DEVON EDUCATIONAL TRUST Charity number: 1157674 Trustees, Report & Accounts Period l January 2024 to 31 Decembcr 2024 Page 1
DEVON EDUCATIONAL TRUST Trustees, Report & Accounts Period l January 2024 to 31 December 2024 Contents Page Legal and Administrative Details Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes and Accounting Policies Devon Educational Trust Page 2
11 LEGAL AND ADMINISTRATIVE DETAILS Period l January 2024 to 31 December 2024 STATUS The Devon Educational Trust is a charity ¢stablishcd on ioth Novcmbcr 1988. It is re¥istCTcd with the Charity Commission as a Charitable Incorp)rated Organisation under reference number 1157674. LIST OF TRUSTEES Trustee Mr Ron Peart Mr Keith Turner Ms Sara Randall Johnson Mrs Pamela Freeman Mrs Judith Cook Mr Matthew Wharf Ms Deborah Lynch Appoinling Body Devon County Council Co-opted Devon County Council University of Exeter Co-opted Co-opted Co-opted Chr 2024 Vice Chair 2024 APPOINTMENT OF TRUSTEES Three of the Trustees are nominatsl two by Devon County Council and onè by the University of Exeter. PRINCIPAL ADDRES.S Clerk to the Trustees Devon Educational Trust PO Box 574 Newton Abbot TQ12 9NJ BANKERS CAF Bank Ltd. 25 Kings Hill Avenue Kings Hill West Mallin8 ME19 4JQ INDEPENDENT EXAMINER Jason Foxwell, FCCA, FCIE PO Box 9846 Poole BH15 9JZ SOLICITOR Bond Pearce Solicitors Darwin House Southernhay Gardens Southernhay FAst Exeter EXI ILA Devon Educational Trust Page 3
TRUSTEES, REPORT Period l January 2024 to 31 t)eeember 2024 Introduclion bl This report of thc D¢vun Educational Trust covers the period from I" January to 31 December 2024. The Trust applied to, and was registered by, the Charity Commission as a Charitable st Incoryorated Organisation (Registration No 1157674) with effect from l July 2014 having previously been a charitable with the Registration No 220921. This report gives full details of the Trust, its membership, objects and activities. The Truslees have agreed Ihefollowing grun1-nkIngPol1cy.' Applications to the Trust Applications are invited from, or on behalf of. young people under the age of 25 whose nonnal place of residence for the last 12 months is within the County of Devon Applicants are required to complete an application forn] fully and provide a supporting lettw. Two referees will nornially be approached for letters of support for each applicant. Grants are made to provide financial assistance as a means of: Advancing in life and helping young 0p]e by developing their skills. capacities and capabilities to enablc thcm to participatc in SOCI¢ty as ind¢ndn4 mature and responsible individuals" ii) Advancing education. iii) Providing recreational and leisure time activity in the interests of social welfare for penple living in the area of benefit who have need by reason of their youdL age, infirmity or disability, poverty nr social and economic circumstances with a view to improving the conditions of life of such persons. Assistance for those embarking on a second or higher degree course is nonnally not given. In som¢ Gascs th¢ Trustc¢s inay mdkc (i Sn11 grant to assist with living costs or the purchase ot books, equipmenL etc. No assistance is available for the payment of University fees. Only in exceptional cases can the TneeS consider paying school or boarding fees. Applications can be made towards the purch&se of school uniforn], travel, etc. providing proof is shown that the fees have been raised before the application is made. When making the award the Trustees request feedback from the applicant stating how the grant has been of assistance. Public Benef The Trustees norn]ally meet three times a year to consider applications from individuals and organisations. Benefit takes the forni of financial support for any of the criteria set out in the Trust's aims as shown in sections i) to lli) above. Devon Educational I'rust Page 4
Applications to the Trust may come from any one of a number of sourc¢s. both local and national. The Trust has its own website and references to it also appear on various other websites, e.g. the Devon County Council educational website and various educational publications relating to student fimding. Some applications result from referrals by universities, colleges. and schools. All applications to the Tt are free of charge. In some instances, where applications are inappropriate to this TrusL they may be referr to other local educational Trusts for their consideration. Contra¢ts wilh Central or Local Government The Trust has no contracts with either Central or Local Government. Staffpaymenlpolicy The Tt has one self-employed part time clerk who is paid on an hourly basis, the level of remuneration usualIy being reviewed annually. Review offinancial controls Financial policies were reviewed by the Trustees when they met in NoNember 2024. Inveslment Policy 2022- 2027 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 inve8tments compared with the original sum invested plus InfiatiO the demand for fimds and the quality of the applications for financial support. Thc 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 infiation over the five-year period. The Trustees have reaffinned their policy that funds must be invested the aim of protecting income and giving capital growth. The TteeS have also reaffirnied the following:_ Reserves Policy The Trustees considered the policy regarding the Icvel of reserves which the Trust should hold. The Trust has no assets other than its invesknents 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. RkpoliCY The Trustees also assessed the major risks to which the clwity is exposed and are satisfied that systems are in place to mitigate exposure to those risks. Summary ofthe Trust's Activities At their meetings during 2024, the Trustees considered 107 applications, the numbers having risen slightly, for the fourth consecutive year and ahnost returning to the sam¢ pre-covid Icvcls. Devon Educational Trust Page 5
A total uf 09 wants were made (63 to individuals and 6 to groups). The average grant made was £403.30. The smallest grant was £150 and the highest w&s £3,800. The Trustees gave financial assistance to applicants embarking upon a wide variety of activities. Below are extracts from feedback reports received from successful applicants during 2024 (the names have been changed tr) prntect the applicants, privacy): A grant for school uniforni- "Sofar we have gol new rugby boots, a new school branded walerproofcoat and new steel toe capped welliesfor Adam. Once again we are extremely gratefylfor ihe opportunities ihese exlrafvnds enable. ' A.grant for specialist training sessions for adults with learning disabilities - "Thank¥ to the generous grant, Ben was able to attend nine day-session5 which allowed him sufficient time to seltle in, learn the routines, gain new skills, and importantly lo improve his confidence and social skills. [...] The staffhave been so impressed with Ben [...] and thefact that his confidence and social skills have massively improved during his time there. l knew that Ben had all the potential to do really well - he just neededsomeone to give him a chance. This positive turn of events was made possiblefor Ben through receipt ofthe Devon Education Trust grant, which in turn allowed him access to the targeted support he needed. Thankyou so muchfor giving this young man a start toward¥ ihe brighterfvture that he deserves. ' A grant for the purchase of a laptop for a pupil on the autism assessment pathway - "This grant has really helped. tThe laplop] will allow her to complete more ofher work during lessons [... and7 help her teachers lo understand her work as Jessica's handwriting is very diffjculi to read. Ive really are exceedingly gratefyl as without this grant Jessica would continue to be disadvanlaged eompared to herpeers. ' A grant for a t¢rn]'s bus pass to attend University - "As a student [...] living offcampus, a big part ofmy day is the commute to campus. Istudy best on campus so the ability to go to campus wh¥never, fur nu addirional charge, has helped me lo mainrain my workload and keep up wilh mypeers. Thankyoufor your contribution it really helped to remove somefinancial slress. ' A grant towards a volunteering expedition to Tanzania - ' Your kind donation will help make a significant impact by helping to cover the essential costs such LLS camp equipment neededfor the tri]). walking bools and vaeeinations [...]. Your generosity and supporl is very much apprecialed and has helpedgive me ihe opporthnity io participate in such an amazing expedition and learn all ab024t Tanzanian ct41ture and striving to help make a difference. ' A grant for singing lessons - "The grant allowed Sarah to huve bi-weekly singing lessons. These lessons have increased her ability but also hugely improved her self-confidence. She will be auditioningfor her school summer mxgicfestival [...]. ' A grant to a Charity who organise courses for disadvantaged young people in Devon, to help their confidence and skills - "lThe youngpeople's] reports talked about the changes and learning they received a result ofthe courses, and their generalfeelings about their adventures. These included.. 'Without this I wouldn't havefinally been able to put things in perspective and considered anotherfvturefor myself This made me see whai really mattered to me. My experience has allowed me to think more openlyforfitsure plans. To disconnect from phones and social media was so liberating. Iyhai I learnl about myself is that I can do more than l ever IngIned. ' TIIANK YOUI" Devon Educational Trust Page 6
Trxst adminiftratiori Ms Coombes is Clerk to the Trustees (appointed in July 2023). Truslees Erpense During th¢ year, one claim for fdvel expenses was received. Trusi Funding The Trust does not usually receive any finance from outside sources, individuals or companies and its income usually 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. SÈatemenl of Trustees, responsibilities Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which givc a truc 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 pnent. state whether applicable accounting standards and statements of recommended prnctice havc bccn followcd. subject to any dcpartur¢s disclos¢d and ¢xplaincd in thc financial statements. prepare the financial statements on the going concern basis unless it is llmppropriate to presume that the charity will continue in operatio The Trustees are responsible for keeping accounting records which i) Di1e with re&qonAble accuracy the financial position of the charity. ii) Enables them to ascertain the financial position of the charity, and iii) Enables thern to ensure that the financial statements comply with applicable law regulations and its Constitutio 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 l July 2025 Trustee D¢von Educational Trust Page 7
INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES ()F THV 11 DEVON EDUCATIONAL TRUST I report to the Tne$ on my eXamtiOn of the financial stAtements of the charity for th¢ st period l January to 31 st December 2024. 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 Con]mission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examijmtion. I confirn] that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act" or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the forn] and content of accounts set out in the C]Jarities (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. T 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 rcachcd. Jason Foxwell FCCA, FCIE PO Box 9846 Poole BH15 9JZ Date: 51 f Devon Educational Trust Page 8
Statement of Financial Activities Fnr the period l January to 31 December 2024 2024 2023 Income from: Investments.. Dividends received Bank interest received Donations 48,809 257 48,455 131 1,269 49,855 49.066 Expenditure on: Charitable activities: Charitable grants Independent examination fee Administration including expenses 27,828 290 12,323 40,441 36,307 280 13,651 50,238 Realised and unrealised gains on inVtrnents 19,947 63,284 Net movement in lld8 28572 62.901 Reconeiligtion of funds: Total fimds brought forward 1.406J85 1.343.484 Total funds ¢arricd fornard 1,434,957 1,406,385 The Trust's results derive from continuing activities. The nntes nn pages l 1 & 12 forn] part of these accounts. Devon Educational Trust Page 9
Balance Sheet As at 31 December 2024 2024 2023 Fixcd Asscts Investsnents 1,412,185 1,392238 Current Assets Cash at bank Deposit account Debtors Creditor paid in advance 694 11,999 11,448 359 3,444 12,269 16,072 Liabilities Creditors: Amounts falling due within one y&qr Grants payable Examination fee Clerical scrviccs 575 290 504 lJ69 1,275 280 370 1,925 Net Current Assets 22.772 14,147 Net Assets 1,434,957 1,406,385 The funds of the charity: Unrestrlcted funds 1,434,957 1,406,385 The notes on pages l l & 12 forni part of these accounts. Approved by the Trustees on I" July 2025 and signed on their behalf by Trustee Tn]stee Devon Educational Trust Page 10
Notes and Accounting Policies for the year to 31 December 2024 Aeeounting Policies a) Basis of preparation 2nd Agsesqment of golng eoneern The accounts (fmancial statements) have been prepared under the historical cost convention with items recoSed at cost or trnnsaction valuc unlcss otherwis¢ 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 TteeS consider that there are no material uncertainties about the Trust's ability to continue as a going concern. b) Investment ineome Investsnent income is usually paid quarterly in arrears and received on the 20 day of the month following the quarter end. Any payment of interest not actually received into the bank account by 31" December is accrued as a debtor. e) Grants payable Grants are paid to individual$ 2nd organisations for deserving educational purposes. These are included in the accounts for the riod in which the payment is approved. d) Liability recognition Gcn¢rally liabilities are r¢cognised as soon as th¢re is a Icgal or constructive obligation con]mitting the charity to the exwJd1tu. e) Investments Investments are included in the Balance Sheet at market value. Realised and unrealised gains and losses on the investtnents are credite(Vcharged tn the qtAtement of Financkal Activities. Reserves The Charity's g¢nal fund consists of fid5 which th¢ Clwity llvdy for its Eharlb]C purpose at its discretio and sufficient resources are held in an appropriate forn] to do this. Trnstees, remuneration During the period. two Trnstees received remuneration for travel expenses in their capacity as a TnLStee. Grants During the period covered by these accounts, 63 grants wer¢ awanled to individuals, and 6 to 8roups. Devon Educational Trust Page 11
2024 2023 Instltutional (group) grants Sir Francis Chichesfrr Trust The Island Trnst Live Music Now Happy Days Children's Charity Colyton Friends and Family Association Friends of Holywell Tawstock 3,800 500 200 200 250 500 3.000 500 700 4,200 Total Fixed Asset Investments Market value brought forward Units purchased during the year Add(deduct) net profit/loss (-) on investments Market value carried forward l J92238 1,328,954 19,947 1,412,185 63,284 1,392,238 Review of Historieal Cost Balance at 31 December 2024 Sales (£) Purchases (£) 457563 457,563 2024 Historieal cost At 31st Deeember 2024 457063 457,563 Thc abov¥ invcstments all relate to common investment funds held in the UK. The following material investments were held at 31 December 2024 131ackrock Equity Fund 1,161,596 1,130,047 Blackrock Bond Fund 250589 262,191 1412,185 1392,238 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 1,406J85 1,343,484 19,947 8,625 1434,957 63,284 -383 1406,385 Represented by: Investment assets Current assets Less current liabilities Balance carried forward 1,412,185 24.141 -lJ69 1,434 957 1,392,238 16,072 -1,925 1,406,385 Devon Educational Trust Page 12