THE COLLEGE ESTATE ENDOWMENT CHARITY ANNUAL REPORT AND ACCOUNTS 2023 Charity Regis*ered No.. 217485
THE COLLEGE ESTATE ENDOWMENf CHARITY FfNANCIAL STATErs for the year ended 31 December 2023 CONTENTS P Offi¢¢rs & Cry)t4Ct$ StotementvfTruse$' Responsibiliiies Indcpendent Auditor8, Rq Financi Statements l2- 14 Note$ on Financial Statemcnts 15-23
THE COLLEGE ESTATE ELYDOWIVIENf CHARrrY
REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE
for the year ended 31 Decemkn 2023
Overview
The College Estate Endowmeni Choriiy I'follcgc Estate,) is a Charitable trusl ofwhieh the Corporate Trusttt is the
Str2tford-upon-Avon Town Trst I"Town Tnjst"). Th¢ Town Twst was ¢stablished under a Memorandum of
A550ciation. which established the objeels and powers of the charitable wmpany, and ii is governed under ils Ani¢l&s
of Association. The Town Trust is the corporate Trustee of the Guild Estate Endowmtnt and the College Estate
EndowTncnt Charitie5 IrcfcTred to as.the Group").
Under a Scheme of the Charity CotnmissioneTS dated l October 2001 all the income of the College Estate i& aftcr
defrayment of Costs and expen$
THE COLLEGE ESTATE ENDOWMENT CHAIUTY REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year endcd 31 Deccrnber 2023 (continued) n¢¢ Sh¢¢t Th¢ College Estate has invesim¢nts of £17.5m12022.. £17. 5ml Ino 8}. Th¢ majority of these investments are defined endowed at4 which Means that if any of these asscls are ever sold. all the proceeds must always bc reinvcsted in othcr investm¢nÉ BSSCt& The incrcasc in the hnvestmtnts Wa5 duc lo the incotion ora short t¢Trn dq)051t of £O.Itn. Rcserve* Policy The Board reviews ihe r¢serves poli¢y annually ¢gnsid¢r it very important that the Coll¢Re E8t4t¢ cAn pay all its committed cosis gnd have fr¢¢ resetves io Cover on8oing adminisiraiion cosls for six months. The permaneThtly endowed re%rve5 in College Estate will alway$ be fully investment and eash backed. To reco8nise the small operational risk an unrestrictcd r¢serve of at least £30k is held. The r&%erves policy was reviewed in June 2023. A5 at Decernber 2023 the cndowed reserves were £16.Sm {2022.' £16.4ml and the unreslTicled reserves weTt £357k12022.. £344kl of which £300k was transfcrrcd frotn the rndowed rc5erye¥ following the r¢rla¥5ification of Rowley Field8 land and Warwick Road lands from cndowcd invrstrncllts to unTestri¢ied investments in 2021. INVESTMENT POLICY AND PERFORMANCE The objective of ihe investment policy is lo create sufficieni incorne and capilal 8rowLh lo enable the Colle8c Estate lo CErry out its purposes consistently year on ycar. In the medium to long lerni the College Estate aims lo gencrdle #n average annual income yield of 4.40/0 and for tht capital value of the portfolio to grow at Ica5t in line with inflation (cpii. Thc broad ihru¥t of our invc51ment policy in r¢fit ycHr5 ha5 been ¢0 IncrSC divcrsifi¢ation and reducr our cxposure io property in Siroiford-upon-Avon. A preferred ronge was set for toial property investments held by the College E¥tote io b¢ be¢w¢¢n 500/0 and 70Qh of the total inv¢slm¢nt ponfolio. Th¢ P¢Tcen¢age curr¢nily h¢ld is 58.5 %12022.. 59.6%}. The Board reviewed and updated th¢ investment policy in September 2023. The policy's main objeclivLS continue to Short Term (lem than three yellri) Objeerfve The short-term investment objective 1% lo ensure that the College EstAte h&$ sufficierti liquidity to enlble it to fund its planncd charitable spcndin8 and mcet its ovcrhead cthsts as they fall due. Medlurn to Long Term Objectlve The medium to long-term investment obje¢tive, as measured over a 10-year rolling period, 18 to achieve a balanced return frorn the ov¢rall portfolio 5uGh that.. for the combincd portfolio there is An ¢xpKlaliort of net income yield being not less ihan 4.4% PA and thai the capiial value grows al le&s1 in line wilh inflation ICPl}. Net income is defin¢d as gross in¢om¢ l¢s$ all dir¢¢l ¢osts i.e., f¢¢s r¢p#ir co$t%. legalladvisor fe¢$. (4.4% 1$ tho Wghted•vemge ofth• ylold ofprolwty Investm•nts (4.98%) plus Ihe yloldofth• quoted Inv•stm•nts (3.2%)). Long Trrm ObJectivt The endowment investments Rre expected to exi%1 in perpetuity and should be managed to meet the Colle8e CslaL¢'S investmeni obje¢tive$ and ensure ih¢ir sustainability. The College Eale also has 8 responsible inv¢51mcnt policy, which guides the Board in cnvironrncnlal. social and 80vernance i&sues when making investment decisions. The TTUSts Capital and Incomc Act 2013 prO5¢d that cndowed charilies may adopt a total rrtum approach, thout having to seek Charity CotrLrni5SiOn appraval. As such the Collcgc E51atc ha5 con5idrrrd thi5 point in relation to it5 cndowed invc5tmcnts but decided it was an approach it would not adopt at this tLm¢. Th¢ College Estate does n(pt havr any social inv¢stm¢nts the majority of Coll¢ge Estate investmenis are ¢ndowed. The policy. at present. is to not havc any programm¢ rclated investmcnis. Th¢ endowed investments are split between phyyRca] propety, equity investments, property ftfftd irtvettments. and cash cquivalents. The non-endowed inv¢slTnents are held in property funds with the addition of the land at WaTwick Road lands (local naturr Tes¢rvr) and Rowlcy Fields, Tecla55ified from pcrtnanent doW[ent investments to non-endowcd inveslmenis, following their creAlion as green space. All inve$tmeni% held in equsry investments or cash are readily realisable if rcquircd.
THE COLLEGE ESTATE ENDOWMENT CHARITY REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for thc year endcd 31 Deccmber 2023 l¢ontinu¢d) INVESTMENT POLICY AND PERFORMAf4CE {tontinued) InweJtmtLt 2023 2W22 2023 Actual 2022 Actual Future Targ¢l Endowed: Ph 4ical Pro Funds Pro Funds Cash C uivalcnt Tothl endowed Investmenis 47.1 40.5 47.3 40.0 70-80 30-50 0-20 16.5 16.5 94J 94J 100 Noh-Endowrd: Ph sical Pr tiinds Total non-endowed InvtStrnents Tolsl inve5tment$ 41.hcse funds wcrc investcd during 2016. Thcy Teloic to a prtTlliUm whiLh wa5 received in rclation 10 Fordh&Tll Hou$v. •On 23 June 2021 the Charity Commiysion fdtifjed the Board's res01¢10n under S282 01. Charities Act 2011. that the pcmi8nerti endowment Tesiricliort be releuyrd on Rowley Fields Grdy.in¥ Lxnd, th 26 (kiober 2021 ihe Charity Commigsion also ratified the Board's Te801uiion under S282 of Charilies Aci 2011. that th¢ p¢mi8n¢nt ¢ndowment TesrriCtion$ be rel¢a$> un Warwick Road lands owned by College Esiaie Endowment Charity. 17.5 17.5 IOD.0 Joo.o loo Theequiiy invesrmentsareheld with ciiher Sarasin & Partners orcazenove Capital M&nagement Limiicd. Thepropcrty funds are held wilh eiiher Charities Property Fund or Schroder UK Prop¢ny Fund. The inv&slmeni returns during the year aT¢ T¢view¢d and ¢omp¥ed with Ih¢ir ben¢hmarks, the inv¢s¢m¢nt policy, and the P¢Tform8n¢¢ of comparabl¢ fijnds. Independently Manag¢d Fund• Performan¢¢ Thc followiTh8 table shows the income and capi1 TetUrn8 aehleved durin8 the pericd to arrive At the total return for the peTiQd.. In¢ome Capltwl Tolol Return Tir%et 7.7/0 Benchmark M8na8cd Funds 4.2¥v 0.7V• 4.V 5.8V/ The benehmark for ihe College E¥taie is the weighied avera of the benchmark for ihe propeny fund¥ l.1.4%1, whi¢h is basd on AREF I MSCI All Balanced Funds Propeny Ind¢x and the benchmark for the Common Investments Funds (7.5 /•) Iwhich is calculated based on.. ICE BofA Sterlin8 Corporate & Collaleralixed Index (7.50/01. ICE BofA UK Gi115 All Stocks17.5Yo}, MSCI AC World (Local Cuffencyl {GBPI (11}, MSCI AII Balanced Property Funds- One Quarter Lagged (50A). MSCI All Countrie5 World Daily (Nel Total Rcturn}1600/1. 2Vo pcr annum above SONIA (aliernalive a55e151 (100/.). The aGtual peTformanc¢ was below both thc target and thc bcnchmark, in the rnain due to thc high impact of inflation in the year14.2%1 which h&1 a n¢garive impact on the funds. values. Phy51cAI Property Thc property portfolio, valued ai £8.5m (2022.. £8.5tn), within Ihe College Estate has remained constant in value durirtg th¢ ycar, whiGh TEpre$rnt5 an averngc capital Tcturn of 0/0 (2022.. _0.6V.l. The rental yicld for the property portfolio W45 7.5V. (2022.. 7.20/Dl giving a total rcturn of 7.5D/•12022.. 6.6Y.}. In 2023 thcre wer¢ no disposals or aGqUiSition& A full PTOPCrty valuation wa5 carricd out by Colliers International in Dcccmbcr 2020. It 15 a regulatory rcquiremcnt Ihat a full valuati¢)n is perfornied every 5 years. Publlc Beneflt The Public Benctitof the Colle8c Lstale 15 primarily achieved through its CorpDraie'fnJstee'5{'I'own'fTU5tI granL-m2king to benefit Ihe "inhabitani% of Str2tford-urrf)n-Avon" (as dcfincd by thc administrative boundary ot. thc parish}. Thc Corporate TTU5tee Ifown Tru5t} has had regard to the Charity Commission'5 guidance on Public BcnefiL
THE COLLEGE ESTATE ENDOWMENT CHARrrY REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2023 (continued) Publit BeDefit{continued) All Town Tru%t'5 gran¢ applicanls arc Trquircd lo prowde infornution th¢ numbvs 2nd type8 of persons intended to benefit and their place of residence. This infomiation helps the Town Trust to assess how its Programme of discretiotwy 8rant-makinE a¢hiev¢s a spread of ben¢fii and impa¢t the community. The TOMI Trusl sets target allocatl0ll5 to et)sure thai the nei of btt)efJt is cw as widely possible. These allocations and priorities are influenced by on-going pybli¢ consultation and infornli0n. In the sarne way the Town Trust and College Estate ensure that acc<s510 All their th'rtctly managed fa¢iliiie$ is available to all scctors of the community. In 2023 thc Group applicd £2.4m to charitablc purposc5 of which £l.Om di5crctionary grallts hAv¢ bcen provided to 155 bcncficiaTieS. Full dctails can be found in the Sttsiford-upon-Avon Town Ttitst A1Ual Report of the Trustees and At¢ounis. In 2023 lh¢ tommuniry hub toniinutd to from Strefth lostrenglh. The cost foriheyear was£O.15rn. There wcre 14 comrnuniiy groups who have taken pemianent 4)ace as lJ¢ens¢¢s and thi$ b¢nefii h&5 been treated as a benefLt in kind. Also, many community groups utilised the various merting sp8¢es on a r¢£u18r basis. The Corporaie Trustee in exercising it$ powers and duli¢s. has wmplied with its duty in Section 17 ofthc Charity Act 201 I to have due regard to the public benefit guidance published by the Charity Commission. Rlik MAn8%ement The risk policy was rcvicwcd ir) autumn 2023, whcn thc Town Trust aswsed ils risk Appetite 10 be low lo mod¢rate. The Town TN51 continually rcvicws ils risks, whieh Are mairtthirted on a risk register. Risk is a ¥ianding agenda item for all board and rommittec mrKtings. The risk poli¢y ¢xplatns the process for identifyin8 Ti¥k$. alloc&lin8 ownership and cla58ificalion. Once the risk has been identified and categorised, it is ihen assessed based on the irnpact and likelihood of Ihc risk occurring* Ihcn how the risk need$ io be mitigated. if possible. The policy require5 that Ihc ri5k5 and Ihtir rniligations are monitored And as5CS5ed on a regular basis and thc Town TtiJst'$ policy sLal&4 this Is dont via & Risk Register. The whole pr8$ is moniiored by the Audit & Governance Comrnittec. The Bo&rd reviewsihe Collegc L51alc'5 risks utt A TC8ulaT basi$ihrouBhou¢ th¢y¢ar and consider thai there aTe no major risks lacing Ihe College Ethte at ihe yeAr end. Internal Controls The Board 1$ responsible for ensuring that there are effective ttnd adequate risk managemertt and irttemal control Systerns in plac¢ to rnanagc the 51Tale8ic and opcralional risks which the Town Tru51 has and could be exposed to. Provws in place re8ardin8 risk mana8ement and internal tontro15 include.. Risk Poliey and proce&s'. Review of internal controls and prLKe&4csby Audit & Governanee Commitlce Ind eomplian¢e Advisor where appropriate- All rnajor programmes and projttts are 5CNtini5ed by Senior rnanagemcnl and monitored through an appropriatc committee.. The safeguarding of assets aRainst unallthorised or di5POSitioTh' The maintenance of pn)per accounting reeords,. The reliability ofthc flnancial infomialion used within the Town Trust or for publicatiotL', and Good gov¢rnan¢¢ policies.
THE COLLEGE ESTATE ENDOWMENT CHARITY REPORT OF THE TRUSTEES OF THE COLLEGE ESTATE for the year ended 31 December 2023 Itorttsnued) Control EowlroDmeDt The Town TNst has an organisational structure with defined lines of responsibility. job descriptions and dclcgatcd l¢v¢ls of authority as &PPTov¢d by lh¢ Board. IDforrnation Systerns The Town TTUSI prepatts quarteTly m8thagtment IOUnt$ which compare actual results wilh the budget and these are revi¢wed by Ix>th th¢ Finance, Investment and Property Committe¢ and thc Board. Variances are followed up by management. Also, a Ihree-year plan is produeed annually, and ihis is doveiailed inio th¢ Strat¢Ri¢ Plan with scenario overlays, wh¢re neceswy. An annual budgd is prthluced, which ib compared wi¢h the three-year p12n 2nd the expected out-tum by ihe Finance. Investment and Properly Committee and then approved by the Board. Cash forecasts are Prepared monthly to aid investmeni de¢i5ions and ¢8sh management. During the y¢ar fvll year financial forecasts Are prepared gnd reviewed by both the Finance. Investment and Property Cornrnittee and the Board. Thc Board h85 cxamined the effeclivcness of thc5c kcy proccdurc5 during Ihc ycar. Thi5 is achicved primarily through the review of the reports from managcment. cxtemal audit. thc quarterly and annual fjnancial statctnents. aTLd revicws of the Major risks facing th¢ Town Trust. The Board has review¢d the ¢ffe¢iivenes8 of the Town Trust's system ol. inLemal financial coniyols thai require disclo8ure in the financial Matements. Volunt¢¢r8 There are 20 volLmleers who have signed up for eeology and habiiat management a¢tiviiies which benefit the land ommed by Coll¢g¢ E$tal¢ at Rowley Fields and Wanwck Road landb. Durin¥ th¢ year IQ volunteers participaied in habitat management se&sion5. Statement lls to diitlosure of informtlon to audltor The Trusieegofthe Town Tru who were in offieeon the dateofopproval of these financial statements. hove eonfirnied, as far as they ore aware, that there is no relevant audit informaiion of which ihe auditors are unaware. Each of the TN$ices has ronfimed that they hav¢ iaken all the ep5 that Ihry ought to h#ve taken as Trusiees in order to mak¢ themselve$ awaTe ofdny relevant audii inforniation and 10 establish that it has been ¢okrLmuni¢ated io th¢ auditor. On behalf of the Board of TTUStees Tim Bailey Chair of Board of Straiford-upon-Avon Town Trust 22 May 2024
THE COLLEGE ESTATE EI¥DOWMENf CHARrrY OFFICERS AND CONTACTS for the year ended 31 December 2023 TRUSTEES OF CORPORATE Tim Bailey TRUSTEE Gill Cl¢eve Liz Coles Marion Homer Tony Jackson Simon Littlejohrts Henry Lu Michael Rolfe jonath Smith Clive Snowdon (to 31 Jartuary 20231 Josie Stevens Mark Tailby {4ppointed l Febnjy 20231 CHIEF EXECUTIVE lof Corpordte TnL51ce} SENIOR MANAGEMENT TEAM (of Corporhte TTUSteel Sara A5pley Sara Aspley, RebecLX Harnp8. James McHugh. Paul Fitzpatrick. Frdncc5 Nibbs. Lytm Perklrts. ADDRESS Stratford-upon-Avon Town Trust 14 Rother Street Straiford-upon-Avon CV37 6LU BANKERS Barclays Bank plc Market Cross Stratford-Upon-Avon Warwick5hirc CV37 OAP SOLICITORS Rob¢n Lunn & Lowth LLP 2 Sheep Strttt StAtfoTd-upon-Avort CV37 6EJ Mills & R¢¢ve LLP 78-84 Colmore Row Birmirtgham B3 2AB AUDITORS Saffery LLP Si John's Court Easton Street High Wy¢omk HPI I IJX PROPERTY MANAGER Colliers Internaiional Property Consultant8 Limited IP Floor 103 ColrnoTe Row Birmingham B3 3AG SNVESTMENT MANAGERS sar1n & PRrtner8 LLP Juxon Hous¢ 100 Si Paul'3 Churchyllrd London WC4M 8BU Cazenove Capital (part of Schrod¢TS & Co Limited) l London Wall Place London EC2Y SAU Charitics Proprrty Fund Cordea Savills 33 Margaret Strtti London WIG OJD Srhrodcr5 & Co Lirnited l London Wall Place London EC2Y SAU
THE COLLEGE ESTATE ENDOWMENT CHAIUTY STATEMENf OF TRUSTEES. REsPoNSlL1T1Es 31 December 2023 The trttte$ aTeresw)nsible forpreparingthe trustees. reEx)rtand the financial stamethts irt a¢cordan¢e with applicable law and Uniied Kingdom A¢¢ounting Siandards (United Kingdom Gener411y Apted Accounting Pra¢ticel. The law applicable to ¢haritie8 in England & Wales requires the rrnste&8 to prepare flnancial statements for each finaD¢ial year which giv¢ a irue and fair view of th¢ State of affairs of the charity and of the incoming resources aTNi application of resources of the charity for that period. In preparing these fjnancial stalements, the trustee5 are required to: sel¢a 8Uitable a¢¢ounting poli¢i¢5 and then opply th¢m ¢onsistently- observe the mhl$ and principles in th¢ Chariiies SORP IFRS102)- make judgements and estimates that are reasonable and prudent,. 8t&ie whether applicable accounting standard8 have been followed, subject lo Sny material departures disclosed and explained in the finsncial statemeDlS', and preparethe financial statements on the going ¢on¢¢m basisunl¢ss it is inapprn41¢tOPr¢5uMe that the charity will coniinue in busines5. The trusiecs are responsible for keepinu proper aceountiThg TOrdS that diselose wlth reasonable accuracy at any time the financial position of the charity cnablc Ihcm to ensure that thc financial statements Comply with the Chariii¢s Act 2011, applicllblc aCGounting Tcgulations. They arc also Tcspon$iblc for safcguarding the of the Charity and hertee for taking reasonable steps for the prevention and detection of fraud other irregularities. The tNsiees are responsible for the maitttertattce and integrity of the charity And finat)¢ial infornialion Includ on the harity's w¢hsilc. Legi8laiion in ihe United Kingdom governing ihe prep4ration and di8semination of financial sthl¢menis may differ frotn le8islaiion in thher jwlsdirtions.
THE COLLEGE ESTATE ENDOWMEIYT CIL4RITY INDEPENDENf AUDITORS. REPOR T TO THE TRUSTEES Oplnlon We have audiied ihe financial staments of Colle8e Estate Endowment for the year ended 31 December 2023 which ¢omprise which comprise a slatcmcnt of financial activity, Balanc¢ Sheet. %lalcmcnt of cash flow5 and notes to the financial siaiements, including significant accollnting policies. The financ2al Teportingframeworkthat ha8 been applied in their preparation is applicable law and United Kingdom Accounting Standard4 including FinancÉal Reporting Standard 102, the Financial Reporting StvdaTd applicable in the UK and Republic of Ireland IUDlt¢d Kingdom GencTally Acccptcd A¢counling PTacticcl. In our opinion the financial statements: giv¢ u Irue fair view vfihr Sfuie vf th¢ chArity's affairs Qs ai 31 De¢embcr 2023 and ofits in¢oming resources and applic&ion of resources for the year then ended,. have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practicc. and have becTr prepared in accordance with thc requirements of the Charities Act 2011. Basls for oplnlon We conduclcd our audit in accordance with Inlcrnational Standard5 on Auditing IUKI IISAS IUKII and appli¢abl¢ law. Our re5pinsibililies undci. Ihu5c slandards arc turthcr dcscribcd in thc AuditOT'5 rcspon5ibilitics lor Ihc audil ol. tht rinancial statements section of OUT report. We are independerttof the charity in actordancewith the ethical requirements tho1 relcvanl Iv uur audil of ihr findncial SUlcmenl& in ihc UK, intyluding the FRC'S F.Ihi¢al Stondard. and we have fulfilled our oiher ethical responsibiliiies in accordance wilh these requiremenls. We believe that the audit evidence we hav¢ obtsin¢d is suffi¢icnt and appropri8t¢ to provid¢ o basi5 for our opinion. Concluslon6 rel4tlNK to golng concern In auditin8 thc financial slatemcnts. wc have concluded that thc tru$lc&s' ofthc going Lonccrn basis vfac¥ounting in thc prcpllration of the finDncial 51atcmcntS Is appTOPrithte. Based on the work wehave perfoTrned, we have not idenlified any material un¢enainiies relaiing io events or ¢onditions that, individually or colleclivcly. MAY casi significant doubt on ihe chw'ity's abiliiy ti) coniinu¢ as a going ¢on¢¢m for a period of 81 least twelve month¥ from when the financial slatemcnts are authorised for issue. Our responsibilitie5 and the responsibxlities of the tru5tee8 Wlth Tespect to going conccrn arc dcscribcd in thc relcvanl ¥¢¢tions of this report. Other Informltlon Th¢ othcr inform7dtion comprises the informalion included in the annual report, other than the financial slaiements And our audilor's rcwrt th¢rcon. Th¢ tnis¢ccs ar¢ r¢spon5ible for Ihc n¢hcr infomiaii(In. Our i)piniiin lh¢ linan¥ial slaiements does noi cover the oiher information and, exeepl 10 the extent otherwise ¢xpli¢itly stated in our report, we do not express any fonn of &8surance ¢onclusion Ihereon. Our r¢sponsibility is to read the other inforniation and, in doing so. consid¢r whether the other information is malcrially inconsistent with the financial statements or our knowled8e obtained in the coursc of the audit or othcrwi5c appears 10 be rnatcrially mi&%tated. If we identify such matcrial incon5151encics or apparcnt materi81 mi5Statcment5, we are requircd lo dcterminc whcthcr this givEsrise to a material mitatement itt the financial ststements themselves. If, based on ihe work wt have performed, we conclude that thcre is a materiY41 Mialement of this oiher infomAtion,' we are rtquircd to rcport that fact. We have nothing to rew in this regard. M*tt¢n on vhl¢h we 8r¢ r¢qwired to report by ¢x¢¢ptlo We have nothing to report in respect of the following matters in r¢lation to whi¢h the Charitie$ IAe¢ount$ and Reports) Regulations 2008 require lls to report to you if. in our opinion.. the infornialion giv in the TNstees' Annual Report is incon515Len( in any rnalEfi#il respecl Wlth ihe financial 8tatemen15.' OT the charity has not kept sulTicient aGcounting reGord5', or the financial statements are not in agreement with the accounting records and retum8' or w¢ havE not rr¢eived all the infom)ation and explanations we requi f(pr our audii.
THE COLLEGE ESTATE ENDOWMENT CHARITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Re5pon$lblllties of trustee5 As expl4ined more fully irt the Truste¢s' RespotJsibiliLies S&Lement sei oul on page 8, the trustecs are responsible for the pieparation of the fjnancial statements and for bein8 satisfied that thcy wvc a true and fair vicw. and for such inlema] conirol a$ the trustees detemine is neccss2ry to cnable the preparatitsn of finaneial statements that are free from mat¢rial misstst¢m¢nt. wh¢th¢r due io fraud or error. In preparin& the finanLial statement4 the tru5te<5 rc5ponsiblc fDr aues$in8 ihc rhw'ity's ability to continue as going cortcern. disclosin& as appli¢abl¢, mailers related io going ¢on¢em and using th¢ Eoing conc¢rn basis of Aecounting unle&5 the trustets eithcr inlcnd to liquidate the charity orto Cease operation4 or hav¢no realistic altern2tive but to do so. AuditOV8' TeJponslbllltles for the gudlt of the flnanclil statements We have been appointed as auditors under the Charities Act 2011 and report in accordsnce with regulations made under that Act. Our objeetlVC5 arc to obtain rca8onablc assurdnce about whether the firtartcial *atemenis as a whole are free from malcri81 missiatement. wheihcr due iu or error. and to iS5uc an auditQT¥' rcp()rl thal includ¥s uur opinion. Reasonable assuran¢e is a high level of assllrance, blli is not A guarantee thai an audit nducted in accordance ISA5 (UK) will always drtrcl a material misstatement when li ¢xists. Misst•t¢ments ean arise from fraud or error and are ¢on$idered material if, individually or in the aggregate, they could r¢asonably bc expcctcdto influencethe eeortomic d1$70$ of users taken on the basis of these financial siat¢ments. Irre8ulariti¢s, including froud, ar¢ instanc¢s of non-compliance with laws and regulations. Wc design proccdures in linc with our rcsponsibililies, outlined above. tts detcei maierial mis$tatcmcnt¥ in rupect of irregulariti¢s. in¢luding ftaud. The specifie proceduTe5 for thi5 cngagcmcnt and thr cxicnt to whieh Ihese are capable of dete¢tin8 irre8ulariti¢5, including fraud gre detailed below. Identifying and 05SeS5ing risk$ related to irregularities.. Wc as5C5scd ihc %u8ccptibilily ol'ihe Gh#rily's linan¢ial stotcmcnis lo mAierial mi5AtRtement and how Iruud mi8htoccur. in¢luding throuEh discussions with the Ini8tee$. di5cu&sions within our audit team planning meeting, updaiing our re¢oTd of internal controls and ensuTin8 these controls operated a5 intendcd. We rvalu8tcd possible in¢enii¥es and opporiunilic5 for frdudulcnt manipulation of thc financial slatctncftts. We idtntificd law% w)d rrgulation$ thai are or 8i8nificance in the context of the charity by discussions with Iru¥tces and updatifts tsur und¢rstandin8 of the sector in which the charity operates. Laws and regulaiion% of dir¢¢t $ignifican¢e in the ¢ODtexl of the ¢hari¢y include the Charitie5 Aet 2011, the Charitics (Aeeounts and Report$l Regulations 2008 and guidance issued by the Charjty Commission for England and Wlllcs. Audit resportse to T15k¥ id¢ntified: We considered the ext¢nt of ¢ompliance wilh Ihesc laws and regulations as part of our audit proccdurriF on thr rrlated rjnancidl sialemeni iiem5 includin8 a TCVICW of financial stalcmcni disclosurcs. We r¢Yiew¢d the Charity's r¢rords ot. brcachcsof laws and regulations. rninutcsof Tneeting5 and co¢spondre with ielevant authorities lo id¢n¢ify poi¢nti81 m&lerial rni5siatcmcnt5 arisin8. Wc di5CUS5ed the charity's policits apd pro¢¢durcs for ¢omplian¢¢ with laws 4nd reBulalion5 Wlth mcmbcrs of management responsible for compliance. During thc planning mccting Wth th¢ Budit traTn, the engagement parther drew att¢ntion to the key areas which might involve non-compliance with laws and regulaiions OT fraud. We enquired of managernent whether they werc aware of any instanc¢s of non4ompli3n¢¢ with laws and regulations or knowledge of any actual, 5115pcclcd or all¢gcd frY4ud. Wr addressed ih¢ risk of fraud Ihrouyh mana8ement oveide of controls by Icsting the appropTialcnes5 of joumal cnlrics and idcntifying any gnifIcant transactions that were unusual or outside the nornial COUTSC of bu5ine55. Wc aksessed whether jud¥emenls made in m8king accounting e5timate5 gave rise to a possible indication of management bias. At the completion sta8e of Lhe audil, lh¢ en8agem¢nL partner'5 rcvlew included ¢nsuring that the team had approa¢h¢d thcir work with appropThate profcs5ional srepticism and thu5 Ihc capacity to idertlify non-compliance with laws and regulatl0115 and fraud. There are inherent limitati¢ms in th¢ audit pro¢¢dures described above and the fLrther removed non-compliance with laws and regulations is from the events and transactiorks reflected in the financial statements, the le55 likely we would bccomc awaTC of it. Also. the risk of not detecting a material misstaicment due to fraud 1$ higher than lh¢ risk of not detecting one resulting from error. as fraud may involve deliberate ¢onceAlm¢nt by, for example. forgery or intentional mi&rrpr¢sentaiions or thiough ¢ollu$ion. 10
THE COLLEGE ESTATE ENDOWMENT CHARTrY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES A further de5CTlPtion of our rcsponsibilitlLS 15 availablc on thc Financial Reportin8 Council'5 Ivcbsitc at.. www.frc. audit sres -This descrhption fOS part olour auditor's TeN)rt. U¥¢ of our r¢port This report is made 501ely to the charity's Irustees, a body, in accordance with Part 4 of the Charities (Accounts and Rcports) Regulations 2008. Our audit work has bccn undcrtaken so that wc might 5tatc to the tTUStccs those rnattcTS wr aTC required LO 5latc to ihcm in an auditor's report and for no othcr purw)se. To the fullcst extent pcrniittcd by law, wt do not accept or assume responsibility to anyone other than the charity and the trustces as a body* for our audit Wotk, for this repx)rt, or for ihe opinior)s we have fornd. Saffery LLP Si Johns Court F.asion SITect High Wycombe HPI I IJX artered A¢¢ountant8 Statutory AuditOT8 Date.. zq l(Ii * Saffery LLP is eligiblc to a¢t as an auditor irt terms of settion 1212 of the Companie# Act 2006
THE COLLEGE ESTATE ENDOWMENT CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 UoreJlyleted P¢rneQ1 Total fuDdi UnrcJtrlcted Perman¢Dt Total fu•di funds tlldowrnemt fulld eDdowmeDt fundi 2023 Notes 2023 2023 2022 2022 2022 lttcomc froTtL'. Inve8ttmenl income OthErin(x)me 1,006,165 I,L¥)6.165 13,914 I,IX13212 I,(K13212 Total 1,020,079 1,020,079 1,005,024 I,5,024 EXpend[tsO. Raisin8 fijnds 332.977 332,977 657,398 657,398 Chalitabic actlvid 629.726 629.r26 547.300 547.3(A) Totsl ¢xp¢rydltur¢ 962,703 962,703 1204,698 1204.698 Net110sses)I gwn50D IDveslmenls (44,M) 63.703 19,605 1620801 1993.8481 11.056.728) Net movem¢D¢ ID fvid• 13,278 63,703 76,981 1261554} 1993,8481 11,256.402) Reconcllladon of fund• TO1 fvAlgbrouBhi fon¥ard 343.750 16J84,14Q 16.727,8tXJ 6(jaI 17.377.988 17,984.292 Tot•1 futtdi e•rti¢d f•rw*rd 3S7,028 16,447,843 16.804.871 343,750 16.384,140 16,727,84M) The notes on p88e3 15 to 23 fonn port of these fitMJciaJ statements. All ofthc thariiy'5 llc¢ivitics wc <onlinuin8. 12
THE COLLEGE ESTATE ENDOWMENT CHARITY BALANCE SHEET as at 31 December 2023 Not 2023 2022 Wlxed Inveknts 17,473.824 17.454,218 Cyrrent auets Debtors Cash at baok and in hartd 622,505 260,181 125,305 497,987 882,686 623,292 Credlton: amounts falltng due within (m¢ year io 11,551,639) 11.349.620) Net¢urr¢nt IIAbllldeo {668,953) (726J281 N¢t 8iiets 16,804,871 16,727,890 Fun C*pit81 funds Endowm¢nt funds 16,447,843 16.384,140 Unrestrleted fundl Other ¢haritable furtds 357,028 343,750 Totsl fundi 16,804,871 16,727,89) Th¢ finan¢ial s¢atem¢ntson pag¢8 12 ro 23 W¢ approv•1 by the Board and authorised for issue on 22 Mly 2024. The notes on pa8e5 15 to 23 form part of these finaThci81 statement& Tim Bailey (Chair of Boar f S1ratf¢yd-upon.Av Town Tntstl Sirnon Littlejohn5 {Chair of Fina ce, Investmcnt & Property Cornmittcc of Stratford.uN)n.Avon Town Trust) 13
THE COLLEGE ESTATE ENI)OWMENT CHARITY STATEMENf OF CASH FLOWS for the year ended 31 Decanber 2023 20Z3 Totsl fuDdi Z012 Total fund$ CA$h flow$ from opeyatlog It¢1.. NeSc4sh oper41inRaeiiiYii Ctsh flowJ from IDVC5dn¥ actlidtles.. DivideThJ4 lniere ¥md renrs from invesThents Proceed5 frotTL sai¢of investrnents Putch&se of invesltneDIs 1,006,165 9,266 449 962,982 I,5,212 66,882 I.Q70,(Y14 Chan8¢ in $h 4nd quivdenls in th¢ ping puiod Ciih illd ciih equlvalents •t31 Dcccmber 2022 Cisb and •b e4ulv•iellt• itjl Detember 2023 {280.9891 270,744 2023 Total fulldi 2022 Totsj fundi R¢tanelU#tlon of ll¢¢ In¢omE I l¢xpwdl¢yr•) ¢• D#uiIL flpw frorD Nel inwnel(o¥pendlthre)fv lh¢ pOr{l¥pertl (oswrihe5th1emMioffinandol ociivrlie¥ AdJu•tm•tsts for.. IGwns1 I losscs on invc51men Divid¢Nl$, in¢¢r¢si, T¢Trt from inv¢srtnl$ Ilncrea5el Idecr¢Lsc in debtors ]rrse in croJilors Wa1 opfftirfw84¢0wrf 76.981 11.256.402) 1,056,728 11.e03,2121 71.382 I1.(,165> 1497,2001 2023 Totsl fundi 2022 Totsi fulld5 yyh af ¢quIlIn C&5h in hand Cash awaiting dewsil TotAI uih ADd cA$b equlv•leDts T5 unavailAbl¢ for g¢n¢ral expendire as it is w4lowed 8•1. 260,181 497,987 knaiyth of In Drtdobt At l January 2023 C&ibllow At 31 De¢ember2023 Cih #nd tqulvaltnts Cash in halld Cash awaiting d¢posit 497,987 70,429 1237,8(61 (43,1831 260,181 27240 Tolal 568,416 1280.9891 287.427 14
THE COLLEGE ESTATE EIWOWMENf CHARITY NOTES ON FtNANCLAL STATEMENTS for the year ended 31 December 2023 Statem¢ut of 4c¢ounting poll¢i B#sig of preparation Th¢ financial statem¢nis have be¢n pr¢p3r¢d in ordanCe with the Statement of Recommended PT&Gtice: A¢¢ounting and R¢portins by Charities preparing their account5 Ln accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Charithes Act 2011. The financial statements have been prepared to wve a'true and faif view 8nd hav¢ d¢parted from the Charities (Accounis and Reports) ReEulations 2008 only to the cxtcnt rcquircd to provide a and fair vic. This dcpartUTC ha5 involved following Accountingand Rcporting by Charities prep8ring their 8¢wunis in a¢wrdance wilh Ihe Financial Reporting Standard appli¢8bl¢ in ih¢ UK and Republic of Ireland (Fils 102) issued on 16 July 2014 ratherthan the Ac¢ounting and R¢portin&by Charities.. Statement of Recomrnended Praclict ¢ffeciive from l April 2005 which has 5inee been withdTawn. College Eat¢ Endowmeni ChBriiy mee1$ ihe d¢finilion of a publi¢ b¢rJI ¢ntity under FRS 102. Assets and liabilities arc initiully recognised a¢ historical ¢os¢ or Iransa¢tion value ut)less otherwise stated in th¢ relevant aountIng policy note. Th¢ fhnan¢i41 $¢at¢m¢nt$ are prepared in Sterlin& which is the funcli¢)nal currcncy of thr College Estate. Monetary amounts in these financial 5talemenis aTC rounded io the neared £. Ther¢ are no material unccrt&inties about thc Collegc Esta,$ ability 10 continue as a going concern. b) Ch4rhRbk AttIvltIe• The Board ¢onsiders Ihat the College Esiaie is a public benefjl entity as it make5 srant5 to thc Town TTUS1. Grani rnaking 1$ its sole ¢haril&ble activity. In¢ome All incoming rcswr¢rs ore re¢ogni8ed on¢e the College Estat¢ h¥ ¢nlitl¢ment to the resource5,' It is Probable that ¢he r¢8ource5 will be received.. and their amount can bc measured with 5ufficicnt reli&bility. Property And inve5trncnl incorne is reeognisrd as it falls due. d) &xptAdlturE Liabilities arc rcCOLS&1 r&%ourtes eKpended as soon as there is a Itgal or constNciive obligation committing the Collcgt Estate to the rxpendi¢ure. All expenditure is ac¢ounled for on an aKwal$baAlS {inclu%ive of any VAT which ¢annot be Te¢over¢d) 4nd has been classified under headings thal agKrcgatc all CO&re1ated to the category. Whcrevcr p055iblc cos15 have been charged direcily to the service or B¢iivity to which ihey relat¢. A managemeni ¢harge from the Town Trust is levied ea¢h quarter to cover property admini5tralion, governan¢e and grant Support costs. Expenditure shared between two or more activitlcs ha5 been apportioncd between them on a reasonable. justifiable, and consistent basis. Crnts pay&ble Grant5 payablc arc shown in the StateTntnt of Finallcial Activities as they are paid or approved by the Board. Grant5 are accounted for whcn the recipient has a reasonable expectaiton that they will receive a grant and th¢ Board has agrced to pay thr gront without condition. Provisions for grants are mad¢ when the intention to make a grant ha5 be communicated to the rccipient but Ihere i8 Lmcertainry about either the tirning of the grdnt or thc amount of grant payablc. The value of such grants unpaid al the year end is accruul. On I Cttobcr 2001 thc rcswnsibility for paying out grants transferred to the controlling charity, Stratford- upon-Avon Town TWSL except for the payment to the VicAr of Holy Trinity Church. 15
THE COLLEGE ESTATE ENDOWMENT CHAIUTY NOTES ON FINANCIAL STATEMENTS For the year ended 31 December 2023 (continued) I ststement of •eeouDting PDlieies (continued) Governanee C(1 Governonee costs ¢omprise all w51$ involving the public accountability of the College Estste its ¢omplian¢e with regulation and go practice. These include cost5 related to statutory audit and lega] fees iog¢ther with an apportiontnent ofoverhead ond support costs. Inyeitmethts i Inve$ttn¢nl$ aTe In¢lJe4 in the fiD8n¢ial s¢atem¢nts at the market value at the balance sheet date. ii Gains and losse5 arising on disposal are charged to ihe relevRnt fund immediaiely on disposal. Gains and Ios5e5 ari&ng on Tevaluation ate disclosed as unrealised. h) Coth ofCener&ting Fundj These cos¢s eonsist of investment and properry m8t)ag¢m¢nt co$t& Fund a¢¢ountlnt i Pemianenl Endowment Funds relaicto th05c &sscls which rcprtrxnt the pernJ&rtent Capit baseoftheColle8e Ekatc and which may not be spent. Rcstiictcd fund5 are fund5 whirh are to be us¢d in accordance with spc¢ifi¢ r¢5rri¢tions imposed by the law. iii Designated funds unresth¢ted fwids eamiarked by the Board for particular PUTP05e5. iv Unrestiicttd fijndg are available for use at the discrction of the Booxd in fvrtherance of the 8¢nml objectives ofthe College E81¢. Opermtlng k1 Operating leaseg ar¢ th3Tged to th¢ Statemenl of Financial Aclivlties As incurred. FlnAn¢lil Initrymenti The College £2¢¢ has only flnancial assets liabilities that would qualify as basi¢ financial in*ruments. BB5ic fin&nrio1 assrts, which includ¢ ush and d¢bioTS, ar¢ initially measured at transaction pricc including tronsaction costs and subsequently carried al arnortiscd cost using the etTective irtierest mtthod. Financial Classified as receivable wiihin one year are nol arnortised. BASIC financiRI liabilities such as trade crcdiloT5. loans Bnd finanee leases art initi&lly measured ai tr8ns8ction price unle$5 the arrangement con5titutC5 a financing transaction, whe[¢ Ihe debt insirument LS measured at the prc&cnt valuc of the fvture payments discounted Al the market rai¢ of inieresi. Finam¢ial li3bilities Classified a¥ payable wiihin one ycar arc not amtsrtised. An cquily instrument is any Contra that evid¢n¢es a residugl inieTeSt in th¢ ass¢ts of the College E$(atc after deducting all of its liabilities. ConA¢c¢ed ¢h•rltl The College Estote is connected to the Guild Estate Endowment Charity {Regislcrcd Charity NurnbEr 217484) due io thcrc bcing common. parallel objcctiVe5 and activitics, common Control and unity of administration. Both charitics are controlled by Stiatford-uptsn-Avon Town Trust (Registered Company Number 04222949 and Registered Charity Numbw 1088521) and their financial statements for the ye8r ended 31 December 2023 have been consolidated. Copies of the con801idated fUlC1al statemcnt$ are 8vailAble from the R¢gistrgr ofcomponies. 16
THE COLLEGE ESTATE ENDOWMENT CHARITY N(yfES ON FINANCIAL STATEMENrs for the year ended 31 December 2023 (continued) 2023 2022 Investment ineome from: Investment Properties Quoted Investmcnts 636,011 370,154 685.125 318,087 1,006,165 I,(M)3.212 Income and expenditurc relatin8 to the RotheT Strect Car Park is split 86.09% to Guild and 13.91% to College in accordonce with land owncr5hip aTrangcrnertts. 2023 2022 Other ID¢(Trm¢ from.. Interest receivable on c&8h at bank 13.914 1,812 2023 2022 Expcndlture on rililnE fwAd$: Investment property management co lttvestmlnt fund man4L¥¢r&' fees Support costs (not¢ 71 213.401 34,903 84,673 339,183 34.980 83,235 332,977 657.398 2023 2022 Expendltyre on ¢harltAbl¢ actlvltlei: Grpnt to StTatford-upon-Avon Towil Trust Payment to thc Vicar of Holy Trinity Support costs Inok 7) 617,434 ?,ooo 5,292 535,097 7.1X)O 5,203 629.726 547,3CKI 17
THE COLLEGE ESTATE EIYDOWMEIYT CHARITY NOTES ON FTNANCtAL STATEMENTS for the ycaT ¢ndcd 31 [k£¢Mb 2023 (continued) Allo¢*tloo of illpport eosti Basis of Alloeation Charitable activities Covero•n¢e TotAI funds funds 2023 2023 2023 2023 Staff costs Office costs External audit Goveman¢e co8 Time Time Dire4t Cost 3.220 1,138 9,661 3.414 2,800 {IS,8751 51.526 18.206 64,407 22,758 2,800 934 14.941 Total 5,292 84,673 89.965 (note 61 {nole 5) Buis of lo¢Atlort Charltable A¢tlvltle8 2022 Covernance TotAI funds funds 2022 2022 2022 StatTeosts Office costs External audit Govemance costs TÉme Time Direct Cost 3,024 1,144 9,070 3.432 5,090 {17,592) 48,376 18.302 60.470 22,878 5,090 1,035 16,557 Totsl 5.203 83.235 88,438 Inotc 6) (note 5) TheColle8e Estatepays &management¢hBe to the Town Trusttocoverstaff costs. otTiC¢WSts pndproperty facility cOS which for 2023 was £79,45212022.. £70,768). This forms the main part of the sUPPOrt C05tS. 18
THE COLLEGE ESTATE ENDOWMENT CHARITY NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued) 2023 2022 Flxed let Investments Investrnent properties olcd investrnents Cash awaiting inv¢slmenl 8,536,000 8,910.578 27.246 ,53AQOO 8,847,790 70,429 17,473,824 L7.454,218 Investment properties: Valuation at 31 De¢¢mb¢T 2022 Revaluatjon 8ains1 Ilo5se51 8,536.000 8,586,000 150,0001 Valuatiot) 4131 D¢¢ember 2023 8,536,(KK) 8.536.0(Kl Cost or donAlcd value at 31 December 2023 1,626,119 1,626,119 QU¢d InYeitment•: Market vu¢ It 31 De¢emb¢r 2023 Addition5 at C05t Se Pred9 Investment Bains / Ilos4¢s) 8,847.790 52,449 19,2661 19.60S 9,921,400 166,882) 11.(N)6.7281 MaTkel Yalu¢ at 31 DecemE¢r 2023 8,910,578 8,847,790 HistorirAI cost at 31 December 2023 6,602,226 6,559,043 In accordance with the Statttnent of Recornmcndcd Practicc Accounting and Rcporting by Charities ISORP 2015) the invcstmcnt propertiC5 were valued at 31 Deccmbcr2020 and are shown at market valuc. Thi5 valuation was carried out by Colliers Intemationai, Chartered Surveyors. The valuer was RICS qualified and 1$ experienced in property in StrOrd.Upon-AVon and of these ¢lasses of property. 19
THE COLLEGE ESTATE EIWOWMENT CHARITY NOTES ON FINANCL4L STATEMEKrs for the year eudcd 31 December 2023 (continued) 2023 21122 Debton: amounts falling duc within one year TTadc dcbtOTS PrepayTn¢nts and &¢crued inwme Amount ow¢d by Guild Estate Amount owed by Stratford-upon-Avon Town Trust 81.383 535.956 5,106 44.057 77,160 4,088 622,505 125,305 2023 2022 ID Credltors: amounis falling due within one y¢ar Trad¢ cr¢dii*ys AccTuals and dcfcrrcd income Other crediiors Taxation and SOCIAI security Amount due to Str&tford-upon-Avort Town Trusi 33,828 L,275.728 191,687 24,833 25,563 15.983 1.114.139 191,687 24,111 3,7) 1,551,639 1,349,620 Deferred income £1,251,27112022.. £790J731 rcprcscnt5 Icose prernium& reniai income weived in Rdvance and ant fundin8that relatc lo after the pcriod end.. repTes¢nted by deferred income under oneyeAT £172,698, defeTrcd income relating to one to five years £59,4(X> and ihe yalu¢ r¢iating to ov¢r fiv¢ y¢4rs £1.019,240. 2023 2022 Reeollelllatlon of defrrred Incorne: At l January 2023 Rele&sed during thc ycar Deferred in current year 790,573 1133,9731 594,671 817,873 (155,6731 128,373 At 31 DeccrnbcT 2023 ,251,271 790.573 1023 2022 Included thill aCCrlS are the following fccs payable to the audIr for.. Statutory audit 5,0(X) 5,200
THE COLLEGE ESTATE EIYDOWMEIYT CHARITY NOTES ON FINANCIAL STATEMENrs for the year ended 31 December 2023 (continued) An•lys58 fyf net 4Js¢ts b¢tw¢¢D fmndi Unrestritted fund6 2023 Endowment fund5 io Totsl 2023 Invesltnents Current assets CeTht liabilities 891,796 882,686 (1.417.454) 16,582,028 17,473,824 882,686 11,551,639) {134.185) 357,028 16,447.843 16.804.871 Unre$trf¢ted fund8 2022 rtdowm¢nt funds 2022 Totsl 21)22 Investments cUent a55elS Current liabilitLCS 1.035.894 623,292 11,315,436) 16,418,324 17,454,218 623,292 11,349,620) (J4,1841 343,750 16,384,140 16.727,8 Summary of Fund Mov¢m¢nts FuDd BAlaDtei 31 DecembeT 2012 Fund Trllifer BlAn¢es btMet# 31 December 2023 Eypondltst¢ Gal$ Attd Fund Name Unr¢5tricttd Funds Pcrmaneni Endowment Funds 343,750 ,020,079 (962,7031 144,098} 357,028 16.384,140 63,703 16,447,843 Tolal Funds 16,727,890 1,020,079 {962.7031 19,605 16,804,871 Fund Transfer betweeD fuDdi FuDd B*l8nte¥ JI Detomber Blll¥Dces 31 DocEmbvr 2021 Expendltsre 2022 Fund N•me Unr¢stri¢ted Funds Permanent Endowment Fund5 606,304 1.005,024 {1,204,6981 162.8801 343,750 17,377.988 1993,848} 16.384,140 Total Funds 17.984.292 1.005.024 11.204,6981 {1,056,7281 16,727.890 21
THE COLLEGE ESTATE ENDoW1E1yr CHARITY NOTES ON FtNANCiAL STATEMENTS for th¢ year ended 31 December 2023 (continued) 12 Commltments In a¢cordanee with the govemirt8 document each y¢ar the Colleg¢ Estate is committed to pay an aral sutn. which is ¢UTrently £7.000 per anr)um, to th¢ Vi¢ar of Holy Trinity CThur¢h at StratfoTd-up¢)n-Avon (prTrrated if there is no Vicar for part of the year). 13 Rel&ted psrty trAnsActlon$ CoDtrol.. During the current year the College Estate Endowmeni charity and the Guild Estat¢ Endowment charity were undcr thr control of Straiford-upon-Avon Town Trust. Tr4D#aetlow: Durit)g th¢ y¢aT the following transa¢tions w¢r¢ ¢ntv¢d into on nornal terms and conditions. Strrford-IlPDA- Avon Town Tru¥t 31 December 2023 Str$tfOrdUpOl1- Avon Town Tru$t 31 De¢ember 2022 Gulld Estate Gulld E$tsl¢ 31 Deeemb¢r 2023 JI D¢¢¢mber 2022 Rcnt3VS¢rviu Ch4r8¢ in¢ome 58.128 36.218 Exp¢ndltsr• Grant 617.434 535,097 Man4ement eharge 79,452 76,768 BAlthtes outstartdltsR It 31 D¢¢¢mbtr 2023 Debtors 5.166 4,088 Creditors 25,563 3,700 14 Trustee remuneratlon And benetlts The Collcgc E5ts1c only has a corporate trustee Ith¢ Town Try3tl. As su¢h li ¢annol receive remuneration or othcT bcnEfils from employtnrnt. The Town Trust ha5 a Board of Trust$. Howev¢T, non¢ of these Tru#¢es has been paid any remuneration or received any other benefits from employment with the College Eslate or the Town Tntst. 15 Tr¥¢¢8 ExpeDM¥ Tnee expenses during the year arnounted to £nil {2022: £nil). 22
THE COLLEGE ESTATE EIYDOWMENT CHARITY NOTES ON FINANCIAL STATEMENTS for the year ended 31 December 2023 (contiDued) 16 Grant Miklhg GrMDtI to Instltudons Gr•Dts to llldlvldu81¥ 2023 Support Costi 2023 Cramts to In¥tltullo GrmDtI ¢0 IDdlvlduili Support C(bSts 2023 2022 2022 2022 Dis¢retionary Grants Non-Discrdionary (jrants 617.434 4,892 535.097 4,827 7.OCX) 400 7,000 375 617,434 7.0(K> 5.292 535.097 5.202 17 L¢e C0MItment$ The future minimum le45e receipts under non-eancdlable operatin8 leases are.. 2023 2022 Not later l ye#r Lat¢r ih8n l year but not l&ter thon 5 Y¢S Latcr than 5 ye8r¥ 529,544 1,775,816 26.509.362 486.569 1,794,898 26.914.320 23