Charity registration number 310026 (England and Wales) KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr C D Killock (Chairman} Ms E H Price (VI Chaimian) Mr A Crellin-lljhitty Mrs J A Mitchell Mr P Hughes Mr S Baker Mrs J Hodgson Ms L Webberley Ms J Hannam MrT Bennett Mr B MacTaggart Mr C Beavis (Appointed 16 April 2024} (Appointed 16 April 2024) (Appointed 16 April 2024) Charity number (England and Wales) 310026 Principal address Clo King Edward Vl Communty College Ashburton Road Totnes Devon TQ9 5JX Independent examiner Damells 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 ndeatts 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 Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 7-15
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and finanaal statements for the year ended 31 March 2025. The financial statements have been prepared in accordan wth 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 Vl College (formet1y King Edward Vl School) for at least 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 Vl 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 Vl College and its students (induding fomier 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 wthin 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 reSoUrs. In setting their objectives and planning the Foundation's activities. the Trustees have given care1 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 pla. During the year, grants for 84 students (2024.. 81 students) were made, induding those administered by King Edward Vl Community College. How the Foundation's activities deliver public benefit= The Foundation's main activities and who it tnes 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 seNices? 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 years attended King Edward Vl 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 years. The Foundation has helped thousands of people Sin its inptiOn.
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review The Foundation's income has increased from £131,853 for 2024 to £139,767 mainly as a result of an increase in income from listed investments of £8,882 offseth-ng a reduction in rents received of £1,705. Grants totalling £113,520 {2024: £87,665) 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 £4,939 (2024= net realised losses of £1.982), and the change in market value of the managed portfolio was an unrealised deficit of £21,043 (2024.. unrealised surplus of £111,981). The Foundation had Net expenses of £38.640(2024: incurred Net income of £122.846) resulting in a decrease in the Foundation's funds from £3,202,462 at 31 March 2024 to £3,163,822 at 31 March 2025. 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 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 mainlained at a high level in order to generale 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 2025 the Foundation had free reserves of £120,908 (2024.. £126,245). 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 perfomiance of the portfolio. After deducting the investment management charges of £17,274 (2024.. £16,391) the total retum from the whole managed portfolio {including cash balances held by the broker) was a rise of 30A (2024.. rise of 7.3/1 compared with a rise in the FTSE All share index over the same period of 6.6 % (2024.. rise of 4.3 % l. The market value of the whole portfolio (including cash holdings) decreased by £25,0801 in the year (2024.. increase of £116,639). 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 retums 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 fvrther 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 2025 The Trustees who served during the year and at the reporting date were.. Mr C D Killock {Chairman) Ms E H Price (Vice Chairman) MrA Crellin-whity Mrs J A Mitchell Mr P Hughes Mr S Baker Mrs J Hodgson Ms L Webberley Ms J Hannam Mr T Bennett Mr B MacTaggart Mr C Beavis (Appointed 16 April 2024) (Appointed 16 April 2024) (Appointed 16 April 2024) Recruitment and appointment of trustees.. The Foundation has 12 Trustees, including representatives from Devon County Council and Totnes Town Council, and up to 4 being co-opted as necessary. The Chairman and Vice-chaimian are elected annually at the Annual General Meeting. The Trustees met xx times during the year to administer the charity. The Board of Trustees regularly discusses the recruitment of new Trustees for their experien, 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 28 January 2026
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 2025. which are set out on pages 5 to 15. 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= examine the financial statements under section 145 of the 2011 Act., (li) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145{5){b) of the 2011 Act- and (iii) to state whether particular matters have come to my attention. Basis of independent examiner's port Independent examinetrs statement In connection with my examination, no matter has come to my attention" (a) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the 2011 Act., and (li) to prepare financial statements which accord with the accounting records, and comply with the accounting requirements of the 2011 Act.. have not been met or (b) to which, in my opinion, attention should be dravm in order to enable a proper understsnding of tPE financial statements to be reached. Phil Raisey ACA FCCA Darnells Charted A¢countants Quay House Quay Road Newton Abbot Devon TQ12 2BU Dated: 29 January 2026
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 2025 2025 2024 Notes Income and endowments from: Investments Other income 139,765 131,853 Total income and endowments 139,767 131,853 Expenditure on: Raising funds (17,274) (16,3911 Charitable activities 1145,029) (102,6151 Total resources expended 1162,303) 1119,0061 Net {losses)Igains on investments (16,104) 109,999 Net movement in funds (38,640) 122,846 Fund balances at 1 April 2024 3,202,462 3,079,616 Fund balances at 31 March 2025 3,163,822 3,202,462
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Investment properties Investments 11 12 425,000 2,617,914 425,000 2,651,217 3,042,914 3,076,217 Current assets Debtors Cash at bank and in hand 14 4.227 227.459 1,580 215,498 231.686 217.078 Creditors: amounts falling due within one year 15 {110,778) (90,833) Net current assets 120,908 126,245 Total assets less current liabilities 3,163,822 3,202,462 Income funds Unrestricted funds Income fund Capital fund Revaluation reserve 16 120.908 2.468.438 574,476 126,245 2,496,761 579,456 3,163,822 3,202,462 3,163,822 3,202,462 The accounts were approved by the Trustees on 27 January 2026 Mr C D Killock (Chainnan) Trustee
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information KEVICC Awards Foundation Trust is an unincorporated trust, set up by an Order of the Charily 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 wth the Statement of Recommended Practice. Accounting and Reporting by Charities preparing iheir accounts in accordance wilh 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 CharitiesAct 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 vthich has since been withdrawn. The financial statements are prepared in sterling, vthi¢h 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 concem 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 wll be received. 1.5 Resources expended Liabilities are recognised as expenditure as soon as= there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation Can be measured lIablY. All expenditure is accounted for on an accnjals basis. All expenses, including support costs and govemance 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 2025 Accounting policies Icontinued) 1.6 Investment properties Investment property, which is propety held to eam rentals andlor for capital appreciation, is initially recognised at cost, which indudes 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 transadion price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incued. 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 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. Basi¢ financial assets Basic financial assets, which indude debtors and cash and bank balan$, 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 al 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 nomially the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net incomellexpenditure), except that investments in equity instruments that are not publidy 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, induding 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 2025 Accounting policies Icontinued) Derecognition of financial liabilities Financial liabilities are derecognised when the Foundation's contractual obligations expire or are discharged or cancelled. Income from investments 2025 2024 Rental income Income from listed investments Interest receivable 25,748 108.827 5.190 27.453 99.945 4.455 139,765 131.853 l investment income is Unrestricted. Expenditure on raising funds 2025 2024 Investment management expenses 17,274 16,391 17,274 16,391 Analysis by fund Unrestricted funds 17,274 For the year ended 31 March 2024 Unrestricted funds 16,391
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities 2025 2024 Legal and professional fees Sundry expenses 4,057 74 4,751 87 4,131 4,838 Grant funding of activities {see note 5) 113,520 87.665 Share of support costs {see note 6) Share of governance costs (see note 6) 5,430 21,948 5.207 4,905 145,029 102,615 Analysis by fund Unrestricted funds 145,029 145,029 For the year ended 31 March 2024 Unrestricted funds 102,615 102.615 The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions and individuals in furtheran of its charitable activikn'es (see note 5 to the financial statements below}. Grants payable 2025 2024 Grants to institutions.. Other 111,881 85,621 Grants to individuals 1,639 113,520 87.665 The grants to institutions above were paid to both the King Edward Vl 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. 10-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance costs costs 2025 2024 Basis of allocation Staff costs 5,430 19.548 24.978 7,772 Accountancy 2.400 2.400 2,340 Govemance 5.430 21.948 27.378 10.112 Analysed between Charitable activities 5,430 21,948 27,378 10,112 Accountancy costs above comprise the Independent Examiners fees. 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. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Treasurer Secretary Total Employment costs 2025 2024 Wages and salaries 24,978 7,772 There were no employees whose annual remuneration VRS more than £60,000. 11
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net gainsl(losses) on investments 2025 2024 Revaluation of investments Gainllloss) on sale of investments (21,043) 4,939 111,981 {1,982) (16,104) 109,999 The above gains and losses are recognised on financial assets measured at fair value through net Ticomel expenditure (see note 13 to the financial statements). 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11 Investment property 2025 Fair value At 1 April 2024 and 31 March 2025 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 2025 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, vthi¢h were gifled to the Foundation when it was founded. 12 Fixed asset investments Listed investments Cost or valuation At 1 April 2024 Additions Valuation changes Disposals 2,651.217 643.616 {21,043) (655,876) At 31 March 2025 2,617,914 Carrying amount At 31 March 2025 2,617,914 At 31 March 2024 2,651,217 12-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Fixed asset investments Icontinued) 13 Financial instruments 2025 2024 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 2,617,914 2,651,217 4,227 1,580 Carrying amount of financial liabilities Measured at amortised cost.. Trade and other creditors 110,778 90.833 14 Debtors 2025 2024 Amounts falling due within one year: Prepayments and accrued income 4,227 1,580 15 Creditors: amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 12,900 97,878 2,642 88,191 110,778 90,833 Included in Accruals and deferred income above are accruals for grants payable of £88,79012024.' £79,837). 13-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestricted funds The unrestricted 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 specific purposes. Balance at 1 April 2024 Incoming Resources Investments Balance at 31 resources expended gainsllosses March 2025 Income Fund Capital Fund Revaluation Reserve 126,245 2,496,761 579.456 139,767 (162,303} 17,199 (28,323} (4,980} 120,908 2,468,438 574,476 3,202.462 139,767 (162,303) (16,104} 3,163,822 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. 14-
KEVICC AWARDS FOUNDATION TRUST (FORMERLY KING EDWARD VI COLLEGE EXHIBITION FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Operating lease commitments Lessor The Foundation owns 6 investment 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.. 2025 2024 Within one year Between two and five years In over five years 2,599 10,396 195,133 26,599 10,396 197,732 208,128 234,727 18 Related party transactions There are no related paty transactions. 15-