Company no. 00599678
Charty no. 311767
Hawkwood College Limited
Report and Audited Financial Statements
31 December 2024
*AE8EOEZF*
06108r2025
COMPANIES HOUSE
#280

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
HaWkV￿0d 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 facIl￿leS. 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.
HaWkw￿0d 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 monito￿d 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. HaWk￿￿0d 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 v￿r1d,.
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 anS￿￿rable 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 HaV￿W00d 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 Inc￿aseS 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 V￿11 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 p￿Pared 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
othe￿1$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
p￿paratIOn 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 pro￿dureS 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 (Inco￿OratIng 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 othe￿iSe 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 cur￿nt 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• fln*ncS1l #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
Administrat￿n expense$
Prolossional fe•s
Food provi8￿n9
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•
C￿1 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 MOInt￿anCe
Finance c0518
Heat, I￿h¢ 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, HaWk￿￿0d 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
be￿een
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 be￿een 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.