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 Tn￿1 PO Box 574 Ne￿On 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$¢ July 2014 having previously been a charitablf Trust with the Regislration No 220921. This report gives full detsils of the Trust, its memt¢Tship, objects and activities. The Trwltts have agreed thefollowlng8raAt-nwklngpolty.' Applications to the Trust Applications are invited from, or on behalf of. youn8 peopk under the a8e of 25 whose nornial place of residenc¢ for th¢ last 12 months is within the County of Devon. Applicants 8re required to complete an application fonn fvlly and provide a supporting letter. Two referees will nom]ally be approached for letters of support for each applicant. Grants are made to provide financial assistan￿ ￿ a means of: i) Adv8n¢ing in life and helpin8 young people by developing their ski118, capacities and capabilities to enable them to participate in society as ind¢p¢ndcnt, mature and responsible individuals; ii) Advancing educatio iii) Providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infinnity or disability. povety or social and economic circumslances a view to Amproving the conditions of lif¢ of such persons. Assistance for those embarking on a Se￿nd or higher degree course 15 nornially not 8iven. In some cases the Trustees may make a small 8ranl to &ssist with living costs or the purchase of 1X￿ks, equipment, etc. No 835iStance is available for the payment of University fees. Only in exceptional cases can the TnL8tees consider paying school or boarding fees. Applications can be made towards the purchase of school unifornL travel. etc. providing pr(K)f 1$ 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 I￿al 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 Tn￿le¢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 cOnSe￿tive year and almost retlln￿8 to the samc pre