**REGISTERED CHARITY NUMBER: 1194083** **Report of the Trustees and** **Unaudited Financial Statements** **for the Period 14 April 2021 to 31 March 2022** ## **for** **SHAKESPEARE’S SCHOOLROOM TRUST** **SHAKESPEARE’S SCHOOLROOM TRUST** **Contents of the Financial Statements FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|10| |**Detailed Statement of Financial Activities**||11|| **SHAKESPEARE’S SCHOOLROOM TRUST** **Report of the Trustees FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** The trustees present their report with the financial statements of the charity for the period 14 April 2021 to 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Object of the Charitable Incorporated Organisation is for the public benefit, to preserve and maintain the property known as Shakespeare's Schoolroom and Guildhall, Church Street, Stratford-upon-Avon, Warwickshire which is of particular historical and architectural interest; and establish and maintain a museum in the property. ## **Public benefit** The Trustees have had due regard to the Charity Commission guidance on public benefit in deciding what activities the charity should undertake and confirm that all the charity's activities are undertaken to further our charitable purposes for the public benefit. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity took on the trading activity and assets of KES Trustees Ltd on 31 March 2022. ## **FINANCIAL REVIEW** ## **Financial position** The assets of KES Trustees Ltd were transferred to the charity on 31 March 2022 at their fair value and have been included in the Statement of Financial Activities as a donation. ## **Reserves policy** At the year end, there were total unrestricted reserves of £77,890. ## **FUTURE PLANS** It is the intention of the Trustees to continue to drive the increase of museum admissions to fund the preservation of the buildings for the benefit of those with historical and architectural interest and the wider community. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Charity is governed by its Constitution, signed by all formation Trustees on 29 March 2021. The Charity is a Charitable Incorporated Organisation, registered on 14 April 2021. The Trustees are determined to ensure good practice is followed and are aware of their obligation to abide by charity and other relevant law including the reporting of adverse incidents occurring in the life of the Charity to the relevant authorities, as necessary. The Board meet regularly throughout the year to review the activities of the charity. ## **Recruitment and appointment of new trustees** The constitution states that there must be at least three trustees at all times. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. There is no maximum number of charity trustees that may be appointed to the CIO. The trustees may at any time decide to appoint a new charity trustee, whether in place of a charity trustee who has retired or been removed in accordance with the constitution, or as an additional charity trustee. Trustees are elected to serve for a period of three years at a time. Page 1 **SHAKESPEARE’S SCHOOLROOM TRUST** ## **Report of the Trustees FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees** The trustees will make available to each new charity trustee a copy of the constitution and a copy of the CIO's latest trustees' annual report and statement of accounts. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1194083 ## **Principal address** King Edward VI Grammar School Church Street Stratford-Upon-Avon CV37 6HB ## **Trustees** A P M Bird OBE J R Downes C A Hill ## **Independent Examiner** Matthew J Bracher FCA Haines Watts Chartered Accountants 6-8 Bath Street Bristol BS1 6HL ## **Bankers** Lloyds Bank Plc 25 Gresham Street, London, EC2V 7HN Approved by order of the board of trustees on 27 January 2023 and signed on its behalf by: A P M Bird OBE - Trustee Page 2 **Independent Examiner's Report to the Trustees of Shakespeare’s Schoolroom Trust** ## **Independent examiner's report to the trustees of Shakespeare’s Schoolroom Trust** I report to the charity trustees on my examination of the accounts of Shakespeare’s Schoolroom Trust (the Trust) for the period 14 April 2021 to 31 March 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Matthew J Bracher FCA Haines Watts Chartered Accountants 6-8 Bath Street Bristol BS1 6HL 27 January 2023 Page 3 **SHAKESPEARE’S SCHOOLROOM TRUST** ## **Statement of Financial Activities FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** |||Unrestricted| |---|---|---| |||fund| ||Notes|£| |**INCOME AND ENDOWMENTS FROM**||| |Donations and legacies|2|**82,742**| |**EXPENDITURE ON**||| |Raising funds||**-**| |Other||**4,852**| |**Total**||**4,852**| |**NET INCOME**||**77,890**| |**TOTAL FUNDS CARRIED FORWARD**||**77,890**| The notes form part of these financial statements Page 4 **SHAKESPEARE’S SCHOOLROOM TRUST** ## **Balance Sheet 31 MARCH 2022** |||Unrestricted| |---|---|---| |||fund| ||Notes|£| |**FIXED ASSETS**||| |Tangible assets|7|**2,152**| |**CURRENT ASSETS**||| |Stocks|8|**13,511**| |Debtors|9|**66,515**| |Cash at bank||**102**| |||**80,128**| |**CREDITORS**||| |Amounts falling due within one year|10|**(4,390)**| |**NET CURRENT ASSETS**||**75,738**| |**TOTAL ASSETS LESS CURRENT**||| |**LIABILITIES**||**77,890**| |**NET ASSETS**||**77,890**| |**FUNDS**|11|| |Unrestricted funds||**77,890**| |**TOTAL FUNDS**||**77,890**| The financial statements were approved by the Board of Trustees and authorised for issue on 27 January 2023 and were signed on its behalf by: A P M Bird OBE - Trustee The notes form part of these financial statements Page 5 **SHAKESPEARE’S SCHOOLROOM TRUST** **Notes to the Financial Statements FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Shakespeare's Schoolroom Trust is a charitable incorporated organisation in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The financial statements are prepared in sterling which is the functional currency of the charitable company and are rounded to the nearest £. The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations, gifts and grants are accounted for when received. Income tax in relation to amounts received under gift aid is included in the same period as the income to which it relates. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 25% on cost Computer equipment - 33% on cost Fixed assets were transferred from KES Trustees Ltd on 31 March 2022 at their net book value. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from tax on its charitable activities. continued... Page 6 **SHAKESPEARE’S SCHOOLROOM TRUST** **Notes to the Financial Statements - continued FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** ## **1. ACCOUNTING POLICIES - continued** ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Financial instruments** The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. ## **Basic financial liabilities** Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire. ## **2. DONATIONS AND LEGACIES** Donations **£ 82,742** continued... Page 7 **SHAKESPEARE’S SCHOOLROOM TRUST** ## **Notes to the Financial Statements - continued FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** ## **3. SUPPORT COSTS** |**SUPPORT COSTS**||||| |---|---|---|---|---| ||||Governance|| ||Management|Finance|costs|Totals| ||£|£|£|£| |Other resources expended|**2,956**|**496**|**1,400**|**4,852**| |Support costs, included in the above, are as follows:||||| |||||Other| |||||resources| |||||expended| |||||£| |Wages||||**2,667**| |Pensions||||**64**| |Rates and water||||**225**| |Bank charges||||**496**| |Examiner's remuneration||||**1,400**| |||||**4,852**| ## **4. EXAMINER'S REMUNERATION** Amounts payable to the independent examiner for independent examination and accounting services were £1,000 and £400 respectively. ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the period ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the period ended 31 March 2022. ## **6. STAFF COSTS** |Wages and salaries
Other pension costs
The average monthly number of employees during the period was as follows:
Average number of employees|**£**
**2,667**
**64**| |---|---| ||**2,731**| ||**1**| No employees received emoluments in excess of £60,000. continued... Page 8 **SHAKESPEARE’S SCHOOLROOM TRUST** **Notes to the Financial Statements - continued FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** ## **7. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**|**TANGIBLE FIXED ASSETS**|**TANGIBLE FIXED ASSETS**||| |---|---|---|---|---| |Fixtures||||| ||and||Computer|| ||fittings||equipment|Totals| ||£||£|£| |**COST**||||| |Additions||**116**|**2,036**|**2,152**| |**NET BOOK VALUE**||||| |At 31 March 2022||**116**|**2,036**|**2,152**| |The tangible fixed assets were transferred from KES Trustees Ltd at|net|book value on 31 March||2022.| |**STOCKS**||||| |||||**£**| |Stocks||||**13,511**| |**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |||||**£**| |Other debtors||||**66,515**| |Other debtors represents monies owed to the charity from KES Trustees||Ltd at the year end.||| |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |||||**£**| |Social security and other taxes||||**638**| |Accruals and deferred income||||**3,752**| |||||**4,390**| |**MOVEMENT IN FUNDS**||||| ||||Net|| ||||movement|At| ||||in funds|31.3.22| ||||£|£| |**Unrestricted funds**||||| |General fund|||**77,890**|**77,890**| |**TOTAL FUNDS**|||**77,890**|**77,890**| ## **8. STOCKS** ## **9.** ## **10.** ## **11. MOVEMENT IN FUNDS** continued... Page 9 **SHAKESPEARE’S SCHOOLROOM TRUST** **Notes to the Financial Statements - continued FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** ## **11. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|**82,742**|**(4,852)**|**77,890**| |**TOTAL FUNDS**|**82,742**|**(4,852)**|**77,890**| ## **12. RELATED PARTY DISCLOSURES** Mr A Bird is a director of KES Trustees Ltd. The charity agreed to take on the activities and assets of KES Trustees Ltd. During the year net assets totalling £79,911 were transferred to the charity at fair value. £82,264 have been treated as donations with £2,353 treated as deferred income relating to museum ticket sales. . At the year end the charity was owed £66,515 from KES Trustees Ltd. Page 10 **SHAKESPEARE’S SCHOOLROOM TRUST** ## **Detailed Statement of Financial Activities FOR THE PERIOD 14 APRIL 2021 TO 31 MARCH 2022** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Cost of goods sold
Closing stock
**Support costs**
**Management**
Wages
Pensions
Rates and water
**Finance**
Bank charges
**Governance costs**
Examiner's remuneration
Total resources expended
**Net income**|£
**82,742**
**82,742**
**13,511**
**(13,511)**
**-**
**2,667**
**64**
**225**
**2,956**
**496**
**1,400**
**4,852**
**77,890**| |---|---| This page does not form part of the statutory financial statements Page 11