STRATFORD-UPON-AVON TOWN TRUST Annual Report and Accounts 2024 Stratford Town Trust creating a vibrant and connected community Registered Charity No. 1088521 Registered Company No. 04222949 (A Company Llmitsd by Guarantee)
STRATFoR[UP0N4v0N TOWN TRUST CONTENTS Joint Message from our Chair of the Board and Chief Executive Report of the Trustees 3-19 Officers, Advisors, charty details Independent Audltor's Report 21- 23 Financlal Statements 24-26 Notes to the Financial Statements 27-47 D•finitlon8 Stratford-uponthvon Town Trust "Town Trust" College Estate Endowment "College Estat•" Guild Estate Endowment "Guild Estato" The Board of Trustees "Board"
STRATFORD-UPON-AVON TOWN TRUST JOINT MESSAGE FROM OUR CHAIR OF THE 80ARD AND CHIEF EXECUTIVE For year ended 31 December 2024 This has been a year of steady consolidation for the Strafford-upon-Avon Town Trust (Town Trust) and our Report and Accounts for 2024 show a year of pleasing growth in income with well-controlled costs allowing an increase in avallable grant giving funds for the second year in a row. This result is all the more encouraging in that this it is set against a backdrop of continued challenges presented not least by Ihe rise in the cost of living and global economic uncertainty. Our total income in 2024 was £4.Om compared with £3.7m in 2023 the increase was driven by a robust performance from investments. income derived from commercial property rents and from the use of our two car parks. Stratford-upon-Avon. like many town centres across the UK. is not alone in seeing a volatility in retail spending resulting in a relatively high level of empty shops and businesses. It is reassuring that through proactive management of the Trust's property porttolio we can report a small number of void properties and minimal rent arrears. In September 2024 17118 Bridge Street was purchased. this was a strategic purchase as we already owned the other part of this outlet- 415 High Street. The propety was purchased for £1.0m. In December 2024 we were sad to have to announce the temporary closure of the arts venue on Rother Street that had been operating as Strafford Play House since 2017. We truly appreciate the value of this building as part of the town's arts and culture economy and the role it could play In supporting the community. The search for a new operator began in earnest in spring 2025. In Ilne wlth our responslbilltles relating to the Guild Chapel we completed Important preservation work to the exlerior of the building as identified a5 part of the Quinquennial Inspection. Thls Is part of an ongoing programme of work which will include the restoration of the clockface. With the support of biodiversity net gain funding we started 8 programme of long-tem ecology management and nature conseNation at Rowley Fields with the first steps to create a wildflower meadow. This is a thirty-year agreement with Warwickshire County Council and a further four acres will be added to the meadow creation in 2025. Our commitment to the environment continued at the Stratford-upon-Avon Local Nature Resetve (Stratford LNR) thanks to our enthusiastic team of volunteers in partnership with Warwickshire Wildlife Trust and with equipment funded by the UK Shared Prosperity Fund. We are now seeking biodiversity net gain funding for this long-lerm project lo develop the mosaic of habitats across a 29-hectare slle. In partnership with Stratford-on-Avon District Councll. We have over 130 Stratford Town Trust volunteers giving their time and expertise to a range of projects, welcoming visitors from all over the world to the Guild Chapel; supporting habitats and nature at Rowley Fields and Strafford LNR: the wami hub team who offer friendship and support every week and our monthly Repair Café team keeping hundreds of item5 from going into landfill. Together they have contributed an astonishing 3,240 hours of their time, equivalent to around £39k and we are extremely grateful to all of them. Across the year we awarded discretionary grants to 147 local groups, charities and individuals to the value of £1.2m. Through ongoing consultation and dialogue with beneficiaries we continue to find ways to streamline our grant application process and make it as accessible as possible to the widest number of groups. Our grants for the year were mainly focussed on closing the gaps in financial, educational and heallh Inequalities. However, the relentless need to fund core costs remains an area of challenge for the charitable sector and this has been evidenced by the number of applications with a focus on accessing funding for their day-to-day overheads. As grant maker and a charity working directly in the community we see and understand first-hand the value of funding whal might be described, by some. as mundane operating costs for charities living "hand to mouth.. These often include things like a contribution to overall running costs of an organisation. renial and transport costs, volunteer expenses and energy cost contribution. Whilst individually these may not sound exciting. they are all essential e18ments of an organisalion'5 work without which a group cannot deliver its mission. 2024 marks Ihe first full year of operation at our relocated Community Hub on Avenue Farm Road. The Community Hub has become a beacon of welcome, aCceptsn, friendship and support for all sections of the community. We are delighted to report that the building is enjoying higher than anticipated occupancy from groups supporting people in need. Our Community Hub is made possible through our own grant funding and
affordability is key. Therefore, we are grateful to Stratford-on-Avon District Council for working with us to rent the ground floor of the building known as Venture House and the search continues for a permanent home. STRATFORD-UPON-AVON TOWN TRUST JOINT MESSAGE FROM OUR CHAIR OF THE BOARD AND CHIEF EXECUTIVE For year ended 31 December 2024 As part of our non4iscretionary commitments, the entitlement to the King Edward Vl Grammar School Trustees (KES) from the Guild Estate was £777k (2023 £727k), the Church Street Almshouses received £59.Ok {2023 £54.5k) and a stipend to Holy Trinity Church of£7k {2023 £7k) was paid. As ever, our costs have been closely controlled through continual careful management of the organisalion by our senior management team. We closed the year with support costs (overheads) of £625k an increase of £47k year on year, this increase was attributable to an increase in headcount and staff salary increases, driven by inflation and the impact of the increase in minimum wage levels. Our small team of staff, eleven trustees and bNO non-executive members of Ihe Audit & Governance Committee continue to go over and above to deliver our mission to maximise our assets and work in partsiership for the benefit of the people of Stratford-upon-Avon. During the year we welcomed Sarah Summers and Lewis McNaughl- and welcomed back Gill Cleeve as they joined us as Stratford-upon-Avon Town Council Nominated Trustees. Flnally, we must thank our reb'ring trus18es Liz Coles, who served a full temi and Tony Jackson who served two full terms Includlng years as Chair. The Town Trusl Is wonderfully distinctive as a membershlp charlty and our members are 8 valuable touchslone, offering challenge and guidance in our planning, and playing an active part in creating a vibrant and connected community. Becoming a member is the best way to get doser to the work of the Town Trust and joining means you are able to attend our AGM and stand a5 an elected trustee. Joining is easy at www.s ratlord own rusl.co.ukl'oinus Please do join us at our AGM which will be on Wednesday 10 September 2025. Sara Aspley Chief Executive Tim Bailey Chairman 21 May 2025
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 The Trustees present their annual report and financial statements of the Town Trust for the year ended 31 l)ecember 2024. The financlal statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Town Trust's governing documents, the Charities Act 2011 and the Statement of Recommended Practice." Accounting and Repong by Charities published in 2015. The report of the trustees complies with the requirements of the directors, report as per the Companles Act 2006. The Strafford-upon-Avon Town Trust (Town Trust) is the corporate Trustee of the Guild Estate Endowment (Guild Estate) and the College Estate Endowment (College Estate) (referred to as °Group°). Principal Activities The principal activity of the Town Trust is the giving of grant5, discretionary and nOn-disctIon8ry. to organisational beneficiarles that are based in the parish of Stratford-upon-Avon, working for the benefit of town residents. This is facilitated by the careful management of the investment portfolios h&ld by the Guild Estate and the College Estate. The Town Trust endeavours to maximise the return on all classes of investments, in order that the grant-making programme can continue to provide a reliable source of funds for Ihe local beneficiaries. However, there is also an element of present value versus long temi strategic value in terms of asset management and value optimisation. The Group, with a history dating back more than 500 years, tskes a very long-term view on income generation. Objects The Town Trust's Objects are to be applied for the benefit of those Ilvlng In the town of Stratford-upon-Avon; and are as set out in the Memorandum and Articles of Association (those studying or working in the town may also benefit incidentally): to relieve need, hardship and distress among beneflciarles; to relieve sickness, disability, old age and infirmity among beneficiarie5; to provide or support the provision of facilities for education of beneficiarles, including the advancemenl of learning and knowledge; to provide or support (with the object of Improving th8 conditlons of life for beneficiaries in the interests of social welfare) facilities for recreation and other leisure-time occupation. to advance the Chrlstian religion for the benefit of beneficiaries; and to further eny other charitable purposes for the general benefit of the beneficiarles, Climate Change and the Environment The Town Trust is conscious of the impact of climate change and the need to achieve environmental sustainability. We work together with local stakeholders, including Stratford Net Zero, Strattord Climate Action, Stratford-upon-Avon Town Council, StratFord-on-Avon District Council and Warwickshire County Council towards achieving carbon neutral targets. As defined by our goveming document, the Town Trust's work is conflned to the parish of Stratford-upon-Avon. meaning that our operational carbon foolprint is small. The organisation has 15 members of staff, 800/0 of whom Ilve within a ten-mile radius of the town and we operate a flexible working policy which allows for some home working. Our work is best described as hyper local which means there is almost no need for national or international travel. We do not own or lease any organisalional vehicles. nor do we manufacture or purchase consumables. We recognise that even small organisations have a responsibility to embra the goal to be carbon neutral and our focus is on limiting waste and efficient use of water and energy. Many of the buildings within our endowed portfolio are listed or were built prior to energy performance considerations. Implementing modern energy-saving measures to historic buildings presents significant financial and operational thallenges related to the legal obligations placed on landlords to preserve a building's historlc character requirtng careful plannlng. expert knowledge and specialist materials. Nevertheless, we work hard to make changes that will have a positive impact on the Energy Performance Certificalion raiing. We take a proportionate approach to making such adaptations balanced against our charitsble objects.
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Climate Change and the Environment (Continued) With thity-year ecological management plans adopted for our green spaces - Rowley Fields and Stratford LNR we have made a demonslrable commitment to improve the biodiversity of habitats in support of nature conservation. At Rowley Fields work has started to turn 14 acres of impoverished grassland into a species rich wildflower meadow. at Stratford LNR the wetland areas, we established, have begun acting as natural filters, storing carbon, adding protection against extreme weather events like floods and droughts, and supporting biodiversity. We have 122 fully occupied allotments on Church Lane enabling local people lo grow their own food. Through our grant funding we support initiatives like the Stratford Climate Hub in the town centre to raise awareness of the climate crisis and offer practical solutions that can be applied to daily life. In partnership with Strafford Net Zero we operate a monthly volunteer-led Repair Café which aims lo save variety of everyday household items from landfill and replacement. Now in ils Ihird year of operation the Café has a repair success rate of around 800/0. In 2024 Ihe volunteer repairer5 tackled 838 items. This equates to 2.8 tonnes saved from landfill and 17.3 tonnes In carbon savings. Strateglc Plan 2021- 2025 We launched our current strategic plan in November 2020 following community consultation with residents of Strafford-upon-Avon. Almost 1.500 people took part in the consultation and 91 % of respondents told us Ihat Strattord-upon-Avon was a good place to live., whi15t 80Q/o said the Town Trust was importanl to them and the town. Our members told us that they valued our work and wanted more opportunities to connect with one another in support of the communlty. The strategy focuses on four pillars of activity: grant making, community engagement, place making, and finance and investments. The strategy for 2021-2025 was strengthened by a review of, and recommendations for, the Town Trust'5 endowed property estale by an independent third party. Having a clear and robust Financial Investmenl Policy has enabled the Board to make sound, strategically led decisions and we will continue to work in this way through 2025. Our Grant Making Strategy has evolved with a shift towards a model of participatory grant making, that sees the Town Trust working with and alongside charities to co<reate projects. We have used an impact assessment model in a proportionate way with all our grantees and refining our commitment lo this will be a key focus of our Grant Making Strategy in 2025. The findings and recommendations from the Bayes Business School {Centre for Charity Effectiveness) were developed into an action plan and these continued to be implemented in 2024. Llstenlng to the communlty and our members Is an actlve pert of the Town Trust's work. By making ourselves open to new ideas., by asking questions and building networks we have started lo understand what really matters to people in relation to the place where they live. This led to the formation of our Community Engagement and Place Making Strategies.
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 Dernber 2024 The progress of our key aims in 2024, year four of our Strategic Plan period can be summarised below.. Alm To restore gr055 income to 2019 levels To develop a propety slfalegy with a more focused approach To engage in conversations in order to act as a connector to share learning and drive change ress 2024 Income in 2024 conllnued to exceed that of 2019. Commercial voids in 2024 were well below Ihe national average of 10°h. Arrears were well managed and 3 properties undernvent repairs in 2024, wllh a vlew to being let in 2025. In addition to regular communicalion with mefflbers a 5erie5 of events were held in 2024 Members. Dog Walk al Slratford LNR. A session entitled 'lh6 impacl of our grant making,, so members could hear dir8cUy from the Town Tru51's beneficiarie5. A connected communlty in nature talk for members as part of the Great Big Green Week. Invilalon for members to vlsll Slratford Youth Collecllve ISYCI to hear from the young people who attend what the hub means lo them. Our 2024 AGM was in person al the Play House. Our Chlef Execullve ch8ifS the Stratford Town Strategic Partnership. The biodiversity nel gain project at ROeY Fields commenced In aulumn 2024. The ecology volunteers had $essn$ al both Strafford LNR and RoA8Y Fièlds. R ular Re alr Cafés were held conlribulin 17.3 tonnes to carbon savin Slratford Youth Collective ISYCI was borne out of the Trust's pllol parlicspalory grant making ect and In 2024 SYC o ened its hub on Bimin ham Road. Received award from the Rural Shared Prosperlty Fund contrlbuttng lo the renovation of the Old GraSn Slora. Further funding was gratofvlly CeIV& for the wmmunlty hub from Warwlckshlre Rural Communi Councll WRCC towards warm hub activitie5. An ongoing commllmenl to the environment and sustainability To move lo a model ol artiCApato rant makln To develop additional Income through extemal fundlng sireams In late 2024 planning commenced for our next Strateglc Plan (2026 - 2030) startlng wlth a member, public and stakeholder consultation In spring 2025. Communlty Hub In 2024, we delivered our first full year as a community hub in our current location on the ground floor of Venture House. The Community Hub continues to establish itself as a vilal resource for local people, with a steady increase in room hire driving income. The Community Hub alms to: Provide hlreable space to enable others, to deliver work which is beneficial to the community. Provide a safe, warm, welcoming space through the work we direcily deliver with help from our volunteers, such as with our weekly 'Warm Welcome,. Assist granl applicants by offering a weekly drop-in session with the grants team to dlscuss Ideas at an early stage In a friendly and supportlve space. The Communlty Hub has three rooms of varlous slzes avallable lo hlre as well as hot4esking for a small donation. We had approximately 800 bookings over the year, from 67 groups. Most of the groups who use the space are charities, CICS or not-for-profit organisations. The hub 15 key to our community engagementwork and continues to offer a weekly'warm Welcome, session, with the focus on reducing loneliness and isolation,. signposting to support and providing activities which benefit both physical and menta5 health. The Wami Welcome sessions are entirely volunteer led and in the year we were grateful for funding from WRCC (£625 for 2024) towards activities and equipment. In 2024, 92°/o of Wami Welcome attendees reported that they felt more positive because of attending. We delivered 25 free to access family workshops during school holidays. Sessions are aimed at lower income families and all have been oversubscribed. Our Fun Palace outreach activity as part of the national Fun Pala weekend welcomed over 270 people. Our Community Hub at Venture House is a short to medium term arrangement, with the current lease taking us to May 2027. A Steering Group has been set up to explore options beyond 2027. The net cost of operating the Community Hub was £91k (2023: £115k).
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Volunteering Volunteering is a key part of our work in the community. Guild Chapel volunteers covered 394 shifts between them in 2024 welcoming over 72.000 visitors, a significant increase on previou5 years. Our Guild Chapel volunteer led events for the year included a demonstration of greal medieval feasts as part of Shakespeare Schools week. As part of Heritage Open Days, we partnered with the Shakespeare Birthplace Trust to showcase the 14th Century Letter of Indulgence with lours and lectures led by volunleers. The highlight of the year was a dramatisation and retelling of the 14Lh century poem the Dance of Death bringing to life the painting that covers the wall of the Nave. The monthly Repalr Café is made possible by a core team of around 30 volunteers or around 300 sessions for the year covering tool sharpening, sewing, PAT testing, electrical repair, bike repair, general repair, reception desk. runners, refreshments, and front of house. This popular community event is run in partnership with local group Stratford Net Zero and funded through donations. In 2024 the Repair Café made a small surplus that will be split between Town Trust and Strafford Net Zero. Our nature conservation volunteers worked across 56 sessions to support nature recovery at Rowley Fields Community Orchard and Stratford LNR. Grant Making The 2024 grant making programme focused on tackling inequality across several key areas, alongside a commitment to funding core costs to ensure the susiainabilily of vital community organisations. Educational inequality - Supporting projects that address disparities in educational access and outcomes, particularly for children and young people from disadvantaged backgrounds. Grants funded initiatives such as mentoring schemes, literacy programmes, and extracurricular opportunities that enhance learning and future prospects. Financial inequality - Investing in services that help individuals and families facing financial hardship, including debt advice, access to benefits, and employment support. Grant funding enabled organisations to provide crisis 8SSlStance, financial literacy training, and long-term pathways to financial siabilily. Health inequallty - Addressing differences in health outcomes linked Io socio*conomic status, geography, or other systemic factors. Grants supported mental health services, access to nutritious food, community health programmes. and initiatives that tackle social isolation. Core costs - Recognising the importance of sustainable, well-resourced organisations, grant funding has also been directed towards essential operational expenses. This includes staff salaries, rent. utilities. and organisational development, ensuring that charities and community groups can focus on delivering impact without financial instability. By addressing these interconnected challenges while supporting the long-term resilience of organisations, the grant making programme aims to create meaningful and sustained change in the community.
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Grant Making (Continued) Summary of Discretionary Grants awarded in 2024 (net of grants cancelled) Community Benefit Awarded Examples of Beneficiarles Brain Tumour Support Group: Stratford services £12,918 Safeline- sexual violence and its impact on males £60,000 Hardship funds for individuals- administered by CASW £20,000 Time4Hope: Time 2 Unite project £17.714 The Shakespeare Hospice: Core costs £40,000 The Myton Hospi$. Core costs to support Stratford residents £40.500 Lifespace.. Core costs £39,830 Young Mind5 Matter- Core costs and tackling inequality in health £35,000 VASA: Core costs £25,000 Orchestra of the Swan.. Café Muse £15,834 New Hope Counselling.. New Hope Stratford service - core costs £13,820 Bishopton Community Centre CIO- Disability accessibility at Community Centre £12,886 Home-start South Warwickshlre.. Core costs £12,480 Forest of Hearts.. Stratford Community Garden Creations £10,000 Entrust Care Partnership- Slratford Family worker £5,000 Citizens Advice South Warwickshire: core funding and management support £66,000 Spring Housing Association: Core costs £75,000 The Parenting Project.. Family Wellbeing Pathway £51,384 Strarford-upon-Avon Sports Club: Strafford Sporting Memories Club £3,840 Little Bird Baby Bank.. Core costs £2,000 Stroke Association Stratford-upon-Avon Support Group.. Ongoing therapy support £1,000 Strafford-u on-Avon Catenian Circle: Volunteer ex enses £1,000 Grants to all town slate schools, plus three out of town schools with a large number of Stratford-upon-Avon resident pupils and New Meaning Training Ltd: £194,338 in tol81- 16 grants Stratford Youth Collective.. core costs £100,000 Shakespeare Birthplace Trust: New education centr8 £50,000 New Meaning Training Ltd.. Core, capital and innovation costs £25,000 Thomas Jolyffe Primary School: Education costs £12,500 St Andrew's Church. Shotlery.. Children & famllies worker £12,240 Strafford Sea Cadets: Boating equipment upgrade £6,650 1st Shottery Scout Group.. New campfire & educational area £2,000 151 Bishopton Brownies: brownie activities including annual holiday £1,050 TDC Stratford Youth Theatre CIC: #onmafa 2030 £1,500 2nd stratford Brownies: PGL trip 2024 £1,420 1st Bridgetown Guides.. Guild summer camp 2024 £1,055 151 Bridgetown Brownies: Brownie summer camp £570 1s1 Shott8ry Scout Group.. campfire and education area £2,000 Stratford Family Club CIC: Strafford Family Groups £2,000 Stratford on Avon Music Festival: Sin for Fun £1,640 To relleve need, hardship, distress, sickness, disability, old age and infirmity among beneficiaries £548,824 To provlde or support the provision of facilities for education for beneficiaries, Including the advancement of learning and knowledge £412,918
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 Dember 2024 Grant Making (Continued) Communit Benefit Awarded Exam le8 of Beneficiaries Play House: community evants support £78,125 Avon Bowling Club.. Flood restoration work £1,490 Paint Strafford: Paint Stratford 24 £5,000 Royal Shakespeare Company.. Waterside costs £3,975 and the Welcome Space £15,000 StratFord Town Girls Football Club.. Sustainable gr0h of club £5,000 Stratford-upon-Avon Society.. Marie Corelli Centenary £1,000 Stratford Sharks ASC Swimming Club: Hardship and training support £6,250 Strattordvupon-Avon & District Table Tennis Association: Core costs £2,000 Cycle Infinlty CIC: Blcycle bus prolect £2,000 Stratrd-up0n-AV0n Kayaks.. Coach training £1,800 Second Thoughts Drama Group: props and furniture for Iheatre set £2,000 Stratford upon Avon Tabl8 Tennls Club.. PING Strafford £2,000 Sonrlsa Arts CIC- Families get moving £2,000 stratford-upon-Avon Chamber Muslc Soclety.. Chamber Music Society £2.000 Coperlcana CIC: Stage play 'Oon't forggt me, £2,000 Town Trust Cofflmunity Engagem8nt.' Gamlng Club £1,000 In2 Thgatre: Legend ifthe Vikings £2,000 Hathaway Quilters.. increase awarenes8 and membership £2,000 Clo ton Communi Action Grou Communi Fun Da £1,000 Slratfordwon-Avon District Council.. Community Builder project £23,000 Grant to sup rt wami hub atventure House: £500 Live & L(Kal- Community Film Festlval 2024 £8,350 Pollsh Salurday School in Stratford: Town family picnic £500 Polish Club Warwlckshlre.. Costume camival ball for children and parents £500 Stratford in Bloom: floral displays and planting £5,000 Stratford Chrlstmas Lights Co.. Christmas Lights display £5,000 Stratforward BID: Christmas lights switch on event £2,000 Town Trust Community Hub: licensee costs £1,375 Town Trust.. Bandstand summer concert programme £3,500 Town Trust.. Fun Palace £1,000 Warwickshire Industrial Archaeology Society.. Th8 history of N. C. Joseph Aluminium Works, and Stratford Produce Canners £2.000 Net Zero Stratford", Core costs for Climate Hub Man 8r£22,925 To provide or support facllltles for recreation and other lelsure-tlme OGGupation £136,115 To support citizenship and communl £23,500 To support clvlc pride £26.925 Other charitabl• purposes £25,225 Multiyear grants- grants awarded which cov•r muthpl• years. Sprlng Housing: £150,000 over 2 years This project supports the Fred Winter Centre as a housing plus faclllty Year 1 was commltted in 2024- £75,000 as a contributson io core costs. Refuge: £98,000 over 3 years This project supports the Stratford-upon-Avon Refuge, for women and children who have experlenced domestic violence. Year 1 was committed in 2022 - £32,000, year 2 in 2023 - £33,000 to fund Refuge residents who acce5S affordable family centred recreational activities such as after school swimming lessons, baby and loddler groups. Year 3 has been committed in 2025 - £33,000. Citizens Advice South Warwickshire: £276,340 over 3 years This project supports CASW to provide a range of advice and guidance in respect of money and debt. houslng, disability rights, benefits and clalms. Year 1 was committed in 2022 - £120,937, year 2 was committed in 2023- £89,403 to fund an operations manager and a part-time volunteer coordinator to focus on rebuildlng a strong and dedicated volunteer team. Year 3 was Committed in 2024 - £66.000 to fund core costs and management support.
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Grant Making (Continued) Safeline: £156.668 over 3 years Thls project supports male individuals who have suffered sexual violence. Year 1 was committed in 2023 - £42,779, year 2 was committed in 2024 - £60.000. Play House over 5 years (July 2021- June 2026) Thls project supports beneficiary events held at the Play House. The grant is conditional on various KPIS being achieved which include 40 unique beneficiary events (as defined by the agreement) being held al the venue in each 12 month period July to June. Year 1 was committed in 2021- £75,000 (reduction due to Covid lockdowns), year 2 was committed in 2022- £125,000, year 3 was committed in 2023 £100,000. year 4, 2024, had an annual grant of £75,000. However as the Play House operator ceased running the venue in January 2025, this award only covered 7 months and was reduced to £28,125. Non-Discretionary Grants The King Edward Vl Grammar School Trustees (charity number 528769) received an entitlement of £777k {2023: £727k) from the Guild Estate in accordance with the Charity Commission Scheme dated 1st October 2001. £59k (2023.. £55k) was paid towards the maintenance of the Almshouses by the Guild Estate. A stipend of £7k (2023.. £7k) was paid to the Vicar of Holy Trinity Church by the College Estate. FINANCIAL REVIEW OVERVIEW In 2024 total income for the Town Trust was £4.Om (2023.. £3.7m) the majorlty of which {94.5 % ) (2023: 98.3 % ) was generated from its inveslments. The Group is very fortunate to have the endowed investment portFolio legacy and to not have to undertake significant fundraising on a regular basis. Investment (both property and equity) management costs amounted to £1.2m meaning that 69.7 % (2023.. 76.2 % ) of the total income was available to be spent on charitable purposes, enhancing the lives of Ihe people of Slratford- upon-Avon. Investment management costs were higher in 2024 due to repairs relating to buildings where tenants had gone into administration. We are very aware that the cost of managing Ihe investments must be monitored closely and spent carefully but also it is irnportant that the investments are well managed ensuring security of income flow for future generations. £2.7m (2023: £2.4m) was spent on charitable expenditure, £2.Om {2023: £1.8m) was given as grants of which £1.2m (2023: £1.1 m) were discretionary. and the cost of operating the Community Hub was £0.1m (2023: £0.15m). For more detail see note 10. INCOME Investment income, £3.8m, remains our main source being 94.50/0 of the total income. Investment income has improved £0.14m year on year, the majority of this increase being due to higher dividend income as the proceeds from the property sales in 2023 had been reinvested for 8 full year in 2024. Our investments produced a yield of 6.25°/0 (2023: 6.350/0). The slight decrease was due to higher property related costs and the impact of the revaluation. resulting in a higher investment value in 2024 compared with the prior year. EXPENDITURE The majority, 80.8 % (2023: 75.50/0). of the expenditure spent on raising funds, relates to the direct cost of managing the investment portfolio and in the main relates to managing and maintaining the propety portFolio. The cost of raising funds was £1.2m (2023: £0.9m). For more detail see note 9.
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 CHARITABLE EXPENDITURE During 2024 our charitable expenditure was £2.7m (2023". £2.4m) a 13.40/0 increase. The increase was primarily driven by an increase in discretionary grants of £0.16m. Of the charitable expenditure 85.60 (2023= 85 % ) was either grants or expenditure directly funding the Town Trust managed community facilities. OVERHEADS Considering the value of the Town Trust's assets and the range of its activities, our staffing levels are relatively small. We occupy premises owned by the College Estate and have the appropriate standards of technological and systems infrastructure. The Board continues to be acutely aware that our primary purpose is to deliver much needed financial and other support to the community and our discretionary grant beneficiaries. To thal end we keep our overhead costs under regular review. During the year the allocation of support costs was reapportioned. to retlect the workload5 and activities undertaken in the year. Statement of financial activities - summa 2024 £k 3,789.5 10.6 174.7 36.4 4,011.2 2023 £k 3,649.3 11.3 Investment income Donations Charitable aclivities other income Total income 49.7 3.713.2 Expenditure on raising funds Total net income 1,216.9 2,794.3 883.8 2,829.4 Yo of total income available for charitable ur oses 69.7% 76.2% Discretiona rants Non-discretiona rants l entitlements Other charitable activities" Communit Hub Total charitable activltles Net incomin resource8 Includes support costs 1,170.5 842.6 581.3 120.9 2,715.3 79.0 1,012.5 788.4 449.8 144.8 2,395.5 433.9 BALANCE SHEET At the end of 2024 the Town Trust had investments totalling £59.6m (excluding cash deposits). These are the investments from which we generate the majority of our income. Of these investments, 90.4 % are defined as endowed assets, which means that rf any of these assets are ever sold all proceeds must be reinvested and the resulting assets would also be defined as endowed. During the year, the investments increased in value 3.40/0 {2023: increased by 2.6 % ). There were no property disposals and one acquisition during the year. In September 2024 17118 Bridge Street was acquired for £O.97m. This acquisition was purchased wilh funds held in a liquidity fund. The Performan of the investrnent portfolios are continuously monitored, particularly the locally owned propety portFolio. At the end of the year the Town Trust had £0.8m of unpaid committed grants to discretionary grant beneficiaries, to be paid within the next 12 months (2023- £0.6m). This amount is included in creditors. 10
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 The total funds at the end of the year were £60.2m, of which £54.9m were endowed funds. £4.9m were unrestricted funds and £0.5m were restricted. Of these unrestricted funds £3.2m are available to fund future charitable activities. RESERVES POLICY The Board reviews the reserves policy annually and considers it very important that the three charities can pay all their committed grants and have free reserves to cover ongoing administration costs for at least six months. RESERVES POLICY (Contlnued) Town Trust Unrestricted reserves are held in the Town Trust to cover six months of administration costs (estimated at £0.4m), the balance being available to pay future grants. The level of this reserve is reviewed annually. In 2015 a designated reserve was set up to match the net book value of the Rother Street arts venue building, which is a tangible fixed asset. The annual depreciation associated with this asset is charged to this designated reserve. In 2021 designated reserves were set up to fund the running costs of the Community Hub, the Community Hub future proofing project. The designated reserves at the end of 2024 are summarised below: Desl nated funds 2024 2023 Rother Street Arts Venue Buildin Communi Hub on oin C051s Communi Hub future roofin Total desl nated funds fomiall Pl8 House Guild Estate and College Estate The permanently endowed reserve in each of the Gulld Estate and the College Estate will always be fully investrnent and cash backed. To recognise the small operational risk in both charities an unrestricted reserve of at least £0.03m will be held in College Estate and £0.1 m in Guild Estate. The level of reserves is reviewed annually. For more detail of the individual charities, reserves see note 25. GOING CONCERN Given the strength of the balance sheet and availability and liquidity of unrestricted Investments th8 Trustees believe that it the risk of not being able to maintain our grant giving or pay our costs as they fall due to be negligible. INVESTMENT POLICY AND PERFORMANCE At the end of 2024 Ihe Town Trust held investments of £59.4m (excluding cash deposits). an increase of 1.9m compared with 2023. The Town Trust has two endowed investment portfolios. which are held by Ihe Guild Estate and the College Estate, and olher investments, which are held by the Town Trusl and the College Estate. The objectlve of the investment policy is to create sufficient income and capital growth to enable the Town Trust to deliver its charitable objects consistently year on year. In the medium to long term the Town Trust aims to generate an average annual income yield of 4.40/0 and for the capitsl value of the portfolio to grow at least in line with inflation (CPI). The broad thrust of our investment policy in recent years has been to increase portfolio diversificatr'on and reduce our exposure to propety in Stratford-upon-Avon. The target range set for both physical property and property fund investments is 50% - 70%. At the end of December 2024, the proportion was 65.60/0 of which 57.7 % was physical propety. The Board reviewed and updated the investment policy in September 2024. The policy's main objecllves are.. Short Term (less than three years) Objective The short-temi investment objective is to ensure that the Town Trust has sufficient liquidity to enable it to fund its planned Spending on good causes and meet its overhead costs as they fall due.
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 INVESTMENT POLICY AND PERFORMANCE (contlnued) Medium to Long Term Objectivo The medium to long-term investment objectives, as measured over a 10-year rolling period, are to achieve a balanced return from the overall portfolio such that- for the combined portfolio of the Group there is an expectation of net income yield being not less than 4.4Vo p.a. and that the capital value grows at least in line with inflation (CPI). Net income is defined as gross income less all direct costs (i.e. fees, repair costs, legalladvisor fees). (4.4 /0 IS the weighled average of the yield of property investments (4.980/0) plus the yield of the quoted investments (3.2 % )). Long Term Objective Endowment investments are expected to exist in perpetuity and should be managed to meet the charities, investment objectives and ensure their sustainability. The Town Trust also has a responsible Investment policy. which guides the Board In envlronmentsl, social and governance issues when making investment decisions, The Trusts (Capital and Income) Act 2013 proposed that endowed charities may adopt a total retum approach, without having to seek Charity Commission approval. The Town Trust has considered this point in relation to Its endowed investments but decided It was an approach it would not adopt at this time, as It prefers to utlllse the income return approach so Ihat the endowed funds are protected for future generations. The Town Trust does not have any social investments; all the Guild Estale and the majority of the College Estate nvestments are endowed. The endowed investments are split beiween physical property, equity investments, property fund investments and cash equivalents. The non-endowed investments are held in equity or property funds. All investments held in equity or cash are readily realisable if required. Investmont 2024 £m 2023 £m 2024 2023 Endowed: Ph sical Pro Funds Pro Funds uidi Funds Cash e uivalent Total endowed investments 32.5 15.2 57.4 27.0 56.6 26.5 16.0 55.3 53.9 93.1 93.9 Non-Endowed: Ph sical Pro ui Funds Pro funds Total non4ndowed investments Total investments. "Excludes short temi cash deposlts 59.4 57.5 100.0 100.0 Independently Managod Funds Porformanc As at 31 December 2024 the equity investments were held with Sarasin & Partners, and Cazenove Capital Management. The propety funds were held with eiiher the Charities Prop8rty Fund or Schroder UK Property Fund. Th8 investment returns during the year are shown in the table below: Income Capital Total Return Target Benchmark Town Trust Guild Estate Colle e Estste 4.40/0 4.4/ 4.00/0 7.2% 3.39/0 4.6Vo 6.3010 7.10/. 7.00/0 7.7°/. 8.60/0 12.4% The benchmark for the Guild Estate College E51ate is the weighted average of the benchmark for the property funds 15.40/0}, which is based on AREF I MSCI All Balanced Fund5 Property Index ar the benchmarf( for the Common Investments Funds114.3°/ol {which is Galculaled based on.. ICE BofA Sterling Corporate & Collaleralized Index17.5'/.1. ICE BofA UK Gi115 All Slocks17.5Q/o}. MSCI AC Worfd {Local Currency} IGBP} {10V/ol, MSCI All Balanced Propety Funds- One Quarter Lagged 15 /D). MSCI All Countrie5 Daily (Nel Total Reluml18OQ/o). 20/0 per annum above SONIA (alternative asselsl110V/ol- Continued over... 12
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 The peer group performance datrd used is the ARC Steady Growth Charity Index for 2024, Ihls had 8 retum of 8.2Vo. For the Guild Estate and the College Estale the actual performance was atve the largel but below the benchmark. in the main this was due lo the impact of Ihe high inleresl rates and the benchmark including a lower proportion of dividend payng equities than that vthich is held wilhln the iwo pKsrtfolios. as dividend income is important to both Ihe Guild Eslale and ihe College Estsle. The benthTnark for the Town Trust Is the weighted average of the benchmaTk for the property fund515.4¥.). which is based on AREF / hASCI Al Balanced Funds Propety Index and the benchmark for Sardsin investment lunds {12.30/.I-. ICE BofA 1-10 Year Sleding Corporate & Collalerali2ed Index {7.5010l. ICE BofA 1-10 Year UK Gill Index18.75 101. ICE BofA Slerfing Corporate & Collaleralized Index15.63010}. ICE BofA UK Gills All Slocks15.63 10}, MSCI AC World {Local Currency) {GBP) {7.5'/ol. MSCI All Balanwj Propety Funds . One Quarter Lagged13.75Vv). MSCI Ail Countries Worfd Daily (Net Totsl Return) {50Q/o}. SONIA11.25Q/ol, 20/0 per annum above SONIA {allemative assetsl110V/DI. Property Investment Performance The combined property portfolio is valued at £34.4m12023: £32.8m}. It is a regulatory requirement that a full valuation is performed every five years. The propety agents, Colliers Intemational Property Consultants Limited, performed a full valuation of properties as at 31 December 2020. The income yield during the year exceeded the iarget and Ihe benchmark, however the capital return failed to match the rate of inflation, but this was to be expected as a full valuation was not undertaken in 2024. Income Capltal Total Return arget Benchmark Guild Estate 5.4Vo College Estate 7.3% 7.5.10 5.40/0 The benchmark for the Guild Estate and the College Estate is the AREFIMSCI All Balanced Funds Propety Index. The Group propety portfolio had an average capital return of 1.8 % (2023.. 0 % ). The rental yield for the combined portfolio was 7.9 % (2023: 8.1 /0}, giving a tolal return of 9.7 /012023'. 8.10/0). In 2024 the Town Trust's commercial propety portFolio in Strattord-upon-Avon continued lo cope with the on- going economic challenges, the age and listed status of some properties and the change to retail shopping habits. During the year we have had a small number of void properties and a good level of r&nt collection that was belter than that experienced by other property portfollos of our magnitude and mlx In the current economic climate. At the year-end, there were four void small offices and four void commercial units, which were all undergoing repair work with a view to being let in 2025. Investment criteria The Board has considered carefully the requirements of the SORP and the Charily Commission's revised guidance note CC14 (issued in October 2011 } and continue to conclude that they do nol believe there is any listed investment adverse to the purpose of the charity. Publlc Benefft The Public Benefit of the Town Trust is primarily achieved through its grant-making that aims to benefit the "inhabitants of Stratford-upon-Avon" (as defined by the administrative boundary of the parish). In order to measure where and how our grants demonstrate the most impact, applicants must outline how many local residents will benefit from their work and services, identifying beneficiaries with a town postcode. They are also required to outline how residents will benefit and how the organisation will track and measure success and outcomes. This information helps the Town Trust to undersiand how its discretionary grant-making achieves a spread of benefit across the community it serves. Through close links and a deep engagement with local voluntsry sector groups and charities the Town Trust ensures thal the benefit is cast as widely as possible, focusing on supporting organisations able to demonstrate sustainable and long4asting positive outcomes. In 2024 our Community Hub continued to be enjoyed, valued and recognised as an established community destination, providing an enormous benefit to so many. 13
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Public Benefit (Cont'd) Our 122 allotment plots in Church Lane, Shottery, have continued as an active community of growers, sharing seeds, knowledge and produce during the last 12 months. We hold a waiting list for people interested in having an allotment and as larger plots become available, we divide them to enable more people to become involved. During 2024 the Town Trust continued lo support the operators of the Play House by providing the premiges rent free and with a grant to support community events. The operator of the venue gave notice in July 2024 to cease running the venue and their tenure ended in January 2025. The Town Trust has commenced the process of appointing another operator as it acknowledges the importance of the venue to the residents of StratFord-upon- Avon and the community arts groups and organisatlons within the town. The Board, in exercising its powers and duties. has complied with its duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charlty Commission. Structure, Governance and Management The Stratford-upon-Avon Town Trust (Town Trust) is the corporate Trustee of Ihe Guild Estate Endowment (Guild Estate) and the College Estate Endowment (College Estate) (referred to as "the Group"). CHARITY REGISTRATION NUMBER COMPANY REGISTRATION NUMBER 1088521 04222949, registered In England & Wales The Town Trust is a charitable company limited by guarantee. Incorporated on 24 May 2001, and was registered as a charity on 1 October 2001. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and it is governed under its Articles of Association. Although the Guild and College Estates are not companies under company law, the Charity Commission recognises thal the three entities operate as a group and as such allow the stalutory accounts to be prepared on a consolidation basis. The Town Trust can have a maximum of eleven Trustees. Five are elected by the Town Trusvs members, three are nominated by Strafford-upon-Avon Town Council (bul do not need to be Town Councillors) and three are co- opted, chosen by the other Trustees via an open recruitment process. The Trustees serve an initial term of four years, after which they may pul themselves forward for re-selection or re*lecllon for another four-year term. Within the Town Trust, all Trustees (elected, nominated, and co-opted) form the Board as equal members. There are three committees, the terms of reference of which are reviewed and updated as requlred, on an annual basis. The committees are Audit & Governance., Grants & Communlty Engagement,. and Finance, Investment and Property. The Remuneralion sub-committee sits within the Finance, Investment and Properly Committee and Is responsible for recommending any staff remuneration and benefit changes to the Board, which in lum is responsible for the approval of such amendments. The Audit & Governance Committee also has two non-executive members, who ensure the Committee operates in an independent and impartial manner. The non-exeGutive members may also attend Board meetings and other committee meetings. 14
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Structure, Governance and Management (Cont'd) The key responsibilities of the committees are shown in the table below, Committee Audil & Governance Res onsibilities Ensuring risk management, governance and internal control systems are functioning effectively and report when attention is required to improve. Interface with external auditors. Review and oversight of constitution, regulations and non-operational decision making Review, adoption, and implementalion of policies relating to legal and Chari Commission re ulalions. Approve and review grant awards. Review and recommend the Grant Making Policy and Strategy. Monitor delive of Communication and Communi activi Plans. Review of quarterfy Tnanagement accounts, annual budgets, 3 year rolling plans and the annual siatulory accounts. Review and updating of investment and reserye pollcles. Review and oversi ht of all ro & inveslment related matlers. Grants & Communlty Engagement Commiltee Finance, Investment and Property During the year there were eight Board Meetings, al which the Trustees agreed the broad strategy of the Town Trust and discussed the key areas of activity including grant giving, investment management, reserves, and risk management. The various committee minutes are reported at the subsequent Board meetings. The Town Trust is most appreciative of the time and effort whlch all its Trustees give so freely (for full details of Trustee5 see page 20). A comprehensive induction process Is provided to each Trustee on Joining the Town Trust. All conflicts of interests are registered when a Trustee joins and updates are requested at every committee and Board meeting. In meetings where a conflict of interest arises the Trustee withdraws from that section of the meeting. All Trustees are volunteers, and no Trustee received any remuneration during the year. Details of Trustee expenses are disclosed in note 26 and Trustee related paty transactions are disclosed in note 32. The Town Trust employs a number of staff, details of staff costs and numbers are disclosed in note 12. All new staff are inducted and trained when they join the Town Trusl, so that they can perform their responsibilities efficiently and effectively within the guidelines set out by the Town Trust's policies, processes and procedures. There is a staff appraisal process and staff training requirements are reviewed annually. The staff, who have delegated powers set by the Board, undertake the administration for all three entities and as such a management charge is passed on to the Guild Estate and the College Estate to reflect this. Risk Management The Town Trust's rfsk policy was reviewed In autumn 2024, when the Town Trust assessed its risk appetite to be low to moderale. The Town Trust continually reviews its risks. which are mainlained on a risk register. Risk is a standing agenda item for all Board and committee meelings. The risk policy explains the process for identifying. assessing, mitigating and managing the risks. Onc8 the risk has been identified and categori5ed, it is then assessed based on the impact and the likelihood of the risk occurring. Then, if possible. measure5 are taken to mitigate the risk. The policy requires that Ihe risks be monitored and assessed on a regular basis. and stales Ihat this is done by reviewing and discussing the Risk Register. The whole process is monitored by the Audit & Governance Committee. 15
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Risk Management (Cont'd) The Board conslders that the major risks facing the Group at the end of the year are- Princi al Risk Risk of major nationall international incidents Miti ation Monitor and remain aware of developments. Major Incident Plan. Ensure reputable fund managers are used. Closel monitor investments. Investment Slrategy and Policy. Appointed fund managers working to KPIS and benchmarking data. Quarterfy ravi8w of investment parfonnance both yield and capital turn. Regular update meetings held with fund managers. Diverse orttolio of fvjnds held. Regular inspections by managing agents and CO•ordination with Town Trust. Dilapidations dause Induded In leas8. Ind8 end8nt advic8 SOU ht where a licabl8. Th8 legal agreement b8bNe8n the Gulld Estate and KES school clearfy sets out calculation. Leg81 advice has been sought on challenge. so the Board is well advised and has a detailed understandin of the situation. Equity investrnents fail to deliver expected return Commercial tenanls fail to maintain their propety under the terms of their lease Challenge from other Slratford schools to KES'S non- discretionary enlitlemant Health and Safety The Town Trust continued its programme of Health and Safety site audits which is driven by the objective of keeplng our people, the community, properties, and environment Safe. This strengthens the Town Trust's approach to keeping all our staff and visltors safe. The Health and Safety Group meets quarterly with representatives from across the group. A regular inspection programme is carried out by Town Trust staff alongside a suite of Risk As5essrnents. Health and Safety is a sianding Board agenda item. Equity, Equallty, Dlverslty and Incluslon The Town Trust shows respect for all our employees and volunteers, valuing everyone's contribution, regardless of their age, gender, gender identity, sexual orientation, marital status, civil partnership status, disability, nationality, race, religion, or bellef. We are committed to ensuring that we are an incluslve, equal and equitable organisation. We believe Ihat everyone should have the opportunity to reach their full potential, regardless of their background or circumstances. During the year the Town Trust developed a refreshed EEDI policy. The Town Trust has an action plan to embed EEDI in all aspects of its work, which is currently been rolled out. Safeguardlng Whilst the Town Trust does not work directly with children, young people or vulnerable adults. we recognise many of the groups that we support do, particularly in our Community Hub. Therefore, we place considerable focus on safeguarding gov8mance with mechanisms in place for regular review of policy and procedures including a Designated Safeguarding Lead and Deputy Lead within the staff team and a Safeguarding Champion at Trustee level. Safeguarding is a Standing Board agenda item. GDPR Policy The Town Trust works hard to ensure a high standard of GDPR compliance is achieved and has a Data Lead within the stsff team to ensure compliance is understood across the organisalion. Fundraising Whilst we do work with specialist consultants and organisations to advise and support our activities, we do not fundraise or canva5 our meTnbers for fundraising on behalf of any other organisation. 16
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Openness, Transparency and Accountability The Town Trust works hard to manage overheads and maximise the funds flowing into the grant-making programme. In 2024 four events We held to bring people closer to the work of the Town Trust. In January, a members. dog walk was held at Rowley Fields. Followed in March by an event to explain the Impact of the Town Trust's grant making. In June we participated in the Great Big Green Week with an event billed as 'A Connected Community in Nature, where we shared our ecology plans for Stfatford LNR and the planned wildflower meadows at Rowley Fields. In July the members were invited to an open evening at SYC to see inside the new youth hub and to hear how a range of after school activltles are being delivered for the benefit of the young people of Stratford-upon- Avon. Grant Making Policy Informatlon about how to apply for grants is available on the Town Trusfs website.. www.stratfordtowntrust.¢o.uk. The Town Trust accepted main grant applicalions from March to September in 2024 and throughout the year continued to offer its small grant scheme, whereby organisations could apply for grants of up to £2.000 and receive a decision in ten working days. We contlnue to offer small value grants to individuals experiencing financial hardship. this scheme is administered on our behalf by Cits'zens AdviGe South Warwickshire. The organlsations in receipt of multi-year grants continue to report during the year. Once the first year's grant is awarded, subsequent y8ars of the prolect are awarded in principle only. These gnIS are dependent upon the organlsation meeting agreed targets and the Board approving the report and a budget for the coming year. Each grant is allocated to one of our charitable objects, but many awards meet or more. Monitoring of all grants takes place through visits, grant utilisation reports and grant audits. Control Environment Internal Controls The Board is responsible for ensuring that there are effective and adequate risk management and internal control systems in place to manage the strategic and operational risks which the Town Trust has and could be exposed to. Processes In place regarding risk management and internal controls include.. Rlsk poll¢y and process; Review of internal controls and processes by Audit & Governance Committee and compliance advisor where appropriate., All major programmes and projects are scrutinised by senior management and monitored through an appropriate Cornmittee., The safeguarding of assets against unauthorised use or di5POSltion; Robust financial policies and procedures enabling the maintenance of proper accounting records: The reliability of the financial informats-on used wiihin the Town Trust or for publication: Detailed grant making policies and procedures. and The safeguarding of personnel. The Town Trust has an organisational structure with defined lines of responsibility, job descriptions and delegated authority levels. Information Systems The Town Trust prepares quarterly management accounts which compare actual results with the budget. These are reviewed by both the Finance, Investment and Propety Committee and the Board. Variances are followed up by management. Annually a three-year plan is produced which is dovetailed into the strategic plan with scenario ovedays, where necessary. An annual budget is produced, which is compared with the three-year plan and the expected out-turn by the Finance, Investment and Property Committee and then approved by the Board. Cash forecasts are prepared monthly to aid investment decisions and efficient cash management. 17
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Inforniatlon Systems (Cont'd) The Board has examined the effectiveness of these key procedures during the year. This is achieved primarily through the review of the reports from management and external audil, reviews of the quarterly and annual financial ststements and reviews of the major risks facing the Town Trust. The Board has reviewed the effectiveness of the Town Trust's system of internal financial controls that require disdosure in the financial statements and believes them to be adequate. The Town Trust has outsourced its IT support, thus ensuring that it has appropriate cyber security and backup processes to prolect the Town Trust's neOrk and data. Our Staff None of the Town Trust's work would be possible without the commitment and hard work of our staff. The Town Trust Is most grateful to all of them for thelr contlnued support and hard work. In December 2024 the Town Trusl had 15 paid members of staff (12.9 FTE). Their wealth of experfence, skllls and commitmenl has enabled the Town Trust lo deliver another year of granls and inve5trnent management. It is important that the Town Trusl continues to atlraGt, recrult and retain talented and committed individuals. The Board is responsible for the approval of the annual remuneration review, which is recommended by the Remuneration Sub-committee. The Town Trust's employment policies follow best practice. They confirm our commltment to equality of opportunity in all areas of employment. All employees are treated in a fair and equal manner and in accordance with the law regardless of gender, marital stalus, race, religlon or belief, age. disability, or sexual orientation. 18
STRATFORD-UPON-AVON TOWN TRUST REPORT OF THE TRUSTEES For year ended 31 December 2024 Statement of responsibilities of the trustees The Trustees (who are also directors of Strafford-upon-Avon Town Trust for the purposes of company law) are responsible for preparing the Trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are qUired to: Select suilable accounting policies and then apply them conslstentiy. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent., State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departur8s disclosed and explained in the financial statements; and Prepare the financial stalements on the going concem basis unless it is inappropriate to presume that the charity will contsnue in operation. The Trustees are responsible for keeping adequate accountlng records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Truslees are aware: There is no relevant audit information of which the charitable company's audltor is unaware., and The Trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audll information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial siatements may differ from legislation In other jurisdictions. Members of the Town Trust guarantee to contribute an amount not exceeding £1 to the assets of the Town Trust in the event of winding up. All Trustees musl be members of the Town Trust. The Trustees have no beneficial interest in the Town Trust. Tim Bailey Chair of Board Approved and signed on behalf of the Board 21 May 2025 19
STRATFORD-UPON-AVON TOWN TRUST OFFICERS AND ADVISORS TRUSTEE BOARD Tim Bailey (Chair of Board from 1 November 2023) Gill Cleeve (resigned 3 May 2025) Liz Coles (term expired 31 May 2024) Marion Homer Tony Jackson (term expired 31 May 2024) Simon Littlejohns {Chair of Finance Investment & Property Committee from 1 February 2023) Henry Lu Lewis McNaught (appointed 1 June 2024) Michael Rolfe Jonathan Smith Josie Stevens (Deputy Chair of Board from 1 November 2023) Sarah Summers (appointed 1 June 2024) Mark Tailby (Chair of Grants & Community Engagement Committee from 22 November 2023) NON-EXECUTIVE AUDIT & GOVERNANCE COMMITTEE MEMBERS Sundash Jassi Deputy Chair from 1 January 2024 David Lane Chair from 1 January 2024 CHIEF EXECUTIVE Sara Aspley SENIOR Sara Aspley (Chief Executive) MANAGEMENT Rebecca Hampson {Head of Finance TEAM & Deputy Chief Executlvel James McHugh (Grants Mantyer) Paul Fltzpatrick {Building8 & Facilities Manager) (to 29.2.241 Richard Popple (Building8 & Facilities Manager) (from 12.2.24) Frances Nibbs (Community Hub Manager) Lynn Perkins (Executive Assistant) AUDITOR Sayer Vincent LLP 110 Golden Lane London EC1Y OTG PROPERTY MANAGER Colliers Intérnational Propety Consultants Limited 19th Floor 103 Colmore Row 8imiingham 83 3AG INVESTMENT MANAGERS Cazenove Capital (part of Schroders & Co Limited) l London Wall Place London EC2Y SAU Schroders & Co Limited 1 London Wall Place London EC2Y SAU Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC4M 8BU Charities Property Fund Cordea Savills 33 Margaret Street Landon W190JD SOLICITORS Robert Lunn & Loh LLP 2 Sheep Street Strafford-upon-Avon CV37 6EJ BANKERS Barclays Bank plc Market Cross strafford-Upon-Avon Wamickshire CV37 8AP Mills & Reeve 78-84 Colmore Row Bimingham 83 2AB Stratford-upon-Avon Town Trust is a private company limited by guarantee {company number 04222949) incorporated in England and Wales. It is also a registered charity (charity number 1088521). The registered office is at 14 Rother Street, Stratford-upon-Avon. CV37 6LU. 20
STRATFORD-UPON-AVON TOWN TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Opinlon We have audited the financial statements of Strafford-Upon-Avon Town Trust (the'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated and parent charitable company ststement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. Give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 December 2024 and of the group's and parent charitable company's incoming resources and application of resources, including its income and expenditure, for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011 Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfllled our other ethical responsibilities in accordance with these requirements. We believe that the audlt evldence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Concluslon8 rolatlng to golng concern In audiling the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significanl doubt on Stratford-Upon-Avon Town Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tNstees with respect to golng concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the trustees, annual report, other than the group financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent olherwise explicitly state(l in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. The informatlon given in the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements The trustees, annual report has been prepared in accordance with applicable legal requirements 21
STRATFORD-UPON-AVON TOWN TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Matters on which we ar• roquired to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you rf, in our opinion: Adequate accounting records have not been kept by the parent charitable company. or returns adequate for our audit have not been received from branches not visited by us., or The parent charitable company financial statements are not in agreement with the accounting records and returns., or Certain discSosures of trustees, remuneration specified by law are not made,. or We have not received all the information and explanations we require for our audit., or The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, annual report and from the requlrement to prepare a strategic report, Responslbllltles of trust888 As explained more fully in the statement of trustees, sponsIbIlItIeS set out in the trustees, annual report, the trustees (who are also the dlrectors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charilable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's re8POn8ibllitie8 for the audit of thé financial statements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts, Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstatem8nts in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below, Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations. our procedures included the following: We enquired of management, which included obtaining and reviewing 5UPPOrting documentation, concerning the group's policies and procedures relating to= Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud., The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governan. 22
STRATFORD-UPON-AVON TOWN TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS We obtained an understanding of the legal and regulatory framework that the group operates in. focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made lo regulators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identfy any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whelher Ihe judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audil, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial stalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or .ukJauditorsres onsibilitie This description forms part of our auditor's report. Us• of our report This report is made solely to the charitable company's members as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale to the charitable company's members those malters we are reqLJired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Fleur Holden (Senior statutory auditor) Date: 4 June 2025 for and on behalf of Sayer Vincent LLP, Statutory Audltor 110 Golden Lane, LONDON, EC1Y OTG Sayer Vincent LLP Is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 23
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STRATFORD-UPON-AVON TOWN TRUST BALANCE SHEETS As at 31 December 2024 Notes Group Town Trust 2024 2023 2024 2023 Fixed assets Tangible fixed assets Investments 15 16 1,495,203 60,745,334 1,533,987 57,879,856 1,495.203 3,391,425 1,533.987 2,553,106 62,240,537 59,413,843 4,886,628 4,087,093 CUrnt assets Debtors: due after one year Debtors: due within one year Cash at bank and in hand 17 18 29,516 345,008 1,214,343 34.458 942,517 1,727,159 462,871 548,460 479,548 754.980 1,588.867 2,704,134 1,011,331 1,234,528 Current Ilabllltle8 Credltors: amounts falling due within one year 19 (1,917.854) (1,696,045) (915,736) (686,805) Net current (liabilities) l assets (328,987) 1,008,089 95,595 547,723 Creditors: amounts falling due after one year 20 {1,098,587) (1,114,365) Provisions for liabilities 22 {564,216) (791,624) (57,000) Total Net assets 60,248,747 58,515,943 4,925,223 4,634,816 Funds Capital funds Endowment Funds Income funds Restrlcted Funds Unrestrlcted funds General fund Designated funds Other charitable funds (College & Guild) 24 54,863,137 53,421,390 24 24 524,738 500,000 2,781,067 1,644,156 2,953,372 1.681,444 2,781,067 1,644,156 2.953,372 1,681,444 435,649 459,737 Total funds 24 60,248,747 58,515,943 4,925,223 4,634,816 The financial statsments on pages 24 to 47 were approved by the Trustees and authorised for issue on 21 May 2025. The notes on pages 27 to 47 fom part of these financial statements. Tirn Bailey, Chair Simon Littleiohns, Chair of Finan, Investrnent & Propety Committee Registered company number 04222949 25
STRATFORD-UPON-AVON TOWN TRUST CONSOLIDATED GROUP STATEMENT OF CASH FLOW For the yaar ended 31 December 2024 2024 Total funds 2024 Total funds 2023 Total funds 2023 Total funds Recondllatlon of net inry)me to not Gash flow from operatlng actlvltles Nef incon7e /(expenditure) for the reporting period (as per Ihe statemenl of finanal aclivi¢ies) Adjustments for: Depreciation (Gains) I losses on investments Dividends, intsrest, and rent from investments Decrease I Ilncrease) in debtors (Decrease) l increase in creditors Net cash used In oporadng actlvltles 1,732,804 947.686 45,274 (1.653.796) (3.789.453) 602,451 48,130 (513,805) {3,649,333) {499,750) 13.084.097) 13,590,579) Ca8h flow8 from investing actlvltie8'. Dividends, interest and rents from investments Purchase of property, plant and equipment Proceeds from sale of investmenis Purchase of investments Net cash pmvlded by inve$tin9 a¢tlvlties 3,789,453 {6,4901 4,759,108 5 942 345 3.649,333 (1,4441 2,974,282 855 2 599 726 174 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at 31 December 2023 Cash and ca8h equlvalent8 at 31 December 2024 (484,370) 1811 355 1416,263) 222761 2024 Total funds 2023 Totsl funds Analy81s of cash and cash equlvalents Cash in hand and at bank Cash awaib'ng investment" Total cash and cash equivalents ' £85,086 (2023.. £74.621) of c8sh 8W8ilin9 investment is unavallablg forgener81 expendlture as it is an gndowedass6t. 1,214,343 1.727,159 Analysls of change In cash and cash equlval8nts At 1 January 2024 At 31 December 2024 Ca8hflow Cash and equlvalents Cash Cash awaiting deposit 1,727,159 84.196 (512,816) 28.445 1,214,343 112,641 Total 1,811,355 (484,371) 1.326,984 26
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 SL*ament of accounting policies Stratford-upon-Avon Town Trust is a private company limitad by guarantee incorporated in England and Wales. The registered office is at 14 Rother Street. Stratford-upon-Avon. CV37 6LU. Basls of preparation The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK (FRS102)- (Charities SORP {FRS 102)) and the Companies Act 2006. StratFord-upon-Avon Town Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in th8 relevant accounting policy not8. The financial statements are prepared in Sterling which is the functional currency. Monetary amounts in th8S8 financial statements are rounded to the nearesl £. There ar8 no mat8rlal unc8rtain118s about the Town Trusvs abillty to contlnu8 as a going conc8rn. On 4 July 2003 th8 Charfty Comml&8lon8rs Issued a dlr8Ctlon und8r Sectlon 96(5) of th8 Charftt8s Act 1993 that ihe following charib'es shall be treated as fomiing part of the charfty called the Stratford-upon-Avon Town Trust for the purposes of Part Vll of the Charities Act 1993.. The Guild Estate Endowm8nt- registered number 217484. The College Estate Endowment- registered number 217485. A8 a consequence of ihe above direction, Group financlal statements have been prepared. The Group financial statements consolidate those of Slr8tFord-upon-Avon Town Trust and its related charities. The intra-group transactions are eliminated on consolidation. Balances been the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the cherity has taken advantag8 of the exemptions afforded by section 408 of the Companies Act 2006, A summary of the result for the year is disclosed in the notes to the accounts. Golng concam The trustees consider that there are no material uncertainties about the Group's ability to continue as a going concem. The Group has access to sufficient liquid funds to mael commitrnenis as they fall due. Charltsble Actlvltles The Trustees consider that the Town Trust is a public benefil entity a8 It makes grants to beneficiaries within the town of Strafford-upon-Avon. Costs of charitable activities include grants made and an apportionment of overhead and support cosis 8s shown in note 9. d) Income All incoming resources are recognised On the Town Tnjst has entitlement to the resources. it is probable that the resources will be received, and their amount can be measured with sufficient reliability. Propety and investment Income Is recognised as il falls due. Expendlture Liabilities are recognised as soUrceS expended or as soon as ther8 Is a18gal or constnJctiV8 obltgatlon committing the Town Trust to the expenditure. All expenditu is accounted for on an accruals basis and has been assified under headings that aggregate all Gosts related to the Gategory. All costs are allocated beeen the expen(iiture categories of the Statement of Financial Activib'es on a basis designed to reflect the use of the reSoUe5. Costs relating to a partbcular adivity are all¢xated dir8Ctly', oth8rs are apportioned on an appropriate basis e.g., 8slimated usage. Grants payable Grants payable are grants payable to third parties in fijrtherance of the charitable objectives of the Town Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a gran( or the Trusteos have agreed to pay the grant without condiiion. Provisions for grdnts are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about eitherthe timing of the grant or the amount of grant payable. g) Irrecoverable VAT Irrecoverable VAT is charged against th8 category of resources expended for which It was incurred. h) Costs of raising funds These oosts consist of inveslment and property management costs. 27
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) Statement of accounting policies (continued) Governance costs Governance costs comprise all costs involvlng the public accountsbility of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. i) Investments (i) Inveslmenis are included in the accounts at the fair value at the balan sheet date. (li) Gains and losses arising on disposal are charged to the relevant fund immediately on disposal. k) Tangible fixed assets and depreciation Tangible fixed assets are slated al cost less accumulated depreciakn'on, The costs of minor additions or those costing below £500 are not capilalised. Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each assel over its expecled useful life, as follows: Computer equipment over 3 yea Office equipment over 2 to 4 years Play House plant and equipment over 5 years Play House refurbishment over 3 to 50 years Play House building over 50 years Bandstand over 50 years 8001h Anniversary Commemorative Fountain over 50 years Long leasehold propety over life of lease or break option Land not depreciated Herltsge Assel Heritage assets are defined as tangible or intangible assets with historic. artistic, scientific. technological, geophysical or environmental qualities, which are held principally for its contribulion to knowledge and culture. The Guild Chapel is recognised as a herilage asset by the Guild Estate as it is a unique historic asset and Is maintained by the Guild Estate for its cultural benefit. In the opinion of the Trustees the c05t of professionally valuing this asset to show a value in the financial statements outweighs the benefits to the users of the financlal statements, as such no value is assigned to the Chapel In the balan sheel. The Guild Estate was assigned the Guild Chapel in 1553, it is not expected ihat any other heritage assets will be acquired. Also Ihe Guild Estate intends to remain the custodian of the Guild Chapel in perpetuity. Fund accountlng (i) Permanent Endowment Funds relate to those assets which represent the pemanent capital base of the charity and which may not be spent. (li) Restricted funds are funds which are to be used in accordance with specific restricilons imposed. (111) Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. (Iv) Unrestricted funds are available for use at ihe discretion of ihe Trustees in furtherance of the general objectives of the charity. Op•rating l•as•8 Operaling lease receipts are credited to the Statement of Flnancial Actlvlties as demanded. Operating lease payments are charged on a straight-line basis. Retirement benefrts Defined benefit pension scheme contributions are charged to the Statement of Financial Activitie5 so a5 to spread the cost of pensions over the employees, working lives with the company. The regular Cost is attributed to the individual years using the projected unit method. Variations in cost which are identified as a result of actuarial valuations are amortised over the average expected remaining working lives of employees in proportion to thelr expected payroll costs. The defined benefit pension scheme is funded with the assets held separately from the group in separate trustee administered funds. Full actuarial valuations, by a professionally qualified actuary. are obtained at leasl every three years. and updated to reflect current conditions at each balance sheet date. The pension scheme assets are measured at fair value. The pension scheme liabilitie5 are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency. A pension scheme asset is recognised on the balance sheet only lo the extent that the surplus may be recovered by the reduced future contributions or to ihe extent that the Trustees have agreed 28
sTRATFORuPON-AvON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) Statement of accounting policies {continued) Retlrement benefits (cont'd) a refund from the scheme at Ihe balance sheet date. A pension scheme liability is recognised to the extent that the group has a legal or constructive obligation to settle the liability. The defined benefit scheme was closed to new members as from May 2010. The Town Trust operates a defined contribution personal pension scheme for employees who joined after May 2010. p) Credltors and provlslons 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 reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. q) Flnandal In$trum•nts The Town Trust has only financial assets and liabilities that would qualify as basic financial instruments. Basic financial assets, which include cash and debtors, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities such as trade creditors, loans and finance leases are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted al the market rate of interest. Financial liabilities classified as payable within one year are not amortised. An equity instrument is any contract that evidences a residual interest in the assets of the Town Trust after deducting all of its liabilities. Judgements In applylng accountlng pollcies and key sources of estimation uncertalnty The trustees of the charity make estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the charity's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other faclors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptlons that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year are addressed below. In preparing these financlal statements, the Trustees have delegated authority to management to make the following judgements: Investment property valuations As disclosed in note 16. the investment properties are valued at market value based on the rental yields achieved for each property. Where there has been a change in the rental arrangement during the year, the property will undergo a formal valuation at the balance sheet date. For those properties where a formal valuation is not carried out, the trustees will assess the fair value of the assets at each balance sheet date with changes in fair value being reflected in the Statement of Financial Activities. Leases Management determines whether leases entered into by the company either as a lessor or a lessee are operating or finan leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements. and accordingly whether the lease requires an asset and liability to be recognised in the balan sheets. 29
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) Impairment of assets Management reviews the carrying value of all other assets for indications of impairment at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset. Provlslons A provision is recognised when the charity has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability. Whether a present obligation is probable or not requires judgmenl. The nature and type of risks for these provisions differ and management'5 judgement is applied regarding the nature and extent of obligations in deciding if an oufflow of resources is probable or not. Crltlcal accountlng Judgements and key sources of estimation uncertainty Sn the appllcatlon of the Town Trust's accounting policies, the Board is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Parent Charlty 2024 2023 Gross Income Net movement in funds 2,154,005 290,407 2,206,869 461,011 30
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (contlnued) Connected charities Stratford-upon-Avon Town Trust controls the Guild Estate Endowment {charity number: 217484) and the College Estate Endowment (charty number: 217485). All three charities have common, parallel objects and activities and unity of administration. Set out below are the results of the Guild Estate and College Estate: Guild Estate 2024 Guild Estste 2023 Colleg8 EsLa 2024 Collage E8Le 2023 Total Assets Total Liabilities Totsl Funds 39,403,268 1377 477 38,875,640 1799 384 18.935,390 1637 657 18.356,510 1551 639 2024 2023 Gulld Estate Endowment Income Expenditure Net gains on investments 2,864.710 12,864,710) 949,535 2.599,005 (2,599,149) 409.838 Net movement in funds 949,535 409,694 College Estato Endowment Income Expenditure Net gains on investments 1,038,357 {1,066,2361 520,741 1,020,079 (962,7031 19,605 Net movement in fund8 492,862 76,981 Group Donations Total fund8 2024 Total funds 2023 Donatlons Grants 10,636 10,825 500 10,636 11,325 Group Investment income Total funds 2024 Total funds 2023 Property income Dividends receivable Interest re1vable 2.704,348 1.057,578 27.527 2,670.929 978.404 3,789,453 3,649,333 31
STrATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) Group Income from Charltable Actlvlties Total funds 2024 Total funds 2023 Grants received Guild Chapel BNG - Rowley Fields Bandstand 166.631 4.440 2.937 680 2,659 200 174,688 2.859 Group Other Income Total fund8 2024 Total funds 2023 Interest receivable on bank Miscellaneous income 36,395 49,506 185 36,395 49,691 32
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sTRATFORuPON-Av0N TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) Grants to Institutlon8 2024 Grants to Indlvlduals 2024 Support Costs 2024 Total Total 2024 2023 10 Grant Making Note Discretionary Grants: Non-discrètionary Entitlements & Grants". Entitlement lo King Edward Vl School Grant to Church Street Almshouses Vicar of Holy Trinity Church 1,158,398 12,111 186,684 1.357.193 1,305,875 776.555 22,923 799,478 730.357 59,034 1,500 60,534 55,200 7,000 500 7,500 7,300 1,993,987 19,111 211,607 2,224,705 2,098.732 Grants to In8titutions 2023 Grants to Indlvlduals 2023 Support Costs 2023 Total 2023 Dlscretlonary Grants: Non-discr•tionary Entitlements & Grants: Entitlement to King Edward Vl School Grant to Church Street Almshouses Vicar of Holy Trinity Church 997,804 14,726 293.345 1,305,875 726,857 3,500 730,357 54,500 700 55,200 7,000 300 7.300 1,779,161 21,726 297,845 2,098,732 2024 2023 11 Net Income l Expendlture for the year Thls Is stated after charglng l (crediting): Depreciation Operating lease rentals payable., Property Operating lease rentals receivable: Propety Auditor's remuneration 45,274 48.130 50,000 71,439 (2,153,680) 25,000 (2,111,373) 30,230 35
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) 12 Employees and staff costs Group 2024 Number Group 2023 Number The average heCOUnt of employees throughout the year. calculated on a head count basis was: StrattordvuponAvon TO Trust Guild Estate Endowment 13.5 12.8 15.3 14.8 On a full-time equivalent basis the total was- 12.9 12.9 Group 2024 Group 2023 The cost of employing all staff was: Salarie8 and wages National Insurance Defin8d contributlon p8nslon contrlbutlon Op8ratlng cost of d8flned b8neflt penslon xhem8 434.988 35,353 18,916 74,948 397,995 25,292 19.251 72,533 564,205 515,071 In 2024 one member of staff was remunerated between £90,001 and £100,000 and one member of staff was remunerated beeen £60,001 and £70,000 (2023: one mernber of staff was remunerated be88n £80,001 and £90,000 and one beiween £60,001 and £70,000). Total employee benefits (including pension contribution and employerfs national insurance) for the senior management team were £378,184 {2023.' £338.933). 13 Rother Street Car Park Income and expenditure relatlng to the Rother Street Car Park Is split 86.09 % to the Guild Estate and 13.910/0 to the College Estate in accordance with land ownership arrangements. 14 Heritage A88et The Guild Chapel in Stratford-upon-Avon is not included in the balance sheet as it is regarded as a heritage asset. The Guild Chapel dates from around 1269 and was the main building of the Guild of the Holy Cross. In 1553 it was gifted to the Guild Estate. whereby the charity took over the responsibility of maintaining the Chapel for its purposes. In 1954 the Friends of the Guild Chapel, an organisation independent of the Town Trust, was set up. IÉ fundraises towards the maintenance of the fabric of the Chapel, including the organ, but is not part of the Guild Estate. The Chapel is used on a regular basis by King Edward Vl School for morning assembly, and the Friends of the Guild Chapel attend services on Holy Cross Day (14th September), hold a Christmas carol service and a summer service. Weekly Holy Communion ServIS are held at which anyone is welcome to worship. The Chapel is opened daily for the public to visit. In the opinion of the Trustees. the cost of professionally valuing this asset to show a value in the financial statements outweighs the benefits to the users of the financial statements. The building and contents are insured for £8.3m. 36
sTRATFORuPON-AvON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 Decembar 2024 (continued) Play House Play Houso Bulldlng Equipnent Clore Learning Centre Communlty Bandstand Computer Hub and Equlpment Equlpmont Leasehold Fountain Improve- ments Total 15 Tangible fix•d assets Group and TO Trust Cost 1 January 2024 Addltions 1,864,372 30,000 356,444 121,077 12,832 26,872 2.411.397 6.490 0.490 31 Dgc8mb8r 2024 1,864.372 30,CM)O 358,444 6,49) 121.077 12,632 26,872 2,417,887 D¢pr•¢iatlon 1 January 2024 Charge lor the Pgriod 682.928 37.288 30.000 64,927 3.976 62.368 2,424 10,818 913 26.369 457 877.410 45.274 216 31 Decemter 2024 720,216 30,000 68.gJ3 216 84,792 11,731 28,826 922,884 Net book values 31 December 2024 1,144,156 287.541 8.274 58,285 901 40 1,495.203 31 Decemtor 2023 1,181,444 291,517 58,709 1,814 503 1.533.987 37
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) Group Town Trust 2024 2023 2024 2023 16 Fixéd assat invostment8 Investment properties Quoted investments Short term deposits Cash awaiting investment 34,404,924 25,020,855 1.206,914 112,641 32,806,100 24,587,279 402,281 84,196 2,722,195 654,800 14,430 2.543,531 9,575 60,745,334 57,879,856 3,391,425 2,553,106 Investment prop•rtl•s: Fair value at 1 January 2024 Additions Net sale proceed3 Gain on dlsposal Revaluatlon galns 32,806,100 973,824 35,306,100 {2.947,387) 447,387 625.000 Fair value at 31 December 2024 34,404,924 32,806,100 Quoted investmonts: Fair value at 1 January 2024 Additions at cost Sale proceeds Investment gains l (losses) 24,587,279 4,163,888 (4,759,108) 1,028,796 21,102,182 3,445,574 (26,895) 66,418 2,543,531 2,463,740 (4,856) 183,520 (4,571) 84,362 Falr value at 31 December 2024 25,020,855 24,587,279 2,722,195 2,543,531 In accordanc8 wlth th8 Stat8m8nt of Recommended Practlce - A¢¢ountlng and Reporting by Charities (SORP 2015) th8 Investment propety portfolio was revalued at 31 December 2020 and is shown at fair value. The Town Tnjst believes this valuation to Still be appropriate for the majority of the portfolio, as there has been no significant change in the status of these properties or tenants nor the wid8r Gomrnerci81 propety market of Strgtford-upon- Avon. However, six properties have been revalued as at 31 December 2024, as there was a significant change in lease arrangement for these properties during 2024. Bolh valuations were carried out by Colliers International, Chartered SuTveyors. The valuer wa5 RICS qualified and is experienced in both property in Stratford-upon-Avon and these classes of prop8rty. 38
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) 17 D•btors: Amounts falliro due aftèr onè year: Group Town Trust 2024 2023 2024 2023 Prepayments and accrued income 29,516 34,458 29,516 34,458 18 Debtors: Amounts falllng due wlthin one year Group Town Trust 2024 2023 2024 2023 Rents Other debtors Amount due from Guild Estate Amount due from College Estate Prepayments and accrued income 158.480 36,125 270,539 33,828 15,949 3,579 380,634 21.428 44,860 405,066 25,563 45,340 150,403 638,150 345,008 942,517 462,871 479.548 Group Town Trust 2024 2023 2024 2023 19 Creditor8: Amounts falling due within one year Deferred income Trade creditors Grants payable (note 28) Accfuals Other creditors Other taxation and social security Pension 456,987 150,552 915,716 342,391 545,958 130,786 745,593 116,664 1,425 151,832 3,787 11,666 39.654 545,774 60,432 1,425 24,067 3,787 40,853 793,288 50,337 48.179 4,029 27,230 4,029 1,917.854 1.696,045 915,736 686,805 39
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) 20 Credltors: Amounts falling due after one year Group Town Trust 2024 2024 2Q23 2023 Accruals and deferred income 1.098.587 1,114.365 21 Daferred Incomo Deferred income r8pr8sants18ase pr8miums and rental incom8 r8ceived in advance and grant funding that relats to afterthe period end. Deferrnd income reconcillatlon". falllng dua within 1 year Group Town Trust 2024 2024 2023 2023 At 1 January 2024 Released during the year Deferred in the current year 545,956 1555.614) 466,645 492,439 (486,5821 540,099 11,666 (11,666) 174 {1741 11,666 At 31 December 2024 456,987 545,956 11,666 Daferred income reconciliation: falling due after 1 year Group 2024 2023 At 1 January 2024 Released during the year Deferrad in the currant year At 310ecember 2024 1,114,365 (15,7781 676,983 {5,8581 443 240 1,114,365 1.098,587 22 Provisions for Liabllltle8 Group STT 2024 2023 2024 2023 Balanc8 as at 1 January 2024 Amount released in the year Increase I Idecreasel in provision in year 791,624 {451,561) 224,153 897,828 1162,204) 56,000 57,000 Balance as at 31 December 2024 564,216 791,624 57,000 Tha provisions for liabilitl8s compris8 a provision to cover repair costs on certain void properties. 40
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) 23 23a Movement in Funds Movement In funds {current year) Fund Name 2024 Fund Balanc05 31 December 2023 Income Expenditure Transfer Galns and Losses Fund Balances 31 December 2024 Unrestricted funds: Designated Funds Play House building Community Hub ongoing cogls Communlty Hub future prooflng costs Other unre8trlcted funds 1,181.444 200.000 {37.288) 1.144,156 200,000 300.000 3,413.109 300,000 3,216,716 3,843,235 (3,726,939) (500,0001 187,311 Total Unrestricted Funds 5,094.553 3,843,235 (3,764,227) (500,0001 187,311 4,860,872 Restrlcted Funds Shared Prosperity Funds - Stratford LNR Shared Prosperity Funds - building repalrs BNG fund Rowley Flelds Pension fund Permanont andowment funds 25.000 (25,0001 140,000 {140,0001 2,937 (2,9371 24,738 24,738 500,000 54,863,137 500,000 53.421,390 1,441,747 Total Funds 58,515,943 4,011,172 (3,932,164) 1,653.796 60,248,747 23b Movement In Funds (prlor year) Fund Balances 31 D•cambor 2022 Income Expgndlture Transfor Galn• and Losseg Fund 8alance• 31 Do¢gmbor 2023 Fund Name 2023 Unrgstricted fund8: Designated Funds Play House bulldlng Community Hub ongoing costs Communlty Hub future proofin9 C0515 Participatory Grant Making Other unrestricted funds 1,218,732 100,000 100,000 137.2881 1,181.444 200,000 300.000 1QO,000 200.000 100,000 3.101.676 1100,0001 13.142,0391 3,713,208 (300,0001 40.264 3.413.109 Total Unrestrict8d Funds Pemanent endowment funds 4,620.408 3,713.208 13,279.3271 40,264 5.094.553 52,947.849 473,S41 53,421.3 Totsl Funds 57,568,257 3,713,208 {3,279,3271 513,805 58,515,943 Permanent endowment fvnds relate to those assets which represent the pernanent capital base of the group and which may not be spent. The restricted funds represent the BNG funds received to 8nable the 30-year biodivorsity project at Rowley Fields, security for the operators of the defined beneffil scheme which Town Trust is a member of and UK SPF grants one relating to building repairs and on8 relating to volunteer project. The designated fund5 for the Play House building are utilised by the annual depreciation charge overthe next 30 years. The designated funds for the Community Hub will be utilised over the next 3-5 years. 41
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 {continued} 24 Analysis of group net assets between funds 24a Analysis of group net assets between funds (current year) Unrestrlcted funds 2024 Restricted funds 2024 Endowment fund5 2024 Totsl 2024 Fixed assets Fixed asset Investments Current assets Cuent liabilities Liabilities.. Amounts falling due after one year Provisions for liabilities 1.495,203 5.384,867 1.048,564 11,838,279) {665,267) 1,495,203 60.745,334 1,588,867 (1,917,854) 11,098,587) 424,738 540,303 (6.983) {433,3201 54,935,729 172,592) 564216 4,860,872 524,738 54,863,137 60,248.747 24b Analy818 of group net assets between funds (prlor year) Unr•8trlcled Funds 2023 Endowment fund8 2023 Total 2023 Fixed assets Fixed asset Investments Current assets Current liabilities Liabilities: Amounts falling due after one year Provlslons for Ilabililies 1,533,987 3,947,182 2,704,134 (1,184,761) 11,114,365) 1,533,987 57,879,856 2,704,134 11,696,045) 11,114,365) 53,932,674 (511,2841 791624 5.094.553 791624 58,515,943 53,421,390 25 Analys15 of group funds between charitie8 Analysis of group funds between charities (currnnt year) Guild Endowm8nt College Endowment Town Trust Total Capital funds Endowment funds Restrlcted funds Unre8trlcted funds General funds Designated funds Other charitable funds 37.923,082 16,940,055 24.738 54.863,137 524,738 500.000 2,781,067 1,644,156 2,781,067 1,644,156 435.649 102.709 332,940 38,025.791 17.297.733 4,925,223 60,248,747 42
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the yéar ended 31 December 2024 (continued) 25 Analysis of group funds between charitie8 {continued} Analysis of group funds between charities (prior year) Guild Endowmenl Collag• Endowmgnt Town Trust Total Capltal funds Endowrnentfunds Unrestrlcted funds General funds Designaled Funds Other charitable fund8 36,973.547 16.447,843 53,421,390 2,953,372 1,681,444 2,953,372 1,681,444 459,737 102,709 357,028 37,076,256 16,804,871 4.634,816 58,515.943 26 Trustee expenses (Group and Trust) Expenditure reimbursed to 13 Trustees during the period amounted to £879 (2023.. £996). 27 Commltmentg In accordance with its constitution each year the College Estale is committed to pay an annual sum, which is currently £7k per annum, to the Vicar of Holy Trinlty Church at Stratford-upon-Avon. In accordance with its constitution and Hlgh Court Order each year the Guild Estate is committed to paying 38Yo of its clear annual income to King Edward Vl School at Strafford-upon-Avon. The Guild Estate must also seek to apply 1 Ooh of Its clear annual income in furtherance of other educailonal purposes within the town of Stratford- upon-Avon. In accordance with its constitution each year the Guild Estate has an on-going commitment to contribute to the Church Street Almshouses, (Municipal Charities) running costs in relation to general rates, water rates and sewerage charges, also funds for the respective yearly amounts (recommended by the National Association of Almshouses) to cover routine maintenance, payments to an extraordinary repair fund and a cyclical malntenance fund. 43
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) 28 Grant making A lotal of 147 (2023.. 155> discretionary gr8nts were awarded to beneflciaries during the year, ofwhich 54 (2023: 53) were hardship grants, to individuals. which amounted to £12.111 (2023.. £14,726). Although for accountlng purposes, grants have each been allocated lo one object, many awards do meet Iwo or even three objects. Dlscretionary Grants £20,000 or greater Group & Town Trust 2024 Beneficiary Purpose of grant Stratford Youth Collective" Core costs Play House" Running costs & support of community events Spring Housing A550¢iation' Core costs for Fred Winter Centre Citizens Advice South Warwlckshire. Core funding & management support Safeline" Sexual violence and its impact on males The Parenting Project Family Wellbeing Pathway Shakespeare Birthplace Trust New education centre Strafford upon Avon School Schools grant The Myton Hospices Core costs in support of the care of Stratford residents The Shakespeare Hosplce Core costs Lifespace Trust Core costs support for mentoring Young Minds Matter Core costs and iackling inequality in health VASA Core costs New Meanlng Tralnlng Ltd Core, capital and innovation costs Stratford-on-Avon District Councll. Communily Builder project continuation Net Zero Stratford Core costs for Climate Hub Manager This benaficiary was In receipt of a grant awarded to support a multi-year programme. 100,000 78,125 75,000 66,000 60,000 51,384 50,000 42,806 40,500 40,000 39,830 35,000 25.000 25,000 23,000 22,925 Reconciliation of grants payable Group 2024 Group 2023 Commitments 31 December 2023 Commitments made in the period and payable Grants paid during the period 745,593 721,074 2,013,098 1,945,720 (1,842,975) (1,921.201) Commitments 31 December 2024 915,716 745,593 It is anticipated that all the committed grants will be payable during 2025.
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 {continued) 29 Pensions and similar obligations As at 31 December 2024. 2 (2023.. 2) of the Town Trust's employees were members of the Warwickshire County Council Pension Fund. The pensions cost is assessed every three years in accordance with the advice of the Warwickshire County Council Pension Fund actuary. The assumptions and other data that have the most significant effect on the determination of the contribution levels are as follows: Latest actuarial valuation Actuarial method Investment returns per annum Pension increases per annum Salary increases per annum Market value of assets at date of 2022 valuation 31 March 2022 Projected Unit credit method 1.70 2.7° £2,140,000 The following information is based upon a full actuarial valualion of the Warwickshire County Councll Pension Fund at 31 March 2022 updated to 31 December 2024 by a qualified actuary. On 1st April 2014 the Town Trust transferred four employees, who were members of the Warwickshire County Council Pension Scheme (Pension Scheme), to the employment of the ArtsHouse. The Pension Scheme recognised the ArtsHouse as the new employer and admilted it as a fully funded member of the Scheme as from 1st April 2014. Any deficit that existed as at 1 st April 2014, which was altributable to the four employees, was assumed to remain with the Town Trust. As at 31st March 2016 all four employees who transferred to the employment of the ArtsHouse, were no longer in the employment of the ArtsHouse. From a pension scheme perspective, they are defined as deferred pensioners. The Town Trust, with the agreement of the Warwickshire County Council Pension Scheme, has taken over the full ongoing deficit relating to these former ArtsHouse employees. From an FRS17 perspective this deficit was £67,000 as at March 2016. Financlal assumptions 2024 2023 2022 Rate of CPI Rate of increase in salaries Rate of increase in pensions Discount rate for liabilities 2.750/0 4.20/0 3.85 % 2.859/0 4.550/0 10.10/0 2.75Yo 3.050/0 4.750/0 The Town Trust's share of assets in the scheme were: 2024 £'ooo 2023 £'ooo Equities Bonds Property Cashlliquidity 1.209 716 493 49 1,148 720 360 22 Total 2,467 2.250 The actual return of the fund in 12 months to 31 December 2024 was 8.1 %. 45
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 {continued) 29 Pensions and similar obligations (continued) 2024 £'ooo 2023 £'ooo F8ir value of assets Liabilities 2.467 (1,479) 2.250 (1.678) Surplus. 988 572 "As per the Town Trust's accounting policies the surplus has not been recognised on the balance sheel as the surplus is not recoverable. Analysls of amounts charged to the statement of flnanclal actlvities 2024 £'ooo 2023 £'ooo Current service cost 29 26 Operating charge (29) (26) Analysls of net return on penslon assgts Expected return on pension scheme assets Interesl on pension liabilities 103 (76) (71) Net return 27 28 Actuarial gains and1088e8 Asset gain Liability gain l (loss) 82 261 58 {117) Net gain l (loss) 343 (59) 2024 £'ooo 572 (29) 75 27 343 2023 £'ooo 556 (26) 73 28 59 Movement in deficit during the year Surplus at beginning of year Current service cost Employer contributions Net returns on assets Actuarial gain l (loss) Surplus at end of year. 988 572 As per the Town Trust's accounting policies the surplus has not been recognised on the balanc8 sheet as th8 surplus is not recoverable. 46
STRATFORD-UPON-AVON TOWN TRUST NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2024 (contlnued) 30 Golng Concern Given the strength of the balance sheet and availability and liquidity of unrestricted investments the Trustees believe that It is appropriate for the accounts to be prepared on a going concern basis. 31 Lease Commitments The future minimum lesse receipts under non-cancellable operating leases ar8,. Group Town Trust 2024 2023 2024 2023 Not later than 1 year Laler than 1 year but not later than 5 years Later than 5 years 1.975,561 4,650,052 48,452,639 1,923.358 5,726,646 48,850,063 55,078,252 56,500,067 No contingent rent was recognised as income in 2024 (2023.. £nil). The Town Trust lease5 Its property portFolio under lease agraements to tenants Iles5885). No contingent rent is r8cognised as an assat. The future minimum lease payments under non<ancellable operating leases are.. Group Town TruBt 2024 2023 2024 2023 No later than 1 year Later than 1 year but not later than 5 years Later than 5 years 50,000 139,167 32.500 100,000 20,000 30,000 42,500 189,167 152,500 72,500 32 Related Party Transactlons There were a number of grant beneficiary organlsatlons which recelved a grant in 2024 and either a trustee or their spouse or a member of the senior managemenl team were a director or governor of that organisation. However none of th8se individuals took any part in the decision making for the grant award. Michael Rolfe'5 spouse Is a trustee of Shakespeare Hospice whlch was awarded a grant of £40,000 in 2024 (2023.. none). Mark Tailby's spouse was a governor of Strattord upon Avon School which was awarded a grant of £42,806 in 2024 {2023: £45.347) Sara Aspley is a trustee of Strattord Youth Collective which was awarded a grant of £100.QQO in 2024 {2023'. £100,000). Rebecca HaTnpson is a director of Stratford-upon-Avon Bid which was awarded a grant of £5.000 in 2024 (2023". £nil). 47
Stratford Town Trust creating a vibrant and connected community Registered Office Address: 14 Rother Stree¢ Stratford-upon-Avon, Warwickshlre CV37 6LU T: 01789 207111 e: admln stratfordtowntrust.co.uk www.stratfordtowntrust.co.uk A company limited by guarantee, registered in England and Wales (number 04222949) and Registered Charity (numter 1088521) Stratford-upon-Avon Town Trust is Trustee of the Guild Estate Charity (Registered Charty Number 217484) and The College Estate Charity (Registered Charty Number 217485)