## ## |||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**

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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
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**£**| |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| ##