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
Ne￿on 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-