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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|
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|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.|
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|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||
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|||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||2021||
|---|---|---|---|---|---|---|---|
|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|
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|||||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|
##
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|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|
##
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|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|
##
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|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|
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