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 COn￿mS 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.