THE COLLEGE ESTATE ENDOWMENT CHARITY ANNUAL REPORT AND ACCOUNTS 2022 


Charity Registered No: 217485 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** FINANCIAL STATEMENTS for the year ended 31 December 2022 

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## **CONTENTS** 

**Page** Trustees' Report 2 – 6 Officers & Contacts 7 Statement of Trustees’ Responsibilities 8 Independent Auditors' Report 9 - 11 Financial Statements 12 - 14 Notes on Financial Statements 15 - 23 




**THE COLLEGE ESTATE ENDOWMENT CHARITY** REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2022 

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## **Overview** 

The College Estate Endowment Charity (“College Estate”) is a charitable trust of which the Trustee is the Stratfordupon-Avon Town Trust (Town Trust). 

Under a Scheme of the Charity Commissioners dated 1 October 2001 all the income of the College Estate is, after defrayment of costs and expenses, transferred to the Town Trust where it becomes that Trust’s corporate property and is applied in accordance with the terms of that Trust.  The only exception to this is the specific provision to the Vicar of Holy Trinity Church who receives £7,000 each year before the transfer to the Town Trust is made. 

The endowed assets of the College Estate are managed by the Town Trust within the obligations of charity law and in line with an investment policy for the College Estate determined by the trustees of the Town Trust. 

College Estate generates virtually all its income from its permanent endowed funds, which are invested in quoted investments and physical property. If one of these investments is disposed of, the College Estate has a legal duty to reinvest the net proceeds in another form of investment. The sale proceeds can never be used to fund general activities and costs; such costs are covered by the income generated by the investments. The College Estate does not perform fundraising to generate income. 

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

## **Strategic Review** 

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

## **Grants** 

## **Discretionary Grants** 

The College Estate paid £535,097 (2021: £443,303) in grants to the Town Trust. The Town Trust, after defraying costs, used this grant to fund its discretionary grant making strategy. 

## **Non-Discretionary Grants** 

£7,000 (2021: £7,000) was paid to the Vicar of the Holy Trinity Church in accordance with the 2001 Scheme. 

## **Financial Review** 

In 2022 total income for the Trust was £1,005,024 (2021: £928,488), the majority of which was generated by the charity’s investments. Investment management costs amounted to £672,398 (2021: £273,796), £200,000 of this cost related to the College Estate’s contribution to the Riverside project. We are very aware that the costs of managing the investments have to be monitored closely and spent carefully, but also it is important that the investments are well managed, thus ensuring income flows for future generations. 

£547,300 (2021: £454,692) was spent on charitable expenditure, of which £542,097 (2021: £450,303) was given as grants, the majority of which was granted to Stratford Town Trust, to be spent on enhancing the lives of the people of Stratford. 

## **Income** 

The 2022 total income of £1,005,024 represented an increase of 8.2% on last year (2021: £928,488) the majority of which is attributable to an increase in investment property income.  Investment income remains the main source of income, being 99.8% of total income. 

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**THE COLLEGE ESTATE ENDOWMENT CHARITY** REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2022 (continued) 

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## **Balance Sheet** 

The charity has investments of £17.45.m  (2021: £18.51m) (note 8),  a decrease of £1.06.m on last year, 94.1% of these investments are defined as endowed assets, which means that if any of these assets are ever sold, all the proceeds must always be reinvested in other investment assets. 

The decrease in the investments was due to investment losses on quoted investments of £1.0m and property valuation decreases of £0.05m. 

## **Reserves Policy** 

The Trustees review the reserves policy annually and consider it very important that the Trust can pay all its committed costs and have free reserves to cover ongoing administration costs for six months. 

The permanently endowed reserve in College Estate will always be fully investment and cash backed. To recognise the small operational risk in College an unrestricted reserve of at least £30k is held. The reserves policy was reviewed in June 2022. As at December 2022 the endowed reserves are £16.4.m (2021: £17.4m) and the unrestricted reserves are £344k (2021: £606k) of which £300k have been transferred from the endowed reserves following the reclassification of Rowley Fields land and Warwick Road lands from endowed investments to unrestricted investments in 2021. 

## **INVESTMENT POLICY AND PERFORMANC** E 

The objective of the investment policy is to create sufficient income and capital growth to enable the Trust to carry out its purposes consistently year on year. In the medium to long term the Trust 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. 

The broad thrust of our investment policy in recent years has been to increase diversification and reduce our exposure to property, in Stratford-upon-Avon. A preferred range was set for total property investments held by the College Estate to be between 50% and 70% of the total investment portfolio, the percentage currently held is 59.6 % (2021: 57.5%). 

The Board reviewed and updated the investment policy in September 2022. The policy’s main objectives continue to be: 

- **Short Term (less than three years) Objective** 

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

- **Medium to Long Term Objective** 

   - The medium to long-term investment objectives, as measured over a 10-year rolling period, are to achieve a balanced return from the overall portfolio such that: for the combined portfolio of all the charities there is an expectation of net income yield being not less than 4.4% pa and that the capital value grows at least in line with inflation (CPI).  Net income is defined as gross income less all direct costs i.e., fees, repair costs, legal/advisor fees. 

- **Long Term Objective** 

   - The endowment investments are expected to exist in perpetuity and should be managed to meet the Trusts’ investment objectives and ensure their sustainability. 

The Trust also has a responsible investment policy, which guides the Trustees 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. As such the Trust has considered this point in relation to its endowed investments but decided it was an approach it would not adopt at this time. 

The Trust does not have any social investments; the majority of College 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. The non-endowed investments are held in equity investments or property funds with the addition of the land  at Warwick Road lands and Rowley Fields reclassified from permanent endowment investments to non endowed investments following their creation as green space. All investments held in equity investments or cash are readily realisable if required. 

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**THE COLLEGE ESTATE ENDOWMENT CHARITY** REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2022 (continued) 

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## **INVESTMENT POLICY AND PERFORMANC** E **(continued)** 

|**Investment**|2022<br>£M|2021<br>£M|2022 Actual<br>%|2021 Actual<br>%|Future Target<br>%|
|---|---|---|---|---|---|
|**Endowed:**||||||
|Physical Property|8.2|8.3|47.3|44.8|70-80|
|Equity Funds|7.1|7.8|40.0|42.4|30-50|
|Property Funds|1.1|1.3|6.4|6.9|0-20|
|Cash equivalent|0.1|-|0.6|0.0|0|
|**Total endowed investments**|**16.5**|**17.4**|**94.3**|**94.1**|**100.0**|
|||||||
|**Non Endowed:**||||||
|Physical Property**|0.3|0.3|1.7|1.6|-|
|Property funds*|0.7|0.8|4.0|4.3|-|
|**Total non-endowed investments**|**1.0**|**1.1**|**5.7**|**5.9**|**-**|
|**Total investments**|**17.5**|**18.5**|**100.0**|**100.0**|**100.0**|



*These funds were invested during 2016.  They relate to a premium which was received in relation to Fordham House. 

**On 23 June 2021 the Charity Commission ratified the trustees’ resolution under S282 of Charities Act 2011, that the permanent endowment restriction be released on Rowley Fields Grazing Land. On 26 October 2021 the Charity Commission also ratified the trustees’ resolution under S282 of Charities Act 2011, that the permanent endowment restrictions be released on Warwick Road lands owned by College Estate Endowment Charity. 

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. 

## **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**<br>**Return**|**Target**|**Benchmark**|
|---|---|---|---|---|---|
|Managed Funds|3.4%|-10.7%|-7.3%|13.6%|-7.4%|



The benchmark for the College Estate is the weighted average of the benchmark for the property funds (-9.5%), which is based on AREF / MSCI All Balanced Funds Property Index and the benchmark for the Common Investments Funds (- 6.9%) (which is calculated based on: I CE BofAML Sterling Corporate (7.5%), ICE BofAML UK Gilts All Stocks (7.5%), MSCI AC World ex UK (Local Currency) (GBP) (10%), MSCI AC World ex UK (Net Total Return) (40%), MSCI All Balanced Property Funds - One Quarter Lagged (5%), MSCI UK IMI (Net Return) GBP (20%), 2% per annum above SONIA (alternative assets) (10%). 

The actual performance was below the target but comparable to the benchmark, in the main due to the high impact of inflation in the year (9.2%) which had a negative impact on funds value. 

## **Physical Property** 

The property portfolio, valued at £8.50m (2021: £8.55m), within the College Estate has decreased in value by £0.05m during the year, which represents an average capital return of -0.6% (2021: 0.6%).  The rental yield for the property portfolio was 7.2% (2021: 7.2%), giving a total return of 6.6% (2021: 7.8%). In 2022 there were no disposals nor acquisitions. 

A full property valuation was carried out by Colliers International in December 2020. It is a regulatory requirement that a full valuation is performed every 5 years. 

## **Public Benefit** 

The Public Benefit of the College 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 Corporate Trustee (Town Trust) has had regard to the Charity Commission’s guidance on Public Benefit. 

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**THE COLLEGE ESTATE ENDOWMENT CHARITY** REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2022 (continued) 

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## **Public Benefit (continued)** 

All 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 grant-making achieves a spread of benefit and impact 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 on-going public consultation and information. 

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

In 2022 the Stratford-upon-Avon Town Trust Group applied £2.2m to charitable purposes of which £0.9m discretionary grants have been provided to 111 beneficiaries.  Full details can be found in the Stratford-Upon-Avon Town Trust  Annual Report of the Trustees and Accounts. In 2022 the community hub - Foundation House continued to go from strength to strength, the cost for the year was £0.16m. There are 15 community groups who have taken permanent space as licensees, this benefit has been treated as a benefit in kind. Also, many community groups utilised the various meeting spaces on a regular basis. 

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

## **Risk management** 

The risk policy was reviewed in autumn 2022, when the Trust assessed its risk appetite to be low to moderate. The Trust 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 of the risk and the likelihood of the risk occurring, then how 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 Trust’s policy states this is done via a Risk Register. The whole process is monitored by the Audit & Governance Committee. 

The trustees review the College Estate’s risks on a regular basis throughout the year and consider that there is one major risk facing the College Estate at the year end. 

- The Riverside project has been closely scrutinised by some Stratford groups and townspeople, and the Trust has worked hard to allay these concerns so that the project and its funding from CWLEP has not been subject to unnecessary delays or the withdrawal of funding. The project team had regular project meetings which monitored progress, budgets and feedback from townspeople and local stakeholders. 

## **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 Trust has and could be exposed to. Processes in place regarding risk management and internal controls include: 

- Risk Policy and process 

- Review of internal controls and processes by Audit & Governance Committee and Compliance Advisor where appropriate 

- All major programmes and projects are scrutinised by Senior Management and monitored through an appropriate Committee 

- The safeguarding of assets against unauthorised use or disposition 

- The maintenance of proper accounting records 

- The reliability of the financial information used within the Trust or for publication 

- Good governance policies 

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**THE COLLEGE ESTATE ENDOWMENT CHARITY** REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2022 (continued) 

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## **Control Environment** 

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

## **Information Systems** 

The Trust 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 main Board.  Variances are followed up by management. Also, a three-year plan is produced annually and this is dovetailed into the Strategic Plan with scenario overlays, where necessary. 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. During the year full year financial forecasts are prepared and reviewed by both, the Finance, Investment and Property Committee and the main Board. 

The Board has examined the effectiveness of these key procedures during the year. This is achieved primarily through the review of the reports from management, external audit, the quarterly and annual financial statements and reviews of the major risks facing the Trust. 

The Board has reviewed the effectiveness of the Trust’s system of internal financial controls that require disclosure in the financial statements. 

## **Volunteers** 

There are 6 volunteers involved in ecology and habitat management activities which benefit the land owned by College Estate at Rowley Fields and Warwick Road lands. 

## **Statement as to disclosure of information to auditors** 

The Town Trust trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Town Trust trustees have confirmed that they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor. 


On behalf of the Board of Trustees 

…………………………… Tony Jackson Chair of Board 17 May 2023 

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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** OFFICERS AND CONTACTS for the year ended 31 December 2022 

TRUSTEES OF CORPORATE Tim Bailey Matthew Macdonald (resigned 31.1.22) TRUSTEE Gill Cleeve Stephen Parker (to 31.8.22) Liz Coles Michael Rolfe (elected 26.5.22) Marion Homer (elected 26.5.22) Jonathan Smith (appointed 1 April 2022) Tony Jackson Clive Snowdon (to 31.1.23) Simon Littlejohns (appointed 1.9.22) Josie Stevens Henry Lu (elected 26.5.22) Mark Tailby (appointed 01.02.23) Lindsay MacDonald (to 25.5.22) David Taylor (to 25.5.22) Quentin Willson (to 25.5.22) 

CHIEF EXECUTIVE Sara Aspley (of corporate trustee) SENIOR MANAGEMENT Sara Aspley, Rebecca Hampson, James McHugh, Paul Fitzpatrick, Frances Nibbs TEAM (of corporate trustee) (appointed to SMT 1.7.22), Lynn Perkins 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 Robert Lunn & Lowth LLP Mills & Reeve LLP 2 Sheep Street 78-84 Colmore Row Stratford-upon-Avon   CV37 6EJ Birmingham   B3 2AB AUDITORS Saffery Champness LLP St John’s Court Easton Street High Wycombe   HP11 1JX PROPERTY MANAGER Colliers International Property Consultants Limited 19[th] Floor 103 Colmore Row Birmingham B3 3AG INVESTMENT MANAGERS Sarasin & Partners LLP Cazenove Capital (part of Schroders & Juxon House Co Limited) 100 St Paul’s Churchyard 1 London Wall Place London London WC4M 8BU EC2Y 5AU 

Charities Property Fund Cordea Savills 33 Margaret Street London W1G 0JD 

Schroders & Co Limited 1 London Wall Place London EC2Y 5AU 

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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** STATEMENT OF TRUSTEES’ RESPONSIBILITIES 

31 December 2022 

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.  In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP (FRS102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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, applicable accounting regulations. 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 charity 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. 


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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES 

## **Opinion** 

We have audited the financial statements of College Estate Endowment for the year ended 31 December 2022 which comprise a statement of financial activity, 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year year then ended; 

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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 charity’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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 require us to report to you if, in our opinion: 

the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

the charity has not kept sufficient accounting records; or 

the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. 

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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES 

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## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities Statement set out on page 8, 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. 

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. 

## **Auditors’ responsibilities for the audit of the financial statements** 

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under 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 auditors’ 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.  We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. 

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. 

Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES 

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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. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Saffery Champness LLP St Johns Court Easton Street High Wycombe HP11 1JX 

Chartered Accountants 

Statutory Auditors 

Date: 


Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 


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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** 

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022 

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**----- Start of picture text -----**<br>
Unrestricted  Permanent  Total funds  Unrestricted  Permanent  Total funds<br>Notes  funds  endowment  2022  funds  endowment  2021<br>2022  funds  2021  funds<br>2022  2021<br>£  £  £  £  £  £<br>Income from:<br>Investment income   3  1,003,212  -  1,003,212  928,450  -  928,450<br>Other income  4  1,812  -  1,812  38  -  38<br>_______  _____  _______  _______  _______  _______<br>Total Income  1,005,024  -  1,005,024  928,488          -       928,488<br>_______  _____  _______  _______  _______  _______<br>Expenditure on:<br>Raising funds  5  657,398  -  657,398  273,794  -  273,794<br>Charitable activities  6  547,300  -  547,300  454,692  -  454,692<br>_______  _____  _______  _______  _______  _______<br>Total expenditure  1,204,698  -  1,204,698  728,486         -       728,486<br>_______  _____  _______  _______  _______  _______<br>Net (losses) / gains on<br>investments  11  (62,880)  (993,848)  (1,056,728)  75,434      801,136    876,570<br>Reclassification of reserves  -  -  -  300,000  (300,000)  -<br>_______  _______  ________  _______  _______  ________<br>Net movement in funds  (262,554)  (993,848)  (1,256,402)        575,436  501,136  1,076,572<br>_______  _______  ________  _______  _______      _______<br>Reconciliation of funds<br>Total funds brought forward  606,304  17,377,988  17,984,292  30,868  16,876,852  16,907,720<br>_______  _________  _________  ______  _________  _________<br>Total funds carried forward  11  343,750  16,384,140  16,727,890  606,304  17,377,988  17,984,292<br>_______  _________  _________  ______  _________ _________<br>The notes on pages 15 to 23 form part of these financial statements.<br>All of the charity’s activities are continuing.<br>**----- End of picture text -----**<br>


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## **THE COLLEGE ESTATE ENDOWMENT CHARITY** BALANCE SHEET as at 31 December 2022 

_____________________________________________________________________________________ 

|**Notes**<br>**2022**<br>**Fixed assets**<br>**£**<br>Investments<br>8<br>**Current assets**<br>Debtors<br>9<br>125,305<br>Cash at bank and in hand<br>497,987<br>_______<br>623,292<br>**Creditors:**amounts<br>falling due within one year<br>10<br>(1,349,620)<br>________<br>**Net current liabilities**<br> <br>**Net assets**<br>**Funds**<br>**Capital funds**<br>Endowment funds<br>11<br>**Unrestricted funds**<br>Other charitable funds<br>11<br>**Total funds**<br>11|**2021**<br>**£**<br>**£**<br>17,454,218<br>196,687<br>294,125<br>_______<br>490,812<br>(1,017,467)<br>_________<br>(726,328)<br>_________<br> <br>16,727,890<br>_________<br>16,384,140<br>343,750<br>_________<br>16,727,890<br>_________|**£**<br>18,510,947<br>(526,655)<br>_________<br>17,984,292<br>_________<br>17,377,988<br>606,304<br>_________<br>17,984,292<br>_________|
|---|---|---|



The financial statements on pages 12 to 23 were approved by the trustees and authorised for issue on 17 May 2023. The notes on pages 15 to 23 form part of these financial statements. 

Tony Jackson 

Simon Littlejohns 

13 



## **THE COLLEGE ESTATE ENDOWMENT CHARITY** STATEMENT OF CASH FLOWS 

for the year ended 31 December 2022 

_____________________________________________________________________________________ 

||||**2022**|**2021**|
|---|---|---|---|---|
||||**Total funds**|<br>**Total funds**|
||||**£**|**£**|
|**Cash flows from operating activities:**|||||
|**_Net cash used in operating activities_**|||(799,349)|(941,309)|
|**Cash flows from investing activities**:|||||
|Dividends, interest and rents from investments|||1,003,212|928,450|
|Proceeds from sale of investments|||66,883|-|
|Purchase of investments|||-|(19,616)|
|**_Net cash provided by investing activities_**|||1,070,095|908,834|
|Change in cash and cash equivalents in the reporting period|||270,744|(32,475)|
|**Cash and cash equivalents at 31 December 2021**<br>**Cash and cash equivalents at 31 December 2022**|||297,672<br>**568,416**<br>**2022**<br>**Total funds**|330,147<br>**297,672**<br>**2021**<br> <br>**Total funds**|
||||**£**|**£**|
|**Reconciliation of net (expenditure) / income to net cash flow from operating**<br>**activities**<br>_Net (expenditure) / income for the reporting period (as per the statement of financial_|||(1,256,402)|<br>1,076,572|
|_activities)_<br>**Adjustments for:**<br>Losses / (gains) on investments|||1,056,728|(876,570)|
|Dividends, interest, and rent from investments|||(1,003,212)|<br>(928,450)|
|Decrease / (increase) in debtors|||71,382|(109,484)|
|Increase / (decrease) in creditors<br>**_Net cash used in operating activities_**|||332,153<br> (799,349)|(103,377)<br> <br>(941,309)|
||||**2022**|**2021**|
||||**Total funds**|<br>**Total funds**|
||||**£**|**£**|
|**Analysis of cash and cash equivalents**<br>Cash in hand|||497,987|294,125|
|Cash awaiting deposit*|||70,429|3,547|
|**Total cash and cash equivalents**<br>*Is unavailable for general expenditure as it is an endowed asset.<br>**Analysis of change in net debt**|||**568,416**|**297,672**|
||**At**||**Cashflow**|**At**|
||**1 January 2022**|||**31 December 2022**|
||**£**||**£**|**£**|
|**Cash and equivalents**|||||
|Cash in hand|294,125||203,862|497,987|
|Cash awaiting deposit||3,547|66,882|70,429|
||_______||_______|_______|
|**Total**|297,672<br>_______||270,744<br>_______|568,416<br>_______|



14 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2022 

_____________________________________________________________________________________ 

## **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. 

College Estate Endowment charity 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 charity. Monetary amounts in these financial statements are rounded to the neared £. 

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

## **b) Charitable Activities** 

The trustees consider that the charity is a public benefit entity as it makes grants to the Town Trust.  Grant making is its sole charitable activity. 

## **c) Income** 

All incoming resources are recognised once the charity 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 as soon as there is a legal or constructive obligation committing the charity 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. 

## **e) Grants payable** 

Grants payable are shown in the Statement of Financial Activities as they are paid or approved by the trustees. Grants are accounted for when the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition. 

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. The value of such grants unpaid at the year end is accrued. 

On 1 October 2001 the responsibility for paying out grants was transferred to the controlling charity Stratfordupon-Avon Town Trust except for the payment to the Vicar of Holy Trinity Church. 

15 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2022 (continued) 

____________________________________________________________________________________ 

- **1 Statement of accounting policies (continued)** 

## **f) Governance costs** 

- Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. 

## **g) Investments** 

- i Investments are included in the financial statements at the market value at the balance sheet date. ii Gains and losses arising on disposal are charged to the relevant fund immediately on disposal. Gains and losses arising on revaluation are disclosed as unrealised. 

## **h) Costs of Generating Funds** 

These costs consist of investment and property management costs. 

## **i) Fund accounting** 

   - i Permanent Endowment Funds relate to those assets which represent the permanent capital base of the charity and which may not be spent. 

   - ii Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the law. 

   - iii   Designated funds are unrestricted funds earmarked by the trustees for particular purposes. 

- iv   Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. 

## **j) Operating leases** 

Operating leases are charged to the Statement of Financial Activities as incurred. 

## **k) Financial instruments** 

The Charity 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. 

An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. 

## **2 Connected charities** 

The College Estate is connected to the Guild Estate Endowment Charity (Registered Charity Number 217484) due to there being common, parallel objectives and activities, common control and unity of administration. Both charities are controlled by Stratford-upon-Avon Town Trust (Registered Company Number 04222949 and Registered Charity Number 1088521) and their financial statements for the year ended 31 December 2022 have been consolidated. Copies of the consolidated financial statements are available from the Registrar of Companies. 

16 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS 

for the year ended 31 December 2022 (continued) 

_____________________________________________________________________________________ 


**----- Start of picture text -----**<br>
2022  2021<br>£  £<br>3  Investment income from:<br>Investment Properties  685,125  619,635<br>Quoted Investments  318,087  308,815<br>_______<br>1,003,212  928,450<br>_______<br>Income and expenditure relating to the Rother Street Car Park is split 86.09% to Guild and 13.91% to College<br>in accordance with land ownership arrangements.<br>     2022     2021<br>     £     £<br>4  Other Income from:<br>Interest receivable on cash at bank  1,812  38<br>____ ____<br>    2022     2021<br>   £    £<br>5  Expenditure on raising funds:<br>Investment property management costs 539,183  166,672<br>Investment fund managers fees  34,980  36,901<br>Support costs (note 7)  83,235  70,221<br>_______  _______<br>657,398  273,794<br>_______  _______<br>2022  2021<br>6  Expenditure on charitable activities:  £  £<br>Grant to Stratford-upon-Avon Town Trust  535,097  443,303<br>Payment to the vicar of Holy Trinity  7,000  7,000<br>Support costs (note 7)  5,203  4,389<br>_______  _______<br>547,300  454,692<br>_______  _______<br>**----- End of picture text -----**<br>


17 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS 

for the year ended 31 December 2022 (continued) 

_____________________________________________________________________________________ 

## **7 Allocation of support costs** 


**----- Start of picture text -----**<br>
Basis of  Charitable  Governance  Raising  Total funds<br>allocation  Activities  Funds  2022<br>£  £  £  £<br>Staff costs  Time  3,024  9,070  48,376  60,470<br>Office costs  Time  1,144  3,432  18,302  22,878<br>External audit  Direct  -  5,090  -  5,090<br>Governance costs  Cost  1,035     (17,592)  16,557  -<br>_____  _______  ______  ______<br>Total   5,203  -  83,235  88,438<br>_____  _______  ______  ______<br>    (note 6)       (note 5)<br>Basis of  Charitable  Governance  Raising  Total funds<br>allocation  Activities  Funds  2021<br>£  £  £  £<br>Staff costs  Time  2,688  8,063  43,001  53,752<br>Office costs  Time  814  2,442  13,029  16,285<br>External audit  Direct  -  4,573  -  4,573<br>Governance costs  Cost  887     (15,078)  14,191  -<br>______  _______  ______  ______<br>Total   4,389  -  70,221  74,610<br>______<br>   (note 6)      (note 5)<br>**----- End of picture text -----**<br>


The College Estate pays a management charge to the Town Trust to cover staff costs, office costs and property facility costs which for 2022 was £76,768 (2021: £63,715).  This forms the main part of the support costs. 

18 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued) 

_____________________________________________________________________________________ 


**----- Start of picture text -----**<br>
2022  2021<br>£  £<br>8  Fixed asset investments<br>Investment properties  8,536,000  8,586,000<br>Quoted investments  8,847,790  9,921,400<br>Cash awaiting investment  70,429  3,547<br>_________<br>17,454,218  18,510,947<br>_________  _________<br>Investment properties:<br>Valuation at 31 December 2021                                        8,586,000  8,536,000<br>Revaluation gains / (losses)  (50,000)  50,000<br>________  ________<br>Valuation at 31 December 2022  8,536,000  8,586,000<br>________      ________<br>Cost or donated value at 31 December 2022  1,626,119      1,626,119<br>________  ________<br>Quoted investments:<br>Market value at 31 December 2021  9,921,400  9,075,214<br>Additions at cost  -  19,616<br>Sale Proceeds         (66,882)  -<br>Investment gains / (losses)   (1,006,728)  826,570<br>________  ________<br>Market value at 31 December 2022  8,847,790  9,921,400<br>________  ________<br>Historical cost at 31 December 2022  6,559,043  6,625,925<br>________  ________<br>**----- End of picture text -----**<br>


In accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015) the investment properties were valued at 31 December 2021 and are shown at market value. This valuation was carried out by Colliers International, Chartered Surveyors. The valuer was RICS qualified and is experienced in property in Stratford-upon-Avon and of these classes of property. 

19 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued) 

_____________________________________________________________________________________ 

|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|**9**|**Debtors:**amounts falling due within one year|||
||Trade debtors|44,057|62,808|
||Prepayments and accrued income|77,160|29,696|
||Amount owed by Guild Estate|4,088|9,093|
||Amount owed by Stratford-upon-Avon Town Trust|-|95,090|
|||_______||
|||125,305<br>_______|196,687<br>|
|**10**|**Creditors:**amounts falling due within one year<br>Trade creditors<br>Accruals and deferred income<br>Other creditors<br>Taxation and social security|**2022**<br>**£**<br>15,983<br>1,114,139<br>191,187<br>24,111|**2021**<br>**£**<br>10,905<br>854,275<br>120,000<br>32,287|
||Amount due to Stratford-upon-Avon Town Trust|3,700|-|
|||________||
|||1,349,620|1,017,467|
|||________||
||Deferred income £790,573 (2021: £817,873) represents lease premiums and|rental income received in advance||
||that relate to after the period end; represented by deferred income under one|year £198,973, deferred income||
||relating to one to five years £22,400 and the value relating to over five years|£634,200.||
|||**2022**|**2021**|
|||**£**|**£**|
||**Reconciliation of deferred income:**<br>At 1 January 2022|817,873|823,949|
||Released during the year|(155,673)|(156,149)|
||Deferred in current year|128,373|150,073|
|||_______|_______|
||At 31 December 2022|790,573|817,873|
|||_______|_______|
|||**2022**|**2021**|
|||**£**|**£**|
||Included within accruals are the following fees payable to the auditor for:|||
||Statutory audit|5,200|4,600|
|||_____|_____|



20 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS 

for the year ended 31 December 2022 (continued) 

_________________________________________________________________________________ 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|11|Analysis of net assets between funds|Unrestricted|Endowment|Total|
|Funds|funds|2022|
|2022|2022|
|£|£|£|
|Investments|1,035,894|16,418,324|17,454,218|
|Current assets|623,292|-|623,292|
|Current liabilities|(1,315,436)|(34,184)|(1,349,620)|
|_________|_________|_________|
|343,750|16,384,140|16,727,890|
|_________|_________|_________|
|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|
|Summary of Fund Movements|
|Fund|Fund|
|Balances|Income|Expenditure|Gains and|Transfer|Balances|
|31 December|£|£|Losses|between funds|31 December|
|2021|£|£|2022|
|Fund Name|£|£|
|Unrestricted Funds|606,304|1,005,024|(1,204,698)|(62,880)|-|343,750|
|Permanent|
|Endowment Funds|17,377,988|-|-|(993,848)|-|16,384,140|
|_________|_______|________|_________|_________|_________|
|Total Funds|17,984,292|1,005,024|(1,204,698)|(1,056,728)|-|16,727,890|
|_________|_______|_________|_________|_________|_________|
|Fund Balances|Transfer between|Fund Balances|
|31 December 2020|Income|Expenditure|Gains and Losses|funds|31 December 2021|
|£|£|£|£|£|£|
|Fund Name|
|Unrestricted|30,868|928,488|(728,486)|75,434|300,000|606,304|
|Funds|
|Permanent|
|Endowment|16,876,852|-|-|801,136|(300,000)|17,377,988|
|Funds|
|_________|_______|________|_______|_______|_________|
|Total Funds|16,907,720|928,488|(728,486)|876,570|-|17,984,292|
|_________|_______|________|_______|_______|_________|

**----- End of picture text -----**<br>


21 



## **THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS 

for the year ended 31 December 2022 (continued) 

_____________________________________________________________________________________ 

## **12      Commitments** 

In accordance with the governing document each year the charity is committed to pay an annual sum, which is currently £7,000 per annum, to the Vicar of Holy Trinity Church at Stratford-upon-Avon (pro-rated if there is no vicar for part of the year). 

## **13 Related party transactions** 

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

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

## **14** 


**----- Start of picture text -----**<br>
Stratford-upon- Stratford-upon- Guild   Guild<br>Avon Town Trust  Avon Town Trust  Estate  Estate<br>31 December  31 December  31 December  31 December<br>2022  2021  2022  2021<br>£  £  £  £<br>Rental/Service Charge  36,218  40,140  -  -<br>income<br>_______  _______  _____<br>Expenditure<br>Grant  553,097  443,303  -  -<br>_______  _____<br>Management charge  76,768  63,715  -  -<br>_______  _____<br>Balances outstanding at 31<br>December 2022<br>Debtors  -  95,090  4,088  9,093<br>____   _____  _____<br>Creditors  3,700  - -  -<br>Trustee remuneration and benefits<br>**----- End of picture text -----**<br>


College Estate only has a corporate trustee (Town Trust). As such it cannot receive remuneration or other benefits from employment. Town Trust has trustees. However, none of these trustees have been paid any remuneration or received any other benefits from employment with College Estate or Town Trust. 

## **15 Trustee Expenses** 

No trustee expenses have been incurred (2021: £nil). 

22 



**THE COLLEGE ESTATE ENDOWMENT CHARITY** NOTES ON FINANCIAL STATEMENTS 

for the year ended 31 December 2022 (continued) 

_____________________________________________________________________________________ 

## **16 Grant Making** 

||**Grants**|**to**|**Grants**|**to**<br>|**Support**|<br>**Grants to**||**Grants**|**to**|<br>**Support**|<br>**Support**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||**Institutions**||**Individuals**||**Costs**|**Institutions**|**Individuals**|||<br>**Costs**||
||**2022**||**2022**||**2022**|**2021**||**2021**|||**2021**|
||**£**||**£**||**£**|**£**||**£**|||**£**|
|Discretionary Grants|535,097|||-|4,827|443,303|||-||4,039|
|Non-Discretionary||||||||||||
|Grants||-|7,000||375|-||7,000|||350|
||_______||_____||_____|_______||_____|||_____|
||535,097||7,000||5,202|443,303||7,000|||4,389|
||_______||_____||_____|_______||_____|||_____|
|**Lease Commitments**||||||||||||
|The future minimum lease receipts||under|non-cancellable||operating|leases are:||||||
|||||||**2022**||||**2021**||
|||||||**£**||||**£**||
|Not later than 1 year||||||486,569||||476,994||
|Later than 1 year but not|later than|5 years||||1,794,898||||1,707,241||
|Later than 5 years||||||26,914,320||||26,675,816||



## **17 Lease Commitments** 


23