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





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|Investment<br>Performance|Investment<br>Performance|Investment<br>Performance||||||||
|---|---|---|---|---|---|---|---|---|---|
|For the year ended 31 December 2021 the value of investments<br>increased/||||||(decreased)<br>and yields|||were|
|as follows:||||||||||
|||||2021|||2020|||
|||Index|Value at|Value|Yield||Value|Yield||
|||31.12.2021||0/||0/||||
|Brewin Dolphin|portfolio|||9.48||3.07|(1.30)||2.62|
|UK-FTSE 100|capital return||7,384|14.28|||(14.33)|||
|MSCI PIMFA balanced||index||||||||
|capital return|||184.95|10.26|||(0.08)|||



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||||
|---|---|---|
|Governors||Date offirst|
|||Appointment|
|ExOfficio Governor|||
|The Right Worshipful<br>The Lord|Mayor of Exeter||
|Representative<br>Governors<br>Miss R Edbrooke||28.11.14|
|Lady J Stanhope<br>Mr A P Foster (Appointed<br>27 May 2021)<br>Miss S M Witheridge<br>(Appointed<br>27 May 2021)||1.6.17<br>27.5.21<br>27.5.21|
|Co-optative<br>Governors<br>Mr TV Knapp<br>(Chairman)<br>Mr D McGahey<br>(Vice-chairman)<br>Mrs J P Regan<br>Mrs G Redman||16.6.04<br>25.7.18<br>9.9.87<br>20.3.02|
|Mr H Parkin||19.9.12|
|Revd TWilson||27.7.16|
|Mr P Holland||29.7.20|



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|||E|0/|
|---|---|---|---|
|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|



|Following subsequent|Following subsequent|additions|to the General Fund, the combined|investment|portfolio is now apportioned|
|---|---|---|---|---|---|
|as follows:||||||
||||0/|||
|General|Fund||93.766|||
|Orphan|Fund||1.946|||
|Acland|Fund||4.288|||
||||100.000|||





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|Year Ended 31 Dece|mb|er 2021||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||Permanent||Restricted|Funds|Total|Total|
||||Endowment<br>Funds|||||||
|||||General<br>f|Special<br>6|Orphan<br>6|Acland<br>6|2021<br>6|2020|
||||Note|||||||
|Income||||||||||
|Investment<br>income||||103,739||1,281|2,823|107,843|99,123|
|Total income||||103,739||1,281|2,823|107,843|99,123|
|Expenditure||||||||||
|Costs ofraising funds:||||||||||
|Investment<br>management|costs||4|18,456||254|560|19,270|17,007|
|Expenditure<br>on charitable|activities:|||||||||
|Grant making<br>activities|||5|84,577|2,600|2,180|2,823|92,180|106,783|
|Total expenditure||||103,033|2,600|2,434|3,383|111,450|123,790|
|Net realised gains/(losses)<br>on <br>Gains/(losses)<br>on revaluation||investments<br>of|7|24,834||515|1 136|26485|(44820)|
|investments|||7|178,296||3,700|8,154|190,150|28,278|
|Net (expenditure)/income|for|||||||||
|the year before transfers||||203,836|(2,600)|3,062|8,730|213,028|(41,209)|
|Transfer between<br>funds|||8|(12,956)|12,356|600||||
|Net (expen diture)/income|for|||||||||
|the year after transfers||||190,880|9,756|3,662|8,730|213,028|(41,209)|
|Net movement<br>in funds||||190,880|9,756|3,662|8,730|213,028|(41,209)|
|Funds brought<br>forward||||||||||
|at 1 January 2021||||2,508,368|19,024|50,615|92,077|2,670,084|2,711,293|
|Funds carried forward||||||||||
|at 31 December 2021|||9|2,699,248|28,780|54,277|100,807|2,883,112|2,670,084|





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||||Permanent|||Restricted|Funds|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||Endowment<br>Funds|||||||
||||Generalf||Special<br>E|Orphan|Acland<br>6|2021|2020|
||Note|||||||||
|Fixed Assets<br>Investments<br>Investment<br>Property|13<br>14||2,204,323<br>475,000|||45,747|100,807|2,350,877<br>475,000|2,147,306<br>475,000|
||||2,679,323|||45,747|100,807|2,825,877|2,622,306|
|Current Assets<br>Debtors<br>Cash at bank|15<br>16||4,584<br>121,879||12,356<br>16,424|600<br>7,930|2,823|17,540<br>149,056|15,543<br>121,961|
||||126,463||28,780|8,530|2,823|166,596|137,504|
|Liabilities||||||||||
|Creditors: Amounts<br>due within one year|falling<br>17||106,538||||2,823|109,361|89,726|
|Net Current Assets|||19,925||28,780|8,530||57,235|47,778|
|Net Assets|||2,699,248||28,780|54,277|100,807|2,883,112|2,670,084|
|The funds ofthe charity<br>Restricted<br>funds<br>Permanent<br>endowment|||2,699,248||28,780|54,277|100,807|183,864<br>2,699,248|161,716<br>2,508,368|
|Total charity funds|9||2,699,248||28,780|54,277|100,807|2,883,112|2,670,084|
|Approved<br>by the Governors||on|.....................~7...~Quand<br>il 3 AIJ7|signed|on their behalf by|||||





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||||Permanent||Restricted Funds||Total|Total|
|---|---|---|---|---|---|---|---|---|
||||Endowment<br>Funds||||||
||||General<br>f|Specialf|Orphanf|Aclandf|2021<br>f|2020<br>f|
|3. Investment|income||||||||
|Dividends<br>and|interest||61,723||1,281|2,823|65,827|56,988|
|Bank and building<br>society interest<br>Rent|||16<br>42,000||||16<br>42,000|135<br>42,000|
||||103,739||1,281|2,823|107,843|99,123|
|4. Investment<br>management<br>costs<br>Property insurance<br>and management<br>Brewin<br>Dolphin fee -revenue 10%<br>- capital 90%<br>Support costs (Note 6)|||2,251<br>1,452<br>12,249<br>2,504||254|560|2,251<br>1,452<br>13,063<br>2,504|2,075<br>1,309<br>11,778<br>1,845|
||||18,456||254|560|19,270|17,007|





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|||||Permanent|||Restricted|Funds||Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Endowment<br>Funds||||||||
|||||General<br>f|Special<br>f||Orphanf||Acland<br>f|2021f|2020<br>f|
|5. Grant making||activities||||||||||
|Annual<br>payments||||432||||||432|432|
|Other grants|||||2,600||2,180||2,823|7,603|28,745|
|Financial<br>distributions|||(Exeter and|||||||||
|Maynard<br>Schools)||||74,132||||||74,132|70,228|
|Support costs (Note 6)||||10,013||||||10,013|7,378|
|||||84,577|2,600||2,180||2,823|92,'I 80|106,783|
|6. Support costs||||||||||||
|Clerks' salary||||11,259||||||11,259|10,967|
|Independent|examination|||1,142||||||1,142|1,128|
|Meeting expenses||||||||||||
|Sundry expenses||||115||||||115|137|
|VAT reclaim|||||||||||(3,009)|
|||||12,516||||||12,516|9,223|
|Allocated:||||||||||||
|Investment<br>management|||costs (20%)|2,504||||||2,504|1,845|
|Grant making|activities||(80%)|10,012||||||10,012|7,378|
|||||12,516||||||12,516|9,223|
|||||Permanent|||Restricted|Funds||Total|Total|
|||||Endowment<br>Funds||||||||
|7. Other recognised<br>gains and losses||||General<br>f|Special<br>f||Orphanf||Acland<br>f|2021<br>f|2020<br>f|
|Realised gains/(losses):||||||||||||
|Equities||||24,938||||517|1,141|26,596|(45,555)|
|Fixed Interest||||(104)||||(2)|(5)|(111)|735|
|Property||||||||||||
|||||24,834||||515|1,136|26,485|(44,820)|
|Unrealised<br>gains/(losses):||||||||||||
|Equities||||195,576|||4,059||8,944|208,579|20,169|
|Fixed Interest||||(17,280)|||(359)||(790)|(18,429)|8,109|
|Property||||||||||||
|||||178,296|||3,700||8,154|190,150|28,278|
|||||203,130|||4,215||9,290|216,635|(16,542)|





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|13|Investments||||||
|---|---|---|---|---|---|---|
||||||2021f|2020|
||At 1 January 2021||||2,147,306|2,175,623|
||Additions<br>at cost||||226,071|395,246|
||Disposal proceeds||||(233,942)|(422,091)|
||Losses/(gains)<br>on disposals||||26,485|(44,820)|
||Gains/(losses)<br>on revaluation||||190,150|28,278|
||Movement<br>in cash||||(5,193)|15,070|
||At 31 December 2021||||2,350,877|2,147,306|
|||||Holding|Cost|Market|
||Details ofinvestments<br>held|by Brewin Dolphin||||Value @|
|||||||31.12.21|
|||||||F|
||Aberdeen<br>Asian Mangt|||21,600|41,601|49,896|
||Aberdeen<br>Pic (formerly Standard||Life Aberdeen)|4,592|25,638|11,062|
||Aberforth<br>Smaller Coys Trust|||2,610|26,619|38,210|
||Admiral<br>Group (330bought 10.02.21)|||815|19,701|25,730|
||Alcon Ag|||650|30,754|42,531|
||Ashtead<br>Group (210sold 16.09.21)|||810|8,321|48,130|
||Bae Systems|||2,800|7,950|15,394|
||Barratt Developments|||2,500|13,808|18,700|
||Biotech Growth Trust (770 sold 10.02.21)|||1,830|11,702|21,740|
||British Telecom 6.375%|||50000|80662|68470|
||Close Bros Group|||1,600|25,493|22,464|
||Croda (168sold 10.02.21)|||320|8,532|32,384|
||DBXTracker MSCI Japan Index|||1,600|54,108|88,184|
||Diageo Pic|||1,040|11,265|41,974|
||Ecofin GBL Utilities|||21,000|35,679|41,790|
||Fidelity Eur Value|||24,250|34,254|82,571|
||Fidelity UCITS/CAV<br>(bought 13.07.21)|||13,420|83,103|92,179|
||Fil Invt Services (UK) (24,000 bought 10.02.21)|||47,000|47,727|47,611|
||Fil Invt Services (Pacific)|||36,000|40,862|45,886|
||First Sentier Investments<br>(UK)|||2,033|7,571|12,748|
||Glaxosmithkline|||3,685|52,212|59,203|
||Henderson<br>Invt Fund|||1,150|38,557|47,196|
||Investec Bank 3.9%(sold 06.01.21)||||||
||I Shares|||4,300|89,437|151,532|
||I Shares<br>II|||9,805|50,276|55,751|
||I Shares V (sold 07.07.21)||||||
||Jackson Financial<br>(Prudential|demerger)||45||1,408|
||John Lang Environmental<br>Asset|||38,300|39,908|40,215|
||JP Morgan Asian Investment|Trust||16,824|25,930|75,792|
||Carried forward to page 16||||911,670|1,278,751|





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|Ended 31 December|2021||||||
|---|---|---|---|---|---|---|
|||||Holding|Cost|Market|
|Details ofinvestments<br>held by Brewin Dolphin (continued)||||||Value @<br>31.12.21|
|||||||6|
|Brought forward<br>from page|15||||911670|1 278 751|
|Legal and General<br>Lloyds TSBBanking Group<br>Muzinich<br>Funds||||5,500<br>33,576<br>790|15,006<br>32,627<br>79,764|16,363<br>16,049<br>81,631|
|National<br>Grid||||2,863|18,669|30,342|
|Nestle||||210|19,296|21,691|
|North<br>Am IncTst||||33,200|53,022|92,960|
|Novartis||||285|20,341|18,542|
|Polar Capital Tech Trust<br>Princess Private<br>Equity Hldngs (2000 bought 10.02.21)||||1,250<br>4,265|14,058<br>32,405|34,100<br>51,744|
|Primary<br>Health Properties<br>(sold 03.09.21)<br>Prudential<br>(1 for 40 13.09.21)<br>Rio Tinto||||1,810<br>990|18,989<br>36,217|23,068<br>48,431|
|Royal Dutch Shell<br>Schroder<br>Unit Trust (bought 07.09.21)<br>Schroders VTG||||3,060<br>87,340<br>555|60,845<br>88,388<br>5,613|49,645<br>91,096<br>19,758|
|Smiths Group<br>Taylor Wimpey<br>Templeton<br>Emerging<br>Markets Investment<br>Twentyfour<br>Am Inv Funds<br>UK Government<br>4.125%<br>Unilever PLC||Trust (5for 1|26.07.21)|1,260<br>17,200<br>14,000<br>1,035<br>10,735<br>760|13,980<br>23,038<br>10,092<br>103,999<br>40,196<br>15,757|19,902<br>30,186<br>24,864<br>106,243<br>41,820<br>29,986|
|Vanguard<br>Funds S&P500<br>Vodafone Group Pic<br>WWP (sold 10.02.21)||||2,550<br>16,100<br>1,465|78,120<br>32,638|170,061<br>18,075|
||||||1,724,730|2,315,308|
|Cash Deposit (Dealing account)||||||35,569|
|Total investments|||||1,724,730|2,350,877|
|Allocated:|||||||
|General<br>Fund|||(93.766%)|||2,204,323|
|Orphan<br>Fund<br>Acland<br>Fund|||(1.946%)<br>(4.288%)|||45,747<br>100,807|
|||||||2,350,877|





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|Year Ended 31 December|Year Ended 31 December|Year Ended 31 December|Year Ended 31 December|2021||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|14. General fund investment||||property||||||||
|Castle House||and garages, 21 Southernhay|||East, Exeter|||2021|2020|||
|||||||||6|6|||
|At 1 January|2021|||||||475,000|475,000|||
|Revaluation|during the||year|||||||||
|At 31 December 2021||||||||475,000|475,000|||
|The property|is|valued|by the Governors at open market value.|||||||||
|15. Debtors|||||Permanent|||Restricted Funds||Total|Total|
||||||Endowment|Funds||||||
|||||||General<br>6|Special<br>F|Orphan<br>F|Acland<br>6|2021f|2020|
|Luncheon||||||||||||
|VAT|||||||||||197|
|Rent||||||||||||
|Brewin Dolphin<br>Prepayment||income|account|||4,184<br>350||||4,184<br>350|3,041|
|Stratton Creber||Commercial||float||50||||50||
|From general|fund|||||4,584||||4,584|3,238|
|y/e grants|||||||12,356|600||12,956|12,305|
|||||||4,584|12,356|600||17,540|15,543|
|16. Cash at bank||||||||||||
|Bank ofScotland|||||121,879||16,424|7,930|2,823|149,056|121,961|
||||||121,879||16,424|7,930|2,823|149,056|121,961|





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|Yea|r Ended 31 December|202|1||||||
|---|---|---|---|---|---|---|---|---|
|17.|Creditors: amounts<br>falling|due|within one year<br>Permanent<br>Endowment|Funds|Restricted|Funds|Total|Total|
||||General<br>f.|Special|Orphan<br>f.|Acland<br>f|2021|2020<br>f.|
||Final distributions<br>for year:<br>Exeter School<br>Maynard<br>School<br>To Special & Orphan<br>Fund<br>Brewin Dolphin<br>management<br>Clerk's fees|fee|37,066<br>37,066<br>12,956<br>3,500<br>3,030|||2823|39,889<br>37,066<br>12,956<br>3,500<br>3030|37,557<br>35,114<br>12,305<br>3,500|
||Luncheon costs<br>Independent<br>examination<br>Rent received<br>in advance||1,250<br>10,500||||1,250<br>10,500|1,250|
||VAT||1,170||||1,170||
||||106,538|||2,823|109,361|89,726|





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|18. Distribution<br>of General<br>Fund balance ofnet income|18. Distribution<br>of General<br>Fund balance ofnet income|18. Distribution<br>of General<br>Fund balance ofnet income|18. Distribution<br>of General<br>Fund balance ofnet income|||||
|---|---|---|---|---|---|---|---|
|||||2021||2020||
|Balance ofnet income (before distributions):||||||||
|investment<br>Income|||||103,739||95,572|
|Less:||||||||
|Investment<br>Management<br>Costs (note|4)|||18,456||16,273||
|Grant making<br>activities (note 5)||||10,012||7,378||
|Annual<br>payments||||1,032||1,032||
|||||29,500||24,683||
|Less Brewin Dolphin fees capital expense||(90'/0)||(12,249)||(11,044)||
||||||17,251||13,639|
|Balance available<br>for distribution|||||86,488||81,933|
|Distributed:||||||||
|Exeter School<br>(3/7)<br>37,066|||||37,066||35,114|
|Maynard<br>School<br>(2/7)<br>24,710|||12,356||37,066||35,114|
|Special Fund<br>(1/7)<br>12,356|||||12,356||11,705|
|(6/7)<br>74,132|(1/7)||12,356||86,488||81,933|
|19. Grants to Institutions||||||||
||||||2021||2020|
|Material grants to institutions:||||||||
|St David's Primary School<br>St Peter's C of EAided School<br>St Luke's Science and Sports College<br>St Michael's<br>C ofE Primary School<br>St Leonard's<br>C of E Primary School|||||1,000||2,000<br>5,102<br>2,000<br>2,000<br>2,000|
|Trinity CofE VA Primary and Nursery<br>St Peter's C of E Aided School|School||||||2,000<br>2,000|
|Pinhoe C of E VA Primary School<br>St Sidwell's<br>C of E Primary School|||||||2,000<br>2,000|
||||||1,000||21,102|





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|Year ended 31 Decem|ber|2020||||||
|---|---|---|---|---|---|---|---|
||||Permanent|Restricted<br>Funds|||Total|
||||Endowment<br>Funds|||||
||||Generalf|Special<br>f|Orphan|Acland|2020<br>E|
|Income<br>Investment<br>income|||95,572||1,108|2,443|99,123|
|Total income|||95,572||1,108|2,443|99,123|
|Expenditure||||||||
|Costs ofraising funds:<br>Investment<br>management|costs||16,273||229|505|17,007|
|Expenditure<br>on charitable<br>Grant making<br>activities|activities:||78,038|25,052|1,250|2,443|106,783|
|Total expenditure|||94,311|25,052|1,479|2,948|123,790|
|Net realised<br>(losses)/gains|on|investments|(42,026)||(872)|(1,922)|(44,820)|
|Gains/(losses)<br>on revaluation<br>investments||of|26,515||550|1,213|28,278|
|Net (expenditure)/income<br>the year before transfers|for||(14,250)|(25,052)|(693)|(1,214)|(41,209)|
|Transfer between<br>funds|||(12,305)|11,705|600|||
|Net (expenditure)/income<br>the year after transfers|for||(26,555)|(13,347)|(93)|(1,214)|(41,209)|
|Net movement<br>in funds|||(26,555)|(13,347)|(93)|(1,214)|(41,209)|
|Funds brought<br>forward<br>at 1 January 2020|||2,534,923|32,371|50,708|93,291|2,711,293|
|Funds carried forward<br>at 31 December 2020|||2,508,368|19,024|50,615|92,077|2,670,084|





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||||Permanent|
|---|---|---|---|
||||Endowment<br>Funds|
||||General|
|9. Net Movements||in funds||
|Restricted|funds|||
|At 1 January|2020|||
|Movements|for the|year||
|At 31 December 2020||||
|Permanent|Endowment|||
|At 1 January2020|||2,534,923|
|Movements|for the|year|(26,555)|
|At 31 December 2020|||2,508,368|
|Total Funds||||
|At 1 January|2020||2,534,923|
|Movements|for the|year|(26,555)|
|At 31 December 2020|||2,508,368|



||Restricted Funds|Restricted Funds|Total|
|---|---|---|---|
|Special|Orphan|Acland|2020|
|32,371|50,708|93,291|176,370|
|(13,347)|(93)|(1,214)|(14,654)|
|19,024|50,615|92,077|161,716|
||||2,534,923|
||||(26,555)|
||||2,508,368|
|32,371|50,708|93,291|2,711,293|
|(13,347)|(93)|(1,214)|(41,209)|
|19,024|50,615|92,077|2,670,084|