Company no. 00599678 Charty no. 311767 Hawkwood College Limited Report and Audited Financial Statements 31 December 2024 AE8EOEZF 06108r2025 COMPANIES HOUSE
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Hawkwood College Limited Reference and admlnlstratlve detalls For the ear ended 31 December 2024 Company number 00599678 Charlty number 311767 Reglstered office and operatlonal address HaWkV0d College Painswick Old Road Stroud Gloucester GL6 7QW Truste08 Truslees, who are also directors under company law, who served during the year and up to the date of this report were as follows: M Attwooll Lord M Bichard. Chair C Durant L Emerson D Harraway L Harris Prof G Henderson R Mortlock E Pathak-sen appointed 22 July 2024 appointed 22 July 2024 resigned 22 July 2024 resigned 22 July 2024 Company secretary A Carey Chlef ox•cutlv• offlcer A Carey Bankérs Lloyds Bank PIC Stroud Gloucestershire GLS 3BD Triodos Bank Deanery Road Bristol BS15AS Independent audltors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD
Hawkwood College Llmited Chalrfs statement For the ear ended 31 December 2024 The Chair presents his statement for the year ended 31 December 2024 Welcome from Michael Bichard, Chalr of Trustees At Hawkwood, our aim is to help build a better future that has at its core the arts and creativty, sustainability and regeneration, and personal well-being. We do that through a range of courses, programmes, events, and the use of our wonderful facIlleS. Hawkwood is. by common consent, a vèry special place. Once again. this year has seen us deliver a dazzling array of activities attracting record numbers of participants, so that in 2024, we delivered our highest ever turnover. And much of the credit for that must go to our brilliant staff and their inspirational leader, Alicia Carey. Together, they do somehow create magic. But, as I said last year, these are tough times for small charities like Hawkwood with costs rising whether for food, energy, the maintenance of the estate, or serrficing the loans which helped us survive the pandemic. So this year has seen us begin the task of developing new income streams, not least from better using our buildings and land, because we know that is the only way to realise our substantial ambitions. HawkvKK)d is already a centre for future thinking in a world which is Crying out for different values and priorities. 8ut our task now 1$ to Continue providing our amazing programmes, courses and events, whi18t at the same time building a sustainable future for this jewel in the Gloucestershire crown. Lord Michael 8ichard - Chair of Trustees
Hawkwood College Limited Report of the trustees For the ear endod 31 December 2024 The Truslees present their report along with the financial statements of the charity for the year ended 31 December 2024. Referen and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January20191. Objectives and actlvltle8 a. Pollcles and objectbves The objects of the Charity are, for the public benefrt, to advance education and arts encouraging people lo develop their full potential within a creative, holistic, social and sustainable envlronment including. but without limrtation, by providing residential accommodation to such people to assist with their development (the "Objects.). b. Strateg1•$ for a¢hlevlng obJ•ctlves In setting objeclives and planning for activities, the Trustees have given due consideration to general guidance published by the Charty Commission relating to public benefit, including the guidance, Public benefit.. running a charity. (PB2>. Please see the review of activrties within 'achievements and perfomance. section on page 4 for further details regarding the activities undertaken to further the charitys purposes for the public benefit. Hawkwood meets its objectives by running educational courses and events, as well as supporting artists to create work. Our objectives are to: Maximise income from our courses with an emphasis on rental- Continue to innovate and improve our Programme., Develop new profitable income streams., Continue to improve the facilities on site when funding Can be raised to do so,. Set up a Philanthropy Committee to support our long-term vision., and Create our 2026-2028 Busine88 Plan and agree our 10-year strategy. c. Actlvltles undertaken to achleve objectives What we have Founded in 1948, Hawkwood is a residential house wth the purpose of supporting education and the arts. The estate occupies 42 acres of land within an Area of Outstanding Natural Beauty {AONBI. Our sustainably managed estate is open, 365 days of the year, for people to come together as a community and connect to nature. Twenty acres are leased to Stroud Community Agriculture, community supported agriculture collective which adopts a sustainable organic approach to land management. Since its founding, Hawkwood and rts land tenants have worked wrth ecological and sustainable land management and husbandry practices using organic and biodynamic methods. What we do We believe creativity, personal development, wellbeing and a connection to the natural world has the power to inspire individuals and society10 shape a sustainable and equitable future.
Hawkwood College Limited Report of the trustees For th• ear ended 31 Docember 2024 Today, HawA<wood has a broad educational course programme in the areas of arts, sustainability, leadership and well being, as well as a vibrant residency programme for artists and those wtth ideas to better society or to protect the planet. Hawkwood courses are open to all adult members of the public, with accommodation for up to 48 participants on site and dining for up to 100. Occasional festivals welcome up to 2.000 visitors. Non residential places on courses are offered for those living locally. Participants come from all over the UK as well as inlemationally. In addition lo educational courses. Hawkwood organises public talks. films and concerts. These are a particular attraction for the local community. HaWkw0d also delivers a nationally recognised Artist Residency Programme which is open to artists of all disciplines and national creative organisations, providing free studio space and board and lodging to support them to creale new wort(. Alongside our educational courses and residencies, we provide a carefully considered programme of events for our wider community about issues important to our time, from food production and other environmental iniliatives to leadership and social responsibilty. Hawkwood makes effective use of its facilities and we aim to provide a supportive environment for charities and businesses to develop their work. We also therefore hire out our facilities., predominantly for education and training, to local authorities. not for proftt and charily sectors who ideally align with Hawkwood's core v81ues and programme. We have articulated our sustainability statement on our websrte, includin9 our recent carbon footprint audit. Achlov•m•nt8 and perfomiance Key performance Indlcatorn Perfomance is managed through a set of KPIS established in the three-year rolling business plan focussing on our objectives, our financial performance, improvements to our place as well as governance and operational performance. Oetailed KPIS are agreed annually and signed off by the Board. Progress is monitod monthly at Senior Management Team Meetings and quarterly at Board meetings. b. Revlew of actlvltlo$ The Hawkwood Programme - A Place to Grow, A Place to Create, A Place for Convevsatlon. A Place to Exploro A Place to Grow: Hawkwood Educational Courses Providing in-person & digital courses and events, Hawkwood provides on-site residential and non- residential courses in the arts, wellbeing. sustainability, future-thinking and transformative leadership. In 2024, we delivered 97 courses, welcomed 861 residential participants and 330 day course participants who engaged with over 90,910 hours of educational content on transfomative leadership, well-being, creativty and regenerative futures. HaWk0d welcomed participants from 27 different countries to take part in various programmes. Further film and educational content is made available via Hawkwood's YouTube Channel. Hawkwood supports students who needed financial assistance to attend our programmes and provides free digital events as well as community events by donation or with low-cost tickets to ensure we remain accessible to all.
Hawkwood College Llmited Report of the trustees For the ear ended 31 December 2024 A Place to Create: The Hawkwood Residency Programrno for Artlst8 Patrons.. Dame Emma Kirkby (Soprano), Simon McBurney {founder Complicite Theatre), Madeleine Bunting (Writer). Supported by The Francis W Reckitt Arts Trust. In 2024, we welcomed 136 artists to take part in the supported residency programme. We have supported an equal gender mix, with a diverse age range from 16 through to 65+ from a wide range of different backgrounds. Devised theatre and music residencies conlinued to prove popular in 2024, but alongside these we committed funds to dancers, poets. visual artists, puppeteefs, rappers and multi disciplinary artists. Our emphasis throughout has t)een on artlsts creating or developing new works during thelr residency. The impacts of the programme include: Artists greatly benefitting from the retreat like atmosphere enabling them to think out of the box, take risks and enhance their creativity., Thé outcomes of some of the residencies have gone on to achieve national signffjicance wrthin the arts vr1d,. The creation of new wotking partnerships previously unconnected organi8ations (i.e., The Royal Court Theatre and Strike a Light)., The creative time and ability to share work wilh an informal and supportive audience has proved beneficial; The programme has brought a new, younger and more diverse generation of creative people to Hawkwood thus enlivening our place., and At the end of several of the residencies we encouraged local audiences to see the works in progress and to offer feedback - this received a good response from artists and audiences alika and provided an interesting infomal programme for our local community as well as a valuable resource for artisls to receive feedback. The full artist residency report and artist blogs may be viewed here.. htt s.'IfvAvw.hawkw e.co.uklartist residen The programme has also attracted artists who wish to create at Hawkwood and who are able to cover the costs of their stay. In 2024, we welcomed 61 self-funded artists in residence. A Place for Conversation: our curated events programme In 2024, we delivered 42 events and welcomed 2,519 people from our local community. In addition, our annual community festival welcomed over 2,000 people to a diverse and inclusive programme including taster workshops, lectures, music, local food, art installations and family activities. International speakers gave talks on climate change and local partners, including Stroud Valley Projects, Walking the Land and Stroud Valley Arts showcased the area's vibrant culiural scene. A'Place to Explorn: Our programme for our local communlty Our Estate In 2024, we welcomed almost 30,000 visitors to the estate including farm visitors. daily walkers, communty members who collect water from our spring and over 4,000 people who visited our sonic woodlands creative sound installation in the Autumn as art of our collaboration with Hidden Notes Festival, Stroud. We continue to wort( with charities such as The Nelson Trust and The Place Outside CIC who deliver their work in our outdoor classroom. In 2024, we welcomed local schools, Stroud Valley Primary School and Uplands Primary School to visit and enjoy our grounds.
Hawkwood College Llmlted Report of the trustees For the ear ended 31 December 2024 Hawkwood as a host organisation In 2024, we welcomed 130 organisations who hired Hawkwood with 1,755 attendees. We welcomed regulars such as The Sutherland Cranlal College of Osteopathy, Friènds of the Earth, The School of Homeopathy and The UK Green Building Council. We continued our relationships with several universities who now regularly hire Hawkwood for their research and writing relreats including the University of Gloucestershire. UWE, Bath Spa. Wiltshire College and The University of Reading. Improvements In 2024, we completed the HavA(wood Haybarn caprtal renovation project so that rt can be used for creative and rural crafts. This project started in 2023. raising £96,000, with the support of the Famiing and Protected Landscapes and Enovert Trust. c. Investment pollcy Thé investment policy is to delegate the management of any Investments to a Financial Expert. At present these investments have nol been of material size but Ihis may alter in the future should sufficient funds become available. Flnanclal review a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The trustees acknowledge that the charity incurred a deficit for the year on unreslricted funds of £49,694 (before transfers) and had net current liabilities of £106,953 at the year end. Although the charity is in a net current liability position of £106,953 at the year end date, this posrtion has arisen largely due to a high level of deferred income, which was £127,998 as at the y8ar end date. The trustees are aware of the situation and are monitoring the finances on a regular basis. including regularly reviewing management accounts and fulure cash flow8. The Trustees have asked the executive to refinance the current Triodos loans which will help alleviate any short terni risk and since the year end, loan financing has been renegotiated to extend the loan term and reduce the interest rates which has improved cash flow. Heads of Temis have been agreed wrth Triodos Bank io refinance our current loan and the new agreement will come into place in September 2025. The charity holds freehold property with a carrying value of £2.6m, some of which could be sold to generate further revenue if required. The lodge, a distinct and disposable capital asset on the estate. valued at c.£350,000 acts as a reserve and could be sold as necessary to ensure Hawkwood continues to meet it charitable ambitions. Since the year end, the charity is also developing new trading activities as well as growing other income streams to improve the financial position. The projected year end 2025 financial posrtion is a Surplus of income over expendrture which will also contribute towards the rebuilding our free reseNes. In light of the strong asset base, and the actions being taken to improve our income generation and profitability, the charitable company continues to adopt the going concem basis in preparing the financial statements.
Hawkwood College Llmlted Report of the trustees For the ear ended 31 December 2024 b. Reserves policy As at 31 December 2024, the total funds of the charity were £2,371,178 {2023: £2,334,952).. This comprised of £45,355 (2024.. £40,490) of restricted funds, £733,808 {2024.. £696,431) of general unrestricted funds and a revaluation reserve of £1,592,015 {2024'. £1,068,031). The reserves policy of the charity is to hold free reserves of belween £329.000 and £658,000 which equates to 1-3mths of normal operating expendrture. The unrestricted general reserves at 31 December 2024 were £743,810. However free reserves. defined as unrestrlcted net current ass8t8. as at 31 December 2024 were in deficrt of £125.206. The aim is to reduce this deficit by refinancing the loans and increasing income. If this cannot be achieved the lodge, a distinct and disposable capital asset on the estate, valued al c.£350,000 acts as a reserve and could be sold as necessary to ensure Havthwood continues lo meet rt charitable ambitions. For the reasons noted above, the charitable company continues to adopt the going concern basis in preparing the financial statements. c. Flnanclal ovorview In 2024, we were successful in delivering our highest ever turnover. The total incomè was £1,342,264 and the total expendrture was £1,316,038. The charity continues to experience financial pressures due to the rising cost of living and the Trustees are reviewing the current Model and a number of new business initiatives are being assessed. These include investing in our buildings to improve our .assets and generating more income through increased bookings, as well as investing in new accommodation options which will generate further income. 2024 was a challenging year with rising energy prices and hospitality costs. However. 2025 is showing a positive turn around with both earned income and fundraiged income. We continue to service our specific covid loan and the Lloyds Bounce Bank Loan. 2024 was a challenging year with rising energy prices and hospitality Costs. Freehold property was revalued as at 31 December 2022. The total value in use of all Ireehold property was £2,500,000,. broken down into buildings of £2,100,000 and land of £400,000. The valuation was carried out by Frowens Estate Agents of 50, London Road, Stroud, Gloucestershire, GLS 2AD. To ensure regular updates to property valuations, revaluations are planned to take place every three years. This periodic revaluation process will help maintain accurate and relevanl property valuations in line with market conditions and changing circumstances. d. Fundraising to support our activities Hawkwood solicits donations digitally and in person. Hawkwood does not engage in any follow up activrty with individual donors unless consent has been given. Hawkwood is a member of the fundraising regulator. No complaints have been made about our fundraising activity. In 2024, we continued to approach individuals, trusts and foundations and organisations to support Hawkwood. The total funds raised via donations and grants received in 2024 were £210,586.
Hawkwood College Limited Report of the trustees For the ear ended 31 December 2024 In 2024 we raised.. The Francis W Reckitt Arts Trust The Francis W Reckitt Arts Trust capital Individual donations May Day Community Festival The Haymans Trust Laura Kinsella Foundation Just Imagine If SCOPS Arts Trust. S4G growlh fund l UWE Enovert Communty Trust. Farming in Protected Landscapes 90,000 4,250 11,815 5,000 10,000 7,000 3,000 15,000 4,000 52,057 e. Prlnclpal fundlng The majority of our incorrie is raised from our education ¢ours8$ (tralning and venuo hire) and Hawkwood acts as a good example of a social enterprise. f. Capltal Caprtal expendrture was restricted to essential needs in 2024 due to our financial pres$ur•. Capital improvements to the f8brie of our buildings are only initiated vthen they are fully funded. General Refurbishment . Haybarn 7,968 54,969 In addition, we spent the following on essential ¢8PIt81 items.. Website Computers 37,406 8,090 In addrtion, we also invested £36,000 in our annual maintenance programme. g. Long-term funding partnerghlp The Francis W Reckitt Arts Trust, who have been supporting the Hawkwood Artist Residency Programme. has confirmed that they are happy to contlnue their 3 year rolling programme of support. h. Financial Planning The focus has been to increase free reserves by sustaining future income. This includes developing partnerships, building our client base, maximising occupancy of Hawkwood and growing our fundraising activities to improve our place and support those less able to afford our courses. Structure, governance and management Constltutlon The Company is registered as a charitable company limrted by guarantee and was Set up by a Memorandurn of Association on 28 February 1958. The Company is constituted under a Memorandum of Association dated 28 February 1958 and is a registered charity number 311767.
Hawkwood College Limited Report of the trustees For the ear ended 31 December 2024 The Articles of Association were amended and adopted by special r8solution on 18th September 2019. b. Methods of appointment or election of Trustees The management of the company is the responsibilty of the Trustees who are elected and co-opted under the terms of the Articles of Association. Trustees serve three year terms, up to a maximum of three terms and are appointed by policies as adopted and approved by the whole Board. c. Organisational structure and deci8ion making pollcles Trustees The Board of Trustees meets quarterly on average, concerning themselves wrth matters of governance including performance reviews, risk, policies,.finance, compliance and future planning. Management Team The Chief Executive is anSrable to the Trustees and is responsible for the delivery of the vision as well as the overall management of Hawkwood. The Chief Executive is supported by a management team Including a Finance Manager, Operations Manager, Programme Manager, Communications Manager. Venue Hire Manager and Estate Manager. The facultyltutors of the HaVW00d course programme are not employees. In 2024, the charity undertook an organisational restructure, resulting in 2 redundancies to make necessary cost savings. There are currently 12 members ol salaried staff, 4 full time and the remainder on part time contracts (FTE 4). The team is supported by a flexible workforce of 35 people. Our Volunteers We were supported with over 185 volunteer people days in 2024. Volunteers generously gave their time to support in our grounds and gardens, for our May Day Festival, with office work, as well as assistance at out events and buildings projects. We also saw an increased interest from commercial businesses who wanted to partner wilh Hawkwood on their volunteer programme$. including Marsh Commercial, Lloyds Bank, Spirax Sarco and Renishaw. Arrangements for settlng the pay and remuneratlon of the charity's key management personnel and any benchmarks or criterla used In setting their pay The remunerations committee has delegated power from the Board of Trustees to detemiine and review the salaries, terms and condrtions (and where appropriate, severance payments) of Ihe holders of senior posts. "Holders of Senior Posts. are the Principal and the Finance Manager. The committee is authorised by the Board of Trustees to seek from intérnal and extemal sources any relevant information required to meet its duties in accordance with the Terms of Reference. Employees of Havthwood are directed to co-operate with any request made by the committee. The CEO proposes pay IncaseS for all other staff which are presented to the Board for approval. d. Policies adopted for tho induction and tralnlng of Trustees These include but are not limited to advertising Trustee positions, an interview ahead of appointment, and clarification of Hawkwood's aims and objectives as well as Trustee responsibilities. New Trustees are also provided with the charity commission guide to good governance and encouraged10 attend training on the role of Trustees. Trustees are also encouraged to meet the team and are given an overview of the programme. the finances and the current risks.
Hawkwood College Limited Report of the trustees For the ear ended 31 December 2024 e. Flnanclal rlsk management The Truslees and management have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the Trust and are satisfied that systems are in place to mitigate our exposure to the major risks. Hawkwood holds 8 risk register and the risk assessments are revievRd annually. Risk assessments are carried out in general health and safety areas, as well as specialised areas, including financial. fire. food handling and asbestos risks. The rinancial risk assessments Consider several important areas, including the risk of insufficient funds to meet future needs, the inappropriate handling of restricted funds, investment, and cancellation and business interruption risks. Hawkwood has very comprehensive insurance cover and recently added cyber attack and recovery and has increased the business interruption cover from 3 years to 4 years. Hawkwood has appointed a competent person to assess all aspects of Health and Safety. f, Plans for future periods A trading company is to be set up to enable further income generation for the charity. A number of business cases will be developed for new business developments that will match our needs in terms of increasing profitable income while delivering on our objectives. The fundraising strategy will be reviewed after monitoring perfomiance and adapted as required. We also plan to set up a Philanthropy committee. We pban lo continue fundraising for capital improvements. The current operating model will be reviewed, and due to rising costs, we will focus our resources on those areas generating a profit as V11 as implementing the plans for new income streams. Members. liability The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of wlnding up. ststement of responslbllltle8 of tho trustees The trustees {who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the Irustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of Ihe charrty and of the income and expenditure of tho charily for that period. In preparin9 Ihose financial stalements the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP- make Judgements and accounting estimates that are reasonable and prudent; state whether applicable UK accounting .standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless It Is Inapproprlaie to presume that the charity will continue in operation. 10
Hawkwood College Limited Report of the trustees For the ear ended 31 December 2024 The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial slatements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infonnation of which the charitable companls auditors are unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that infomiation. The trustees are responsible for the maintenance and integrity of the corporate and financial infomalion Included on the charitable compansls website. Legislation in the Unrted Kingdom governing the preparation and dissemination of financial statements may drffer from legislation in other jurisdlctions. Memb8rs of the charity guarantee to contribute an amount not 8xceedlng £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this enlilles them only to voting rights. The Irustees have no beneficial interest in the charity. Audilors Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity. Approved by the trustees on 21 July 2025 and signed on their behalf by Mickael bickapd Lord M Bichard - Chair of trustees 11
Independent auditors. report To the members of Hawkwood Colle e Limited Oplnion We have audited the financial statements of Hav•*wood College Limrted (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activiiies, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 Decembèr 2024 and of rts incoming resources and application of resources. including rts income and expenditure, for the year then ended. have been properly pPared in accordance wrth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Ba818 for oplnlon We conducled our audit In accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 8 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In audrtin9 the financial statements, we have concluded thal the directors. u3e of the going concern basis of accounting in the preparation of the flnancial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions that, individually or collectively. may cast signrficant doubt on the companls ability to continue as a going concern for a period of at least fvielve months from when the financial statements are authorised for issue. Our responsibllities and the responsibilities of the directors wrth respect to going concern are described in the relevant sections of this report. Other Infomiation The other infomation comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomation and, except to the extent othe1$8 explicilly slated in our report, wa do not express any fom of assurance conclusion thereon. 12
Independent auditors, report To the members of Hawkwood Coll e Limlted In connection with our audit of the financial statements, our responsibilty is to read the other infomiation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in Ihe audit or otherwise appears to be malerially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or material misslaternent of the other information. If, based on the work we have performed, we conclude that there is a rnaterial misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomation given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared 1$ consistent with the financial statements; and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch w• are requlred to report by exceptlon In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit. we have not identified material misstatements in the directors, report included within the trustees, report. We have nothlng to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, In our opinion.. adequate accounting records have nol been kept or retums adequate for our audit have not been received from branches not Visiied by us; or the financial statemenls are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbllltles of the trusto88 As explained more fully in the trustees, responsibilities statemenl set out in the trustees, report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the pparatIOn of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and usin9 the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 13
Independent auditors. report To the members of Hawkwood Colle e Llmited Our responslbllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below.. (1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance. (2) We reviewed the charity'5 policies and procedures in relation to.. Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance., Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud., and Designing and implementing intemal controls to mitigalg the risk of non-compliance with laws and regulations, including fraud. (3) We inspected the minutes of trustee meetings. (4) We enquired about any non-routine communication with regulators and reviewed any reports made to them. (5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations. (6) We performed analytical produreS to identfy any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. (7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included: Testing the appropriateness ofjournal entries., Assessing judgements and accounting estimates for potential bias,. Reviewing related party transactions- and Testing transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit. there is a risk that we wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-complian with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 14
Independent auditors. report To the members of Hawkwood Colle e Llmlted A further description of our responsibilities for the audit of the financial stalefftents is located on the Financial Reporting Council's website at.. wMv.frc.org.uklauditorsresponsibilrties. This description forms part of our auditor's report. Use of our report This report is made solely to the charws members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we afe required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charrtws members as a body, for our audit work, for this report, or for the opinions we have formed. 92afr&y Date.. 21 July 2025 Allson Godfrey FCA Isenlor Statutory Audltor) For and on behaw of.. GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 45
Hawkwood College Limited Statement of financial actlvltles (IncoOratIng an income and expendituTr account) For the ear ended 31 December 2024 2024 Total 2023 Total Restricted Unrestricted Note Income from; Donations Charrtable activities Other trading activities Investments 6,000 169,305 20.279 26,279 1,056,915 1.226,220 88,983 88.983 782 782 38,948 1,124,398 66,831 1,874 Totsl Income 175 305 1,166 959 1342 264 1232 051 Expendlture on: Raising funds FundTrising Other venue hi Charitable activities 102,214 114,767 999 671 102,214 114,767 1099 056 46,314 107,458 1,127,754 99,385 Total expendlturn 99.385 1216,653 1316.038 1281526 N•t Income I lexpendlture) 75.920 (49.694) 26.226 (49,475) Transfers between fund8 N•t mov•m8nt In funds 4,865 21,361 26,226 (49,475) Reconciliation of funds: Total funds brought forward 40,490 2,304 462 2 344 952 2,394 427 Total funds carriod forward 45,355 2,325,823 2,371,178 2,344,952 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those slated above. Movements in funds are disclosed in note 19 to the accounts. 16
Hawkwood College Limited Balance sheet As at 31 December 2024 2024 2023 Note Foxed assets Tangible assets Intangible assels 2,645,971 2,619,740 37,406 12 2,683,377 2,619,740 Current assets Stock Debtors Cash at bank and in hand 13 14 5,841 97,347 4,514 98,514 163,289 197.896 Llabllltles Creditors.. amounts falling due within 1 year 15 270,242 223,715 Net ¢urr•nt assets l {Ilabllltl88) 106 953 Total assets less current Ilabllltles 2,676,424 2,593,921 Creditors.. amounts falling due after 1 year 16 205 246 248 969 Net assets 18 2,371,178 2,344,952 Funds Restricted funds Unrestricted funds General funds Revalualion reserve 19 45,355 40,490 733,808 696,431 1.592.015 1608 031 Total charity funds 2 371 178 2 344 952 The directors acknowledge their responsibilities for.. (i) ensuring that the Company keeps proper accounting records vthich comply with section 386 of the Act: and (li) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profrt or loss for the financial year in accordance with the requirements of section 393, and'which otheiSe comply wilh the r8quirernents of the Act relating to financial statements, so far as applicable to the Gompany. These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies, regime. Approved by the trustees on 21 July 2025 and signed on their behaff by Lord M Bichard - Chair of trustees 17
Hawkwood College Limited Statement of cash flows For the ear ended 31 December 2024 2024 2023 Cash used In operating activities: Net movement in funds 26,226 (49,475) Adjustments for.. Depreciation charges Amortisation charges Dividends. interest and rents from investments Increase in stock Increase l (decrease) in debtors Increase in creditors 48,268 45,301 540 (1,874) (1,714) (8,980) 15,571 (782) (1,327) 1,167 Net cash provided by l (used in) operatlng actlvltles 116,735 631 Cash flow8 from Investing actlvltl88: Dividends. interest and rents from investments Purchase of tangible fixed assets Purchase of inlangible assets 782 1,874 (74,499) (77.911) 37.406 Net cash used In investing activities 111,123 76.037 Cash flows from flnanclng actlvltles: Repayment of borrowing 40,379 29,618 Net cash used In flnanclng •ctlvltles 29,618 Decrease in cash and cash equivalents In the year 134,767) (106,286) Cash and cash equlvalents at the beginning of the year 94.868 201,154 Cash and cash equlval•nt8 at th• and of tho year 60,101 94,868 Analysis of net changes in debt are given in note 20. 18
Hawkwood College Limited Notes to the financlal statements For the ear ended 31 December 2024 Accounting policles a) General information and basls of preparation Hawkwood College Ltd is a charitable company limited by guarantee registered In England and Wales. The registered office address Hawkwood College. Painswick Old Road, Stroud, Gloucester. GL6 7QW. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> (effective 1 January 2019) - (Charities SORP {FRS 102)), the Financial Reporting siandard applicabla in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Hawkwood College Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histortcal cost or transaction value unless otherwise stated in the relevant accounting policy note. b) Going concern basls of accountlng The charity incurred a deficit for the year on unrestricted funds of £49,694 before transfers and had net currenl liabilities of £106,953 at the year end. Although the charity is in a net current liability position of £106,953 at the year end date, this position has arisen largely due to a high level of deferred income. The truslees are aware of the situation and are monitoring the finances on a regular basis. Since the year end, loan financing has been renegolialed to exiend the loan term and reduce the interest rates which has improved cash flow. The charity is also developing new trading activrties as well as growing other income streams to improve the financial position. The charity holds freehold propety wilh a carying value of £2.6m, some of which could tse sold to generate further revenue rf required. In light of the strong asset base and the actions being taken to improve income generation and profrtability, thè charlty has continued to adopt the going concern basis in preparing its financial statements. c) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met. it is probable ihat the income will be received and the amount can be measured lIablY. Income from the government and other grants. whether 'capital' grants or 'revenue' granls, is recognised when the charity has entitlement to the funds, any performance condrtions attached to the grants have been met, rt is probable that the income will be received and the amount can be measured reliably arnd is not deferred. For legacies, entitlement is taken as the earfier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made. or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of Ihe executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognrtion have not been met, then the legacy is treated as a contingent asset and disclosed if material. 19
Hawkwood College Limited Notes to the financial statements For the ear ended 31 December 2024 Accountlng policies Icontlnued) c) Income {continuedl Income received in advance of provision of room rental or courses are deferred until criteria for income recognition are met. d) Donated services and facilitles Donated professional services and donated facilities are recognised as income when the charity has control over the item. any conditlons associated with the donated item have been mel, the receipt of economic benefit from the use by the charity of the item. is probable and the economic benefit can be measured reliably. In accordance with the Chartties SORP (FRS 102), general volunteer time is not recognised. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- corresponding amount is then recognised in expendlture in the period of receipt. e> Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of the interest paid or payable by the bank. fl Funds accountlng Unrestricted funds are available to spend on activities that further any of the Purposes of the charity. Designated funds are unrestricted funds of the charity which the Iruslees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitys work or for specrfic projects being undertaken by the charity. g> Expenditur• and Irrocoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activty for which the expendrture was incurred. h> Allocation of Support and governance costs Support costs are those functions that assist the work of the chanty bul do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity's activities. 'These costs have been allocated between cost of raising funds. other venue hire and expenditure on charitable activities based on the proportion of costs in each activity as follovrfs.. 2024 2023 Raising funds Other venue hire Charitable activities 7.80 8.7°A 83.510 3.6• 8.40 88.0Y. 20
Hawkwood College Limited Notes to the financial statements For the ear ended 31 December 2024 Accounting policies (continued) l) Tanglble flxed assets Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful lrfe. The depreciation rates in use are as follows- Freehold buildings Freehold land Fixtures and fittings Plant & machinery 50 years straight line with a 30 /0 residual value Not depreciated 10 years straight line 5 years straight line Items of equipment are caprtalised where the purchase price exceeds £750. The charity has adopted the revaluation model to revalue its freehold property. The revaluations shall be made with sulTicient regularity to ensure that the carrying amount does not differ materially from that which would be determined using the fair value at the end of the reporting period. To ensure regular updates to property valuations, revaluations are planned to lake place every three years. The fair value of the land and buildings is usually determined from market based evidence by appraisal by a professionally qualified valuer. Revaluation gains and losses are recognised in other comprehensive income and accumulate in the revaluation reserve. j) Intangible fixed assets Intangible fixed assets are amortisèd at rates calculated lo write off the assets on a straight line basis over their estimated useful economic lives. Impairment of irttangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable. Amortisation is provided at the following rales.. Website and software 5 years straight line k) Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised al fair value whtch is the amount the charily would have been willing to pay for the Items on the open market. l) Debtors Trade and other debtors are recognised at the settlement amount due after any trade dI$unt offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. m) Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. n) Credltors Creditors and provisions are recognised where the charity has a present obligalion resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally retognised at their settlement amount after allowing for any trade discounts due. 21
Hawkwood College Limited Notes to the flnanclal statements For the ear ended 31 December 2024 Accounting policies (continued) o) Financial instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method. p) Penslon costs The company operates a defined contribution pension scheme for it8 employe88. There are no further liabililies other than that already recognised in the SOFA. q) Forelgn currency transactlons Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange, prevailing at the year end. r) Accounting estlmates and key Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the eslimale is revised if the revision affects only that period, or in the period of the revision and future periods rf the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts fecognised in the financial statements are are described below. Valuatlon of freehold property As described in accounting policy 1 (i), the freehold property is stated at its market value as at 31 December 2022. as determined by a professional valuer. Frowens Estate Agents. The valuer used the existing use value as the basis for the valuation of the freehold propety. Frowens Eslate Agents are independent and suitably qualified, having recent, relevant experience in valuing properties wrthin the same location and category. Nonetheless the property valuation represents an accounting estimate and the actual value may drffer. Depreclatlon As described in accounting policy 1 (i), depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Management have exercised judgement when apportioning the freehold property value bemieen land and buildings. Judgement has a150 been appliod when delermining the residual value of assets and their useful economic lives. 22
Hawkwood College Limited Notes to the financial statements For the ear ended 31 December 2024 Prlor perfod comparatlve8: Statement of financlal activltles 2023 Total Restricted Unrestricted Income from: Donations Charitable activities Other trading activities Investments 38,948 38,948 976.902 1,124,398 66,831 66,831 147,496 Total Income 147.496 1084 555 1232 051 Expenditure on: Raising funds Fundraising Other venue hir& Charitable activilies 46,314 46,314 107,458 107,458 999,264 1127,754 128,490 Total expenditur• 128490 1153 036 1281 526 Net Income l (•xpendlture) 19,006 168,481) (49,475) Transfers belween funds Not movom•nt In funds 27,490 21,985 49,475 Income from donatlons 2024 Total 2023 Total Restricted Unrestricted Donations 20 279 All income from donations was unrestricted in tha prior year. 23
Hawkwood College Limiled Notes to the financial ststements For the ear ended 31 December 2024 4. Income from charitable activities 2024 Total Restricted Unrestricted Course income Grants Residencies 1.021,615 1,021,615 15.000 184,305 20.300 20.300 169,305 Totsl Income from charitable acllvitl•$ 169,305 1.056,915 1.226,220 Prlor perlod cornparative: 2023 Total Restricted Unrestricted Course income Grants 976,902 976,902 147,496 147,496 Total income from charitable activities 147 496 976,902 1.124,398 Income from other tradlng actlvltles 2024 Total 2023 Total Board and room hire Renlal income Other trading income 28,186 49,607 11,190 22,845 33,172 10,814 Total Income from other tradlng activitles 88,983 66,831 All income from other trading activrties was unrestricted in the curnt and prior year. 6. Government grants The charitable company receives government grants. defined as funding from Famiing in Protected Landscapes (DEFRA) 12023.. Famiing in Protected Landscapes (DEFRA)) to fund haritable activities. The total value of such grants in the period ending 31 December 2024 was £52,056 {2023.. £6,496). There are no unfulfilled conditions or Gontingencies attaching to these grants in either year. 24
Hawkwood Coll•g• Llmlt•d Not• io th• flnncS1l #t•t•rn•nts For the •ar gnde 7. Tot•1 •xp•ndiiur• Co8t8 of rai$ing lund8'. Fundfai%ng Co$1$ of raising fund5'. Oth•r venue hire Ch•ril4bl& 8ctwiti•8 Support and governan costs 2024 Totsl Staff coils Inoi• 91 Couw expon$e$ Household expensei Administratn expense$ Prolossional fe•s Food provi8n9 IT co$t$ Repairs 8nd maintgn¥nco Finance co$1$ Hèat, lighl and wster Rates and insuran Accounlaney l••i Depreciation 74,249 64.882 395.667 185,150 18,123 181.908 716,706 186.160 19.671 12,903 5.928 107.326 38.038 47.338 30.944 02,234 42,936 8.600 1.548 12.903 S.928 8,445 98,880 38.038 3.725 43,811 30,944 4.110 865 48.124 10,128 31,942 8.600 Sub40tal 74,249 83,575 799,683 358,531 1,318,038 Allo¢alion of 8UPPOrt gnd gov•manc• eoiti 299 373 358 531 Tot•1 •xp•ndltur• 102 214 114 767 1099 056 1316 038 Total go¥•rnance costs w•r? £8,50012023.' £8.1001, 25
HawkvA)od Coll8g• Llmlted Notm tolh• flnan¢l•l •t•tsm•nt• For tho oar •nd8d 31 Dec 24 7. Total •xp•ndltur• C1 ol r8rding funds". Fundrgi$ing Costs of rai$ing lund8". Olher venu? hire CharitAble Support and governance ¢oJt$ Prfor p•rlod comp•ratlv• 2023 Total StAff eo$ti Inol• 91 Other projects Course expense5 Household expens•s Administrat oxpèni•i Prof•88ion81 fee• Food provision* IT ¢08tg Rgpaif8 and MOIntanCe Finance c0518 Heat, Ih¢ and water Rates and insur8nce Accouniancy lees Depraci4lion 33.069 80,053 394,307 14,622 1S2.569 15.528 179,648 e67,077 14,622 1S2.569 16.590 9,180 13,649 111,468 47.142 30.293 33.659 91,312 40.035 8,629 9,180 13,649 7,137 104.331 47,142 28,353 33.659 5,847 689 85,465 10,072 29.274 8,629 Sub40ts1 33,C69 78,728 805,247 386.482 1,281,526 AllocatioTh of oupport and 9ovem?nce ¢tI 1324S 322 S07 366 482 Tot•1 •xp•ndllur• 107458 1 127 704 1281 S26 26
Hawkwood College Limited Notes to the financial statements For the ear ended 310ecember 2024 ' 8. Net movement in funds This is stated after charging: 2024 2023 Depreciation Amortisation Trustees, remuneration Trustees. reimbursed expenses Auditors, remuneration.. Statutory audli and accounts preparation (excluding VAT) 48.268 45,301 540 865 582 8,600 8,100 Trustees reimbursed expenses relate to travel costs for 3 trustees (2023.. travel for 3 trustees). In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements. 9. Staff costs and number8 Staff costs were as follows.. 2024 2023 Salaries and wages Social security costs Pension costs 668.866 37,359 10,481 620,220 37,762 716,706 667,077 Included in salaries and wages are redundancy and termination costs totalling £4,879. comprising solely of statutory redundancy payments. Redundancy and temiinalion costs have been funded from unrestricled general funds. No employees eamed over £60,000 in the current or prior year. The key management personnel of the charitable company comprise the Trustees and Chief Executive Officer. The total employee benefrts of the key management personnel were £68,250 (2023: £65,003). 2024 No. 2023 No. Average head count 44.00 40.00 10. Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 27
Hawkwood College Limited Notes to the financial statements For the ear ended 31 December 2024 11. Tanglble flxed assets Freehold property Plant and Flxtures and machinery fittings Total Cost or valuatlon At 1 January 2024 Addition5 in year 2,559,910 44,170 8,090 243,277 2,847,357 At 31 December 2024 2 622,847 52.260 246 749 2 921.856 Depreciation At 1 January 2024 Charge for the year 27,839 28.720 36,770 2,460 163,008 227.617 At 31 December 2024 56,559 275 886 Net book value At 31 December 2024 2,566,288 13,030 66.653 2.645,971 At 31 December 2023 2,532,071 7,400 80,269 2,619,740 Freehold property included in tangiblé fixed assets was last revalued as at 31 December 2022. The total value in use of all freehold propety was £2,500,OOO', broken down into buildings of £2,100,000 and land of £400,000. The valuation was carried out by Frownes Estate Agents of 50 London Road, Stroud, Gloucestershire, GL5 2AD. At 31 December 2024, the comparable amounts of freehold property included in tangible fixed assets at valuation, detemined according to historical cost accounting rules, are cost £998,800 and net book value £775.621 (2023: cost £935,862 and net book value £726,663). 12. Intanglble flx•d assets Webslte Cost At 1 January 2024 Addrtions in year At 31 December 2024 37,406 Amortisatlon At 1 January 2024 and at 31 December 2024 Net book value At 31 December 2024 37,406 At 31 December 2023 28
Hawkwood College Limlted Notes to the financial statements For the ear ended 31 December 2024 13. Stock 2024 2023 Food and merchandise 5,841 4.514 14. Debtors 2024 2023 Trade debtors Prepayments Accrued income 89,883 6,947 517 87,602 4,915 5,997 98,514 15. Credltors . amounts due within 1 year 2024 2023 Trade credrtor8 Accruals Bank loans VAT Other creditors Other taxation and social security Deferred income (see note 17) 35,067 17,880 38,792 31,325 3,708 15,472 127,998 13,806 8,100 35,448 23,480 1,868 13,718 127,295 270 242 223,715 16. Crodltors . amounts due after 1 year 2024 2023 8ank loans 205,246 248,989 In March 2019, Hawkwood College Limited agreed loan finance for £50,000 from the Triodos Bank. It is repayable over 10 years at an interest rate of 4.890/0. secured via a fixed charge over freehold propety at Old Painswick Road. In April 2020, HaWk0d College Limited agreed loan finance for £250.000 from the Triodos Bank. It is repayable over 10 years at an interest rale of 4.5°A + base rate, secured via a fixed charge over freehold property at Old Painswick Road. In July 2020, Hawkwood College Limited agreed loan finance for £50.000 from the Lloyds Bank. It is repayable over 5 years at an interest rate of 2.50h, secured via a fixed charge over freehold property at Old Painswick Road. 29
Hawkwood College Limited Notes to the financlal statements For the ear ended 31 December 2024 17. Deferred income 2024 2023 At 1 January 2024 Deferred during the year Released during the year 127,295 108,189 107486 101,006 99,563 73,274 At 310ecember 2024 127,998 127,295 Deferred income relates to course, venue hire and room hire income received in advance of the delivery of the service. 18. Analysls of net assets between funds Restricted funds General Revaluation funds reserve Total fund8 Tangible fixed assets Intangible assets Current assets Current liabilities Non current liabilities 27,102 1,026,854 37.406 145,036 (270,242) 205,246 1,592.015 2,645,971 37,406 163,289 (270,242) 205,246 18,253 Net assets at 31 December 2024 45,355 733,808 1 $92,015 2,371,178 Prlor parlod comparatlve Restricted funds General Revaluation funds reserve Total funds Tangible fixed assets Current assets Current liabilities Non current liabilities 30,490 10,000 981,219 187,896 (223.715) 248.969 1,608,031 2,619.740 197.896 (223,715) 248,969 Net asset8 at 31 Decembor 2023 40,490 696,431 1,608,031 2,344,952 30
Hawkwood College Llmited Notes to the financial statements For the ear ended 31 December 2024 19. Movements In fund$ At1 January 2024 Transfers beeen funds At31 December 2024 Income Expendituré Restricted funds FW Reckitt Arts Trust donated assels Reckiits Art Residency Reckitts Art Renovation Just Imagine If Scale Up 4 Growth l UWE Farming In Protected Landscape$ scops Individual donor Enovert Community Trust 30,490 (3,388) (90,000) 27,102 90,000 4,250 7,000 15,000 4,250 1,003 {5,997) (15,000) 52,055 3,000 (52,055) 3,000 10,000 10,000 4,000 4,000 Total re8trlctsd funds 99,385 Unrestricted funds Revaluation reserves General funds 1,608.031 696,431 (16,016) 87,071 1,592,015 733,808 1.166,959 1,216,653 Total unrastrlct•d funds 2,304,462 1,166,959 1,216,653 71.055 2,325,823 Total funds 2,344,952 1,316 038 2 371 178 31
Hawkwood College Limited Notes to the financial statements For the ear ended 31 December 2024 19. Movements in funds (continued Purposes of restricted funds FW Reckitt Arts Trust donated assets This fund represents furniture and paintings donated to the charty. Reckitts Art Residency The fund was generously supported by The Francis W Reckitt Arts Trusl to support the guests staying at Hawkwood includin9 the artists on the residency programme. Reckitts Art Renovations Funding towards a new bathroom renovations. Just Imagine If Funding for the Imagine If conference, and to facilitate changemaking in healthcare. Scale Up 4 Growth l UWE Funding to develop a new sales and marketing strategy, establish IT integrations and purchase IT equipment. Farming In Proiected Landscapes This was funding via The Cotswold AONB for the Famiing In Protected Landscape funding to support the refurbishment ol the Slroud Communily Agricullure Vegetable collection point and Hay Barn. scops Funding to support the flourish project. Individual donor Funding towards a new bathroom, Enovert Community Trust Funding towards the repair and refurbishment of the grade 2 listed haybarn. Transfer¥ Transfers beeen funds represent the purchase of capttal items with restricted funding. When the restricted assel has been purchased this reslriction is deemed to have been removed thus has been transferred to general reserves. In the prior year the trustees opted to transfer the designated CRF fund to general reserves. 32
Hawkwood College Limited Notes to the financial statements For the ear ended 31 December 2024 19. Movements In funds (contlnued) Prlor perlod comparatlve At1 January 2023 At31 December 2023 Transfers and gains Income Expenditure Restrfcled funds FW Reckrtt Arts Trust donated assets Reckitts Art Residency National Lottery Grant Sigrid Rausing Langlree Trust Farming In Protected Landscapes British Council Project Individual donor Enovert Community Trust Create Gloucestershire.. Create Health Programmo 33.878 {3,388) (90,000) (10,000) 30,490 90,000 10.000 300 (300) 6,496 (6,496) 23.802 (23,802) 10,000 40,000 10,000 (40,000) Total restricted funds 67,980 128490 46,496 40.490 Unrestrlcted funds Designated funds.. CRF - roopgning and improvement fund Property maintenance fund 100,000 24,000 (100,000) 24 000 Tolal design8ted lunds 124 000 24,000 100 000 Revaluation reserve General funds 1,624.048 578 399 (16,017) 162 513 1,608,031 696 431 1,129 036 1,084,555 L Total unrestrlcted funds 2 326 447 1,084,555 1,153,036 2 304 462 Total funds 2 394 427 1281 $26 1232051 L 2 344 952 33
Hawkwood College Limited Notes to the flnancial statements For the ear end•d 31 December 2024 20. Analysis of changes in net debt At1 Other non- At31 January cash December 2024 Cash flows movements 2024 Cash 94,868 34,767 60.101 Loans falling due within 1 year Loarbs falling due after 1 year 35,448 (35.448) 38,792 38,792 40,379 3,344 248.969 205.246 Total 21. Related party transactlons R Mortlock, a trustee until July 2024, is also a trustee of The Soil Association Land Trust. During the year the charity made sales of £8,246 with The Soil Association Land Trust (2023.. £8,748). Lord M Bichard, a trustee, is the Chancellor of The Universty of Gloucestershire. During the year the charity made sales of £1,140 viith The University of Gloucestershire (2023.. £3,135). I Palhak-sen, son of E Pathak-serl, a tfU$tee, was employed by the charity and received remuneration of £1,417 (2023.. £2,587). A Carey, son of A Carey, CEO, was employed by the charity and received remuneration of £676 (2023.. £nil}. J Carey, husband of A Carey, CEO, was paid for work carried out on behalf of the charity in the year amounting to £1,351 (2023.. £5,027>. During the year the trustees, in aggregate. made donations of £290 {2023.' £900). All transactions were carried out at amis length and there were no amounts outstanding at year end.