THE COLLEGE ESTATE ENDOWMENT CHARITY ANNUAL REPORT AND ACCOUNTS 2020 

Charity Registered No: 217485 



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|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|





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



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|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|





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1 June 2021 



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|||Unrestricted|Permanent|Total funds|Unrestricted|Permanent|Total funds|
|---|---|---|---|---|---|---|---|
||Notes|funds|endowment|2020|funds|endowment|2019|
|||2020|funds<br>2020||2019|funds<br>2019||
|||£|£|£|£|£|£|
|Income from:||||||||
|Investment income||||||||
|Other income||||||||
|Total Income||||||||
|Expenditure on:||||||||
|Raising funds||||||||
|Charitable activities||||||||
|Total expenditure||||||||
|Net (losses) / gains on||||||||
|investments|11|(18,794)|(17,633)|(36,427)|(15,400)|1,026,675|1,011,275|
|Net movement in funds||(П,367)|(17,633)|(29,000)|(15,400)|1,026,675|1,011,275|
|Reconciliation of funds||||||||
|Total ftmds brought forward||42,235|16,894,485|16,936,720|57,635|15,867,810|15,925,445|
|Total funds carried forward|lì|30,868|16,876,852|16,907,720|42,235|16,894,485|16,936,720|





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||Notes||2020|||2019||
|---|---|---|---|---|---|---|---|
|Fixed assets||£||£|£||£|
|Investments|8|||17,634,377|||17,670,871|
|Current assets||||||||
|Debtors<br>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|





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|||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<br>Proceeds from sale of investments||||
|Purchase of investments<br>_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<br>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|





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|||2020|2019|
|---|---|---|---|
|||£|£|
|3|Investment incomefrom:|||
||Investment Properties<br>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<br>Investment fund managers fees|||
||Support costs (note 7)|||
|Expenditure on charitable activities:<br>£<br>£||||
||Grant to Stratford-upon-Avon Town Trust<br>Payment to the vicar of Holy Trinity<br>Support costs (note 7)|||





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||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)||





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|||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<br>Additions at cost|||
||Sale Proceeds<br>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|





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||2020|2019|
|---|---|---|
||£|£|
|Debtors: amounts falling due within one year|||
|Trade debtors<br>Prepayments and accrued income<br>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<br>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|





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|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<br>Current assets<br>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<br>|||||||
|||Fund||||Fund|
|||Balances||||Balances|
||31|December|||Gains and|31 December|
|||2018|Income|Expenditure|Losses|2019|
|Fund Name||£|£|£|£|**£**|
|Unrestricted Funds|||||||
|Permanent|||||||
|Endowment Funds|||||||





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||Stratford-upon-|Stratford-upon-|Stratford-upon-|Guild|Guild|
|---|---|---|---|---|---|
||Avon TownTrust||Avon Town Trust|Estate|Estate|
||31|December|31 December|31 December|31 December|
|||2020|2019|2020|2019|
|||£|£|£|£|
|Rental/Service Charge||42,957|49,942|||
|income||||||
|Expenditure||||||
|Grant|567,962||594,036|||
|Management charge||62,158|69,608|||
|Balances outstanding at 31||||||
|December20||||||
|Debtors||||1,678|3,665|
|Creditors|111,247||251,951|||





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||Grants|to Grants to|Support|Grantsto|Grants to|Support|
|---|---|---|---|---|---|---|
||Institutions Individuals||Costs|Institutions|Individuals|Costs|
||2020|2020|2020|2019|2019|2019|
||**£**|**£**|£|**£**|**£**|£|
|Discretionary Grants|||||||
|Non- D i scretionary|||||||
|Grants|||||||



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||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|



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