Seale Hayne Educational Trust Trustees. Report and Financial Slatements for the year ended 31 July 2025 Charity number.. 306613 Seale Hayne Educational Trust Contents Page Legal and adminislralive information Trustees rep)rt Independent examiners, report Slalemenl of financial activities Balance sheet Notes to the financial statements 10-1S Detailed Statement of Finanaal A¢livilies 16 Seale Hayne Educational Trust Legal and administrative information Charity number 306613 Registered Office University of Plymouth 17a Portland Villas Plymouth Devon PL4 8AA Secretary Professor M Fuller Trustee$ nominated By Unlverslty of Plymouth Professor T Knowles Piofessor W Blake- appointed 1 January 2025 'rrustees Co-opted Dr P Le Grice Mr l Mcvicar Professor J Roberts Sir H Studholme- retired 31 December 2024 Accountants Wills Accounlanls Limited 2 Endeavour House Parkway Court Longbridge Road Ptymoulh 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 slalemenls lor the year ended 31 July 2025. The Iruslees who served during the year and up to the date of this report are sel out on page 1. Structure. governance and management Governing do¢ument The Seale Hayne Educational Trust I'lhe Trust") wa5 approved by the Charlty Commlssion on the 20 October 1999 and is a ￿gIStered charity, number 306613. The scheme sijpersedes that previousty 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 Oclober 1999, incorporated into the University of Plymouth Financial Slatemenls. An agreement was approved by the Charity Commission allowing the sale of the Seale Hayne Estsle and other assets lexcluding liquid inveslmenlsl of the sea￿ Hayne College Trust to the Univetsrty of Plymouth. The purchase pri￿ was converted into a 10-year loan back lo the University by the Trust. This loan has been repaid in full. Appolntmen¢ of trustegs I nere are two nominaled Trustees appointed Dy the Boar(i of GovÈ(nors of the University of Piymoulh for perK)d of three years. In addition there are three co-opted Trustees, who are appointed by the other Trustees. Co-opted Trustees musl be independent of the University of Plymouth and are appointed for a term ol three years. The names of the Tru51ees are shown on page 1. The Trustees do not have a personal interest in the Trust although they may be entitled lo reimbursement of reasonable expenses related lo dulles perfoimed as Trustees bul do not receive remuneration fortheir services as Iruslees. They may not have a financial interest in the supply of goods and services to the Trust other than in their capacty as employee of or consultant lo the University. The Truslees are required lo hold two ordinary meetings in each financk41 year. Trustee induction and training Any new Trustees will be inducted and trained appropriately which would ensure that they were aware of the objeclwe5 and aclivrties of the Trust. Oryanisation Vvhile the Trustees are responsible for the administration of the Trust, the University of Piymouth assumes day lo day management and investment of assets on behalf of the Trustees. The Trustees may seek external professional advice if necessary. Rlsk Management The Trustees have assessed the major risks to which the Trust is exposed. in particular those related lo the operations and finances of the Trust, and are satisfied that systems are in place lo miligale the Trust's exposure lo the major risks. The main risk relates to the investrnenl returns. There has been sufficient growth in the value ofthe investment fund in recent years to withstand any short-term losses on the ftjnd. Page 2 Seale Hayne Educational Trust Report of the Trustees Objectives and activities The Trust's income may be applied within the Trustees diS￿lI0n for'.- The objects of the Tmst.. Providing items, services or facilities for higher education or research in the Subject. Providing support grants to, or othetwise in promoting the higher education or research of, students in need of assistance., Promoting higher education or research in the Subject. The actlvltles of Ihe Trust.. The activities are governed by the 'Subjecl'. which is deftned in the Trust Scheme as 'lhe art. science and technology of agricu￿Ure, food and land use and ol disciplines 5UPPOrting agriculture. food and land use or such other arts, saences and branches of technology as the Trustees may determine., Public benefit statement Under the Charities Act 2011 the trust is required to report on how they have delivered their charitable purposes fof public benefit. There are iwo key principles and seven supporting principles of public benefit lo be followed by all charities. The Trust has had regard lo the Charity Commissions guidance Drs public benefit and a summary of how this has been achieved is provided below. The Trust makes a number of awards each year lo 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 8nd land use or such other arts, sciences and branches of technology. 11 is particularly concerned lo provide 'pump- priming, awards to help applicants, often la¢king the experience and confidence lo apply lo research councils and similar bodies, lo eslabllsh new research progommes. The Trust's work is in accordan￿ with ils objectives and activities and has been of considerable benefit lo rural industry. society and environment since its inception in 1999. The Trust also make5 a number of awards lo asslst promisin9 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 inslilulions that merged lo form the current University of Plymouth. 11 has therefore been considered appropriate lo in¢lude stsff and students of the University of Plymouth as potential applicants for funding. This is specified in the Trust Scheme sealed on 20 October 1999 and reviwed every 10 years by the Trustees. University of Plymouth students extends lo include the 51udenls of the majority of the further education Colleges in the Soulh-wesl 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 lo apply to the University regardless of geographical location, background and financial standing for a wde range of courses and programmes. The Univeisily has a well-eslablished programme of outreach activities designed lo raise levels of allainmenl, aspirations and applications among under-r&p￿Senled groups. The Tru51ees have reviewed the objects, Scope and beneficiaries of the Tfust and are satisfied that the existing arrangements are suited lo the Trust's objectives. Page 3 Seale Hayne Educatlonal Trust Report of the Trustees Achievements and performance Application criteria During the year the TIu51 published a slalemenl ol ils objectives and invited application5 for funding. Aclivities that are funded are calegorised between slralegic, short term and other. The Trustees will continue lo encourage future applications while maintaining a critical review process lo ensure that the successful applicants meet with the Trusfs objectives. The Trustees are keen 10 5UPPOrt researchers, particularly in the areas of agriculture, food and land use, who are unable lo secure funds elsewhere. From 200212003 to the current year, the Trust has awarded funding of £1,132,384 in accordance with charitable obje¢lives Grant Applications The University ol Plymouth has created a new Centre of Research excellence in Intelligent and Sustainable Productive Systems ICRISPSI. supported by Research England. As part ol this project. during 2024125, CRISPS ¢ontribuled £50,000 lo the Trust lo match fund grants that fall within the 3 CRISPS workslreams.. Produ¢lion Health & Welfare,. Agri-tech Controlled Environments and Soil Health. This was Communicated to applicants and led to more and larger value grant applications. Al the meeting on 8 May 2025 grant application5 were considered and the Trustees approved 712024". 71 grants lotalling £105.821 12024.. L63.5941 OLtt of a lolal of 2212024'.1 Ul applications. All of the CRISPS" tunding was utilised in this funding round. A further £2.500 was contributed lo the Linking Environment and Farming ILEAFI Caroline Drurnmond Scholarship Award for Innovation and Suslainabilily. which is the first ol a three year partnership. In recent years. amounts totalling £17,700 have also been awarded to AgriFood Charities Partnership research projects. Of the total grants paid, £6,493 has been refunded to the Trust in the year ended 31 July 2025 relating to the underspend of grants made in previous years12024'. £6,608). Grants were approved by the Trustees for the following sYojects'.- RNAI against rice blast disease Transforming OSR genome against cabbage stem flea beetle Free-living honey bees status Black soldier fly as a novel feed for TiLapia Brewers yeast preventing dysbiosis in Carp Agric pathogens & healthy landscapes Release strategies for lobster stock enhancement Financial review Overall performance in year Income from listed investments was £57,03212024'. £55,797) and income from bank intere51 was £31512024.. £3341. UnreslriGted reserves carried fotward are £4,58012024.' £5,880) and reslricled reserves carried forward are £2,048,37512024.' £2,081,574). Investment Policy and Performance In ac¢ordance with the Trust Deed, the Trustees have the power to inve51 in such stocks, shares, and investments as they see fit. The Iruslees are mindful that investments should not be made that conflict with the trusts objectives and lo this end ensure that a surtable fund is used wrth established and transparent ethical criteria. The Trustees review these investment5 annually and the investment policy is reviewed every five years. The Trustee5 engage a single fund manager, CCLA Investment Management Limited. Investments are held in COIF Charity Funds and CCLA offer a balanced ftjnd, which includes UK and overseas equities. loans, property and bonds. Page 4 Seale Hayne Educational Trust Report of the Trustees The annual management charge for the Investment Fund is 0.6010 and is charged lo the Fund and deducted from the capital, this therefore does not impact on the annual dividends that the trust receives. The policy is lo adopt low risk investrnents using the Retail and Consumer Price Indices as a minimum benchmark for capital growth. The investments are managed lo maintain income while preserving the real value of the endowed inve51menls. During 2017118, the trustees agreed lo adopt Total Relum Accounting to be effective from 1 sl August 2018, and this was first utilised in 2019120. This approach enables the Iruslees lo consider all investment relums when (Jeciding how much to pay out as grants lo successful applicants and therefore potentially able to increase grants In years where the total return allows. The Iruslees are responsible for ensuring that a proportion of the investment income and gains each year, at least equal lo inflation, is applied lo the restricted reserves. and it is recommended that the amount applied is greater than inflation lo build up a buffer against adverse market events. The original capital investment of £850,000 was worth £1,637,914 in real terms al 31 July 2025 li.e. inflation since 19991 and therefore the maximurn additional total return that could be expended during 2024125 was £410,461 Isee note 131. During the year the Iruslees agreed to utilise £nil12023124' £nil} of these funds lo award addrtional grants. The cumulative lolal ol lolal Telums ulilised since 2019120 is £32,100. Utilisalion of lolal return5 requires units lo be sold from the Invesimenl fund lo the same value. No units were sold during 202412i12023124'. none). The Trust also obtains a small amount of interest from short lem) funds held in a bank deposit acctrunl. Rese￿eS Policy and use of Income and Capltal The unrestricted funds held by the Trust represent those assets not held in fixed assets. The Trust Deed does not specify a minimum level of unrestricted funds, however the trustees have agreed that an amount should be held to ensure that the Trust can manage any unexpected spend. The Trustees have committed most of the balance lo grant award5. The restricted funds ale the Seale Hayne Educational Trust Endowment Fund represented by those assets which musl be held permanently by the TrLJsI and principally comprises the fixed asset investments. Income from the endowment fund can be used in a¢¢ordance with the objectives of the Trust. The Trustees use of income and capital is determined by the trust deed. This slates that they musl first apply the Trust's income, then if they think fi(. expendable endowment. and when expenditure can properly be charged lo it, its permanent endowment in meeting the proper costs of administering the Trust. After payment of these costs they may apply the funds in accordance with the Obl￿tIveS of the Trust. Golng Concern The Trustees are of the opinion that the Trust has adequate fesources lo continue for the foreseeable future. The Trustees have considered the impact of redu¢ing interest rates, which is mitigated by the Investment Manager's policy of maintaining distribution income. The finanaal statements are therefore prepared on a going Concern basis. Future Plans The Trust has reviewed its governing document which was previously sealed on 20 October 1999 and decided that the objectives, which may be amended aftef 10 years, did not need lo be changed. Page 5 Seale Hayne Educational Trust Report of the Trustees The trustees will continue to pay the maximum amount of grants each year lo deserving applicants and will sell investment units as per the lolal return accounting approach which considers all investment Telums, to enable this to be fulfilled. The level of unreslricled funds will therefore be kept at a minimal level whilst ensuring the trust can meet its liabilities in order lo ensure researchers are supported, particularly in the areas ol agriculture, food and land use. Statement of trustee$. rosponsibilities The trustees are responsible for preparing the Trustees. Annual Report and the financial slalement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounb'ng Praclicel. The law applicable lo charities in England & Wales require5 the trustees lo prepare financial statements for each financial year which give a true and fair view of the 51ale of affairs ol the Charity and of the incoming resources and application of resources of the charty for that period. In preparing these financial slalemenls the trustees are required to.. Seleel suitable accounting policies and then apply them ¢onsislently'. Observe the methods and principles in the Charities SORP 2019 IFRS1021", Make judgements and eslimales that are reasonable and prudent., Slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., Prepare the financial slalemenls on the going ¢on¢em basis unless 11 is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper ac¢ounling records which disclose with reasonable accuracy at any lime the financial position of the charity and enable It)em lo ensure that the financial statements comply with the requirements of the Charities Act 2011, the Charib'es IAcGounls and Reports) Regulation 2008 and the provisions of the trust deed. They are also responsibl8 for safeguarding the assets of the charity and hence for taking reasonable Steps for the Pfevenlion and detection of fraud and other irregularitie5. The Iruslees recommend that Wills Accotjntsnls Limited remain in office until further notice subject to annual review. On behalf of the Trustees Professor T Knowles Trustee Dated.. 25 November 2025 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 lo the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2025 which are sel out on pages 2 10 16. Responsibilities and basls of report As the charity's Iruslees you are responsible for the weparalion of the accounts in accordance with the requiremenls of the Charities Act 2011 I'the A¢l'}. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by th& Charity Commission under section 14515llbl of the Act. Independent examiners statement I have completed my examination. I confirm that no material matters have come lo my attents'on in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as reqUI￿d by section 130 of the Act.. or the accounts do not accord with those records., or the accounts do not comply with the applicable ￿qUIrementS concerning the form and content of accounts set out in the Chariti'es (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view. ￿lch is not a matter consbdered as part of an independent exarninalion. I have no concerns and have come across no other matters in connection wlh the examination to which attention should be drawn in this report in order lo enable a proper unde¥slanding of the accounts lo be reached. h- Wills Accountants Limited Independent Examlngr Chartered Certified Accountants 2 Endeavour House Parkway Court Longbridge Road Plymouth PL6 8LR Dated.. 25 25 Page 7 Seale Hayne Educational Trust Statement of Financial Activities for the year ended 31 July 2025 Unrestrlcled funds Restrl¢ted funds 2025 Total 2024 Total Notes In¢ome from: Charitable activtiies 8.493 50,000 56,493 6,608 Investments 57,347 S7,347 $6.131 Total 63.840 50,000 113,840 62,739 Expenditure on: Charitable activities 165.1401 150,0001 1115.1401 170,1131 Total 165.1401 150,0001 1115.1401 170,1131 Net {expenditureyincome 11,3001 11,3001 17,3741 Nel gainl{lossl on investments (33,1991 133,1991 145,660 Net movement in funds 11.3001 133,1991 {34,4991 138,286 Reconclllatlon of funds: Tolal funds brought forward 5.880 2,081.574 2.087.454 1,949,168 Total fund$ carrled forward 4,580 2,048.375 2.052.955 2,087.454 The notes on pages 10 to 16 form an integral part of these financial statements Page 8 Balance sheet as at 31 July 2025 2025 2024 Notes Fixed Assets Investments 2.048,375 2,081,574 Current Assets Cash al bank and in hand 10.912 12,001 ¢￿ditOrS- amounts falling due within one year 6,121 Net Current A$$9ts 4.S80 5,880 Net Assets 10 2,052,955 2,087,454 Funds Restricted income funds Unrestricted income funds Total funds 12113 2.048,375 4,580 2,052,955 2.081,574 5,880 2.087.454 The financial statements were approved by the Trustees on 25 November 2025 and signed on ils behalf by Professor T Knowles 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 2025 1. Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. 1.1. Basls of a¢¢ounting The financial slalemenls are prepafed under the hislorieal cost convention, except for investments which are included al market value. and in accordance with the Slalemenl Of Recommended Practice 'Accounling and Reporting by Charities, preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021, and the Charities Act 2011. The functlDnal currency of the Trust is Pounds Sterling, the currency of the United Kingdom the primary economic environment the Tiusl operates in. Tho Financial Statements are also presented in Pounds Sterling. Going Concern The Iruslees have a reasonable expectation that the Trust has adequate resources to eontiniie to operate for the foreseeable future. The Trust prepares a forecast on an annual basis. The going concern nature ol the Trust has been considered for a period of greater than 24 months from the date of approval of the Financial Stalemenls. The Trust is satisfied that it can meet ils day to day working capital needs out of cash and liquid investments. The Iruslees are not aware of any material uncertainties which would prevent the Trust from conb'nuing as a going concem. The slalemenls are prepared on a going concem basi$. 1.2. Income recognition All income is included in the statement th financial activities when the Trust is entitled lo the income and the amount Can be quantified with reasonable accuracy. The following specrfic policies are applied lo particular categories of income.. Income from investments is included in the year in which il is receivable and the annual management charge of 0.6% is deducted from capital and does not impact on dlvidend income. 1.3. Expenditure Expenditure is recognised on an aecruals basis as a liability is incurred. Expenditure includes any VAT which cannot be ftjlly recovered. and is reported as part of the expenditure to which il relates. Charitable expenditure comprises those costs incurred by the Trust In the delivery of ils activities and services for ils beneficiaries. rt includes both costs that can be allocated directly lo guch acbvilies and those costs ol an indirect nature necessary to support them. 1.4. Investments Investments held as fixed assets are revalued al mid-markel value al the balance sheet date and the gain Dr loss taken lo the statement of financial activities. The gain or loss on disposal of investments held is determined by the market value of the shares as al the previous year end. The annual management charge lor the Investment Fund is 0.6% and is charged to the Fund and deducted from the caprtal. The Trust has adopted the option to apply the recognition, measurement and disclosure requbremenls of se¢lions 11 & 12 of FRS 102. Page 10 Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2025 1.5. Related parties Related paty Iransaetions have been identified where significant influence is considered to exist. 1.6. Estimates and judgements The preparation of the Financial slalemenls requires iudgemenls. estimates, and assumptions that affect the application of accounting policies and reported amounts of assets and liabilitie5, income, and expenses. Thesejudgemenls. eslimales, and assoaaled assumptions are based on historical experience and other factors, including expectations of fulure events that are believed to be reasonable under the circumstances. The resulting accounting estimates will. by definilion, seldom equal the related actual fesLJlts. Where required estimates and judgements are included in the narrab've wthin the accounting KK)licies and the notes lo the financial statements. 2. Charitable income- by fund type Rè¢tActed Funds un￿$t￿l￿*&d Fund$ 202S 2024 Total Total Grants repayable 6,493 6,493 6.608 Grant contribution from CRISPS 50,000 50.000 50,000 6,493 56,493 6,608 The University of Plymouth has created a new Centre of Research excellence in Intelligent and Sustainable Productive Systems ICRISPSI, supported by Resear¢h England. As part of this project, during 2024125, CRISPS ctsnlribuled £50,000 lo the Trust lo match fund grants that fall within the 3 CRISPS workstreams- Production Health & Welfare., Agr¢-lech Controlled Environments and Soil Health. The whole £50.000 was awarded lo grant holders by SHET during 2024125. 3. Investment income Unrgstrl¢tgd Funds 2025 2024 Total Total Dividends on investments 57.032 57,032 315 55.797 Interest on cash deposits 315 334 57,347 57.347 56.131 Page 11 Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2025 4. Costs of charitable activities by fund type Restricted Funds Unre$trlcled Funds 2025 Total 2024 Total Grants payable Trustees and Secretary expenses Adminislralion eharge Accountancy fees Other expenses 50,000 58.321 87 108.321 87 63,594 5.458 876 40fl 5,456 876 5,323 798 400 398 50.000 6S,140 11S,140 70,113 Other expenses relate lo an annual membership fee for the AgriFood Charities Partnership. 5. Grants payable SHET CRISPS lunds contribution Total RNAI against rice blast disease Transfoming OSR genome against cabbage stem flea beetle Free-living honey bees slalus Black soldier fly as a novel feed for Tilapia Brewers yeast preventing dysbiosis in Carp Agric pathogens & healthy landscapes Release strategies for lobster stock enhancement 12,926 11,215 14,028 12,172 26,9S4 23,387 14,320 2,096 3.117 2,397 9.750 55.821 15,541 2,274 3.383 2.802 29,861 4,370 6,500 4,999 9,750 105,821 50,OQO In addition lo the above, the Trust became a Champion of the Caroline Drummond Scholarship Award for Innovation in su51ainability. which is a three year partnership, and contributed £2,500 into this award during 2024125. 2023124 grants payable We￿ £63,594. 6. Trustees, and Trust secretary emoluments The trust tloes not have employees. Trustees are not renumeraled for their services, other than imbursement of reasonable expenses. Expenses of £8712024". £nill were reimbursed in the year. Page 12 Seale Hayne Educational Trust Notes to financial statements for the year ended 31 July 2025 7. Other recognised gains and losses Re5tn"cled Funds 2025 Total 2024 Total Unrealised Ilossllgain on valuatson of non-currenl investments 133,1991 133,1991 145,660 133,1991 133.1991 145,660 8. Non