DEVON EDUCATIONAL TRUST Charity number: 1157674 Trustees, Report & Accounts Pcriod l January 2025 to 31 December 2025 Page 1 DEVON EDUCATIONAL TRUST Trustees, Report & Accounts Period l January 2025 to 31 December 2025 Contents Page Legal and Administrative Details Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes and Accounting Policies 11- 12 Devon Educational T￿st Page 2 LEGAL AND ADMINISTIL4TIVE DETAILS Period l January 2025 to 31 December 2025 STATUS The Devon Educational TNst is a chariry established on l O November 1988. It is registered wilh th¢ Charity Commibbion as a Charitablc Incorporated Organisation undcr rcfcrcncc numbcr 1157674. LIST OF TRUSTEES Tru.Ftee Mr Keith Turner Dr Matthew Wharf Mr Michael Mitchell Mrs Heather Horner Mrs Pamela Freeinan Mr Ron Peart Mrs Judith Cook Ms Deborah Lyn¢h Ms Elise Rcdman Appoinling Body Co-opted Co-opied Devon Countycouncil Devon County Council University of Exeter Co-opted Co-opied Co-opted Co-opted Chair 2025 Vice Chair 2025 APPOINTMENT OF TRUSTEES Three of the Trustees are nominated, two by Devon County Council and one by the University of Ex¢t¢r. PRINCIPAL ADDRESS Clerk to the Trustees Devon Educational Tn￿t PO BoX 574 N¢wlon Abbol TQ12 9NJ BANKERS CAF Bank Ltd. 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ INDEPENDENT EXAMINER Jasvn Foxwcll, FCCA, FCIE 12 Hillbourne Road Poolc BH17 7JB SOLICITOR Bond Pearcc Solicitors Darwin House Southcmhay Gardcns Southenthay E&st Exctcr EXI ILA Devon Educational Trust Page 3 TRUSTEES, REPORT P¢ri(Kl l January 2025 to 31 December 2025 Introduction This report of the Devon Educational Trust covers the period from I" January to 31" Deccmber 2025. The Trust appli¢d io, and was reuistered by, the Charity Commission as a Charitsble In¢orpor¢ited Organi%dtion (Registration No 1157674) with effcct from l., July 2014 having previously been a charitable Trust with the Registralion No 220921. This report gives full details of the Tnist, its membership, objecLs and activities. The Trusiees have agreed thefollowing grant-makingpoliry.. Applications to the Tn￿t Applications arc invited from, or on behalf of, young people under thc age of 25 whose nonnal place of residencc for the last 12 months is within thc County of Devon. Applicants are required to cornplele an application fonn fully and provide a supporting letter. Two referees will nonnally bc approached for letters of support for each applicant. Grants arc madc to providc financial assistancc as a mcans of.. Advancing in life and helping young people by developing thetr skills, capacities and capabilities to enable them to participate in society as ind¢p¢ndent, Inatyre and responsible individuals. Advancing education. iii) Provtding 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, infimiity or disability, poverty or social and ¢conomi¢ c]￿umStanceS with a view to improving the conditions of life of such persons. Assistanc¢ for those embarking on a second or higher degree course is norn)ally not given. In some eases the Trustees may make a small grant to assist with living cost5 or the purchase of books. cquipmcnt, ctc. No assisian¢¢ is availabl¢ for the paymeni of Univcrsity fees. Only in exceptional cases can the Trnstees consider paying school or boarding fees. Applicalions can be made towards the purlh<￿e of school uniforni. travel, etc. providing proofis shown thal Ihe fees have been raised b¢for¢ th¢ application 15 made. When making thc award the Trustccs requcst feedback from the applicant staling how thc grant has been of assistance. Public Benefil The Trustees normally meet three times a year to consider applications from individuals and organisations. Benefit takes the torni ot. financial support for any of the criteria sel out in the Trusl's aims as showm in s¢¢lions i) to iii) abov¢. Dcvon Educaiional Trust Pa¥e 4 Application5 to tlie Trnst may come from any one of a number of sources, both local and national. The Trust ha5 Its own website and reference.s to it also appear on various other websites, e.g. the Devon County Council educational website and various educational publications relating to studeiit fuiiding. Som¢ applications result from referrals by univ¢rsiii¢s, colleges, and schools. All applications to the Trust arc free of charge. In some instances, where applicaiions are inappropriate to this Trust, they may be referred lo other local educaiional Trusts for their consideration. Conlracts wlih Céntral or Local Government The Tnlst has no contracts with either Central or Local Government. StaffpoymenipoIiLy The Trust has one self-employed part-time clerk who is paid on an hourly b&%is, the level of rcmuncration usually bcing rcviewed annually. Review offinoncial controls Financial policies were r¢vi¢wed by the Trustees when they met in November 2025. Inves¢meni Policy 2022- 2027 There are no restrictions on the charity's power to invest. The inveslment strdtegy is Set by the Trusiees for a period of five years and lakes account of the valuation of the invcstm¢nts compared with Ihc original sum invcsted plus inflation, the demand for funds and the quality of the applications for financial support. The T￿Ste¢S consider thal all investmen15 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 Trubtees have rcaffirm¢d their policy thai funds must be iiivested with the aim of protecting income and giving capital gro￿tth. The Trustees have also reaffinned the following'.- Reserves Policy Th¢ Trust¢¢s consid¢red the policy regardin¥ the level of reserves which the Trust should hold. The Trust ha.s no assets other than its inve.stmenl.8 and the annual level of expenditure is geared to the amount of income received from those investments. Therefore, the Trustees have Concluded Ihal the Trust does not need to hold any funds in reserve. Riskpoliey The Trnstees also assessed the major risks co which the charity is exposed and are satisfied that systems are in place to mitigate exposure to those risks. Devon Educaiional Trust Page 5 Summary of ihe Trust's Activities At their meetings during 2025, the T￿￿te¢S considered 92 applications. A total of 78 grants were paid- 64 to individuals and 14 to groups. The average grant for individuals waq £362,. the average grant for groups was £1,360. The average of all 78 grants was £541.09. The smallest grant wa5 £120; the highest gr￿lt was £3,600 (paid to a group). The Truslees gave financial assistance to applicants embarking upon a wide variety of Ydctivities. Bclow arc cxtracts from f¢¢dbark rcports rcccivcd from successful applicants during 2025= A grant for a dyslexia asse5bmeni "Receiving the grant has had a hÈige impact on my daughter. Throughout her sLhoulyeurs no huspic'ked lip on her.sln4ggle.¥. Thank¥ to the Devop7 Edzlcational Trn.¥l she has naw been able lo have a dyslexia asse.¥smenl and ¢he oulcome o]'Ihi.s 1.9 ihur.she ha.v now been awarded 5070 exrra fime. all sotsrceN on blue paper and a reoder for her GCSE exams. I cannot thankyou enoughfor vour support. A grant for a school irip- "I'd like to express how deeply ihantyl l amfor rhe generosity YOU have shown iiifiiiidiiig my daiiglitei. s li'ip. She has nol oiilv expvi'ienced new places and Lultuye, bui ha.y aLsoforMed stronger bonds wilh her cla.f.¥ma¢e,f. Moreover, she gained more confidence in her.se/fufier learning that ihei'e are peopl* willing ¢0 help. l aw eternally gialefulfoi. Jjour kindness. Thankyoufor giiying hnpe and opportunity. A grani for counselling sessions - 'Thi.¥ grant towards my.ion's counNelling and sub.sequent reporifor his EHCP huJ' gi eaily helped hini lo be able lo cope with secundary school and his learp7ing needs. A grant for an expedition lo Kenya with Camps International - .1 had a hrilliani lime and did Ikipigs like lea?ning aboul conservaiioii and doing beach clean ups. Thgprojects ￿'E did included building 'mamma'.Y hou.se, in une uf Ihe cummunilie.s, making a lion proof boma, dewoi'miiig goats. tree planting and building a ramp at a local school. We also spent linie with The Wildlife Foundulion Jome projects, inc'luding muking LIL'phuni dLJierrenlJènces. The trippushed me ouL¥ide my comforl zDne. Seeing the different culture was a150 amazing as w'e spenl time wilh the Mausai and c'omRnunities and even had afooibull mul¢h wilh ihe loc'al children. l ihink we showed Some gp'eat teamwork, and Ifeel lik-e we reallj made a great impact in the communities ihat we.Ypenl time w'irh. Ijust wanted to thank vou againfor the grant thatyou gave me towards ihe cosl of this Irip as il was amazing and I will always remember it. A grant for music lessons- 'The grantfor Ihe music lessons h&$ been incredibly meaningful, as music has always been cenlial to my daughter's identity and recovery. Afier a period ufseriou5 illness and emoiional trauma, being able ro return lo her mu.rie ihrough slrnctured lessons h(AY helped re5toi-e u seiise ufpuipuJe. enjoynient aiid conneLllQn. A grant lo a Charity who organise respite brcaks- 'Your commilment allows us lo continuc providing fi'an.ffnimative bieakg, where vuliiei'able childi-en andyoungpeople from Devonfind a sufe and nurturing envir(3nmepit lo experience ihe joj's ofa c'arefree chlldhood. With youi. support. Ihese children enjoy lifè-changirtgfirsls. These moment,¥ are cn4cialfor childre seeking respilefrom iheir challenging daily liijes. One youngper.gon recently opened up lo a Break Leader, saying 'My]umily doesn'l treu¢ me this Ivell. Ifeel like I am in a]amily here. You re all so lovely lo me. ' Thi.$ refleciioii underscore5 theprofound impactyoE4r donalion ha5- noljusl in.lunding, bul infoslering a sense ofhelonging. building confidence, and igniiing hope for a betteyfvtuve. We are immensely gratefvlforyour support. which these magical momenis po.Ysible. Devon Educational Trnst Page 6 Trust qdministration Ms Ci)ombes is Clerk to the Trustees {appointed in July 2023). Truslees, Expen5¢S During the year. one claim for travel expenses was received. Trust Funding The Tnjst does not usually receive any finance from outside sources. individuals or companies and its income iisually dcrivcs solcly from thc dividends reccived from its invesiments, interest on its working capital and occasional donations. Compllance wlth rhe Chdrlty's Governlng DoLumenl and Current Stqlulory Requiremenls T]ie financial 8Eaiements have been prepared in accordanc¢ with the goveming docum¢iits of the Charity and with Current statutory requirements. Slatemenl of TrusÉee3' re,Ipun.bibiliLie5 Law applicable to charities in England and Wal¢s rquires the Trustees to pr¢pare financial statements for each financial year which give a true and fair view of the charity's financial activilics during thc ycar and of its financial position at lh¢ cnd of thc year. In preparing finan¢ial statements giving a true and fair view, the Trustees should follow best practice and= select suitable accounting pol3cies and then apply them consistently. make judgemcnis and ¢stimaies that are reasonable and prudent. Stale wheiher applicable accounting s(andards and statements of recommended practice have been followed, subject to any dLparturcs di5closcd and ¢xplained in the financial statements. prepare the financial statements on the gyoing con¢¢m 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 re&50nabl¢ accuracy the financial position of thc 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 T¢gulaiions and its Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabl¢ steps for the prevention and dctcction of fraud and other irregularitics. Approved by the Trnstees on 7 July 2026 TNstee TNst¢¢ D￿on Educational Trust Page 7 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DEVON EDUCATIOIYAL TRUST I repon 10 the Trustees on my examination of th¢ financial sialemenis of the charity for the pcriod I" January to 3 1st Dccember 2025. Responsibilities and basfjs 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 re.spect of my examination of the charity's accounts Ca￿led 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 havc completed my examir)alion. I confinn that no material matters have come to my attention in connection wtth the exarninacion giving me cause 10 believe that in any maierial r¢sp¢ct'. accounting records were not kept in respect of the Trust as required by section 130 of the A¢t- or the accounts do not accord with those records. or thc accounts do not comply with the applicable requirements concerning the fonn and contenl of accounts sei out in the Charities (Accounts and Reports) Rcgulalions 2008 Diher than any requirement that the accolints give a ,tn￿ and fair view which is not a matter considered as part of an indep¢nd¢nt examination. I have no concerns and have come across no other matters tn connection with the examination to which aitention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jason Foxwell FCCA, FCIE 12 Hillboume Road Poole BH17 7JB Date: 26 August 2026 Devon Educational T￿st Page 8 Statement of Financial Activities For the period l January ro 31 December 2025 2025 2024 Income from: Investments.. Dividends receivcd Bank intercsi received Donations 52,317 255 20 52.592 48,809 257 49,066 Expendlture on: Charitable aLliviti¢s'. Charitable grants Independent examination fee Administracton including expenses 42,204 310 14,940 57,454 27,828 290 12,323 40,441 Reallsed and unreallsed gains on investments 150,759 19,947 Net movement in funds 145,897 28,572 Reconciliation of funds: Total funds brought forward 1,434,957 1,406,385 Total funds Cydrried forward 1,580,854 1,434,957 The Trust's results deri￿e from continuing artiviti¢$. The notes on pages I l & 12 form part of th¢se accounts. Devon Educational Tnjst Page 9 Balance Sheet As at 31 D¢¢emb¢r 2025 2025 2024 Flxed A55ets Investments lJ62,944 1,412,185 Current Assets Cash at bank Deposit account Debiors Crcth'tor paid in advancc 1.213 S,350 13,153 694 11,999 11,448 19,716 24,141 Liabllities Creditors: Amounts falling due wtthin one year Grants payable Examination fee Clerical services 575 290 504 1,369 310 1,496 1,806 Net Current Assets 17,910 22,772 Net Assets 1,580.854 1.434.957 The funds of the charlty: Unrestricted fund5 ' 1580,854 1.434,957 The notes on pages l l & 12 fomi part of these accounts. th Approved by the Trustees on 7 July 2026 and signed on their behalf by Trustee Trustee Devon Educational Trust Pagc 10 Notes and Accounting Policies for the year to 31 December 2025 Aecounting Pollcies A) Basls of preparatlon and assessment of golng concern The accounis (financial siatemenls) have been preparcd under th¢ hkstorical cost convention with items recognised at cost or transaction value unless othenvise staled in the relevanl nole(s) lo Ihese 8c¢ounts. The financial g￿teMen1S have been prepared in aLLord(InLe with the Stdlement ol. Rucommcndcd Practice.. AccountingJ and Reportingi by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe 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 no material uncertainties about the Trnst's ability to continue as a going concern. b) Investment income Investment in¢ome is usually paid quarterly in arrears and received on the 20, day of the month following the quarter end. Any payineni of interest not actually received inlo the bank account by 3 I" Dcccmb¢r is a¢¢rued as a debtor. c) Grants pavAble Grants are paid to indivtduals and organisations for deserving educational putposes. These are included in the accounts for th¢ period in which the payment is approved. d) Liability recognition Generally liabilities are recognised as soon as there is a legal or constrnctive obligation committing the Lharily to the expenditure. e) Investments ITtVC5tments are included in the Balance Sheet at market value. Realiscd and unreali5ed gains and Iobses on the iiiv¢stments are ¢reditedlcharged to th¢ S(at¢ment of Financial Activities. Reserves The Charity'5 general fund consists of funds which the Chariry may use for lis charithble purpose at its discreiion, and sufficient resources are held in an appropriate forni to do this. . Trustees, remuneration During th¢ p¢riod, onc TrustC¢5 rcccivcd rcmuncration foi travcl cxpenses in their capacity as a TNstee. Grants Durin8 the period covered by these accounts, 64 grants were paid to individuals. and 14 to groups. Devon Educational Trnst Pagell 2025 2024 Instltutional (group) grants Sir Francis Chichesier Trnst The Island Trust LiN'e Music Now Ililppy Days Children's Charity Moorvision E.steein Team CIC Castl¢ Primary School 3,000 500 500 600 500 3,240 1,550 3.800 500 200 200 F.l.j Go Beyond Gatehouse Primary A¢adcmy Northlew Primary School PTFA Woodlanders Preschool Bolham Primary School Tcignmouth Hub Other 500 2,150 400 2,000 3,600 500 750 5,450 Total 19,040 Fixed Asset Investments Markct valuc brought fon¥ard Uniis purchased during ihe year Add(deduct) net profiU]oss {-) on investments Market value carrled forward 1,412,185 1,392,238 150 759 1,562,944 19,947 1.412,185 Review of Historical Cost Balance at 31 December 2025 Year Sales (£} Purchases (£) 2025 457,563 457,563 Hi5toric&l cost at 31Sf December 2025 457,563 457,563 The above investments all relate to common investment funds held in the UK. The following matcrial investments were held at 31 December 2025 Bluckrock Equity Fund 1,308,505 Blackrock Bond Fund 254,439 1,562,944 1,161,596 250,589 1,412 185 Fund balaDces Brought forward Rcaliscd and unrealised gains/(losses) on the revaluation and disposal of investments Net incomcl(cxpcndiNre) for the year Balance carried fonvard 1,434,957 1.406,385 150,759 -4.802 1580 854 19,947 14,625 1,434 957 Repres¢n*d by.. Investment assets Current assets Less ell￿CnI liabilities Balance carried fonvard 1,562,944 19,716 -1.806 1,580,854 1,412,185 24,141 -1.369 1,434,957 Devon Educational Trust Page 12