Charity registrdtson 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 2024
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr C D Killock (Chaimian) Ms E H Price (Vice Chairman) MrA Crellin-whilly Mrs J A Mitchell Mr P Hughes Mr S Baker Mrs J Hodgson Ms L Webberley Ms J Hannam Charity number 310026 Principal address Clo King Edward Vl Community College Ashburton Road Totnes Devon TQ9 5JX Independent exarniner 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 Windeatt5 Windeatts Solicitors 19 High Slreet Tolnes Devon TQ9 5NW Investment advTsors 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 Independent examinels report Statement of financial activities Balance sheet Notes to the financial staternents 7-14
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The financial slalemenls have been prepared in accordan¢e with the ac¢ounling policies set out in note 1 to the financial slalemenls and comply with the Foundation's governin9 document. the Charities Act 2011 and 'Ac¢ounling and Reporting by Charities- Statement of Recommended Practice applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" published in O¢tober 20191. 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 Vl College (formerly King Edward Vl School) for at least Iwo years and who are in need of financial assistance by awarding lo such persons scholarships, exhibitions, bursaries. maintenance allowances or grants tenable at any school, university. or other in51ilution of further education., To provide financial assistance, ouffils, 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 nol made from public funds for King Edward Vl College. The Trustees, objectives for the year are shaped by these strategic aims. with a view lo obtaining income for the benefit of King Edward Vl College and ils sludenls (including fomier students) by maintaining and improving the value of the Foundation's investments. Grant making policy.. A Student Awards Committee is appointed annually lo consider grant applications within a budget decided by the Trustees al 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 fvndraise and seeks to continue lo further its objectives through the carefijl stewardship of its existing resources. In setting their objectives and planning the Foundation's aclivilies, the Trustee5 have given careful consideration to Ihe Charity Commission's general guidance on public benefit. Achievements and perforniance During the year Ihe Trustees tried lo improve knowledge of the Foundation to those entitled lo claim, and il is considered that this has taken place. During the year, grants for xx students (2023.. 81 students) were made. including Ihose administered by King Edward Vl Community College. How the Foundation's activities deliver public benefit.. The Foundation's main activities and who il lries lo help are described below. In planning its activilies for the year, the Trustees kept in mind the Charity Commission's guidance on public benefit lo 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. o used and benefited from the Foundation's services? The Foundation's objects and funding limit the aclivilies to persons under Ihe age of 25 living in or around Totnes who have for a period of Imo years attended King Edward Vl College. a slate school. Lower Sixth students who join Ihe school at this stage of their education are also able to benefit if they are attending a course which will last years. The Foundation has helped thousands of people sinGe ils inception.
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Finan¢lal review The Foundation's income decreased from £134,732 for 2023 to £131,853 as a result of a decrease in income from listed investments of £18.809 being offset by an increase in Rental income of £12,766. Grants amounting to £87,065 {2023: £107,758) 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 losses arose of £1,982 (2023.. net realised 105ses of £28,088), and the change in market value of the managed porlfolio was an unreali5ed surplus of £111,981 {2023- unrealised deficit of £226,112). Tha Foundation had Net income of £122,846 (2023.. incurred Nel expenses of £243,998) resulting in an increase in the Foundation's funds from £3.079,616 al 31 March 2023 to £3.202,462 at 31 March 2024. Since the year end shares listed on the stock market have maintained or even increased their valuations overall, and the Trustees consider the Foundation's overall financial position lo be satisfactory. Reserves policy It is the policy of the Foundation that unrestricted. free reserves which have not been designaled for a specific use should be maintained at a high level in order to generate sufficient investment incorne to be able to Pay future grants and awards out of income. and to provide sufficient furbds to cover the costs of generating funds and support costs. At 31 March 2024 the Foundation had free reserves of £126.245 (2023.. £122.592). These additional reseNes will be used lo 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 lo manage the authorised inveslmenls, wilh professional advice being given by Brewin Dolphin Limited who manage Ihe 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 porffolio. After deducting the Investment management charges of £16,391 12023.. £16,549) the totsl return from the whole managed portfolio (Including cash balances held by the broker) was a rise of 7.3 /0 (2023.. fall of 5.90/0) compared with a rise in the FTSE All share index over the same period of 4.3Q/• (2023.. fall of 0.7'A). As a re5uII. the market value of the whole portfolio increased by £119,193 in the year (2023.. decrease of £190,445). Risk management: The Trustees have assessed the major strategic. business and operational risks to which the Foundation is exposed, and are salisfied that systems are in place to mitigate exposure lo the major risks. Plans for future periods The Foundation is a lasting testimony to the generosity and charitable concems of past donors. including Totne5 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, govemanGe and management The Foundation is an unincorporaled 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 2024 The Trustees who served during the year and al the reporting dale were: Mr C D Killock (Chairman) 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 (Resigned 27 June 2023) (Resigned 27 June 2023) Recruitment and appointment of trustees.. The Foundation has 9 Trustees, including representatives from Devon County Council and Tolnes 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 limes 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 lo keep Ihe skills and composition of the Trnslees body as a whole and succession planning under review. New Tnjslees may be sought by open advertisement or through dialogues with other institutions wilh similar objects. All the Trustees give their lime voluntarily and receive no benefits from the Foundation. Any expenses reclaimed by the Trustees from the Foundatson are sel out in note 7 to the financial statements. The Trustees, report was approved by the Board of Trustees. Mr C D Killock (Chairman) Trustee Dale.. ~02._2s-
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 2024, which are sel 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 Trvslees consider that an audit is not required for this year under section 144{2) of the Charities Act 2011 {Ihe 2011 Act) and that an independent examination is needed. It is my responsibility to.. examine the financial statements under section 145 of the 2011 Act.. {ii) to follow the procedures laid down in the general Directions given by the Charity Commlssion under section 145{5llbl of the 2011 Act- and (ill) to state whether particular matters have come to my attention. Basls of independent examinerfs 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. 11 also includes consideration of any unusual items or disdosure5 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 consequenlty no opinion is given as to whether the financial statements presenl a 'true and fair view, and the report is limited to those matters Set out in the next statement. Independent examiner's ststement In connection with my examination. no matter has come to my attention: (al which gives me reasonable cause to believe that in any material respect the requirements.. (i) to keep accounting records in accordance with section 130 of the 2011 Act.. and (li) to prepare financial stalements which accord with the accounting records, and comply with the accounting requirements of the 2011 A¢t-, have not been met or (b) lo which. in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Phil RaiseyACA F Darnells Charte A¢¢ountants Quay House Quay Road Neon Abbot Devon TQ12 2BU Dated.. 14-7-&zs
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Income from: Investments 131,853 134,732 Expenditure on: Raising funds 116.391) 116,$49) Charitable activities (102,615) (107,981) Total resourGes expended 1119,006} (124,5301 Nel {losse5)Igains on investments 109.999 1254.200) Net movement in funds 122,846 1243,998) Fund balances al 1 April 2023 3,079,616 3.323.614 Fund balances at 31 March 2024 3,202,462 3.079.616
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investment properties Investments 11 12 425,000 2,651,217 425,000 2,532,024 3.076,217 2,957.024 Current assets Debtors Cash at bank and in hand 14 1.580 215.498 2,416 228,751 217,078 231,167 Creditors: amounts falling due wlthin one year 15 (90,833) {108.575} Net current assets 126.245 122,592 Totsl assets less current Ilabllities 3,202.462 3.079.616 Income funds Unrestricted funds Income fund Capital fund Revaluation reseNe 16 126.245 2,496.761 579,456 122.592 2.477.818 479,206 3,202,462 3,079.616 3.202,462 3,079.616 The accounts were approved by the Trustees on......................... e.?1 . IcQLttt Mr C D Killock {Chalmian) Trustee
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 Deed5 dated 18 February 1972 and 5 February 1996, and is a registered charity with the number 310026 (England and Wales)- 1.1 Accounting conventlon The Foundation conslilutes a public benefit entity as defined by FRS 102. These financial statemenls have been prepared in accordance with Ihe Statement of Recommended Practice: 'Accounling 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 statemen15 have departed ffom the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Slalement of Recommended Piaclice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice, which is referred lo in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterling, which is the functional Currency of the Foundation. Monetary amounls in these financial statements are rounded to the neare51 £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 poliaes adopted are set out below. 1.2 Going concern At the time of approving the financial statemen15, 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 a¢vnIS. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 1.4 In¢oming resources Income is recognised when the Foundation is legally entitled to it after any performance conditions have been mel. 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.. there is a legal or constructive obligation Gommilling ihe charity to that expenditure, it is probable that settlement will be required, and the amount of Ihe obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses. including support cost5 and governance costs are allocated or apportioned to the applicable expenditure headlngs.
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.6 Investment properties Investment property, which is property held to earn rentals andlor for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly atlribulable expenditure. Subsequently it is measured at fair value al the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.7 Fixad asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net incomel{expenditure> for the year. Transaction costs are expensed as incurred. Realised gains and losses are recognised in net incomel(expenditure). 1.8 Financial instruments Financial instruments are recognised in the Foundation's balance Sheet when the Foundation becomes paty to the conlraclual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial slalements, when there is a legally enforceable right to sel off the recognised amoun15 and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bas1¢ 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 transactron is measured at the present value of the future receipts discounled at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Otherfinancial assets Other financial assets. including investments in equity instruments which are not subsidiaries. associates or joint ventures, are initially measured al fair value, which is normally the transaction price. Suth assets are subsequently carried at fair value and the changes in fair value are recognised in net in¢omel(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. Dere¢ognition of financial assets Financial assels are derecognised only when the contractual rtghts to the cash flows from the asset expl 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 rew2rd5 of ownership are retained bijt conlrol of the asset has transferred to another party that 15 able lo sell the asset in its entirety lo an unrelated third party. Basic financial liabilities Basic financial li2bililies. including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a financing transaction, where the debt instrument is measured at the Pfesent value of the future payments discounted at a market rale 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 rale method. Trade credltors 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 liabilitie5 if payment is due within one year or less. If not, they are presented as non-cuirent liabilities. Trade creditors are recogni5ed 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 2024 A¢counting policies (Continued) Derecognition of financial liabilities Financial liabilities are derecognised when the Foundation's contraolual obligaliorbs expire or are discharged or cancelled. Income from investments 2024 2023 Rental Income Income from listed investmenls Interest receivable 27,453 99,945 4,455 14.687 118.754 1.291 131,853 134.732 All investment income is Unreslricled. Expenditure on raising funds 2024 2023 Inveslmenl management expenses 16,391 16,549 16,391 16,549 Analysis by fund Unrestricted funds 16,391 For the yearended 31 March 2023 Unrestricted funds 16.549
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on ¢haritable activities 2024 2023 Legal and professional fees Sundry expenses 4.751 87 99 4,838 99 Grant funding of activities (see note 5) 87.665 107,758 Share of support costs {see note S) Share of governance costs (see note 6} 5,207 4,905 5,103 (4.979) 102,615 107,981 Analysis by fund Unrestrrcled funds 102,615 102,615 Forthe yearended 31 March 2023 Unrestricted funds 107,981 107,981 The charity undertakes ils charitable activities Ihrough grant making and awarded grants to a number of institutions and individuals in furtherance of its charitable activities (see note 5 to the financial slalernenls below). Grants payable 2024 2023 Grants to inslilulions.. Other 85,621 106.708 Grants to individuals 2,044 1,050 87.665 107,758 The grants lo institutions above were paid lo both the King Edward Vl Comrnunity College and to indimdual departments of that college, for the benefit of students and ex-studenls. as set out in the Foundation's objects. 10-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Basis of allocation Staff costs 5,207 2.565 7.772 (1,556) Accountancy 2,340 2,340 1.680 Governance 5.207 4,905 10,112 124 Analysed between Charitable activities 5,207 4,905 10.112 124 Accountancy costs above comprise the Independent Examiner's fees. Trustees None of Ihe Trustees (or any persons conneGted with them) received any remuneration dur(ng the year. None of the Trustees received any reimbursed expenses during the year. Employees Number of employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Treasurer Secretary Employment costs 2024 2023 Wages and salaries 7,772 11.5561 There were no employees whose annual MuneratiOn was £60.000 or more. 11
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net gainslllosses) on investments 2024 2023 Revaluation of investments Gainl{lossl on sale of investments 111.981 (1,982) 1226,112) 128,0881 109,999 1254.200) The above gains and10sses are recognised on financial assets measured at fair value through nel n¢omel expenditure (see note 13 to the financial slalements). 10 Taxation The charity is exempt from taxation on its activities because all ils income is applied for charitable purposes. 11 Investment property 2024 Fair value At 1 April 2023 and 31 March 2024 425.000 Investment property comprises freehold properties owned by the Foundation. held to eam renlal income. The fair value of the investment property has been arrived at on the basis of a valuation carried out al 31 March 2024 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 2023 Additions Valuation changes Disposals 2,532.024 481.538 111.981 (474,326) At 31 March 2024 2.651,217 Carrying amount At 31 March 2024 2,651.217 At 31 March 2023 2,532,024 12-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profil or loss= Fixed asset investments Measured at amortised cost: Trade and other debtors 2,651,217 2,532,024 1.580 2,416 Carrying amount of financial liabilities Measured at amortised cost: Trade and other creditors 90,833 108,575 14 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 1,580 2.416 15 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 2,642 88,191 1.315 107,260 90.833 108,575 Included in Accruals and deferred income above are accruals for grants payable of £79,837 (2023.. £98,789). 16 Unrestricted funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for speclfic purposes. Balance at 1 April 2023 Incoming Resources Investments Balance at 31 resourGes expended gainsllosses March 2024 Income Fund Capital Fund Revaluation Resetve 122,592 2,477.818 479.206 131,853 (119,006) (9,194) 18,943 100,250 126,245 2.496.761 579,456 3,079,616 131.853 (119,006) 109.999 3,202,462 The income fund represents the free reserves of the Foundation. The Capital Fund is represented by the cost of fixed asset investrnenls. held for the long term lo generate income. 13-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Operating lease commitinents Lessor The Foundation owns 6 investment propertles for rental purposes. All operating lease contracts contain market rev¢ew clauses in the event that the lessee exercises ils option to renew. The lessee does not have an option to purchase the property al the expiry of the lease period. At the reporting end dale the Foundation had contracted with lenants for the following minimum lease payments.. 2024 2023 thin one year Between two and five years In over five years 26,599 10.396 197.732 26,599 10,398 200.331 234,727 237,326 18 Related paty transactions There are no related paty transaction5. 14-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 15
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income: Investment income Rental income on investment propety Dividends from listed investments Bank interest receivable 27.453 99.945 4.455 14.687 118,754 1,291 Total income 131,853 134,732 Resources expendgd: Fundraising expenses Investment management costs 16,391 16,549 116,391) {16,549} Charltable aetivities Fundlng educational $¢holarships. exhlbltlons, etc Legal and professional fees Sundry expenses Grants to Institutions Total grants to individuals Share of support costs Share of govemance costs 4.751 87 85,621 2,044 5.207 4,905 99 106.708 1.050 5,103 {4,979) (102.615) 1107,981) 12,847 10,202 Net gainsl(losses) on investments Revaluation of investments Gain or loss on sale of investments 111,981 (1,982) (226,112) {28.088) 109,999 (254.200) Net (outgoing)lincoming resources 122,846 1243,998) Other recognised gains and losses Unrealised gain on revaluation of freehold property Net movement in funds 122,846 (243,998) 16-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) SUPPORT AND GOVERNANCE COSTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Support costs Support wages and salaries 5,207 5,103 5,207 5,103 Governance costs Governance wage5 and salaries Independent examinerfs fees 2.565 2.340 (6,659) 1.680 4.905 (4.979) 10,112 124 17-