## THE DEVON EDUCATIONAL TRUST
## Trustees’ Report & Accounts
Period 1 January 2021 to 31 December 2021
## THE DEVON EDUCATIONAL TRUST
Trustees’ Report & Accounts
Period 1 January 2021 to 31 December 2021
|Contents|Page|
|---|---|
|Legal and Administrative Details|1|
|Trustees’ Report|2|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes and Accounting Policies|9|
**The Devon Educational Trust**
## **LEGAL AND ADMINISTRATIVE DETAILS**
Period 1 January 2021 to 31 December 2021
## **STATUS**
The Devon Educational Trust is a charity established on 10[th] November 1988. It is registered with the Charity Commission as a Charitable Incorporated Organisation under reference number 1157674.
## **LIST OF TRUSTEES**
_**Trustee Appointing Body**_ Mrs J A E Cook Co-opted Vice-chair 2021 Mrs P Freeman University of Exeter Ms S Randall Johnson Devon County Mr K Turner Co-opted Chair 2021 Mr R Peart Devon County Mr M Wharf Co-opted
## **APPOINTMENT OF TRUSTEES**
Three of the Trustees are nominated, two by Devon County Council and one by the University of Exeter.
## **PRINCIPAL ADDRESS**
The Clerk to the Trustees, Devon Educational Trust, P. O. Box 86, Teignmouth, TQ14 8ZT
## **BANKERS**
CAF Bank Ltd., 25 Kings Hill Avenue, Kings Hill, West Malling, ME19 4JQ
## **INDEPENDENT EXAMINER**
Mr J Foxwell, FCCA, FCIE, 39, Enfield Road Poole Dorset, BH15 3LJ
## **SOLICITOR**
Bond Pearce, Solicitors, Darwin House, Southernhay Gardens, Southernhay East, Exeter, EX1 1LA
Page 1
**The Devon Educational Trust**
## **TRUSTEES’ REPORT**
Period 1 January 2021 to 31 December 2021
## _**Introduction**_
- This report of The Devon Educational Trust covers the period from 1[st] January to 31[st] December 2021. The trust applied to, and was registered by, the Charity Commission as a Charitable Incorporated Organisation (Registration No 1157674) with effect from 1[st] July 2014 having previously been a charitable trust with the Registration No 220921. This report gives full details of the Trust, its membership, objects and activities.
## _**The Trustees have agreed the following policy with regard to the award of grant:**_
Applications to the Trust
- Applications are invited from, or on behalf of, young people under the age of 25 whose normal place of residence is Devon. Applicants are required to complete an application form fully and provide a supporting letter. Two referees will normally be approached for letters of support for each applicant.
Grants are made as a donation to:-
- i) those who are in need of financial assistance for the payment of outfit allowances, fees or traveling or maintenance expenses for approved projects, or when preparing for or entering upon a profession, trade, occupation or service to enable them to earn a living;
- ii) those who are in need of assistance with their education (including social and physical training);
- iii) assist with the study of art, music and literature;
- iv) provide relief and assist with the education of those who are emotionally disturbed, ill, neglected or otherwise in need of care or for the benefit of voluntary homes or special schools;
- v) assist any voluntary charitable organization for the promotion of education or improvement in conditions of life.
- Assistance for those embarking on a second or higher degree course is normally not given. In some cases the Trustees may make a small grant to assist with living costs or the purchase of books, equipment, etc. No assistance is available for the payment of University fees.
- Only in exceptional cases can the Trustees consider paying school or boarding fees. Applications can be made towards the purchase of school uniform, travel, etc. providing proof is shown that the fees have been raised before the application is made.
- When making the award the trustees request the receipt of a report within twelve months from the applicant stating how the grant has been of assistance.
Page 2
**The Devon Educational Trust**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**Public Benefit**_
The trustees normally meet three times a year to consider applications from individuals and organizations. During 2021, because of the Coronavirus pandemic, the Trustees did not meet and applications and reports were sent by post for trustees to consider. Benefit takes the form of financial support for any of the criteria set out in the trust’s aims as shown in sections i to v on the preceding page
- Applications to the trust may come from any one of a number of sources, both local and national. The trust has its own website and references to it also appear on various other websites i.e. the Devon County Council educational website, and in various educational publications relating to student funding. Some applications result from referrals by universities, colleges, and schools. All applications to the trust are free of charge. In some instances where applications are inappropriate to this trust they may be referred to other local educational trusts for their consideration.
## _**Contracts with Central or Local Government**_
The trust has no contracts with either Central or Local Government
## _**Staff payment policy**_
The trust has only one part time clerk who is paid on an hourly basis, the level of remuneration usually being reviewed annually
## _**Review of financial controls**_
Financial policies were reviewed by the trustees during November 2021
## _**In**_ v _**estment Policy 2021- 2026**_
- There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees for a period of five years and takes account of the valuation of the investments compared with the original sum invested plus inflation, the demand for funds and the quality of the applications for financial support.
- The trustees consider that all investments should be of low or medium risk with a view to ensuring that the capital appreciation of the fund exceeds inflation over the five year period.
- The Trustees have reaffirmed their policy that funds must be invested with the aim of protecting income and giving capital growth.
The Trustees have also reaffirmed the following:-
## _**Reserves Policy**_
- The trustees considered the policy regarding the level of reserves which the trust should hold. The Trust has no assets other than its investments and the annual level of expenditure is geared to the amount of income received from those investments. Therefore the trustees have concluded that the Trust does not need to hold any funds in reserve.
## _**Risk policy**_
- The Trustees also assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to those risks.
Page 3
**The Devon Educational Trust**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**Summary of the Trusts Activities**_
At their ‘meetings’ during 2021 the Trustees considered 52 applications, the number being much lower than usual due to the pandemic.
- A total of 45 grants were made to individuals and 4 grants to groups. The average grant made was £466. The smallest amount awarded was £130 and the highest award was £1,000
The Trustees gave financial assistance to applicants embarking on a wide variety of activities. They also supported applications from young people with specific learning difficulties by assisting with the cost of one-to-one specialist tuition and, for those who are visually impaired, by the provision of computer equipment and software.
## **Below are extracts from reports received from successful applicants:-**
I am very grateful for the money awarded to me and with your help I was able to buy a decent laptop for my studies. This has proved crucial in this pandemic as the majority of my teaching has been online and without this valuable asset my education would have been severely affected. I cannot thank you enough for your generosity.
Without a doubt, this bursary will play a key role in achieving my educational dreams. Because of your generosity, the financial burden placed on me to pursue my education will be reduced. That means I can spend more time on my studies, research and extracurricular activities and less time worrying about my finances.
I have completed my Level 1 and 2 LTA Tennis Coaching courses and am now using the teaching I received in my work as a coaching assistant. I hope to gain some experience working abroad in a club in Barcelona this summer as I continue to develop my skills as a performance tennis coach.
Thanks to you I could afford the fees for my dance classes. These classes were vital to my development as a dancer and performer and the standard of teaching I experienced was to a professional level. As a result I have received numerous offers from universities to study the Arts at University in 2022 as well as producing and choreographing a short dance film of my own. I truly cannot thank you enough for providing me with the funds that granted me a connection with the performing community during such a horribly lonely period of everyone’s lives.
## _**Trust Administration**_
Mrs Matthews’ employment continues but any decision on a pay award is deferred until the trustees next meet in person.
## _**Trustees’ Expenses**_
During the year no claims for expenses were received.
Page 4
**The Devon Educational Trust**
## **TRUSTEES’ REPORT (CONTINUED)**
## _**Trust Funding**_
The Trust does not receive any finance from outside sources, individuals or companies and its income derives solely from the dividends received from its investments, interest on its working capital and occasional donations.
## _**Compliance with the Charity’s Governing Document and Current Statutory Requirements**_
The financial statements have been prepared in accordance with the governing documents of the Charity and with current statutory requirements
## _Statement of Trustees’ responsibilities_
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which
- i) Disclose with reasonable accuracy the financial position of the charity
- ii) Enables them to ascertain the financial position of the charity and,
- iii) Enables them to ensure that the financial statements comply with applicable law regulations and its Constitution.
They 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.
Approved by the Trustees on 1st March 2022
……………………….…………………..
Trustee
…………………………………………..
Trustee
Page 5
**The Devon Educational Trust**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE DEVON EDUCATIONAL TRUST**
I report to the trustees on my examination of the financial statements of the charity for the period 1[st] January to 31st December 2021.
## **Responsibilities and basis of report**
As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr J Foxwell FCCA, FCIE 39, Enfield Road Poole BH15 3LJ
Date:
Page 6
## **The Devon Educational Trust**
## **Statement of Financial Activities**
|For the period 1 January to 31 December 2021
**Income from:**
Investments:
Dividends received
Bank interest received
Donations
Total income
**Expenditure on:**
Charitable activities:
Charitable grants
Independent examination fee
Administration including expenses
Total resources expended
Realised and unrealised gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**||**2021**
**£**
**41,856**
**1**
**70**
**41,927**
**20,296**
**225**
**4,945**
**25,466**
**81,703**
**98,164 **
**1,338,553**
**1,436,717**|2020
**£**
43,324
8
554|
|---|---|---|---|
||||43,886|
||||15,413
240
6,082|
||||21,735|
||||-57,594|
||||-35,443|
||||1,373,996|
||||1,338,553|
## The Trust’s results derive from continuing activities.
The notes on pages 9, 10 & 11 form part of these accounts.
Page 7
## **The Devon Educational Trust**
## **Balance Sheet**
|As at 31 December 2021
**Fixed Assets**
Investments
**Current Assets**
Cash at bank
Deposit account
Debtors
Creditor paid in advance
**Liabilities**
Creditors: Amounts falling due within one year
Grants payable
Examination fee
Clerical services
**Net current assets**
**Net assets**
**The funds of the charity:**
**Unrestricted funds**|**2021**
**£**
**1,415,556**
**-2,732**
**14,591**
**11,129**
**22,988 **
**1,302**
**235**
**290**
**1,827**
**21,161**
**1,436,717**
**1,436,717**||2020
**£**
1,308,853
686
21,490
10,925
33,101
2,690
240
471|
|---|---|---|---|
|||||
|||||
||||3,401|
||||29,700|
||||1,338,553|
|||||
||||1,338,553|
The notes on pages 9, 10 & 11 form part of these accounts.
Approved by the Trustees on 1st March 2022 and signed on their behalf by
……………………………………………. Trustee ……………………………………………. Trustee
Page 8
**The Devon Educational Trust**
Notes and Accounting Policies for the year to 31 December 2021
## **1 Accounting Policies**
## **a) Basis of preparation and assessment of going concern**
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
## **b) Investment income**
Investment income is usually paid quarterly in arrears and received on the 20[th] day of the month following the quarter end. Any payment of interest not actually received into the bank account by 31[st] December is accrued as a debtor.
## **c) Grants payable**
Grants are paid to individuals and organisations for deserving educational purposes. These are included in the accounts in the period in which the payment is approved.
## **d) Liability recognition**
Generally liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
## **e) Investments**
Investments are included in the Balance Sheet at market value. Realised and unrealised gains and losses on the investments are credited/charged to the Statement of Financial Activities.
## **f) Reserves**
The Charity’s general fund consists of funds which the Charity may use for its charitable purpose at its discretion, and sufficient resources are held in an appropriate form to do this.
## **2 Trustees’ remuneration**
During the period the trustees received no remuneration in their capacity as trustees.
## **3 Grants**
During the period covered by these accounts, 45 grants were awarded to individuals, and 4 to groups.
Page 9
## **The Devon Educational Trust**
|**4**
**Institutional grants**
Sir Francis Chichester Trust
Life Education Wessex
Woodlanders pre-school
The Island Trust
Living Paintings
Other
Total|**2021**
**£**
**0**
**500**
**500**
**500**
**500**
**0**
**2,000**|2020
**£**
**3,000**
**4,845**|
|---|---|---|
|||**7,845**|
|**5**
**Fixed Asset Investments**
Market value brought forward
Units purchased during the year
Add(deduct) net profit/loss (-) on investments
**Market value carried forward**|**1,308,853**
**25,000**
**81,703**
**1,415,556**|**1,366,447**
**0**
**-57,594**|
|---|---|---|
|||**1,308,853**|
## **Review of Historical Cost**
|**Historical Cost**|||
|---|---|---|
|**Balance at 31 December 2003**
Year
Sales (£)
Purchases (£)
2004
0
4,000
2005
5,000
4,000
2006
3,000
4,000
2007
0
4,000
2008
5,000
6,000
2019
2,500
0
2021
0
25,000
**Historical cost at 31st December 2021**|408,563
4,000
-1,000
1,000
4,000
1,000
-2,500
25,000
**440,063**||
|||**408,563**|
The above investments all relate to common investment funds held in the UK.
The following material investments were held at 31 December 2021
|Blackrock Equity Fund
Blackrock Bond Fund|**£**
**1,090,871**
**324,685**
**1,415,556**|**£**
**960,660**
**348,193**|
|---|---|---|
|||**1,308,853**|
Page 10
## **The Devon Educational Trust**
|**The Devon Educational Trust**|||
|---|---|---|
|**6**
**Fund balances**
Brought forward
Realised and unrealised gains/(losses) on the
revaluation and disposal of investments
Net income/(expenditure) for the year
Balance carried forward,
Represented by:
Investment assets
Current assets
Less current liabilities
Balance carried forward|**£**
**1,338,553**
**81,703**
**16,461**
**1,436,717**
**1,415,556**
**22,988**
**-1,827**
**1,436,717**|**£**
**1,373,996**
**-57,594**
**22,151**|
|||**1,338,553**|
|||**1,308,853**
**33,102**
**-3,402**|
|||**1,338,553**|
Page 11