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
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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
Ch￿r 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
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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-n￿kIngPol1cy.'
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¢￿nd￿n4 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 Sn￿11 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 Tn￿eeS 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
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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 T￿￿t 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 T￿￿t 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 T￿￿teeS 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.
R￿kpoliCY
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
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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 In￿gIned. ' TIIANK YOUI"
Devon Educational Trust
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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 pn￿ent.
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) Di￿1￿￿e 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
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INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES ()F THV
11
DEVON EDUCATIONAL TRUST
I report to the Tn￿e$ on my eXam￿tiOn 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
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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 inV￿trnents
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
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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
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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 reco￿Sed 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 T￿￿teeS 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¢n￿al fund consists of fi￿d5 which th¢ Clwity llvdy for its Eharl￿b]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
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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
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