THE GUILD ESTATE ENDOWMETrrf CHARITY ANNUAL REPORT AND ACCOUNTS For year ended 31 December 2023 Charity Registered No 217484 THE GUILD ESTATE ENDOWMENT CIL4RITY F￿ANCIAL STATEMENTS for year ended 31 December 2023 CONTENTS PA8e Tru&ces' Report Offi¢as & Contscts Statement of Truste￿, Rryonsibilitie8 Independ￿t Auditors, Report 8.10 Financial Slatemetts Note$ on Financial Statements 14.23 THE GUILD ESTATE ENDOWMENT CHARITY REPORT OF THE TRUSTEES OF THE GUILD ESTATE for year ¢nded 31 D¢¢¢mb¢r 2023 Ov¢rvl¢w The Guild E$¢a* Endowm¢nt Ch8rity I"Guild E$18¢"1 is a ¢horitabl¢ tN$t of whi¢h th¢ Coo)oraleTnJ$te¢i$ the Str&iford-upon- Avon Town Trusi r'Town Tnjsi'l. The Town Trust wa5 establi5h¢d under a Memorandum of A5soGiation, which established the objccts and POWCTS of thc chaTltable cornpany. and il is govcrncd under its Articles of A$so¢iation. The Town Tru￿ isihe ¢orporaieTrusiee of the Guild Esiate Endowment andthe College Eskni¢ Endownent Charities Irefured to as'the Group-l. Und¢T a Schrmc of thc Charity comrn15si￿cT5 dBted l Oclob¢r 21101 all Ihc incornc of thc Guild Estdtc 1$, after d¢fraym¢nl of cL)st¥ and exp¢n¥¢s, tran¥f¢tr¢d to th¢ Town Twst wher¢ it become5 th¢ Town TTUSt's Wrpv￿te pwperty 8nd is applied in CQTdan¢c with the objects of ihe Town TTUSI. The wly cxccption lo this 15 thc specific provision in the SchcTne thai 360lu of th¢ cl¢4r y¢aTly incoTn¢ is sd H5ide for th¢ chanry of th¢ GraTnmar SchoDI of KiDg Edward Vl Sthool at StsEiford-upon-Avon C'Kin8 Edward Vl Sch￿7"1. The ¢ndow¢d 0ss¢ts of Ih¢ Guild E$tate ar¢ maiia8ed by lh¢ Towrt Ttu$t within ih¢ oblisatirns of chArity lttw snd in lint with an irtv¢$¢m¢n¢ poli¢y fot the Gyild E$tat¢ dei¢nnined by th¢ Board of TTN8i¢es of Ih¢ Town Tru$t I"Ih¢ Board'l. The Guild Esthte generates th¢ mttjorlly of ils incume from ils perm#neni ertdowtd fund$ which are invcsicd in quoted investmenis 8nd physic21 propthty. Tr one of these endowed investments 13 disposed of the Guild Esiuie has a legol duty to reinvest the nei proceeds in another forni of investment, which in turn becomes endowed. The sale procttds Lan never be used to fijnd 8ener81 activities and cosig: such costs ore ¢ov¥¢d by lh¢ incom¢ R¢n¢rat¢d by the invesnneni$. However. s¢)me fundraisin8 occurs in relaiion 10 the Guild Chapel. All decisions concernin8 the m8na8ement of the Guild Est8ie are taken by the Boèrd And its olyicers. The cosis applicable to the man88cmcnl of the Guild Esta￿ arc p8ssed (*) by way of a man88cmcni char8C. Str#ttgle Rtwl The Ou?Id Eslai¢ ¢oniinu¢4 to follow Ihe siraiegit pl)n, d¢velopeJ and approv¢d in Nov¢mb¢r 2020 by the Board, and ¢ommentary on that is in¢luded in the Artnual Report of the Town TNst. Graots- dljcretlonary and non-dlicretlonory The Gtsild Estste paid £1.2m {2Q22.. £1.Om} ¥s a discretionary 8rani to ihe Town TTUSi. King Edward Vl School's non4iscTciionary eniiilcmeni of £0.7m 12022.. £0.6ml was paid in accordance with the Charity Cornrn155i￿ Schcmc datcd l Octobcr 2QQl. In accordancc with Ihc existing agrccmeni £Q.05m 12L>22.. £0.04m} was paid towaTd5 thc maintcnarhcc of th¢ Church Strert A1rn5hou5¢5, a5 a non-dis¢rclionary gTanl. Fln4ncknl Revlew In 2023 total incom¢ frtr thc Guild F.$t&lc was £2.6rn <2022.. 12,5ml, th¢ rnajoTity of whi¢h w8% gcncrni¢d by th¢ Guild Est41¢'8 inY¢stm¢tti$. InY¢stment m&na8ement costg &mounted to £0.5m 12022.. £0.7ml, so 80.60/0 12022.. 70.90kl WAg svailttble for charit&blc PUTPOSCS, which tundcd thc nonJi5CTCtionllry cntiilcTncni lo King Edwfjrd Vl School and a di5crclionBry grartt lo Ihc Town Trust. Wc Arc very 2WaTe that the ctsst Of mon28ing the investrncnt8 must bc moniti)red closcly And spent CArefully but Iso il 1$ impvft&nl thut thE inve¥tsnEnl¥ are well mBni8cd Ensurits8 5Ecurily uf in¢OTne flow for future 8enerniions. Charitable expenditure w&s £2.Im (2022.. £1.7ml, of which £2.Om12022.. £1.6m) was 8rani fundin8. Incornt Thc 2023 totsl incomc of £2.Om rLyrc8cntcd ￿ incrwe of 5.9U/o on la8t ycHr {2022.. £2.5m). This incrca8c is duo to additionaj income gcneratcd by investtnent funds. B8lahe¢ Sh¢¢t The Guild &state iThvcstrn¢ntsof£37.9rn12022.. £36,8ml-an increw of£l.Im year on y¢¥. This increw is due to gn increw of £0.2m of sh(xtteTm cash deposits. £0.4m of non endowed funds being held in iK>nds and£O.5Tn of PTopety gaiTL% K%ulting froTn the proFW dispvs&l¥ durin8 the year. The tnlljority of inve¥ttnenls {£37.1rnl aTe der￿ed ds endowed a%sets, which mtrdns thit if any of thcs¢ ￿$￿ts are Ever sold. 8]1 the PTtteds fttKn thc s&1¢ Must alw&ys bc rcinvested in othcr irtvcstmrmt which in lum become endowed. THE GUILD ESTATE ENDOWMENT CHAIUTY REPORT OF THE TRUSTEES OF THE GUILD ESTATE for the year ended 31 December 2023 (continued) Re¥trve$ Poll¢y The Board reviews the resthves poliey annually and Consid￿ it very important thEt the Guild E$tat¢ ¢an p8y C¢)mm2tt costs Ènd have free reserves to coverongoing administration costs for six m¢Jnth& Thc pemianently endowed reserves irl Guild Estht¢ will alway5 be fully inve¥tsnent artd c&sh backed. To recogni9¢ the small operational risk in Guild Estate an unre5tri¢t¢d r¢scrvc of at Icast £O.Irn 15 held. TheTtscrvcs p)liey was reviewed in June 2023. As at De£emb&- 2023 the endowed Te8erves are £37.Om {2022.. £36.6ml th< unTestridcd reserves are £O.Im12022.. £0.1rn}. Flnanclal Effttt of Slgnficant Events In 2023 th￿C WCTC no significant cvcnt5 affccting th¢ Guild Estst¢ apart from th¢ ¢ontinued Impa￿ of the war in Ukraine and the high Inflati￿ rd*. INVESTMENT POLICY AND PERFOIiMANCI At the end of 2023 Guild Estate held invc8tmcnt5 In¢t of sh￿1 t¢Tm drpositsl of £13. Im, An incre48e of 3.3m on 2022. Th¢ incTed8e was in the rnllin as a re¥ult of th¢ T¢illVCStm¢ni of pro¢e¢ds from properry sales during the yeAr. Th¢ obj¢¢¢iv¢ of the inve$tm¢nl w>li¢y is w ¢r¢aie $uffi¢i¢ni inLome and capitsl 8rowth 10 enable thc Guild Eslalc to carry out its PUTPOXS consisicnily ycar ycar. In the medium lo long temi the Guild E51oic aims to 8encrate an aver￿C annulll income yield of 4.4ty/fj and for thc capitol volu¢ of th¢ portfolio 10 grow ai leA8t in line with inflation ICPII. Tlt¢ broad thTU$tofour inv¢stM￿l wli¢y in r¢cenl years hthsbeen to incTeasediversificalion Tedu¢¢ our ¢xpo$ur¢ ioprop¢ity ITL Stratford.upon.Avon. ThL' iar8eis sel for reducing physiLal propcrty Invcslmcnl in thc Guild E51al¢ lo bclw¢¢n 70¥b and 80V• of th￿ lotttl investrncnt portfolio volue. as ot the end of Decembcr 2023 physical prop¢Tty T¢pr¢$¢ni¢d 63.8Yo of the 10141 ithveytrneAI p()rtlolio. The Board revicwed gnd updated the investmeTht pulicy in Scpt¢mbcr 2W23. Th¢ poliGy's Tll4in objectives coniit)ue ￿ bv, Short Term (less tbAn three ye•rol Oblectlve Thc ghon-lerni invcsimenl objcblivc is to ¢nsur¢ th41 the Ouild Estiie hA$ qUtFicicnt liquidiiy to enoble it lo fijnd it5 planned Spcnding on gwd c&u8e¥ and m¢¢1 its ov¢rh¢ttd ¢osts as th¢y fall due. Medlum to Lollg Term ObJeeiiv¢ Thc mcdiurn to long-l¢nn investm￿t obJcctiv¢, tts ffle8sur¢d ov¢r a 10-yeArrollin8 period. is ￿ 8chicv¢ a bllianced rcturn from ihc ovcrall portfolio Such thai.. foT th¢ CQTnbin¢d portfolio th¢re is #n expeciati()n ofnei income yield being Dot Icss than 4.4ts/0 pa and th&t Iht e&pital v&lue grows at least in line with intlation. Nci Income 15 dcfincd Iiros¥ incoryLC Ic55 all dir¢rt costs i.e., fees, Tepair Costs, le8Lllddvi&or fees. (4.4% ts the welshl•ddverAKe ofiheyl¢ld of propertyin￿.11￿¢nts f4.98%)plM.f theyieldoftht quoled inVe&¢mertts (3.2%)). Long Term ObJe¢tlve 'I'h¢ ¢ndowtn¢nt inv¢stTnents arc exp¢¢ied to CX151 in perp￿u1ty and should bc managcd to mcel th¢ Guild E51at¢'8 inv¢5tm¢nt obj¢¢liv¢5 and ensure theiT 8Ugtain&bility. Thc Guild E51atc also has a Tcwon$iblc invtstm¢nt poli¢y. which guides the Boerd in environmental, 8￿181 and Bovcrnan¢e i$sv¢s when making InV￿tMent d¢¢i$ion$. The Trusts Capital and Income Aci 2013 Pruposed that cndowcd charitlC5 may adopt a Ip¢al rctum oppro44h, without havin8 10 5cek Ch&rity Commisgiort approval. The Guild Eytaie h&¥ Consid￿¢d this point in T¢lwtion to its ¢ndow¢d inve$tsn¢nt8 but decided il w8$ Èn approach it would not adopt ai this time. The Guild Estate does not have any social invesmLcnt5' all Guild E51at¢ inv¢51rn¢nts Bre endowed. The policy. at Present. is to tLOt havc ony programmc relatcd investments. The endowed inv¢stments arc split bctwccn physical PTOPCrty, cquity invistTn¢nts, prop¢ty fund investtncnts and eash equivalcnl. All Investm￿(5 held in equity inv¢strn¢nts QT Gash ore T¢adily redisable if required. THE GUILD ESTATE ENDOWMElYt CHAIUTY REPORT OF THE TRUSTEES OF THE GUILD ESTATE for year cndtd 31 December 2023 (continued) lThv¢stmut Pollty and PerformaDee {Con¢lDued) Investment (net of short term de 051ts Endovied.. 2023 2022 2023 Actual 2022 Actual Future THTget Ph siLal Pro E uitv Funds PTO Fund5 Fund Cash uivalenl Total ¢ndowed 24.3 20.8 73.2 21.6 7Q-80 3Q-50 0-20 21.4 37.5 36.6 9&9 ioo.o i(M) Non-Endowtd: Short term de TolAI non-endowed ithV¢Stm¢rtts Tfjtol In¥uim¢fits 37.9 J6.6 ioo.o i(K).o loo The cquity inve¥tyncnt% arc hcld with ciihcr Sara5in & PartnfT5 ur Cszentsve Capital Management Limited. The propcrty fvnds are held wth eiihercharilics Propcty Fund or SchTodv UK ProFty Fund. Thc invcstmcni rcDArn3 durin8 theyeararc rcvicwcd and compared wilh their benLhm8rks, thc invcs¢rncn¢ poli¢y and ¢hc perfortnunce of comparable funds. IhdepeThdently Man48ed FuTtds P¢rformin¢o The follvwing iabl¢ Shows th¢ in¢om¢ and ¢8Pital reiurn$ e¢hieved durin8 the period 10 arrive at the tothl return for th¢ ptriod: Income Capltal TotAI Return T4rg¢t Ben¢hmirk Managcd Fund5 4.4V. 0.3Ph 4.7V 7.8Y• 5.5Yo The b¢nchmaTk for the Guild EsIBle i¥ ihB weighted &vera8c ofihe benchmark for the PT<)pcny fijnds l-1.4Vo}, which is bascd on AREF I MSC.I All Bal4nr¢d Funds PTQPCrty Index And Ihc bcnehmark for the Commun Inv¢simcnis Funds17.5.￿) (which is ralcul&tcd bascd on.. ICE BofA Stwlin¥ CvrpDTllte & Cell&icraliLcd Ind¢x17.50/0l, ICE BufA UK Gills All Siocks17.5 /fj1. MSCI AC World {Local Curr¢ncy} IGBPI IIOO/o), MSCI All Balanced Pruperty Funds- Onc QuartCT L￿ged (S%1, MSCI All Counirie$ World Daily IN¢t Totul Return) {6￿/￿1. 2Yo w annum above SONIA l&liernatiVC ll5wisI {100/o}. Th¢ •¢liJ41 p¢rfomian¢¢ wa$ b¢low both the tar8rt ond thc bcnchmark. in Ihtmain due to thehigh impll¢t of irttlation in th¢ y¢8r 14.2Yol which ne￿alIVe irnpaci on funds. valuc5. Phyiltal Property The property portfolio, valued al £24.3m (2022.. £26.8ml, within the Guild Est&l¢ hjs in v8lu¢ by £2.5m durinR the year. This decrease i¥ due tu thc disFwal of thTCC propcrtiu. Thc valuation changc rcpr¢8ents RveTaBe capital return of Ots/o12022.. 1.IO/•l. The rental yield for the propety portfolio wa5 8. l•/n {2022.. 7.7V/ul. giving a total r¢turn of ¥.I0/Tr12022.. 8.8°hl. The Lurrcnt 8trategy includes an objcctivc to T¢du￿the w¢ightin8 of town Cthtre properties ln the tnve5nnen1￿oIi￿. A4 a Tcwlt Ihcre wer¢ three propcty diswals in 2023. In March 2023 the cO￿h Hou* pub was sold for £0.7m and it had a book value of £0,45m. Th¢ n¢1 pro¢c¢ds wrr¢ T¢inv¢std irt the Ch￿ty Prvperty Fund. In June 2023 the Garrick Inn and Windmill pub wcr¢ sold for £2.3rll. they had a combind b(xA( valur of £2.Otn.. The net PTrtecds wcr¢ reinvc5ted in a sterling liquidity tund. Thc Guild E8WccoThtinuou51yTn(¥))tOTsth¢p￿0MlQn¢¢andm8nSgemeThiof iL% investsnents particularly the l(Kally owned propty portfolio. A full property v4luation WAS tBrri(xlout by Colliers Intem&tiona] in December 2020. A fJvc-ycaT interval i5d¢¢med appropriate by the BoBrd to c&pttJre any tllalerial movement howevet the valuation is ¢onstder¢d and moniiLYcd annually taking into account markEt conditions that may itnpM¢t thc valu&tion. Public Benefit The Public Bcnefil of the Guild Estat¢ is Prinlarily achicvcd IhTough its CoTPOT&te Tntste£'s (the Town Trusil Brant-making to benefit the-iTthabiwJls of Stratford-upon-Avtyh" (as d¢firt¢d by the thinistrative boundary of theparishl. TheTown THE GUILD ESTATE ENDOWMENT CHARITY REPORT OF THE TRUSTEES OF THE GUILD ESTATE for year ended 31 De¢ember 2023 (continued) Public Benefit Icontinued) Ttust has had regard to the Charity Cotnmission's guidanee on Public Benefit, Howevw, the Guild Ethie alw fi￿d& i non- distretiortary entitlement to the Trn#tts of King Edward Vl School. In 2023 this amounted 10 £727k. All the To￿7 Tru*'s gr4nt appliw)ts gr¢ r¢quir¢d to provid¢ infornistion on the number5 and types of pe￿nS intended to benefit and the￿ place of residence. This inforn￿tIOn helps the Towm Trust to asse￿ how its prograrnme of di5eretionary grant-making achieve5 a spread of benefit acro&% the cornmunity. The Town TNst sets taT8et allocatlolls to ensure that thc net of bcnefjl is casl &s widely as po&8ible. These 811(Kations aryj pnorities are influenced by on-going public consaltation and infortnat1L￿. In the same way the Town Tnjsi and Gwld E￿at¢ ensure thai access lo all their directly managed fa¢ilitie$ is available lo all 8¢¢tors of the Community. In 2023 th¢ Group applied £2.4m io ¢haritabl¢ purposes of which £l.Om dis¢r¢tionary 8rants were provided to 155 beneficiaries. Full details can be found in the Straiford-upon-Avon Trust Annual Reportof theTru51tts and Accounts.. In 2023 the cornmLtnity hub continued to go from strewh 10 51renBth. The c05t for the year wa5 £0.15m. Thcrc werc 14 eommunity group5 who have taken pcrnanent spacc liccnsces and this benefit has been treatcd as a benefit in kind. Also. many community groups utilrscd the various mccting spacc5 on & Tcgular basi The Corporate TNst¢c in EKerci¥ing its powers and duties. h&% complied with it$ duty in Section 17 of the Charity Aei 2011 to have duc regard to the public bEn¢fit guidan¢¢ publi¥h￿ by the Charity Commis$ion. Rlik Man4g¢rneat Th¢ risk policy wa5 r¢vi¢w¢d in autumn 2023. wh¢n th¢ TNSI assessed ils risk appetite lo be low lo moderate. The Towm Trust continually reviews its risks. which arc mainlaincd on a ri8k regi51cr. Risk is a Standing agcnda item for all board And committee meetings. The risk policy rxplaitts the pro¢vJ$ for identifying risk5, allorating ownership and classificaiion. On¥Y the risk has been identified and categorised. it is then assessed baqed on the impact and likelihood of the ri¥k occuffing. Then the ri$k needs to be miiigaied, if po&$ible. The policy requires that the risks and theirmitig&tionsar¢ monitored and assessed on a regular basis. thc TowTr Trn5t's policy 51ale5 this is undertaken within the Risk Register. Thc whole proce￿ is monitOTcd by thc Audit & (iovernance Committee. The Board consideTS that there are no major risks facing the Guild Estate at the end of the year. InternAI Contr•li The Board is responsible for ensuring thai there Are effective and adequaie risk management and interna] conirol system¥ in place to manage the stral¢gi¢ and op¢rational risks which lh¢ Town Trust has and could be exposed io. Proc¢ss¢s in place regarding risk managem¢nt and iniem41 ¢ontrol$ include.. Risk Policy process., Review of internal controls and pro¢esses by Avdit & Gov¢man¢e Committ¢¢ and Compli8n¢e Advisor wherc appropriate.. All major progr8mm¢s gnd proje¢ts are scrutinised by senior management and monitored through an 8ppropriat¢ ¢ommitiee', The safeguarding of asseLs agai1￿t unauihorised use or di4)05ition', The maint¢n2nc¢ of proper ac¢ouniing re¢ords,' The r¢liability of the financial infomiation us¢d within the Town Tjijst or for publicalion,. and Good ¥overnan¢e poli¢i¢s. THE GUILD ESTATE ENDOWMENT CHARITY REPORT OF THE TRUSTEES OF THE GUILD ESTATE for year ended 31 December 2023 (continued) Control Envyronment The Town Tru￿ ha5 an organI5ational structure with d¢fLnd lines of T￿p￿￿$]bIlIty• job descriptions and delegated levels of auihority as approved by ihe Board. Informa¢lon Systemi The Town TrLLSt prepaTes qu8rterly management accounLs which compare acDJal results with the budget and thcse Bre reviewed by both thc Finance. Inveslmcni and Property Committtt and the Board. Variancc5 are followed up by managemtnl. An annual budget is produccd. which 15 eomparcd with the threc-ycar plan and the expcctcd out-turn by the Finance. Inve5tm¢nt and ProrLty Committee and then approved by the Board. Cash forecasts are prepared monthly to aid investment decisions And eash management. Also, a three-year plan is prtyJu¢ed artnu211y and ihis i$ dovetailed fftto thc Siralcgic Plan with sccnario ovcrlay5, whcrc necc55ary. DuTing the year full year f￿ancial forecasts are prepared and reviewed by both the Finance, Investment and Property Committee and the Board. Volunteeri Wc are very graiethl for the volunteers, loyalty cornmiimertt to the Guild Chapel. We would like 10 thank them for the lim¢ ¢h¢y giv¢ to offer a w8rn1 and knowl¢dg¢able welcome to all our vi¥itor&. Glllld Chapel ITh Shakespeare Week we held a free schools, workshop ai the Guild Chapel, the eveni was hosied by th¢ Guild Chapel Volunteers and Orchestra of the Swan. On Shakupear¢'$ Birthday there was an aftcmoon of m¢dicval croft activities al the Chapel. During Heritage Week in September the Guild Chapel pArticipated in the heritage tour for volunteers from Shake¥p¢8Te Birthpla￿ Tru8t. Holy Triniiy Chur¢h, Shakespeare School rooms. Guild Chapel and the library. The fin evcnl in the ycar was a Christma8 Carol Conccrt, whieh was a very popular cvcnt. In 2023 the Fricndy of thc Guild Chllpcl hcld a numbtt of concert8 and organ reeitals and we are grateful for their ¢onlinued suppon. During 2022 King Edward Vl Sch(M)l utilised the chapel for musical activities &8 well as ils usual school ass¢mbli&s and srrviees. Stgtement 98 to dlwloiure of Inform%tloD to Audlto The TNstee5 of the Town Trust who were in offjce on the date olapproval of Ihcsc financial 51atcment5 have confiTrnCd, As far as they are awarc, that there is no relevant audit infomation of which the auditors are unaware. Each of theTru5tees have confirmed that thcy have taken all the steps that they ought to have taken as Tru￿e¢S in order to make Ihemselves aware of any relevant *udit itiforniation and to establish that it has been ¢ommuni¢ated to the auditor. On behalf of the Boord of Trustees Tim Bailey Chair of Board 22 May 2024 THE GUILD ESTATE ENDOWMENf CHARITY OFFICERS AND CONTACTS for the year ended 31 December 2023 TRUSTEES OF CORPORATE TRUSTEE Tim Bailey Gill Cleeve Liz Coles Marion Hom¢r Tony Ja¢kson Simon Littlejohns Henry Lu Michael Rolfe Jonathan Smith Clive Snowdon (to 31.1.231 J05ie Steven5 Mark Tailby {appointed 1.2.231 CHIEF EXECUTIVE lof Corporate TTUStee) SENIOR MANAGEMENT TEAM lof Corporate Trustee) Sara Aspley Sar& A5plcy, Rcbccca Hampwn, Jamcs McHugh. Paul Fitzpatri¢K Fronces Nibb& Lynn Perkins. ADDRESS Stratford-upon-Avon TO￿ Ttwsl 14 Rother Street Stratford-upon-Avon CV37 6LU BANKERS Bar¢loys Bank pl¢ Markei Cr05S Stratford-Upon-Avon WHrwickshire CV37 6AP SOLICITORS Mills & Rttve LLP 78-84 Colmore Row Birn)ingham 83 2AB Robert Lunn & Lowth LLP 2 Sh¢¢p Sir¢¢l Siraiford.llpon-Avon CV37 6EJ AUDITORS Saffery LLP St John's Court Eathon Street High Wy¢omb¢ HPI I IJX COMMERCIAL PROPERTY Collicr5 International Propcrty Consultdnt$ Limited MANAGER 19th Floor 103 Colmore Row Birmingham B3 3AG INVESTMENT MANAGERS Sarasin & Partner¥ LLP JuAon House 100 St Paul'$ Churrhyard London WC4M 8BU C8zenov¢ Capital {part of S¢hrod¢rs & Co Lirnitedl l London Wall Place London EC2Y SAU CTharili¢s Proputy Fund Cordea Savills 33 Margaret Street London W190JD Schroders & Co Limited l London Wall Pla¢¢ London EC2Y SAU THE GUILD ESTATE ENDOWMENT CHARITY STATEMENf OF TRUSTEES. RESPONSIBILITIES as at 31 December 2023 The trustees are responsible for prepaTing the trustees, r¢port and th¢ financi￿ 5tateTnents in aeeordan¢e with applicable law and United Kingdom A¢couniing Standards (United Kin8dorn Generally Acccpt¢d Accounting Practice). The law applicable ¢0 charities in England & Wales requires the tTUStees to prepare financial $talements for each finartcial year which give a tnje and fair view of the state of affairs of ihe charity and of the in¢oming r¢sour¢¢s and application of resour¢¢s of th¢ charily for that period. In preparing thcsc financial s¢atemenis, the tnjsiees are requiT¢d to.. selecl suitable accounting poli¢i¢s and then apply thern con5i8tcntly,' ob8erv¢ the methods and priTh¢ipl¢s ITh the Charitie5 SORP IFRS102),' mikc judg¢tnent$ and esiimat¢s rha¢ ar¢ rwonable and prudent. state whcthcr applicablc accounting standards hav¢ b¢¢n followed. subject to Eny matcrial departur¢8 disclosed and explained in the financial slalements and prepare the financial statements on lh¢ going coneern basls wiless it is inappropriate to presume ihal the ch&rity will ¢oniinue in business. Th¢ trust¢¢s ar¢ re5pon5ible for keeping prqjer accounting reeords that disclose with reasonable aCWTP¢y at any time th¢ finfincial position of the charity and enable them to ensure that the financial statement5 Comply with the Charities Act 2011, applicable accounling rcgulalion5. They are also responsibl¢ fur safeguArding the a55Ct5 of thc chArily attd hence for iaking rcasonablc stcps for the prevmtion and dctrciion of fraud and oth¢r irre8ularilies. The trustees are responsible for the m8intenan¢¢ and integrity of the charity and fjnancial information ineluded on the charity's web8lte. Lcgislation in the United Kingdom gov¢rnin8 th¢ prcparalion and dissemination of finthncial 5tatcmcnts may diffrr from legislation in other jurisdictions. THE GUILD ESTATE ENDOWMENT CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OplthloD We have audikd the financial statements of Guild Estate Endowment for the year ended 31 December 2023 which comprise whieh comprise a statementof financial activity. BalanGc Sheet, siatcrnrnl of c&sh flows and notes to thc financial statements. includin8 518nificanl accounting policies. Thc financial reportiDg framewtsrk that has been applied in their preparation LS applicable law and United Kingdom Aeeounting Stalldards, in¢luding Financial Reporting Standard 102, the Financial Reporting Stand￿d applicable in the UK and Republic of Ireland (United Kingdotn Genwally Accepted A¢¢ollnting Pra¢ti¢el. In our opinion the financial statements.. give a true 8md fair view of rhe ￿8¢¢ of the charity'5 affairs a8 at 31 December 2023 and of lis incoming resources and applicaiion of resourceb for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accyted A¢¢ountinK Prg¢ti¢o.' and have ￿en pr¢par¢d in a¢cordancc ￿th the requircTncnt5 of thc Charities A¢t 2011. BsslB for oplnlon We conducted our audit in accordancr wtth Inlemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our respon5ibilitle5 undcr those Stand￿d$ are lurtheT described in rh¢ Audiior's responsibilities for the audil of thc financial statements section of our report. W¢ are independeni of the charity in accordance with the ethical rtylliremenls that are r¢levartt to our audit ofthe fjnancial statements in the UK. including the FRC'S Ethical Standard, and we havc fulfilled our olh¢r ethi¢al r¢$ponsibilities in ac£ordanee with thcsc rcquircmcnt5. We believe thai the audit evid¢n¢¢ w¢ have obtain¢d is sutrici¢nl and appropriaie to providc a basis for our opinion. Concluih)n¥ rel8tln# to golnK ¢on¢ern In auditins the financial statements, we have ￿ncluded that th¢ trustees. Use of the goinx concern basis of accouniing in the preparation of ihe financiBI slatcm¢nt5 is appropriate. Based on the work we have perfornied, we hav¢ no¢ id¢nlified any material uncertainties rclatin8 to cvenls or¢ondilions ihai, individually or ¢olle¢lively, may cast $18nificant doubt on the charity's ability to Continue as a going ¢oncem for a period of ai1¢8sI twelve months from when thc financial 51atcmcn15 are authoris¢d for issue. Our rcspon¥ibilitie8 and the responsibilities of the trui*tccs with respect to going concern aredescribed in th¢r¢l¢vanl section$ of this report. Other Informatlon The other infornialion compriscs thc inforrn&iion included in the annual report, other than the financial staiemertis and our auditoi's report ihereon. The trusie¢s are responsible for the other information. Our opinion on the financial staternents does not cower the other information ￿￿, except to the exienl otherwise explicitly 51aied in our report, we do noi expre$s any form ofassuTan¢e ¢on¢lusion thereon. Our r¢sponstbilily 18 to read the other infomiation and. in doing so, consider whether ihe other inforniation is materially inconsistent wilh the financial slatemen15 or our knowledge obtained in the ¢ours¢ of the audii or oiherwise appears to be malcrially Tlli5Statcd. If wc idcn15fy such rnalciial incon%ixten¢i¢$ or apparent material mi55talcmcn15, we arc rcquiTed to determine whcihcr thib 8ives lo a matcrial mis5tatCTn¢rtl in the financiAI statements themselves. If. ba5cd on the work we have pcrformcd, ￿ conclud¢ that there is a material missiatemenl ofthts other information., we are required lo report Ihal fact. We have nothing to r¢port in this reBard. MAtters t)n whleh we Are requlred to re￿)rt by exceptlo W¢ have nothing to report in respect of the following Tnattcrs in relation to which the Charitles (Accounts and Report51 Re¥ulalions 2008 require u5 to report to you if. in OUT opinion.. the infomation given in the Trustec5' Annual Report 15 incon5iSt¢nt in any tnaterial respect with lh¢ fIn￿CIal statements. or the charity has not k¢pt 5ufficieni accounting records., or the financial 5talcrnents arc not in a8reemrnt with the awouniing r¢wrd$ and returns,. or we have not received all the infomation and explanotions we Tequirc for our audit. Re$portslbillde$ of trusttts As explain¢d more fully in th¢ Trustees, iiespon5ibilities Statemcnt set out on page 7, the InJsie¢s ar¢ responsible for the prcparation of thc financial statcm¢n15 and for bcing 5atibfied that they 8ive a tnje and fair view, and for such internal control as thc trustces dctcnninE 15 ncce55ary to ¢n&ble th¢ preparation of financial statements that free frotn material misstatement, wheiher due to fraud or em)r. THE GUILD ESTATE ENDOWMENT CHARtTY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES In preparing th¢ fJnan¢io1 stai¢ments, th¢ trustees are responsible for assessing the charity's ability to COtLtirtue as a going concern, disclosing. as applicable. matters related to 80ing concern and using the Boing con¢¢rn basis of a¢¢ounting unless th¢ trustees either intend to liquidate the charity or to ccase opcrations. or have no realistic alternative but to do so. Auditon, respon8lbillties for the audlt of tlle financlal statement8 We have been appointed a5 auditors undcr thc chariti￿ AGt 2011 and rEpDtt ID a¢¢ord2n¢¢ with rc8ulation5 madc undcr that Act. Our objectives are to obfain reasonable assurance about whether the rtnancial gtatement5 as a whole are free from material missta¢crn¢At, whether due to fraud or etTof, 2nd to issue an auditors. TCPOrt that includes our opinion. Reasonable a55urancc is a high level of assuranc¢, bui is not a yuaranlee ihat an audit conducted in accordance with ISA5 IUKI will always dete¢t a material misstatcmcnt wh¢n it ¢xist5. Misstai¢m¢nisean arise froTn fraud orerroraThd are considered matcrial if. individually or in the aggregate. they could reasonably be expected to influcThce thc e¢01￿MIe decisions of users taken on the basis of these finan¢ial statements. Irr¢Rularitics, including fraud, are instance$ of non-complian¢e with laws and regulations. We design pro¢¢dur¢s in lin¢ with our responsibilities. outlin¢d above, to dtlcct Ma￿TI&l miutatemertts in respeci of irregularities, including fraud. The specific proccdurcs fDr ihis engagem¢ni and the exteni 10 which the￿ are capabl¢ of d¢tectin8 Irre8ularities. including frdud aTC detailed below. Identifyin8 8nd asqessin8 risks related lo imgularitics.. W¢ assessed the $us¢¢piibiliiy of ihe ¢hariiy's financial statements to maleTLal misstatemcnt and how fraud mighi occur. includin8 Ihrough di5cussion5 with the trusiecs, diKu¥sions withirt our audit team planning meetin& updoling our record of inlemal contro15 and cn5uring thc5e controls opcrated a5 inlcndcd. We rvalualed po.ssible in¢¢nlives and opportunities for fraudulertt manipulation of the financial 8talemenls. W¢ identified laws and regulalions ih8t are of significance in the context ofihe charity by di5CU5sions with Iru5tKs and updating our Under￿andin& of ihe s¢¢ior in which the charily operates. LRWS and regulation$ of dirtti significance in the ¢ont¢xt of the charity include the Charitlcs Act 2011, the ChaTltie8 (Accounts and Reports) Regulations 2008 and guidan¢¢ issued by the Charity Commi%8ion for England and Wales. Audit response to risks identified.. Weconsidered the extent of compliance with thtsc law5 and rcgulalions aspartof ouraudiipro¢edur¢$ on the related finAncial Statement items including a rcvicw of financial Slatcment diselosures. We reviewed the charity's records of breaches of laws and re8ulations, minute5 of mcctin85 and correspondence with relevani authorities io identify potential material Tll1s51atemellt5 arising. Wc discussed the Ghariiy'5 polici¢$ and pro¢edur¢5 for complian¢e with laws and regulations with membeTS of management respoosible for ¢omplianc¢. During ihe planning m¢eiingwiih Ihe audit team. the engagement partner drcw attcntion to Ihc kcy areas which might involve non.romplion¢¢ with laws and Tegulations or fraud. Wc enquircd of management whether they werc aware of any instanc&s of non-¢ompliance with laws and regulations or knowledgc of any actual, sUSPCCtcd or allcged fraud. We addressed the risk of fraud through managcrncnt ovcrride of controls by tC5ting thr appropriaten¢5s of journal eniries and identifying any significant transactions that were unusual or ou15idc the nomal course of business. We assessed whether judgemenls mad¢ in making accountin% c5tima(c5 gave ri￿ lo a possible indicalion of managctncnt bias. Ai the compldion sla8¢ of ih¢ audit, Ihe cngagcmenl partner's revicw includcd ensuring that the tram had approached their work with appropriate professional sccptiCi5rn and thu5 the capacity to idcntify non-compli&ncc with laws And regulation5 and fraud. There ar¢ inher¢nt limitations in the Audii procedures d¢$cribed above and the further rernoved non-compliance with laws and regulations 1$ from Ihe cvenis and tran5a¢lion$ r¢fle¢ted tn the fin8ncial 51aternents the les5 likely we would bccomc awaT¢ of it. Also, the risk of not dete¢ling a mat¢rial misstatement due to fraud i5 higher than the risk of not detecting onE resulting from error, as fraud may involve deliberate conee8lmeni by. for example, forgery or intentional misrepreKntatiort& or through ¢ollusion. A further dcscTlPtion of our respon5ibilitlCS 15 availabl¢ on the Financial Reporting Council's website at.. kl 8. This description fornis part of our auditor's report. THE GUILD ESTATE ENDOWMENT CIIARJTY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES Uje of our report Thi$ r￿ort j5 mad¢ Solely to the ¢harity's ttust¢¢s, as a body, in accordance with Part 4 of the CharitÈe5 (Accounts and Reports) Regulations 2008. Our audit work has bttn undertaken so that we might state to the trustees those matters we are Tequired to state to them in an auditor's re￿rt and for no othcr purpose. To the fullest extent pcnnitted by law. we do not accept or wum¢ r¢sponsibility to anyone otherthan the charity and the trust¢es a$ a body. for our audit worl for th55 report, or for the opinion5 we have fomied. 5affery LLP St Johns Court FA*on Street High Wycombe HPI I IJX Chartered Accountants Staiulory Auditors Dalc.. 19 If12 Saffery LLP 1$ eligible to ￿t Is an auditor in terms of sectiort 1212 of the Companies Aei 2006 io THE GUILD ESTATE EIWOWMEIYT CHAIUTY STATEMENf OF FINANCIAL AcfIviTtES for ￿at ended 31 De¢mber 2023 Unrestrktrd Ptrnlnent Totsi Ptrniwnt Totsi l¥•ds rmds endowmeTrL tndowrnefftt Note 2023 2021 ID¢omt from: Inve8tmeni In￿Me Donation5 Iyies IT￿n￿ from chwitable aclivities Incon￿ fromotheT a¢iivitiC5 2.573.958 8.057 1573.958 8,057 2,410,165 2.4IO.165 2,659 14.331 2.659 14J31 IA88 1.888 Totll Intome 2,599,(K15 2.599.005 2,453,104 2.453.104 EXpelldI￿re o•: Raising fij Ch8rithble activitie&" 50¢,I55 2.094.994 504.155 2,094,994 713,899 1,739205 713.899 1.739,205 Tot81 exptDdllur¢ 2,599,149 2.599.149 2,453,104 2,4S3.104 Nei 8ains l(losJ¢$}on illVCStmrnlS 409.838 409J38 11,014,938) 11,014,938) Net movtmellt li tsnds Reconclll4tioa of funds TO1￿ Ibnd8brou8ht forw8Tr1 11441 409,838 409fi94 11.014.938) 11,014,938) 102ffi53 36.563,7($ 36,666,562 102,853 37.578.647 37.681,51KI rota] futtdi eArrlÉd forwArd 16 102.709 36.973,$47 37.076.256 102,853 36.503.709 36.666.562 *I￿l￿de9£273I2O22.. £29.7511 ofTCStrictrAI incornc •* Include¥ £27312022.. £19,751) of rekncttsl ex￿nd1￿Jfe Th¢noteson p88es 14 to 23 fonn partof theye financial stat￿rnI& All tsf the Guild Eslate'u ￿tiVItIeS are conlinuing. THE GUILD ESTATE ENDOWMENT CHARITY BALANCE SHEET as at 31 Ikrembw 2023 Note 2(J23 2022 Flxed Heritage assets Investments 12 13 37,852,926 36,801.164 TotAI Flxed Asseti 37,852,926 31801.164 Current aimts Debtors c￿ at bank artd in hand 14 310,716 711,998 295220 1,050.938 TotAI turrertt #Mtts 1.022.7l4 1,346,158 Cr¢dltorn: amounts falling due within one year 15 {1,799,384} 11,480,760) Net turrent (IiAbilltleJ) l aJ¥el¥ 1776,670) 1134,6021 Tot*1 net u8et¥ 37,076,256 36,666,562 End(￿¥Th￿t fund8 16 36,973,547 36,563,709 Unrestii¢ted ￿ndS 16 102,709 102,853 Totsl fundi 16 37,076.256 36.666,562 The flnancial statement8 on pagcs I I to 23 wcrc approvcd by thc Boord ond authori$ed for issu¢ on 22 May 2024. The notcs otl pa8c5 l4 to 23 forrn part of these financial statemenls. Tim Bailey {Cho of Board of Stratford-upon-Avon Town Trust) Sirnon Littlejohns (Chair o iftan¢e. Investment & Prop¢rty Committee of StratfoTd-Upon-AV￿ Town Trusi) 12 THE GUILD ESTATE ENDOWMENT CHAIUTY STATEMENT OF CASH FLOWS for the year ended 31 Decembtr 2023 2023 Totil furMIs 2022 Totsl funds CAJh flows frnm operatlng activitiu: Nelc45h In oper4th18aciivliie5 Cagh flow$ from Inv¢stln£ aerfyltleg.. Dividends interest and Tents from investments Pr£Keeds from sale of investments Purch￿ of investments N¢i¢4yhprovld¢dty INvth¥n8 4erfvllles 2.S73.959 2,960,445 2.410.165 415,917 Change in cash artd cash equivalents in Ihe reporting peried Cash and cash equivalents at 31 December 2022 Cash tAih equlvAlen¢i at 31 D¢¢¢mber 2023 1331,9771 1305,3011 2023 Total fundi 2022 Totsl funds RecoDtlll4tlon of net In¢ome to n¢t ¢aih flow from operatlA¥ ￿dvItIe4 Nel 1￿CoMe1(￿peNdI1￿rc)￿Or the rewrtinspersod (asper the Jiatemenl of fi￿ancia1￿clIVl$ie5) AdJustmeDls for: IGain51 I losses on investments Dividends intercsl, and rent frDm inve5tmeni$ (Increase) I deuease in debtors Inerease I (decre￿) in creditors 409,694 {1,014,9381 1409,8381 12.573,9591 115.4961 318(J23 1,014,938 {2.410,165} 59,516 197804 2023 Total funds 2022 Total fundi AnAlyili of tgsh ADd caih equlwalents Cash in hand Cash awailing investment* Total ¢a¥h ¥Ad ¢••h ¢qulvileots 711.998 1,050.938 41 *ls unavoilable for 8ener81 expenditure Is it is kn endowed 43*t. AnAlY￿ of thange In net debt At l January 2023 At 31 Deeember 2023 Cuhflow C*5h and equlvaleDts Cash Cash awaiting deposit 1,050.938 40.412 1338.940) 6,963 711.998 47,375 Total 1,091,350 {331,9771 759,373 13 THE GUILD ESTATE ENDOWMENT CHAIUTY NOTES ON FENANCIAL STATEMENTS for year ended 31 December 2023 i. Statement of Attounting Politi of Pr¢pArAtIo The financial slaiements have b¢en prepareAI in accordance with the Statetnent of Recommended Practice.. Accounting and Repor¢ing by Chatitits PTeparing their accounts in accordance with the Financial Reportin8 Standard applicabl¢ in ihe UK and Republic of Ire12nd IFRS 1021 issued on 16 July 2014 and the CharitlC5 Act 2011. The financial statements have been prepared to give a Irue and fair, view and have dcpartcd froTr) thr Charitic$ (Account5 and Rcportsl Rcgu121ions 2008 only to the cxtcnt required 10 provide a Irue and fair view,. This dcparturc has involved following Accounting and Reporting by Charilicspr¢paring their accounls in accordance with the Financial Reponing Siandard applicable in the UK and Republic of lTeland IFRS 1021 issued on 16 July 2014 rather than the Atcountin8 and Reporting by Charities.. Staitmeni of R¢¢ommended Pra¢li¢¢ effcctive from l April 2005 which has sinc¢ be¢n ￿thdraWl. The Guild Estate End0￿rynent ch8rity meets the defmition of a public benefit cntity undcr FRS 102. Assets and liabilities are initially recoBnised at historical cost or trlln5action valuc unles5 Othcrwisc lTrtated in Ihe relevant a¢￿unting policy note. Th¢ financial slatemenls ar¢ PT¢par¢d in SierlinR which is the functional currency of the Guild Estate. Monetary amount8 in these financial statements are rounded lo the nearest £. Thcre arc no material uncrrtainti&% about the Guild Estate's ability to continue as a going concern. b) Charltable A¢tlvltl The Board considers that thc Guild Estatc is a public bcncfil cntity AS It rnakes grants to the Town Trust. Cos18 of charitable a¢iivities include grants made and an apportiunmenl of overhead and sllprx)rt costs as showm in notc In¢ome All incorning Te50urcc8 arc recogniscd ort¢e th¢ Guild E&tat¢ has enlitlemenl to the resources, li is probable that thc I¢50urc￿ will be received, and their amount can be measured with Su￿1¢1¢nt r¢liability. Propety and investment income is reco8nised as it falls due. d) Kxpendliure Liabilities are recounised as resource5 expended as soon as thcre i5 a Icgal OT COll5truclivc obligation cornmitting the Guild E5tatc to the exp￿dit￿re. All cxpcnditure is accounied for on an aGcrua15 ba5i5 lirtclusiv¢ of any VAT which e&nnot be Teeoveredl and hasbeen ¢I￿lfied underhEadiTwthat aggregatr all rastsrclRtedto Ihecategory. Whrrcver p)ssiblc costs have been Charged directly lo th¢ s¢rvic¢ or a¢tivity to which they relate. mana8¢mcnt chargc from the Town Trllst is levied each quarter to cover property administration. govcrnancc. and grant support costs. EKpendilure shared beiwe¢n iwo ormore a¢iivili¢s ha$been apportioned between them on a re8sonable, justifiable, and consistent basis (see note 101. Grnnts P*yAble GrAnispayable arc amount5 payable to third parties in fi]rtheran¢¢ of th¢ Charitable obj¢¢tive$ of the Guild Estate. Grant5 are accounted for when the recipient hag a reasonable expectation that Ihcy wll rcceivc a ￿an1 and thc Boaxd hos agreed to pay the grant without condition. Provision5 for grants are Tnade Wh￿ the intention to Tnake 8 grant has been communicated to the T￿lplent but there is uttcertaulty about either the tLInirtg of the groni or the amounl of grant pay&ble. On l October 2(MJl the responsibility for paying out ￿tS w&s transferred lo thc controlling Ch￿lty. StratfoTd- upon-Avon TowTr Trusl, except for the payrnent to the tru5tec5 ofthe SGhool of King Edw￿0 Vl at StsHtford- upon-Avon and the maintenance tsf the Almshouses itt Church Str￿. 14 THE GUILD ESTATE ENDOWMENT CHARITY NOTES ON FtNANCIAL STATEMENTS for year endd 31 December 2023 (Continued) i. St*iemert of Aceountlng Politlu (eonttnued) Co$t$ of Genernt5ng Fund$ Th¢s¢ costs ￿)nSiSt of inv¢5tment and propety tngnagemeTLt Costs. Govtrn*n¢e Costs Governance costs comprise all Cost8 involvin8 the public aeeountability of the Guild Estate and its ¢omplian¢¢ with regulation and good practice. Th￿¢ include costs rel&ted to staNtory audit and 1¢8al fees iog¢th¢r with an apportionment of overhtad and sUPPOrt Costs. h) Inv¢itments lil Investments are included in the financial statemcnt$ at thc market Value at the balaTwe shea date. (ill Gains and losses arising on di4yosal are Charged to ihe Klevant fvnd imm¢di8tely on disp0581. Gains and losses arising on revaluation are dis¢loxd as wir￿lIS¢d. Fund Accounting (il Perm￿ent endowment fvnds relate to those a8get$ which Tepre5ent the penn8nent capital b&sc of the Guild Estate and which may not be spent. {ii) De¥ign&ied funds are unrestricted funds earmarked by ihe Board for parti¢ulgf PUTPOS¢S. {iiil Unrestricied funds include the income from pem)anent endowTh¢nt and any other iThvestment$ or income therefrom whith the B¢)ard may apply at its discretion in pursuit of the object5 of the Guild Estate. J) TAn#lble Flxed Aisets HerltA8t Amet Hcritagc assets are defirted as tangible or intsngible assets with historic, artistic, scientific. technological. geophysi¢@l or environmen￿1 qu31iti¢$. whieh are he5d principally for their contribution lo knowledge and culiure. The Guild Chapel is recognised a5 a heriiage asset by thc Guild Estaie as it 1% a unique hi5tori¢ asset and is mainlained by the (iuild Estate for its cultural benefit. In the opinion of the Board, th¢ ¢ost of professionally valuing this asset to show a value in the financial statements outweighs the benefit$ to ¢he u of the financial statements. such no value is a55l8ned to the Chapel in the balance sheet. The Guild EstRte was as5iBncd the Guild Chapel in 1553,. it 1$ not expecied thai any other heritage &4sets will b¢ aquir¢d. Al8Q, Ihe Guild E5ta* inlrnd.s to remain the custodian of th¢ Guild Chap¢l in perpetuity. OperAtln£ Lt*i Operating lea￿& are charged to the statement of financial activrtics a5 incurred. THE GUILD ESTATE ENDOWMENT CHARITY NOTES ON FINANCIAL STATEMENTS for year ended 31 De¢¢mber 2023 (continued) Stgt¢m¢nt of A¢¢ouTht(Dg Pollelu (¢oD15nu¢d) Finaneial Instruments The Guild Estate ha8 only fingn¢ial assets and liabilitj¢8 that would qualify &s basic financial instruments. Basic financial a$seis which include ¢&8h and Oebtors, ore iniiiAlly measured at tfansaclion price including transaction ¢osts and subsequently ¢aTri¢d at amortised ¢08t using the effective interest method. Financial asgels classified as receivable within one ye4r are not amortiscd. Basic f￿ancial liabilities such as trade u¢ditor4 loans and finance lesses are initially measured at transaction price unless the arrangement constitutes a financing tr2t)sathion, where the debt instnjment is measured at the present value of the future payments discounted at the market Tatc of interc5t. Financial liabilities classified as p8yabl¢ wthin on¢ y¢?r 3r¢ not amoni8¢d. An equily instrument is any contract that evidence5 a residual interest in the a58ets of the Guild Estate 8ftcr deducting ail of its liabilities. Conne¢ted Ch*rltle8 The Guild Estai¢ Endowment Charity is eonnected with the Ci)Ile8e Estate Endowmcnt Ctharity (Rcgislcrcd Charity Number 2174851 duc lo there bein8 common, parallel objects md aciivitie5. co]nmon control and unity of Administration. Both chaTitics controllcd by Stra¢ford-upon-Avon Town TnLSt (Registered Company Number 04222949, R¢￿'Stered Charity Number 1088521} and the fInd￿la1 *Atements for ihe period ended 31 December 2023 hav¢ been ¢on301idated. Copi¢5 of the consolida¢ed finan¢ial s￿*m¢ntS are available from the Re8ithr ofcompanies. 16 THE GUILD ESTATE ENDOWMENT CHARrrY NOTES ON FtNANCIAL STATEMENTS for year ended 31 December 2023 l¢ontinued) 2023 2022 Investment iThcome Property Car park Red18nds Allo¢m¢nts 1.644.823 414,052 4,058 1,729,007 335 J47 3,078 2.062.933 2,067,432 DivideThds receivable 51 I,025 342,733 2,573,958 2,410.165 Car park income earned is in relation to Rothcr StTCCt car park. Grovc Ro&d car park and Guild Sire¢t Car park From February 2023. Income and expenditure relating lo Ihc RotheT Street car park is splii 86.090kn lo Ouild EBtate and 13.91¢A to College Ethtc irt aecordAnc¢ ¥wth land owiership 8rran8ements. 2023 2022 Don4tion8 And le8aei Don&lions Grants •* 8.037 20 Includes £273 of restricted incomE12022 £9.7311 *• This is restri￿ income. In 2022 £20,000 was Teceived from the Pilwirn Trust. 2023 2022 Intome from ChArltAble 8ttlvltles Hire of Guild Chapcl Income from book sal¢8 1.733 924 1,675 21 21)23 2022 Income from Other •¢t[￿lIe1 Interest reeeiwable from cash and bank 2023 2022 ExpeDdlture on rAlsltyK furtdi Prop¢rty M￿agem￿l InYe*ment management Redlon&s Allotments Car Park sup[￿ costs (note 10) 197,795 41,730 26.666 145,916 92,048 468.502 41,456 2,713 123.260 77.968 504.155 713,899 17 THE GUILD ESTATE ENDOWMENT CHAIUTY NOTES ON FtNANCIAL STATEMENTS for year ended 31 December 2023 (continued) 2023 2022 Exptndlthre on ¢birh*bte ￿tIv￿leS Entitlement to King Edward Vl S¢hfy)14 Grani io Almshouse Maintenance Grant to Strdtford-upon-Avon TowTh Trust Costs related to Guild Chapel management*• Support costs Ill￿e 101 726,857 54,5 1,235,966 41,135 36536 585.598 48,554 979,388 74,2Q9 51,456 2,094,994 1.739.205 *Thr amount payable to Kirt8 Edward Vl School is non-discrdionary and ts enshrEned in the Ch8tity Commission Schem¢ dat￿ 1st October 2QOI. •• Includes £nil {2022'. £29,751) of restricted ¢xpettditure Anal￿1& of expendlture on ch&rit*ble Attivitiej Acllvld Gr•Dt fuDdlD¥of Support Totsl fylld¥ dlrt 13.133.171 402,280 47,375 26,770.100 9,790,652 200,000 40.412 37,852,926 36,801,164 Markct v&luc al 31 Dcccrnhcr 2022 Net SAle proeeeds Gains l Oosses} on disp05 Revaluation gains 26.770,IQO {2,947,385) 447,385 26,870,IC¥) 1378,0021 121.9981 300.IJ)O MaTk¢t value at 31 December 2023 24,270.1(M) 26.770,1 Cost or donated value at 31 December 2023 4,297,090 4,357.090 Quoted investments.. Market valu¢ at 31 Dcc¢rnbff 2022 Addiiions at wst DisrM).4al at C05t Nd llLVeStm¢nt losg¢s 9,790,652 3.393.125 113.0601 {37,547) 10.738,507 383.000 {37.915} {1.292,940) Market value at 31 Deeember 2023 13.133,170 9,790,652 Historical cost at 31 t)eecmber 2W23 10,687,962 7 J07,896 In accordanc¢ with the Slat¢ment of R￿ornIn￿ded Pro¢licc- ArcountiDg and R¢p)rting by Ch&ritie5 {SORP 2015) th¢ inv¢srmcnt wopertics w¢r¢ r¢valu¢d ai 31 D¢¢¢mb¢r 2020 and ar¢ showft it maTk¢t valu¢. This valuativn WAS carried out by Collicrs Internatiot￿l, Chartcrcd Surveyors, who arc qualified independent valu¢ts, holding rrfOgni$￿ And relev8nt professional qualification, with recent experience in Stratfor&upon-Avon. 20 THE CUILD ESTATE ENDOWMENT CHARITY NOTES ON FtNANCIAL STATEMENTS for y¢ar ended J I D￿¢￿b¢r 2023 (continued) 13 2022 14 Debtors.. amounti fmlllag due wlthln on¢ y•4r. Trade debtors Prepaymenis and accrued incorne Oth¢rdebtors 185.577 91,311 221,583 45,413 2023 2022 15 Credltor8: *mount$ f4lllng due wlthln one yeAr Amolln¢ due to Kin8 Edward Vl School Trade creditors Accruals and deferred income Taxation and social Security Amount duc to Straiford-upon-Avon Town Trust Amount duc to Collc8c F.&ta(r l99,819 57,303 1,029,099 102.931 405,066 90,189 53,156 1.162,860 93,897 76,570 1,799,384 1,480,760 2023 2022 Ineluded *lthln A¢¢fiiAl$ Ire the followlng t¢u payable io the Audltor for: Statutory Audit Deferred income represents Ica5C PTcmium5 and rrntals received in advan¢¢ that relate to after the period end. 2023 RetoAtlllAtlort of deferred Income: At l January 2023 Released durin8 the year Deferred in currcnt ycar 378.675 {358,2921 377,(X>2 360,761 {340,120) 358,034 At 31 Dttember 2023 397.385 378,675 21 THE GUILD ESTATE ENDOWMENT CHARITY NOTES ON FJNANCIAL STATEMENTS for year endd 31 December 2023 {CODlinu¢d) 16 Surnrnary of Fund Mowemtnts Fund Fund BAlillcEs 31 Dccethber 20ZI Illcome Expendlturt G*lAi aDd lo￿¢$ TraD3fer betwe¢D fuD Fund B•l•nceJ 31 December 2023 2023 2023 2023 202J Untestri¢t¢d Funds Permanent Endowment Funds L02,853 36,563.709 2,599,005 (2.599,149} 102,709 36.973.547 409,838 Total Funds 36.666,562 2,599,005 (2.599,149) 409,838 37,076,256 Fwod Nllme Fund BAl•n¢es 31 December Intome Expemdlture 2022 Galni *nd Tr4Difer behveen fundi Fulld B•l&D¢ei 31 Detember 2022 2022 2021 2022 202Z UDrestricted Funds Restricted funds Pern)anent Endowment Funds 102,853 2,423,35J 29.751 12,423,353) {29.751) 102,853 37.578,647 11.014,938) 36.563,709 Total Funds 37,681,500 2,453,11)4 (2,453,104) {1,014.9381 36,666,562 Permanent endoMffj¢nt funds r¢lat¢ to th0￿ ass¢t$ which r¢pre5cnt the pcrmanenl e4Pital b88e of the Guild Estate which may not be spent. Unrestrf¢¢ed funds 2023 Endow¢d funds 2023 Total 2013 17 An•ly•ts of net au¢¢i betw¢¢n fund• nv¢stmenl$ Current 25sets Curr¢nt liabilitieg 802.280 1,022,714 37,050,646 37,852,926 1.022.714 799 3841 77 Unreitrkted fundi 2022 Endowment funds 2022 Total 2021 AnAlyili of net between fundi Invc5tm¢nts Current &sscts 2￿,000 1,346,158 (1,443,305) 36,601,164 36,801,164 1.346.158 {1,480.760) (37,455) Current liabilities 102.853 36,563,709 36,666J62 22 THE GUILD ESTATE ENDOWMENT CHAIUTY NOTES ON FtNANCIAL STATEMENTS for year ended 31 December 2023 {eontinued) 18 Commitments In accordance thegoverning documentand High Courtordcr. cach ycartheGuild Estate is committed to paying 36/0 of the clear annual in¢omc to King Edward Vl School. The Guild Estate must also seek to apply IOQ/o of its income in fifftherance of other educational wrposes wiihTn the town of Stratford-upon-Avon. A5 a result of the scheme dated l October 2001 the residual income is now transferred to the Town Trust for distribution in linr with the object5 of the Town Trust. In accordance with the Guild Estate's constitutiim each year the Guild Estaie has an on8oin8 ¢ommLim¢nt io contribute to ihe Church Street Almshou￿. (Municipal Chariiiesl running costs relation to general rates, water rates and sewerage chaTgc5. a150 funds forthe rc5pective yearly amounts Irecommcnded by the National Association of AITllshou8tsl to cover routine maintenance. paym¢nts to an ¢xtr80Tdinary rw8ir fund ond a ¢y¢li¢al maiDt¢n4n¢e 6Jnd. 19 RelAted pArty trAniRctioDS Control: Durin8 the current period the Guild EMal¢ Endowment Charity and the College Estate Emdowment ChaTily were undcr the eontrol of Stratford-upon-Avon Trust. Tr*n8aetlODS: Durin8 the period the followin¥ Iransaclions W¢T¢ ¢nt¢red into on nornial terms And ¢ondition¥. str*tford-m￿ll- Avon ToviD Tru 31 D¢¢tmbÉr 2023 StrArfor&upoD. Avon Town Trullt 31 D￿¢rnb¢r 2022 Coll¢Re Eytate E*tste 31 Ikc¢mber 2023 31 DIttm￿r 2012 Income 2,582 2,582 Expendhure Grant 1,235,9é6 979,388 Management charge 121,3JA 123,003 Bal•n¢eg oytstandlng at 31 December 2023 Creditors 405,066 76.570 5,166 4,088 20 Leaie Commltmentl Thr futUT¢ rninimum I￿Se rcccipt5 undcr nOn-￿ncelIable operating Ica5e8 8re= 2023 2022 Not later than l year Lat¢T than l yearbut not latcrthan 5 years Laterthan 5 years l J93,814 3.950,830 22,340.702 ,634,619 5,369,055 23,086,69) 21 Trustee rernuneration benefits The Guild Estate only has a corpora¢¢ ttu$tee (the Town Trust). As such it C8JmOt receive rernuneration or other ben¢fits from employment. The Town Trust has a Board 0fTruS￿5. HowEver, none of theK TTusiee5 ha5 been paid any rernuncration OT received any oiher benefits from employment with th¢ Guild E$tat¢ or th¢ Town Trusi. 22 TYu$tee expense5 TnI￿¢e expenses during the year amounted to £nil (2022.. £nil). 23