## 

|||||||Page|
|---|---|---|---|---|---|---|
|Trustees' report||||||4-22|
|Statement of|Trustees'<br>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|





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|llocations bet|ween our porffo|lio and the benchmark<br>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<br>hown<br>in the table below:|urn performance<br>forthe y|ear to 31December 2020 against ot|ear to 31December 2020 against ot|her ma|
|---|---|---|---|---|
||Total Return %|Comparison<br>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<br>yield|4.23%||||
|Dividend yield target|5.0%|Objective|not met||



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





## 

|As at$1December 2|020||||||||
|---|---|---|---|---|---|---|---|---|
||||||2020||2019Restated||
||||||Group|Charity|Group|Charity|
|||||Note|6000|6000|6000|E000|
|Fixed assets|||||||||
|Intangible<br>assets||||11|14|14|51|51|
|Tangible assets||||12|1,659|1,659|2,023|2,023|
|Heritage assets||||13|1,757|1,757|2,108|2,108|
|Investments||||14|20,824|20,824|22,223|22,223|
||||||24,254|24,254|26,405|26,405|
|Current assets|||||||||
|Stocks||||15|429||368||
|Debtors||||16|1,776|2,406|721|1,342|
|Cash at bank and in|hand||||$,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<br>funds:<br>Designated<br>funds||||20|19'|19r421|21,020|21,020|
|Undesignated<br>funds||||20|5,297|5,297|3,314|3,310|
|Total funds|||||26,665|26,665|26,563|26,559|








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|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<br>in the UK. It prepares<br>Its financial statements<br>in accordance with the Companies<br>Act 2006.SBTTrading<br>Limited carries out the trading activities ofthe SBTby operating<br>a number ofshops which sell||||||||||||
|books and souvenirs<br>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<br>(224)|2,719<br>(1,150)|
|Gross profit||||||||||662|1,569|
|Administrative<br>expenses (including|recharges|from|the|charity)||||||(931)|(1,409)|
|Operating<br>(loss)/profit<br>Other interest receivable<br>and similar income||||||||||(269)|160<br>6|
|(Loss)/profit forthe financial year||||||||||(269)|166|
|Distribution<br>to Shakespeare<br>Birthplace Trust|||||||||||(166)|
|Retained<br>In subsidiary forthe year||||||||||(269)||






|2020|2019|
|---|---|
|f000|f000|
|8|32|
|8|32|



|8Analysis ofTotal Expenditure|||||||||
|---|---|---|---|---|---|---|---|---|
|(a) Expenditure<br>on raising funds||||Depreciation|Management||||
||||Staff|and|and Support||2020|2019|
||||Costs|impairment|Costs|Other|Total|Total|
||||f000|f000|f000|f000|fNO|f000|
|Unrestricted<br>funds:- General|||||||||
|Expenditure<br>on raising funds|||839||205|675|1,719|2,999|
|Total expenditure<br>on raising funds|||||205|675|1,719|2,999|
|(b) Expenditure<br>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<br>on charitable<br>activities|||33|351||16|400|575|
|Unrestricted<br>funds:- Designated|||||||||
|Expenditure<br>on charitable<br>activities|||54|339|||$93|77|
|Unrestricted<br>funds:- General|||||||||
|Expenditure<br>on charitable<br>activities|||3,812||1,128|581|5,521|7,042|
|Total expenditure<br>on charitable||activities||690|1,128|597|6,314|7,694|
|(c) Other<br>Expenditure||||Depreciation|Management||||
||||Staff|and|and Support||2020|2019|
||||Costs|Impairment|Costs|Other|Total|Total|
||||f000|EOOO|f000|f000|f000|f000|
|Unrestricted<br>funds:- Designated|||||||||
|Loss on disposal oftangible fixed||assets||||7|7||
|Unrestricted<br>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<br>on raising funds||Depreciation||Management||||
||Staff<br>Costs|and<br>Impairment||and Support<br>Costs|Other|2019<br>Total|2018<br>Total|
||EOOO||EGOO|EOOO|EOOO|EOOO|ENO|
|Unrestricted<br>funds:- General||||||||
|Expenditure<br>on raising funds|1,094|||190|1,715|2,999|3,019|
|Total expenditure<br>on raising funds|1,094|||190|1,715|2,999|3,019|
|(b) Expenditure<br>on charitable<br>activities||Depreciation||Management||||
||Staff<br>Costs<br>f000|and<br>impairment<br>EOOO||and Support<br>Costs<br>6000|Other<br>EOOO|2019<br>Total<br>f000|2018<br>Total<br>EON|
|Restricted funds:||||||||
|Expenditure<br>on charitable<br>activities|122||351||102|575|663|
|Unrestricted<br>funds:- Designated||||||||
|Expenditure<br>on charitable<br>activities|77|||||77|61|
|Unrestricted<br>funds:- General||||||||
|Expenditure<br>on charitable<br>activities|3,770||301|1,920|1,051|7,042|6,663|
|Total expenditure<br>on charitable<br>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<br>Impairment<br>offixed assets|||633|652|
|Governance<br>costs|||54||
|Auditor's<br>remuneration:|||2||
|Audit ofthese financial statements|||||
|Audit offinancial statements<br>ofsubsidiary<br>Other services relating to taxatlon<br>Operating<br>lease charges:||pursuant to legislation|12<br>6<br>6|11<br>5<br>1|
|Other than land and buildings|||||
|||||91|





## 

|||Expenditure|Expenditure|2020|
|---|---|---|---|---|
|||on raising|on Charitable|Total|
|||funds|activities||
|||f000|f000|f000|
|General management<br>&governance<br>Finance &administration<br>infrastructure<br>Human<br>resources<br>Information<br>technology<br>Digital, marketing<br>&public relations<br>Facilities &estates management||2<br>139<br>31<br>24<br>3<br>6|16<br>398<br>147<br>115<br>145<br>307|18<br>537<br>178<br>139<br>148<br>513|
|Total||205|1,128|1.333|
|||Expenditure|Expenditure|2019|
|||on raising|on Charitable|Total|
|||funds|activities||
|||f000|f000|f000|
|General management<br>&governance<br>Finance &administration<br>infrastructure<br>Human resources<br>Information<br>technology<br>Digital, marketing<br>&public relations<br>Facilities &estates management||6<br>113<br>32<br>16<br>11<br>12|74<br>540<br>151<br>78<br>478<br>599|80<br>653<br>183<br>94<br>489<br>611|
|Total||190|1,920|2,110|
|9Staff numbers<br>and costs|||||
|The average number ofemployees|during the year was:||||
||||Number ofemployees||
||||2020|2019|
|Historic houses<br>Trading activities<br>Cultural engagement<br>&participation<br>Management<br>and support|||107<br>49<br>50<br>51|103<br>66<br>48<br>67|
||||257||
|Number ofpart time employees|Included above||156|175|
|Full time equivalent<br>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<br>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<br>provision|11||11|
|At31December 2020|367|128|495|
|Net book value||||
|AtSlDecember 2020|14||14|
|At 31December 2019|51||51|





## 

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## 

|onsolidated<br>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$|
|Depreciation|||||||
|At 1January 2020|||3,127|893|25|4,045|
|Charge forthe year|||179|77||256|
|Impairment<br>provision|||43|||43|
|At 31December 2020|||$,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|





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## 




|||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<br>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<br>Investment|property-43<br>Henley Street<br>property -4 Shottery Lodge||1,427<br>1,065|6.9<br>5.2|1,466<br>1,065|6.5<br>4.8|
|Investment|property-|Upton's Orchard &Briar Furlong|1,010|4.9|1,010|4.6|



## 

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## 

|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<br>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<br>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<br>loan is repayable|||over 10||instalments||with a3year capital repayment<br>holiday.||||The repayment||profile is|
|upported<br>by the trading subsidiary's|||||post COVID-19 recovery business|||plan,|performance||against|which is||
|monitored<br>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<br>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<br>In Funds|||||||||
|---|---|---|---|---|---|---|---|---|
|||||At 1Jan||Expendkure,|||
|||||2020|Income|gains and||At' $1|
|Consolidated<br>and charity||||||losses|Transfers|Dec2020|
|||||f000|f000|f000|f000|f000|
|Restricted income funds:|||||||||
|Countryside<br>Stewardship|Scheme fund|||6||||6|
|Louis Marder Scholarship|fund|||12||||15|
|Education Appeal fund||||12||(4)||9|
|AQA —Espresso Shakespeare||fund||4||||4|
|Shakespeare<br>Week fund||||1||||1|
|Young Interpreters<br>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)||$4|
|Levi FoxArchive fund||||15|10|||25|
|Erasmus Project —CUSHA|fund|||9|5|||14|
|SBA —Education fund||||7||||7|
|The Space —Digital Houses|fund|||9||||3|
|Disability Access Day fund||||1||(1)|||
|Creative Producers<br>International|||fund|1|||||
|RSCCatalogulng<br>Project fund||||10||(10)|||
|Hall's Croft fund|||||51|||51|
|Other short term projects|fund|||||(2)||2|
|||||121|118|(49)||190|
|Restricted ca Ital funds:|||||||||
|New Place fund||||2,10$||(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<br>funds||||||||
|Consolidated||||Restated|Net Income/|Transfers|At $1Dec|
|||||At1Jan 2020|(expenditure)||2020|
|rural<br>ah dr|d:|||6000|in the year<br>fNO||gNO|
|Major property,|conservation,||development|||||
|and redevelopment||projects|fund|2,450|||2,450|
|Pension reserve<br>Functional fixed asset fund'<br>Strategic Investment<br>fixed asset fund'||||(2,847)<br>2,074<br>1$,614|(352)<br>(407)<br>(535)|270<br>6<br>516|(2,929)<br>1,67$ 1$,595|
|Working capital <br>Total designated|fund<br>funds|||2,882<br>18,17$|(1,294)|1,750<br>2,542|4,6$2<br>19F1|
|General fund '||||6,161|1,664|(2,528)|5,297|
|Total unrestricted<br>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<br>and charity|||||||
|||||f000|f000|f000|
|Restricted Income funds:|||||||
|Countryside<br>Stewardship<br>Scheme fund<br>Louis Marder Scholarship<br>fund<br>Education Appeal fund<br>AQA- Espresso Shakespeare<br>fund||5<br>13<br>13<br>4||(4)<br>(1)<br>(3)||6<br>12<br>12<br>4|
|Shakespeare<br>Week fund||1||||1|
|Young Interpreters<br>Project fund<br>Collections fund<br>Online Collections fund<br>Rural Agency fund||3<br>9<br>17<br>5||(1)<br>(9)<br>(8)||2<br>1<br>9<br>5|
|Arts Council England —Museums<br>Levl FoxArchive fund<br>Erasmus Project- CUSHA fund<br>SBA —Education fund<br>The Space- Digital Houses fund|and Schools|29<br>15<br>10<br>7<br>3|39|(49)<br>(1)||19<br>15<br>9<br>7<br>3|
|Disability Access Day fund||1||||1|
|Creative Producers<br>International<br>RSCCataloguing<br>Project fund<br>National<br>Lottery Heritage<br>Fund<br>Other short term projects fund|fund|3<br>6|25<br>23<br>102<br>4|(27)<br>(19)<br>(102)||1<br>10|
|Restricted ca italfunds:|||201|(224)||121|
|New Place fund<br>Stratford on Avon District Council <br>fund|—Will's Kitchen|2,459|201|(351)|-<br>(201)|2,106|
|||2,495|201|(351)|(201)|2,106|
|Total restricted funds||2,603|402|(575)|(201)|2,229|





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





## 

## 

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



## 

## 



## 

|21Analysis ofconsolidated<br>net assets between|funds||||
|---|---|---|---|---|
||Unrestricted|Unrestricted|Restricted|Total funds|
||General funds|Designated|funds||
|||funds|||
||f000|6000|f000|f000|
|Fund balances at 31December 2020are|||||
|represented<br>by:|||||
|Tangible fixed assets||1,659||1,659|
|Intangible<br>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<br>liabilities||(650)||(650)|
|Liabilities due after more than 1year|(157)|||(157)|
|Pension<br>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<br>by:|||||
|Tangible fixed assets||2,023||20,023|
|Intangible<br>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<br>liabilities||(982)||(982)|
|Liabilities due after more than 1year|(160)|||(160)|
|Pension<br>liability||(2,847)||(2,847)|
|Total net assets|6,161|18,173|2,229|26,563|





## 

|21Analysis ofconsolidated<br>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<br>by:|||||
|Tangible fixed assets||1,659||1,659|
|Intangible<br>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<br>liabilities<br>Liabilities due after more than 1year|(157)|(650)||(650)<br>(157)|
|Pension<br>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<br>by:|||||
|Tangible fixed assets||2,023||20,023|
|Intangible<br>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<br>liabilities<br>Liabilities due after more than 1year|(160)|(982)||(982)<br>(160)|
|Pension<br>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<br>in relation to income|receivable from freehold investment<br>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<br>by:|||||
|Tangible fixed assets<br>Intangible<br>fixed assets||1,659<br>14||1,659<br>14|
|Heritage assets<br>Investments<br>Current assets<br>Current<br>liabilities<br>Liabilities due after more than 1year<br>Pension<br>liability|4,779<br>675<br>(157)|16,045<br>5,282<br>(650)<br>(2,929)|1,757<br>190|1,757<br>20,824<br>6,147<br>(650)<br>(157)<br>(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<br>by:|||||
|Tangible fixed assets<br>Intangible<br>fixed assets||2,023<br>51||20,023<br>51|
|Heritage assets<br>Investments|6,159|16,064|2,108|2,108<br>22.223|
|Current assets<br>Current<br>liabilities<br>Liabilities due after more than 1year<br>Pension<br>liability|162<br>(160)|3,864<br>(982)<br>(2,847)|121|4,147<br>(982)<br>(160)<br>(2,847)|
|Total net assets|6,161|18,173|2,229|26,563|





## 

|s at 31December 2020SBTwas committed to making the follo<br>eases:|wing<br>payments<br>under non-cancellable<br>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<br>in relation to income|receivable from freehold<br>investment<br>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<br>Fair value ofplan assets|||||(10,188)<br>7,260|(9,606)<br>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<br>Interest cost|||||9,606<br>189|8,963<br>247|
|Actuarial<br>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<br>by em ployer|||||271|263|
|Benefits paid|||||($18)|(291)|
|At 31December 2020|||||7,260|6,759|
|(Expense)//ncome<br>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<br>net assets between|funds||||
|---|---|---|---|---|
||Unrestricted|Unrestricted|Restricted|Total funds|
||General funds|Designab. d|funds||
|||funds|||
||f000|6000|f000|f000|
|Fund balances at31December 2020are|||||
|represented<br>by:|||||
|Tangible fixed assets||1,659||1,659|
|Intangible<br>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<br>liabilities||(650)||(650)|
|Liabilities due aRer more than 1year|(157)|||(157)|
|Pension<br>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<br>by:|||||
|Tangible fixed assets||2,023||20,023|
|Intangible<br>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<br>liabilities||(982)||(982)|
|Liabilities due after more than 1year|(160)|||(160)|
|Pension<br>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<br>Fair value ofplan assets|||||(10,188)<br>7,260|(9,606)<br>6,759|
|Deficit in pension scheme —Pension|||liability||(2,928)|(2,847)|
|Movementsin<br>present value of|defined benefit obligation||||||
||||||2020|2019|
||||||f000|f000|
|At 1January 2020|||||9,606|8,963|
|Interest cost|||||189|247|
|Actuarial<br>losses/(gains)|||||711|687|
|Benefits paid|||||($18)|(291)|
|At 31December 2020|||||10,188|9,606|
|Movementsin<br>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<br>by employer|||||271|263|
|Benefits paid|||||($18)|(291)|
|At 31December 2020|||||7,260|6,759|
|(Expensej/Income<br>recognisedin|the|consolidated statement offinancial activities|||||
||||||2020|2019|
||||||f000|f000|
|Interest on defined benefit pension||plan obligation|||(189)|(247)|
|Expected return<br>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<br>Emerging<br>market equities<br>Diversified<br>growth assets<br>Property<br>Absolute<br>return<br>Cash<br>Liability driven<br>investments|1,092<br>421<br>2,726<br>715<br>774<br>87<br>1,445|1,067<br>367<br>2,733<br>710<br>707<br>77<br>1,098|
||7,260|6,759|
|Actual (deficit)/return<br>on plan assets|(298)|(155)|



## 

|Principal actuaria|l assumption|s<br>(expressed a|s weighted<br>averages)|at the yea|r-end were as|follows:||
|---|---|---|---|---|---|---|---|
|||||||2020|2019|
|Discount rate||||||||
|Expected return|on plan assets:||||||2.0|
|Rate ofincrease<br>in pensions<br>Rate ofincrease<br>in deferred<br>Inflation assumption||payments<br>pensions||||3.0<br>2.0<br>2.0|2.9<br>2.1<br>2.1|
|Mortality tables|—imply life|expectancy:||||||
|Male retiring<br>in <br>Female retiring|2020<br>in 2020|||||25.9<br>27.8|26.2<br>28.2|
|Male retiring<br>in <br>Female retiring<br>History ofplans|2040<br>in 2040|||||27.1<br>29.1|27.3<br>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<br>Fair value ofscheme assets|||(10,188)<br>7,260|(9,606)<br>6,759|(8,963)<br>6,085|(9,152)<br>6,491|(9,389)<br>6,068|
|Deficit|||(2,9281|(2,847)|(2,878)|(2,661)|(3,321)|