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2021-03-31-accounts

Charity Registration No. 310026

KEVICC AWARDS FOUNDATION TRUST

(FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms E H Price (Chairman)
Mrs M Adams (Vice Chairman)
Mr A Crellin-Whitty
Mrs J A Mitchell
Mr P Hughes
Mr S Baker
Mrs J Hodgson
Ms L Webberley
Dr S Collinson
Ms W Newman (Appointed 11 May 2021)
Charity number 310026
Principal address C/o King Edward VI Community College
Ashburton Road
Totnes
Devon
TQ9 5JX
Auditor Darnells Chartered Accountants
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4QJ
Solicitors Windeatts
Windeatts Solicitors
19 High Street
Totnes
Devon
TQ9 5NW
Investment advisors Brewin Dolphin Limited
2nd Floor
5 Callaghan Square
Cardiff
CF10 5BT

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 18

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" published in October 2019).

Objectives and activities

The Foundation's objects are:

To promote the education (including social and physical training) of persons under the age of 25 who have attended King Edward VI College (formerly King Edward VI School) for at least two years and who are in need of financial assistance by awarding to such persons scholarships, exhibitions, bursaries, maintenance allowances or grants tenable at any school, university, or other institution of further education;

To provide financial assistance, outfits, clothing, tools, instruments or books to assist such persons to pursue their education (including the study of music and other arts);

To provide special benefits of any kind for which provision is not made from public funds for King Edward VI College.

The Trustees' objectives for the year are shaped by these strategic aims, with a view to obtaining income for the benefit of King Edward VI College and its students (including former students) by maintaining and improving the value of the Foundation's investments.

Grant making policy:

A Student Awards Committee is appointed annually to consider grant applications within a budget decided by the Trustees at the Annual General Meeting. Grant applications in excess of the budget administered by the Student Awards Committee are considered by the full Board of Trustees. Individual grants under £400 in total for the academic year, and dependent on the income of the parents, are administered by the College Principal on behalf of the Trustees.

The Foundation does not actively fundraise and seeks to continue to further its objectives through the careful stewardship of its existing resources.

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

Achievements and performance

During the year the Trustees tried to improve knowledge of the Foundation to those entitled to claim, and it is considered that this has taken place.

During the year, grants for 51 students (2020: 165 students) were made, including those administered by King Edward VI Community College.

How the Foundation's activities deliver public benefit:

The Foundation's main activities and who it tries to help are described below. In planning its activities for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit to aid them in determining their objectives. The focus of the Foundation's activities therefore continued to be the awarding of scholarships, exhibitions, bursaries, maintenance allowances or grants tenable at any school, university, or other institution of further education.

Who used and benefited from the Foundation's services?

The Foundation's objects and funding limit the activities to persons under the age of 25 living in or around Totnes who have for a period of two years attended King Edward VI College, a state school. Lower Sixth students who join the school at this stage of their education are also able to benefit if they are attending a course which will last two years. The Foundation has helped thousands of people since its inception.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Financial review

The Foundation's income decreased from £136,411 for 2020 to £123,310 due to decreases in rental income and income from listed investments.

Grants amounting to £209,802 (2020: £43,301) were awarded in the year from the Total income above.

During the year, as a result of buying and selling investments as recommended by the Investment Advisers, net realised gains arose of £36,926 (2020: £6,457), and the change in market value of the managed portfolio was an unrealised surplus of £320,124 (2020: unrealised deficit of £360,111).

The total value of the Foundation's funds has increased from £2,924,441 at 31 March 2020 to £3,153,120 at 31 March 2021 due mainly to the unrealised rise in value of the listed investments, as a result in the general stock market recovery following the crash caused by the Covid pandemic in March 2020.

Since the year end the stock market has continued its recovery, and the Trustees consider the Foundation's overall financial position to be satisfactory.

Reserves policy

It is the policy of the Foundation that unrestricted, free reserves which have not been designated for a specific use should be maintained at a high level in order to generate sufficient investment income to be able to pay future grants and awards out of income, and to provide sufficient funds to cover the costs of generating funds and support costs.

At 31 March 2021 the Foundation had free reserves of £99,481 (2020: £325,185). These additional reserves will be used to fund grants and awards out of income in future periods.

Investment policy

There are no restrictions on the Foundation's powers to invest, and the Trustees have not adopted an ethical investment policy. An Investment Committee is appointed annually to manage the authorised investments, with professional advice being given by Brewin Dolphin Limited who manage the portfolio on a discretionary basis. The overall investment policy is to invest in a low to medium risk portfolio which will maximise income whilst protecting capital. Meetings are held as and when required to review the performance of the portfolio.

After deducting the investment management charges of £16,082 (2020: £17,118) the total return from the whole managed portfolio (including cash balances held by the broker) was a rise of 16.8% (2020: fall of 11.4%) compared with a fall in the FTSE All share index over the same period of 24.0% (2020: fall of 21.9%). The market value of the whole portfolio increased by £464,383 in the year (2020: fell by £251,717) as a result of the general rise (2020: fall) in the stock market over the year following the crash caused by the coronavirus outbreak in March 2020.

Risk management:

The Trustees have assessed the major strategic, business and operational risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The Foundation is a lasting testimony to the generosity and charitable concerns of past donors, including Totnes Town Council and others. The Foundation plans to continue the activities outlined above in the forthcoming years, subject to satisfactory returns from its investments.

Structure, governance and management

The Foundation is an unincorporated trust, set up by an Order of the Charity Commissioners on 12 February 1907, as amended by a Trust Deed dated 16 March 1923 and further amended by Trust Deeds dated 18 February 1972 and 5 February 1996, and is a registered charity with the number 310026 (England and Wales).

During the year the Foundation changed its name from King Edward VI College Exhibition Foundation to KEVICC Awards Foundation Trust.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees who served during the year and at the reporting date were:

Ms E H Price (Chairman) Mrs M Adams (Vice Chairman) Mrs A J M Bourne (Resigned 11 November 2020) Mr D Horsburgh (Resigned 14 July 2021) Mr A Crellin-Whitty Mrs J A Mitchell Mr P Hughes Mr S Baker Mrs J Hodgson Ms L Webberley Mr C Luker (Resigned 14 July 2021) Dr S Collinson Ms W Newman (Appointed 11 May 2021)

Recruitment and appointment of trustees:

The Foundation has 10 Trustees, including representatives from Devon County Council and Totnes Town Council, and up to 4 being co-opted as necessary. The Chairman and Vice-Chairman are elected annually at the Annual General Meeting. The Trustees met five times during the year to administer the charity.

The Board of Trustees regularly discusses the recruitment of new Trustees for their experience, empathy and knowledge of the Trustees, and to keep the skills and composition of the Trustees body as a whole and succession planning under review. New Trustees may be sought by open advertisement or through dialogues with other institutions with similar objects.

All the Trustees give their time voluntarily and receive no benefits from the Foundation. Any expenses reclaimed by the Trustees from the Foundation are set out in note 7 to the financial statements.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. 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.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees' report was approved by the Board of Trustees.

.............................. Ms E H Price (Chairman) Trustee Date: .............................................

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF KEVICC AWARDS FOUNDATION TRUST

Opinion

We have audited the financial statements of KEVICC Awards Foundation Trust (the ‘Foundation’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Foundation 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.

Other matter - Comparatives not audited

We draw your attention to note 1.9 of the financial statements, which concern the fact that the comparative figures in these financial statements have not been audited. Our audit work has not brought to light any material errors relating to the comparative figures, and our opinion is not modified in this respect.

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 Foundation’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 we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KEVICC AWARDS FOUNDATION TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities on page 4, the Trustees 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 Foundation’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 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, misrepresentation or through collusion.

However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance of the Foundation and management.

There are no laws and regulations identified as being of significance in the context of the Foundation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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 Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KEVICC AWARDS FOUNDATION TRUST

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters 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 anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

...................................................

12 May 2022 Date: .........................

Darnells Chartered Accountants Statutory Auditor

Quay House Quay Road Newton Abbot Devon TQ12 2BU

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income from:
Investments
2
Expenditure on:
Raising funds
3
Charitable activities
4
Total resources expended
Net (losses)/gains on investments
9
Net income/(expenditure)
Other recognised gains and losses
Gains on revaluation of investment properties
10
Net movement in funds
Fund balances at 1 April 2020
Fund balances at 31 March 2021		 2021
£
123,310
(16,082)
(225,599)
(241,681)
357,050
238,679
(10,000)
228,679
2,924,441
3,153,120		 2020
£
136,411
(17,118)
(58,621)
(75,739)
(353,654)
(292,982)
-
(292,982)
3,217,423
2,924,441

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Investment properties
10
Investments
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
15
Unrestricted funds
Income fund
Capital fund
Revaluation reserve		 2021
£
£
425,000
2,628,639
3,053,639
12,673
298,123
310,796
(211,315)
99,481
3,153,120
99,481
2,325,919
727,720
3,153,120
3,153,120		 2020
£
£
435,000
2,164,256
2,599,256
12,607
344,976
357,583
(32,398)
325,185
2,924,441
325,185
2,225,238
374,018
2,924,441
2,924,441		 2020
£
£
435,000
2,164,256
2,599,256
12,607
344,976
357,583
(32,398)
325,185
2,924,441
325,185
2,225,238
374,018
2,924,441
2,924,441
2,599,256
325,185
2,924,441
2,924,441
2,924,441

The accounts were approved by the Trustees on .........................

..............................

Ms E Price (Chairman)

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

KEVICC Awards Foundation Trust is an unincorporated trust, set up by an Order of the Charity Commissioners on 12 February 1907, as amended by a Trust deed dated 16 March 1923 and further amended by Trust Deeds dated 18 February 1972 and 5 February 1996, and is a registered charity with the number 310026 (England and Wales).

1.1 Accounting convention

The Foundation constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with the Statement of Recommended Practice: "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the Foundation 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.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as:

All expenditure is accounted for on an accruals basis.

All expenses, including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 Fixed asset investments

Fixed asset 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.

Realised gains and losses are recognised in net income/(expenditure).

1.8 Financial instruments

Financial instruments are recognised in the Foundation's balance sheet when the Foundation 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.

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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Foundation transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

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 payments 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 method.

Derecognition of financial liabilities

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

1.9 Prior period comparative figures

The Foundation qualified as exempt from an audit for the year ended 31 March 2020 due to its size, and therefore those financial statements were not audited. As a consequence, the comparative figures in these financial statements have not been audited.

2 Income from investments

Rental income
Income from listed investments
Interest receivable		 2021
£
18,813
103,882
615
123,310		 2020
£
26,184
109,156
1,071
136,411
All investment income is Unrestricted.

3 Expenditure on raising funds

Investment management expenses 2021
£
16,082
16,082		 2020
£
17,118
17,118

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3
Expenditure on raising funds
Analysis by fund
Unrestricted funds
For the year ended 31 March 2020
Unrestricted funds
4
Expenditure on charitable activities
Postage and stationery
Legal and professional fees
Sundry expenses
Bank charges
Grant funding of activities (see note 5)
Share of support costs (see note 6)
Share of governance costs (see note 6)
Analysis by fund
Unrestricted funds
For the year ended 31 March 2020
Unrestricted funds		 (Continued)
16,082
17,118
2021
2020
£
£
11
8
600
-
576
15
-
60
1,187
83
209,802
43,301
6,250
12,830
8,360
2,407
225,599
58,621
225,599
225,599
58,621
58,621		 (Continued)
16,082
17,118
2021
2020
£
£
11
8
600
-
576
15
-
60
1,187
83
209,802
43,301
6,250
12,830
8,360
2,407
225,599
58,621
225,599
225,599
58,621
58,621
2020
£
8
-
15
60
83
43,301
12,830
2,407
58,621
58,621
58,621

The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions and individuals in furtherance of its charitable activities (see note 5 to the financial statements below).

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

5 Grants payable

Grants to institutions:
Other
Grants to individuals		 2021
£
209,602
200
209,802		 2020
£
40,776
2,525
43,301

The grants to institutions above were paid to both the King Edward VI Community College and to individual departments of that college, for the benefit of students and ex-students, as set out in the Foundation's objects.

6 Support costs

Staff costs
Audit fees
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
6,250
5,000
-
3,360
-
-
6,250
8,360
6,250
8,360		 2021
£
11,250
3,360
-
14,610
14,610		 2020 Basis of allocation
£
13,437
- Governance
1,800 Governance
15,237
15,237

Legal and professional costs for 2020 above comprise the Independent Examiner's fees of £1,800.

7 Trustees

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

None of the Trustees received any reimbursed expenses during the year.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

8 Employees

Number of employees

The average monthly number of employees during the year was:

Treasurer
Secretary
Employment costs
Wages and salaries		 2021
Number
1
1
2
2021
£
11,250		 2020
Number
1
1
2
2020
£
13,437

There were no employees whose annual remuneration was £60,000 or more.

9 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments		 2021
2020
£
£
320,124
(360,111)
36,926
6,457
357,050
(353,654)		 2020
£
(360,111)
6,457

The above gains and losses are recognised on financial assets measured at fair value through net income/expenditure (see note 12 to the financial statements).

10 Investment property

Fair value
At 1 April 2020
Net gains or losses through fair value adjustments
At 31 March 2021		 2021
£
435,000
(10,000)
425,000

Investment property comprises freehold properties owned by the Foundation, held to earn rental income. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2021 by the Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

10 Investment property (Continued)

No cost is readily ascertainable for the investment properties, which were gifted to the Foundation when it was founded.

11 Fixed asset investments

Fair value
At 1 April 2020
Additions
Valuation changes
Disposals
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
12
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
Measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income		 Listed
investments
£
2,164,256
520,560
320,124
(376,301)
2,628,639
2,628,639
2,164,256
2021
2020
£
£
2,628,639
2,164,256
12,673
12,607
211,315
32,398
2021
2020
£
£
12,673
12,607

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

14 Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income		 2021
£
6,659
204,656
211,315		 2020
£
11,574
20,824
32,398

Included in Accruals and deferred income above are accruals for grants payable of £189,835 (2020: £10,860).

15 Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at 1 Incoming Resources Investments Balance at 31
April 2020 resources expended gains/losses March 2021
£ £ £ £ £
Income Fund 325,185 123,310 (241,681) (107,333) 99,481
Capital Fund 2,225,238 - - 100,681 2,325,919
Revaluation Reserve 374,018 - - 353,702 727,720
2,924,441 123,310 (241,681) 347,050 3,153,120

The income fund represents the free reserves of the Foundation.

The Capital Fund is represented by the cost of fixed asset investments, held for the long term to generate income.

16 Operating lease commitments Lessor

The Foundation owns 6 investments properties for rental purposes.

All operating lease contracts contain market review clauses in the event that the lessee exercises its option to renew. The lessee does not have an option to purchase the property at the expiry of the lease period.

At the reporting end date the Foundation had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years
In over five years		 2021
£
26,599
34,396
205,529
266,524		 2020
£
26,288
57,152
208,128
291,568

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

16
Operating lease commitments
17
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
Aggregate compensation
There were no other transactions with related parties during the year (2020: none).		 (Continued) (Continued)
2021
£
6,250		 2020
£
8,509

KEVICC AWARDS FOUNDATION TRUST

(FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION)

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 MARCH 2021

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Income:
Investment income
Rental income on investment property
Dividends from listed investments
Other interest receivable
Total income
Resources expended:
Fundraising expenses
Investment management costs
Charitable activities
Funding educational scholarships, exhibitions,
etc
Postage & stationery
Legal and professional fees
Sundry expenses
Bank charges
Grants to institutions
Total grants to individuals
Share of support costs
Share of governance costs
Net gains/(losses) on investments
Revaluation of investments
Gain or loss on sale of investments
Net (outgoing)/incoming resources
Other recognised gains and losses
Unrealised gain on revaluation of freehold
property
Net movement in funds		 2021
£
£
18,813
103,882
615
123,310
16,082
(16,082)
11
600
576
-
209,602
200
6,250
8,360
(225,599)
(118,371)
320,124
36,926
357,050
238,679
(10,000)
228,679		 2020
£
£
26,184
109,156
1,071
136,411
17,118
(17,118)
8
-
15
60
40,776
2,525
12,830
2,407
(58,621)
60,672
(360,111)
6,457
(353,654)
(292,982)
-
(292,982)

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) SUPPORT AND GOVERNANCE COSTS FOR THE YEAR ENDED 31 MARCH 2021

Support costs
Support wages and salaries
Governance costs
Governance wages and salaries
Audit fees
Independent examiner's fees		 £
5,000
3,360
-		 2021
£
6,250
6,250
8,360
14,610		 £
607
-
1,800		 2020
£
12,830
12,830
2,407
15,237