DEVON EDUCATIONAL TRUST Charity number: 1157674 Trust¢es' Report & Accounts Period l January 2023 to 31 December 2023 Page 1
DEVON EDUCATIONAL TRUST Trustees. Report & Accounts Period l January 2023 to 31 December 2023 Contents Page Legal and Athninistrative Details Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes and Accounting Policies Devon Ethicational Trust Page 2
LEGAL AND ADMtNISTRATIVE DETAILS Petl(Ma l January 2023 311)ecember 2023 STATUS The Devon Educational Trust is a chariry established on ioth November 1988. It is rystered with the Chariry Commi&sion as 8 Charitable IncoTPOrnted Or8ani8ation und¢r referen numb¢r 1157674. LIST OF TRUSTEES Trus¢ee Ms Sara Randall Johnson Mr Ron Peart Mrs Pamela Freeman Mrs Judith Cook Mr Keith Turner Mr Matth¢w Wharf Ms Deborah Lynch Appolniing Body Devon Counry Council Devon County Council University of Exeter Cowopted Cowopted Coryopted Cowopled Chair 2023 Vice Chair 2023 AppoINfMENT OF TRUSTEES Thrcc of the Tru8ttt8 are norninatcd. two by Devon Counry Council and one by the University of Exeter. PRINCIPAL ADDRESS Clerk to thc Trustees Dcvon Educalional Tn1 PO Box 574 NeOn Abbot TQ12 9NJ CAF Bank Ltd. 25 Kings Hill Avenue Kings Hill Wut Mallin8 ME194JQ INDEPENDENT EXAMINER Mr J Foxwcll. FCCA, FCIE 39, Enfield Road Pool¢ Dorset SOLICITOR Bond Pear¢e Solicitora Darwin House Southernhay Gardens Southernh8y E8St BH15 3LJ Exi ILA Devon Educational Trust Page 3
TRUSTEES, REPORT Period l January 2023 to 31 December 2023 This report of th¢ Devon Educational TnLSt Covers the period from l January to 31H December 2023. The Trust applied to, and was registered by, the Clwity Commission as a Charitsble Inco[rated Organisation (Registration No 1157674) With effect from 1$¢ July 2014 having previously been a charitablf Trust with the Regislration No 220921. This report gives full detsils of the Trust, its memt¢Tship, objects and activities. The Trwltts have agreed thefollowlng8raAt-nwklngpolty.' Applications to the Trust Applications are invited from, or on behalf of. youn8 peopk under the a8e of 25 whose nornial place of residenc¢ for th¢ last 12 months is within the County of Devon. Applicants 8re required to complete an application fonn fvlly and provide a supporting letter. Two referees will nom]ally be approached for letters of support for each applicant. Grants are made to provide financial assistan a means of: i) Adv8n¢ing in life and helpin8 young people by developing their ski118, capacities and capabilities to enable them to participate in society as ind¢p¢ndcnt, mature and responsible individuals; ii) Advancing educatio iii) Providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infinnity or disability. povety or social and economic circumslances a view to Amproving the conditions of lif¢ of such persons. Assistance for those embarking on a Send or higher degree course 15 nornially not 8iven. In some cases the Trustees may make a small 8ranl to &ssist with living costs or the purchase of 1Xks, equipment, etc. No 835iStance is available for the payment of University fees. Only in exceptional cases can the TnL8tees consider paying school or boarding fees. Applications can be made towards the purchase of school unifornL travel. etc. providing pr(K)f 1$ shown that the fees have kn raised before the application is rnade. When making the award the TTUStees request feedback from the applicant stating how the 8rant has bcen of a5Si5tancc. Public Bemef Thc Trustees nornMlly meet thre¢ tim¢5 a year to ¢onsid¢r applications from individuals and organisations. Benefit takes the fomi of financial support for any of the criteria set out in the Trust's aims as shown in 8e¢tions i) to iii) abov¢. Devon Educational Trust Page 4
Applications to the Trust may come from any one of a number of sources. both Ial and naiional. The Trust has its own website and reference5 to it also appc&r on various other w¢bsit¢s, ¢.g. the tkvon County Council educational wcbsitc and various ¢ducatiollal publications relating to student futiding. Some applications result from referrals by universities. colle8es, and schools. All applications to the TTUSI are free of ¢barge. In some instances. where applirAtions are inappropriate to this TrusL they may be referred to other local ¢ducational Trusts for their consideraiion. Contrads wllh Central orLocal Gowrnment The Trust has no contracts with either Central or Local Government. Sl4ffpaymenipoIIry The Tnist has one s¢lf-employed part time clerk who is paid on an hourly basis. the level of remuneration usually bein8 revicwcd annually. Review offin4nc141 conrfrolJ Financial policies were reviewed by the Trustees wh¢n they met in Novcmbcr 2023. JAv¢slm¢nt Policy 2022- 2027 There are no restrictions on the charity's ww¢r to invesL Th¢ investment strat¢gy is $¢t by the Trustees for a period of five ye8rs and takes accounl of the valuation of the inveslments compared with the OriBinal sum invcstcd plus inflation. the demand for fwid5 and the quality of the applications for financial supporL The TNstees consider that all inveslments should be of low or medium risk with a view to ensurin8 thAt the capittl apprttiation of the fund exceeds inflation over the five-yeAr period. The Tnjsttts have reatTinned their policy that fithds musi be invested with the aim of protectin8 income and 8ivin8 capital growth. The TNstees have also reaffirnied the following:" Ruerves Policy The Truslees con$idered the policy re8ardittg the level of reseryes which the Trt should hold. The Trust ha8 no 888ets other than its investments and the annual level of expenditure 18 8eAred to the amount of in¢orne received from those investments. Therefore. the Tnle¢S have concluded that the Trust does not neuj to hold any funds in reserve. Riskpolicy The TTUStccs also &w5sed the nujor risks to which the clwity is ex)Sed and are satisfieil that system5 are in place to mitigate exposu to those risk8. S#wm4ry oflhe Tr¢,$ Acll At their meetings during 2023, th¢ TrustffS Wllslder 104 appli¢ations, th¢ numbers having risen for the third cOnSetive year and almost retlln8 to the samc pre<ovid Icv¢ls. Devon Educational TTUSt Page 5
A total of 89 grdnts were made (85 to individuals and 4 to groups). The average grnnt made was £447.57. The smallest grant was £50 and the highest £3,0(K). The TnteeS gave financial assistance to applicants embarking upon a wide variety of activities. Below are extracts from fccdback reports received from successful appli¢&nts: Regarding a granl for a school trip - "Thankyou $0 much - Ihe granl helped my Ilrtle girl bepart ofher class and made her confident (thoui staying awayfrom home. ' Re8arding a grant for swimmin8 lessons - "[My Chlldren] loie iheir swlmming lessons and have improvedso much in ihepaslyear. Their confidence has grown and withoul the granifrom Devon Educational Trust wejust simply wouldn'l have been able toprovidefor swim lesxonx- thankyou so muchp" Re8arth'ng a grant for the purch&se of a18Ptop - "The granifrom the Dewn Educarlon41 Tnut Ilowed me to get a lapiop which has helped me with my shleS al university. partitulorly £Ysay writing. It has replaced a very old. slow compuier. l am so gralefyl io have a new laptop in my finalyear lo help meprogress in my desree and eventually become a qualified nurse. Thankyou for maling a differencel" R¢8ardin8 a grant for a year's Cubs Scouts membership - "Scouts contribuled to my son's physical. iniellech4al, emotional, social, and splrfftl dnrlopmeni 1 an individtsal. responyible itizen and member ofsociety. Scouling helps my son s moral and menlal educolion by OrganlgPraetieal activides (hikes. games. camp elc.) in fhe open alr. lye are elernally gralefyl. ' admlnLftr4tion Followtn8 Mrs Matthvws retIreThI in July 2023, M8 Coombes V4as 8ppointcd as.CleTk to the T8$. Trus¢ees' Expenses During the Yr, two ¢laitns for travel expcnses wer¢ r¢¢eivaL rpmsi FMndlrtR The Trust doe5 not usually receive any finall from outside 8ourtt8, individuals or companies and its in¢om¢ usually derives solely from the dividcnd5 received from its invcstmcnts. intuest on its WOlns capital and occasional donations. During 2023, the Trust received a one-off donation from John Lewi8 in ExeteT. Compllon¢¢ with Ihe Charity's Governing Docuawnt and CMrr¢n¢ St4t4tsry Reqmiraients The fmancial statements have been pryred in a¢wrdance with the governin8 documents of th¢ Charity and with current statutory r4uirments. Law applicable charitie5 in England and Wale5 require5 the Trus*es ro prepare financial ststements for ch financial y¢ar whith giv¢ a truc and fair view of the charity's financial Devon E(knatioDal TTU Page 6
aaivities during the year and of its financial position at the end of the year. In preparing financial statements givin8 a and fair view. the Tntstees should follow best practice gnd: s¢l¢¢t suitsbl¢ accounting policies and then apply them consistently" mak¢ judgements and estirna that are reasonable and prudent: stat¢ wheth¢r applicablc accounting standard5 and statancnts of r¢comm¢nd¢d pwtic¢ h&ve been followed, subject to any departures di5closcd and explained in th¢ financial statements: prwe the financial statements on the going concern b1$ unless it 15 inappropriate to presume that the charity will conlinuc in operation. The TnteeS Are respMibl¢ for k¢¢piDg accountin8 records wbich i) Disclose with reasonable accuracy the fillancial position of th¢ charity, ii) Enablcs thcm to ascertain the fuwicial position of th¢ Charity. and iii) Enables them to ensure thAt the fm8ncial $ratements comply with appli¢able law regulations and ils Constitution. They are also responsible for safeguanling the assets of the charity and hence for t8kinB reasonable steps for th¢ prevention and deCtion of fraud and oth¢r irre8ularities, Approv¢d by the Trustees on 2 July 2024 Ttee Tntee Devon Educational Trnst Pag¢ 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DEVON EDUCATIONAL TRUST I report to the Trnstees on my examination of the financial stst¢m¢nts of the charity for the period I. January to 3 1st December 2023. Responslbllltles and bxsls of report As the Trustees of the charity, you are responsible for the prep8Tation of the accounts in cordanr¢ with th¢ rquiTun¢nts of th¢ chariti A¢t 2011 ('th¢ Art.). I relrt in resped of my exarninalion of the Charity's accounts earTied out under section 145 of th¢ 2011 Art and in ¢]ng Out my exarnination I have followed all the applicable Directions ven by the Charity CoMmi10n under se¢tion 145{5)(b) of th¢ A¢L Independent examiner's statement I have completed my examination. I confirni that no material matters have come to my attention in eonncction with th¢ ¢xamination 8ivin8 m¢ cawse to Ixlieve that in any material accounting records were not kept in resm of the Tntst ts required by section 130 of the Act; or the accowits do noi a¢¢ord with thos¢ re¢oTds' or the accounts do not comply with th¢ appliuble requirements ¢oncerniD8 the forni and conient of accounts set out in the ChaTiiies (Accounts and Reports) Rcgulations 2008 othcr than any rcquircm¢nt that th¢ accounts giv¢ a 'lNe and fair view which is not a matter considered as part of an independent ¢xamination. I hive no ¢on¢erns and have come across no other matters in connection with the examination to whi¢h att¢ntion should bc drnwn in this rq)ort in order to enable a proper understanding of the accounts to be reached. Mr J Foxwell FCCA, FCIE 39. Enfield Rold Poole BH15 3LJ Devon Educational Tn Page 8
Statement of Finaneial Aetivities For the EKriod l January to 31 December 2023 2023 2022 Income from: Invcslments: Dividen& re¢eived Bank intrrest re¢eiv¢d Donations 4&455 iji 47.448 28 585 Expendlture on: Charttabl¢ activities.. Charitable grants Independent exArnination ftt Administration including expenses 36J07 280 30,640 260 ReAllied and unre•Uwl g•lui on Invutrn¢Dts 63,284 -104,102 Net movemettt In fuDdi 62,90J -93,233 Reeon¢lUAdoll of nd. TotAI fumd• brought forward lJ43.484 1,436,717 Total fundi carrled forniArd 1343 484 Th¢ T1.5 r¢6ults d¢rive from continuin8 activiti¢s. The notes on pa8¢8 11 & 12 fom) part of thesc accounts. Dcvon Educational Tn Page 9
Balance Sheet As at 31 December 2023 2023 2022 Flx¢d AJsd8 Investments lJ92,238 lJ28.954 Current Amets Cash at bank Dq)osit accouni Debtors Creditor paid in 8dv8n¢¢ 359 2,271 3.218 11,959 58 UAbUld Creditors: Amounts falling due within one yr Grants payable Examinaiion fee Clerical services lJ75 280 370 2.390 260 326 2,976 Net Current 14.147 14,530 Not knseti 1.406J85 ,343,484 The fmndi of the charlty: Unrestrlcted fuBdJ 1343 484 The notes on pa8e8 J l & 12 fozm part of th¢se olts. Approved by th¢ TTUSte¢s on 2 Juty 2024 and signed on their behalf by Trustee Devon Educational Trust Page 10
Noos and Accounting Policies for the year to 31 December 2023 Accoundng Pollcl A) Bails of prepiritlon and issewnent of golng concern The accounts (financial ststements) have been prepared under the historical Cost convention with items rQgnised at Cost or transaction value unless otherwise stared in the relevant note(s) to these accounts. The fmancial slaiernents have been prepared in accordance with the Statemcnt of Rccomrnended Prnctice: Accounting and Reporttng by Charitie5 pr¢paring their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Treland (FRS 102) issued on 16 July 2014 and the Clwities Act 2011. The Tn]st conslilutes a public benefit entity as defined by FRS 102. The Twstees consider that the are no material uncertainties about the Trust's ability to continue as a going concern. b) Investment Ineome Investment income is usually paid quartcriy in arrears and received on the 20 day of the month following th¢ quarter end. Any payment of interest not actually received into the bank account by 31¢ December is accrued as a debtor. ¢) Grants p*yable Grants are paid to individuals and organisations for deserving educational PUTposes. These are included in the accounis for the kxri(Kl in which the payment is approv¢d. d) Llablllty recognlllon Generally liabilities are recognised as soon as there is a le8al or constsuctlve obli8aiion commirtin8 th¢ rharity to the expenditure. e) Investments Investments are inclu(kd in th¢ Balan¢¢ Sh¢¢t at mark¢t valu¢. R¢alis¢d and unr¢alis¢d gains and losses on the investrnents are creditedlcharged to the Ststement of Financial Activities. Regerv The Charity's general fimd consists of fid5 which the Clwity may use for its charitable purposc at ils discretion, and sufficient resources are held in an appropriate fomi to do this. Trustees, remuneratlon During the perio4 two Tntstee5 received rcmuneration for travel expenses in their capacity as a Tnte¢. Grants During the period ¢oVrd by th¢K ac¢ounts. 85 srants We awardcd to individuals, and 4 to groups. DevoD Educauollal Tt Pagell
2023 2022 Institstional (group) grallts Sir Franei5 Chichester Trust The Island Trust Sirona Therapeutic Horsemanship Teignmouth Youth Choir 3,000 500 500 200 Flxed AJ•et Invertments Market value brought forward Units purchased during ihe year Add(deduct) nd profivloss (-) on investments M•rket value TrIed fornard l J2&954 1.415,556 17.5(K) 1328 954 Revlew of Hlilorlcal Ct BAlattc¢ • 31 December 2022 Sales (£) Purchases {£) 457A63 440,063 2023 17,500 457 Hlitorle•l ¢o•t at 3101 D¢t¢mb¢r 2023 63 457 563 The above inveslments all relate to common investment funds held in thc UK. The following material investmcnts w¢re h¢ld at 31 D¢cmbcr 2023 BlaCknk Equity Fund 1,130.047 1.071,023 Blackrock Bond Fund 262,191 257.931 1328 954 Fund balneeJ Brought forward Realised and unrealis¢d gains/Oo&ses) on the r¢valuation and dIS of investments Net incomel(expenditure) for the year Balance carried forward IJ43A84 1.436.717 63384 -383 -104,102 Represented by.. Inve8trnent w¢18 Current assets Less current liabilities Balance carried forWd l J92J38 16,072 -1,925 1.328,954 17.506 Devon Ethirational Tnt Page 12