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2022-03-31-accounts

Charity registration number 310026

KEVICC AWARDS FOUNDATION TRUST

(FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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

Trustees Mr C D Killock (Chairman) (Appointed 19 January
2022)
Ms E H Price (Vice Chairman)
Mrs M Adams
Mr A Crellin-Whitty
Mrs J A Mitchell
Mr P Hughes
Mr S Baker
Mrs J Hodgson
Ms L Webberley
Dr S Collinson
Ms J Hannam (Appointed 14 July 2021)
Charity number 310026
Principal address C/o King Edward VI Community College
Ashburton Road
Totnes
Devon
TQ9 5JX
Independent examiner 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

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Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14
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KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their report and financial statements for the year ended 31 March 2022.

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 (2021: 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 2022

Financial review

The Foundation's income increased from £123,310 for 2021 to £130,833 due to decreases in rental income and income from listed investments.

Grants amounting to £89,165 (2021: £209,802) 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 £30,066 (2021: £36,926), and the change in market value of the managed portfolio was an unrealised surplus of £120,514 (2021: unrealised surplus of £320,124).

The total value of the Foundation's funds has increased from £3,153,120 at 31 March 2021 to £3,323,614 at 31 March 2022 due mainly to the unrealised rise in value of the listed investments and the gains realised on disposal of investments, as a result in the continued stock market recovery over the period.

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 2022 the Foundation had free reserves of £176,145 (2021: £99,481). 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 £13,708 (2021: £16,082) the total return from the whole managed portfolio (including cash balances held by the broker) was a rise of 8.8% (2021: rise of 16.8%) compared with a rise in the FTSE All share index over the same period of 9.3% (2021: rise of 26.8%). The market value of the whole portfolio increased by £150,185 in the year (2021: £464,383) as a result of the continuing general rise (2021: rise) in the stock market over the year.

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).

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

FOR THE YEAR ENDED 31 MARCH 2022

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

Mr C D Killock (Chairman) (Appointed 19 January 2022) Ms E H Price (Vice Chairman) Mrs M Adams 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 and resigned 9 November 2022) Ms J Hannam (Appointed 14 July 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.

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

Mr C D Killock (Chairman)

Trustee

20 January 2023

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

TO THE TRUSTEES OF KEVICC AWARDS FOUNDATION TRUST

I report on the financial statements of the Foundation for the year ended 31 March 2022, which are set out on pages 5 to 14.

Respective responsibilities of Trustees and examiner

The Foundation’s Trustees are responsible for the preparation of the financial statements. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Phil Raisey ACA FCCA Darnells Chartered Accountants

Quay House Quay Road Newton Abbot Devon TQ12 2BU

Dated: 23 January 2023

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 2022

Notes
Income and endowments from:
Investments
2
Other income
3
Total income and endowments
Expenditure on:
Raising funds
4
Charitable activities
5
Total resources expended
Net (losses)/gains on investments
10
Net income
Other recognised gains and losses
Gains on revaluation of investment properties
11
Net movement in funds
Fund balances at 1 April 2021
Fund balances at 31 March 2022		 2022
£
130,683
150
130,833
(13,708)
(97,211)
(110,919)
150,580
170,494
-
170,494
3,153,120
3,323,614		 2021
£
123,310
-
123,310
(16,082)
(225,599)
(241,681)
357,050
238,679
(10,000)
228,679
2,924,441
3,153,120

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

AS AT 31 MARCH 2022

Notes
Fixed assets
Investment properties
11
Investments
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
16
Unrestricted funds
Income fund
Capital fund
Revaluation reserve		 2022
£
£
425,000
2,722,469
3,147,469
12,667
265,068
277,735
(101,590)
176,145
3,323,614
176,145
2,325,919
821,550
3,323,614
3,323,614		 2021
£
£
425,000
2,628,639
3,053,639
12,673
298,123
310,796
(211,315)
99,481
3,153,120
99,481
2,225,238
828,401
3,153,120
3,153,120		 2021
£
£
425,000
2,628,639
3,053,639
12,673
298,123
310,796
(211,315)
99,481
3,153,120
99,481
2,225,238
828,401
3,153,120
3,153,120
3,053,639
99,481
3,153,120
3,153,120
3,153,120

The accounts were approved by the Trustees on 17 January 2023

Mr C D Killock (Chairman) Trustee

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2022

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.

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.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies (Continued)

Derecognition of financial liabilities

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

2 Income from investments

2022
£
Rental income
21,131
Income from listed investments
109,383
Interest receivable
169
130,683
All investment income is Unrestricted.
3
Other income
Unrestricted
funds
2022
£
Compensation received from bank
150
4
Expenditure on raising funds
2022
£
Investment management expenses
13,708
13,708
Analysis by fund
Unrestricted funds
13,708
For the year ended 31 March 2021
Unrestricted funds		 2022
£
21,131
109,383
169
130,683		 2021
£
18,813
103,882
615
123,310
Total
2021
£
-
2021
£
16,082
16,082
16,082

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

5 Expenditure on charitable activities

Postage and stationery
Legal and professional fees
Sundry expenses
Grant funding of activities (see note 6)
Share of support costs (see note 7)
Share of governance costs (see note 7)
Analysis by fund
Unrestricted funds
For the year ended 31 March 2021
Unrestricted funds		 2022
£
5
630
131
766
89,165
5,000
2,280
97,211
97,211
97,211		 2021
£
11
600
576
1,187
209,802
6,250
8,360
225,599
225,599
225,599

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).

6 Grants payable

Grants to institutions:
Other
Grants to individuals		 2022
£
83,425
5,740
89,165		 2021
£
209,602
200
209,802

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.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Support costs

Support
costs
Governance
costs
£
£
Staff costs
5,000
-
Audit fees
-
-
Accountancy
-
2,280
5,000
2,280
Analysed between
Charitable activities
5,000
2,280		 2022
£
5,000
-
2,280
7,280
7,280		 2021 Basis of allocation
£
11,250
3,360 Governance
- Governance
14,610
14,610

Legal and professional costs for 2021 above comprise the Independent Examiner's fees of £1,800.

8 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.

9 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Treasurer 1 1
Secretary 1 1
2 2
Employment costs 2022 2021
£ £
Wages and salaries 5,000 11,250

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

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments		 2022
£
120,514
30,066
150,580		 2021
£
320,124
36,926
357,050

The above gains and losses are recognised on financial assets measured at fair value through net income/ expenditure (see note 13 to the financial statements).

11 Investment property

Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022 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 2022 by the Trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

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

12 Fixed asset investments

Listed
investments
£
Fair value
At 1 April 2021 2,628,639
Additions 638,064
Valuation changes 120,514
Disposals (664,748)
At 31 March 2022 2,722,469
Carrying amount
At 31 March 2022 2,722,469
At 31 March 2021 2,628,639

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss:
Fixed asset investments
Measured at amortised cost:
Trade and other debtors
Carrying amount of financial liabilities
Measured at amortised cost:
Trade and other creditors
14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2022
£
2,722,469
12,667
101,590
2022
£
12,667
2022
£
7,909
93,681
101,590		 2021
£
2,628,639
12,673
211,315
2021
£
12,673
2021
£
6,659
204,656
211,315

Included in Accruals and deferred income above are accruals for grants payable of £83,425 (2021: £190,335).

16 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
April 2021

£
Income Fund
99,481
Capital Fund
2,325,919
Revaluation Reserve
727,720
3,153,120		 Incoming
resources
Resources
expended
Investments
gains/losses
Balance at 31
March 2022
£
£
£
£
130,833
(110,919)
56,750
176,145
-
-
68,955
2,394,874
-
-
24,875
752,595
130,833
(110,919)
150,580
3,323,614		 Incoming
resources
Resources
expended
Investments
gains/losses
Balance at 31
March 2022
£
£
£
£
130,833
(110,919)
56,750
176,145
-
-
68,955
2,394,874
-
-
24,875
752,595
130,833
(110,919)
150,580
3,323,614
3,323,614

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.

KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 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		 2022
£
26,599
10,396
202,930
239,925		 2021
£
26,599
34,396
205,529
266,524

18 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 5,000 6,250

There were no other transactions with related parties during the year (2021: none).