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
Di0￿san 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.