-Sufficiency basis.
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 2025**
|**3.**
**Donations, legacies and grants**
**Unrestricted**
**Funds**
£
Donations and gifts
1,135
Government grants
-
1,135
**Unrestricted**
**Funds**
£
Donations and gifts
3,593
Government grants
-
3,593
**4.**
**Income from charitable activities**
**School of**
**Arts**
**School of**
**Conservation**
£
£
Fees receivable
4,714,407
1,976,021
**School of**
**Arts**
**School of**
**Conservation**
£
£
Fees receivable
4,297,123
1,482,485
**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**
£
263,138
-
263,138
**Restricted**
**Funds**
£
249,650
-
249,650
**KLC**
**School of**
**Design**
£
2,864,619
**KLC**
**School of**
**Design**
£
2,696,614||**Total 2025**
£
264,273
-
264,273
**Total 2024**
£
253,243
-
253,243
**Total 2025**
£
9,555,047
**Total 2024**
£
8,476,222
**2025**
£
427,451
918,932
445,502
237,735
2,029,620|**Total 2024**
£
253,243
-
253,243
**Total 2024**
£
8,476,222
**2024**
£
338,143
855,851
453,255
274,597
1,921,846|
|---|---|---|---|---|
||||||
||||||
||||||
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 2025**
## **6. 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**
£
2,420,176
20,202
59,449
118,000
197,651
**Unrestricted**
**Funds**
£
2,492,181
170,595
15,620
124,000
310,215|**Restricted**
**Funds**
£
577,810
1,035
-
-
1,035
**Restricted**
**Funds**
£
319,099
9,831
-
-
9,831|**Total**
**2025**
£
2,997,986
21,237
59,449
118,000
198,686
**Total**
**2024**
£
2,811,280
180,426
15,620
124,000
320,046|**Total**
**2024**
£
2,811,280|
|---|---|---|---|---|
|||||180,426
15,620
124,000|
|||||320,046|
||||||
West Dean Estate income included £1,932,293 (2024: £1,951,248) in respect of rental income from land and buildings.
## **7. Other Income**
|Proceeds from Insurance claim|**2025**
£
15,266|**2024**
£
114,655|
|---|---|---|
Included with proceeds from insurance claims in the year ended 30 September 2024 was £70,000 from a claim on the Group’s 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 and no further sums were received in the year ended 30 September 2025.
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 2025**
|**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**
£
2,506,721
623,512
380,194
324,181
343,080
-
-
107,345
229,471
235,578
185,398
4,935,480
171,458
1,245,141
**6,352,079**
6,265,902
86,177
**6,352,079**|**School of**
**Conservation**
£
1,558,720
130,459
198,765
123,048
244,051
-
-
107,345
73,426
147,346
105,850
2,689,010
213,888
862,909
**3,765,807**
3,668,427
97,380
**3,765,807**|**KLC**
**School of**
**Design**
£
1,615,978
125,011
135,699
23,673
921,608
-
-
107,345
44,711
143,650
250,598
3,368,273
-
932,468
**4,300,741**
4,300,741
-
**4,300,741**|**Total 2025**
£
5,681,419
878,982
714,658
470,902
1,508,739
-
-
322,035
347,608
526,574
541,846
10,992,763
385,346
3,040,518
**14,418,627**
14,235,070
183,557
**14,418,627**|**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**|
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 2025**
## **8. Charitable activities (continued)**
Analysis of expenditure in year ended 30 September 2024:
|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
**9.**
**Grants payable**
Grants to individuals
_2024 comparative:_
Grants to individuals|**School of**
**Arts**
**School of**
**Conservation**
**KLC School**
**of Design**
£
£
£
2,136,415
1,400,397
1,510,282
623,829
91,473
164,104
361,254
186,504
121,191
311,011
118,198
20,248
362,407
240,389
882,252
95,258
31,753
508,044
-
-
145,287
102,077
102,077
102,077
285,778
91,007
50,358
249,282
160,223
180,625
161,246
109,499
101,448
4,688,558
2,531,520
3,785,916
152,025
217,893
-
1,118,784
803,319
841,759
**5,959,367**
**3,552,732**
**4,627,675**
5,868,816
3,450,411
4,627,675
90,550
102,321
-
**5,959,366**
**3,552,732**
**4,627,675**
**School of**
**Arts**
**School of**
**Conservation**
**KLC**
**School of**
**Design**
**Total 2025**
£
£
£
£
171,458
213,888
-
385,346
152,025
217,893
-
369,918|**School of**
**Arts**
**School of**
**Conservation**
**KLC School**
**of Design**
£
£
£
2,136,415
1,400,397
1,510,282
623,829
91,473
164,104
361,254
186,504
121,191
311,011
118,198
20,248
362,407
240,389
882,252
95,258
31,753
508,044
-
-
145,287
102,077
102,077
102,077
285,778
91,007
50,358
249,282
160,223
180,625
161,246
109,499
101,448
4,688,558
2,531,520
3,785,916
152,025
217,893
-
1,118,784
803,319
841,759
**5,959,367**
**3,552,732**
**4,627,675**
5,868,816
3,450,411
4,627,675
90,550
102,321
-
**5,959,366**
**3,552,732**
**4,627,675**
**School of**
**Arts**
**School of**
**Conservation**
**KLC**
**School of**
**Design**
**Total 2025**
£
£
£
£
171,458
213,888
-
385,346
152,025
217,893
-
369,918||**Total 2024**
£
5,047,093
879,406
668,949
449,457
1,485,049
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 2024**
£
369,918|
|||369,918|||
The value of scholarships and bursaries awarded to students in the year ended 30 September 2025 totalled £385,346 (2024 £369,918). Of this total, £183,557 (2023/24 £192,871) was contributed from the West Dean Scholarship Fund and the balance was contributed from annual unrestricted operating budgets.
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 2025**
|**10.**
**Support costs**
**Support**
**costs**
£
Staff costs
1,870,826
Depreciation
131,643
Marketing
costs
280,907
Other costs
521,237
Audit fees
-
Accountancy
-
Legal and
professional
-
Trustee
related
expenses
-
2,804,613|**Governance**
**costs**
£
42,280
-
-
93,000
69,448
-
26,000
5,176
235,904|**Total**
**2025**
£
1,913,106
131,643
280,907
614,237
69,448
-
26,000
5,176
3,040,517|**Support**
**costs**
£
1,670,089
147,533
281,025
492,151
-
-
-
-
2,590,798|**Governance**
**costs**
£
41,777
-
-
29,000
73,996
-
18,763
9,529
173,065|**Total**
**2024**
**Basis of**
**allocation**
£
1,711,866
Staff time and
student/delegate
days
147,533
Staff time and
student/delegate
days
281,025
Staff time and
student/delegate
days
521,151
Staff time and
student/delegate
days
73,996
Governance
-
Governance
18,763
Governance
9,529
Governance
2,763,863|
|---|---|---|---|---|---|
## **11. Auditors’ Fees**
|Included within Support & Governance costs above are the following:
Audit Services
Tax Services
Other
Included in Trading costs are the following:
Audit Services in respect of West Dean Limited
**Total audit fees**|**Total 2025**
£
66,107
-
3,341
**69,448**
11,846
**81,294**|**Total 2024**
£
71,596
1,325
1,075|
|---|---|---|
|||**73,996**
15,325
**89,321**|
The amounts above include adjustments for under- or over-provisions relating to prior years. These adjustments reconcile the fees recorded in the financial statements with the auditor’s scoping letters, and as a result, the total fees disclosed may differ from the amounts initially agreed for the current year’s audit and other services.
## **12. Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Group during the year.
Expenses totalling £5,176 relating to travel and subsistence were either reimbursed to, or paid directly on behalf of ten Trustees (2024: £9,529 to six Trustees).
During the year, £3,590 (2024: £3,590) was paid in respect of insurance to:
- Protect the Charity from loss arising from the neglect or defaults of its Trustees;
- Indemnify the Trustees against consequences of any neglect or default on their part.
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 2025**
**13. Employees**
Staff Costs during the year were:
|Wages and salaries
Social security costs
Other pension costs
Severance costs|**2025**
£
6,897,732
721,795
321,727
516,955
**8,458,209**|**2024**
£
6,997,632
591,590
307,506
-
**7,896,728**|
|---|---|---|
## **Average number of employees**
The average monthly number of employees during the year was:
|Direct education staff
Other staff|**2025**
**Number**
77
193
**270**|**2024**
**Number**
77
202
**279**|
|---|---|---|
## **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|**2025**
**Number**
1
1
-
1
-
-
4
2
1
**10**|**2024**
**Number**
1
-
1
-
1
-
-
2
4
**9**|
|---|---|---|
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 2025**
## **13. Employees (continued)**
Included in above are employees earning a basic salary (before salary sacrifice) of over £100,000 per annum:
|£150,000- £159,999
£140,000- £149,999
£125,000- £129,999
£115,000- £119,999|**2025**
**Number**
2
-
-
1
**3**|**2024**
**Number**
1
-
1
-
**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
Severance costs|**2025**
£
432,592
3,424
49,341
24,520
93,905
**603,782**|**2024**
£
450,896
9,279
50,977
28,574
-
**539,726**|
|---|---|---|
## **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:
## **Alexander Barron to 12/01/2025**
|Basic Salary
Employer's pension contribution
Salary sacrifice arrangements
Benefits
Consultancy Role|**2025**
£
47,681
6,161
6,161
3,282
26,000
**89,286**|**2024**
£
144,531
11,718
11,718
5,591
-
**173,558**|
|---|---|---|
**Professor Anna Gough-Yates from 12/01/2025**
|Basic Salary
Employer's pension contribution
Salary sacrifice arrangements
Benefits|**2025**
£
116,090
10,094
10,094
2,208
**138,486**|**2024**
£
-
-
-
-
**-**|
|---|---|---|
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 2025**
## **15. Employees (continued)**
## **CEO Pay ratio - Basic Salary**
|**CEO Pay ratio - Basic Salary**|||
|---|---|---|
||**2025**|**2024**|
|Alexander Barron|3.08|7.12|
|Professor Anna Gough-Yates|7.00|-|
The median pay is calculated on a full-time equivalent basis for the salaries paid by the Foundation to its employees.
## **CEO Pay ratio – Total Remuneration**
|**CEO Pay ratio – Total Remuneration**|||
|---|---|---|
||**2025**|**2024**|
|Alexander Barron|3.18|7.15|
|Professor Anna Gough-Yates|7.49|-|
The median total remuneration is calculated on a full-time equivalent basis for the total remuneration paid by the Foundation to its employees.
## **14.**
## **Net gains / (losses) on investments**
|**Financial Investments:**
Revaluation gain/(deficit)- Mercer
Revaluation gain/(deficit)- Mayfair Pitch
Revaluation gain/(deficit) CCLA COIF Property Fund
Gain/(Loss) on sale of financial investments
**Property investments**
Gain on revaluation of investment properties (see note 16)
Loss on revaluation of investment properties held for sale
(see note 20)
Gain /(Loss) on sale of investment property|**Unrestricted**
**Funds**
£
789,588
-
-
(4,760)
2,243,514
(223,801)
(215,695)
2,588,846|**Restricted**
**Funds**
£
75,016
-
-
-
-
-
-
75,016|**Total**
**2025**
£
864,604
-
-
(4,760)
2,243,514
(223,801)
(215,695)
2,663,862|**Total**
**2024**
£
1,382,338
(128,113)
(18,846)
-
1,055,395
-
(33,483)|
|---|---|---|---|---|
|||||2,257,291|
|**Financial Investments:**
Revaluation gain/(deficit)- Mercer
Revaluation gain/(deficit)- Mayfair Pitch
Revaluation gain/(deficit) CCLA COIF Property Fund
**Property investments**
Gain on revaluation of investment properties (see note 16)
Gain /(Loss) on sale of investment property|**Unrestricted**
**Funds**
£
1,262,400
(128,113)
(18,846)
1,055,395
(33,483)
2,137,353|**Restricted**
**Funds**
£
119,938
-
-
-
-
119,938|**Total**
**2024**
£
1,382,338
(128,113)
(18,846)
1,055,395
(33,483)
2,257,291|
|---|---|---|---|
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 2025**
## **15. Intangible fixed assets Group and Charity**
|**Product**
**design rights**
**£**
**Cost**
At 1 October 2024
10,000
Additions
-
At 30 September 2025
10,000
**Amortisation and impairment**
At 1 October 2024
10,000
Amortisation charge
-
At 30 September 2025
10,000
**Carrying Amount**
At 30 September 2025
-
At 30 September 2024
-
**16.**
**Tangible fixed assets**
**Group**
**Freehold**
**land and**
**buildings**
**Plant and**
**machinery**
**£**
**£**
**Cost**
At 1 October 2024
21,833,361
6,862,836
Additions
273,519
201,474
Disposals
-
(25,496)
At 30 September 2025
22,106,880
7,038,814
**Depreciation and**
**impairment**
At 1 October 2024
2,616,062
3,981,221
Charge for the year
278,782
368,147
On disposals
-
(8,839)
At 30 September 2025
2,894,844
4,340,529
**Carrying Amount**
At 30 September 2025
19,212,037
2,698,285
At 30 September 2024
19,217,299
2,881,615||**Software**
**£**
40,895
41,032||**Goodwill – KLC**
**School of Design**
**£**
607,118
-
607,118
192,383
60,712
253,095
354,023
414,735
**Motor**
**vehicles**
**Chattels**
**£**
**£**
134,517
12,384,757
-
-
(7,395)
-
127,122
12,384,757
121,850
-
3,167
-
(7,395)
-
117,622
-
9,500
12,384,757
12,667
12,384,757||**Total**
**£**
658,013
41,032|
|---|---|---|---|---|---|---|
|||81,927||||699,045|
|||2,021
5,207||||204,404
65,919|
|||7,228||||270,323|
|||74,699||||428,722|
|||38,874||||453,609|
|||**Fixtures,**
**fittings**
**and**
**equipment**
**£**
2,048,698
68,877
-
2,117,575
1,800,291
66,220
-
1,866,511
251,064
248,407||**Motor**
**vehicles**
**£**
134,517
-
(7,395)
127,122
121,850
3,167
(7,395)
117,622
9,500
12,667||**Total**
**£**
43,264,169
543,870
(32,891)|
|||||||43,775,148|
|||||||8,519,424
716,316
(16,234)|
|||||||9,219,506|
|||||||34,555,643|
|||||||34,744,745|
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 2025**
**16. Tangible fixed assets (continued)**
## **Charity**
|**Cost**
At 1 October 2024
Additions
Disposals
At 30 September 2025
**Depreciation and**
**impairment**
At 1 October 2024
Charge for the year
On disposals
At 30 September 2025
**Carrying Amount**
At 30 September 2025
At 30 September 2024|**Freehold**
**land and**
**buildings**
**£**
21,833,361
273,519
22,106,880
2,616,062
278,782
2,894,844
19,212,036
19,217,299|**Plant and**
**machinery**
**£**
6,635,482
191,936
(23,496)
6,803,922
3,774,947
362,158
(7,943)
4,129,162
2,674,760
2,860,535|**Fixtures,**
**fittings**
**and**
**equipment**
**£**
2,048,698
68,877
-
2,117,575
1,800,291
66,220
-
1,866,511
251,064
248,407|**Motor**
**vehicles**
**£**
134,517
(7,395)
127,122
121,850
3,167
(7,395)
117,622
9,500
12,667|**Chattels**
**£**
12,384,757
-
-
12,384,757
-
-
-
-
12,384,757
12,384,757|**Total**
**£**
43,036,815
534,332
(30,891)|
|---|---|---|---|---|---|---|
|||||||43,540,256|
|||||||8,313,150
710,327
(15,338)|
|||||||9,008,139|
|||||||34,532,117|
|||||||34,723,665|
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 2025**
## **17. Property investments**
## **Group and Charity**
|**Fair value**
At 1 October
Additions
Disposal
Reclassification to current assets
Net gains through fair value adjustment
At 30 September|**2025**
£
99,000,122
188,716
(103,059)
-
2,243,514
101,329,293|**2024**
£
104,449,246
206,234
(1,593,483)
(5,117,270)
1,055,395
99,000,122|
|---|---|---|
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 2025 or 30 September 2024.
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 2025**
|**18.**
**Financial investments**
**Group**
At 1 October 2024
Valuation changes
At 30 September 2025
**Carrying Amount**
At 30 September 2025
At 30 September 2024
**Historic Cost**
At 30 September 2025
At 30 September 2024
**Charity**
At 1 October 2024
Valuation changes
At 30 September 2025
**Carrying Amount**
At 30 September 2025
At 30 September 2024
**Historic Cost**
At 30 September 2025
At 30 September 2024|**Listed**
**investments**
£
9,234,905
864,604
10,099,509
10,099,509
9,234,905
7,505,318
12,267,218|**Shares in**
**subsidiaries**
£
923
-
923
923
923
923
923|**Listed**
**investments**
£
9,234,905
864,604|
|---|---|---|---|
||||10,099,509|
||||10,099,509|
||||9,234,905|
||||7,505,318|
||||12,267,218|
||||**Total**
£
9,235,828
864,604|
||||10,100,432|
||||10,100,432|
||||9,235,828|
||||7,506,241|
||||12,268,141|
Refer to note 32 for details of shareholdings in subsidiaries.
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 2025**
## **19. Financial instruments**
|**Carrying amount of financial assets**
Debt instruments measured at amortised cost
Equity instruments measured at fair value
Instruments measured at fair value through income and
expenditure
**Carrying amount of financial liabilities**
**20.**
**Stocks**
Raw materials and consumables
Finished goods and goods for resale
**21.**
**Investments held for sale**
**Fair value**
At 1 October 2024
Disposal
Revaluation gain/(deficit)
At 30 September 2025
At 30 September 2024
**22.**
**Debtors**
Trade debtors
Amounts due from subsidiary undertakings
Other debtors
Prepayments and accrued income|**Group**
**2025**
£
1,003,105
-
10,099,509
1,909,038
**Group**
**2025**
£
45,546
111,995
157,541
**Residential**
**Properties**
£
5,117,270
(2,720,251)
(223,801)
2,173,218
5,117,270
**Group**
**2025**
£
945,715
-
57,390
1,064,228
2,067,333|**Group**
**2024**
£
1,039,991
-
9,234,905
1,406,533
**Group**
**2024**
£
39,131
38,426
77,557
**CCLA**
**Property**
**Fund**
£
733,941
(733,941)
-
733,941
**Group**
**2024**
£
994,621
-
45,370
1,091,378
2,131,369|**Charity**
**2025**
£
1,000,015
923
10,099,509
1,779,780
**Charity**
**2025**
£
28,026
20
28,046
**Mayfair**
**Pitch**
£
2,381,542
(2,381,542)
-
2,381,542
**Charity**
**2025**
£
942,625
514,970
57,390
1,063,921
2,578,906|**Charity**
**2024**
£
1,014,757
923
9,234,905|
|---|---|---|---|---|
|||||1,312,354|
|||||**Charity**
**2024**
£
20,316
20
20,336
**Total**
£
8,232,753
(5,835,734)
(223,801)
2,173,218
8,232,753|
|||||**Charity**
**2024**
£
969,387
48,173
45,370
1,090,558
2,153,488|
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.
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 2025**
## **23. Creditors: amounts falling due within one year**
|**Group**
**2025**
**Notes**
£
Loans and overdraft
**24**
346,263
Trade creditors
919,972
Amounts due to subsidiary undertakings
-
Other taxation and social security
315,713
Other creditors
890,823
Accruals
642,803
Deferred income
**26**
3,181,594
6,297,168
**Creditors: amounts falling due after more than one year**
**Group**
**Notes**
**2025**
£
Bank loans
**25**
6,630,045|**Group**
**2024**
£
335,493
756,186
-
224,548
856,830
314,855
3,273,710
5,761,622
**Group**
**2024**
£
6,984,242|**Charity**
**2025**
£
346,263
840,647
920
241,464
908,494
592,870
3,164,078
6,094,736
**Charity**
**2025**
£
6,630,045|**Charity**
**2024**
£
335,493
701,918
920
224,548
858,407
274,943
3,252,221
5,648,450
**Charity**
**2024**
£
6,984,242|
|---|---|---|---|
## **24. Creditors: amounts falling due after more than one year**
## **25. Loans and overdrafts**
## **Group and charity**
|Due within one year
Due between one and two years
Due between two and five years
Due in five years or more
Due after more than one year
Total|**2025**
£
346,263
351,333
5,264,862
1,013,850
6,630,045
6,976,308|**2024**
£
335,493|
|---|---|---|
|||346,263
1,074,593
5,563,386|
|||6,984,242
7,319,735|
## **Analysis of secured bank loans**
## **Group and charity**
**----- Start of picture text -----**
Balance as
Total at 30
drawn at September Nature of
inception 2025 Date drawn Repayable interest
£ £ down date Interest payment
The Agricultural Mortgage
Corporation
Tranche 1 600,000 379,960 January 2016 March 2036 3.62% Fixed
Tranche 2 808,000 514,434 February 2016 March 2036 3.58% Fixed
Tranche 3 1,420,000 896,909 February 2016 March 2036 3.28% Fixed
1,791,303
NatWest 5,907,456 5,185,005 August 2020 August 2030 2.29% Fixed
6,976,308
**----- End of picture text -----**
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 2025**
The Agricultural Mortgage Corporation loan was drawn down in 2016 and was taken on to fund a new biomass works on the foundation’s estate. The NatWest Loan was drawn down in 2020 and was taken on to fund roof works in connection with the main house at West Dean. As at 30 September 2025 and 2024, neither the Group nor the Charity had an overdraft facility.
## **26. Deferred income**
## **Group**
|**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
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|**2025**
£
187,539
2,975,421
18,634
3,181,594
3,273,710
(3,273,710)
3,181,594
3,181,594
**2025**
£
187,539
2,975,421
1,118
3,164,078
3,252,221
(3,252,221)
3,164,078
3,164,078|**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|
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 2025**
## **27. 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 £321,727 (2024: £307,266). £92,653 (2024: £54,435) 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 June 2024. On a funding valuation basis as at 30 June 2024, the scheme had total liabilities of £12,448,000 and total assets of £13,237,000 and a funding level of 106%. For the purposes of financial reporting as at 30 September 2025 on an FRS 102 basis, the key actuarial assumptions have been rolled forward. The scheme remains in surplus on an FRS 102 basis, but the trustees have concluded that it is not appropriate to recognise any net pension asset in the balance sheet as, in their view, the conditions for recognition under FRS 102 have not been met. Accordingly, the asset ceiling has been applied and the net pension asset reduced to £nil in these Financial Statements.
## _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 2025 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 major assumptions used by the actuary to calculate the defined benefit obligation were:
|The major assumptions used by the actuary to calculate|the defined benefit obligation were:||
|---|---|---|
||**2025**|**2024**|
||%|%|
|Salary increases|3.10|3.30|
|Price inflation rate (RPI)|3.10|3.30|
|Price inflation rate (CPI)|2.10|2.30|
|Discount rate|5.70|5.00|
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 2025**
## **27. Retirement benefit schemes (continued)**
The assumed life expectancies from age 65 were:
||**2025**|**2024**|
|---|---|---|
|Retiring Today|||
|Males|21.6|21.9|
|Females|23.9|24.0|
|Retiring in 20 years|||
|Male|23.2|23.6|
|Female|25.7|25.5|
The post retirement mortality assumptions were:
102% (males) and 97% (females) of the standard tables S4PMA/ S4PFA_M, Year of Birth, no age rating projected using 2025 CMI_2024 converging to 1.50% p.a. 91% of the standard tables S2PxA, Year of Birth, no age rating projected using CMI_2023 converging to 1.50% p.a. 2024 (males), 1.25% p.a. (females)
The amounts included in the balance sheet arising from the Group’s obligations in respect of defined benefit plans are as follows:
## **Reconciliation of opening and closing balances of the present value of the defined benefit obligation**
|**Opening defined benefit obligation**
Interest cost
Change in financial assumptions
Experience (gain)/loss
Benefits paid
**Closing defined benefit obligation**|**2025**
£
10,893,000
528,000
(848,000)
705,000
(660,000)
10,618,000|**2024**
£
10,571,000
582,000
538,000
(59,000)
(739,000)
10,893,000|
|---|---|---|
## **Reconciliation of opening and closing balances of the fair value of fund assets**
|**Opening fair value of Scheme assets**
Interest on assets
Return on fund assets in excess of interest
Administrative expenses
Benefits paid
Application of asset ceiling
**Closing fair value of Scheme assets**|**2025**
£
10,893,000
646,000
(927,000)
(93,000)
(660,000)
759,000
10,618,000|**2024**
£
10,571,000
706,000
595,000
(29,000)
(739,000)
(211,000)
10,893,000|
|---|---|---|
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 2025**
**27. Retirement benefit schemes (continued)**
## **The estimated asset allocation of pension scheme assets as at 30 September was as follows:**
|Cash
Equity instruments
Debt instruments
Other|**Value at 30**
**September**
**2025**
**Proportion %**
**Value at 30**
**September**
**2024**
**Proportion %**
302,000
2%
284,000
2%
696,000
6%
780,000
6%
4,945,000
40%
5,289,000
40%
6,324,000
52%
6,948,000
52%
12,267,000
100%
13,301,000
100%|
|---|---|
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.
## **Analysis of amounts shown in the Consolidated statement of financial activities**
|Interest on defined benefit obligation
Interest on scheme assets
Net interest
Administrative expenditure
**Remeasurement in Other Comprehensive Income**
Return on fund assets in excess of interest
Change in financial assumptions
Application of asset ceiling
Experience (gain)/loss on defined benefit obligation
**Total costs**
**Analysis of amounts shown in Balance Sheet**
Fair value of Scheme assets
Application of asset ceiling
Present value of defined benefit obligation
**Net pension asset/(liability)**||**2025**
£
(528,000)
646,000||**2024**
£
(582,000)
706,000|
|---|---|---|---|---|
|||118,000
(93,000)
25,000
**2025**
£
(927,000)
848,000
759,000
(705,000)
(25,000)
**2025**
£
12,267,000
(1,649,000)
(10,618,000)
-||124,000
(29,000)
95,000
**2024**
£
595,000
(538,000)
(211,000)
59,000
(95,000)
**2024**
£
13,301,000
(2,408,000)
-
10,893,000
-|
## **Remeasurement in Other Comprehensive Income**
## **Analysis of amounts shown in Balance Sheet**
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 2025**
## **27. Retirement benefit schemes (continued)**
## **Sensitivity analysis**
The defined benefit obligation would increase/(decrease) by the following if key assumptions were to change:
||**2025**|**2024**|
|---|---|---|
|Change in assumption:|||
|Discount rate increase by 50 basis points|536|613|
|Discount rate decrease 50 basis points|(490)|(559)|
|Price inflation rate decrease 25 basis points|(179)|(197)|
|Price inflation rate increase 25 basis points|176|202|
|Post-retirement mortality assumption - 1 year age rating|230|303|
## **28. Restricted funds**
## **Group and Charity**
|West Dean
Scholarship Fund
Other
West Dean
Scholarship Fund
Other|**Balance**
**at 1**
**October**
**2024**
**£**
1,841,634
292,580
2,134,214
**Balance**
**at 1**
**October**
**2023**
**£**
1,655,086
292,580
1,947,666|**Incoming**
**resources**
**£**
264,173
577,810
841,983
**Incoming**
**resources**
**£**
259,481
319,099
578,580|**Movement in funds**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**£**
**£**
**£**
(183,557)
-
75,016
-
(577,810)
-
(183,557)
(577,810)
75,016
**Movement in funds**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**£**
**£**
**£**
(192,871)
-
119,938
-
(319,099)
-
(192,871)
(319,099)
119,938|**Balance at**
**30**
**September**
**2025**
**£**
1,997,266
292,580|
|---|---|---|---|---|
|||||2,289,846|
|||||**Balance at**
**30**
**September**
**2024**
**£**
1,841,634
292,580
2,134,214|
## **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.
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 2025**
## **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.
## **29. Unrestricted funds Group**
|General
unrestricted funds
**Designated funds**
Freehold property
(charitable use)
Chattels (charitable
use)
Investment
properties
West Dean
Scholarship Fund
Vision 2030
**Total**|**Balance at**
**1 October**
**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**|**Incoming**
**resources**
**£**
13,756,660
13,756,660
273,519
-
188,716
-
-
462,235
**14,218,895**|**Movement in funds**
**Resources**
**expended**
**Gains/**
**(losses)**
**£**
**£**
(18,793,050)
292,719
(18,793,050)
292,719
(278,782)
-
-
-
-
2,243,514
-
52,613
-
-
(278,782)
2,296,127
**(19,071,832)**
**2,588,846**|**Transfers**
**£**
577,810
577,810
-
-
-
-
-
-
**577,810**|**Balance at**
**30**
**September**
**2025**
**£**
4,434,139|
|---|---|---|---|---|---|
||||||4,434,139|
||||||19,192,037
12,384,757
95,504,396
1,405,394
5,098,069|
||||||133,584,653|
|||||||
||||||**138,018,792**|
Transfers of £577,810 relate to expenditure that was initially recorded in general reserves, but which is attributable to restricted funds.
|General
unrestricted funds
**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**|**Incoming**
**resources**
**£**
12,564,916
12,564,916
547,561
-
206,234
-
-
753,795
**13,318,711**|**Movement in funds**
**Resources**
**expended**
**Gains/**
**(losses)**
**£**
**£**
(17,898,975)
997,840
(17,898,975)
997,840
(334,741)
-
-
-
-
1,055,395
-
84,118
-
-
(334,741)
1,139,513
**(18,233,716)**
**2,137,353**|**Transfers**
**£**
4,151,219
4,151,219
1,624,477
20,537
(5,270,900)
-
(206,234)
(3,832,120)
**319,099**|**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**|
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 2025**
## **29. Unrestricted funds (continued) Charity**
**----- Start of picture text -----**
Movement in funds
Balance at
Balance at 30
1 October Incoming Resources Gains/ September
2024 resources expended (losses) Transfers 2025
£ £ £ £ £ £
General unrestricted
funds 8,576,455 13,756,660 (18,793,050) 292,719 577,810 4,410,594
8,576,455 13,756,660 (18,793,050) 292,719 577,810 4,410,594
Designated funds
Freehold property
(charitable use) 19,197,299 273,519 (278,782) - - 19,192,037
Chattels (charitable
use) 12,384,757 - - - - 12,384,757
Investment properties 93,072,166 188,716 - 2,243,514 - 95,504,396
West Dean
Scholarship Fund 1,352,781 - - 52,613 - 1,405,394
Vision 2030 5,098,067 - - - - 5,098,067
131,105,070 462,235 (278,782) 2,296,127 - 133,584,651
Total 139,681,525 14,218,895 (19,071,832) 2,588,846 577,810 137,995,245
Movement in funds
Balance at
Balance at 30
1 October Incoming Resources Gains/ September
2023 resources expended (losses) Transfers 2024
£ £ £ £ £ £
General unrestricted
funds 8,761,455 12,564,916 (17,898,975) 997,840 4,151,219 8,576,455
8,761,455 12,564,916 (17,898,975) 997,840 4,151,219 8,576,455
Designated funds
Freehold property
(charitable use) 17,360,002 547,561 (334,741) - 1,624,477 19,197,299
Chattels (charitable
use) 12,364,220 - - - 20,537 12,384,757
Investment properties 97,081,437 206,234 - 1,055,395 (5,270,900) 93,072,166
West Dean
Scholarship Fund 1,268,663 - - 84,118 - 1,352,781
Vision 2030 5,304,301 - - - (206,234) 5,098,067
133,378,623 753,795 (334,741) 1,139,513 (3,832,120) 131,105,070
Total 142,140,078 13,318,711 (18,233,716) 2,137,353 319,099 139,681,525
**----- End of picture text -----**
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 2025**
## **29. 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 prior year represented refurbishments to cottages across the estate which formed part of Vision 2030. There were no transfers in the current year.
## **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.
## **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.
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 2025**
## **30. Analysis of net assets between funds**
|Fund balances at 30 September 2025 are
represented by:
Intangible assets
Tangible assets
Investment properties
Investments
Net current assets
Creditors > 1 year
Fund balances at 30 September 2024 are
represented by:
Intangible fixed assets
Tangible assets
Investment properties
Investments
Net current assets
Creditors > 1 year|**2025**
**Unrestricted**
**funds**
£
428,722
34,535,643
101,329,293
9,129,023
(773,844)
(6,630,045)
138,018,792
**2024**
**Unrestricted**
**funds**
£
453,609
34,724,745
99,000,122
8,339,435
4,171,403
(6,984,242)
139,705,072|**2025**
**Restricted funds**
£
-
20,000
-
970,486
1,299,360
-
2,289,846
**2024**
**Restricted funds**
£
-
20,000
-
895,470
1,218,744
-
2,134,214|**2025**
**Total**
**funds**
£
428,722
34,555,643
101,329,293
10,099,509
525,516
(6,630,045)|
|---|---|---|---|
||||140,308,638|
||||**2024**
**Total**
**funds**
£
453,609
34,744,745
99,000,122
9,234,905
5,390,147
(6,984,242)
141,839,286|
## **31. 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
Intangible Asset (Software)
Tangible Fixed Assets|**2025**
£
31,700
15,920
47,274
94,894|**2024**
£
31,700
-
-
31,700|
|---|---|---|
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 2025**
## **32. 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**
**2025**
£
852,840
3,327,463
-
4,180,303|**Group**
**2024**
£
837,454
3,387,327
729,094
4,953,875|**Charity**
**2025**
£
852,840
3,327,463
-
4,180,303|**Charity**
**2024**
£
837,454
3,387,327
729,094
4,953,875|
|---|---|---|---|---|
## **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|**2025**
£
273,444|**2024**
£
273,444|
|---|---|---|
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.
## **33. 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**|**2025**||**2024**||
|**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.
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 2025**
## **33. Subsidiaries (continued)**
A summary of the results is given below:
## **West Dean Limited**
|**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||**2025**
£
1,606,647
(1,139,789)
466,858
(466,855)
-
23,548
23,549
**2025**
£
237,452
517,489||**2024**
£
1,585,346
(1,222,547)
362,799
(362,799)
-
23,544
23,544
**2024**
£
139,591
48,173|
||||||
## **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.
||**2025**|**2024**|
|---|---|---|
||£|£|
|Owed from The Edward James Foundation Limited|920|920|
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 2025**
**34. Cash used in operations**
|Net expenditure for the year
Adjustments for:
(Gain)/Loss on disposal of investments
Interest paid
Interest Received
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
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Cash used in operations**|(1,505,648)
220,455
184,490
(59,449)
(2,884,317)
716,316
60,712
5,207
6,353
215,883
(25,000)
(79,984)
(151,847)
524,776
**(2,772,054)**|(2,177,005)
33,483
255,799
(15,620)
(2,290,774)
804,272
59,207
2,021
(2,983)
11,832
(95,000)
(10,249)
661,996
(256,173)
**(3,019,194)**|
|---|---|---|
Reversal of bad debt £215,883 includes a “one off” bad debt charge of £210,000 in respect of legacy KLC debtors.
## **35. Analysis of cash and cash equivalents**
As at 30 September, the Group held cash and cash equivalents:
|Short term deposits
Cash in hand
Total cash and cash equivalents|**2025**
£
636,526
1,788,066
**2,424,592**|**2024**
£
-
710,090
**710,090**|
|---|---|---|
## **36. 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**
**2024**
**£**
710,090
710,090
(335,493)
(6,984,242)
**(6,609,645)**|**Cash-flows**
**£**
1,714,502
1,714,502
(10,770)
354,197
**2,057,929**|**Balance at**
**30**
**September**
**2025**
**£**
2,424,592|
|---|---|---|---|
||||2,424,592|
||||(346,263)
(6,630,045)
**(4,551,716)**|
70
**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 2025**
## **37. 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: £nil (2024: £187,056) 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.
71
**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 2025**
|**38.**
**Comparative consolidated statement of financial**
**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 gain on revaluation of tangible fixed assets
**Net Movement in Funds**
Fund balances at
1 October
**Fund Balances at 30 September**|**activities**
**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**|
72
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Reference and administrative Information For the year ended 30 September 2025**
## **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] Caroline Griffith[1 4] Mike McCart[3 ] Francis Plowden FCA[1 2 3 4 5 ] (Deputy Chair) Yen-Yen Teh RIBA[3] Ray Shostak CBE[1 2] 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 **Clerk to the Board** Diane Goodman Appointed 1 October 2025
## **Executive Leadership Team**
Professor Anna Gough-Yates, Chief Executive and Principal Appointed 13 January 2025 Professor Laura Peters, Vice Principal Appointed 1 August 2025 Ian Graham, Director of Estates Ian Pleace, Director of Finance Appointed 1 August 2025
73
**The Edward James Foundation Limited (a company limited by guarantee; Company Registration No. 06689362)**
## **Professional advisers For the year ended 30 September 2025**
|**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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