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2024-12-31-accounts

THE GUILD ESTATE ENDOWMENT ANNUAL REPORT AND ACCOUNTS For year ended 31 December 2024

Charity Registered No 217484

THE GUILD ESTATE ENDOWMENT

for the year ended 31 December 2024

CONTENTS

Page
Report of the Trustees 1 - 7
Officers & Contacts 8
Independent Auditor’s Report 9 - 11
Financial Statements 12 - 14
Notes on Financial Statements 15 - 26

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES for the year ended 31 December 2024

Overview

The Guild Estate Endowment (registered charity number 217484) (“Guild Estate”) is a charitable trust of which the Corporate Trustee is the Stratford-upon-Avon Town Trust (registered charity number 1088521) (“Town Trust”). The Town Trust was established under a Memorandum of Association, which established the objects and powers of the charitable company, and it is governed under its Articles of Association. The Town Trust is the corporate Trustee of the Guild Estate and the College Estate Endowment charities (referred to as “the Group”).

Under a Scheme of the Charity Commissioners (Scheme) dated 1 October 2001 all the income of the Guild Estate is, after defrayment of costs and expenses, transferred to the Town Trust where it becomes the Town Trust’s corporate property and is applied in accordance with the objects of the Town Trust. The only exception to this is the specific provision of entitlement in the Scheme that 36% of the clear yearly income is set aside for the charity of the Grammar School of King Edward VI School at Stratford-upon-Avon (“King Edward VI School”) and a non-discretionary grant to the Church Street Almshouses.

The endowed assets of the Guild Estate are managed by the Town Trust within the obligations of charity law and in line with an investment policy for the Guild Estate determined by the Board of Trustees of the Town Trust (“the Board”).

The Guild Estate generates the majority of its income from its permanent endowed assets which are invested in quoted investments and physical property. If one of these endowed investments is disposed of the Guild Estate has a legal duty to reinvest the net proceeds in another form of investment, which in turn becomes endowed. The sale proceeds can never be used to fund general activities and costs; such costs are covered by the income generated by the investments. However, some fundraising occurs in relation to the Guild Chapel.

All decisions concerning the management of the Guild Estate are taken by the Board and the officers of the Town Trust. The costs applicable to the management of the Guild Estate are passed on by way of a management charge by the Town Trust.

Public Benefit

The Public Benefit of the Guild Estate is primarily achieved through its Corporate Trustee’s (Town Trust) grant-making to benefit the “inhabitants of Stratford-upon-Avon” (as defined by the administrative boundary of the parish). The Town Trust has had regard to the Charity Commission’s guidance on Public Benefit. However, the Guild Estate also funds a non-discretionary entitlement to the Trustees of King Edward VI School. In 2024 this amounted to £0.8m.

All the Town Trust’s grant applicants are required to provide information on the numbers and types of persons intended to benefit and their place of residence. This information helps the Town Trust to assess how its programme of discretionary grantmaking achieves a spread of benefit across the community. The Town Trust sets target allocations to ensure that the net of benefit is cast as widely as possible. These allocations and priorities are influenced by ongoing public consultation and information.

In the same way the Town Trust and Guild Estate ensure that access to all their directly managed facilities is available to all sectors of the community.

In 2024 the Group applied £2.7m to charitable purposes of which £1.1m discretionary grants have been provided to 147 beneficiaries. In 2024 the Community Hub continued to go from strength to strength and many community groups utilised the various meeting spaces on a regular basis. The cost of the Community Hub for the year was £0.1m. Full details of discretionary grants and the Community Hub can be found in the Annual Report of the Town Trust.

The Corporate Trustee in exercising its powers and duties, has complied with its duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Strategic Review

The Guild Estate continued to follow the strategic plan, developed and approved in November 2020 by the Board, and a commentary on that is included in the Annual Report of the Town Trust.

Financial Review

In 2024 total income for the Guild Estate was £2.9m (2023: £2.6m), the majority of which was generated by the Guild Estate’s investments. Investment management costs amounted to £0.6m (2023: £0.5m), so 79.9% (2023: 80.6%) was available for charitable purposes, which funded the non-discretionary entitlement to King Edward VI School, the non-discretionary grant to the Church Street Almshouses and a discretionary grant to the Town Trust. We are very aware that the cost of

1

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES for the year ended 31 December 2024 (continued)

Financial Review (continued)

managing the investments must be monitored closely and spent carefully but also it is important that the investments are well managed, ensuring security of income flow for future generations.

Charitable expenditure was £2.3m (2023: £2.1m), of which £2.2m (2023: £2.0m) was grant funding.

The Guild Estate paid £1.3m (2023: £1.2m) as a discretionary grant to the Town Trust.

King Edward VI School’s non-discretionary entitlement of £0.8m (2023: £0.7m) was paid in accordance with the Charity Commission Scheme dated 1 October 2001.

In accordance with the existing agreement £0.06m (2023: £0.05m) was paid towards the maintenance of the Church Street Almshouses, as a non-discretionary grant.

Income

The 2024 total income of £2.9m represented an increase of 10.4% on last year (2023: £2.6m). This increase was due to additional income generated by investment funds and grant funds (£0.14m) received from UK Share Prosperity Fund and Rural England Prosperity Fund to partially fund repairs to a building to the rear of Henley Street.

Balance Sheet

The Guild Estate has investments of £38.8m (2023: £37.9m) – an increase of £0.9m year on year. This increase is due to £0.5m of property gains resulting from the revaluations of certain properties during the year and investment gains of £0.4m on the equity investments. The majority of these investments (£38.0m) are defined as endowed assets, which means that if any of these assets are ever sold, all the proceeds from the sale must always be reinvested in other investment assets, which in turn become endowed.

Reserves Policy

The Board reviews the reserves policy annually and considers it very important that the Guild Estate can pay all its committed costs and has free reserves to cover ongoing administration costs for six months.

The permanently endowed reserves in Guild Estate will always be fully investment and cash backed. To recognise the small operational risk in Guild Estate an unrestricted reserve of at least £0.1m is held. The reserves policy was reviewed in June 2024. As at December 2024 the endowed reserves are £37.9m (2023: £37.0m) and the unrestricted reserves are £0.1m (2023: £0.1m).

Financial Effect of Signficant Events

In 2024 there were no significant events affecting the Guild Estate apart from the continued impact of the war in Ukraine and the world economy.

INVESTMENT POLICY AND PERFORMANCE

At the end of 2024 Guild Estate held investments (net of short-term deposits) of £38.4m, an increase of £0.9m on 2023. The increase was, in the main, as a result of gains from property revaluations and gains from equity investments.

The objective of the investment policy is to create sufficient income and capital growth to enable the Guild Estate to carry out its purposes consistently year on year. In the medium to long term the Guild Estate aims to generate an average annual income yield of 4.4% and for the capital value of the portfolio to grow at least in line with inflation (CPI).

The broad thrust of the investment policy in recent years has been to increase diversification and to reduce exposure to property in Stratford-upon-Avon. The targets set for reducing physical property investment in the Guild Estate to between 70% and 80% of the total investment portfolio value, as at the end of December 2024 physical property represented 66.4% of the total investment portfolio.

The Board reviewed and updated the investment policy in September 2024. The policy’s main objectives continue to be:

The short-term investment objective is to ensure that the Guild Estate has sufficient liquidity to enable it to fund its planned spending on good causes and meet its overhead costs as they fall due.

2

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES for the year ended 31 December 2024 (continued)

Investment Policy and Performance (Continued)

The Guild Estate also has a responsible investment policy, which guides the Board in environmental, social and governance issues when making investment decisions.

The Trusts Capital and Income Act 2013 proposed that endowed charities may adopt a total return approach, without having to seek Charity Commission approval. The Guild Estate has considered adopting a total return approach but has decided it would not adopt such an approach at this time since it is more appropriate to continue with separate income and capital returns due to the requirement of the non-discretionary commitments.

The Guild Estate does not have any social investments; all Guild Estate investments are endowed. The policy, at present, is to not have any programme related investments.

The endowed investments are split between physical property, equity investments, property fund investments and cash equivalent. All investments held in equity investments or cash are readily realisable if required.

Investment 2024
£m		 2023
£m		 2024 Actual
%		 2023 Actual
%		 Future Target
%
Endowed:
Physical Property 25.8 24.3 66.4 64.1 70-80
Equity Funds 8.5 8.1 21.9 21.4 30-50
Property Funds 2.4 2.4 6.2 6.3 0-20
Liquidity Fund 1.3 2.3 3.3 6.0 -
Cash equivalent - - - - -
Total endowed investments 38.0 37.1 97.8 97.8 100
Non-Endowed:
Liquidity Fund 0.4 0.4 1.1 1.1 -
Short term deposits 0.4 0.4 1.1 1.1 -
Total non-endowed investments 0.8 0.8 2.2 2.2 -
Total investments 38.8 37.9 100.0 100.0 100

The equity investments are held with either Sarasin & Partners or Cazenove Capital Management Limited. The property funds are held with either Charities Property Fund or Schroder UK Property Fund. The investment returns during the year are reviewed and compared with their benchmarks, the investment policy and the performance of comparable funds.

3

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES for the year ended 31 December 2024 (continued)

Investment Policy and Performance (Continued)

Independently Managed Funds Performance

The following table shows the income and capital returns achieved during the period to arrive at the total return for the period:

Income Capital Total
Return		 Target Benchmark
Managed Funds 4.4% 3.3% 7.7% 7.1% 12.4%

The benchmark for the Guild Estate is the weighted average of the benchmark for the property funds (5.4%), which is based on AREF / MSCI All Balanced Funds Property Index and the benchmark for the Common Investments Funds (14.3%) (which is calculated based on: ICE BofA Sterling Corporate & Collateralized Index (7.5%), ICE BofA UK Gilts All Stocks (7.5%), MSCI AC World (Local Currency) (GBP) (10%), MSCI All Balanced Property Funds - One Quarter Lagged (5%), MSCI All Countries World Daily (Net Total Return) (60%), 2% per annum above SONIA (alternative assets) (10%).

The peer group performance data used is the ARC Steady Growth Charity Index for 2024 and this had a return of 8.2%.

The actual performance was above the target but below the benchmark, in the main due to the impact of the high interest rates and the benchmark including a lower proportion of dividend paying equities than that which is held within the Guild Estate portfolio, as dividend income is important for the Guild Estate.

Physical Property

The property portfolio, valued at £25.8m (2023: £24.3m), within the Guild Estate has increased in value by £1.5m during the year. This increase is due to the purchase of one property 17/18 Bridge Street and revaluation gains of £0.5m on certain properties following either rent reviews or lease renewals. 17/18 Bridge Street was purchased in September 2024 for £1.0m including fees.

The valuation change represents an average capital return of 2.0% (2023: 0%). The rental yield for the property portfolio was 8.4% (2023: 8.1%), giving a total return of 10.4% (2023: 8.1%).

A full property valuation was carried out by Colliers International in December 2020. A five-year interval is deemed appropriate by the Board to capture any material movement however the valuation is considered and monitored annually taking into account market conditions that may impact the valuation. The Guild Estate believes this valuation to still be appropriate for the majority of the portfolio, as there has been no significant change in the status of these properties or tenants nor the wider commercial property market of Stratford-upon-Avon. However, five properties have been revalued, as at 31 December 2024, as there was a significant change in lease arrangement for these properties during 2024. Both valuations were carried out by Colliers International, Chartered Surveyors. The valuer was RICS qualified and is experienced in both property in Stratford-upon-Avon and these classes of property.

Risk Management

The risk policy was reviewed in autumn 2024, when the Guild Estate assessed its risk appetite to be low to moderate. The Guild Estate continually reviews its risks, which are maintained on a risk register. Risk is a standing agenda item for all Board and committee meetings.

The risk policy explains the process for identifying risks, allocating ownership and classification. Once the risk has been identified and categorised, it is then assessed based on the impact and likelihood of the risk occurring. Then the risk needs to be mitigated, if possible. The policy requires that the risks and their mitigations are monitored and assessed on a regular basis, the Town Trust’s policy states this is recorded within the risk register. The whole process is monitored by the Audit & Governance Committee.

4

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES for the year ended 31 December 2024 (continued)

_______________

Risk Management (continued)

The Board reviews the Guild Estate’s risks on a regular basis throughout the year and consider that the principal risks facing the Guild Estate at the year end are:

Principal Risk Mitigation
Risk of major national/
international incidents		 • Monitor and remain aware of developments.
• Major Incident Plan.
• Ensure reputable fund managers are used.
• Closely monitor investments.
Equity investments fail to
deliver expected return		 • Investment Strategy and Policy.
• Appointed fund managers working to KPIs and benchmarking data.
• Quarterly review of investment performance both yield & capital return.
• Regular update meetings held with fund managers.
• Diverse portfolio of funds held.
Commercial tenants fail to
maintain their property under
the terms of their lease		 • Regular inspections by managing agents and co-ordination with the Town
Trust.
• Dilapidations clause included in lease.
• Independent advice sought where applicable.
Challenge from other Stratford
schools to KES school’s non-
discretionary entitlement		 • The legal agreement between the Guild Estate and KES school clearly sets out
calculation.
• Legal advice has been sought on challenge, so the Board is well advised and
has a detailed understanding ofthe situation.

Internal Controls

The Board is responsible for ensuring that there are effective and adequate risk management and internal control systems in place to manage the strategic and operational risks which the Town Trust has and could be exposed to. Processes in place regarding risk management and internal controls include:

Control Environment

The Town Trust, which manages the activities of the Guild Estate, has an organisational structure with defined lines of responsibility, job descriptions and delegated levels of authority as approved by the Board.

Information Systems

The Guild Estate prepares quarterly management accounts which compare actual results with the budget and these are reviewed by both the Finance, Investment and Property Committee and the Board. Variances are followed up by management. An annual budget is produced, which is compared with the three-year plan and the expected out-turn by the Finance, Investment and Property Committee and then approved by the Board. Cash forecasts are prepared monthly to aid investment decisions and cash management. Also, a three-year plan is produced annually which is dovetailed into the Strategic Plan with scenario overlays, where necessary. During the year full year financial forecasts are prepared and reviewed by both the Finance, Investment and Property Committee and the Board.

Fundraising

The Guild Estate does not use professional fundraisers or commercial participators to fund raise from the public. There is a donation facility in the Guild Chapel, where visitors can donate towards the upkeep of the Chapel if they so wish, entry to the Guild Chapel is free to all. The income of the Guild Estate is not bound by any regulatory scheme, and the Guild Estate does not consider it necessary to comply with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising activities. As individuals are not approached for the purpose of raising funds, the Guild Estate does not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.

5

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES for the year ended 31 December 2024 (continued)

Plans for the future

The Trustees believe that the Guild Estate’s grants have translated into significant public benefit. They propose to continue with their present strategy and aim to maintain the awarding of grants to the Town Trust so it in turn may continue to award grants to a variety of charities and beneficiaries for the benefit of the residents of Stratford-upon-Avon.

Volunteers

There are 21 volunteers who support the volunteering activities at the Guild Chapel. We are very grateful for the volunteers’ loyalty and commitment to the Guild Chapel. We would like to thank them for the time they give to offer a warm and knowledgeable welcome to all our visitors.

Volunteers covered 394 guiding slots between them in 2024. In addition to guiding, volunteers started their own group talks to share research and findings with each other throughout the year.

Guild Chapel

During the year it is estimated that over 72,000 visitors enjoyed the Guild Chapel, which is about 9,000 more than the number who visited pre the pandemic.

The Guild Chapel underwent some external stone work repairs to the nave, tower and chancel during the year, following the quinquennial survey which was undertaken in 2023.

In 2024 events at the Guild Chapel included Shakespeare School’s Week where volunteers showed the school pupils what the great medieval feasts in the Chapel might have looked like. For Heritage Week the volunteers partnered with Shakespeare Birthplace Trust to gain access to the historic Letter of Indulgence which was turned into an informative piece and shared in the Chapel during the week. Finally in November, there was the sell-out event – the Dance of Death, directed by volunteers where actors came together to play characters featured in the historic Dance Macabre painting.

The Friends of the Guild Chapel held a number of concerts and organ recitals, and we are grateful for their continued support. King Edward VI School continued to utilise the chapel for musical activities, as well as its usual school assemblies and services. There continues to be a regular congregation who worships at the Chapel’s weekly Wednesday services.

6

THE GUILD ESTATE ENDOWMENT REPORT OF THE TRUSTEES as at 31 December 2024

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the Board of Trustees Tim Bailey Chair of Board

………………………….………….

21 May 2025

7

THE GUILD ESTATE ENDOWMENT OFFICERS AND CONTACTS for the year ended 31 December 2024

TRUSTEES OF Tim Bailey Tim Bailey Henry Lu
CORPORATE TRUSTEE Gill Cleeve (to 3 May 2025) Michael Rolfe
Liz Coles (to 31 May 2024) Jonathan Smith
Marion Homer Josie Stevens
Tony Jackson (to 31 May 2024) Sarah Summers (from 1 June 2024)
Simon Littlejohns Mark Tailby
Lewis McNaught (from 1 June 2024)
CHIEF EXECUTIVE Sara Aspley
(of Corporate Trustee)
SENIOR MANAGEMENT Sara Aspley (Chief Executive), Rebecca Hampson (Head of Finance & Deputy
TEAM (of Corporate Trustee) Chief Executive), James McHugh (Grants Manager), Paul Fitzpatrick (Buildings &
Facilities Manager) (to 29.2.24), Richard Popple (Buildings & Facilities Manager)
(from 12.2.24), Frances Nibbs (Community Hub Manager), Lynn Perkins
(Executive Assistant).
ADDRESS Stratford-upon-Avon Town Trust
14 Rother Street
Stratford-upon-Avon
CV37 6LU
BANKERS Barclays Bank plc
Market Cross
Stratford-Upon-Avon
Warwickshire
CV37 6AP
SOLICITORS Mills & Reeve LLP Robert Lunn & Lowth LLP
78-84 Colmore Row 2 Sheep Street
Birmingham Stratford-upon-Avon
B3 2AB CV37 6EJ
AUDITOR Sayer Vincent LLP
110 Golden Lane
London
EC1Y 0TG
COMMERCIAL PROPERTY Colliers International Property Consultants Limited
MANAGER 19thFloor
103 Colmore Row
Birmingham
B3 3AG
INVESTMENT MANAGERS Sarasin & Partners LLP Cazenove Capital
Juxon House (part of Schroders & Co Limited)
100 St Paul’s Churchyard 1 London Wall Place
London London
WC4M 8BU EC2Y 5AU
Charities Property Fund Schroders & Co Limited
Cordea Savills 1 London Wall Place
33 Margaret Street London
London EC2Y 5AU
W19 0JD

8

THE GUILD ESTATE ENDOWMENT INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of The Guild Estate Endowment (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Guild Estate Endowment’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

9

THE GUILD ESTATE ENDOWMENT INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

10

THE GUILD ESTATE ENDOWMENT INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

4 June 2025

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

11

THE GUILD ESTATE ENDOWMENT STATEMENT OF FINANCIAL ACTIVITIES for year ended 31 December 2024

Note
Unrestricted
funds
2024
Restricted
funds
2024
Permanent
endowment
funds
2024
£
£
£
Income from:
Investment
3
2,701,969
-
-
Donations and legacies
4
7,336
-
-
Charitable activities
5
4,440
140,000
-
Other activities
6
10,965
-
-
__
_
_
Total Income
2,724,710
140,000
-
__
_

Expenditure on:
Raising funds
7
413,613
140,000
-
Charitable activities
7
2,311,097
-
-
_
_

Total expenditure
2,724,710
140,000
-
_
_

Net gains on investments
18
-
-
949,535
_
_
_
Net movement in funds
9
-
-
949,535
Reconciliation of funds
Total funds brought forward
102,709
-
36,973,547
_
_
_
Total funds carried forward
18
102,709
-
37,923,082
_
_
___		 Total
funds
2024
Unrestricted
funds
2023
Restricted
funds
2023
Permanent
endowment
funds
2023
£
£
£
£
2,701,969
2,577,651
-
-
7,336
7,784
273
-
144,440
2,659
-
-
10,965
10,638
-
-
_
_
_
_
2,864,710
2,598,732
273
-
_
__


553,613
504,155
-
-
2,311,097
2,094,721
273
-
_
__


2,864,710
2,598,876
273
-
_
__


949,535
-
-
409,838
_
__

_
949,535
(144)
-
409,838
37,076,256
102,853
-
36,563,709
_
_
_
_
38,025,791
102,709
-
36,973,547
___
__

______		 Total
funds
2023
£
2,577,651
8,057
2,659
10,638
_
2,599,005
_
504,155
2,094,994
_
2,599,149
_
409,838
__
409,694
36,666,562
___
37,076,256
____

The notes on pages 15 to 26 form part of these financial statements. All of the Guild Estate’s activities are continuing.

12

THE GUILD ESTATE ENDOWMENT BALANCE SHEET as at 31 December 2024

Note 2024 2023
£
£		 £ £
Fixed assets
Heritage assets 11 - -
Investments 12 38,818,992 37,852,926
___ ___
Total Fixed Assets 38,818,992 37,852,926
Current assets
Debtors 13 223,156 310,716
Cash at bank and in hand 361,120 711,998
__ ___
Total current assets 584,276 1,022,714
Creditors:
Amounts falling due within one year 14 (1,077,152) (1,179,322)
___ ___
Net current liabilities (492,876) (156,608)
Creditors: amounts falling due after one year 15 (19,867) (20,125)
Provisions for liabilities 17 (280,458) (599,937)
___ ___
Total net assets 38,025,791 37,076,256
____ ____
Funds
Endowment funds 19 37,923,082 36,973,547
Unrestricted funds 19 102,709 102,709
___ ___
Total funds 19 38,025,791
____		 37,076,256
____

The financial statements on pages 12 to 26 were approved by the Board and authorised for issue on 21 May 2025. The notes on pages 15 to 26 form part of these financial statements.

Tim Bailey (Chair of Board of Stratford-upon-Avon Town Trust)

Simon Littlejohns (Chair of Finance, Investment & Property Committee of Stratford-upon-Avon Town Trust)

13

THE GUILD ESTATE ENDOWMENT STATEMENT OF CASH FLOWS for the year ended 31 December 2024

2024
2024
2023
Total funds
Total
Funds
Total
funds
£
£
£
Cash flows from operating activities:
Net income for the reporting period
(as per the statement of financial activities_)
949,535
409,694
Adjustments for:
Gains on investments
(949,535)
(409,838)
Dividends, interest, and rent from investments
(2,701,969)
(2,577,651)
Decrease / (increase) in debtors
87,560
(15,496)
Decrease in creditors
(421,906)
322,315
Net cash used in operating activities
(3,036,315)
Cash flows from investing activities:
Dividends, interest and rents from investments
2,701,969
2,577,651
Proceeds from sale of investments
3,737,538
2,960,445
Purchase of investments
(3,755,997)
(3,599,097)
Net cash provided by investing activities
2,683,510
Change in cash and cash equivalents in the reporting
period
(352,805)
Cash and cash equivalents at 31 December 2023
759,373
Cash and cash equivalents at 31 December 2024
406,568
2024
2023
Total funds
Total
funds
£
£
Analysis of cash and cash equivalents
Cash in hand
361,120
711,998
Cash awaiting investment
45,448
47,375
Total cash and cash equivalents
406,568
759,373
s unavailable for general expenditure as it is an endowed asset.
nalysis of change in cash and cash equivalents
At
1 January
2024
£
Cashflow
£
31
Cash and equivalents
Cash
711,998
(350,878)
Cash awaiting deposit
47,375
__
(1,927)
_
Total*
759,373
_
(352,805)
_		 2023
Total
Funds
£
(2,270,976)
1,938,999
(331,977)
1,091,350
759,373
At
December
2024
£
361,120
45,448
_
406,568
_

*Is unavailable for general expenditure as it is an endowed asset.

Analysis of change in cash and cash equivalents

14

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024

1. Statement of Accounting Policies

a) Basis of Preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Guild Estate meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are prepared in Sterling which is the functional currency of the Guild Estate. Monetary amounts in these financial statements are rounded to the nearest £.

There are no material uncertainties about the Guild Estate’s ability to continue as a going concern.

b) Charitable Activities

The Board considers that the Guild Estate is a public benefit entity as it makes grants to the Town Trust. Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 7.

c) Income

All incoming resources are recognised once the Guild Estate has entitlement to the resources, it is probable that the resources will be received, and their amount can be measured with sufficient reliability. Property and investment income is recognised as it falls due.

d) Expenditure

Liabilities are recognised as resources expended or as soon as there is a legal or constructive obligation committing the Guild Estate to the expenditure. All expenditure is accounted for on an accruals basis (inclusive of any VAT which cannot be recovered) and has been classified under headings that aggregate all costs related to the category.

Wherever possible costs have been charged directly to the service or activity to which they relate. A management charge from the Town Trust is levied each quarter to cover property administration, governance, and grant support costs. Expenditure shared between two or more activities has been apportioned between them on a reasonable, justifiable, and consistent basis (see note 7).

e) Grants Payable

Grants payable are amounts payable to third parties in furtherance of the charitable objectives of the Guild Estate. Grants are accounted for when the recipient has a reasonable expectation that they will receive a grant.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

On 1 October 2001 the responsibility for paying out grants was transferred to the controlling charity, Stratford-upon-Avon Town Trust, except for the payment to the trustees of the School of King Edward VI at Stratford-upon-Avon and the maintenance of the Almshouses in Church Street.

f) Costs of Raising Funds

These costs consist of investment and property management costs.

15

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

1. Statement of Accounting Policies (continued)

g) Governance Costs

h) Investments

i) Fund Accounting

j) Tangible Fixed Assets Heritage Asset

Heritage assets are defined as tangible or intangible assets with historic, artistic, scientific, technological, geophysical or environmental qualities, which are held principally for their contribution to knowledge and culture. The Guild Chapel is recognised as a heritage asset by the Guild Estate as it is a unique historic asset and is maintained by the Guild Estate for its cultural benefit. In the opinion of the Board, the cost of professionally valuing this asset to show a value in the financial statements outweighs the benefits to the users of the financial statements, as such no value is assigned to the Chapel in the balance sheet. The Guild Estate was assigned the Guild Chapel in 1553; it is not expected that any other heritage assets will be acquired. Also, the Guild Estate intends to remain the custodian of the Guild Chapel in perpetuity.

k) Operating Leases

m) Financial Instruments

The Guild Estate has only financial assets and liabilities that would qualify as basic financial instruments. Basic financial assets, which include cash and debtors, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities such as trade creditors, loans and finance leases are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest. Financial liabilities classified as payable within one year are not amortised.

n) Judgements in applying accounting policies and key sources of estimation uncertainty

16

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the Trustees have delegated authority to management to make the following judgements:

Investment property valuations

As disclosed in note 12, the investment properties are valued at market value based on the rental yields achieved for each property. Where there has been a change in the rental arrangement during the year, the property will undergo a formal valuation at the balance sheet date. For those properties where a formal valuation is not carried out, the trustees will assess the fair value of the assets at each balance sheet date with changes in fair value being reflected in the Statement of Financial Activities.

Leases

Management determines whether leases entered into by the charity either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheets.

Impairment of assets

Management reviews the carrying value of all other assets for indications of impairment at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

Provisions

A provision is recognised when the charity has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

2 Connected Charities

The Guild Estate Endowment is connected with the College Estate Endowment (Registered Charity Number 217485) due to there being common, parallel objects and activities, common control and unity of administration. Both charities are controlled by Stratford-upon-Avon Town Trust (Registered Company Number 04222949, Registered Charity Number 1088521) and the financial statements for the period ended 31 December 2024 have been consolidated. Copies of the consolidated financial statements are available from the Registrar of Companies.

17

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

2024 2023
£ £
3 Investment income
Property 1,649,175 1,644,823
Car park 456,756 414,052
Redlands Allotments 3,810 4,058
__ __
2,109,741 2,062,933
Interest receivable on short term deposits 27,528 3,693
Dividends receivable 564,700 511,025
__ __
2,701,969 2,577,651
__ __
Car park income earned is in relation to Rother Street car park, Grove Road car park and from February
2023 Guild Street car park. Income and expenditure relating to the Rother Street car park is split 86.09%
to Guild Estate and 13.91% to College Estate in accordance with land ownership arrangements.
2024 2023
£ £
4 Donations
Donations * 7,336 8,057
* Includes £nil of restricted income (2023: £273)
2024 2023
£ £
5 Income from Charitable activities
Grants received* 140,000 -
Hire of Guild Chapel 2,140 1,735
Events 1,900 -
Book sales 400 924
*Includes £140,000 of restricted income 144,440 2,659
2024 2023
£ £
6 Income from Other activities
Services to College Estate 898 -
Interest receivable from bank 10,067 10,638
10,965 10,638

18

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS

for year ended 31 December 2024 (continued)

Charitable Activities
Raising funds
2024
Grant
making
2024
Guild
Chapel
2024
Governance
2024
Support Costs
2024
7
Analysis of Expenditure (current year)
£
£
£
£
£
Grants awarded (note 8)
-
2,157,903
-
-
-

Investment fund managers’ fees
46,302
-
-
-
-
Investment property management costs
252,655
-
-
-
-
Car park costs
164,789
-
-
-
-
Allotment costs
4,049
-
-
-
-
Guild Chapel costs
-
-
61,769
-
-
Staff costs
22,500
-
-
Staff costs (recharged)
-
-
-
11,177
100,589
Office costs (recharged)
-
-
-
2,375
21,371
Legal fees
-
-
-
-
14,058
External audit
-
-
-
5,173
-
_
_
__
_

467,795
2,157,903
84,269
18,725
136,018
Support costs
74,396
25,644
35,978
-
(136,018)
Governance costs
11,422
1,779
5,524
(18,725)
-
_
_
_

_
Total expenditure
553,613
_
2,185,326
_
125,771
_
-

-
____		 Total
2024
Total
2023
£
£
2,157,903
2,017,323
46,302
41,730
252,655
197,795
164,789
145,916
4,049
26,666
61,769
19,796
22,500
21,339
111,766
98,369
23,746
27,532
14,058
-
5,173
2,683
_
_
2,864,710
2,599,149
-
-
-
-
_
_
2,864,710
__
2,599,149
_

The Guild Estate pays a management charge to the Town Trust to cover staff costs and office costs. For 2024 this was £130k (2023: £121k). This forms the main part of the support costs.

19

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

Charitable Activities
Raising funds
2023
Grant
making
2023
Guild
Chapel
2023
Governance
2023
Support Costs
2023
7
Analysis of Expenditure (prior year)
£
£
£
£
£
Grants awarded (note 8)
-
2,017,323
-
-
-
Investment fund managers’ fees
41,730
-
-
-
-
Investment property management costs
197,795
-
-
-
-
Car park costs
145,916
-
-
-
-
Allotment costs
26,666
-
-
-
-
Guild Chapel costs
-
-
19,796
-
-
Staff costs
-
-
21,339
-
-
Staff costs (recharged)
-
-
-
9,049
89,320
Office costs (recharged)
-
-
-
2,533
24,999
External audit
-
-
-
2,683
-
_
_
__
_

412,107
2,017,323
41,135
14,265
114,319
Support costs
81,836
6,295
26,188
-
(114,319)
Governance costs
10,212
785
3,268
(14,265)
-
_
_
_

_
Total expenditure
504,155
_
2,024,403
_
70,591
_
-

-
____		 Total
2023
£
2,017,323
41,730
197,795
145,916
26,666
19,796
21,339
98,369
27,532
2,683
_
2,599,149
-
-
_
2,599,149
__

20

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

8
Grant Making
Grants to
Institutions
Support Costs
2024
2024
£
£
Discretionary Grants
Stratford-upon-Avon Town Trust
1,322,314
3,000
Non-Discretionary Entitlements & Grants
Entitlement to King Edward VI School
776,555
22,923
Grant to Church Street Almshouses
59,034
1,500
__
__
2,157,903
__
27,423
_
Grants to
Institutions
Support Costs
2023
2023
£
£
Discretionary Grants
Stratford-upon-Avon Town Trust
1,235,966
2,000
Non-Discretionary Entitlements & Grants
Entitlement to King Edward VI School
726,857
4,080
Grant to Church Street Almshouses
54,500
1,000
_
_
2,017,323
7,080
_
____
9
Net Income / Expenditure for the year
2024
£
This is stated after charging / (crediting):
Operating lease rentals payable:
Property
20,000
Operating lease rentals receivable:
Property
(1,615,092)
Auditor’s remuneration
5,000		 Total
Total
2024
2023
£
£
1,325,314
1,237,966
799,478
730,937
60,534
55,500
_
_
2,185,326
_
2,024,403
_
Total
2023
£
1,237,966
730,937
55,500
_
2,024,403
_
2023
£
20,000
(1,581,482)
2,683

10 Employee and staff costs

The average number of employees throughout the year was 1.75 (2023: 2). On a full-time equivalent basis the average number of employees was 0.7 (2023: 0.5).

The cost of directly employed staff was:

Salaries & Wages
National Insurance
Defined Contribution Pension		 2024
£
20,073
1,311
1,116
22,500		 2023
£
19,189
1,118
1,032
21,339

In 2024 and 2023 no member of staff was remunerated more than £60,000.

21

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

11 Heritage Asset

The Guild Chapel in Stratford-upon-Avon is not included in the balance sheet as it is regarded as a heritage asset. The Guild Chapel dates from around 1269 and was the main building of the Guild of the Holy Cross. In 1553 it was gifted to the Guild Estate Endowment, whereby the Guild Estate took over the responsibility of maintaining the Chapel for its purposes. In 1954 the Friends of the Guild Chapel were set up. They fundraise towards the maintenance of the fabric of the Chapel, including the organ, but are not part of the Guild Estate.

The Chapel is used on a regular basis by King Edward VI School for morning assembly, and the Friends of the Guild Chapel attend services on Holy Cross Day (14 September), hold a Christmas carol service, and a summer service. Weekly Holy Communion services are held at which anyone is welcome to worship. The Chapel is opened daily for the public to visit.

In the opinion of the Corporate Trustee, the cost of professionally valuing this asset to show a value in the financial statements outweighs the benefits to the users of the financial statements. The building and contents are insured for £8.3m.

12 Fixed asset investments
Investment properties
Quoted investments
Short term deposits
Cash awaiting investment
Investment Properties
Fair value at 31 December 2023
Additions at cost

Net sale proceeds

Gains on disposal

Revaluation gains

Fair value at 31 December 2024
Quoted investments:
Market value at 31 December 2023
Additions at cost
Disposal at cost

Net investment gains / (losses)

Market value at 31 December 2024		 2024
£
25,768,924
12,592,859
411,761
45,448
_
38,818,992
_
24,270,100
973,824

-

-

525,000

_
25,768,924
_
13,133,171
2,772,692
(3,737,539)

424,535

_
12,592,859
_		 2023
£
24,270,100
13,133,171
402,280
47,375
_
37,852,926
_
26,770,100
-
(2,947,385)
447,385
-
_
24,270,100
_
9,790,652
3,393,125
(13,060)
(37,547)
_
13,133,170
_

In accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015) the investment properties are shown at fair value. For the majority of properties this valuation was as at 31 December 2020, the Guild Estate believes this valuation to still be appropriate for the majority of the portfolio, as there has been no significant change in the status of these properties or tenants nor the wider commercial property market of Stratford-uponAvon. However five properties have been revalued, as at 31 December 2024, as there was a significant change in lease arrangement for these properties during 2024. Both valuations were carried out by Colliers International, Chartered Surveyors. The valuer was RICS qualified and is experienced in both property in Stratford-upon-Avon and these classes of property.

22

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

2024 2023
13 Debtors: amounts falling due within one year £ £
Trade debtors 121,893 185,577
Other debtors 36,125 33,828
Prepayments and accrued income 65,138 91,311
223,156 310,716
2024 2023
14 Creditors: amounts falling due within one year £ £
Entitlement due to King Edward VI School 122,428 199,819
Trade creditors 91,057 57,303
Taxation and social security 16,824 102,931
Amount due to Stratford-upon-Avon Town Trust 380,634 405,066
Amount due to College Estate 5,150 5,166
Accruals and deferred income 461,059 409,03
1,077,152 1,179,322
2024 2023
15 Creditors: amounts falling due after one year £ £
Accruals and deferred income 19,867 20,125
16 Deferred income represents lease premiums and rentals received in advance that relate to after the
period end.
2024 2023
Reconciliation of deferred income falling due within one year: £ £
At 1 January 2024 377,260 358,292
Released during the year (376,998) (358,034)
Deferred in current year 329,610 377,002
At 31 December 2024 329,872 377,260
2024 2023
Reconciliation of deferred income falling due after one year: £ £
At 1 January 2024 20,125 20,383
Released during the year (258) (258)
Deferred in current year - -
At 31 December 2024 19,867 20,125
2024 2023
£ £
17 Provisions for liabilities
Balance as at 1 January 2024 599,937 734,641
Amount released in the year (333,279) (162,204)
Increase in provision in year 13,800 27,500
_ _
Balance as at 31 December 2024 280,458
_		 599,937
_

The provisions for liabilities comprise a provision to cover repair costs on certain void properties.

23

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

18
Summary of Fund Movements
Fund Name
Fund Balances
31 December
2023
£
Unrestricted Funds
102,709
Restricted Funds
-
Endowment Funds
36,973,547
_
Total Funds
37,076,256
_
Fund Name
Fund Balances
31 December
2022
£
Unrestricted Funds
102,853
Restricted Funds
-
Endowment Funds
36,563,709
Total Funds
_
36,666,562
_		 Income
2024
£
Expenditure
2024
£
Gains and losses
2024
£
Fund Balances
31 December
2024
£
2,724,710
(2,724,710)
-
102,709
140,000
(140,000)
-
-
-
_
-
_
949,535
_
37,923,082
___
2,864,710
_
(2,864,710)
_
949,535
_
38,025,791
_
Income
2023
£
Expenditure
2023
£
Gains and
losses
2023
£
Fund Balances
31 December
2023
£
2,598,732
(2,598,876)
-
102,709
273
(273)
-
-
-
-
409,838
36,973,547
_
2,599,005
_____
_
(2,599,149)
_
_
409,838
_
_
37,076,256
_
2,724,710
(2,724,710)
140,000
(140,000)
-
_
-
___
2,864,710
_
(2,864,710)
_
Income
2023
£
Expenditure
2023
£
2,598,732
(2,598,876)
273
(273)
-
-
_
2,599,005
_____
_
(2,599,149)
_

Permanent endowment funds relate to those assets which represent the permanent capital base of the Guild Estate and which may not be spent.

Restricted funds relate to a grant received from the Shared Prosperity Funds, which assisted with repairs to a property to the rear of Henley Street.


19
Analysis of net assets between funds
Investments
Current assets
Current liabilities

Liabilities greater than one year


Analysis of net assets between funds
Investments
Current assets
Current liabilities
Liabilities greater than one year		 Unrestricted
funds
2024
£
857,502
584,276
(1,319,202)
(19,867)
102,709
Unrestricted
funds
2023
£
802,280
1,022,714
(1,702,160)
(20,125)
___102,709		 Endowed
funds
2024
£
37,961,490
-
(38,408)

-
37,923,082
Endowment
funds
2023
£
37,050,646
-
(77,099)
-

_36,973,547
 Total
2024
£
38,818,992
584,276
(1,357,610)
(19,867)
38,025,791
Total
2023
£
37,852,926
1,022,714
(1,779,259)
(20,125)
_37,076,256

24

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

20 Commitments

In accordance with the governing document and High Court Order, each year the Guild Estate is committed to paying 36% of the clear annual income to King Edward VI School. The Guild Estate must also seek to apply 10% of its income in furtherance of other educational purposes within the town of Stratford-upon-Avon. As a result of the scheme dated 1 October 2001 the residual income is now transferred to the Town Trust for distribution in line with the objects of the Town Trust. The annual entitlement for the year is charged to the financial statements but there is no provision for future year entitlements.

In accordance with the Guild Estate’s constitution each year the Guild Estate has an ongoing commitment to contribute to the Church Street Almshouses’ (Municipal Charities) running costs in relation to general rates, water rates and sewerage charges, also funds for the respective yearly amounts (recommended by the National Association of Almshouses) to cover routine maintenance, payments to an extraordinary repair fund and a cyclical maintenance fund. The annual maintenance cost for the year is charged to the financial statements but there is no provision for future year maintenance costs.

21 Related party transactions

Control: During the current period the Guild Estate Endowment and the College Estate Endowment were under the control of Stratford-upon-Avon Town Trust.

Transactions: During the period the following transactions were entered into on normal terms and conditions.

Stratford-upon-
Avon
Town Trust
Stratford-upon-
Avon
Town Trust
College
Estate
31 December
2024
31 December
2023
31 December
2024
31
£
£
£
Income
2,909
2,582
-
_
_
Expenditure
Grant
1,322,314
1,235,966
-

Management charge
129,927
121,344
-
__
Balances outstanding at 31
December 2024
Creditors
380,634
405,066
5,150
_
_____		 College
Estate
December
2023
£
-

-

-

5,166
______

25

THE GUILD ESTATE ENDOWMENT NOTES ON FINANCIAL STATEMENTS for year ended 31 December 2024 (continued)

22 Lease Commitments

The future minimum lease receipts under non-cancellable operating leases are:

Not later than 1 year
Later than 1 year but not later than 5 years
Later than 5 years		 2024
£
1,481,549
3,029,398
21,419,551
_
25,930,498
_		 2023
£
1,393,814
3,950,830
22,340,702
_
27,685,346
_

The future minimum lease payments under non-cancellable operating leases are:


No later than 1 year
Later than 1 year but not later than 5 years
Later than 5 years		 2024
£

20,000
96,667
-
_
116,667
_		 2023
£
20,000
100,000
16,667
_
136,667
_

23 Trustee remuneration and benefits

The Guild Estate only has a Corporate Trustee (Town Trust). As such it cannot receive remuneration or other benefits from employment. The Town Trust has a Board of Trustees. However, none of these Trustees has been paid any remuneration or received any other benefits from employment with the Guild Estate or the Town Trust.

24 Trustee expenses

Trustee expenses during the year amounted to £nil (2023: £nil).

26