2020-12-31-accounts - College Estate Endowment

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THE COLLEGE ESTATE ENDOWMENT CHARITY ANNUAL REPORT AND ACCOUNTS 2020

Charity Registered No: 217485

CONTENTS
	Page
Trustees’ Report	2-6
Officers & Contacts	7
Statement of Trustees5 Responsibilities	8
Independent Auditors1 Report	9-11
Financial Statements	12-13
Notes on Financial Statements	14 - 23

	Income	Capital	Total Return	Target	Benchmark
Managed Funds	3.3%	(0.3)%	3.0%	7.0%	5.0%

TRUSTEES OF CORPORATE	Tim Bailey	Matthew Macdonald
TRUSTEE	Charles Bates (to 31.5.20)	Stephen Parker
	TessaBates (to 31.5.20)	Clive Snowdon
	Gill Cleeve (from 1.6.20)	Josie Stevens (from 2.11.20)
	Liz Coles (from 1.6.20)	David Taylor
		Quentin Willson
	Tony Jackson
	Lindsay MacDonald
CHIEF EXECUTIVE	Sara Asp ley
(of corporate trustee)
SENIOR MANAGEMENT	Sara Aspley, Rebecca Hampson, James	McHugh, Fiona Tomlinson (appointed
TEAM (of corporate trustee)	6.7.20), Lynn Wilson
ADDRESS	Stratford-upon-Avon Town Trust
	14 Rother Street
	Stratford-upon-Avon CV37 6LU
BANKERS	Barclays Bank pic
	Market Cross
	Stratford-Upon-Avon
	Warwickshire
	CV37 6AP
SOLICITORS	Wiggin Osborne Fullerlove	Messrs Robert Lunn & Lowth
	95 The Promenade	2 Sheep Street
	Cheltenham GL50 1HH	Stratford-upon-Avon CV37 6EJ
		Mills & Reeve
		78-84 Colmore Row
		Birmingham B3 2AB
AUDITORS	Saffery Champness LLP
	St John’s Court
	Easton Street
	High Wycombe HP 11 1JX
PROPERTY MANAGER	Colliers International
	12th Floor, Eleven Brindley Place
	2 Brunswick Square
	Brindley Place
	Birmingham Bl 2LP
INVESTMENT MANAGERS	Sarasin&Partners LLP	Cazenove Capital (part of Schröders &
	Juxon House	Co Limited)
	100 StPaul’s Churchyard	1 London Wall Place
	London	London
	WC4M 8BU	EC2Y 5AU
	Charities Property Fund	Schröders & Co Limited
	Cordea Savills	1 London Wall Place
	33 Margaret Street	London
	London WIG 0JD	EC2Y 5AU

1 June 2021

	Notes
Fixed assets		£	£	£	£
Investments	8		17,634,377		17,670,871
Current assets
Debtors Cash at bank and in hand
Creditors: amounts
falling due within one year	10	(1,120,844)		(1,162,563)
Net current liabilities			(726,657)		(734,151)
Net assets			16,907,720		16,936,720
Funds
Capitalfunds
Endowment funds	11		16,876,852		16,894,485
Unrestricted funds
Other charitable ñmds	11		30,868		42,235
Total funds	11		16,907,720		16,936,720

		2020	2019
		Total funds	Total funds
		£	£
Cash flows from operating activities:
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments Proceeds from sale of investments
Purchase of investments Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period		(101,882)	48,054
Cash and cash equivalents at 31 December 2019		432.029	383.975
Cash and cash equivalents at 31 December 2020		mi 47	4.12,029
		2020	2019
		Total funds	Total funds
		£	£
Reconciliation of net income / (expenditure) to net cash flow from operating
activities
Net (expenditure) /income for the reporting period (as per the statement of financial		(29,000)	1,011,275
activities)
Adjustments for:
Losses / (gains) on investments		36,494	(996,875)
Dividends, interest, and rent from investments		(909,783)	(925,725)
(Increase) / decrease in debtors		(24,481)	4,042
(Decrease) / increase in creditors		r41.719i	52.632
Net cash used in operating activities		(968,489)	(854,650
		2020	2019
		Total funds	Total funds
		£	£
Analysis of cash and cash equivalents
Cash in hand Cash awaiting deposit*
Total cash and cash equivalents
*ls unavailable for general expenditure as it is an endowed asset.
Analysis of change in net debt
	At	Cashflow	At
	1 January 2020		31 December 2020
	£	£	£
Cash and equivalents
Cash	365,690	(58,706)	306,984
Cash awaiting deposit	66,339	(43,176)	23,163
Total	432,029	(101,882)	330,147

		2020	2019
		£	£
3	Investment incomefrom:
	Investment Properties Quoted Investments
	Income and expenditure relating to the Rother Street Car Park is split 86.09% to Guild and 13.91% to Col
	in accordance withland ownership arrangements.
		2020	2019
		£	£
4	OtherIncome from:
	Interest receivable on cash at bank	709	2,181
		2020	2019
		£	£
5	Expenditure on raising funds:
	Investment property management costs Investment fund managers fees
	Support costs (note 7)
Expenditure on charitable activities: £ £
	Grant to Stratford-upon-Avon Town Trust Payment to the vicar of Holy Trinity Support costs (note 7)

	Basis of	Charitable	Governance	Raising	Total funds
	allocation	Activities		Funds	2020
		£	£	£	£
Staff costs	Time	2,520	7,559	40,314	50,393
Office costs	Time	635	1,904	10,153	12,692
External audit	Direct		4,604		4,604
Governance costs	Cost	827	(14,067)	13,240
Total		3,982		63,707	67,689
		(note 6)		(note 5)
	Basis of	Charitable	Governance	Raising	Total funds
	allocation	Activities		Funds	2019
		£	£	£	£
Staff costs	Time	2,658	7,971	42,514	53,143
Office costs	Time	887	2,661	14,192	17,740
External audit	Direct		4,250		4,250
Governance costs	Cost	875	(14,882)	14,007
Total		4,420		70,713	75,133
		(note 6)		(note 5)

		2020	2019
		£	£
8	Fixed asset investments
	Investment properties	8,536,000	8,544,500
	Quoted investments	9,075,214	9,060,032
	Cash awaiting investment	23,163	66,339
		17,634,377	17,670,871
	Investment properties:
	Valuation at 31 December 2019	8,544,500	9,110,500
	Net sale proceeds		(924,619)
	Gain on disposal		273,619
	Revaluation gains	(8,500)	85,000
	Valuation at 31 December 2020	8,536,000	8,544,500
	Cost or donated value at 31 December 2020	1,626,119	1,626,119
	Quoted investments:
	Market value at 31 December 2019 Additions at cost
	Sale Proceeds Investment (losses)/gains
	Market value at 31 December 2020	9,075,214	9,060,032
	Historical cost at 31 December 2020	6,606,309	6,667,054

	2020	2019
	£	£
Debtors: amounts falling due within one year
Trade debtors Prepayments and accrued income Amount owed by Guild Estate
Creditors: amounts falling due within one year
Trade creditors	9,428	2,902
Accruals and deferred income	862,953	839,437
Other creditors	97,500	37,500
Taxation and social security	39,716	30,773
Amount due to Stratford-upon-Avon Town Trust	111,247	251,951
	1,120,844	1,162,563

	2020	2019
	£	£
Reconciliationof deferred income:
At 1 January 2020 Released during the year
Deferredin current year
At 31 December 2020
Included within accruals are the following fees payable to the auditor for:
Statutory audit	ІЖ	4.150

11 Analysis of net assets	between funds	between funds		Unrestricted	Endowment	Total
				Funds	funds	2020
				2020	2020
				£	£	£
investments				723,342	16,911,035	17,634,377
Current assets				394,187		394,187
Current liabilities				(1,086,661)	(34,183)	(1,120,844)
				30,868	16,876,852	16,907,720
				Unrestricted	Endowment	Total
				Funds	funds	2019
				2019	2019
				£	£	£
Investments Current assets Current liabilities
Summary of Fund Movements
		Fund				Fund
		Balances				Balances
	31 December				Gains and	31 December
		2019	Income	Expenditure	Losses	2020
Fund Name		£	£	£	£	£
Unrestricted Funds
Permanent
Endowment Funds
		Fund				Fund
		Balances				Balances
	31	December			Gains and	31 December
		2018	Income	Expenditure	Losses	2019
Fund Name		£	£	£	£	£
Unrestricted Funds
Permanent
Endowment Funds

	2020	2019
	£	£
Not later than 1 year	497,467	533,512
Later than 1 year but not later than 5 years	1,759,361	1,800,131
Later than 5 years	26,722,884	27,134,692