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2020-12-31-accounts

Contents Page
1 —6
Report of the Governors
Statement of Governors' responsibilities
Report of the independent examiner
Statement offinancial activities (SOFA)
10
Balance sheet
Notes forming
part of		 the financial statements 11-21

They are:
Date offirst
Governors Appointment
Ex Officio Governor
The Right Worshipful
The Lord Mayor ofExeter
Representative
Governors
Ms S M Hobden
(Retired 27 October 2020)		 11.3.04
28.11.14
Miss R Edbrooke 1.6.17
Lady J Stanhope
Mr A P Foster (Appointed 27 May 2021)
Miss S M Witheridge
(Appointed
27 May 2021}		 27.5.21
27.5.21
Co-optative Governors 16.6.04
Mr TV Knapp
(Chairman)
Mrs JP Regan
(Vice-chairman
Mr D McGahey
(Vice-chairman		 to 18March 2020)
from 18 March 2020)		 9.9.87
25.7.18
20.3.02
Mrs G Redman
Mr RThomas
(Retired 16 March		 2020) 6.3.05
19.9.12
Mr H Parkin 27.7.16
Revd T Wilson
Mr P Holland
(Appointed
29 July		 2020) 29.7.20

E
General Fund 1,292,244.06 93.058
Orphan Fund 30,166.59 2.172
Acland Fund 66,235.89 4.770
1,388,646.54 100.000
General Fund General Fund 93.766
Orphan Fund 1.946
Acland Fund 4.288

Year Ended 31 Dec emb er 2020
Permanent
Endowment
Funds		 Restricted Funds Total Total
General Special Orphan Acland 2020 2019
Note 6 6 6 6 f
Income
Investment
Income		 95,572 1,108 2,443 99,123 119,580
Total Income 95,572 1,108 2,443 99,123 119,580
Expenditure
Costs ofraising funds:
Investment
management		 costs 4 16,273 229 505 17,007 18,061
Expenditure
on charitable		 activities:
Grant making
activities		 5 78,038 25,052 1,250 2,443 106,783 110,471
Total expenditure 94,311 25,052 1,479 2,948 123,790 128,532
Net realised (losses)/gains
on
Gains/(losses)
on revaluation		 investments
of		 7 (42,026) (872) (1,922) (44,820) 10,538
Investments 7 26,515 550 1,213 28,278 277,334
Net (expenditure)/income for
the year before transfers (14,250) (25,052) (693) (1,214) (41,209) 278,920
Transfer between
funds		 8 (12,305) 11,705 600
Net (expenditure)flncome for
the year after transfers (26,555) (13,347) (93) (1,214) (41,209) 278,920
Net movement
in funds		 (26,555) (13,347) (93) (1,214) (41,209) 278,920
Funds brought
forward
at 1 January 2020 2,534,923 32,371 50,708 93,291 2,711,293 2,432,373
Funds carried forward
at 31 Oecember 2020 9 2,508,368 19,024 50,615 92,077 2,670,084 2,711,293

As at 31 Decembe r 2020
Restricted Funds Total Total
Permanent
Endowment
Funds
General
f		 Special
6		 Orphanf Acland
6		 2020f 2019
6
Note
Fixed Assets
Investments
Investment
Property		 13
14		 2,013,443
475,000
2,488,443		 41,786
41,786		 92,077
92,077		 2,147,306
475,000
2,622,306		 2,175,623
475,000
2,650,623
Current Assets
Debtors
Cash at bank		 15
16		 3,238
103,970
107,208		 11,705
7,319
19,024		 600
8,229
8,829		 2,443
2,443		 15,543
121,961
137,504		 20,305
159,455
179,760
Liabilities
Creditors: Amounts		 falling 2,443 89,726 119,090
due within one year
Net Current Assets
Net Assets		 17 87,283
19,925
2,508,368		 19,024
19,024		 8,829
50,615		 92,077 47,778
2,670,084		 60,670
2,711,293
The funds ofthe charity
Restricted funds		 19,024 50,615 92,077 161,716
2,508,388		 176,370
2,534,923
Permanent
endowment
Total chadty funds
9		 2,508,368
2,508,368		 19,024 50,615 92,077 2,670,084 2,711,293
Approved
by the Governors		 on..I Q...Ak.f .VX).....and +
'i
signed		 on their behalf by TV Knapp

Permanent Restricted Funds Total Total
Endowment
Funds
General
f		 Special
f		 Orphan
f		 Acland
f		 2020
f		 2019
3. Investment
Income
Dividends
and interest
Bank and building
society interest
Rent		 53,437
135
42,000		 1,106 2,443 56,988
135
42,000		 77,519
61
42,000
95,572 1,108 2,443 99,123 119,580
4. Investment
management
costs
Property insurance
and management
Brewin Dolphin fee -revenue 10%
-capital 90%
Support costs (Note 6)		 2,075
1,309
11,044
1,845		 229 505 2,075
1,309
11,778
1I845		 2,056
1,340
12,057
2,608
16,273 229 505 17,007 18,061

Permanent
Endowment
Funds		 Restricted Funds Total Total
General
f		 Special
Orphan
f
f		 Acland
f		 2020
f		 2019
f
5. Grant making activities
Annual
payments
Other grants
Financial
distributions		 (Exeter and 432 25,052 1,250 2,443 432
28,745		 432
16,219
Maynard
Schools)
Support costs (Note 6)		 70,226
7,378		 70,228
7,378		 83,390
10,430
78,038 25,052 1,250 2,443 106,783 110,471
6. Supportcosts
Clerks' salary
independent
examination
Meeting expenses
Sundry expenses
I/AT reclaim		 10,967
1,128
137
(3,009)		 10,967
1,128
137
(3,009)		 11,500
1,354
69
115
9,223 9,223 13,038
Allocated:
Investment
management
costs (20%)
Grant making
activities (80%)		 1,845
7,378		 1,845
7,378		 2,608
10,430
9,223 9,223 13,038
Permanent Restricted Funds Total Total
Endowment
Funds
7. Other recognised
Realised gains/(losses):		 gains and losses General
f		 Specialf Orphan
f		 Acland
f		 2020
f		 2019
f
Equities
Fixed Interest
Property		 (42,715)
689		 (886)
14		 (1,954)
32		 (45,555)
735		 11,737
(1,199)
(42,026) (872) (1,922) (44,820) 10,538
Unrealised
gains/(losses):
Equities
Fixed Interest
Property		 18,912
7,603		 392
158		 865
348		 20169
8,109		 266321
11,013
26,515 550 1213 28,278 277,334
(15,511) (322) (709) (16,542) 287,872

nvestments
At 1 January 2020
Additions
at cost
Disposal proceeds
Losses/(gains)
on disposals
Gains/(losses)
on revaluation
Movement
in cash		 2020f
2,175,623
395,246
(422,091)
(44,820)
28,278
15,070		 2019f
1,&99,808
297,680
(280,060)
10,538
277,334
(29,677)
At 31 December 2020 2,147,306 2,175,623
Details offnvestments
held by Brewln Dolphin		 Holding Cost if
Known		 Market
Value @
31.12.20
9
Aberdeen
Asian Mangt
Aberforth
Smaller Coys Trust
Admiral
Group
Alcon Ag (bought 26.11.20)
Artemis
Fund Mngr High Yield (sold 10.3.20)		 21,600
2,610
485
650		 41,601
26,619
9,953
30,754		 49,356
32,573
14,094
31,658
Ashtead
Group
BaeSystems
Barratt Developments
Biotech Growth Trust
British Telecom 6.375%(bought 4.12.20)
CCLA Inv MA Prop (sold 25.9.20)		 1,020
2,800
2,500
2,600
50,000		 10,478
7,950
13,808
16,626
80,662		 35,068
13,686
16,750
40,976
81,018
Close Bros Group
Concept Fund Solutions
(sold 17.2.20)		 1,600 25,493 22,112
Croda
DBXTracker MSCI Japan Index
Diageo Pic
Ecofin GBL Utilities (bought 21.8.20)
Fidelity Eur Value
Fil Invt Services (UK) (sold 23,65421.8.20)
Fil Invt Services (Pacific) (bought 21.8.20)
First State Investments
(UK)
Galliford TRY(part conv to Vistry sold 31.1.20)		 488
1,600
1,040
21,000
24,250
23,000
36,000
2,033		 13,006
54,108
11,265
35,679
34,254
22,723
40,862
7,571		 32,188
86,360
29,931
39,375
69,355
24,380
44,906
12,037
Glaxosmithkline
Henderson
Invt Fund (bought 26.11.20)
HICL Infrastructure
(sold 21.8.20)		 3,685
1,150		 52.212
38,557		 49,453
41,872
HSBC Holdings
(sold 21.8.20)
Impala Phoenix 5.25% (sold 4.12.20)
Informa (sold 21,8,20)
Intercontinental
Hotels (sold 10.3.20)
Investec Bank 3.9%
I Shares
I Shares
ll (bought 3.2.20)
I Shares V (bought 17.2.20)
John Lang Environmental
Asset
JP Morgan Asian Investment
Trust
JP Morgan
Eur SM (bought 400021.8.20, sold 26.11.20)		 12,000
4,300
9,805
835
38,300
16,824		 12,060
89,437
50,276
65,124
39,908
25,930		 13,688
117,035
53,163
70,933
43,662
81,849
Carried
forward to page 16		 856916 1 147478

Ended 31 Decembe r 2020
Holding Cost If Market
Known Value@
Details of Investments held by Brewin Dolphin (continued) 31.12.20
6
856,916 1,147,478
Broughl forward from page 15
5,500 15,006 14,641
Legal and General 33,576 32,627 12.233
Llcyds TSB Banking Group 790 79,764 83,590
Muzinich
Funds		 2,863 18,669 24,765
National
Grid (boughl 92021,08.20)		 210 19,296 18,125
Nestle
(bought 21.08.20)		 33,200 53,022 81,174
North Am IncTst (sold 4,90017.02.20) 285 20,341 19,729
Novartis 1,250 14,058 28,813
Polar Capital Tach Trust 2,265 12,577 23,822
Princess Private Equity Hldngs 52,800 52,828 80,678
Primary
Health Properties		 1,810 18,989 24,381
Prudential 990 36,217 54.153
Rio Tinto (bought220 21.08.20)
Royal Bank ofScotland (sold 17.02.20) 3,060 60,845 38,538
Royal Dutch Shell 555 5,613 18,520
Schroders VTG 1,260 13,980 18,951
Smiths Group
Saga SPDR Etfs Europe (sold 03.02.20)
Standard
Life Aberdeen		 4,592
17,200		 25,638
23,038		 12,917
28,518
Taylor Wim pay 2,800 10,092 26,600
Templeton
Emerging
Markels Investment
Tesco Personal Finances 5%(redeemed		 Trust
25.11.20)		 1,035 103,999 110,942
Twentyfour
Am Inv Funds		 10,735 40,196 41,234
UK Government
4.125%		 760 15,757 33,379
Unilever PLC 2,550 78,120 132,163
Vanguard
Funds SSP		 500 18,100 32,638 19,471
Vodafone Group Pic 1,465 15,007 11.729
WWP
1 655233 2 106 544
40,762
Cash Deposit (Dealing account)
1)655 233 2(147 306
Total Investments
Allocated:
2,013,443
General Fund (93.766%) 41,786
Orphan
Fund
Acland Fund		 (1.946%)
(4.288%)		 92,077
2,147',308

Castle House and garages, 21 Southernhay East, Exeter 2020 2019
f 6
At 1 January2020
Revaluation
during		 the year 475&000 475,000
At 31 December 2020 475,000 475,000
15. Debtors Permanent Restricted Funds Total Total
Endowment
Funds
General Special Orphan Acland 2020 2019
6 F 6
Luncheon
')/AT
Rent		 197 197
Brewin Dolphin
Prepayment		 income account 3,041 3,041 5,456
350
From general fund 3,238 3,238 5,806
y/e grants 11,705 600 12,305 14,499
3238 11705 600 15,543 20,305
16. Cash at bank
Bank ofScotland 103,970 7,319 8,229 2,443 121,961 159,455
'I03,970 7,319 8,229 2,443 121,961 159,455

17. Creditors: amounts falling due within one year
Permsnent
Endowment
General
f		 Funds
Special
f		 Funds
Special
f		 Restricted
Orphan
f.		 Funds
Acland		 Total
2020f		 Total
2019
f
Final distributions
for year:
Exeter School
Maynard
School
To Special & Orphan
Fund
Brewin Dolphin management		 fee 35,114
35,114
12,305
3,500		 2,443 37,557
35,114
12,305
3,500		 45,014
41,695
14,499
3,500
Clerk's fees 564
Luncheon
costs
Independent
examination		 1,250 1,250 1,200
10,500
Rent paid in advance 2,118
VAT
87,283 2,443 89,726 119,090
The following
isdependent		 special fund grans
on the performance
ofa project approved
by the Governo		 rs
ofSt Johns:
f
7,500
St Sidwell's Primary School 2,398
St Peter's COE Aided School 7,000
St Michael's Primary School, Heavitree 77,388

. Distribution
ofGeneral		 Fun d balance ofne t income
2020 2019
Balance ofnet income (before distributions): F
Investment
Income		 95,572 114,755
Less:
Investment
Management		 Costs (note 4) 16,273 17,309
Grant making
activities (note		 5) 7,378 10,430
Annual
payments		 1,032 1,032
24,683 28,771
Less Brewin Dolphin fees capital expense (90'/o) (11,044) (11,305)
13,639 17,466
Balance available
for distribution		 81,933 97,289
Distributed:
Exeter School
(3/7)		 35,114 35,114 41,695
Maynard
School
(2/7)		 23,409 11,705 35,114 41,695
Special Fund
(1/7)		 11,705 11,705 13,899
(6/7) 70,228 (1/7) 11,705 81,933 97,289
Grants to Institutions
2020 2019
Material grants to institutions:
StPeter's Cof EAided School 5,102
StLuke's Science and Sports College 2,000
StMichael's
C ofE Primary School		 2,000
StLeonard's
CofE Primary School		 2,000
St David's
Primary School		 2,000
Trinity CofEVA Primary and Nursery School 2,000
StPeter's C ofEAided School 2,000
Pinhoe Cof E VA Primary School 2,000
StSidwell's
C ofE Primary		 School 2,000
St David's Primary School 7,500
21,102 7,500


Year ended 31 Decem		 ber 2019
Permanent Restricted
Funds		 Total
Endowment
Funds
General
F		 Special
E		 Orphan
f		 Acland
f		 2019
Income
Investment
income		 114,755 1,506 3,319 119,580
Total income 114,755 1,506 3,319 119,580
Expenditure
Costs ofraising funds:
Investment
management		 costs 6,004 6,004
Expenditure
on charitable
Grant making
activities		 activities:
94,252		 11,500 1,400 3,319 110,471
Total expenditure 100,256 11,500 1,400 3,319 116,475
Net gains/(losses)
on investments
9,881		 205 452 10,538
(Losses)/gains
on revaluation
investments
Brewin Dolphin fees (Capital)		 of
260,045
(11,305)		 5,397
(235)		 11,892
(517)		 277,334
(12,057)
Net (expenditure)/income
for
the year before transfers
273,120		 (11,500) 5,473 11,827 278,920
Transfer between funds (14,499) 13,899 600
Net (expenditure)/income
the year after transfers		 for
258,621		 2,399 6,073 11,827 278,920
Net movement
in funds		 258,621 2,399 6,073 11,827 278,920
Funds brought
forward
at 1 January 2019		 2,276,302 29,972 44,635 81,464 2,432,373
Funds carried forward
at 31 December 2019		 2,534,923 32,371 50,708 93,291 2,711,293

Permanent
Endowment
Funds		 Restricted Funds Restricted Funds Total
Net Movements
in funds
Restricted funds		 General Special Orphan
E		 Acland 2019
F
At 1 January 2019
Movements
for the year		 29,973
2,398		 44,634
6,074		 81,464
11,827		 156,071
20,299
At 31 December 2019 32,371 50,708 93,291 176,370
Permanent
Endowment
At 1 January 2019
Movements
for the year		 2,276,302
258,621		 2,276,302
258,621
At 31 December 2019 2,534,923 2,534,923
Total Funds
At 1 January 2019
Movements
for the year		 2,276,302
258,621		 29,973
2,398		 44,634
6,074		 81,464
11,827		 2,432,373
278,920
At 31 December 2019 2,534,923 32,371 50,708 93,291 2,711,293