2021-12-31-accounts - College Estate Endowment

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CONTENTS
			Page
Trustees' Report			2 —6
Otftcers &Contacts
Statement ofTrustees*		Responsibiliues
independent Auditors'		Report	p-tt
Financial Statements			12-14
Notes on Financial	Statements		15-23

TRUSTEES OF CORPORATE	Tim Bailey				Stephen	Parker
TRUSTEE	Gill Cleave				Jonathan	Smith	(appointed	I April 2022)
	Liz Coles				Clive Snowdon
	Tony Jackson				Josie Stevens
	Lindsay MacDonald				David Taylor
	Matthew Macdonald		(resigned 31		Quentin	Willson
	January 2022)
CHIEF EXECUTIVE	Sara Aspley
(ofcorporate trustee)
SENIOR MANAGEMENT	Sara Aspley, Rebecca Hampson,			James McHugh,		Fiona	Tomlinson	(to7.8.21),Paul
TEAM (ofcorporate trustee)	Fitzpatrick (appointed		26.7.21),Lynn Perkins
ADDRESS	Stratford-upon-Avon		Town Trust
	14Rather Street
	Stratford-upon-Avon		CV37 6LU
BANKERS	Barclays Bank pic
	Market Cross
	Stratford-Upon-Avon
	Warwickshire
	CV37 6AP
SOMCITORS	Messrs Robert Lunn		&Lowth		Mills &	Reeve
	2 Sheep Street				78-84 Colmare		Row
	Stratford-upon-Avon		CV376EJ		Birmingham		B32AB
AUDITORS	Saffery Champness		LLP
	StJohn's Court
	Easton Street
	High Wycombe HPI I IJX
PROPERTY MANAGER	Colliers International
	12o Floor, Eleven Brindley Place
	2 Brunswick Square
	Brindley Place
	Birmingham BI	2I.P
INVESTMENT MANAGERS	Sarasin &Partners LLP				Cazenove Capital (part ofSchroders &
	Juxon House				Co Limited)
	100StPaul's Churchyard				I London Wall Place
	Landon				London
	WC4iM 8BU				EC2Y 5AU
	Charities Property	Fund			Schraders &Ca Limited
	Cordea Savilla				I London Wall Place
	33 Margaret Street				London
	London WIG 0JD				EC2Y SAU

			Unreclrlclwl	Pcrmancat	Total funds	Unrestricted	Pennancnt	Total funds
		Notes	funds	endowment funds	2021	l'unde	endowment funm	2020
			2021 f	sarIf		2020 f	2asaf
Income from:
Inveshnent income			928,450		928,450	909,783		909,783
Other income			38		38	709		709
Total iacome			928,488		928,488	910,492		910,492
Expenditure on:
Raising funds		5	273,794		273,794	324,121		324,121
Charitable activities		6	454,692		454,692	578,944		578,944
Total expeaditure			728,486		728,486	903,065		903,065
Net galas I(losses)	an
Invcstnleuts			75,434	801,136	876,570	(18,794)	(17,633)	(36,427)
ReclassiTicatioo ofreserves			300,000	(300,000)
Net movement in funds			575,436	501,136	1,076,572	(11,367)	(17,633)	(29,000)
Rceanciliatioa of	funds
Total funds brought	forward		30,868	16,876,852	16,907,720	42,235	16,894,485	16,936,720
Total funds carried forward		11	606,304	17,377,988	17,984,292	30,868	16,876,852	16,907,720

			Notes
Fixed assets
Investments					18,510,947		17,634,377
Current assets
Debtors			9	196,687		87,203
Cash at bank	and	in hand		294,125		306,984
				490,812		394,187
Creditors:	amounts
falling due within		one year	10	(1,017,467)		(I,120,844)
Net current	liabilities				(526,655)		(726,657)
Net assets					17,984,292		16,907,720
Funds
Capital funds
fndowment	funds				17,377,988		16,876,852
Unrestricted	funds
Other charitable		funds			606,304		30,868
Total funds					17,984,292		16,907,720

											2021	2020
											Total funds	Total funds
											8	8
Cash flows from operatiag		activinest
/Vet cash user/in epentnng		ec/ivit/es									941 09	~96$489
Cash flows from invcstiag		scbvities:
Dividends, interest snd tents fmm investments											928,450	909,783
Proceeds fmm sale ofinvestments												388s64
Purchase ofinvestments											~19616	~43 440
/Vet cnrh provided hy htvetting			ec/ivities								908,834	866,607
Change in cash snd cash equivalents				in the reporting			period				(32,475)	(101,882)
Cnsb and cash cquivalcals		at31December				2020					330.147	432029
Cash and cash cquivalcats		at	31December			2021						33Lfd2
											2021	2020
											Total funds	Total funds
Recondliation of net income			/ (expenditure)			to aet cash flaw from			operating
activities
Ne/ income /(expend/etre/	for		/he reporting period (asper the stctem						eat	offinoncio/	1,076,572	(29,000)
oct/vi/iesj
Adjustments for:
(Gains) / losses on investments											(876,570)	36,427
Dividends, interest, and rent		&om investments									(928,450)	(909,783)
Increase in debtors											(109,484)	(24,481)
Decrease in creditors Ne/ ces/t used in operating		ac/hines									~I0337 ~19	~41 652 ~048
											2021	2020
											Total funds	Totalfuads
											8
Analysis ofcash and cash		cquivalcnts
Cash in hand											294,125	306,984
Cash awaiting deposit*											3 547	23 163
Tetsl cash and cash cquivalcats
*Isunavailable for general		expenditure			as it	is an endowed		asset.
Analysis ofchange in act		debt
									At		Casbflow	At
								I January		2021		31Dccembcr 2021
									8
Cash and equivalents
Cash in hand									306,984		(12,859)	294,125
Cash awaiting deposit									23,163		(19,616)	3,547
Total									330,147		(32,475)	297,672

					2021	2020f
3	Investment income from:
	Investment Properties				619,635	613,005
	Quoted Investments				308,815	296,778
					928,450	909,783
	Income and expenditure relating to			the Rother Street Car Park is split 86.09%to Guild and		13.91%to College
	in accordance with land ownership			arrangements.
					2021	2020
4	Other Income from:
	Interest receivable on cash	at	bank		38	709
					2021	2020f
	Expenditure on raising funds.
	Investment property management			costs	166,672	225,217
	Investment fund managers	fees			36,901	35,197
	Support costs (note 7)				70,221	63,707
					273,794	324,121
					2021	2020
6	Expenditure on charitable		activities:		f
	Grant to Stratford-upon-Avon		Town Trust		443,303	567,962
	Payment to the vicar ofHoly		Trinity		7,000	7,000
	Support costs (note 7)				4,389	3,982
					454,692	578,944

Allocation ofsupport costs	Allocation ofsupport costs
		Basis of	Charitable	Governance	Raising	Tatal funds
		allocation	Activities		Funds	2021
			f		f	f
Staffcosts		Time	2,688	8,063	43,001	53,752
Office costs		Time	814	2,442	13,029	16,285
External audit		Direct		4,573		4,573
Governance	costs	Cost	887	(15,078)	14,191
Total			4,389		70,221	74,610
			(note 6)		(note 5)
		Basis af	Charitable	Governance	Raising	Total funds
		allocation	Activities		Funds	2020
			f		f	f
Staffcosts		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	Cast	827	(14,067)	13,240
Total			3,982		63,707	67,689
			(note 6)		(note 5)

		2021	2020
8	Fixed asset investments
	Investment properties	8,586,000	8,536,000
	Quoted investments	9,921,400	9,075,214
	Cash awaiting investment	3,547	23,163
		18,510,947	17,634,377
	Investment properties:
	Valuation at 31 December 2020	8,536,000	8,544,500
	Revaluation gains / (losses)	50,000	(8,500)
	Valuation at 31December 2021	8,586,000	8,536,000
	Cost or donated value at 31 December 2021	1,626,119	1,626,119
	Quoted investments:
	Market value at 31 December 2020	9,075,214	9,060,032
	Additions at cost	19,616	431,440
	Sale Proceeds		(388,264)
	investment gains / (losses)	826,570	(27,994)
	Market value at31 December 2021	9,921,400	9,075,214
	Historical cost at 31 December 2021	6,625,925	6,606,309

				2021f	2020 8
9	Debtors:	amounts falling due within	one year
	Trade debtors			62,808	61,512
	Prepayments and accrued income			29,696	24,013
	Amount	owed by Guild Estate		9,093	1,678
	Amount	owed by Stratford-upon-Avon	Town Trust	95,090
				196,687	87,203
				2021f	2020
10	Creditors: amounts falling due within one year
	Trade creditors			10,905	9,428
	Accruals	and deferred income		854,275	862,953
	Other creditors			120,000	97,500
	Taxation	and social security		32,287	39,716
	Amount	due to Stratford-upon-Avon	Town Trust		111,247
				1,017,467	1,120,844

			2021	2020
				0
Reconciliation		ofdeferred income:
At I January 2021			823,949	811,861
Released	during	the year	(156,149)	(139,861)
Deferred	in current year		150,073	151,949
At 31 December		2021	817,873	823,949
			2021	2020
			8
Included	within	accruals are the following fees payable to the auditor for:
Statutory	audit		4,600	4,304

Analysis ofnet assets between funds	Unrestricted	Endowment	Total
	Funds	funds	2021
	2021	2021
Investments	1,098,774	17,412,173	18,510,947
Current assets	490,812		490,812
Current liabilities	(983,282)	(34.185)	(1,017,467)
	606,304	17,377,988	17,984,292
	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)	(I,120,844)
	30,868	16,876,852	16,907,720

Summary o	fFund	Movements
		Fund							Fund
		Balances 31December	income f	Bxpcoditurc	Caine and Losses		Transfer between funds		Balances 31Dcccmbcr
Fund Name		2020f			f		f		2011
Unrestricted	Funds	30,868	928,488	(728,486)	75,434		300,000		606,304
Permanent
Endowment	Funds	16,876,852			801,136		(300,000)		17,377,988
Total Funds		16,907,720	928,488	(728,486)	876,570				17,984,292
		Fund Balances							Fund Balances
		31 December 2019 f	Income f	Expenditure f		Gains aad Losses		31December 2020
Fund Name
Unrestricted		42,235	910,492	(903,065)			(18,794)		30,868
Funds
Permanent
Endowment		16,894,485					(17,633)		16,876,852
Funds
Total Funds		16,936,720	910,492	(903,065)			(36,427)		16,907,720

ransactions:	During t	he year t	he following transactio	ns were entered into on	normal terms and	conditions.
			Stratford-upon-	Stratford-upon-	Guild	Guild
			Avon Town Trust	Avon Tawn Trust	Estate	Estate
			31December	31December	31December	31December
			2021	2020f	2021 f	2020 g
RentsVService	Charge		40,140	42,957
income
Expenditure
Grant			443,303	567,962
Management	charge		63,715	62,158
Balances outstanding		at31
December 2021
Debtors			95,090		9,093	1,678
Creditors				111,247

		Grants to	Grants to	Support	Grants to	Grants to	Support
		Instituaons	Individuate	Costs	iostitudons	Individuate	Costs
		2021	2021	2021	2020	2020	2020
				s
Discretionary	Grants	443,303		4,039	567,962		3,682
Non-Discretionary
Grants			7,000	350		7,000	300
		443,303	7,000	4,389	567,962	7,000	3,982