The Exeter Episcopal Schools Trust Trustees, Report and Financial Statements for the Year Ended 31 March 2024 Registered Charity Number 306759
The Exeter Episcopal Schools Trust Trustees, Report Year Ended 31 March 2024 Reference and Administrative Details The Exeter Episcopal Schools Trust is constituted by a Scheme dated 15 April 1993 and is a registered Charity under Number 306759. Ils address is at Woodwater House, Pynes Hill, Exeter EX2 5WR. The Charity Trustees at the end of the year to 31 March 2024 were:_ The Right Rev. The Lord Bishop of Exeter Sue Lockwood Director of Education Diocesan Board of Finance The Rev J F Seward (Chaimian) Clergy of Exeter Mrs Alice Francis Dean and Chapter Mr Robin Thomas St John's Hospiial Educational Foundation Mrs Julia Bawn St John's Hospital Educational Foundation Mr Philip Randall Co-opted Trustee Mr John Davidson (appointed 79/10/2023)
The Exeter Episcopal Schools Trust Trustees, Report (continued) Year Ended 31 March 2024 Structure, Governance and Management The body of the Trustees when complete consists of eight persons being two ex-officio trustees (the Bishop of Exeter and the Diocesan Education Director) and five nominated trustees and one co-opted trustee. Of the nominated trustees one is appointed by the Dean and Chapter of Exeter Cathedral, two by the beneficed clergy of the City of Exeter and iwo by St John's Hospital Educational Foundation. There is presently one co-opted trustee, Mr Phil Randall appointed on 3 October 2017. The Clerk to the Charity is Fiona Allen of Michelmores LLP. Woodwater House. Pynes Hill, Exeter, EX2 5WR. The Solicitors to the Charity are Michelmores LLP of Woodwaler House. Pynes Hill, Exeter. EX2 5WR. The Independent Examiner to the Charity is Francis Clark LLP Chartered Accountants of Centenary House, Peninsula Park, Rydon Lane. Exeter EX2 7XE. The area of benefit of the Charity is the City of Exeter and the Charity has permanent endowment. Objectives and Activities After the payment of the costs of maintaining the property of the Charity and all other charges and outgoings payable in respect of any property. and all the proper costs. charges and expenses of and incidental to the administration and management of the Charity. the income of the Charity is to be applied by the Trustees in one or more of the following ways as the Trustees shall think fit=_ (1) (a) In assisting the govemors for the time being of St Peterfs Church of England High School at Exeter {'the School.) to discharge their obligations with respect to the maintenance of the School under the Education Acts 1944 to 1992 and any statutory re-enactment or modification thereof. (b) In or towards providing for the School such special benefits of any kind for which provision is not normally made out of public funds for the School as may from time to time be agreed between the Trustees and the governors of the School. {c) In otherwise promoting the education of children and young persons under the age of 25 who are attending the School or who have attended the School or the former Bishop Blackall School for Girls at Exeter. In so far as income of the Charity is not required for application as above the income is to be applied by the Trustees in one or both of the following ways as the Trustees shall think fit:. (2) (a) In promoting religious education in accordance with the doctrines of the Church of England in any maintained school in the area of benefit. (b) In or towards providing such special benefits of any kind for which provision is not normally made out of public funds for any voluntary school in the area of benefit in which religious instruction in accordance with the doctrines of the Church of England is given. In allocating benefits in accordance with the provisions of paragraphs (b) and (c) in sub-clause (1) above the Trustees are obliged to have regard to the promotion of education in accordance with the doctrines of the Church of England. The Trustees confirm that they have taken into account the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives.
The Exeter Episcopal Schools Trust Trustees, Report (continued) Year Ended 31 March 2024 Achievements and Performance After discharging the costs of administration and management of the Charity the Trustees apply the balance of their income towards the objects of the Charity specified above. In the year to 31 March 2024 the Trustees have, in addition to making certain grants to qualify'ng young persons, applied current income in the provision of the following special benefits for Sl Peterfs Church of England Aided School at Exeter'.- (a) Grants by way of contribution towards the costs of employing a Chaplain at the School. (b) Grant allocated to the School to support pupils generally. {c) Additional grants provided on an ad hoc basis. The Trustees normally meet two times a year and also representatives of the Trustees have an annual meeting with representstives of the School with a view of discovering the needs of the School for the coming year and agreeing how the Charity can help in meeting those needs. The decisions of the Truslees are normally made by the Trustees at their meetings. The Clerk carries on the general administration of the Charity during the year but consults with the Chaimian when necessary. Financial Review The Charity banks with National Westminster Bank plc in Exeter. The aitached accounts show the current state of finances which the Trustees consider to be sound. The former roof fund (now Contingency Fund} represented income set aside as part of the general reserves for future requirements of the School following completion of the build of the new School in 2006 under the PFI Scheme. The designated roof fund as such was no longer required in view of the maintenance obligations of the PFI Contraclor under the PFI Scheme and after consideration the Trustees agreed to the use of these funds in meeting the objectives of the Charity in the purchase of a new mini-bus for the school which was purchased in the financial year to 31 March 2015. The Trustees keep their investments under review and are satisfied that these are well diversrfied and should continue to produce capital growth as well as reasonable income. The Trustees are aware of the risk that their income in subsequent years may redu. and of their need to keep this matter under review. It is the policy of the Trustees to maintain income reserves at an adequate level in order to meet the costs of the Charity management, to meet agreed commitments to grants and to be able to respond to additional requests for assistance as received and where a beneficiary of the Charity has a particular future requirement. Otherwise the policy of the Trustees is to expend income year on year so far as it is prudent to do so. The PFI Scheme for the School involved a major re-development of the School site and buildings. The PFI Scheme has resulted in completely new School buildings which will be maintained by the PFI Contractor for the term of the Scheme. However the Trustees are aware that the School may be looking for sizeable grants for various matters in the future when the liability of the PFI Conlractor comes to an end at the end of the academic year 2033. The Trustees are satisfied that the financial statements comply with the requirements of the Charities Act 2011, the Charity Commission Scheme and the recommendations of Ihe Statement of Recommended Practice, as far as they are applicable.
The Exeter Episcopal Schools Trust Trustees. Report (continued) Year Ended 31 March 2024 Reveren Clairma Jotyon Seward on behaff of Ihe Trustee5 2024 Date
The Exeter Episcopal Schools Trust Independent Examiner's Report Year Ended 31 March 2024 Independent Examiner's Report to the Trustees of Exeter Episcopal Schools Trust I report to the trustees on my examination of the accounts of the Exeter Episcopal Schools Trust (the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Trust 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 of the Trust's accounts carried out under section 145 of the 2011 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 examiner's 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 lo believe Ihat in any material respect- 1. accounting records were not kept in respect of the Trust as required by section 130 of the 2. the accounts do not accord with those records. I have no COnmS 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 undersianding of the accounts to be reached. Tim Lannin FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE 11/11/2024
The Exeter Episcopal Schools Trust Receipts and Payments Account Year Ended 31 March 2024 2024 2023 Unrestricted Funds Income Receipts Investment Income E. Tuckfield bequest Total Receipts 40,679 177 39,156 40.856 39,156 Direct Charitable Expenditure St Peter's Chaplains salary Pupils, grants Additional grants Discretionary Opportunity Fund Grants to St Peter's: Annual grants 24,000 801 3,000 4,500 8,000 180 4,500 3,320 3,320 35,621 16,000 Governance costs Legal and professional fees Independent Examiner's fee 4,880 1,170 4,314 1,080 6,050 5,394 Total Payments 41,671 21,394 Net receiptsl(payments) for the year (815) 17,762 Cash at bank balances at 1st April 2023 25,636 7,874 Cash and bank balances at 31 March 2024 24,821 25,636
The Exeter Episcopal Schools Trust Statement of Assets and Llabilities Year Ended 31 March 2024 Permanent Endowment Funds Note Unrestricted Funds 2024 Total 2023 Total Monetary Assets Bank and cash balances.. Natwest current account Charles Stanley capital account Charles Stanley income account 24.821 15,624 3,421 24,821 15,624 3,421 25,636 24,087 3,665 43,865 43.865 53,388 Non-monetary Assets - At Valuatlon Investments held for the Charity's own use.. Investment Portfolio 1,122.129 1,122,129 1.062,092 1,122,129 1,122,129 1.062,092 Llabilities Legal and professional fees Total Funds (792) (7921 1,165,202 (792) 43,073 1,122,129 1.114,688 This statement of assets and Irdbilities as at 31 March 2024 is approved by the Board of Trustees on -2024 and signed on its behalf by.. ward
The Exeter Episcopal Schools Trust Notes to the Accounts Year Ended 31 March 2024 1 Investments Unrestricted Funds Pemianent Endowment Funds 2024 Total 2023 Total 31 Group Aberforth Smaller Companies Trust Artemis Global Income Fund Aviva Investors US Blackrock Find managers LTD Continental European M&G PLC ORD Lyxor International BP Ord CC Japan Income & Growth Trust PLC Diageo Ord Experian PLC Fidelity Global Dividend Fund Foresight Solar Fund Greencoat UK Wind Henderson Investment Fund HICL Infrastructure Janus Henderson UK & Europe Funds Strategic Bond L&G Multi asset target L&G Global inflation L&G Global real estate Ninety One Funds Series Pennon Group Permission Ord Phoenix Group Holdings PLC Polar Capital Global Financials Ord Rathbone Unit Trust Management Ethical Bond RELX PLC Segro PLC Smith & Nephew Smith Ord Schroder Unit Trust Asian Income SSGA SPDR ETFS Europe I PLC UBS ETF SICAV MSCI WORLD 15.758 15,758 16,429 17.524 17,524 15,990 36,058 49,192 40.916 40,916 27,513 12.866 27,513 12,866 25,791 17,277 18,321 19,334 15,981 15,981 25.664 12.901 14.127 45.511 9.798 27.973 25,664 12,901 14,127 45,511 9,798 27,973 33,295 15,938 10,879 46,926 10,362 31,532 20.467 20,467 25,098 39,454 34,743 18,867 19,172 32,064 7,709 7,423 13,130 35.024 18.349 35,024 18,349 31.927 31,927 13.279 13,279 15,182 15,182 12,649 46.965 13.251 10,728 46,965 13,251 10,728 39,598 17,069 9,111 10,132 10,960 13.825 13,825 28,936 28,936 36,958 46.826 16,807 46,826 16,807 44,843 24,234
The Exeter Episcopal Schools Trust Notes to the Accounts (continued) Year Ended 31 March 2024 1 Investments (continued) Unrestricted Funds Pemianent Endowment Funds 2024 Total 2023 Total Unilever PLC United Kingdom Government 0.125/0 BDS 31.01.2024 United Kingdom Government 4.1250/. BDS 29.01.2027 United Kingdom Government 3.5 /0 BDS 22.10.2025 United Kingdom Government 3.50/0 BDS 22.10.2025 Vanguard funds Vanguard investment Series U.S Vanguard Funds PLC iShares11 PLC ishares IV PLC UBS (LUX) PLC ETF SICAV MSCI WORLD First Sentier Gemcap Investment JP Morgan Home REIT PLC Intermediate Capital Group The Renewables Infrastructure Wellington Management Multi Units Luxembourg AXA Fixed Interest Investment Invesco Markets11 PLC Invesco Markets111 PLC Schroder Unit Trusts Ltd Xtrackers {IE) PLC Murray Intemational Trust PLC 13.238 13,238 16,173 10,583 30.499 30,499 20,733 45.933 45,933 16.664 26.873 19.337 42.193 15.130 28,430 16,664 26,873 19,337 42,193 15,130 28,430 25,551 20,093 33,503 30,448 13,191 30.902 23.554 34.764 14.833 5.487 13.618 9.135 35,880 17.905 27.540 11.011 12.712 12.154 18.391 37.847 30,902 23,554 34,764 14,833 5,487 13,618 9,135 35,880 17,905 27,540 11,011 12,712 12,154 18,391 37,847 25,188 24,487 18,220 14,122 5,487 8,069 11,309 34,397 1,122,129 1.122,129 1,062,092 2 Receipts and payments basis The accounts have been prepared on the receipts and payments basis and comply with the appropriate legal requirements.