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2024-03-31-accounts

HELE’S EDUCATIONAL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

Charity Number: 810254

HELE’S EDUCATIONAL TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees’ annual report 2 - 5
Independent examiner’s report 6
Statement of financial activities 7
Balance Sheet 8
Notes to the financial statements 9 - 13

HELE’S EDUCATIONAL TRUST

Page 1

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Reference and administrative details

Name: Hele’s Educational Trust
Registration Number: 810254
Principal/Registered Address: Education and Learning Finance
Room 180
Devon CountyCouncil
Topsham Road
County Hall
Exeter
EX24QD
Trustees: Barnes - Daniel
Asvachin - Marina
Atkinson - Yvonne
Aves – Susanna M F (Chair)
Adams - Tracy
Hannaford – Robert Mark
Leadbetter - Andrew
Prowse - Graham
Whitton – Marilyn Carol (Vice Chair)
Day to day administration
Clerk to the Trustees: B Davey
2 Wessiters
Seaton
EX12 2PJ
Finance Education and LearningFinance Team
Corporate Resources Directorate
Room 180
Devon CountyCouncil
County Hall
Topsham Road
Exeter
EX24QD
Bankers: Lloyds Bank plc
234 HighStreet
Exeter
EX43NE
Independent Examiner: Adrian Hemmings BA (Hons) FCA CTA,
Simpkins Edwards LLP Chartered Accountants,
The Summit,
Woodwater Park,
Pynes Hill,
Exeter,
EX2 5WS
Investment Advisors CCLA – Investment Managers
Charles Stanley Investment Managers

HELE’S EDUCATIONAL TRUST

Page 2

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

About the Trust

The Hele’s Educational Trust was created by a scheme of the Charity Commissioners for England and Wales dated 5 February 1987 out of 2 earlier charities, namely: Hele’s School and The Bishop Blackall School for Girls.

The scheme provides that the Trust’s income should be applied in providing such benefits of any kind not normally provided by the local education authority for Exeter College, the former Hele’s School, or any other maintained schools in the city of Exeter, and otherwise promoting the education of persons under 25 who are attending or who have attended Exeter College, the former Hele’s School, or any other maintained schools in the city of Exeter.

Public Benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing Hele’s Educational Trusts aims and objectives and in planning future activities.

The Trustees

The corporate Trustee is Devon County Council which has devolved responsibility to the councillors representing each of the electoral divisions within the city of Exeter. There are normally nine trustees, from whom a chairperson is elected by the Trustees. As all trustees are councillors, recruitment is as a result of County Council elections which take place every four years, any new councillors being invited to become a Trustee.

The last elections for the County Council were held in May 2021.

The following were all Trustees at the balance sheet date:

D Barnes M Asvachin Y Atkinson S Aves T Adams (Chairperson) R Hannaford A Leadbetter P Prowse C Whitton (Vice Chairperson)*

H A Ackland & G Sheldon replaced by D Barnes and T Adams

Each new Trustee receives a letter of invitation from the Clerk to the Trustees outlining the duties of a Trustee, a copy of the Trust Deed and the latest accounts. All new County Councillors receive induction training to acquaint them with their role as Councillors including the financial and administrative aspects. The Trustees, by the very nature of the method of their appointment, are experienced in governance.

The chairperson as at the balance sheet date is a long-established member of the trustees.

Conduct of business

The trustees are obliged to meet at least twice annually, but usually meet 4 times a year to conduct business. They consider applications for grants from the Trust and receive reports when required on such matters as require their attention. This includes administrative matters such as financial reports and reports in relation the physical assets of the Trust.

HELE’S EDUCATIONAL TRUST

Page 3

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees also administer the Chappell Bequest (registered Charity No 306743) for which separate accounts are prepared.

Policies

The Trustees’ policy is to make grants to

Assistance has been confined to instances where either there is no scheme to give assistance from public funds, or there are special reasons why there is a need for financial assistance above the level provided by public funds.

Grants may be conditional upon criteria being met or awarded outright. In either case, once the Trustees are satisfied, there is a formal system by which the Clerk to the Trust requests the Treasurer to release the funds.

Financial Review

Summary of financial activity

2024 2023
£ £
Income 78,312
90,843		 79,826
Expenditure 56,074
Surplus/(Deficit) (12,531) 23,752

During the year the Trustees paid grants totalling £72,767 (£25,706 in 2022-23).

In outline, the grants provided support to assist with costs of; residential visits, school trips, swimming lessons, music projects, outdoor projects, support summer youth activities, and promote social inclusion.

Principal Funding Sources

Until December 2009 the principal income of the charity arose from lease receipts of land and buildings at the former Bishop Blackall School Exeter. The Trustees concluded that they were unlikely to be able to replace the tenant and decided to sell the property. The proceeds of the sale generated £1,577,884 net and the trustees have appointed CCLA Investment Managers and Charles Stanley Investment Managers to manage the funds. Each fund manager is responsible for a portfolio.

The land at St Peter’s school is required by the Trust deed to be used as a playing field by the school and generates no income.

The Trusts’ permanent endowment also comprises an amount invested in COIF income shares which generates funds which are available to be applied as required.

Under the terms of the Trust deed The St John’s Hospital Education Foundation pays £400 annually.

HELE’S EDUCATIONAL TRUST

Page 4

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Investment Policy

The Trustees formed a committee (4 trustees) to produce an investment strategy and to interview potential fund managers of the endowment on a Discretionary basis.

The committee’s proposals for the investment strategy were approved by the full trustees. The committee also made recommendations to the full trustees using pre-determined criteria for selection of the fund managers. The main criteria against which prospective managers were assessed were proposals to:

A detailed policy statement has been produced and agreed by all the trustees which expands on these principles. The Trustees will review the policy statement bi-annually.

The trustees place a high priority on maintaining the real value of the portfolio and of income returns over the longer term and accept that at times this will mean accepting short or medium term declines in capital values. For this purpose, trustees will measure performance against benchmark data and parameters.

The Trustees would not wish to invest in companies producing tobacco products. Otherwise, the Trustees aim to observe responsible investment principles. The fund managers are expected to take into consideration the environmental, social and governance characteristics of existing and prospective investments, where this is practical and proportionate in the context of the overall investment strategy. Where there is a choice between two companies, the Trustees would expect the Fund manager to choose the most ethically minded of the two.

Each portfolio manager is required to report regularly on performance and to achieve targets which include an annual rate of return. The Trustees have, in order to mitigate risk, set limits on the proportions of the fund which may from time to time be held in particular investments. Direct investment in derivative instruments is not permitted other than to hedge risk exposures arising from conventional investments made in the pursuit of the Trustees stated investment objectives.

Reserves Policy

It is the policy of the Trustees to maintain reserves at a level appropriate to the Trust’s operations. Cash reserves are maintained at such a level as to be able to respond to requests for assistance. The major part of the Trust’s assets is in the form of land and long term investments and as such are not readily realisable.

Taxation status

In the opinion of the Trustees the Trust is established for Charitable Purposes only within the meaning of the Income and Corporation Taxes Act 1988. They are also of the opinion that the activities of the Trust are exempt from tax by virtue of section 505 of that Act.

Major risks

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finance of the Trust, and are satisfied systems are in place to mitigate exposure to any such risks.

Financial Statements recording the latest available financial position are made available to Trustees at each meeting.

Risk in respect of their premises is addressed through the terms of the lease.

HELE’S EDUCATIONAL TRUST

Page 5

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

Tangible Fixed Assets

Land and Buildings

St Peter’s School, Exeter

The Trustees are constrained by the Trust deed as to the use the land can be put; namely as a school playing field. The Trustees are not able to charge a rent for its use. The land was passed to the Trust at no cost. Under the historical cost convention this is the carrying value. This is a divergence from FRS15, which creates the expectation of a revaluation, but the prospect of a disposal is extremely remote and the Trustees see no benefit in incurring the costs of a formal revaluation.

Investments are valued at the published market value set by the Charities Official Investment Fund on 31[st ] March.

Administrative and technical support

Their Clerk, as disclosed in note 6, receives an honorarium and expenses for supporting the Trustees. The Trustees purchase specialist property and legal advice as required. A member of staff within the Finance Directorate of Devon County Council maintains the financial records. It was agreed in November 2011 that the support provided by the Devon County Council would be charged at an annual rate of £2,500 + VAT and this was implemented from 2012/13. The tasks to be undertaken by Devon County Council include:

Signed By:

T Adams (Chairperson)

S Aves (Trustee)

Date: 20 June 2025

On behalf of the Trustees

HELE’S EDUCATIONAL TRUST

Page 6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

I report to the trustees on my examination of the financial statements of Hele’s Educational Trust (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner’s Statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. the accounting records were not kept in accordance with section 130 of the 2011 Act; or

  1. the financial statements do not accord with those records; or

  2. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns 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 financial statements to be reached.

Adrian Hemmings BA (Hons) FCA CTA, Simpkins Edwards LLP Chartered Accountants, The Summit, Woodwater Park, Pynes Hill, Exeter, EX2 5WS

Date: 23 June 2025

Page 7

HELE’S EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Endowment 2024 Total 2023 Total
Funds Funds
£ £ £ £
Income and endowments from:
Investment Income - 72,878 72,878 78,660
CCLA Deposit Interest 3,942 - 3,942 704
Charles Stanley Deposit Interest 93 - 93 -
Bank Interest 799 - 799 61
Grants Received - - - 400
Sundry Income 600 - 600 1
_ _ _ _
Total 1 5,434 72,878 78,312 79,826
_ _ _ _
Expenditure on:
Grants 2 72,767 - 72,767 25,706
Clerks honorarium and expenses 3,839 - 3,839 3,529
Insurance 729 - 729 705
Repairs & Maintenance 1,200 - 1,200 13,465
DCC Fees 3,000 - 3,000 3,000
Independent Examiner Fees 2,420 - 2,420 2,322
Investment management charges 7,350 - 7,350 7,525
Accrued Interest (462) - (462) (178)
_ _ _ _
Total 90,843 - 90,843 56,074
_ _ _ _
Surplus/(Deficit) on fixed assets (85,409) 72,878 (12,531) 23,752
Assets (realised) 3 - (1,207) (1,207) (36,211)
Assets (unrealised) 3 - 182,745 182,745 (125,666)
_ _ _ _
Net income/(expenditure) (85,409) 254,416 169,007 (138,125)
Transfers 84,383 (84,383) - -
_ _ _ _
Net movement in funds (1,026) 170,033 169,007 (138,125)
_ _ _ _
Reconciliation of funds
Total funds brought forward 181,602 2,494,602 2,676,204 2,814,329
_ _ _ _
Total funds carried forward 180,576 2,664,635 2,845,211 2,676,204
_ _ _ _

HELE’S EDUCATIONAL TRUST

Page 8

BALANCE SHEET AS AT 31 MARCH 2024

Notes 2024 2023
£ £ £
£
Investments at market value 3 2,664,635 2,494,602
__ __
Current assets
Cash at bank 147,402 195,644
CCLA Deposit 40,000 -
Debtors 689 228
_ _
188,091 195,872
_ _
Current liabilities
Creditors 7 7,515 14,270
_ _
7,515 14,270
_ _
Net current assets 180,576 181,602
_ _
Net assets 2,845,211 2,676,204
_ _
Represented by:
Endowment funds 5 2,664,635 2,494,602
Unrestricted funds 5 180,576 181,602
_ _
2,845,211 2,676,204
_ _

HELE’S EDUCATIONAL TRUST

Page 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

(a) Basis of preparation

The financial statements have been prepared on the basis of the historic cost convention at cost or transaction value, except investments which are shown at fair value in accordance with:

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest pound.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees are of the view that based on the level of its funds, that the Trust remains a going concern.

(b) Endowment fund

The endowment fund of the charity consists of the endowment funds of the charity, which are held on trust to be retained for the benefit of the charity. The capital funds are retained to provide income for the charity.

(c) Unrestricted fund

The charity’s unrestricted fund consists of those funds that the charity may use for its purposes, at its discretion.

(d) Income

Income is accounted for in the period to which it relates.

(e) Expenditure

Expenditure is accounted for on an accruals basis. Grants are recognised when a payment is authorised.

HELE’S EDUCATIONAL TRUST

Page 10

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(f) Assets and liabilities

These are included in the balance sheet at the following basis:-

(g) Realised and unrealised gains and losses on investment assets

A realised or unrealised gain or loss arising on an asset will form part of the fund in which the asset involved is (or in the case of an asset disposal, was) held.

Realised gains and losses on the disposal of investment assets are included in the statement of financial activities as a separate line within the ‘gains and losses on revaluation and investment asset disposals’ section. This is then split according to the fund concerned.

(h) VAT

The charity is not registered for Value Added Tax (VAT). In these financial statements, where applicable, expenditure is shown inclusive of VAT.

(i) Investments

Listed investments are stated at fair value based on a market value derived from a quoted stock market price at the balance sheet date. Realised and unrealised gains and losses are combined in the appropriate section in the SOFA.

(j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliable. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(m) Basic financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 11

HELE’S EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2. Grants

Grants made in the year are analysed as shown below:-

2024 2023
£ £
To individuals
National Water Polo programme
 - 780
_ _
- 780
_ _
To schools in the Exeter area
Residential visits 14,117 5,370
Projects 13,750 3,240
Rural Skills/Building Projects 21,250 10,560
ICT Equipment 9,000 595
Events
 - 2,500
Phonics System - 2,661
Educational Equipment 3,300 -
Educational Services 11,350 -
______ ______
72,767 24,926
______ ______

HELE’S EDUCATIONAL TRUST

Page 12

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3. Investments

The trust holds an investment in shares in the Charities Official Investment Fund. The investment is valued on the published market price at 31 March in each year.

Details
COIF Income Shares
COIF Charity Investment
COIF Global Equity
COIF Property
Total COIF
Charles Stanley Cash Balance
Total Charles Stanley Portfolio
Total Investments		 Number
7,238.56		 Initial Cost
Value
March 2024
Value
March 2023
Increase/(decrease)
in annual value of
investments
£
£
27,273
147,903
135,626
12,277
555,088
1,150,541
1,055,040
95,501
82,049
191,907
166,588
25,319
249,456
141,631
151,680
(10,048)
913,866
1,631,982
1,508,934
123,049
909
4,980
(4,071)
866,208
1,031,744
980,688
51,055
1,780,074
2,664,635
2,494,602
170,033
56,309.06
64,837.84
138,977.59
267,363.05

Investment Notes

HELE’S EDUCATIONAL TRUST

Page 13

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4. Tangible fixed assets

Land and buildings

St Peter’s School, Exeter

The Trustees are constrained by the Trust deed as to the use the land can be put; namely as a school playing field. The land was passed to the Trust at no cost. Under the historical cost convention this is the carrying value. The prospect of a disposal is extremely remote and the Trustees see no value in incurring the costs of a formal revaluation and the carrying value remains £NIL.

5. Analysis of net assets between funds

Investments
Current assets
Current liabilities		 Unrestricted
Funds
£
Endowment
Funds
£
Total 2024
£
Total 2023
£
-
2,664,635
2,664,635
2,494,602
188,091
-
188,091
195,872
(7,515)
-
(7,515)
(14,270)
180,576
2,664,635
2,845,211
2,676,204

6. Transactions with trustees and connected persons

There were no related party transactions that occurred during the year.

7. Creditors

BACS payment outstanding & agreed payments from 2023-24 have been added to the creditor balance for the year

Chq. Ref. Payee Detail

e year
Payee Detail Grant Detail Total
West Exe Nursery 2x Chromebooks for 2 children £300
Simpkins Edwards 2022/23 Independent Examination £2,310
Simpkins Edwards 2023/24 Independent Examination £2,430
Gilpin Demolition Elliot Hut Demolition £2,475
  1. Debtors Total 2024 Total 2023 Charles Stanley Interest Receivable £689 £228

Heles Educational Trust FAO Matt Thorne, Education Finance Team Devon Finance Services, Room 180 County Hall, Topsham Road Exeter Devon EX2 4QD

Simpkins Edwards LLP The Summit Woodwater Park Pynes Hill Exeter EX2 5WS

Dear Sirs

During the course of your audit/examination of our financial statements for the period ended 31 March 2024, the following representations were made to you by management and trustees.

We have fulfilled our responsibilities as trustees under the Charities Act 2011 for preparing financial statements, in accordance with the applicable financial reporting framework (FRS 102 and the FRS 102 Charity SORP), that give a true and fair view and for making accurate representations to you as our independent examiners.

We confirm that all accounting records have been made available to you for the purpose of your examination, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain evidence and have provided any additional information that you have requested for the purposes of your examination.

We confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

We confirm that all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to the examiner and accounted for and disclosed in accordance with the applicable financial reporting framework .

We confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the financial statements, other than those already disclosed in the financial statements.

We confirm that we are aware of the definition of a related party for the purpose of the accounting framework being applied in the preparation of the financial statements.

We confirm that all related party relationships and transactions have been accounted for and disclosed in accordance with the applicable financial reporting framework .

We confirm that the charity has had, at no time during the period any arrangement, transaction or agreement to provide credit facilities (including advances and credits granted by the charity) for trustees, nor to provide guarantees of any kind on behalf of the trustees, except as disclosed in the financial statements.

We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements.

We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its activities and which are central to the charity’s ability to conduct its activities, except as explained to you and as disclosed in the financial statements.

We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud. We confirm that we have disclosed to you the result of our risk assessment that the final statements may be misstated as a result of fraud.

We confirm that there have been no actual or suspected instances of fraud involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by former employees, regulators or others.

We confirm that, having considered our expectations and intentions for the next 12 months and the availability of unrestricted reserves, the charity is a going concern

We confirm that all grants, donations and other income, including those subject to special terms or conditions or received for restricted purposes, have been notified to you. There have been no breaches of terms or conditions during the period regarding the application of such income.

We confirm that we are not aware of any matters of material significant that should be reported to the Charity Commission.

We confirm the following specific representations made to you.

We acknowledge our legal responsibilities regarding disclosure of information to you as examiners and confirm that:

We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise (and where appropriate, of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you and that to the best of our knowledge and belief they accurately reflect the representations made to you by the trustees during the course of your examination.

Yours faithfully

………………………………………… ………………………………………… On behalf of the board of Trustees Date