The Exeter Episcopal Schools Trust Trustees. Report and Financial Statements for the Year Ended 31 March 2025 Registered Charity Number 306759
The Exeter Episcopal Schools Trust Trustees, Report Year Ended 31 March 2025 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. Its address is al Woodwater House, Pynes Hill, Exeter EX2 5WR. The Charity Trustees at the end of the year to 31 March 2025 were'.- The Right Rev. The Lord Bishop of Exeter Sue Lockwood Director of Education Di0san Board of Finance The Rev J F Seward (Chairman) Clergy of Exeter Mrs Alice Francis Dean and Chapter Mr Robin Thomas St John's Hospital Educational Foundation (resigned 30.09.2024) Mrs Julia Bawn St John's Hospital Educational Foundation The Rev Benjamin Rabjohns Clergy of Exeter (appointed 30.09.2024) Mr Philip Randall Co-opted Trustee Mr John Davidson Cowopted Trustee Stephanie Eloise Hills St John's Hospitsl Educational Foundation (appointed 12.05.2025)
The Exeter Episcopal Schools Trust Trustees. Report (continued) Year Ended 31 March 2025 Structure, Governance and Management The body of the Trustees when complete consists of nine persons being two ex-officio trustees (the Bishop of Exeter and the Diocesan Education Director), five nominated trustees and two CO•OPted trustees. 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 two by St John's Hospital Educational Foundation. There are presently two co-opted trustees, Mr Phil Randall appointed on 3 October 2017 and Mr John Davidson appointed on 22 April 2024. Mr Robin Thomas nominated by St John's Hospital Educational Foundation resigned on 30 September 2024. Reverend Benjamin Rabjohns was nominated as a trustee by the Clergy of Exeter on 22 April 2024. 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 Wi)odwater 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 pemianent endowment. Objectives and Activities After the payment of Ihe 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=_ 11) (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'.- 12) (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 Ihe doctrines of the Church of England. The Trustees confimi that they have taken into account the guidance contained in the Charity Commission's general guidanTr on public benefit when reviewing the Trust's aims and objectives.
The Exeter Episcopal Schools Trust Trustees, Report (continued) Year Ended 31 March 2025 Achievements and Performance After discharging the costs of administration and management of the Charity the Truslees apply the balance of their income towards the objects of the Charity specified above. In the year to 31 March 2025 the Trustees have, in addition to making certain grants to qualifw'ng young persons, applied current income in the provision of the following special benefrts for St Peterfs Church of England Aided School at Exeter'.- (a) Grants by way of contribution towards the costs of employng 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 representatives 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 Trustees 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 Chairman when necessary. Financial Review The Charity banks with National Westminster Bank plc in Exeter. The attached 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 Maintenan obligations of the PFI Contractor 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 diversified 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 reduce. 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 Contractor 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 the Statement of Recommended Practice, as far as they are applicable.
The Exeter Episcopal Schools Trust Trustees, Report {continued) Year Ended 31 March 2025 Reve Chai end Jo on Seward an on behalf of the Trustees 2025 Date
The Exeter Episcopal Schools Trust Independent Examiner's Report Year Ended 31 March 2025 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 2025. 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 to believe that 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 concems 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 understanding of the accounts to be reached. Tim Lannin FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE 9 Decernber 2025
The Exeter Episcopal Schools Trust Receipts and Payments Account Year Ended 31 March 2025 2025 2024 Unrestricted Funds Income Receipts Investment Income E. Tuckfield bequest Total Receipts 41,278 40,679 177 41,278 40,856 Direct Charitable Expenditure St Peter's Chaplain's salary Pupils, grants Additional grants Discretionary Opportunity Fund Grants to St Peter's: Annual grants Saltmine Theatre grant Garden project grant 25,000 24.000 801 3.000 4,500 390 7,385 3,320 1,140 1,024 38,259 3.320 35.621 Governance costs Legal and professional fees Independent Examiner's fee 7,860 1,200 4,880 1.170 9,060 6,050 Total Payments 47,319 41,671 Net receiptsl(payments) for the year (6,041) (815) Cash at bank balances at 1st April 2024 24,821 25.636 Cash and bank balances at 31 March 2025 18,780 24,821
The Exeter Episcopal Schools Trust Statement of Assets and Liabilities Year Ended 31 March 2025 Note Unrestricted Funds Pernianent Endowment Funds 2024 Total 2025 Total Monetary Assets Bank and cash balance5- Natwest current account Charles Stanley capital account Charles Stanley income account 18,780 23,911 3.631 18,780 23,911 3,631 24,821 15,624 3,421 46.322 46,322 43,865 Non-monetary Assets - At Valuation Investments held for the Charity's own use= Investment Portfolio 1.103,716 1.103,716 1,122.129 1,103,716 1,103,716 1,122,129 Liabilities Legal and professional fees Total Funds (792> {792) (7921 1,165,202 45.530 1.103.716 1,149,246 This statement of assels and liabilities as at 31 March 2025 is approved by the Board of Trustees on .$0•¥4P......2025 and signed on its behaff by: er yon Seward
The Exeter Episcopal Schools Trust Notes to the Accounts Year Ended 31 March 2025 1 Investments Unrestricted Funds Pemanent Endowment Funds 2025 Total 2024 Total 31 Group Aberforth Smaller Companies Trust Aviva Investors US Blackrock Fund managers LTD Continental European M&G PLC ORD 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 L&G Multi asset target L&G Global inflation Ninety One Funds Series Phoenix Group Holdings PLC Polar Capital Global Financials Ord Rathbone Unit Trust Management Ethical Bond RELX PLC Segro PLC Smith Ord Schroder Unit Trust Asian Income SSGA SPDR ETFS Europe I PLC UBS ETF SICAV MSCI WORLD Unilever PLC United Kingdom Government 3.75°/o BDS 07.03.2027 United Kingdom Government 3.250/0 BDS 31.01.2033 United Kingdom Government 4.125 % BDS 29.01.2027 United Kingdom Government 3.5 % BDS 22.10.2025 United Kingdom Government 3.5 % BDS 22.10.2025 16.091 16,091 15,758 17,056 43.730 17,056 43,730 17,524 40.916 28,069 11.582 14.060 28,069 11,582 14,060 27.513 12,866 15.981 23,027 8.884 14.593 38.574 9,252 21.840 23,027 8,884 14,593 38,574 9,252 21,840 25.664 12,901 14.127 45,511 9.798 27,973 18.232 33,886 18,608 31.839 13.733 18,232 33,886 18,608 31,839 13,733 20,467 35.024 18,349 31.927 13,279 18,215 18,215 15,182 46.461 14,989 8.200 46,461 14,989 8,200 46,965 13,251 10,728 13.825 28,879 28,879 28,936 47.202 24.291 15.351 47,202 24,291 15,351 46.826 16,807 13,238 25,858 25,858 16,056 16,056 30.460 30,460 30.499 46,423 46,423 45,933 16.664
The Exeter Episcopal Schools Trust Notes to the Accounts (continued) Year Ended 31 March 2025 1 Investments (continued) Unrestricted Funds Pemanent Endowment Funds 2025 Total 2024 Total Vanguard funds Vanguard investment Series U.S Vanguard Funds PLC iShares11 PLC ishares IV PLC UBS (LUX) PLC ETF SICAV MSCI WORLD UBS (IRL) ETF PLC 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 Trojan Investment Funds 19.501 19,561 32,482 15.105 28.771 19,501 19,561 32,482 15,105 28,771 26,873 19.337 42,193 15.130 28,430 30,902 18.022 26.136 35,320 14.605 1.585 12.955 6,851 36.947 17.249 27.735 11,011 12.979 11.094 19.603 39,903 10,860 18,022 26,136 35,320 14,605 1,585 12,955 6,851 36,947 17,249 27,735 11,011 12,979 11,094 19,603 39,903 10,860 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 1.103,716 1,103,716 1,122.129 2 Receipts and payments basis The accounts have been prepared on the receipts and payments basis and comply with the appropriate legal requirements.