## |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|