2020-12-31-accounts - The Shakespeare Birthplace Trust

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						Page
Trustees' report						4-22
Statement of	Trustees' responsibilities	in respect ofTrustees' report and financial			statements	23
Independent	auditor's report tothe Trustees		ofthe Shakespeare	Birthplace Trust		24-26
Consolidated	statement offinancial activities-2020					27
Consolidated	balance sheet					28
Consolidated	cash flow statement					29
Reconciliation	ofnet cash flow to movement		in net funds			29
Notes						30-61

llocations bet	ween our porffo	lio and the benchmark portfolio as	follows:
Asset Class		Our Portfolio	Benchmark	Portfolio
Fixed income		19.50%	25.09fi
UK Equity		48.26%	27.5%
International	Equity	11.699fi	25.09fi
Alternatives		16.759fi	12.5%
Mixed Investment		2.399fi
Real Estate
Cash		1.41%	5.0%
Total			10Nfi

n analysis ofour total ret hown in the table below:	urn performance forthe y	ear to 31December 2020 against ot	ear to 31December 2020 against ot	her ma
	Total Return %	Comparison to our Investment		Policy
Portfolio	(4.729fi)
Wage Inflation +5%	7.89fi	Objective	not met
MSCI PIMFA Income	1.94%	Objective	not met
FSTEAll Share	(9.829fi)	Objective	met
FTSEAll Govt	8.27%	Objective	not met
Portfolio Dividend yield	4.23%
Dividend yield target	5.0%	Objective	not met

Forthe year ended	$1	December 2020
				Unrestricted	Unrestricted	Restricted	Total	Total
				General	Designated	funds	2020	2019
			Note	funds	funds
				EOOD	f000	f000	f000
Income from
Donations				59		66	125
Charitable activities:
Admissions to historic	houses			897			897	5,982
Cultural engagement	&participation			163			16$	742
Grants receivable				5,627		66	5,69$	584
Other trading activities				433			43$	2,691
Investments				843			84$	1,010
Other income				8			8	32
s~tel income				8,030		132	8,162	11,120
Expenditure on
Raising funds				1,719			1,719	2,999
Charitable activities				5,521	393	400	6,$14	7,694
Other expenditure				25	7		$2
Total expenditure			8	7,265	400	400	8,065	10,693
Net gains/(losses) on investments			14	(291)			(291)	401
Net gain on investment	property		14	1,190	(534)		555
Net income/(expenditure)				1,664	(934)	(268)	462	828
Transfer between funds			20	(2,528)	2,542	(14)
Other recognised gains	and	losses
Actuarial (losses)/gains	on defined benefit		23		(298)	-	(298)	(155)
sion scheme
Gains/(losses) on revaluation		offixed assets			(62)		(62)
Net movement In funds				(864)	1,248	(282)	102	673
Reconciliation offunds
Total funds brought forward			20	6,161	18,173	2,229	26,56$	25,890
Total funds carried forward			20	5,297	19A21	1,947	26,665	26,563

As at$1December 2	020
					2020		2019Restated
					Group	Charity	Group	Charity
				Note	6000	6000	6000	E000
Fixed assets
Intangible assets				11	14	14	51	51
Tangible assets				12	1,659	1,659	2,023	2,023
Heritage assets				13	1,757	1,757	2,108	2,108
Investments				14	20,824	20,824	22,223	22,223
					24,254	24,254	26,405	26,405
Current assets
Stocks				15	429		368
Debtors				16	1,776	2,406	721	1,342
Cash at bank and in	hand				$,942	$,698	3,058	2,740
					6,147	6,104	4,147	4,0$2
UabRltles
Creditors: amounts	falling	due within one year		17	(650	607)	(982)	(921
Net current assets					5,497	5,497	3,165	3,161
Total assets less current RabRltles					29,751	29,751	29,570	29,566
Creditors: Amounts	falling	due after more than one year		18	(157)	(157)	(160)	(160)
Net assets excluding	pension		IlabRlty		29,594	29,594	29,410	29,406
Defined benefit pension scheme liability				23	(2,929)	(2,929)	(2,847)	(2,847)
Net assets Including	pension		liability		26,665	26,665	26,563	26,559
Funds
Restricted funds				20	1,947	1,947	2,229	2,229
Unrestricted funds: Designated funds				20	19'	19r421	21,020	21,020
Undesignated funds				20	5,297	5,297	3,314	3,310
Total funds					26,665	26,665	26,563	26,559

5Trading activities ofsubsidiary	5Trading activities ofsubsidiary	5Trading activities ofsubsidiary
The charity has a wholly owned trading subsidiary,			SBTTrading		Limited (registered		in	England	and	Wales,	number
03281799),which is incorporated in the UK. It prepares Its financial statements in accordance with the Companies Act 2006.SBTTrading Limited carries out the trading activities ofthe SBTby operating a number ofshops which sell
books and souvenirs related to Shakespeare,		his works		and Stratford-upon-Avon.			SBTTrading		Limited also		operates a
number ofcatering outlet at the various historic sites. It pays its taxable profits						to	the	Shakespeare		Birthplace Trust
by way ofGift Aid.
										2020	2019
										f000	f000
Turnover
Trading income										468	2,719
Grants receivable										418
Cost ofsales										886 (224)	2,719 (1,150)
Gross profit										662	1,569
Administrative expenses (including	recharges	from	the	charity)						(931)	(1,409)
Operating (loss)/profit Other interest receivable and similar income										(269)	160 6
(Loss)/profit forthe financial year										(269)	166
Distribution to Shakespeare Birthplace Trust											(166)
Retained In subsidiary forthe year										(269)

2020	2019
f000	f000
8	32
8	32

8Analysis ofTotal Expenditure
(a) Expenditure on raising funds				Depreciation	Management
			Staff	and	and Support		2020	2019
			Costs	impairment	Costs	Other	Total	Total
			f000	f000	f000	f000	fNO	f000
Unrestricted funds:- General
Expenditure on raising funds			839		205	675	1,719	2,999
Total expenditure on raising funds					205	675	1,719	2,999
(b) Expenditure on charitable	activities			Depreciation	Management
			Staff	and	and Support		2020	2019
			Costs	Impairment	Costs	Other	Total	Total
			f000	f000	f000	fON	f000	fNO
Restricted funds:
Expenditure on charitable activities			33	351		16	400	575
Unrestricted funds:- Designated
Expenditure on charitable activities			54	339			$93	77
Unrestricted funds:- General
Expenditure on charitable activities			3,812		1,128	581	5,521	7,042
Total expenditure on charitable		activities		690	1,128	597	6,314	7,694
(c) Other Expenditure				Depreciation	Management
			Staff	and	and Support		2020	2019
			Costs	Impairment	Costs	Other	Total	Total
			f000	EOOO	f000	f000	f000	f000
Unrestricted funds:- Designated
Loss on disposal oftangible fixed		assets				7	7
Unrestricted funds:- General
Loss on disposal offiscal investments						25	25
Total other expenditure						$2
Total Expenditure			4,7$8	690	1,$331,$04		8,085

				F	orthe year	ended 31De	cember 202
(a) Expenditure on raising funds		Depreciation		Management
	Staff Costs	and Impairment		and Support Costs	Other	2019 Total	2018 Total
	EOOO		EGOO	EOOO	EOOO	EOOO	ENO
Unrestricted funds:- General
Expenditure on raising funds	1,094			190	1,715	2,999	3,019
Total expenditure on raising funds	1,094			190	1,715	2,999	3,019
(b) Expenditure on charitable activities		Depreciation		Management
	Staff Costs f000	and impairment EOOO		and Support Costs 6000	Other EOOO	2019 Total f000	2018 Total EON
Restricted funds:
Expenditure on charitable activities	122		351		102	575	663
Unrestricted funds:- Designated
Expenditure on charitable activities	77					77	61
Unrestricted funds:- General
Expenditure on charitable activities	3,770		301	1,920	1,051	7,042	6,663
Total expenditure on charitable activities	3,969		652	1,920	1,153	7,694	7,387
Total expenditure	5,063		652	2,110	2,868	10,693	10,406

		2020	2019
		f000	E000
Depreciation Impairment offixed assets		633	652
Governance costs		54
Auditor's remuneration:		2
Audit ofthese financial statements
Audit offinancial statements ofsubsidiary Other services relating to taxatlon Operating lease charges:	pursuant to legislation	12 6 6	11 5 1
Other than land and buildings
			91

		Expenditure	Expenditure	2020
		on raising	on Charitable	Total
		funds	activities
		f000	f000	f000
General management &governance Finance &administration infrastructure Human resources Information technology Digital, marketing &public relations Facilities &estates management		2 139 31 24 3 6	16 398 147 115 145 307	18 537 178 139 148 513
Total		205	1,128	1.333
		Expenditure	Expenditure	2019
		on raising	on Charitable	Total
		funds	activities
		f000	f000	f000
General management &governance Finance &administration infrastructure Human resources Information technology Digital, marketing &public relations Facilities &estates management		6 113 32 16 11 12	74 540 151 78 478 599	80 653 183 94 489 611
Total		190	1,920	2,110
9Staff numbers and costs
The average number ofemployees	during the year was:
			Number ofemployees
			2020	2019
Historic houses Trading activities Cultural engagement &participation Management and support			107 49 50 51	103 66 48 67
			257
Number ofpart time employees	Included above		156	175
Full time equivalent ofpart time	employees		66	66

			2020	2019
			6000	6000
Wages and	salaries		5,567	4,398
Social security costs			265	307
Pension costs			251	281
Redundancy	and reorganisation	costs	601
FRS102s28	charge for past service costs		54	77
			4,758	5,063

2020	2019
Number	Number
2	2

Consolidated and charity
	Software	Websltes	Total
	8000	8000	6000
Cost or valuation
At 1January 2020	381	128	509
At 31December 2020	381	128	509
Depreciation
At 1January 2020	330	128	458
Charge forthe year	26		26
Impairment provision	11		11
At31December 2020	367	128	495
Net book value
AtSlDecember 2020	14		14
At 31December 2019	51		51

onsolidated and charity
	Freehold	Assets	Fixtures,	Attractions
	land and	under	fittings and	and	Motor
	buildings	construction	equipment	exhibitions	vehicles	Total
	6000	6000	6000	6000	6000	6000
Cost orvaluation
At 1January 2020	1,335	8	3,581	1,119	25	6,068
Additions			10			10
Disposals		(8)	(5)			(13)
Revaluation	(62)					(62)
At 31December 2020	1,27$		$,586	1,119	25	6,00$
Depreciation
At 1January 2020			3,127	893	25	4,045
Charge forthe year			179	77		256
Impairment provision			43			43
At 31December 2020			$,349	970	25	4,$44
Net book value
At 31December 2020	1,27$		2$7	149		1,659
At 31December 2019	1,335	8	454	226		2,023

		Freehold	Freehold	Listed	and
		Investment	Investment	other
		properties	properties	Investments		Total
		Designated	Undesignated	Undesignated
		EOOD	EOOD		EOOD
Movements ininvestments
As at 1January 2020		13,614	4,691		3,918	22,223
Additions					150	150
Transfers between	funds	515	(515)
Disposals proceeds			(1,711)		(178)	(1,889)
Realised gain/(loss)	on disposal		1,160		(25)	1,135
Change in market value		(534)	30		(291)	(795)
Asat 31December	2020	13,595	3,655		3,574	20,824

			2020		2019
			EOOD		EOOD
Investment	property-	"The Hill"	1,600	7.7	1,600	7.1
Investment Investment	property-43 Henley Street property -4 Shottery Lodge		1,427 1,065	6.9 5.2	1,466 1,065	6.5 4.8
Investment	property-	Upton's Orchard &Briar Furlong	1,010	4.9	1,010	4.6

Consolidated		Charity
2020	2019	2020	2019
EOOD	EOOD	EOOD	EOOD
429	368

									Consogdab.	Consogdab.	d	Charity	Charity
									2020	2019		2020	2019
									f000	f000		f000	f000
Receivable within one	year:
Trade debtors									27		261	12	230
Amounts due from subsidiary				undertakings									664
Other debtors									1,677		145	1,654	145
Prepayments									65		108	58	96
Accrued income									7		207	7	207
									1,776	721		1,731	1,342
Receivable outside one year:
Amounts due from subsidiary				undertakings								675
Total									1,776	721		2~6	1,342
s at 31December 2020,the			charity		entered	into a formal loan arrangement			with its	trading subsidiary. The
nsecured loan is repayable			over 10		instalments		with a3year capital repayment holiday.				The repayment		profile is
upported by the trading subsidiary's					post COVID-19 recovery business			plan,	performance		against	which is
monitored by the charity's		Finance Committee.					Interest is charged on	the capital balance			at 5%pa
7Creditors: amounts	falling			due within one		year
									Consogdated			Charity
									2020		2019	2020	2019
									f000		f000	f000	f000
Trade creditors									92		283	86	247
Taxes and social security									77		113	77	113
Other creditors									6		31	6	31
Accruals									209		232	172	207
Deferred income									266		323	266	323
									650		982	607	921

8Credito	rs: amounts falgng due after more th	an one year	an one year
		Consogdated		Charity
		2020	2019	2020	2019
		f000	f000	f000	f000
Deferred	income	157	160	157	160
		157	160	157	160

						2020	2019
						6000	6000
Financial	assets that are debt	instruments	measured	at amortised	cost	5,653	3,671
Financial	liabilities measured	at amortised	cost			730	1,029
Charltil
						2020	2019
						6000	6000
Financial	assets that are debt	instruments	measured	at arnortlsed	cost	5,371	3.322
Financial	liabilities measured	at amortised	cost			687	968

20Movement In Funds
				At 1Jan		Expendkure,
				2020	Income	gains and		At' $1
Consolidated and charity						losses	Transfers	Dec2020
				f000	f000	f000	f000	f000
Restricted income funds:
Countryside Stewardship	Scheme fund			6				6
Louis Marder Scholarship	fund			12				15
Education Appeal fund				12		(4)		9
AQA —Espresso Shakespeare		fund		4				4
Shakespeare Week fund				1				1
Young Interpreters Project fund				2				2
Collections fund				1				5
Online Collections fund				9				9
Rural Agency fund				5				5
Arts Council England —Museums			and Schools	19	47	(32)		$4
Levi FoxArchive fund				15	10			25
Erasmus Project —CUSHA	fund			9	5			14
SBA —Education fund				7				7
The Space —Digital Houses	fund			9				3
Disability Access Day fund				1		(1)
Creative Producers International			fund	1
RSCCatalogulng Project fund				10		(10)
Hall's Croft fund					51			51
Other short term projects	fund					(2)		2
				121	118	(49)		190
Restricted ca Ital funds:
New Place fund				2,10$		(351)		1I757
Stratford on Avon Dlstiict	Council		—Will's Kitchen				(14)
fund'
				2,10$	14	(351)	(14)	1,757
Total restricted funds				2,229	192	(400)	(14)	1,947

					Fo	rthe year ended 31	December 202
Unrestricted funds
Consolidated				Restated	Net Income/	Transfers	At $1Dec
				At1Jan 2020	(expenditure)		2020
rural ah dr	d:			6000	in the year fNO		gNO
Major property,	conservation,		development
and redevelopment		projects	fund	2,450			2,450
Pension reserve Functional fixed asset fund' Strategic Investment fixed asset fund'				(2,847) 2,074 1$,614	(352) (407) (535)	270 6 516	(2,929) 1,67$ 1$,595
Working capital Total designated	fund funds			2,882 18,17$	(1,294)	1,750 2,542	4,6$2 19F1
General fund '				6,161	1,664	(2,528)	5,297
Total unrestricted funds				24,$$4	$70		24,718
Total funds				26,56$			26,665

Prior year comparatlves:		At 1)an		Expenditure,
		2019	Income	gains and		At31
				losses	Transfers	Dec2019
Consolidated and charity
				f000	f000	f000
Restricted Income funds:
Countryside Stewardship Scheme fund Louis Marder Scholarship fund Education Appeal fund AQA- Espresso Shakespeare fund		5 13 13 4		(4) (1) (3)		6 12 12 4
Shakespeare Week fund		1				1
Young Interpreters Project fund Collections fund Online Collections fund Rural Agency fund		3 9 17 5		(1) (9) (8)		2 1 9 5
Arts Council England —Museums Levl FoxArchive fund Erasmus Project- CUSHA fund SBA —Education fund The Space- Digital Houses fund	and Schools	29 15 10 7 3	39	(49) (1)		19 15 9 7 3
Disability Access Day fund		1				1
Creative Producers International RSCCataloguing Project fund National Lottery Heritage Fund Other short term projects fund	fund	3 6	25 23 102 4	(27) (19) (102)		1 10
Restricted ca italfunds:			201	(224)		121
New Place fund Stratford on Avon District Council fund	—Will's Kitchen	2,459	201	(351)	- (201)	2,106
		2,495	201	(351)	(201)	2,106
Total restricted funds		2,603	402	(575)	(201)	2,229

a ~let dr d
Consolidated	As	As	Net Income/	Transfers	As
	originally stated At1Jan 2019	restated At1Jan 2019	(expenditure) Inthe year		restated At 31Dec 2019
~Desi Lnatgd funds:	f000			f000	f000
Major property, conservation,
development and redevelopment projects fund	5,000	5,000		(2,550)	2,450
Pension reserve Functional fixed asset fund»		(2,878)	31		(2,847)
Strategic Investment fixed asset fund' Working capital fund Total designated funds	5,000	2,122	31-	2,074 13,614 2,882 16,020	2,074 1$,614 2,882 18,17$
Undesl ted funds:
Revaluation reserve General fund Pension reserve Total undesignated furids Total unrestricted funds Total funds	14,897 6,268 (2,878) 18,287 2$,287 25,890	14,897 6,268 21,165 2$,287 25,890	815 673 815 846	(14,897) (922) (15,819) 201	6,161 26,563 6,161 24,$$4

Details ofinter fund transfers in the year are as follows:
				Unrestricted	Unrestricted	Restricted
				Undesignated	Designated
				f000	f000	f000
General fund to Functional fixed asset fund(1) General fund toStrategic investment fixed asset fund(2) General fund to Pensions reserve(3) General fund to Working capital fund (4) SDC Will's Kitchen fund to General fund(5)				(6) (516) (270) (1,750) 14	6 516 270 1,750	(14)
Total transfers between funds				(2,528)	2,542	(14)
(1)This represents the transl'er of net functional fixed asset functional fixed asset fund.		additions in the general fund			during the year to the
(2) This represents the transfer ofthe prior year building investment fixed asset fund to ensure consistency in the	works on 43 Henley Street from general fund to strategic fund treatment ofthe property and associated works.
(3) This represents the transfer ofpension deficit contributions			made from the general fund to the pension			reserve
(4) This represents the transfer from the general fund in	the	calculation		the year end working capital fund.
(5) This represents the transfer offunds from the restricted		fund to cover the expenditure			on Will's Kitchen
expended through the general fund directly.
Prior arcom aratlves
Details ofinter fund transfers in the year ended 31December 2019are as follows:
				Unrestricted	Unrestricted Restl'icted
				Undesignated	Designated
				f000	f000
Revaluation reserve to Strategic investment fixed asset fund(1) Revaluation reserve to Functional fixed asset fund(2) Conservation fund to Working capital fund(3) Working capital fund transfer from Conservation fund (3) General fund to Functional fixed asset fund(4) General fund to Working capital fund(5) SDCWill's Kitchen fund to General fund(6)				(13,614) (1,283) (791) (332) 201	13,614 1,283 (2,550) 2,550 791 332	201
Total transfers between funds				(15,819)	'16,020	201

21Analysis ofconsolidated net assets between	funds
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designated	funds
		funds
	f000	6000	f000	f000
Fund balances at 31December 2020are
represented by:
Tangible fixed assets		1,659		1,659
Intangible fixed assets		14		14
Heritage assets			1,757	1,757
Investments	4,779	16,045		20,824
Current assets	675	5,282	190	6,147
Current liabilities		(650)		(650)
Liabilities due after more than 1year	(157)			(157)
Pension liability		(2,929)		(2,929
Total net assets	5,297	29~1	1,947	26,665
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designated	funds
		funds
	f000	f000		f000
Fund balances at 31December 2019are
represented by:
Tangible fixed assets		2,023		20,023
Intangible fixed assets		51		51
Heritage assets			2,108	2,108
Investments	6,159	16,064		22 223
Current assets	162	3,864	121	4,147
Current liabilities		(982)		(982)
Liabilities due after more than 1year	(160)			(160)
Pension liability		(2,847)		(2,847)
Total net assets	6,161	18,173	2,229	26,563

21Analysis ofconsolidated net assets between	funds
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Deslgnab. d	funds
		funds
	f000	f000	f000	fNO
Fund balances at 31December 2020are
represented by:
Tangible fixed assets		1,659		1,659
Intangible fixed assets		14		14
Heritage assets			1,757	1,757
Investments	4,779	16,045		20,824
Current assets	675	5,282		6,147
Current liabilities Liabilities due after more than 1year	(157)	(650)		(650) (157)
Pension liability		(2,929)		(2,929
Total net assets	5,297	19,421	1,947	26,665
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designated	funds
		funds
	fON	f000	f000	fNO
Fund balances at 31December 2019are
represented by:
Tangible fixed assets		2,023		20,023
Intangible fixed assets		51		51
Heritage assets			2,108	2,108
Investments	6,159	16,064		22 223
Current assets	162	3,864	121	4,147
Current liabilities Liabilities due after more than 1year	(160)	(982)		(982) (160)
Pension liability		(2,847)		(2,847)
Total net assets	6,161	18,173	2,229	26,563

eases:
	2020	2019
	f000	f000
Land and buildings:
Within one year	18	33
Between two and five years	19	37
	37	70
Other:
Within one year		40
Between two and five years		14
	50	54
Total	87	124

he Trust has the following commitments in relation to income	receivable from freehold investment proper	ties:
	2020	2019
	f000	f000
Land and buildings:
Within one year	186	257
Between two and five years	442	414
More than five years	3,417	2,787
	4,045	3,458

	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designated	funds
		funds
	f000	fON	f000	fNO
Fund balances at 31December 2020are
represented by:
Tangible fixed assets Intangible fixed assets		1,659 14		1,659 14
Heritage assets Investments Current assets Current liabilities Liabilities due after more than 1year Pension liability	4,779 675 (157)	16,045 5,282 (650) (2,929)	1,757 190	1,757 20,824 6,147 (650) (157) (2,929
Total net assets	5,297	19W1	1,947	26,665
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designated	funds
		funds
	fON	f000	f000	f000
Fund balances at31December 2019are
represented by:
Tangible fixed assets Intangible fixed assets		2,023 51		20,023 51
Heritage assets Investments	6,159	16,064	2,108	2,108 22.223
Current assets Current liabilities Liabilities due after more than 1year Pension liability	162 (160)	3,864 (982) (2,847)	121	4,147 (982) (160) (2,847)
Total net assets	6,161	18,173	2,229	26,563

s at 31December 2020SBTwas committed to making the follo eases:	wing payments under non-cancellable oper	ating
	2020	2019
	6000	f000
Land and buildings:
Within one year	18	33
Between two and five years	19	37
	37	70
Other:
Within one year	44	40
Between two and five years	6	14
	50	54
Total	87	124

he Trust has the following commitments in relation to income	receivable from freehold investment proper	ties:
	2020	2019
	6000	6000
Land and buildings:
Within one year	186	257
Between two and five years	442	414
More than five years	3,417	2,787
	4,045	3,458

					2020	2019
					f000	f000
Present value offunded defined benefit obligations Fair value ofplan assets					(10,188) 7,260	(9,606) 6,759
Deficit In pension scheme —Pension			liability		(2,928)	(2,847)
Movements in present value of	defined benefit obligation
					2020	2019
					f000	f000
At 1January 2020 Interest cost					9,606 189	8,963 247
Actuarial losses/(gains)					711	687
Benefits paid					($18)	(291)
At 31December 2020					10,188	9,606
Movements infair value ofplan	assets
					2020	2019
					f000	f000
At 1January 2020					6,759	6,085
Expected return on plan assets					1$5	170
Actuarial gains/(losses)					41$	532
Contributions by em ployer					271	263
Benefits paid					($18)	(291)
At 31December 2020					7,260	6,759
(Expense)//ncome recognisedin	the	consolidated statement offinancial activities
					2020	2019
					f000	f000
Interest on defined benefit pension		plan obligation			(189)	(247)
Expected return on defined benefit		pension		plan assets	1$5	170
Total					(54)	(77)

21Analysis ofconsolidated net assets between	funds
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designab. d	funds
		funds
	f000	6000	f000	f000
Fund balances at31December 2020are
represented by:
Tangible fixed assets		1,659		1,659
Intangible fixed assets		14		14
Heritage assets			1,757	1,757
Investments	4,779	16,045		20,824
Current assets	675	5,282	190	6,147
Current liabilities		(650)		(650)
Liabilities due aRer more than 1year	(157)			(157)
Pension liability		(2,929)		(2,929
Total net assets	5,297	19,421	1,947	26,665
	Unrestricted	Unrestricted	Restricted	Total funds
	General funds	Designated	funds
		funds
	f000	f000	f000	f000
Fund balances at31December 2019are
represented by:
Tangible fixed assets		2,023		20,023
Intangible fixed assets		51		51
Heritage assets			2,108	2,108
Investments	6,159	16,064		22.223
Current assets	162	3,864	121	4,147
Current liabilities		(982)		(982)
Liabilities due after more than 1year	(160)			(160)
Pension liability		(2,847)		(2,847)
Total net assets	6,161	18,173	2,229	26,563

	2020	2019
	f000	6000
Land and buildings:
Within one year	18	33
Between two and five years	19	37
	37	70
Other:
Within one year		40
Between two and five years		14
	50	54
Total	87	124

	2020	2019
	EOOD	6000
Land and buildings:
Within one year	186	257
Between two and five years	442	414
More than five years	3,417	2,787
	4,045	3,458

					2020	2019
					f000	f000
Present value offunded defined benefit obfigations Fair value ofplan assets					(10,188) 7,260	(9,606) 6,759
Deficit in pension scheme —Pension			liability		(2,928)	(2,847)
Movementsin present value of	defined benefit obligation
					2020	2019
					f000	f000
At 1January 2020					9,606	8,963
Interest cost					189	247
Actuarial losses/(gains)					711	687
Benefits paid					($18)	(291)
At 31December 2020					10,188	9,606
Movementsin fair value ofplan	assets
					2020	2019
					f000	f000
At 1January 2020					6,759	6,085
Expected return on plan assets					1$5	170
Actuarial gains/(losses)					41$	532
Contributions by employer					271	263
Benefits paid					($18)	(291)
At 31December 2020					7,260	6,759
(Expensej/Income recognisedin	the	consolidated statement offinancial activities
					2020	2019
					f000	f000
Interest on defined benefit pension		plan obligation			(189)	(247)
Expected return on defined benefit		pension		plan assets	1$5	170
Total					(54)	(77)

The fair value ofthe plan assets and the return on those assets we	re as follows:
	2020	2019
	8000	E000
Equities Emerging market equities Diversified growth assets Property Absolute return Cash Liability driven investments	1,092 421 2,726 715 774 87 1,445	1,067 367 2,733 710 707 77 1,098
	7,260	6,759
Actual (deficit)/return on plan assets	(298)	(155)

Principal actuaria	l assumption	s (expressed a	s weighted averages)	at the yea	r-end were as	follows:
						2020	2019
Discount rate
Expected return	on plan assets:						2.0
Rate ofincrease in pensions Rate ofincrease in deferred Inflation assumption		payments pensions				3.0 2.0 2.0	2.9 2.1 2.1
Mortality tables	—imply life	expectancy:
Male retiring in Female retiring	2020 in 2020					25.9 27.8	26.2 28.2
Male retiring in Female retiring History ofplans	2040 in 2040					27.1 29.1	27.3 29.5
The history ofplans for the current and prior			periods isas follows:
Balance sheet			2020	2019	2018	2017	2016
			6000	8000	8000	6000	8000
Present value ofscheme liabilities Fair value ofscheme assets			(10,188) 7,260	(9,606) 6,759	(8,963) 6,085	(9,152) 6,491	(9,389) 6,068
Deficit			(2,9281	(2,847)	(2,878)	(2,661)	(3,321)