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 reSoUr￿s.
In setting their objectives and planning the Foundation's activities. the Trustees have given care￿1 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 in￿ptiOn.

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 Charte￿d 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 incu￿ed.
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-