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← Hele's Educational Trust

2025-03-31-accounts

HELE’S EDUCATIONAL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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 2025

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: Eade – Jack (appointed 1 May 2025)
Hill – Edward (appointed 1 May 2025)
Ketchin – Andy (Vice Chair) (appointed 1 May 2025)
Leadbetter – Andrew (Chair)
Mitchell – Michael (appointed 1 May 2025)
Nash – Angela (appointed 1 May 2025)
Richardson – Thomas (appointed 1 May 2025)
Stevens – Neil (appointed 1 May 2025)
Stevens – Tony (appointed 1 May 2025)
Day to day administration
Clerk to the Trustees: A Bristow
1 Rock Cottages,
Church Road,
Whimple,
Devon
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 2025

The trustees present their annual report and financial statements of the charity for the year ended 31 March 2025. 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 2025.

The Trustees who served during the year and up to the date of signature of the financial statements were:

D Barnes (resigned 1 May 2025)
M Asvachin (resigned 1 May 2025)
Y Atkinson (resigned 1 May 2025)
S Aves (resigned 1 May 2025)
T Adams (resigned 1 May 2025)
R Hannaford (resigned 1 May 2025)
A Leadbetter (Chairperson)
P Prowse (resigned 1 May 2025)
C Whitton (resigned 1 May 2025)
M Mitchell (appointed 1 May 2025)
E Hill (appointed 1 May 2025)
A Nash (appointed 1 May 2025)
N Stevens (appointed 1 May 2025)
J Eade (appointed 1 May 2025)
T Richardson (appointed 1 May 2025)
A Ketchin (Vice Chairperson) (appointed 1 May 2025)
T Stevens (appointed 1 May 2025)

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 2025

The Trustees also administer the WRH Chappel’s 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

2025 2024
£ £
Income 83,364
95,394		 78,312
Expenditure 90,843
Surplus/(Deficit) (12,030) (12,531)

During the year the Trustees paid grants totalling £80,543 (£72,767 in 2023-24).

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 2025

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 2025

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:

A Leadbetter (Chairperson):

A Ketchin (Vice Chairperson)

On behalf of the Trustees

3[rd] February 2026

HELE’S EDUCATIONAL TRUST

Page 6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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 2025.

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.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. 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.

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 Charities Act 2011; or

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

  3. 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

The Summit, Woodwater Park, Pynes Hill, Exeter, EX2 5WS Date: 4th March 2026

Page 7

HELE’S EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Endowment 2025 Total 2024 Total
Funds Funds
£ £ £ £
Income and endowments from:
Investment Income - 74,145 74,145 72,878
CCLA Deposit Interest 4,022 - 4,022 3,942
Charles Stanley Deposit Interest 600 - 600 93
Bank Interest 3,797 - 3,797 799
Grants Received 800 - 800 -
Sundry Income - - - 600
_ _ _ _
Total 1 9,219 74,145 83,364 78,312
_ _ _ _
Expenditure on:
Grants 2 80,543 - 80,543 72,767
Clerks honorarium and expenses 3,452 - 3,452 3,839
Insurance 739 - 739 729
Repairs & Maintenance (2,475) - (2,475) 1,200
DCC Fees 3,000 - 3,000 3,000
Independent Examiner Fees 2,550 - 2,550 2,420
Investment management charges 7,808 - 7,808 7,350
Accrued Interest (223) - (223) (462)
_ _ _ _
Total 95,394 - 95,394 90,843
_ _ _ _
Surplus/(Deficit) on fixed assets (86,175) 74,145 (12,030) (12,531)
Assets (realised) 3 - 2,946 2,946 (1,207)
Assets (unrealised) 3 - (74,467) (74,467) 182,745
_ _ _ _
Net income/(expenditure) (86,175) 2,624 (83,551) 169,007
Transfers 94,096 (94,096) - -
_ _ _ _
Net movement in funds 7,921 (91,472) (83,551) 169,007
_ _ _ _
Reconciliation of funds
Total funds brought forward 180,576 2,664,635 2,845,211 2,676,204
_ _ _ _
Total funds carried forward 188,497 2,573,163 2,761,660 2,845,211
_ _ _ _

Page 8

HELE’S EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 MARCH 2025

Notes 2025 2024
£ £ £
£
Investments at market value 3 2,585,719 2,664,635
__ __
Current assets
Cash at bank 95,010 147,402
Funds in Transit 9 45,000 -
CCLA Deposit 40,000 40,000
Debtors 911 689
_ _
180,921 188,091
_ _
Current liabilities
Creditors 7 4,980 7,515
_ _
4,980 7,515
_ _
Net current assets 175,941 180,576
_ _
Net assets 2,761,660 2,845,211
_ _
Represented by:
Endowment funds 5 2,573,163 2,664,635
Unrestricted funds 5 188,497 180,576
_ _
2,761,660 2,845,211
_ _

The financial statements were approved by the Trustees on 3[rd] February 2026

Mr A Leadbetter Trustee

HELE’S EDUCATIONAL TRUST

Page 9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

(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.

HELE’S EDUCATIONAL TRUST

Page 11

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2. Grants

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

2025 2024
£ £
To individuals
Play Therapy 825 ~~-~~
Home School Support 300 ~~-~~
_ _
-
1,125
_ _
To institutions
St Luke’s Church of England School 4,000 1,350
St Thomas Primary School 1,436 -
Ellen Tinkham School 32,000 -
West Exe School 3,336 -
Alphington Primary School 10,360 -
St Nicholas Primary School 5,000 -
Chestnut Nursery 1,500 -
Ladysmith Junior School 4,400 -
St Peter’s School 5,990 -
Stoke Hill Junior School 180 2,681
West Exe Nursery School 1,700 1,200
Montgomery Primary School 5,211 2,154
St Gabriel’s School 995 -
Willowbrook School 3,000 5,400
Wynstream Primary School 310 10,000
Cedar Tree Foundation - 1,670
Friends of Devon Hospitals Short Stay School - 1,700
Countess Wear Community School - 9,000
Pinhoe Primary School - 10,000
Academies for Character and Excellence - 3,750
St Christopher’s Church of England School - 9,612
Ladysmith Infant & Nursery School - 5,000
Stoke Hill Infant & Nursery School - 8,000
Teignbridge Childcare - 1,250
______ ______
79,418 72,767
______ ______

Page 12

HELE’S EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 2025
Value
March 2024
Increase/(decrease)
in annual value of
investments
£
£
27,273
141,011
147,903
(6,892)
555,088
1,096,934
1,150,541
(53,607)
82,049
180,249
191,907
(11,658)
249,456
143,633
141,631
2,002
913,866
1,561,827
1,631,982
(70,155)
1,164
909
255
866,208
1,022,728
1,031,744
(9,016)
1,780,074
2,585,719
2,664,635
(78,916)
56,309.06
64,837.84
138,977.59
267,363.15

Investment Notes

Cost or valuation At 1 April 2024 Additions Valuation changes Gain on sale of investments Disposals At 31 March 2025

Listed investments £ 2,664,635 101,902 (87,842) 2,946 (95,922) ----------------2,585,719

HELE’S EDUCATIONAL TRUST

Page 13

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 2025
£
Total 2024
£
-
2,585,719
2,585,719
2,664,635
180,921
-
180,921
188,091
(4,980)
-
(4,980)
(7,515)
175,941
2,585,719
2,761,660
2,845,211

6. Transactions with trustees and connected persons

There were no related party transactions that occurred during the year. No Trustees incurred any expenses during the year.

7. Creditors

Grants outstanding
Accruals
Trade creditors
8.
Debtors
Charles Stanley Interest Receivable		 Total 2025
Total 2024
£Nil
£300
£2,550
£4,905
£2,430
£2,310
£4,980
£7,515
Total 2025
Total 2024
£911
£689
  1. Funds in Transit - Draw-down on 95 day Savings Account of £45,000, initiated in February 2025, completed in May 2025