Seale Hayne Educational Trust Trustees. Report and Financial Statements for the year ended 31 July 2024 Charity number: 306613
Seale Hayne Educational Trust Contents Page Legal and administrative information Trustees report Independent examiners, report statement of financial activities Balance sheet Notes to the financial statements 10-15 Detailed Statement of Financial Activities 16
Seale Hayne Educational Trust Legal and administrative information Charity number 306613 Registered Office University of Plymouth Emdeck Building Plymouth Devon PL4 8AA Secretary Professor M Fuller Trustees nominated y University of Plymouth Professor T Knowles Professor J Roberts Trustees COpted Dr P Le Grice Sir H Studholme Mr l McVicar- appointed 1 January 2024 Dr A Jellings- retired 31 December 2023 Accountants Ils Accountants Limited 2 Endeavour House Parkway Court Longbridge Road Plymouth PL6 8LR Bankers HSBC Bank PLC 4 Old Town Street Plymouth PL1 1DD Page 1
Seale Hayne Educational Trust Report of the Trustees The trustees present their report and the financial statements for the year ended 31 July 2024. The trustees who served during the year and up to the date ofthis report are set out on page 1. Structure, governance and management Governing document The Seale Hayne Educational Trust ('the Trusf) was approved by the Charity Cornmission on the 20 October 1999 and is a registered charity, number 306613. The scheme supersedes that previously known as the Seale Hayne College Trust which continued to operate until the new scheme came into force. The Seale Hayne College Trust was, until 19 October 1999, incorporated into the University of Plymouth Financial Statements. An agreement was approved by the Charity Commission allowing the sale ofthe Seale Hayne Estale and other assets (exclLrding liquid investments) of Ihe Seale Hayne College Trust to the University of Plymouth. The purchase price was converted into a 10-year loan back to the University by the Trust. This loan has been repaid in full. Appointment of trustees There are two nominated Trustees appointed by the Board of Governors of the University of Plymouth for period of three years. In addition there are three co-opted Tnjstees, who are appointed by the other Trustees. Cowopted Trustees must be independenl of the University of Plymouth and are appointed for a term of three years. The names of the Trustees are shown on page 1. The Trustees do not have a personal interest in the Trust although they may be entitled to reimbursement of reasonable expenses related to duties performed as Trustees but do not receive remuneration fortheir services as trustees. They may not have a financial interest in the supply of goods and services to the Trust other than in their capacity as employee of or consultant to the University. The Trustees are required to hold two ordinary meetings in each financial year. Trustee inductlon and training Any new Trustees will be inducted and trained appropriately which would ensure that they were aware of the objectives and activities of the Trust. Organisation While the Trustees are responsible for the administration of the Trust, the University of Plymouth assumes day to day management and investment of assets on behalf of the Trustees. The Trustees may seek external professional advice if necessary. Risk Management The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate the Trust's exposure to the major risks. The main risk relate5 to the investment returns. There has been sufficient growth in the value of the investment fund in recent years to withstand any short-term losses on the fund. Page 2
Seale Hayne Educational Trust Report of the Trustees Objectives and actlvities The Trusfs income may be applied within the Trustees discretion for-. The objects of the Trust.. Providing items, services or facilities for higher education or research in the Subject. Providing support grants to, or otherwise in promoting the higher education or search of, students in need of assistance- Promoting higher education or research in Ihe Subject. The actlvities of the Trust.. The activities are governed by the 'Subject', vthich is defined in the Trust Scheme as 'the art, science and technology of agriculture, food and land use and of disciplines supporting agriculture, food and land use or such other arts, sciences and branches of technology as the Trustees may determine., Public benefit statsment Under the Charities Act 2011 the trust is required to report on how they have delivered their charitsble purposes for public benefit. There are key principles and seven supporting principles of publi¢ benefit to be followed by all charities. The Trust has had regard to the Charity Commissions guidance on public benefit and summary of how this has been achieved is provided below. The Trust makes a number of awards each year to encourage valuable applied research In the areas of the art, science and technology of agriculture, food and land use and of disciplines supporting agriculture, food and land use or such other arts, sciences and branches oftechnology. It Is particularty concerned to provide'pump- priming, awards to help applicants, often lacking the experience and confidence to apply to research councils and similar bodies, to establish new research programmes. The Trust's work is in accordance with its objectives and activities and has been of considerable benefit to wral industry, society and environment since ils inception in 1999. The Trust also makes a number of awards to assist promising students in adding value to their educational programmes by attending conferences, or undertaking field study which they would not otherwise be able to afford. The origins of the Trust lie in the Seale Hayne College, which was one of the institutions that merged to ft)rm the current University of Plymouth. It has therefore been considered appropriate to include staff and students of the University of Plymouth as potential applicants for funding. This is specrfied in the Trust Scheme sealed on 20 October 1999 and reviewed every 10 years by the Trustees. University of Plymouth students extends to include the students of the majority of the further education Colleges in the SoLrth-We5t of England. The University has a balanced and diverse student population from a variety of backgrounds and experiences and enjoys the educational and cultural benefits that this brings. Potential students are able to apply to the University regardless of geographical location, background and financial standing for a wide range of courses and programmes. The University has a well-established programme of outreach activities designed lo raise levels of attainment, aspirations and applications among under-represented groups. The Trustees have reviewed the objects, scope and beneficiaries of the Trust and are satisfied that the existing arrangements are suited to the Trust's objectives. Page 3
Seale Hayne Educational Trust Report of the Trustees Achievements and perfomiance Application criteria During the year the Trust published a statement of its objectives and invited applications for funding. Activities that are funded are categorised between strategic, short term and other. The Truslees will continue to encourage future applications while maintaining a critical review process to ensure that the successful applicants meet with the Trust's objectives. The Trustees are keen to support researchers, particularly in the areas of agriculture, food and land use, who are unable to secure funds elsewhere. From 200212003 to the current year, the Trust has awarded funding of £1,026,543 in accordance with charilable objectives. Grant Applications At the meeting on 25 April 2024 grant applications were considered and the Trustees approved 7 (2023.. 6) grants totalling £63,594 (2023.. £51,385) out of a total of 10 (2023'.101 applications. In recent years, amounts totalling £17,700 have also been awarded to AgriFood Charilies Partnership research projects. Of the total grants paid, £6,608 has been refunded to the Trust in the year ended 31 July 2024 relating to the underspend of grants made in previous years {2023'. £10,942). Grants were approved by the Trustees for the following projects:. Use of a novel species-specific ribonu¢lei¢ acid interference (RNAI) pesticide against rape winter stem weevil. Indicators of juvenile fish growth for critical estuarine habitsts Remediation of toxic mine wastes. Fabricated soil.. Optimising nutrient retention for crop cultivation using sustainable, organi¢ fertilisers. An Agri-Pharma approach to screening of plant essential oils and their bioactive components for anti-inflammatory potential. Plantimicrobials.. The hidden world of the flower microbiome to access novel diversity and antimicrobial agents. Craving root space or light? Disentangling growth constraints on wheat for more realistic pot experiments. Financial revlew Overall perfomiance in year Income from listed investments was £55,797 (2023.. £55.583) and income from bank interest was £334 {2023- £184). Unrestricted reseNes Carried forward are £5,880 (2023.. £13,254) and restricted reserves carried forward are £2,081,57412023.' £1,935,914). Investment Policy and Performance In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares, and investments as they see fit. The trustees are mindful that investments should not be made that conflict with the trusts objects'ves and to this end ensure that a suitable fund is used with established and transparent ethical criteria. The Trustees review these investments annually and the investmenl policy is reviewed every five years. The Trustees engage a single fund manager, CCLA Investment Management Limited. Investments are held in COIF Charity Funds and CCLA offer a balanced fund, which includes UK and overseas equities, loans, property and bonds. The annual management charge for the Investment Fund is 0.80 and is charged to the Fund and deducted from the capital, this therefore does not impact on the annual dividends that the trust re¢eives. Page 4
Seale Hayne Educational Trust Report of the Trustees The policy is to adopt low risk investments using the Retail and Consumer Price Indices as a minimum benchmark forcapital growth. The investments are managed to maintain income while preserving the real value of the endowed investments. During 2017118, the trustees agreed to adopt Total Retum Accounting to be effective from 1st August 2018, and this was first utilised in 2019120. This approach enables the trustees lo consider all investment returns when deciding how much to pay outas grants to su¢ces5ful applicants and therefore potentially able to increase grants in years where the total return allows. The trustees are responsible for ensuring that a proportion of the investment income and gains each year, at least equal to inflation, is applied to the restricted reserves, and it is recommended that the amount applied is greater than inflation to build up a buffer against adverse market events. The original capitsl investment of £850,000 was worth £1,577,504 in real terms at 31 July 2024 {i.e. inflation since 1999) and therefore the maximum additional total return that could be expended during 2023124 was £504,070 (see note 14). During the year the trustees agreed to utilise £nil (2022123.. £nil) of these funds to award additional grants. The cumulative totsl of total returns utilised since 2019120 is £32,100. Utilisation of total returns requires units to be sold from the Investment fund to the same value. No units were sold during 2023124 (2022123.. none). The Trust also obtains a small amount of interest from short term funds held in a bank deposit account. Resetves Policy and use of Income and Capltal The unrestricted funds held by the Trust represent Ihose assets not held in fixed assets. The Trust Deed does not specify a minimum level of unrestricted funds, however the trustees have agreed Ihat an amount should be held to ensure that the Trust can manage any unexpected spend. The Trustees have committed most of the balance to grant awards. The restricted funds are the Seale Hayne Educational Trust Endowment Fund represented by those assets which must be held permanently by the Trust and principally comprises Ihe fixed asset investments. Income from the endowment fund can be used in accordance with the objectives of the Trust. The Trustees use of income and capital Is determined by the trust deed. This states that they must first apply the Trust's income. then if they think fit, expendable endowment, and when expenditure can properly be charged to it, it5 penrtranent endowment in meeting the proper costs of administering the Trust. After paymenl of these costs they may apply the funds in accordance with the objectives of the Trust. Golng Concern The Trustees are of the opinion that the Trust has adequate resources to continue for the foreseeable future. The Trustees have considered the impact of reducing interest rates, which is mitigated by the Investment Manager's policy of maintaining distribution income. The financial statements are therefore prepared on a going concern basis. Future Plans The Trust has reviewed its goveming document which was previously sealed on 20 October 1999 and decided that the objectives, which may be amended after 10 years, did not need to be changed. The trustees will continue to pay the maximum amount of grants each year to deserving applicants and will sell investment units as per the total return aGcounting approach which consider5 all investment returns, to enable this to be fulfilled. The level of unrestricted funds will therefore be kept at a minimal level whilst ensuring the trust can meet its liabilities in order to ensure researchers are supported, particularly in the areas of agriculture, food and land use. Page 5
Seale Hayne Educational Trust Report of the Trustees Statement of trustses, responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicats'on of resources of the charity for that period. In preparing these financial statements the trustees are required to.. Select suitable accounting poli¢ies and then apply them ¢onsistently', Observe the methods and principles in the Charities SORP 2019 {FRS102)' Make judgements and estimates that are reasonable and prudent.. State whether applicable accounting standards have been followed, subjectto any material departures disclosed and explained in the financial ststements., Prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting re¢ords which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the requirements ofthe Charities Act 2011, the Charities (Accounts and Reports) Regulation 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees recommend that Wills Accountants Limited remain in office until further notice subject to annual review. On behalf ofthe Trustees Dr Phil Le Gri¢e Trustee Dated.. 26 November 2024 Page 6
Seale Hayne Educational Trust Independent examiner's report to the trustees on the unaudited financial statements of Seale Hayne Educational Trust. I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2024 which are set out on pages 2 to 16. Responsibilities and basis of report As the charity's trustees 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 ofthe charity's account5 carried out under Section 145 ofthe 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 examlners statement I have completed my examination. I confirm 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 charity as required by section 130 of the Acl,. or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (A¢¢ounts and Reports) Regulations 2008 other than any requlrement that the accounts give a 'true and fair view which Is not a matter considered as part of an independent examination. I 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 reached. Wills Accountants Limited Independent Examlner Chartered Certified AGcountants 2 Endeavour House Parkway Court Longbridge Road Plymouth PL6 8LR Zo'au- Page 7
Seale Hayne Educational Trust Statement of Financial Activities for the year ended 31 July 2024 Unrestrictsd funds Restrictsd funds 2024 2023 Total Total Notes Income from: Charitable activities 6,608 6,608 10,942 Investments 56,131 56.131 55,767 Total 62,739 62,739 66,709 Expenditure on: Charitable activities (70,113) (70,113) (60,813) Total (70,113) (70,113) (60,813) Net (expendlture)lincome 17,3741 (7.374) 5,896 Net gainl{loss) on investments 145,660 145,660 (39,014) Net movement in funds (7,374) 145,660 138,286 (33.118) Reconciliation of funds: Total funds brought forward 13,254 1,935,914 1,949,168 1,982,286 Total funds carried forward 5,880 2,081,574 2,087,454 1,949,168 The notes on pag8s 10 to 16 fomi an integral part of these financial statements Page 8
Balance sheet as at 31 July 2024 2024 2023 Not8S Fixed Assets Investments 2,081,574 1,935,914 Curr8nt Assets Debtors Cash at bank and in hand 8,159 11,039 19,198 12,001 Credltors: amounts falling due within one year 5,944 Net Current Assets 5,880 13,254 Net Assets 10 2 087,454 1,949,168 Funds Restricted income funds Unrestricted income funds Total funds 12113 2,081,574 1,935,914 13,254 1,949 168 2 087 454 The financial ststements were approved by the Trustees on 26 November 2024 and signed on its behalf by Dr Phil Le Gri Trustee The notes on pages 10 to 16 form an Integral part of these financial statements Page 9
Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2024 1. Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied Gonsistently throughout Ihe year and the preceding year. 1.1. Basis of accounting The financial statements are prepared under the historical cost convention, except for investments which are included at market value, and in accordance with Ihe 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 IFRS 102), and the Charities Act 2011. The functional currency of the Trust is Pounds Sterling, the currency of the United Kingdom the primary economic environment the Trust operates in. The Financial Statements are also presented in Pounds Sterling. Going Concern The trustees have a reasonable expectation that the Trust has adequate resources to continue to operate for the foreseeable future. The Trust prepares a f0caSt on an annual basis. The going concem nature of the Trust has been considered for a period of greater than 24 months from the date of approval ofthe Financial Statements. The Trust is satisfied that it can meet its day to day working capital needs out of cash and liquid investments. The trustees are not aware of any material uncertainties which would prevent the Trust from continuing as a going concern. The statements are prepared on a going concern basis. 1.2. Income recognltlon All income is included in the statement of financial activities when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Income from investments is included in the year in which it is receivable and the annual management charge of 0.60A is deducted from capital and does not impact on dividend income. 1.3. Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 1.4. Investments Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities. The gain or loss on disposal of investments held is determined by the market value of the shares as at the previou5 year end. The annual management charge for the Investment Fund is 0.60A and is charged to the Fund and deducted from the capital. The Trust has adopted the option to apply the recognition, measurement and disclosure requirements of sections 11 & 12 of FRS 102. Page10
Seale Hayne Educational Trust Notes to financial ststements for the year ended 31 July 2024 1.5. Related parties Related party transactions have been identified where significant influence is considered to exist. 1.6. Estimates and judgements The preparation of the Finan¢ial statements requires judgements, estimates, and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income, and expenses. Thesejudgements, estimates, and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. Where required estimates and judgements a included in the narrative within the accounting policies and the notes to the financial statements. 2. Charltable income - by fund type Unrestricted Funds 2024 Totsl 2023 Total Grants repayable 6,608 6,608 10,942 6,608 6,608 10,942 3. Investment income Unrestricted Funds 2024 Total 2023 Total Dividends on investments 55,797 55,797 55.583 184 Interest on cash deposits 334 334 56,131 56.131 55.767 4. Costs of charitable activltles by fund type Unrestricted Funds 2024 Total 2023 Total Grants payable Trustees and Secretary expenses Administration charge Accountancy fees Other expenses 63,594 63,594 54,485 84 5,194 750 300 5,323 798 5,323 798 398 398 70,113 70,113 60,813 Other expenses relate to a membership fee for the AgriFood Charities Partnership. Page11
Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2024 5. Grants payable Total Use of a novel species-specific ribonucleic acid interference (RNAI) pesticide against rape winter stem weevil Indicators of juvenile fish growth for critical estuarine habitats Remediation oftoxic mine wastes Fabricated soil.. Optimising nulrient retention for crop cultivation using sustainable, organic fertilisers An Agri-Pharma approach to s¢reening of plant essential oils and their bioactive components for anti-inflammatory potential Plantimicrobials.. The hidden world ofthe flower microbiome to access novel diversity and antimicrobial agents Craving root space or light? Disentangling growth constraints on wheat for more realistic pot experiments 14,880 9,727 10,085 10,492 6,000 4,910 7,500 63,594 2022123 grants payable were £54,485 and included £3,100 towards an AgriFood Charities Partnership research project. 6. Trustees, and Trust secretary emoluments The trust does not have employees. Trustees are not renumerated for their services, other than reimbursement of reasonable expenses. Expenses of £nil (2023: £84) were reimbursed in the year. 7. Other recognised gains and losses Restricted Funds 2024 Total 2023 Total Unrealised gainl(loss) on valuation of non-current investments 145,660 145,660 {39,014) 145,660 145,660 (39,014) 8. Non-current investments 2024 2023 Valuation at 1 August Revaluation gainl(loss) as at 31 July (unrealised) 1,935,914 1,974,928 145,660 (39,014) Valuation at 31 July 2,081,574 1,935,914 Valuation statement provided by the fund manager CCLA. Page 12
Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2024 9. Debtors 2024 2023 Accrued income 8,159 8,159 The accrued income relates to amounts owed to the Trust in respect ofunspentfunds on grants awarded in previous years. 10. Credltors: amounts falling due withln one year 2024 2023 Accruals 6,121 5,944 6.121 5,944 This includes £5,323 owing to the University of Plymouth for financial and administrative services provided (2023.. £5,194). 11. Analysls of net assets between funds Unrestricted Funds Restricted Funds Total Funds Fund balances at 31 July 2024 as represented by.. Fixed Asset investments Current assets Current liabilities 2,081,574 2,081,574 12,001 (6,121) 2,087,454 12,001 (6,121) 5,880 2,081,574 There were no transfers beeen funds for the year ending 31 July 2024 (2023.. none). Page13
Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2024 12. Unrestricted funds At 1 August 2023 Incoming Resources Outgoing Resources At 31 July 2024 Unrestricted Funds 13,254 62,739 170,1131 5,880 13. Restricted funds At 1 August 2023 Incoming Resources Outgoing Resources At 31 July 2024 Restricted Funds 1,935,914 145,660 2,081,574 14. Total return accountlng summary Unapplied Total Return Totsl Endowment Trust for investment Fund At 1 August 2023: Gift component of the permanent endowment Unapplied total return 850.000 850,000 1085 914 1,935.914 1085,914 1,085,914 850,000 Movements during the year.. Investment retum.. unrealised gain 145 660 145,660 145 660 145,660 Net movements in the year: 145 660 145 660 At 31 July 2024: Gift component of permanent endowment Unapplied total return 850,000 850,000 1 231574 2 081574 1231574 1,231,574 850,000 Unapplled total return represented by: Cumulative gains equal to inflation" Cumulative gains above inflation 727,504 504 070 1231,574 Under Total Return Accounting, it is advised that the Trustees ensure thal a proportion of the investment income and gains each year, at least equal to inflation, is applied to the restricted reseNes. During 2023124, the Trustees did not utilise any of the restricted funds under Total Return Accounting (2023.. £nil). Page 14
Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2024 15. Related Partles The University of Plymouth is deemed to be a related party of the Trust given the composition of the Trustees and the objectives of the Trust. The University of Plymouth provides the administrative and finance function for the Trust that includes transactions with the Fund Manager. The following transactions look place.. 2024 2023 Nature of transaction Grants paid by the Trust Grants repaid to the Trust 63,594 51,385 6,608 10,942 Administration charge payable to the University 5,323 5,194 The balance owed to the University at 31 July 2024 was £5,323 (2023.. £5,194). The balance owed by the University was £nil {2023'. £8,159). No amounts were written off during either year or provided against at either year end. During the grant awarding process, if a Trustee has a direct financial interest in any of the applications, they will declare this and stand down from the decision-making process for the application. Page 15
Seale Hayne Educational Trust The ftjllowing schedule is an intrinsic part of the Trustee5' report and Financial statements required to comply with the Statement of Recommended Practice 'Accounting and Reporting by Charities,. Detailed Statement of Financial Actlvitles for the year ended 31 July 2024 2024 2023 Incoming resources Incoming resources from generating funds: Investment income Dividends on investments 55,797 334 55,583 184 Interest on ¢ash deposits 56,131 56,131 56,131 55,767 55,767 55,767 Total incoming resources from generating funds Total Incomlng resourcès Charitable activltles Grants payable Grant fvnding activities Grants payable Grants repayable 63,594 (6,608> 54,485 (10,942) 56,986 56,986 56,986 43,543 43,543 43,543 Grants payabl8 total expenditure Total charltable activity expenditure Governance costs Activities undertaken dire¢tly Trustees and secretary expenses Administration charge Accountancy fees Other expenses 84 5,323 798 5,194 750 398 300 6,519 6,519 6,328 6,328 5.896 Total governanc8 costs Net (outgoing}lincornlng resources for the year Total unrestricted funds brought fonvard Totsl unrestri¢ted funds carriod fOard (7,374) 13,254 5,880 7,358 13,254 Page 16