2022-12-31-accounts - The Guild Estate Endowment

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		Page
Trustees' Report		1-5
Officers &Contacts
Statement ofTrustees'	Responsibilities
Independent Auditors'	Report	8-10
Financial Statements		11-13
Notes on Financial Statements		14-24

he Boar	d con	siders that the major risks facing the Guil	siders that the major risks facing the Guil	d Estate at the end ofthe year are:
Descri	tion	ofRisk		Miti ation ofRisk
Commercial		tenants fail to maintain their property		All properties are inspected on aregular basis by the property
under the terms oftheir lease				manager and a report on repairs required by tenant is prepared
				and a dialogue occurs with the tenant, any actions are followed
				up on an ongoing basis. At the end ofleases aproactive approach
				is ado ted in terms ofdila idation ne otiations 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 ofvoids, arrears	monitoring ofarrears by property, proactively marketing void
				ro erties.
Equity investments			fail to deliver expected returns	The Town Trust has a detailed investment policy and monitors
				equity investment returns on a regular basis, comparing against
				benchmarks and target returns. All equity investments are held
				via Funds. Fund managers attend regulate update meetings with
				the Town Trust.

TRUSTEES OF	Tim Bailey					Matthew Macdonald (to31.2.22)	Matthew Macdonald (to31.2.22)
CORPORATE TRUSTEE	Gill Cleeve					Stephen Parker (to31.8.22)
	Liz Coles					Michael Rolfe (elected	26.5.22)
	Marion Homer (elected			26.5.22)		Jonathan Smith (appointed 1.4.22)
	Tony Jackson					Clive Snowdon (to31.1.23)
	Simon Littlejohns (appointed 1.9.22)					Josie Stevens
	Henry Lu (elected 26.5.22)					Mark Tailby (appointed	1.02.23)
	Lindsay MacDonald	(to 25.5.22)				David Taylor (to 25.5.22)
						Quentin Wiitson (to25.5.22)
CHIEF EXECUTIVE	Sara Aspley
(ofcorporate trustee)
SENIOR MANAGEMENT	Sara Aspley, Rebecca		Hampson,		James	McHugh, Paul Fitzpatrick,	Frances Nibbs
TEAM (ofcorporate trustee)	(appointed 1.7.22),Lynn			Perkins
ADDRESS	Stratford-upon-Avon	Town Trust
	14Rother Street
	Stratford-upon-Avon		CV37 6LU
BANKERS	Barclays Bank pic
	Market Cross
	Stratford-Upon-Avon
	Warwickshire
	CV37 6AP
SOLICITORS	Mills &Reeve LLP					Robert Lunn &Lowth	LLP
	78-84 Colmore Row					2 Sheep Street
	Birmingham B32AB					Stratford-upon-Avon	CV376EJ
AUDITORS	Saffery Champness	LLP
	StJohn's Court
	Easton Street
	High Wycombe HPI		I	IJX
COMMERCIAL PROPERTY	Colliers International			Property Consultants Limited
MANAGER	19aFloor
	103Colmore Row
	Birmingham B33AG
INVESTMENT MANAGERS	Sarasin &Farmers LLP					Cazenove Capital (part ofSchroders &
	Juxon House					Co Limited)
	100StPaul's Churchyard					I London Wall Place
	London					London
	WC4M 8BU					EC2Y 5AU
	Charities Property Fund					Schroders &Co Limited
	Cordea Savills					I London Wall Place
	33 Margaret Street					London
	London W19 OJD					EC2Y 5AU

		Unrestricted	Permanent	Totalfunds	Unrestricted	Permanent	Total funds
	Note	funds	endowment funds	2022	funds	endowment funds	2021
		2022	2022		2021	2021
Income from:
Investment income	3	2,410,165		2,410,165	2,322,431		2,322,431
Donations and legacies*	4	35,111		35,111	150,734		150,734
Income frotn charitable
actlvltles	5	1,888		1,888	3,138		3,138
Income from other activities	6	5,940		5,940	97		97
Total Income		2,453,104		2,453,104	2,476,400		2,476,400
Expenditure on:
Raising funds	7	713,899		713,899	767,757		767,757
Charitable activities"*	8	1,739,205		1,739,205	1,708,643		1,708,643
Total expenditure		2,453,104		2453,104	2476 400		2,476,400
Net (losses) I gains on
investments			(1,014,938)	(1,014,938)		699,508	699,508
Net movement in funds			(1,014,938)	(1,014,938)		699,508	699,508
Reconciliation offunds
Total funds brought forward		102,853	37,578,647	37,681,500	102,853	36,879,139	36,981,992
Total funds carried forward	16	102,853	36,563,709	36,666,562	102,853	37,578,647	37,681,500

			Note	2022
Fixed assets
Heritage assets			12
Investments			13	36,801,164		37,611,104
				36,801,164
Total Fixed	Assets					37,611,104
Current assets
Debtors			14	295,220	354,806
Cash atbank	and in hand			1,050,938	1,394,154
Total current assets				1,346,158	1,748,960
Creditors:	amounts	falling due within
one year			15	(1,480,760)	(1,678,564)
Net current	(liabiTities) Iassets			(134,602)		70,396
Total net assets				36,666,562		37,681,500
Funds
Endowment	funds		16	36,563,709		37,578,647
Unrestricted	funds		16	102,853		102,853
Total funds			16	36,666,562		37,681,500

						2022	2021
						Total funds	Total funds
						g
Cash flows from operating		activities:
Net cash used in operadn g		acdvities				~2542 3R3	i 618604
Cash flows from investing		activities:
Dividends, interest and rents		&nm investments				2,410,165	2,322,431
Proceeds &om sale ofinvestments						415,917
Purchase ofinvestments						~583000	~16270
Net cash provided by investing activi			ties			2243082	2~061 1
Change in cash and cash equivalents			in the reporting period			(305,301)	687,557
Cash and cash equivalents	at31December 2021					1396651	709094
Cash and cash equivalents		at 31December 2022
						2022	2021
						Total funds	Total funds
ReconciTiation ofnet income to net			cash flow from	operating	activities
Net (expenditure) /income	for the reporting period (asper the				statement of
)inancial activities)						(1,014,938)	699,508
Adjustments for:
Losses I(gains) on investments						1,014,938	(699,508)
Dividends, interest„snd rent		&nm investments				(2,410,165)	(2,322,431)
Decrease in debtors						59,586	141,979
Increase in creditors						~197394	561 848
Net cash used in operating		activities				~254k 53	18604
						2022	2021
						Total funds	Total funds
							f.
Analysis ofcash and cash		equivalents
Cash in hand						1,050,938	1,394,154
Cash awaiting investment*						40412	2 49"I
Total cash and cash equivalents
*Isunavailable for general expenditure			as it is an endowed asset.
Analysis ofchange in net		debt
					At		At
					1January	Cashflow	31December
					2022		2022
Cash and equivalents
Cash					1,394,154	(343,216)	1,050,938
Cash awaiting deposit					2,497	37,915	40,412
Total					1,396,651	(305,301)	1,091,350

				2022	2021
				K	K
3	Investment		income
	Property			1,729,007	1,739,734
	Car park			335,347	240,523
	Redlands	Allotments		3,078	4,523
				2,067,432	1,984,780
	Dividends		receivable	342,733	337,651
				2,410,165	2,322,431

	13.91%to Co	llege Estate	in accordance with land ownership arrang	ements.
				2022	2021
4	Donations and legacies Donations *s			15,111	2,511
	Grants s			20,000	139,000
	Donations fmm Friends ofthe Guild Chapel				9,233
				~35	~4
	*This is restricted income. In 2022f20,000was received I'rom the Pilgrim Trust, in 2021				f.139,000 was
	received fmm	the Heritage Lottery Fund
	**Includes K9,751ofrestricted income (2021 anil)
				2022	2021
					K
5	Income from	Charitable	activities
	Hire ofGuild	Chapel		1,675	1,080
	Income from	book sales		213
	Income Irom	furlough			2 058
					~338
				2022	2021
6	Income from	Other activities
	Interest receivable from cash and bank			5940	97
				2022	2021
					K
7	Expenditure	on raising	funds
	Property management			468,502	572,549
	Investment management			41,456	42,765
	Redlands Allotments			2,713	(2,833)
	Car Park			123,260	89,352
	Support costs	(note 10)		77,968	65,924
				713,899	767,757

			2022	2021
8	Expenditure on charitable	activities
	Entitlement to King Edward	VI School*	585,598	550,454
	Grant to Almshouse Maintenance		48,554	46,239
	Grant to Stratford-upon-Avon	Town Trust	979,388	983,226
	Costs related to Guild Chapel	management*e	74,209	81,483
	Support costs (note 10)		51,456	47,241
			1,739,205	1,708,643

Analysis of	expendit	ure on	charitable activities
				Activities	Grant	Support	Total funds
				Undertaken	funding of	Costs	2022
				Directly	activities	2022
				2022	2022
					g
Entitlement	to King	Edward	VI School		585,598	10,754	596,352
Grant to Almshouse		Maintenance			48,554	1,000	49,554
Grant to Stratford-upon-Avon			Town Trust		979,388	2,500	981,888
Guild Chapel property management				74,209		37,202	111,411
				74,209	1,613,540	51,456	1,739,205
Total
				Activities	Grant	Support	Total funds
				Undertaken	funding of	Costs	2021
				Directly	activities	2021
				2021	2021
						8
Entitlement	to King	Edward	VI School		550,454	12,427	562,881
Grant to Almshouse		Maintenance			46,239	700	46,939
Grant to Stratford-upon-Avon			Town Trust		983,226	2,000	985,226
Guild Chapel property management				81,483		32,114	113,597
Total				81,483	1,579,919	47,241	1,708,643

	Basis of	Raising	Charitable	Governance	Total
	allocation	funds	Activities	2022	2022
		2022	2022
Staffcosts	Tune	53,454	35,278	8,990	97,722
Office costs	Tune	14,654	9,671	2,465	26,790
External audit	Direct			4,912	4,912
Governance	Cost	9 860	6507	~16367
Total		77,968	51,456		129,424
		(note 7)	(note 8)
	Basis of	Raising	Charitable	Governance	Total
	aUocation	funds	Activities	2021	2021
		2021	2021
StafFcosts	Time	48,062	31,719	8,084	87,865
Office costs	Tune	8,858	5,840	1,495	16,193
External audit	Direct			5,366	5,366
Legal	Direct		3,741		3,741
Governance	Cost	9,004	5,941	(14,945)
Total		65,924	47,241		113,165
		(note 7)	(note 8)

he cost	ofdirectly employed staff was:
		2022	2021
			f.
Salaries	&wages	13,011	11,223
National	Insurance	798	110
Pensions		442	578
		14251	11911

	outweighs the benefits to the users ofthe financial statements	. The building and contents are	insured for67.2
		2022	2021
		g
13	Fixed asset investments
	Investment properties	26,770,100	26,870,100
	Quoted investments	9,790,652	10,738,507
	Short term deposits	200,000
	Cash awaiting investment	40,412	2,497
		36,801,164	37,611,104
	Market value at 31December 2021	26,870,100	27,020,100
	Net sale proceeds	(378,002)
	Gains on disposal	(21,998)
	Revaluation gains / (losses)	300,000	(150,000)
	Market value at 31December 2022	26,770,100	26,870,100
	Cost or donated value at31December 2022	4,357,090	4,962,090
	Quoted investments:
	Market value at31December 2021	10,738,507	9,872,729
	Additions at cost	383,000	16,270
	Disposal at cost	(37,915)
	Net investment (losses) / gains	(1,292,940)	849,508
	Market value at31December 2022	9,790,652	10,738,507
	Historical cost at31December 2022	7,307,896	6,962,811

								2022	2021
14	Debtors:	amounts		faging due within one year:				g
	Trade debtors							221,583	253,874
	Prepayments		and accrued income					45,413	74,094
	Other debtors							28 224	26838
								2~522
								2022	2021
15	Creditors: amounts				falling due within		one year
	Rent received in			advance				378,675	360,761
	Amount	due	to King		Edward Vl School			90,189	161,499
	Trade creditors							53,156	87,065
	Accruals							784,185	774,775
	Taxation	and social			security			93,897	114,607
	Amount	due	to Stratford-upon-Avon			Town Trust		76,570	170,764
	Amount	due	to College Estate					4088	9093
								1,480,760	1,678,564
								2022	2021
	Included	within		accruals are the foBowing fees payable to				g	g
	the auditor		for:
	Statutory	audit						5380	5000

		2022	2021
Reconciliation	ofdeferred Income:
At 1 January 2022		360,761	404,876
Released during	the year	(340,120)	(383,977)
Deferred in current year		358,034	339,862
At 31December	2022	378,675	360,761

Fund	Fund	Name	Fund Balances	Income	Expenditure	Gains and	Transfer	Transfer	Fund Balances
			31December	2022	2022	Losses	between	funds	31December
			2021			2022	2022		2022
						8
Unrestricted		Funds	102,853	2,423,353	(2,423,353)				102,853
Restricted Funds				29,751	(29,751)
Permanent	Endowment		37,578,647			(1,014,938)			36,563,709
Funds
Total Funds			37,681,500	2,453,104	(2,453,104)	(1,014,938)			36,666,562
Fund Name			Fund Balances	Income	Expenditure	Gains and	Transfer		Fund Balances
			31December	2021	2021	Losses	between funds		31December
			2020			2021	2021		2021
								8
Unrestricted		Funds	102,853	2,337,400	(2,433,600)			96,200	102,853
Restricted	funds			139,000	(42,800)		(96,200)
Permanent		Endowment
Funds			36,879,139			699,508			37,578,647
Total Funds			36,981,992	2,476,400	(2,476,400)	699,508			37,681,500

		Unrestricted	Endowed	Total
		funds	funds	2022
		2022	2022
17	Analysis ofnet assets between funds
	Investments	200,000	36,601,164	36,801,164
	Current assets	1,346,158		1,346,158
	Current liabilities	(1,443,305)	(37,455)	(1,480,760)
		102,853	36,563,709	36,666,562
		Unrestricted	Endowment	Total
		funds	funds	2021
		2021	2021
			8
	Analysis ofnet assets between funds
	Investments		37,611,104	37,611,104
	Current assets	1,748,960		1,748,960
	Current liabilities	(1,646,107)	(32,457)	(1,678,564)
		102,853	37,578,647	37,681,500

Transactions: During	the period the following tr	ansactions were e	ansactions were e	ntered into on normal term	s and conditions.
	Stratlord-upon-	Stratford-upon-		College	College
	Avon		Avon	Estate	Estate
	Town Trust	Town Trust
	31December	31	December	31December	31December
	2022		2021	2022	2021
					0
Income	2,582		2,582
Expenditure
Grant	979,388		983,226
Management charge	123,003		95,335
Balances outstanding	at
31December 2022
Creditors	76,570		170,764	4,088	9,093
Lease Commitments
The future minimum	lease receipts under non-cancellable		operating	leases are 2022	2021
Not later than I year				1,634,619	1,396,006
Later than I year but	not later than 5years			5,369,055	5,001,513
Later than 5years				23,086,699	24,737,277