Charity Number: 1174184 Company Number: CE010732 (England and Wales) The King Edward Vl College Site Foundation Report of the Trustees and Financial Statements For the Year Ended 31 Dember 2024
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Contents Page Report of the Trustees 3to6 Independent Examinerfs Report Statement of Financial Activities Statemenl of Financial Position Notes to the Financial Statements 10t016 Detailed Statement of Financial Activities 17 Appendix 18
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Report of the Trustees The Trustees have pleasure in presenting their report and the financial stalements for the charitable company for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 102) {effective 1 January 20191. Structure, Governance and Management of The King Edward Vl College Site Foundation The King Edward Vl College Site Foundation CIO (Charity number 1174184) is controlled by Tolnes Community Development Society as detailed within the Foundations constitution entered into the Registers of Charities on 9th August 2017. The object of the Foundation is concuent with the objectives of Totnes Community Development Society. The charitable objectives of the King Edward IV College Site Foundation CIO {IcllY known as the Mansion) is that the Mansion is "a centre for the provision of facilities for the promotion of further education for the inhabitants of Totnes, and subject thereto for meeting. lectures. classes. physical exercise and other fomis of recreation and other leisure time occupation in the interests of social welfare with the object of improving the conditions 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 govemance of these two entities within, neither Tothes Community Development Society or The King Edward Vl College Site Foundation CIO have made financial guarantees to the other entity. Furthermore. the manner in which the Society controls the Foundation requires the appropriate conduct of both organisations in accordance with the FCA Charity Commission HMRC or Companies House rules as they relate to each organisation. 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 Financial Conduct Authority under the Co-operative and Community Benefit Societies Act 2014. Its business is directed by the Directors. Totnes Community Development Society established new Tules with Ihe 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 of the organisation. These were subsequenly accepled by HMRC who confirmed Ihat TCDS should be treated as a charity for lax purposes from 5th June 2017. In accordance with the Rules of the Society, membership is fOne of founding members and additional members invited at the discretion of the Directors. Al 31 December 2024 the Society had a membership of 434. Operational Review The Mansion continues to thrive and we have lenants nting every viable space as well as some rooms which remain available for sessional hire. We have been able lo attract a tenant group thal more than satisfies our charitable objectives- creating the opportunity for the people of Totnes to have access to further educakn'on, recreation and improved social welfare. The rooms being promoted for sessional hire include the Old Sch1 Hall, Lovela. the art studio, the ceramics studio and two shared office spaces.
The King Edward Vl College Site Foundation Year Ended 31 December 2024 The building condilion is an ongoing concem and. as custodians. il is of greal importance to us Ihat we maintain the Mansion's infraslructure so that it can continue to serve its community for many years to come. Our maintenance worksheet is approached methodically working through a list of priorities. We are lucky to have several dedicated volunteers who worf( hard to ensure the building meets health and safety requirements. with support from professional contractors. and that the building is welcoming, from our Wednesday gardening group to those who volunteer time to do painting and decorating. Beyond maintenance the Trustees are keen to re*valuate the position wth regards whole site refurbishment. particularly in temis of energy use and accessibility- With a regular and committed income there is now a slable financial foundation that has given funders confidence in investing in our operations and we are grateful to the National Lottery Awards for All programme for their award in November 2024. Looking ahead The future for the Mansion is bright. The team at the Mansion bring wamith. dedication and energy alongside the many volunteers that support them. Our dedicated staff team of tsvo beeen them ensure that the office is manned Monday to Friday acting as the eyes and ears of the building - reacting to maintenance issues tenant queries and flagging up potential problems. However. more importantly they a local people who wholly believe in the value that the Mansion brings to this community and as Trustees we a incredibly grateful to be able to Work alongside them, as custodians of Ihis wonderful ple of our shared history. The current financial year is delivering a very sound financial perfomiance which will ensure that the Trustees are in the best possible position to conlinue to build reserves with a focus on ensuring longer tem stability. Once established attention can then tum to the more significant structural developrnents required to enhance the site and safeguard it for the community for many years to come. Financial Review The Mansion is operated through income derived from the hire of the various rooms and spaces available on the site. along with donations, grants and philanthropic giving, as set out in the notes lo the accounts. At the date of this report the KEVICSF has minimal reserves. However. the Trustees acknowledge that as the organisation develops projects. capital assets and direct beneficiaries. such as staff. there will need to be a consistent and regular review of Ihis reserves policy lo account for more complex risks and liabilities. The Trustees remain focused on balancing building rna1ntenan and investment with Ihe desire lo build reserves wilh the year achieving a surplus lincluding restricted funds) of £27.481 12023.. surplus of £10,291). The securing of grants for operations and improvements to wifi and energy infrastructure has been instrumental in the yearfs results. Alongside this, significant focused work has continued to minimise costs, particularfy 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 of risk managemenl, running costs increasing income and managing the cash flow and finanryal operations. The Trustees recognise that the continued viability of Ihe Mansion is dependent on the investment and redevelopment planned, as the building will not generate its full economic value in Ihe long lerm in its current physical condition. The strategy remains to achieve the necessary investment in the Mansion to enable the generating of operating surpluses to build reserves, and the Trustees a confident this strategy can be delivered with the financial year 2025 forecast to again deliver a surplus.
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Report of the Trustees (Continued) Objectives and Aims The trustees have considered Ihe Charity Commission's guidance on public beneffil, including the guidance 'public benefit- running a charity IPB2)'. Reference and Administrative Infomiation Name of Charity The King Edward Vl College Site Foundation Charity registration number 1174184 Company Registralion number CE010732 Principal address The Mansion 36 Fore Street Totnes Devon TQ9 5RP Trustees The trustees and officers serving during the year and since the year end were as follows= Bethan Edwards Robert Hopkins Frances Northrop Carfy Trisk-Grove (resigned 01 December 20241 lan Trisk-Grove (resigned 01 December 20241 David Cutting (appointed 01 December 20241 Janet Bot¢herby-Cowan (appointed 01 December 20241 (resigned 22 January 20241 Independent Examiner Sharon Austen FCCA Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
The Klng Edward Vl College Site Foundation Year ErKled 31 December 2024 Report of the Trustsos (Continued) Responslbllilies of tho Trustees The TnJstees are resprmsible for preparing the Rèport of Ihe Trustees and the financk81 statements in acgxrdance with applicable law and Untted Kingdom A(xxJunlnig Stsndards (United lfjngdixT7 Generalty Awled A¢Unting PTaclice)- The Trustees are required to prepare the fir¢ancial statements each financial period whh give a true and fair view of the charity and of th8 incomlng resources and application of resoums of the charity forthat period. In preparfng Ihose financia Ststern. the trustees are requred lo: select suftable accounting polteS and Ihen apply them ¢onsistenty obSee Ihe method5 and principles in the charTbes SORP makg judgements and estimates that are reasonaLe aThJ pnKJent slate whether appIlble UK accounting stsndards and statents of Trcommended practr£ have been followed, subject to any departures disclosed and explaned in the financial staternents.. and prepare the finan(xal slatements on a going a)n(xm basis VeSS it is inappropiiate to presume that this basis applies. The Trustees are resp¢Alble for keeping proper accounb.ng records whith disckjse with reasonable accuracy at any tim8 the financial positron of the charity and 8nabl8 theffl to ensure that the financial statements comply with th8 Charities Act 2011. They are also responsitde for safeguarding the assets of the charity and hence for taking reasonable Steps for th& preVenn and detection of frd aThJ other irregularities. Approved by the Board of Trustees and signed on Its behall by.. 27 October 2025 Trustee Frances Northrop
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Independent examiner's report to the Trustees of The King Edward Vl College Site Foundation Oplnlon I report to Ihe trustees on my examinalion of the a¢u1$ of The King Edward Vl College Sile Foundation (the Charity) for the year ended 31 December 2024, which are set out on pages 8 to 16. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515){bl of the 2011 Acl. Independent examiner's statement I have completed my examinalion. I confirm thal no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: {11 accounting records were not kept in respect of the Charity as required by section 130 of the Act,. or (21 the accounts do not accord with those records.. or {31 the accounts do not comply with the applicable requirements conceming the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fair view. which is nol a matter considered as part of an independent examination. I have no concerns 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 Francis cla LLP Sigma House Oak View Close Edginswell Park Torquay. TQ2 7FF 27 Oclober 2025
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Statement of Financial Activities {including Income and Expenditure Account) Notes Unrestricted Restricted funds funds 2024 2023 Income and endowments from: Donations and grants 3.803 20.000 23,803 21,075 Other Irading activities 156,309 156.309 137,585 Other income 42.290 42.290 32,653 Total 202,402 20,000 222,402 191,313 Expenditure on: Raising funds {192.551) {2,3701 (194.921) 1181,022) Total (192,551) (2,370) (194,921) 1181,022) Reconciliation of funds Total funds brought forward 1,492,696 1,492,696 1.482,405 Net Incomelexpenditure 9,851 17,630 27,481 10,291 Totsl funds carried forward 1.502.547 17.630 1.520.177 1,492,696
The King Edward Vl Cdlege Site Foundation Year EThJed 31 Dmber 2024 Statement of Financial Position Notes 2024 2023 Fixed assets Tangible assets 1,518,198 1.509.549 1,518,198 1.509.549 Currènt assets Debtors 22.321 18,611 Cash at bank and in hand 43,091 11,826 65.412 30.437 Creditors.. amount falling due one ye (58,305) {39.863) Net curront Illabllltlèsyassets 7,107 {9.4261 Totsl assets less currwrt liabilities 1,525,305 1,500,123 Creditor5'. arnount falling due after year (5.128) (7,427) Net assets 1,520.177 1,492,696 The funds of the ¢harltsble company Unrestricted income funds 1.502,547 1,492.6 Restricted irKome funds 17,630 Total Funds 1,520,177 1.492,696 The financial statements were approved and aultK)ri8ed for issue by the Bcord swJned on rts behalf by: 27 October 2025 Trvsteg Frances Northrop
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements Accounting Policies Basis of accounting The organisation is a Charitable Incorporated Organisation (CIO) registered in England and Wales. The financial statements have been prepared under the historical cost convention and in accordance with the Charities SORP {FRS 1021 'Accounting and Reporting by Charities'.Ststement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102){effective 1 January 2019),, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, and the Charities Act 2011. The King Edward Vl College Site Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy note{sl. Reporting Period The accounts cover the year to 31 December 2024. The CIO was registered on 9 August 2017 and ComMend activity on 1 January 2018. Going Concern At the time of the approval of Ihe accounts the Trustees continue lo focus on establishing finanual stabilily for the Mansion before proeding forwards with any refvrbishmenl or redevelopment of the site. Significant focus has been placed on ensuring the site is operating at capacity wilh regards the tenancy arrangements, and at the time of writing this conlinues lo be the case. The main focus of surplus spend is on a rolling programme of building maintenance to safeguard the propety and ensure it is fit for its thriving community. In recent years there has been a signrficant level of uncertainty about the ability of the Foundation to fund ongoing and unplanned maintenance costs. However. with underlying perfomiance remaining strong, the Trustees remain confident that there wll be sufficient finance in place to meet any ongoing needs and hence they are not at any risk of being forced to close the Mansion and consider that the Foundation is a going concem for Ihe foreseeable future. Fund The charity received only unrestricted funds in the year. predominately in relation lo long temi room rental and sessional room hire at the Mansion. Grants Grants are accounled for in accordance with the performance model. 10
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements (Continued) Rental Income Rental income included in the Statement of Financial Aclivities presents amounts receivable in SpeCt of rooms let on both formal lease terms and on an add-hoc basis. Tangible fixed assets Tangible fixed assels comprise the following= the freehold propety of the Mansion. which was transferred to the incorporated body from the unincorwrated charity on 1 January 2018. No depreciation is provided in the accounts for Ihe freehold propety. Other building plant & machinery for which depreciation is provided in the accounts on a straight line basis over a period of 5 years. Finance Leases Assets held under finance leases. which confer rights and obligations similar to those attached to owned assets. are capitalised as tangible fixed assets at the fair value of the leased asset {or, if lower, the present value of the minimum lease payments as detemiined at the inception of the lease) and are depreciated over the shorter of the lease temis and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while Ihe interest elements are charged to the profil and loss account on a straighl line basis over the period of the leases. Irrecoverable VAT Irrecoverable VAT is included in the Statement of Financial Activities. and is reported as part of the expenditure to which it relates. Income from donations and grants 2024 2023 Restricted funds Grants received 20,000 17.200 Unrestrided funds Grants received Donations 3.803 3,875 23.803 21.075
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements (Continued) Income earned from other activities 2024 2023 Unrestricted funds Mansion Room Rental and Hire 156,309 137,585 Recharge of expenditure 33.315 22,793 Other income 8.975 9.860 The charity charged tenants service charge contributions amounting to £33.31512023.' £22,793). Other income arises from ancillary events organised by the Trustees and volunleers at the Mansion. Expenditure on other trading activities Un$t¢t¢d funds Restricted funds 2024 2023 Mansion Room Rental and Hire 192.551 2.370 194.921 181.022 The above figure of expenditure of £194.921 is analysed as follows= Direct building management Audit fees Business rates Depreciation Other expenditure £114.519 £2.503 £1.422 £2.493 £73.984 All expendilure in the year is detailed in the appendix (page 18) and includes insuran, cleaning and professional fees on long tem plans for the Mansion. No amounts repsent expenses charged by the Trustees. 12
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements (Continued) Tangible fixed assets Land and buildings Plant & machinery Total Cost of valuation At 1 January 2024 1.500,000 10,610 1.510,610 Additions 11,142 11,142 Al 31 De¢ember 2024 1.500.000 21.752 1.521.752 Depreciation At 1 January 2024 1,061 1,061 Charge for the year 2,493 2,493 Al 31 December 2024 3.554 3.554 Net book values At 1 January 2024 1.500,000 9.549 1.509,549 Al 31 December 2024 1.500.000 18.198 1.518.198 Amounts reported above under'Plant & Machinery are held under finan leases. Debtors 2024 2023 Amounts due within on year: Trade debtors 19.527 4,289 Olher debtors 234 5,269 Prepayments and accnjed income 2,560 9,053 22.321 18,611 13
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements (Continued) a} Creditors: amounts falling due within one year 2024 2023 Borrowings 2,122 2.122 Trade creditors 17,851 9.324 Amounts due to parent undertaking 15.793 13,107 Other creditors 921 576 Accruals and deferred incLsme 21,618 14.734 58.305 39,863 b) Creditors: amounts falling due after one year 2024 2023 Borrowings 5,128 7.427 Amounts above shown as borrowings represent lotal amounts due under finance lease arrangements. Obligations under operating leases The total of future minimum lease payments receivable is as follows.. 2024 2023 Not later than one year 93.880 94.873 Later than one year and not later than five years 59,395 113,854 153.275 208,727 14
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements (Continued) Movement in Funds Unrestricted Funds Current year Balance at 01.Jan.24 Incoming resources Outgoing Balance at resources 31.Dec.24 General fund 1,492.696 202.402 (192,551 } 1,502.547 Previous year Balance at 01.Jan.23 Incorning resources Outgoing resources Balance at 31.Dec.23 General fund 1.482.405 174,113 (163,822} 1.492.696 Purpose of unrestricted funds General fund The provision of facilities for the promotion of further education for the inhabitants of Totnes, and subject thereto for meeting, lectures, classes. physical exercise and other forms of recreation and other leisure time occupation in the interests of social welfare with the object of improving the conditions of life for the inhabitants Restricted funds Current year Balance at 01.Jan.24 Incoming resources Outgoing Balance at resources 31.Dec.24 National Lottery Community Fund 20,000 {2,3701 17,630 Previous year Balance at 01.Jan.23 Incoming resources Outgoing Balance at resources 31.Dec.23 Building Maintenance Fund 17.200 {17,2001 Purpose of restricted funds National Lottery Community Fund - Grant received towards Sustainability al the Mansion Project 15
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Notes to the Financial Statements (Continued) 10. Analysis of net assets between funds Current year Tangible fixed assets Net Curnt assetsl {liabilities) CdItorS Net Assets more than one year Unrestricted funds General 1,518,198 (10,523) {5,1281 1,502,547 Restricted funds National Lottery Community Fund 17.630 17.630 Prevlous year Tangible fixed assets Net current assetsl {liabilities) Creditors Net Assets more than one year Unrestricted funds General 1.509.549 (9,4261 {7,4271 1.492.696 11. Parent undertaking and related party transaclions The parent entity of the charity is Totnes Community Development Society a co-operats've and community benefit society registered in the United Kingdom with registered number IP031671. Details of the society's objects and activities are set out in the trustees report. The society prepares consolidated accounts which may be oblained from the Financial Conduct Authority- During the year the charity reiVed no income from ils parent {2023.' none) and was charged SeiCe charges and recharged expenses lotaling £33.315 {2023.' £22,528). As at the year end, £15,79312023'. £13,107) was payable to the charity's parent. 16
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Detailed Statement of Financial Activities 2024 2023 INCOME Donations 3.803 1,375 Grants receivable 20,000 19.700 Other trading income - Mansion Ri)om Rental and Hire 156,309 137,585 Olher income 42.290 32,653 Total incoming resources 222,402 191.313 Expendllure Mansion Room Rental and Hire (194.921) (181,0221 Net {Deficit) I Surplus 27,481 10.291 17
The King Edward Vl College Site Foundation Year Ended 31 December 2024 Appendix - Expenditure Analysis Expendlture 2024 2023 Accountancy fees 3,740 1.926 Advertising and marf(eting 228 76 Bad debls Building servicing and preventative maintenan 44.657 44.824 CaretakerlFacilities Management 12,005 11.379 Cleaning 4,319 3,689 Consulting 2,494 Depreciation 2,493 1.061 Electricity 32,942 31.169 Gas 3,652 8,002 General expenses 4.561 5,193 Independent examinationlaudit fee 2.503 2.620 Insurance 12,401 10.528 IT & Computer costs 605 1,927 Office costs 3.305 1.102 Rates 1,422 1.613 Professional Fees {charged under SLAI 12,000 12,000 Slaff cosls 37.085 28,845 Telephone 1,368 1.025 Waste disposal and recycling 3,883 4.244 Water 11,752 7.305 Total expenditure 194.921 181.022 18