Charity Number.. 1174184 Company Number.. CE010732 (England and Wales) The King Edward Vl College Site Foundation Report of the Trustees and Audited Financial Statements For the Year Ended 31 December 2023
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Contents Pagg Report of the Trusiees 3to7 Independent Examiner's Report Ststement of Financial Actimlies Statement of Financial Position 10 Not85 to the Financi81 Stat8Tn8nts 11 to 17 Detailed Statement of Financial Activities 18 Appendix 19
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Report of the Trustees The Trustees have plgasurg in presenting their report and the financial st8tgments for the charitable Cornpany for the year ended 31 Dember 2023. The Truslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Prac11 applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and the Republic ol Ireland IFRS 102lleffective 1 January 20191. Struetur•, Govèmanc• and Managèmènt of Tha King Edward Vl Collèg• Sil• Foundation Th8 King Edward Vl Co118ge Site Foundation CIO ICh8rity nUTnber 11741841 is controlled by Totn85 Cotntnunity Developrnent Society as detailed within the Foundations constitution, entered into the Registers of Charities on 9th August 2017. The object of the Foundation is concurrent with the objectives of Tolnes Comrnunity Development Society. The charitable objectives of the King Edward IV College Site Foundation CIO (locally known as the Mansion) is that the Mansion is "a centre for the provision of facilib.es for the protnotion of further education for the inhabitanis ol Totnes, and SLJbject th8r8to for me8ting, 18Ctur8s, classes, physical ex8rcis8 and oth8r forms of recr8ation and oth8r 18isur8 tirng occupation in the interests of soo181 weltsre with the objed of improving the wnditions of life for the said inhabitants." Despite the substantial advantages and advances of the Society developing and managing a multiple asset base for the public benefit of Totnes and surrounds through the governance ol these two entities within, neither Totnes C()mmunity Devel(>pment Society tsi The King Edward Vl College Site Foundati()n CIO have made financial guarantees to the other entity. Furtherrnore, the manner in which the Society controls the Foundation requires the 8ppropriat8 conduct of both organisations in accordanc& with the FCA, Charity Commission, HMRC or Companies House rules as they relate to each org8nisation. Totnes Community Development Society Ltd was established on 9 July 2012 for the benefit of the community. The Society is a Registered Society and is registered with the Finanaal Conduct Authority under the Co-operative and Community Benefit Societies Act 2014. Its busin8ss is directed by th8 Dir8Ctors. Totnes Community Development Society established new rules with the Financial Conduct Authority on the 5th June 2017 and 25th January 2019. The changes provide for more appropriate details around the objectives of the Society, and also provided for an enhanced asset lock for the activities ol the organisation. These were subsequently accepted by HMRC who confirmed that TCDS should be treated as a charity for tax purposes from Sth June 2017. In accordanc8 with the Ru18s of th8 Society, rn8mbership 15 fO8d of founding memb8r5 and additional m8mb8rs invited at the discretion of the Diredors. At 31 De¢8mber 2023 the Society had 8 rngTnbership of 434.
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Report of the Trustees Iconlinued) Operational Review The Mansion continues to thrive and we have tenants renting every viable space as well as some roorrs whid) remain available for sessional hire. We have been able to attract a tenant group that more than satisfies our charitable objectives,. creating the opportunity for the people ol Totnes to have access to further education, recreation and improved social welfare. The rooms being prornoted for sessional hire include Lovelace, the Arts and Crafts studio, the ceraTlliCS Studio and shared office space. The building condition is still of concern and. as custodians, it is of great importance to us that we maintain the Mansion's infrastructure so that it can continue lo serve its community for many years to come. Our maintenance worksheet is approached methodically, working through a list of priorities. In October 2023 we welcomed the Old School Hall ISHI back into use due to an enorrnous amount of voluntary hours. In particular past Truste8s, David Spr8nt and Ann Cadoux-Hudson, who inv8St8d many hours to P8rticip8te in a Course that resulted in the grant fvnding being 8w8rded. We are also incredibly lucky to have two dedicated and skilled volunteers who refurbished windows, ventilation and generally oversaw the refurbishment project. The Old School Hall will not only generate much needed incorne, contributing to the Mansion's resilience, it will also provide the community with more low cost, flexible space for events, classes and gatherings. Beyond rnaintenance, the Trustees are keen to re-evaluate the position wth regards whole site refurbishment Iparticularfy in terms of energy use) and extension. With a regular and committed inc0rn8 th8r8 ar8 now stab18 fin8ncial foundations that are likely to give pot8ntial funders confiden¢9 in investing. Looking ahead The future lor the Mansion is bright. The team at the Mansion bring warmth, dedication and energy alongside the many volunteers that supptsrt them. Our dedicated staff team of Iwo between them ensure that the office is manned Monday to Friday, acting a5 the eyes and ears of the building - reacting to maintenance issues, tenant queries and flagging up pot&nti81 problems. How8V8r, more importanuy th8y ar8 local p80ple who wholly b81i8v8 in the value that the Mansion brings to this community and as Trustees we are incredibly grateful lo be able lo work alongside them, as custodians ol this wonderful piece of our shared history. The current financial year is delivering a very sound financial performance which will ensure that the Trustees are in the best possible position to continue to build reserves. with a focus on ensuring longer term stability. Once established, attention can then lum to the more significant structural developments required to enhance the site and safeguard it for the community lor many years to come.
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Financial R8VleW The Mansion is operated through ineome derived from the hire of the various room and spaees available on the site, along with donations, grants and philanthropic giving, as s8t out in th8 not8S to th8 accounts. At th8 dat8 of this r8POrt the KEVICSF has minimal r85erv85. How8v8r, th8 Tru5t88s acknow18dg8 that as the org8nisation develops projeots, cspital assets and dired beneficiaries, such as staff, th8re will need to be a consistent and regular review of this reserves policy to account for more complex risks and liabilities. The Trustees remain focussed on balancing building maintenance and investmenl with the desire to build reserves. with the year achieving a surplus of £10,29112022'. deficit of £7,093). The securing of grants for specific maintenance works in the year, particularly the refurbishment of the Old School Hall, has been instrumental in the years results. Alongside this, significant focussed work has continued to minimise costs, particulady energy use which is not helped by the age of the building. As in prior years, the Trustees have been undertaking the work detailed above in respect ol risk management, iunnirig costs, increasing income and rnanaging the cash flow and financial operations. The Trustees recognise that the continu8d viability of th8 Mansion 15 dependent on th8 investment and redeveloprM8nt planned, as the building will not gengrate its full ewnomic value in the long term in its current physical condition. The Strategy r8m8ins to achieve the n8cess8ry investment in the M8nsion to enable the generating of operating surpluses to build reserves. and the Trustees are confident this strategy can be delivered with the financial year 2024 forecast to again deliver a surplus.
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Report of the Trustees Iconlinued) Objaetiv•s and Aims The trLJStees have considered the Charity Commission's guidan on public benefit, induding the guidance'public benefit.. running a charity IP821'. Reference and Administrative Inforniation Name of Charity The King Edward Vl College Site Foundation Charity registration number 1174184 Company ReglstratSon number CE010732 Prlnclpal ad(Ir8ss The Mansion 36 Fore Street Totnes D8von TQ9 5RP Trusta•s Th8 truste85 and offic8rs serving during the y8ar and since the y8ar 8nd were as follows.. Bethan Edwards Robert Hopkins Frances Northrop Pat Shepherd David Sprent Carfy Trisk-Grove lan Trisk-Grove Appointed July 2Q22 Resigned August 2023 ResNgnedAugust 2023 Independent Examlner Sharon Austen FCCA PKF Francis Clark Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Report of the Trustees Iconlinued) Responsibilities of the Trustees The Trustees are responsible for preparing the Report of the Truslees and the financial staternents in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Trustees are required to prepare the finanaal statements for each financial period which give a true and fair view of th8 charity and of the incorning resoLJrces and application of r&sourc85 of the charity for that period. In preparing those fin8ncial slalements, the trustees are required to.. select suitable accounting policies and then apply them consistently observe the methods and principles in the charities SORP make judgements and estimates that are reasonable and prudent state whelhei applicable UK accounting standard5 and statements of reeommended practice have been follow8d, subj8Ct to any d8partur85 disclosed and 8xplained in th8 financial statements., and pr8pare the fin8n¢ial ststernents on a going concem basis unless it is inappropriate to presume that this basis applies. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trustees 8nd signed on ils behalf by.. lan TrISkrove 31 October 2024
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Independent examiner's report to the Trustees of The King Edward Vl College Site Foundation Oplnlon I report to the Iruslees on my examination ol the accounts of The King Edward Vl College Site Foundation (the Charity) for the year ended 31 December 2022, which are set OLJt on pages 9 to 17. Rasponsibilitiès and basis of r•port As the charity trustees ol the Charity you are responsible for the preparation ol the accounts in accordance with the requirements of the Charities Ad 20111'the Act'l. I report in respect of my examination of the Charity's aocounts carried out under section 145 of the 2011 Acl and in Carrying out my exarnination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respect.. 111 accounting records w8r8 not kept in respect of th8 Charity a5 r8quir8d by section 130 of th8 Act,. or 121 the awounts do not accord with those reoords., or 131 the accounts do not comply with the applicable requirements concerning the fomi and content ol accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and lair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sharon Austen FCCA Independent Examiner PKF Franas Clark Sigm8 House Oak View Close Edginswell Park Torquay. TQ2 7FF 3111012024
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Statement of Financial Activities (including Income and Expenditure Account) Notes Unrestrfcled Restrlcted funds funds 2023 2022 Income and endowments from: Donations and grants 3.875 17,200 21,075 3.374 oth8r trading 8Ctiviti8s 137,585 137,585 137,242 Other income 32,653 32,653 7,382 Total 174,113 17,200 191,313 147,998 Expenditu on: Raising fLJnds 1163,8221 117,2001 1181,0221 1155,0911 Total 1161,3221 117,2001 1181,0221 1155,0911 Re¢oncllSatlon of funds Total funds brought forwar(I 1,482.405 1,482,405 1,489,498 Net in¢omelexpenditure 10.291 10,291 17,0931 Total fund$ carried forward 1,492.696 1,492,696 1,482,405
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Statement of Financial Position Notas 2023 2022 Fixed assets Tangible assets 1,509,549 1,500,000 1,509.549 1,500,000 urrent assets Debtors 18.611 12,403 Cash at bank and in hand 11,826 11,321 30,437 23,724 Creditors.. amount falling due within one year 139.8631 141,3191 Net current IllabllltSesllassets 19.4261 117,5951 Total assets less current liabilities 1,500,123 1,482,405 Creditors.. amount falling due after one year 17,4271 Net assets 1,492,696 1,482.405 The fund5 of the charitable company Unrestricted ineome funds 1,492,696 1,482,405 Total Funds 1.492.696 1,482,405 The financial statements were approved and authorised ft)r issue by the Board and signed ()n its behalf by-. lan TriskQrove Trustee 31 October 2024 10
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements Accounting Policie5 Basis of accounting The organisation is a Charitable Incorporated Organisation ICIOI registered in England and Wales. The financial statements have been prepared under the historical cost convention and in accordance with the Charities SORP IFRS 1021'Accounting and Reporting by Charities."Statement of Recommended Practice applicable to charib.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Irg18nd IFRS 10211gffectivg 1 J8nu8ry 20191., Fin8nci81 Reporting Standard 102 the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. and the Charities Act 2011. The King Edward Vl College Site Foundation meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valLJe unless otherwise stated in the relevant accounting policy notelsl. Reporting Period The accounts cover the year to 31 December 2023. The CIO was registered on 9 August 2017 and commenced activity on 1 January 2018. Going Cone•rn At th8 tirne of the approval of th8 aoUnt5 the Trustees continue to focus on establishing fin8nci81 stsbility for the Mansion before proceeding forwards with any refurbishrrent or redeveloprnent of the site. Signrficant focus has been placed on ensuring the site is operating at capacity with regards the tenancy arrangements, and al the time ol writing this continues to be the case. The main locus of surplus spend is on a rolling programme of building maintenance to safeguard the property and ensure it is fit lor its thriving community. In recent years there has been a significant level of uncertainty about the ability of the Foundation to fund ongoing and unplann8d maint8nance costs.. How8v8r with und8rlying p8rform8nce r8m8ining strong, th8 Trustees remain confident that there will be sufficient finance in place to meet any ongoing needs and hence they are not at any risk of being forced io close the Mansion and consider that the Foundation is a going concern for the foreseeable future. Fund In the year the eharity received both restricted funds, relating to awards for specrfic projects as part of an over811 Building Maintenance fLJnd, and unrestrict8d funds predominat81y in r81ation to long term room r8nt81 and sessional room hire at the Mansion. Grants Grants are accounted for in accordance with the performance model.
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements (Continued) Rental Income Rental income included in the Slaternent of Financial Activities represents amounts receivable in respect of rooms let on both formal lease terrns and on an add-hoc basis. Tanglble fixed assets Tangible fixed assets comprise the following". the fre8hold prop8rty of th8 Mansion, which was tr8n5f8rr8d to th8 incorporated body frorn the unincorporated ch8rity on 1 January 2018. No depreciation is provided in the accounts for the freehold property. Other building plant & machinery for which depreciation is provided in the accounts on a slraighl line basis over a period of S years. Finane• Lèasès Assets h8ld under finance leas85, which conf8r rights and oblig8tions similar to th058 attached to OWn8d assets, are ¢8pitalised 8s tangib18 fixed assets at the fair valug of the le8s8d ass8t lor, if low8r, the present value of the minirnum lease payments as delennined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account on a straight line basis over the period of the leases. Irrecoverable VAT Irr8COV8rabl8 VAT is included in th8 St8t8ment of Financial Activities, and is report8d as part of th8 expenditure to which it relates. Income frorn donations and grants 2023 2022 Restricted funds Grants received 17,200 UnrestrScted funds Grants received 3.200 Donations 3,875 174 21,075 3,374 12
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements (Continued) Income earned from other a¢tivities 2023 2022 Unrestrided funds Mansion Room Rental and Hire 137,585 137,242 Recharge of expenditure 22,793 5,207 Other income 9,860 2,175 The charity charged tenants Servi charge contributions amounting to £22,79312022'. £5,207). Other income arises from anallary events organised by the Trustees and volunteers at the Mansion. Expenditure on other trading aetivities Unrestricted funds Restricted funds 2023 2022 Mansion Room Rent81 and Hire 163,822 17,200 181,022 155,091 The above figure of &xpenditur& of £181,022 is analys8d as follows.. Direct building management Audit fees Business rates Depreciation oth8r 8xpenditur8 £108,290 £2,620 £1,613 £1,061 £67,438 All expenditure in the year is detailed in the appendix Ipage 191 and includes insurance, cleaning and professional fees on long term plans for the Mansion. No amc)unts represent expenses charged by the Trustee5. 13
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements (Continued) Tangible fixed assets Land and buildings Plant & maehinery Total Cost of valuatlon At 1 January 2023 1,500,000 1.500,000 Additions 10,610 10,610 At 31 December 2023 1,500.000 1.500.000 Dgpreclatlon At 1 January 2023 Charge for the year 1,061 1,061 At 31 December 2023 1,061 1.061 Ngt ljook valuès At 1 January 2023 1,500,000 1.500,000 At 31 December 2023 1,500,000 1,509,549 Amounts reported above under'Planl & Machinery are held under finance leases. 6. Oebtors 2023 2022 Amounts due wlthln on year: Trade debtors 4,289 3.755 Other debtors 5,269 Prepayments and accrued inc(>me 9.053 8,648 18,611 12,403 14
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements (Continued) al Creditors.. amounts falling due within one year 2023 2022 Borrowings 2,122 Trade creditors 9.324 17,536 Amounts due to parent undertaking 13,107 6,479 Other creditors 576 2,837 Awruals and deferred income 14,734 14,467 39.863 41,319 bl Cr•ditors= amounts falling du• aftèr onè yèar 2023 2022 Boriowing5 7.427 Amounts above shown as borrowings represent total amounts due under finance lease arrangements. Obllgatlons undèr op•ratlng lèasès Th8 total of future tninimum188s8 payments rec8ivabl8 IS as follows.. 2023 2022 Not later than one year 94.873 98,636 Latei than one year and not later than five years 113.854 175,203 208,727 273,839 15
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements (Continued) Movement in Funds Unrestricted Funds Current year Balance at 01.Jan.23 Incoming resources Outgoing Balanc8 at resources 31.De¢.23 General fund 1,482,405 174,113 1163,8221 1,492,696 Previous year Balane8 at 01.Jan.22 Ineoming resources Outgoing resources Balanee at 31.Dec.22 General fund 1,489,498 147,998 1155,0911 1,482,405 Purpose of unrestrlcted funds General fund The provision of facilib.es for the prornotion of further education for the inhabitants of Totnes, and subject ther8to for m8eting, lectures, class85, physical 8xercise and other forms of r8cre8tion and other leisur& tim8 owupation in the interests of social weare with the object of improving the conditions of lrfe for the inhabitants Restrlcted funds Current year Balance at 01.Jan.23 In¢omin9 resources Outgoing resources Balance at 31.Dec.23 Building Maintenance FLJnd 17,200 117,2001 Previous year Balance at 01.Jan.22 Incoming resources Outgoing resources Balan¢e at 31.Dec.22 Aichitectural Heritage Fund Purpose of restrlcted funds Building Maintenance Funds- Grants provided from external suppliers towards specrfic maintenance projects at the Mansion. In the current year this included 210,000 from Social Enterprise Academy, Scotland toward5 our Old School Hall proj8Ct and £6,000 frorn the Livew8st Social Value fund5 towards specffi¢ internal upgrades including the disabled toilet. Architectural Heritage Fund - Grant provided to undertake architectural assessments of the Mansion. 16
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Notes to the Financial Stalements (Continued) 10. Analys15 of net assets between funds Current year Tanglble fixed assets Net current Net Assets assetsl Unrestrlcted funds General 1,509,549 19,4261 1,492,696 Prevlous year Tanglble fixed a55ets Net current Net Assets assèts UnrestrScted funds General 1,500,000 117.5951 1,482,498 11. Parent undertaking and related party transactions The parent entity of the charty is Totnes Community Development Society a Co-opeiative and communty b8nefit society registered in th8 United Kingdorn with registered nUTnber IP031671. Details of the society's objeots and activities are set out in the trustees port. The society prepares consolidated a¢UnIS which may be obtained from the Financial Conduct Authority. During the year the charity reiVed no income frorn its parent12022.' none) and was charged service charges and recharged expenses totalling £22,52812022'. £21,988). As at the year end, £13,10712022.' £6,479) was payable to the charity's parent.
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Detailed Slatement of Financial Activities 2023 2022 INCOME Donations 1.375 174 Grants receivable 19,00 3,200 Other trading income - Mansion Room Rental and Hire 137,585 137,242 other incorne 32,653 7,382 Total incoming resources 191.313 147,998 Expendlture Mansion Room Rental 8nd Hire 1181,0221 1155.0911 Nèt IDaflcltl I Surplus 10,291 17,0931 18
The King Edward Vl College Site Foundation Year Ended 31 December 2023 Appendix - Expenditure Analysis Expendlture 2023 2022 Accountancy f88S 1,926 852 Advertising and marketing 76 31 Bad debts 1121 Building servicing and preventative maintenance 44,824 34,015 Gar8takerlF8ciliti85 Management 11,379 10,507 Cleaning 3,689 3,457 Consulting 2,494 Depreciation 1,061 Electricity 31,169 30,345 Gas 8,002 3,759 General expenses 5,193 3,400 Independent examinationlaudit fee 2,620 2,280 Insurance 10,528 9.988 IT & Cotnputer costs 1,927 1,336 offi costs 1,102 3,043 Rates 1,613 2,242 Professional Fees Icharged under SLAI 12,000 12.000 Staff costs 28,845 26,174 Telephone 1,025 784 Waste disposal and recycling 4,244 4,331 Water 7,305 6.559 Total •xp•ndltur• 181,022 155,091 19