2020-12-31-accounts

CONTENTS
		Page
Joint Message from our Chair ofthe Board and Chief Executive		1-2
Trustees' Report ~ Strategic Report ~ Officers, Contacts and Advisers ~ Statement as to Disclosure of Information	to Auditors	3-17 18 19
Statement ofTrustees' Responsibilities		20
Independent Auditors' Report		21-23
Financial Statements		24-28
Notes to the Financial Statements		29-48

Foundation House	Foundation House	Foundation House	Foundation House	Foundation House	Foundation House	Foundation House
Foundation House isa community facility that allows a diverse range ofindividuals,							groups,	charities, artists,
makers and social enterprises to work together an affordable, accessible space for existing and	in an inclusive, open and welcoming environment, potential community members -temporary, short								providing and longer-
term. The net running costs of Foundation House		in 2020 were		E133k.
There are 12 groups who have an allocated space and space which each group occupies is treated as a benefit			call Foundation House their home. The in kind and is summarised in the table						cost ofthe below:
Name oforganisation			Benefit in kind value			6
Change Grow Live (formerly operating as Addaction)					6,127
Escape Arts Safeline					7,622 9,164
Heart ofEngland Woodturneis					588
Second Thoughts Drama Group					5,207
Shakespeare Lions					3,295
Strafford Army Cadets*					9,174
Strafford Ambulance Association					6,669
Stratford District Radio Society					2,859
Strstford Men's Shed					11,913
Warwickshire Reminiscence Action Project					10,052
Welcombe Radio					3,038
Total benefit in kind					75,708
"Net oflicence fee

Community benefit	Community benefit	Awarded 6	Examples of Beneficiaries	Examples of Beneficiaries
To relieve need,		479,880		Spring Housing Association: Stratford Housing Plus Centre
hardship, distress, sickness, disability, old age and infirmity among beneficiaries				E85,000 Domestic Abuse Counselling Service: Covid-19 Emergency Response Fund 65,000 & domestic abuse counselling & intervention for Stratford E33,000
				Citizens Advice South Warwickshire: Covid-19 Emergency
				Response Fund 65,000 & frontline support year 3665,825
				The Myton Hospices: Covid-19 Emergency Response Fund
				65,000 8 in-patient care year 3f20,000
				The Shakespeare Hospice: Covid-19 Emergency Response E5,000 & Strafford support year 3f50,000 Refuge: Covid-19 Emergency Response Fund f5,000	Fund
				Lifespace Covid-19 Emergency Response Fund 65,000 & continuation ofservices f15,136
				Safeline: Covid-19 Emergency Response Fund E5,000 &
				development manager E16,560
				Escape —Community Art in Action: Covid-1 9 Emergency
				Response Fund f5,000 VASA: Stratford Support E9,420 & community transport year	3
				635,000 Young People First: Sharp Minds —Strafford support year 3
				69,605
				ILEAP: Project Coordinator year 3f23,037 Entrust Care Partnership: family support service year 3610,666
				The Parenting Project: Digital delivery services 619,195
				Act on Energy: Heat for health project E10,000 Warwickshire Vision Support: Strafford Support f5,000
				Home-Start South Warwickshire: impact &fundraising
				development 64,700
				Stratford Timebank: Strategic consultant 64,375
				Hardshi fund for individuals: administered b CASW 615,000
To provide or support the provision of facilities for education		109,070		Grants to all town state schools and the college plus three out of town state schools with a large number ofStrafford-upon-Avon resident pupils: 694,984 in total -15grants
for beneficiaries,				1stShotteiy Scout Group: outside meeting facilities F5,902
including the advancement of				Kate's Story Tree: Strafford stories f2,250 STT charitable activities: Wind in the Willows 62,000
learning and				Leamington Brakes Junior Football Club: Brakes Vitality Strafford
knowledge				E1,500
To provide or support facilities for recreation and other leisure-time		111,760		Play House: community event support & running costs 657,500 Royal Shakespeare Company: Winter Wonderland 620,000 Escape - Community Art in Action: leadership &training 615,000
occupation				Orchestra ofthe Swan: digital work 612,000
				Sunny Side Up: virtual afternoon tea f2,250
				Strafford Upon Avon Cricket Club: Alscot Park facilities
				development 61,500
				Strafford upon Avon Chamber Music Society: running costs
				61,000 The Bear Pit:su orttoreo en f1500
To advance	Christian	1,500	~	Strafford Churches Together: coordination ofadministration
religion
Tosupport	citizenship	1,500	~	Welcombe Radio, Radio station upgrade E1,500
and communi
Tosupport Civic Pride Other charitable purposes		1,400 2,170	~	Bandstand concerts Warwickshire Pride: Proud Youth Strafford 61,500 Accessible Strafford: 'M ' Accessible Strafford u on Avon f670

Investment and Proper to the Board, which in	ty Committee is responsible for recommending any staff remuneration and benefit changes turn is responsible for the approval ofsuch amendments.	ty Committee is responsible for recommending any staff remuneration and benefit changes turn is responsible for the approval ofsuch amendments.
The key responsibilities	ofthe committees are shown in the table below.
Committee	Re	onsibilities
Audit &Governance	~	Ensuring disk management, governance and internal control systems are functioning elfectlvely and report when attention is required to improve
	~	Interface with external auditors
	~	Review and oversight of constitution, regulations and non-operational
		decision making
	~	Review, adoption and implementation ofpolicies relating to corporate and
		Chari Commission re ulations and laws
Grants &	~	Review and recommend a Communication Strategy and Community
Communications		Investment Policy in relation to grant funding
Committee	~	Recommend and oversee delivery of Communication and Grants Plan
	~	A rove and review rant awards
Finance, Investment	~	Review of quarterly management accounts, annual budgets, 3year rolling
and Property		plans and the annual report and financial statements
	~	Review and updating ofinvestment and reserve policies
	~	Review and oversi ht of all ro e &investment related matters
During the year there Trust and discussed	were nine Board Meetings, at which meetings the trustees agreed the broad strategy ofthe the key areas of activity of the Trust, including grant giving, investment, reserves and risk
management. The various committee minutes are reported at the subsequent Board meetings.
In November 2020 Josie Stevens was recruited to fill the elected trustee vacancy, her term will run until May 2022.
The Town Trust is most appreciative ofthe time and effort which all its trustees give so freely to the Trust (for full
details oftrustees see page 18).

Description ofRisk	Description ofRisk		Mitigation ofRisk
Risk relating to coronavirus pandemic			Following the Public Health England guidance, closely managing impact on our investment portfolio and the Trust's
			ability to maximise grant giving
Change market	in town centres and the across the UK, resulting	retail in a higher	Property managers have increased liaison with tenants, monitoring ofarrears by property, proactively marketing void
level of	voids, arrears		properties.
Commercial tenants fail to maintain their			All properties are inspected on a regular basis by the property
property	under the terms of their	lease	manager and a report on repairs required by tenant is prepared and a dialogue occurs with the tenant, any actions are followed up on an ongoing basis. At the end ofleases a
			proactive approach is adopted in terms ofdilapidation
			negotiations and settlements.

undash Jassi Chair f	rom 1 January 2020
CHIEF EXECUTIVE	Sara Aspley		SENIOR MANAGEMENT	Rebecca Hampson, James McHugh, Fiona Tomlinson
			TEAM	(appointed 6.7.20),	Lynn Wilson
AUDITORS	Saffery Champness St John's Court Easton Street	LLP	PROPERTY MANAGER	Cofiiers International 12e Floor Eleven Brindley Place
	High Wycombe HP11 1JX			2 Brunswick Square Brindley Place
				Birmingham B1 2LP
INVESTMENT MANAGERS	Cazenove Capital (part of Schroders &Co Limited) 1 London Wall Place			Schroder Unit Trusts Limited Sunderland SR434AQ
	London EC2Y 5AU
				Chadties Property	Fund
	Sarasin &Partners Juxon House			Cordea Savifis 33Margaret Street
	100St Paul's Churchyard			London W19OJD
	London EC4M 8BU
SOLICITORS	Messrs Robert Lunn	& Lowth	BANKERS	Barclays Bank pic
	2 Sheep Street Strafford-upon-Avon			Market Cross Stratford-Upon-Avon
	CV37 6EJ			Warwickshire
				CV37 6AP
	Mills 8 Reeve
	78-84 Colmore Row
	Birmingham B32AB
	Wiggin Osborne Fufierlove
	95The Promenade
	Cheltenham
	GL50 1HH

			Note	Unrestricted 2020	Permanent endowment funds	Total funds 2020	Unrestncted funds 2019	Permanent endowment funds	Total funds 2919
					2020f			2019 K
Income from:
Donations and legacies" investment income Charitable Activities Other income			4 5 6 7	59,415 3,073,701 250 2,340		59,415 3,073,701 250 2,340	7,714 3,578,983 7,322 9,149		7,714 3,578,983 7,322 9,149
Total Income				3,135,706		3,135,706	3,603,168		3,603,168
Expenditure on: Raising funds Charitable activities			8 9	1,427,006 1,706,344		1,427,006 1,706,344	1,104,276 2,386,950		1,104,276 2,386,950
Total expenditure				3,133,350		3,133,350	3,491,226		3491 226
Net (losses) Igains		on	15/18	36,545	(3,251,920)	(3,215,375)	222,638	1,211,659	1,434,297
investments
Net income and				38,901	(3,251,920)	(3,213,019)	334,580	1,211,659	1,546,239
expenditure
Other recognised	gains
and losses Actuarial (losses) on				(362,000)		(362,000)	(193,000)		(193,000)
defined benefit pension			24
schemes
Net movement in	funds			(323,099)	(3,251,920)	(3,575,019)	141,580	1,211,659	1,353,239
Reconciliation of Total funds brought	funds forward			3,605,505	57,007,911	60,613,416	3,463,925	55,796,252	59,260,177
Total funds carried forward			18	3,282,406	53,755,991	57,038,397	3,605,505	57,007,911	60,613,416

			Total	Total
			Funds	Funds
		Notes	2020	2019
			K	E
Income from:
Donations and legacies*			1,177,293	1,673,476
Investment income			88,243	109,965
Charitable activities				1,048
Other			176,654	183,112
Total income			1,442,190	1,967,601
Expenditure on:
Raising funds			227,465	235,570
Charitable activities:			1,220,061	1,619,393
Total expenditure			1,447,526	1,854,963
Gains on investment	assets	15	55,339	238,034
Net income and expenditure			50,003	350,672
Other recognised gains and
losses
Actuarial losses on	defined benefit
pension schemes		24	(362,000)	(193,000)
Net movement in funds			(311,997)	157,672
Reconciliation offunds
Total funds brought	forward		3,460,681	3,303,009
Total funds carried	forward	20	3,148,684	3,460,681

			Notes	Group	Group	Trust
				2020	2019	2020	2019
				5	6
Fixed assets
Tangible fixed assets Investments			14 15	1,676,781 56,680,971	1,756,802 59,896,415	1,676,781 2,134,998	1,756,802 2,079,660
				58,357,752	61,653,217	3,811,779	3,836,462
Current assets
Debtors			16	484,761	368,645	151,242	361,702
Cash at bank and in	hand			2,702,938	1,595,849	1,705,626	349,418
				3,187,699	1,964,494	1,856,868	711,120
Current liabilities
Creditors: amounts one year	falling due within		17	(3,017,872)	(2,671,295)	(1,030,789)	(753,901)
Net current assetsl	(liabilities)			169,827	(706,801)	826,079	(42,781)
Total assets less current liabilities				58,527,579	60,946,416	4,637,866	3,793,681
Creditors: amounts	falling due aRer		17a	(818,182)		(818,182)
one year Defined benefit pension scheme			24	(671,000)	(333,000)	(671,000)	(333,000)
liability
Net assets including liability		pension		57,038,397	60,613,416	3,148,684	3,460,681
Funds
Capital funds Endowment Funds*			18	53,755,991	57,007,911
Income funds
Unrestricted funds			20
General fund Designated fund				2,525,631 1,294,053	2,385,763 1,407,918	2,525,631 1,294,053	2,385,763 1,407,918
Other charitable funds		(Cofiege &
Guild)				133,722	144,824
Pension reserve			24	(671,000)	(333,000)	(671,000)	(333,000)
Total funds			20	57,038,397	60,613,416	3,148,684	3,460,681

					2020	2019
					Total funds	Total funds
					8	8
Cash flows from operating activities: Net cash used in operating activities					2897	~3537521
Cash flows from investing activities: Dividends, interest and rents from investments Purchase ofproperty, plant and equipment Proceeds from sale ofinvestments					3,111,334 (6,766) 1,190,055	3,588,131 (5,735) 969,850
Purchase ofinvestments					~1284844	~963931
Net cash provided byinvesting	activities				3,009,779	3,588,315
Cash flows from financing activities:
Cash inflows from new borrowings					~90000
Net cash pmvided by financing	activities
Change in cash and cash equivalents in the Cash and cash equivalents at 31 December		reporting 2019	period		1,012.231 1750566	50,794 ~169 772
Cash and cash equivalents at 31 December 2020
					2020	2019
					Totalfunds	Total funds
					8	8
Reconciliation ofnet income to	net cash	flow from	operating	activities
Nei (expenditure) /income for the activities)	reporting	period (as	per the statement offinancial		(3,575,019)	1,353,239
Adjustments for: Depreciation Losses on investments					86,787 3,215,375	111,522 (1,434,297)
Dividends, interest, and rent from	investments				(3,111,334)	(3,588,132)
Increase in debtors					(116,116)	(24,269)
Increase in creditors					602759	44416
Net cash usedin operating activities					289 548	~3537521
					2020	2019
					Total funds	Total funds
Analysis ofcash and cash equivalents Cash in hand					2,702,938	1,595,850
Cash awaiting investment"					59926	~154716
Total cash and cash equivalents

Analy	sis ofch	ange in net debt
			At		At
			1January	Cashflow	31December
			2020	8	2020
			8
Cash	and equivalents
Cash			1,595,850	1,107,088	2,702,938
Cash	awaiting	deposit	154,716	(94,790)	59,926
Total			1,750,566	1,012,298	2,762,864

						2020	2019
						Total funds	Total funds
							8
Cash flows from operating activities: Net cash provided byl(used in) operating			activities			19980 8	293134
Cash flows from investing activities: Dividends, interest and rents from investments Purchase of property, plant and equipment Proceeds from sale of investments						264,897 (6,766) 263,369	293,070 (5,735) 3,387
Purchase ofinvestments						~259712
Net cash pmvided by investing		activities				261788	290721
Cash flows from financing	activities:
Cash inflows from new borrowings						%OOOO
Net cash provided by financing activities						900000
Change in cash and cash equivalents in the reporting Cash and cash equivalents at 31 December 2019				period		1,359,864 363758	(2,412) ~36 170
Cash and cash equivalents	at 31 December 2020
						2020	2019
						Total funds	Totalfunds
							8
Reconciliation ofnet income /(expenditure)			to net	cash	flow from
operating activities Net (expenditure) lincome for the		reporting period (as per the statement of				(311,997)	157,672
financial acti vities)
Adjustments for: Depreciation Gains on investments						86,787 (55,339)	111,522 (238,034)
Dividends, interest, and rent from Decrease I(increase) in debtors Increase in creditors		investments				(264,897) 210,460 533062	(293,077) (219,911) 188694
Net cash used in operating	activities					19I978	293 134
						2020	2019
						Totalfunds	Totalfunds
						f	8
Analysis ofcash and cash Cash in hand	equivalents					1,705,626	349,418
Cash awaiting investment						17996	14340
Total cash and cash equivalents
Analysis ofchange in net	debt
					At		At
					1January	Cashflow	31December
					2020	8	2020
					8
Cash and equivalents
Cash					349,418	1,356,209	1,705,627
Cash awaiting deposit					14,340	3,656	17,996
Total					363,758	1,359,865	1,723,623

			Group	Group	Trust	Trust
4	Donations and legacies		Total funds 2020 f	Total funds 2019 f	Total funds 2020 f	Total funds 2019 f
	Annual giR from Guild Estate Annual gift from College Estate				556,883 567,962	1,079,440 594,036
	Donations to Guild Chapel		1,210	7,714
	Furlough - grant Grant- National Lottery		21,176 37,029		15,419 37,029
			59,415	7,714	1,177,293	1,673,476
			Group,		Trust
5	Investment income		Total funds 2020	Total funds 2019	Total funds 2020	Total funds 2019
			E	E	K	K
	Property income Dividends receivable		2,397,887 675,814	2,839,059 739,924	21,928 66,315	32,850 77,115
			3,073,701	3,578,983	88,243	109,965
			Group		Trust
6	Income from Charitable	Activities	Total funds	Total funds	Total funds	Total funds
			2020	2019	2019	2019
			K	K	K	K
	Guild Chapel Bandstand		250	6,274 1,048		1,048
			250	7,322		1,048
			Group			Trust
7	Other Income		Total funds	Total funds	Total funds	Total funds
			2020	2019	2020	2019
			E	E	K	K
	Interest receivable on cash &bank		2,340	9,149	603	2,919
	Services to Guild Estate				113,893	110,585
	Services to College Estate				62,158	69,608
			2,340	9,149	176,654	183,112

			Group		Trust
8	Expenditure on raising funds		Totalfunds 2020	Totalfunds 2019	Total funds 2020	Total funds 2019
			E	6	6	6
	Investment Fund Managers' Fees Property expenses Support costs (note 10) Services to Guild Estate (note 10) Services to College Estate (note 10)		83,807 1,173,262 169,937	77,229 869,913 157,134	9,120 141,269 77,076	8,806 4,034 136,684 86,046
			1,427,006	1,104,276	227,465	235,570
			Group		Trust
			Totalfunds	Totalfunds	Total funds	Total funds
			2020	2019	2020	2019
9	Expenditure on charitable	activities	E	6	6	6
	Grant Making Discretionary Grants Foundation House		707,281 191,414	1,055,170 222,005	707,281 191,414	1,055,170 222,005
	Non-Discretionary Grants
	King Edward Vl School Almshouses Maintenance		347,515 44,763	632,228 43,617
	Holy Trinity Church Grant Making Support Costs (note 10)		7,000 256,013	7,000 274,534	250,146	266,546
				2234 554	1 148841	1 543721
	Play House Direct venue costs		47,288	47,288	47,288	47,288
	Support costs (note 10)		2,936	3,009	3,109	3,375
			50,224	50,297	50,397	50,663
	Other activities
	Bandstand		2,444	2,999	2,444	2,999
	800eAnniversary Fountain		2,714	14,628	2,714	14,628
	Guild Chapel Support Costs (note 10)		57,611 39,365	39,945 44,527	15,665	7,382
			102,134	102,099	20,823	25,009
	Total		1,706,344	2,386,950	1,220,061	1,619,393

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		2020 Group	2019 f	Trust 2020 E	2019 E
15	Fixed asset investments
	Investment properties Quoted investments Cash awaiting investment	35,556,100 21,064,945 59,926	38,859,600 20,882,099 154,716	2,117,002 17,996	2,065,320 14,340
		56,680,971	59,896,415	2,134,998	2,079,660
	Investment properties:
	Market value at 1 January 2020	38,859,600	40,020,600
	Net sale proceeds Gain on disposal		(928,219) 277,219
	Revaluation losses	(3,303,500)	(510,000)
	Market value at 31 December 2020	35,556,100	38,859,600
	Cost or donated value at 31
	December 2020	6,588,209	6,588,209
	Quoted investments:
	Market value at 1 January 2020 Additions at cost	20,882,099 1,284,844	18,292,723 963,931	2,065,320 259,712	1,830,673
	Sale proceeds Investment gains	(1,190,055) 88,124	(27,230) 1,652,675	(263,369) 55,339	(3,387) 238,034
	Market value at 31 December 2020	21,065,012	20,882,099	2,117,002	2,065,320
	Historical cost at 31 December 2020	15,165,229	15,296,226	1,612,379	1,656,323

15	Fixed asset investments	(continued)	(continued)		Group 2020	2019	Trust 2020	2019
					E		K	E
	Gains on unrestricted funds Quoted investments				36,545	222,638	55,339	238,034
16	Debtors: amounts falling	due within one			Group		Trust
	year				2020	2019	2020	2019
					E	E		F
	Amounts falling due within one year; Rents Prepayments and accrued income Grants repayable Other debtors Amount due from Guild Estate Amount due from College Estate				321,671 102,711 49,340 11,039	252,920 102,412 13,313	2,678 37,317 111,247	4,671 43,492 61,588 251,951
					484,761	368,645	151,242	361,702
					Group 2020	2019	Trust 2020	2019
					E	E	E	E
17	Creditors: amounts falling due within
	one year
	Deferred income Trade creditors Grants payable (note 23) Accru ala				1,298,235 95,311 539,190 746,043	1,341,064 139,974 578,310 372,957	69,410 47,753 539,190 73,126	2,023 51,369 571,619 65,947
	Other creditors Other taxation and social Pension	security			48,779 199,746 8,750	76,769 159,234 2,987	48,779 24,419 8,750	39,272 20,684 2,987
	Loan				81,818		81,818
	Amount owed to Guild Estate						137,544
	Amount owed to College	Estate
					3,017,872	2,671,295	1,030,789	753,901
	The loan is a Corcnavirus Business from June 2021.There is a fixed legal		Interruption charge in		loan (CIBL) for six years and repayable in monthly instalment place over the Play House ln respect ofthese borrowings.
					Group
					2020	2019
					8	8
	Included within accruals are the
	following fees payable to	the auditor for.
	Statutory audit
					40

to0vs years f24 463 and the value relating to ov	er frve years	f662	836.
Deferred income reconciliation		Group			Trust
	2020		2019	2020f		2019f
At 1 January 2020 Released during the year Deferred in the current year	1,341,064 (646,650) 603,821		1,366,600 (667,070) 641,534	2,023 (1,023) 68,410		2,958 (2,958) 2,023
At 31 December 2020	1,298,235		1,341,064	69,410		2,023
Creditors: amounts falling due after one year
		Group			Trust
	2020 f		2019 f	2020 f		2019 F
Loan	818,182			818,182

ummary of	Fund Moveme	nts
Fund Name 2020		Fund Balances 31 December 2019 f	Income	Expenditure	Gains and Losses	Fund Balances 31 December 2020f
Unrestricted	Funds	3,605,505	3,135,706	(3,133,350)	(325,455)	3,282,406
Permanent Funds	Endowment	57,007,911			(3,251,920)	53,755,991
Total Funds		60,613,416	3,135,706	(3,133,350)	(3,577,375)	57,038,397
Fund Name 2019		Fund Balances 31 December 2018 f	Income f	Expenditure	Gains and Losses f	Fund Balances 31 December 2019 f
Unrestricted	Funds	3,463,925	3,603,168	(3,491,226)	29,638	3,605,505
Restricted Permanent	Funds Endowment				1,211,659	57,007,911
Funds		55,796,252
Total Funds		59,260,177	3,603,168	(3,491,226)	1,241,297	60,613,416

19	Analysis ofgroup net assets	Unrestricted Funds	Unrestricted Funds	Endowment funds	Endowment funds	Total 2020	Total 2019
	between funds	2020	2019	2020	2019
		6	6	E	6
	Fixed assets Fixed asset	1,676,781 2,480,091	1,756,802 2,837,195	54,200,880	57,059,220	1,676,781 56,680,971	1,756,802 59,896,415
	investments
	Current assets Current liabilities	3,187,699 (2,572,983)	1,964,494 (2,619,986)	(444,889)	(51,309)	3,187,699 (3,017,872)	1,964,494 (2,671,295)
	Long term liabilities Defined benefit	(818,182) (671,000)	(333,000)			(818,182) (671,000)	(333,000)
	pension scheme
	liability
		3,282,406	3,605,505	53,755,991	57,007,911	57,038,397	60,613,416

20	Analysis ofgroup funds between charities 2020	Guild Endowment E	College Endowment K	Trust E	Total 6
	Capital funds Endowment funds	36,879,139	16,876,852		53,755,991
	Unrestricted funds
	General funds			2,525,631	2,525,631
	Designated Funds* Other charitable funds	102,854	30,868	1,294,053	1,294,053 133,722
	Pension reserve			(671,000)	(671,000)
		36,981,992	16,907,720	3,148,684	57,038,397
	Analysis ofgroup funds between charities 2019	Guild Endowment	College Endowment	Trust	Total
		E	E	6	E
	Capital funds Endowment funds	40,113,426	16,894,485		57,007,911
	Unrestricted funds
	General funds			2,385,763	2,385,763
	Designated Funds Other charitable funds	102,589	42,235	1,407,918	1,407,918 144,824
	Pension reserve			(333,000)	(333,000)
		40,216,015	16,936,720	3,460,681	60,613,416

2019:37)were hardship grants, to individuals, which a	moun	ted to E9,079	(2019:610,067).	(2019:610,067).
Total Discretionary Grants			Group &Trust 2020 2019
				6
To relieve need, hardship, distress, sickness, disability,	old	age and	479,880	565,025
infirmity among beneficiaries To provide orsupport the provision offacilibes for education for beneficiaries, induding the advancement oflearning and knowledge To provide orsupport facilities for recreation and other leisure-time			109,070 111,760	209,066 211,910
occupation To advance the Christian religion To support civic pride			1,500 1,400	520 18,600
To support citizenship and community Other charitable purposes			1,500 2,170	17,008 33,041
			707,280	1,055,170

Grant making (continued)
Discretionary Grants 620,000or		Group &Trust
greater Beneficiary		Purpose ofgrant			2020f
Spring Housing Association Citizens Advice South Warwickshire Play House The Shakespeare Hospice* VASA'		Strafford Housing Plus Centre Year 3 Frontline services for Strafford Running costs &support of community Year 3 Hospice at Home Year 3 Volunteer transport	town events		85,000 65,825 57,500 50,000 35,000
Domestic Abuse Counselling lleap Strafford upon Avon School Royal Shakespeare Company The Myton Hospices*	Service*	Year 3Strafford support Year 3Strafford support Schools grant Winter Wonderland Year 3town resident inpatient service			33,000 23,037 20,518 20,000 20,000
* These beneficiaries were in	receipt of	grants awarded to support multi-year programme		grants.

iliation of	grants payable
		Group	Group
		2020	2019
		6	6
Commitments	31 December 2019	578,310	670,613
Commitments	made in the period and payable	1,297,973	1,960,020
Grants paid	during the period	(1,337,093)	(2,052,323)
Commitments	31 December 2020	539,190	578,310

			2020	2019
			K'000	K'000
Market value ofassets			1,823	1,692
Liabilities			(2,494)	(2,025)
Deficit			(671)	(333)
Analysis ofamounts financial activities	charged to the statement	of	2020 E'000	2019 E'000
Current service cost			39	36
Operating charge			(39)	(36)
Analysis ofnet return	on pension assets
Expected return on pension scheme assets Interest on pension liabilities			34 (41)	43 (47)
Net return			(7)	(4)
Actuarial gains and losses
Asset gain Liability loss			131 (469)	156 (349)
Net loss			(338)	(193)
			2020	2019
Movement in deficit during the year			E'000	K'000
Deficit at beginning of Current service cost Employer contributions Net returns on assets Actuarial loss	year		(333) (39) 70 (7) (362)	(172) (36) 72 (4) (193)
Deficit at end ofyear			(671)	(333)

under lease	agreeme	nts to tenants (	lessees	). No contingent rent is re	cognised as
The future	minimum	lease payments	under	non-cancellable operating	leases are:
				Group 8Trust
				2020	2019
				f	f
No later than 1 year				72,004	74,792
Later than	1 year but not later than 5		years	286,076	269,848
Later than	5years			107,279	178,798