| Page | ||
|---|---|---|
| Trustees' Report | 1-5 | |
| Officers & Contacts | 6 | |
| Statement of Trustees5 | Responsibilities | 7 |
| Independent Auditors' | Report | 8-10 |
| Financial Statements | 11-13 | |
| Notes on Financial Statements | 14-24 |
| Investment | 2020 | 2019 | 2020 Actual | 2019 Actual | Future Target |
|---|---|---|---|---|---|
| £M | £M | % | % | % | |
| Endowed: | |||||
| Physical Property | 27.0 | 30.3 | 73.2 | 75.6 | 70-80 |
| Equity Funds | 8.4 | 8.1 | 22.8 | 20.2 | 30-50 |
| Property Funds | 1.5 | 1.6 | 4.0 | 4.0 | 0-20 |
| Cash equivalent | 0.0 | 0.1 | 0.0 | 0.2 | 0 |
| Total endowed investments |
36.9 | 40.1 | 100.0 | 100.0 | 100.0 |
| Non-Endowed: | |||||
| Total investments | 36.9 | 40.1 | 100.0 | 100.0 | 100.0 |
| Income | Capital | Total | Target | Benchmark | |
|---|---|---|---|---|---|
| Return | |||||
| Managed Funds | 3.2% | 0.6% | 3.8% | 7.0% | 5.4% |
| Description of Risk | Mitigation of Risk |
|---|---|
| Commercial tenants fail to maintain their property under the terms of their lease |
All properties are inspected on a regular basis by the property manager and a report on repairs required by tenant is prepared |
| and a dialogue occurs with tenant, any actions are followed up on | |
| an ongoing basis. At end of leases a proactive approach is | |
| adopted in terms of dilapidation negotiations and settlements | |
| Change in town centres and the retail market across | Property managers have increased liaison with tenants, |
| the UK, resulting in a higher level of voids, arrears | monitoring of arrears by property, proactively marketing void |
| properties___________ | |
| Risk relating to coronavirus pandemic | Following the Public Health England guidance, closely managing |
| impact on our investment portfolio and the Trust's ability to | |
| maximise grant giving |
| CHIEF EXECUTIVE | Sara Aspley | |
|---|---|---|
| (of corporate trustee) | ||
| SENIOR MANAGEMENT | Sara Aspley, Rebecca Hampson，James | McHugh, Fiona Tomlinson (appointed |
| TEAM (of corporate trustee) | 6.7.20), Lynn Wilson | |
| ADDRESS | Stratford-upon-Avon Town Trust | |
| 14 Rother Street | ||
| Stratford-upon-Avon CV37 6LU | ||
| BANKERS | Barclays Bank pic | |
| Market Cross | ||
| Stratford-Upon-Avon | ||
| Warwickshire | ||
| CV37 6AP | ||
| SOLICITORS | Wiggin Osborne Fullerlove | Messrs Robert Lunn & Lowth |
| 95 The Promenade | 2 Sheep Street | |
| Cheltenham GL50 IHH | Stratford-upon-Avon CV37 6EJ | |
| Mills & Reeve | ||
| 78-84 Colmore Row | ||
| Birmingham B3 2AB | ||
| AUDITORS | Saffery Champness LLP | |
| St John’s Court | ||
| Easton Street | ||
| High Wycombe HP11 1JX | ||
| PROPERTY MANAGER | Colliers International | |
| 12th Floor, Eleven Brindley Piace | ||
| 2 Brunswick Square | ||
| Brindley Place | ||
| Birmingham Bl 2LP | ||
| INVESTMENT MANAGERS | Sarasin & Partners LLP | Cazenove Capital (part of Schröders & |
| Juxon House | Co Limited) | |
| 100 St PauPs Churchyard | I London Wall Place | |
| London | London | |
| WC4M 8BU | EC2Y 5AU | |
| Charities Property Fund | Schröders & Co Limited | |
| Cordea Savills | 1 London Wall Place | |
| 33 Margaret Street | London | |
| London W19 0JD | EC2Y5AU |
1 June 2021
| Note | Unrestricted funds |
Permanent endowment funds |
Total funds 2020 |
Unrestricted funds |
Permanent endowment funds |
Total funds 2019 |
|
|---|---|---|---|---|---|---|---|
| 2020 | 2020 | 2019 | 2019 | ||||
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Investment income | 3 | 2,121,214 | 2,596,890 | 2,596,890 | |||
| Donations and legacies* | 4 | 1,210 | 1,210 | 7,714 | 7,714 | ||
| income from charitable | |||||||
| activities | 5 | 6,008 | 6,008 | 6,274 | 6,274 | ||
| Income from other activities | 6 | 1’028 | 1,028 | 4,050 | 4,050 | ||
| Total Income | 2,129,460 | 2,129,460 | 2,614,928 | 2,614,928 | |||
| Expenditure on: | |||||||
| Raising funds | 1,054,812 | 1,054,812 | 750,646 | 750,646 | |||
| Charitable activities** | 8 | 1,074,384 | 1,074,384 | 1,864,973 | 1,864,973 | ||
| Total expenditure | 2,129,196 | 2,129,196 | 2,615,619 | 2,615,619 | |||
| Net (losses) / gains on | (3,234,288) | (3,234,288) | 184,985 | 184,985 | |||
| investments | |||||||
| Net movement in funds | 264 | (3,234,288) | (3,234,024) | (691) | 184,985 | 184,294 | |
| Reconciliation of funds | |||||||
| Total funds brought forward | 102,589 | 40,113,427 | 40,216,016 | 103,280 | 39,928,442 | ||
| 40,031,722 | |||||||
| Total funds carried forward | 16 | 102,853 | 36,879,139 | 36,981,992 | 102,589 | 40,113,427 | 40,216,016 |
| Note | 2020 | 2019 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Heritage assets | 12 | ||||
| Investments | 13 | 36,911,596 | 40,145,884 | ||
| Total Fixed Assets | 36,911,596 | 40,145,884 | |||
| Current assets | |||||
| Debtors | 14 | 496,785 | 261,426 | ||
| Cash at bank and in hand | 690,327 | ||||
| 880,741 | |||||
| Total current assets | 1,187,112 | 1,142,167 | |||
| Creditors: amounts falling due within | |||||
| one year | 15 | (1,116,716) | (1,072,035) | ||
| Net current assets | 70,396 | 70,132 | |||
| Total net assets | 36,981,992 | 40,216,016 | |||
| Funds | |||||
| Endowment funds | 16 | 36,879,139 | 40,113,427 | ||
| Unrestricted funds | 16 | 102,853 | 102,589 | ||
| Total funds | 16 | 36,981,992 | 40,216,016 |
| 2020 | 2019 | |
|---|---|---|
| Total funds | Total funds | |
| £ | £ | |
| Cash flows from operating activities: | ||
| Net cash used in operating activities | (2,311,629) | (2.602,891) |
| Cash flows from investing activities: | ||
| Dividends, interest and rents from investments | 2,121,214 | 2,596,890 |
| Proceeds from sale of investments | 538,422 | 14,438 |
| Purchase of investments | (593.692) | (3.286) |
| Net cash provided by investing activities | 2.065.944 | 2.608,042 |
| Change in cash and cash equivalents in the reporting period | (245,685) | 5,151 |
| Cash and cash equivalents at 31 December 2019 | 954,779 | 949.628 |
| Cash and cash equivalents at 31 December 2020 | 709.094 | 954.779 |
| 2020 | 2019 | |
| Total funds | Total funds | |
| £ | £ | |
| Reconciliation of net income to net cash flow from operating activities | ||
| Net(expenditure) / income for the reporting period (as per the statement of | (3,234,024) | 184,294 |
| financial activities) | ||
| Adjustments for: | ||
| Losses / (gains) on investments | 3,234,288 | (184,985) |
| Dividends, interest, and rent from investments | (2,121,214) | (2.596.890) |
| (Increase)/ decrease in debtors | (235,359) | (26,170) |
| Increase / (decrease) in creditors | 44,680 | 20,860 |
| Net cash used in operating activities | (2,311.629) | (2.602.891) |
| 2020 | 2019 | |
| Total funds | Total funds | |
| £ | £ | |
| Analysis of cash and cash equivalents | ||
| Cash in hand | 690,327 | 880,741 |
| Cash awaiting investment* | 18,767 | 74,038 |
| Total cash and cash equivalents | 709.094 | 954.779 |
| *Is unavailable for general expenditure as it is an endowed asset. | ||
| Analysis of change in net debt |
| Analy | sis of change in net debt | |||
|---|---|---|---|---|
| At | At | |||
| 1 January | Cashflow | 31 December | ||
| 2020 | 2020 | |||
| £ | £ | £ | ||
| Cash | and equivalents | |||
| Cash Cash |
awaiting deposit | 880,741 74,038 |
(190,414) (55,271) |
690,327 18,767 |
| Total | 954,779 | (245,685) | 709,094 |
| 2020 | 2019 |
|---|---|
| £ | £ |
| 2020 £ |
2019 £ |
||
|---|---|---|---|
| 3 | Investment income | ||
| Property | 1,619,517 | 1,880,826 | |
| Car park | 185,260 | 348,841 | |
| Redlands Allotments | 3,715 | ||
| 3,293 | |||
| 1,808,492 | 2,232,960 | ||
| Interest receivable on treasury deposits | |||
| Dividends receivable | 312,722 | 363,930 | |
| 2,121,214 | 2,596,890 |
| Car park income earned is in relation to both Rother Street car park and Grove Road car park, income and | Car park income earned is in relation to both Rother Street car park and Grove Road car park, income and | ||
|---|---|---|---|
| expenditure relating to the Rother Street car park is split 86.09% to accordance with land ownership arrangements. |
Guild Estate and 13.91% to College Estate in | ||
| 2020 | 2019 | ||
| £ | £ | ||
| 4 | Donations and legacies | ||
| Donations from visitors | |||
| 1,210 | 7,714 | ||
| 1,210 | |||
| 7,714 | |||
| 2020 | |||
| 2019 | |||
| £ | £ | ||
| 5 | Income from Charitable activities | ||
| Hire of Guild Chapel | 250 | 3,175 | |
| Income from events | 2,046 | ||
| Income from book sales | 1,053 | ||
| Income from furíough | 5.758 | ||
| 6,008 | 6,274 | ||
| 2020 | 2019 | ||
| £ | £ | ||
| 6 | Income from Other activities | ||
| Interest receivable from cash and bank | 1,028 | ||
| 4,050 | |||
| 2020 | |||
| 2019 | |||
| £ | £ | ||
| Expenditure on raising funds | |||
| Property management | 867,745 | 524,838 | |
| investment management | 39,489 | 36,970 | |
| Redlands Allotments | 6,366 | 4,862 | |
| Car Park | 73,936 | 115,896 | |
| Support costs (note 10) | 67,276 | 68,080 | |
| 1,054,812 | 750,646 |
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| 8 | Expenditure on charitable activities | ||
| Grant to King Edward VI School* | 347,515 | 632,228 | |
| Grant to Almshouse Maintenance | 44,763 | 43,617 | |
| Grant to Stratford-upon-Avon Town Trust | 556,884 | 1,079,440 | |
| Costs related to Guild Chapel management | 57.611 | 39,944 | |
| Support costs (note 10) | 67.611 | ||
| 69,744 | |||
| 1,074,384 | 1,864,973 |
| Analysis of expenditure on charitable activities | ||||
|---|---|---|---|---|
| Activities | Grant | Support | Total funds | |
| Undertaken | funding of | Costs | 2020 | |
| Directly | activities | 2020 | ||
| 2020 | 2020 | |||
| £ | £ | £ | £ | |
| Grant to King Edward VI School | 347,515 | 29,291 | 376,806 | |
| Grant to Almshouse Maintenance | 44,763 | 550 | 45,313 | |
| Grant to Stratford-upon-Avon Town Trust | 556,884 | 1,450 | 558,334 | |
| Guild Chapel property management | 57,611 | 36,320 | 93,931 | |
| Total | 57,611 | 949Д62 | 67,611 | 1,074,384 |
| Activities | Grant | Support | Total funds | |
| Undertaken | funding of | Costs | 2019 | |
| Directly | activities | 2019 | ||
| 2019 | 2019 | |||
| £ | £ | £ | £ | |
| Grant to King Edward VI School | 632,228 | 29,647 | 661,875 | |
| Grant to Almshouse Maintenance | 43,617 | 600 | 44,217 | |
| Grant to Stratford-upon-Avon Town Trust | 1,079,440 | 1,550 | 1,080,990 | |
| Guild Chapel property management | 39,944 | 37,947 | ||
| 77,891 | ||||
| Total | 39,944 | 1,755,285 | 69,744 | U864,973 |
| Basis of allocation |
Raising funds 2020 |
Charitable Activities 2020 |
Governance 2020 |
3 20 о о T |
|
|---|---|---|---|---|---|
| Staff costs Office costs External audit Legal Governance |
Time Time Direct Direct Cost |
£ 47,220 10,957 9,099 |
£ 37,583 8,687 14,104 7,237 |
£ 9,422 2,183 4,731 (16,336) |
22 82 73 10 4 1 ， 4 4 , 9 2 1 £ |
| Total | 67,276 | 67,611 | 134,887 | ||
| (note 7) | (note 8) | ||||
| Basis of | Raising | Charitable | Governance | Total | |
| allocation | funds | Activities | 2019 | 2019 | |
| 2019 | 2019 | ||||
| £ | £ | £ | £ | ||
| Staff costs | Time | 45,035 | 34,101 | 9,087 | 88,223 |
| Office costs | Time | 13,831 | 9,882 | 2,635 | 26,348 |
| External audit | Direct | 4,378 | 4,378 | ||
| Legal | Direct | 18,875 | 18,875 | ||
| Governance | Cost | 9,214 | 6,886 | (16,100) | |
| Total | 68,080 | 69,744 | 137,824 | ||
| (note 7) | (note 8) |
| The cost of employing all staff was: | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Salaries & wages | 11,101 | 10,830 |
| National Insurance | 121 | 113 |
| Pensions | 578 | 564 |
| 11JQ0 | 11.507 |
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| 13 | Fixed asset investments | ||
| investment properties | 27,020,100 | 30,315,100 | |
| Quoted investments | 9,872,729 | 9,756,746 | |
| Cash awaiting investment | 18,767 | 74,038 | |
| 36,911,596 | 40,145,884 | ||
| Market value at 31 December 2019 | 30,315,100 | 30,910,100 | |
| Revaluation losses | (3,295,000) | (595,000) | |
| Market value at 31 December 2020 | 27,020,100 | 30,315,100 | |
| Cost or donated value at 31 December 2020 | 4,962,090 | 4,962,090 | |
| Quoted investments: | |||
| Market value at 31 December 2019 | 9,756,746 | 8,987,913 | |
| Additions at cost | 593,692 | 3,286 | |
| Disposal at cost | (538,422) | (14,438) | |
| Net investment gains | 60,712 | 779,985 | |
| Market value at 31 December 2020 | 9,872,729 | 9,756,746 | |
| Historical cost at 31 December 2020 | 6,946,541 | 6,972,849 |
| 2020 | 2019 | ||
|---|---|---|---|
| 14 | Debtors: amounts falling due withinone year: | £ | £ |
| Trade debtors | 257,481 | 204,907 | |
| Prepayments and accrued income | 41,381 | 43,206 | |
| Other debtors | 11,039 | 13,313 | |
| Amount due irorn King Edward VI School | 49,340 | ||
| Amount due from Stratford-upon-Avon Town Trust | 137,544 | ||
| 496,785 |
| 2020 | 2019 | ||
|---|---|---|---|
| 15 | Creditors: amounts falling due within one year | £ | £ |
| Rent received in advance | 404,876 | 527,180 | |
| Amount due to King Edward VI School | 6,691 | ||
| Trade creditors | 38,138 | 85,701 | |
| Accruals | 536,412 | 279,431 | |
| Taxation and social security | 135,612 | 107,778 | |
| Amount due to Stratford-upon-Avon Town Trust | 61,589 | ||
| Amount due to College Estate | 1,678 | 3.665 | |
| 1,116,716 | |||
| 1,072,035 | |||
| 2020 | 2019 | ||
| Included within accruals arethe followingfees payable to | £ | £ | |
| the auditor for: | |||
| Statutory audit | 4,352 | 4,150 |
| 2020 | 2019 | |
|---|---|---|
| Reconciliation of deferred Income: | £ | £ |
| At 1 January 2020 | 527,180 | 545,190 |
| Released during the year | (505,766) | (504,727 |
| Deferred in currentyear | 383,462 | 486,717 |
| At 31 December 2020 | 404,876 | 527,180 |
| Fund Name | Fund Balances | Income | Expenditure | Gains and | Fund Balances |
|---|---|---|---|---|---|
| 31 December | 2020 | 2020 | Losses | 31 December | |
| 2019 | 2020 | 2020 | |||
| £ | £ | £ | £ | £ | |
| Unrestricted Funds | 102,589 | 2,129,460 | (2,129,196) | 102,853 | |
| Permanent Endowment | |||||
| Funds | 40,113,427 | (3,234,288) | 36,879,139 | ||
| Total Funds | 40,216,016 | 2,129,460 | (2,129,196) | (3,234,288) | 36,981,992 |
| Fund Name | Fund Balances | Income | Expenditure | Gains and | Fund Balances |
| 31 December | 2019 | 2019 | Losses | 31 December | |
| 2018 | 2019 | 2019 | |||
| £ | £ | £ | £ | £ | |
| Unrestricted Funds | 103,280 | 2,646,832 | P，647,523) | 102,589 | |
| Permanent Endowment | |||||
| Funds | 39,928,442 | 184,985 | |||
| 40,113,427 | |||||
| Total Funds | 40,031,722 | 2,646,832 | (2,647,523) | 459,985 | 40,216,016 |
| Unrestricted | Endowed | Total | ||
|---|---|---|---|---|
| funds | funds | 2020 | ||
| 2020 | 2020 | |||
| £ | £ | £ | ||
| 17 | Analysis of net assets between funds | |||
| Investments | 36,911,596 | 36,911,596 | ||
| Current assets | 1,187,112 | 1Д87ДІ2 | ||
| Current liabilities | (1,084,259) | (32,457) | (1,116,716) | |
| 102,853 | 36,879,139 | 36,981,992 |
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | 2019 | |
| 2019 | 2019 | ||
| £ | £ | £ | |
| Analysis of net assets between funds | |||
| Investments | 40,145,884 | 40,145,884 | |
| Current assets | 102,589 | 1,039,578 | 1,142,167 |
| Current liabilities | (1,072,035) | (1,072,035) | |
| 102,589 | 40,113,427 | 40,216,016 |
| Transactions: During th conditions. |
e period the followin | g transactions were | entered into on normal | terms and |
|---|---|---|---|---|
| Stratford-upon- | Stratford-upon- | College | College | |
| Avon | Avon | Estate | Estate | |
| Town Trust | Town Trust | |||
| 31 December | 31 December | 31 December | 31 December | |
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Income | 2,582 | 3,656 | ||
| Expenditure | ||||
| Grant | 556,884 | 1,100,146 | ||
| Management charge | 113,893 | 110,585 | ||
| Balances outstanding | ||||
| at 31 December 2020 | ||||
| Creditors | 61,589 | 1,678 | 3,665 | |
| Debtors | 137,544 | |||
| Lease Commitments | ||||
| The future minimum lease receipts under non-cancellable operating | leases are: | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Not later than 1 year | 1,398,349 | 1,495,172 | ||
| Later than 1 year but not later than 5 years | 5,048,532 | 4,928,002 | ||
| Later than 5 years | 25,630,315 | 24,451,378 |