2021-12-31-accounts - The Shakespeare Birthplace Trust

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ontents
						Page
Trustees' report						4-29
Statement of	Trustees'	responsibilities	in respect ofTrustees' report and financial statements			30
Independent	auditor's	report to the Trustees		ofthe Shakespeare	Birthplace Trust	31-34
Consolidated	statement	offinancial activities		—2020		35
Consolidated	balance sheet					36
Consolidated	cash flow	statement				37
Reconciliation	ofnet cash flow to movement			in net funds		38
Notes						39-72

Trustees
Chairman						Peter Kyle OBE
Vice Chairman						John Russell
						Nick Abell —Chair ofHeritage Assets &Property Committee
						Ralph Bernard CBE —Chair		ofNominations			&Remuneration		Committee
						Penelope, Viscountess	Cobham		CBE
						Rebecca Dobbs
						Kathy Gee MBE
						Mike Huggins —Chair	ofFinance		and Audit		& Risk Committees
						AJ Leon
						Professor Lena Cowen	Orlin
						Professor Carol Chillington		Rutter (resigned			25 March 2021)
						Professor Michael Dobson		(appointed		1July 2021)
						Ayub Khan MBE(appointed 1July 2021)
Honorary		President				Professor Sir Stanley Wells		CBE
Secretary		toTrustees				Julia Howells
Key Management			Personnel
Chief Executive								Tim Cooke
Director	ofStrategic Projects							Tim Aucott
Acting Director of			Cultural Engagement					Paul Taylor
Director	ofVisitor		Experience &		Business Development			Rachael Boyd
Director	of Finance			&Resources				Melanic Crooks
Principal	Advisors
Architects				Osbornes			Auditors				Crowe	LJK LLP
				The Balconies							Rounds	Green	Road
				Hanley Swan							Oldbury
				Worcestershire,		WRB ODN					West Midlands		B692DG
Investment				Charles Stanley		&Co Ltd	Solicitors				Robert	Lunn and Lowth
Manager				55Calthorpe	Road						2Sheep Street
				Birmingham,	B151TH						Stratford-upon-Avon			CV37 6EJ
Bankers				HSBC Bank pic			Property		Agent		Sheldon	Bosley	Knight
				13Chapel Street							58 Ely Street
				Stratford-upon-Avon CV37 6EP							Stratford-upon-Avon			CV37 6LN

The risks which	are currently	are currently	assessed	as scoring	highest	and the outline	mitigating		strategies to
address them are shown		in the	table below:
Risk					Mitigation Strategy
The continuing	impact of Covid-19 pandemic				~	Updated Cash	flow (and		outturn)
results in a significant		financial	loss for	the SBT		forecasts based	on latest information to
that it is unable	to sustain					identify pinch points
					~	Use of grant and	loan funding		from Arts
						Council England,	use of	Government
						business support	schemes and pursuit of
						other funding opportunities
					~	Re-evaluation of operating			model and
						prioritisation ofresources
					~	Re-evaluation of	investment	assets held
					~	Re-evaluation	of		operational
						accommodation	needs and	strategy

					f'000
Net movement in Funds as reported			in Statement	of	2,159Surplus
Financial Activities
Remove impact of:
Unrealised	investment	asset valuation	movements		(304)
Unrealised	actuarial gain on pension		liability		(654)
Fixed asset	impairment	provision			46
Disposal of	investment	properties			(4,142)
Underlying	operating	position			(2,895) Loss

Asset Class			Our Portfolio	Our Portfolio	Benchmark
Fixed income			15.4296		25.096
UK Equity			45.2196		22.596
International	Equity		174396		3096
Alternatives			19.20'Yo		1596
Mixed Investment			2.1796
Real Estate					2.59o
Cash			0.579o		5.09o
Total			10096		10096
Source: Charles	Stanley	Investment	Report	Er MSCI PIMFA Private	Investor Income Index December
2021

			Total Return	Com arison to our Investment	Com arison to our Investment
Portfolio			12.539o
Wage Inflation		+53k	9.3%	Objective	met
MSCI PIMFA Income			10.42%	Objective	met
FSTE All	Share		18.44'Yo	Objective	not met
FTSE All	Govt		(5.16')	Objective	met
Portfolio	Dividend yield		4.069o
Dividend	ield	target	5.0%	Objective	not met

Forthe year ende		d 3	1December 2021
					Unrestricted	Unrestricted	Restricted	Total	Total
					General	Designated	funds	2021	2020
				Note	funds	funds
					EOOD	EOOD	EOOO	EOOD	EOOO
Income from
Donations					71		14	85	125
Charitable activities:
Admissions to historic		houses			1,109			1,109	897
Cultural engagement		gr participation			149			149	163
Grants receivable					444		65	509	5,693
Other trading activities					476			476	433
Investments					841			841	843
Other income					12			12	8
Total income					3,102		79	3,181	8,162
Expenditure on
Raising funds					1,359			1,359	1,719
Charitable activities					3,849	367	453	4,669	6,314
Other expenditure					48			48	32
Total expenditure				8	5,256	367	453	6,076	8,065
Net gains/ (losses) on investments				14	304			304	(291)
Net gain on investment		property		14	4,142			4,142	656
Net income/(expenditure)					2,292	(367)	(374)	1,551	462
Transfer between funds				19	(2,468)	2,516	(48)
Other recognised gains		and	losses
Actuarial gains/(losses	on defined benefit			22		654		654	(298)
pension scheme
Gains/(losses) on revaluation			offixed assets	14		(46)		(46)	(62)
Net movement in funds					(176)	2,757	(422)	2,159	102
Reconciliation offunds
Total funds brought forward				19	5,297	19,421	1,947	26,665	26,563
Total funds carried forward				19	5,121	22,178	1,525	28,824	26,665

s at31Decemb	er 2	021
					2021		2020
					Group	Charity	Group	Charity
				Note	E000	6000	f000	F000
Fixed assets
Intangible assets				11	2	2	14	14
Tangible assets				12	1,552	1,552	1,659	1,659
Heritage assets				13	1,406	1,406	1,757	1,757
Investments				14	19,659	19,959	20,824	20,824
					22,619	22,919	24,254	24,254
Current assets
Stocks				15	314		429
Debtors				16	3,043	3,277	1,776	2,406
Cash at bank and in		hand			8,668	8,413	3,942	3,698
					12,025	11,690	6,147	6,104
Liabilities
Creditors: amounts		falling due within one		17	(593)	(558)	(650)	(607)
year
Net current assets					11,432	11,132	5,497	5,497
Total assets less current liabilities					34,051	34,051	29,751	29,751
Creditors: Amounts		falling due after more		18	(3,201)	(3,201)	(157)	(157)
than one year
Net assets excluding		pension	liability		30,850	30,850	29,594	29,594
Defined benefit	pension scheme liability			22	(2,026)	(2,026)	(2,929)	(2,929)
Net assets including		pension	liability		28,824	28,824	26,665	26,665
Funds
Restricted funds				19	1,525	1,525	1,947	1,947
Unrestricted funds:
Designated funds				19	22,178	22,178	19,421	19,421
Undesignated	funds			19	5,121	5,121	5,297	5,297
Total funds					28,824	28,824	26,665	26,665

Consolidated Statement ofCash Flows	Consolidated Statement ofCash Flows
Forthe year ended 31December 2021
				2021		2020
			Note	6000	6000	f000	6000
Net income/(expenditure) for the operating
period
(as per the Statement of Financial Activities)					1,551		966
Adjustments for:
Depreciation charge					581		633
Impairment offixed assets					15		54
Change in fair value ofinvestments					(304)		291
Income from investments					(841)		(843)
Interest payable					48
Gain on disposal of investment property					(4,142)		(1,160)
Loss on disposal offixed assets							7
Decrease/(Increase)in stocks					115		(61)
(Gain)/Loss on disposal offiscal investments					(4)		25
Decrease/(Increase) in debtors					1,541		(1,045)
(Decrease)/Increase in creditors					(61)		(335)
Other pension movements			22		(249)		(214)
Net cash (used in) operating activities					(1,750)		(1,682)
Dividends, interest and rents from investments				846		833
Purchase of property, plant and equipment				(36)		(11)
Proceeds from sale of investments				2,819		1,893
Purchase of investments				(152)		(150)
Net cash provided by/(used in) investing		activities			3,477		2,565
Cash flows from financing activities
Loan advanced by DCMS				3,000
Interest paid on loan
					3,000
Change in cash and cash equivalents	in the				4,727		883
reporting period
Cash and cash equivalents at the beginning		ofthe			3,941		3,058
reporting period
Cash and cash equivalents at the end	ofthe				8,668		3,941
reporting period

			2021	2020
			6000	8000
Increase/(decrease)		in cash in the year	4,727	883
Opening	net funds		3,941	3,058
Closing	net funds		8,668	3,941

						2021	2020
						f000	f000
Income						2,645	8,468
Gift Aid from	subsidiary
Loan interest	and management			charges from subsidiary		71
						2,724	8,468
Expenditure	on raising	funds				(783)	(599)
Expenditure	on charitable		activities			(4,793)	(6,576)
Other expenditure						(48)	(32)
Net (losses)/	gains on	investment			assets	304	(291)
Gain on disposal of investment				assets		4,142	656
Actuarial gains/(losses)						654	(298)
Losses on revaluation		of	fixed	assets		(46)	(62)
Net incoming/(outgoing)			resources			2,154	1,266

Voluntary income
	Unrestricted		Restricted		Total
	2021	2020	2021	2020	2021	2020
	f000	f000	f000	f000	f000	f000
Donations	20	57	14	66	34	123
Legacies	51	2			51	2
	71	59	14	66	85	125

Grants recei	vable
			Unrestricted		Restricted
			2021	2020	2021	2020
			f000	f000	f000	EOOD
Arts Council	England —National Portfolio Organisation		220	224
Arts Council	England —Museums	and Schools			47	47
Arts Council	England —Emergency	Grant Scheme		900
Arts Council	England —Cultural Recovery Fund			3,000
Rural Payments Agency
Archives West Midlands —No Barriers Project
Coventry Library -One Million Reads
HMRC Brexit	Advice Scheme
Stratford on	Avon District Council			10		14
European Union- Erasmus Cusha						5
Coronavirus	Job Retention Scheme		224	1,493
			444	5,627	65	66

id.
						2021	2020
						f000	EOOD
Turnover
Trading income						476	468
Grants receivable						47	418
						523	886
Cost ofsales						(216)	(224)
Gross profit						307	662
Administrative		expenses		(including	recharges from the charity)	(432)	(931)
Operating (loss)/profit						(125)	(269)
Other interest		receivable		and similar income
(Loss)/profit	forthe financial year					(125)	(269)
Distribution	to	Shakespeare Birthplace Trust
Retained in	subsidiary		forthe year			(125)	(269)

Investment in	com	e
							2021	2020
							EOOD	f000
Dividends and interest							153	160
Rental income							688	683
							841	843
Other income
							2021	2020
Unrestricted funds:- General							EOOD	f000
Sundry income							8	8
Gain on disposal offiscal investments							4
							12	8
Analysis ofTotal Expenditure
(a) Expenditure	on	raising		Depreciation	Management
funds			Staff	and	and Support		2021	2020
			Costs	impairment	Costs	Other	Total	Tota I
			f000	EOOD	EOOD	EOOD	EOOD	f000
Unrestricted funds:- General
Expenditure on	raising funds		299		164	896	1,359	1,719
Total expenditure		on raising	299		164	896	1,359	1,719
funds
(b) Expenditure	on			Depreciation	Management
charitable activities			Staff	and	and Support		2021	2020
			Costs	impairment	Costs	Other	Total	Total
			EOOD	EOOD	EOOD	EOOO	EOOO	f000
Restricted funds:
Expenditure on	charitable		71	351		31	453	400
activities

Unrestricted	funds:-
Designated
Expenditure	on charitable	39	245		83	367	393
activities
Unrestricted	funds:- General
Expenditure	on charitable	2,361		862	626	3,849	5,521
activities
Total expenditure on		2,471	596	862	740	4,669	6,314
charitable activities
(c) Other Expenditure			Depreciation	Management
		Staff	and	and Support		2021	2020
		Costs f000	impairment f000	Costs f000	Other f000	Total f000	Tota I EOOD
Unrestdicted	funds:-
Designated
Loss on disposal oftangible
fixed assets
Unrestricted	funds:- General
Loss on disposal offiscal							25
investments
Interest payable on loan					48	48
Total other	expenditure				48	48	32
Total Expenditure		2,770	596	1,026	1,684	6,076	8,065
(a) Expenditure on raising			Depreciation	Management
funds		Staff	and	and Support		2020	2019
		Costs	impairment	Costs	Other	Total	Total
		f000	f000	f000	f000	f000	f000
Unrestricted	funds:- General
Expenditure	on raising funds	839		205	675	1,719	2,999
Total expenditure on raising		839		205	675	1,719	2,999
funds
(b) Expenditure on			Depreciation	Management
charitable activities		Staff	and	and Support		2020	2019
		Costs EOOD	impairment f000	Costs f000	Other EOOO	Total f000	Total f000
Restricted funds:
Expenditure	on charitable	33	351		16	400	575
activities

Unrestricted	funds:-
Designated
Expenditure	on charitable	54	339			393	77
activities
Unrestricted	funds:- General
Expenditure	on charitable	3,812		1,128	581	5,521	7,042
activities
Total expenditure on		3,899	690	1,128	597	6,314	7,694
charitable activities
(c) Other Expenditure			Depreciation	Management
		Staff	and	and Support		2020	2019
		Costs	impairment	Costs	Other	Total	Total
		f000	f000	f000	f000	f000	f000
Unrestricted	funds:-
Designated
Loss on disposal oftangible					7	7
fixed assets
Unrestricted	funds:- General
Loss on disposal offiscal					25	25
investments
Total other	expenditure				32	32
Total Expenditure		4,738	690	1,333	1,304	8,065

otal resources expended includ	e:
				2021	2020
				f000	f000
Depreciation				581	633
Impairment offixed assets				15	54
Governance costs					2
Auditor's remuneration:
Audit ofthese financial statements				12	12
Audit offinancial statements	ofsubsidiary	pursuant	to legislation	6	6
Other services relating to taxation				4	6
Operating lease charges:
Other than land and buildings				84	94

llocated	on a basis	con	sist	ent with the use ofres	ources.
					Expenditure	Expenditure	2021
					on raising	on Charitable	Total
					funds	activities
					f000	f000	f000
General	management		&governance		3	31	34
Finance	&administration			infrastructure	103	369	472
Human	resources				26	122	148
Information technology					28	131	159
Digital,	marketing	& public relations			2	84	86
Facilities &estates		management			2	125	127
Total					164	862	1,026
					Expenditure	Expenditure	2020
					on raising	on Charitable	Total
					funds	activities
					f000	f000	EOOD
General	management		&governance		2	16	18
Finance	&administration			infrastructure	139	398	537
Human	resources				31	147	178
Information technology					24	115	139
Digital,	marketing	& public relations			3	145	148
Facilities &estates		management			6	307	313
Total					205	1,128	1,333

he avera	ge number	ofemployees	during the year was:
				Number of
				employees
				2021	2020
Historic	houses			33	107
Trading	activities			16	49
Cultural	engagement	ik participation		33	50
Management and support				47	51
				129	257
Number	ofpart time	employees	included above	61	156
Full time	equivalent	of part time	employees	22	66

			2021	2020
			6000	f000
Wages and	salaries		2,393	3,567
Social security costs			186	265
Pension costs			152	251
Redundancy	and reorganisation	costs		601
FRS102s28	charge for past service costs		39	54
			2,770	4,738

2021	2020
Number	Number
4	2

onsolidated and charity
	Software	Websites	Total
	6000	6000	6000
Cost or valuation
At 1January 2021	381	128	509
At S1December 2021	381	128	509
Depreciation
At 1January 2021	367	128	495
Charge forthe year	9		9
Impairment provision	3		3
At 31December 2021	379	128	507
Net book value
At 31December 2021	2		2
At 31December 2020	14		14

onsolidated and charity
	Freehold	Fixtures,	Attractions
	land and	fittings and	and	Motor
	buildings	equipment	exhibitions	vehicles	Total
	6000	6000	6000	6000	6000
Cost or valuation
At 1January 2021	1,273	3,586	1,119	25	6,003
Additions		36			36
Disposals
Revaluation	90				90
At 31December 2021	1,363	3,622	1,119	25	6,129
Depreciation
At 1January 2021		3,349	970	25	4,344
Charge for the year		151	70		221
Impairment provision		12			12
At 31December 2021		3,512	1,040	25	4,577
Net book value
At 31December 2021	1,363	110	79		1,552
At 31December 2020	1,273	237	149		1,659

13Heritage assets
Consolidated and charity
	New Place
	6000
Cost or valuation
At 1January 2021	3,513
At 31December 2021	3,513
Depreciation
At 1January 2021	1,756
Charge for the year	351
At 31December 2021	2,107
Net book value
At 31December 2021	1,406
At 31December 2020	1,757

onsolidated
		2021	2020
		6000	6000
Analysis ofinvestments
Designated funds:
Freehold investment	properties	13,459	13,595
Undesignated funds:
Freehold investment	properties	2,345	3,655
Listed and other investments		3,855	3,574
		19,659	20,824

		Freehold	Freehold	Listed	and
		investment	investment	other
		properties	properties	investments		Total
		Designated f000	Undesignated f000	Undesignated f000		f000
Movements ininvestments
As at 1January 2021		13,595	3,655		3,574	20,824
Additions					152	152
Disposals proceeds			(5,452)		(179)	(5,631)
Realised gain/(loss)	on disposal		4,142		4	4,146
Change in market value		(136)			304	168
As at 31December	2021	13,459	2,345		3,855	19,659
As at 31December	2020	13,595	3,655		3,574	20,824

ortfolio are	as follows:
			2021		2020
			f000	9(r	f000	9S
Investment	property —"The Hill"		1,600	8.2	1,600	7.7
Investment	property- 43 Henley Street		1,045	5.4	1,427	6.9
Investment	property-4	Shottery Lodge	1,065	5.5	1,065	5.2
Investment	property-	Upton's Orchard &Briar Furlong			1,010	4.9

		2021	2020
		f000	f000
Analysis ofinvestments
Designoted funds:
Freehold investment	properties	13,459	13,595
Undesignated funds:
Freehold investment	properties	2,345	3,655
Listed investments		3,855	3,574
Investment in trading	subsidiary	300
		19,959	20,824

		Freehold	Freehold	Listed	Investment	in
		investment	investment	investments	trading
		properties	properties		subsidiary		Total
		Designated f000	Undesignated f000	Undesignated f000	Undesignated f000		f000
Movements in
investments
As at 1January 2021		13,595	3,655	3,574			20,824
Additions				152		688	840
Provision against					(388)		(388)
investment in subsidiary
(see note 5)
Disposals proceeds			(5,452)	(179)			(5,631)
Realised gain/(loss)	on		4,142	4			4,146
disposal
Change in market value		(136)		304			168
As at 31December		13,459	2,345	3,855		300	19,959
2021
As at 31December	2020	13,595	3,655	3,574			20,824

ortfolio are	as follows:
				2021		2020
				f000		f000	So
Investment	property-	"The Hill"		1,600	8.1	1,600	7.7
Investment	property-	43 Henley	Street	1,045	5.3	1,427	6.9
Investment	property —4Shottery Lodge			1,065	5.4	1,065	5.2
Investment	property-	Upton's	Orchard &Briar Furlong			1,010	4.9

5Stocks
						Consolidated		Charity
						2021	2020	2021	2020
						f000	f000	f000	f000
Finished	goods	and	goods	for	resale	314	429

			Consolidated		Charity
			2021	2020	2021	2020
			6000	6000	6000	6000
Receivable within one year:
Trade debtors				27	29	12
Amounts	due from subsidiary	undertakings			8
Other debtors			1,029	1,67	1,029	1,654
				7
Prepayments			60	65	52	58
Accrued	income		43	7	34	7
			1,168	1,77	1,152	1,731
				6
Receivable outside one year:
Amounts	due from subsidiary	undertakings			250	675
Other debtor			1,875	-	1,875
			1,875		2,125	675
Total			3,043	1,77	3,277	2,406
				6

7Creditors: amounts falling due within on	e year	e year
	Consolidated		Charity
	2021	2020	2021	2020
	6000	6000	6000	f000
Trade creditors	87	92	81	86
Taxes and social security	71	77	71	77
Other creditors	10	6	10	6
Accruals	350	209	321	172
Deferred income	75	266	75	266
	593	650	558	607

								Consolidated	Consolidated	Charity
								2020	2020	2021	2020
								f000	f000	f000	f000
Deferred	income							153	157	153	157
Department		for Culture,		Media		gr Sport/Arts	Council	3,048		3,048
England	Repayable		Cultural		Recovery Fund		loan
								3,201	157	3,201	157

ecovery Fund loan may be analysed as follow	s:	s:
	Consolidated		Charity
	2021	2020	2021	2020
	f000	f000	f000	f000
Between one to two years
Between two to five years	458		458
In five years and more	2,590	-	2,590
Total	3,048	-	3,048

19Movement in Funds
		At 1		Expenditure	Gains
		Jan	Income		gr		At31
Consolidated and charity		2021			Losses	Transfers	Dec
							2021
		f000	f000	f000	f000	f000	f000
R stricted income funds:
Countryside Stewardship				(3)
Scheme fund
Louis Marder Scholarship	fund	15					15
Education Appeal fund		8				(7)
AQA- Espresso Shakespeare		4
fund
Shakespeare Week fund
Young Interpreters Project
fund
Collections fund		3				(1)
Online Collections fund		9		(4)		(5)
Rural Agency fund		5				(5)
Arts Council England-		34	47	(78)
Museums and Schools
Levi Fox Archive fund		25					25
Erasmus Project —CUSHA		14				(14)
fund
SBA —Education fund				(1)		(3)
The Space —Digital Houses				(1)		(2)
fund
Creative Producers
International fund
Hall's Croft fund		51
HMRC Brexit Advice fund				(2)
Archives West Midlands —No				(3)
Barriers project fund
Coventry Library —One Million
Reads fund
American Friends ofSBT
Research Project fund
Other short term projects
fund
		190	79	(102)	-	(48)	119
Restricted ca ital funds:
New Place fund		1,757		(351)			1,406
		1,757		(351)			1,406
Total restricted funds		1,947	79	(453)	-	(48)	1,525

Unrestricted funds	Unrestricted funds
Consolidated			At 1jan	Income	Expenditure	Gains gd	Transfers	At 31
			2021			Losses		Dec
								2021
			6000	f000	EOOO	EOOO	EOOO	EOOO
~di tdf	d:
Major property,
conservation,			2,450					2,450
development and
redevelopment
projects fund
Pension reserve			(2,929)		(113)	654	362	(2,026)
Functional fixed	asset		1,673		(245)	90	36	1,554
fund*
Covid Recovery	fund						3,500	3,500
Strategic Projects		fund					3,000	3,000
Innovations fund					(9)		250	241
Strategic investment			13,595			(136)		13,459
fixed asset fund*
Working capital	fund		4,632				(4,632)
Total designated		funds	19,421		(367)	608	2,516	22,178
Undesi nated funds:
General fund *			5,297	3,102	(5,256)	4,446	(2,468)	5,121
Total unrestricted			24,718	3,102	(5,623)	5,054	48	27,299
funds
Total funds			26,665	3,181	(6,0761	5,054		28,824

Prior Year Comparatives:
				At 1Jan		Expenditure,
				2020	Income	gains and		At 31
Consolidated and charity						losses	Transfers	Dec
								2020
						EOOD	EOOO	f000
Restricted income funds:
Countryside Stewardship	Scheme
fund
Louis Marder Scholarship	fund			12				15
Education Appeal fund				12		(4)		8
AQA —Espresso Shakespeare		fund		4				4
Shakespeare Week fund				1				1
Young Interpreters Project fund				2				2
Collections fund				1				3
Online Collections fund				9				9
Rural Agency fund				5				5
Arts Council England —Museums			and	19	47	(32)		34
Schools
Levi FoxArchive fund				15	10			25
Erasmus Project —CUSHA	fund			9				14
SBA —Education fund				7				7
The Space —Digital Houses fund				3				3
Disability Access Day fund				1
Creative Producers International				1
fund
RSCCataloguing 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				2,108		(351)		1,757
Stratford on Avon District	Council—				14		(14)
Will's Kitchen fund
				2,108	14	(351)	(14)	1,757
Total restricted funds				2,229	132	(400)	(14)	1,947

Unrestricted funds	Unrestricted funds	Unrestricted funds
Consolidated				Restated	Net income/	Transfers	At 31Dec
				At1Jan	(expenditure)		2020
				2020 f000	in the year f000	f000	f000
~Di tdf d:
Major property,		conservation,
development projects fund				2,450			2,450
Pension reserve				(2,847)	(352)	270	(2,929)
Functional fixed		asset	fund*	2,074	(407)	6	1,673
Strategic investment			fixed asset	13,614	(535)	516	13,595
fund*
Working capital	fund			2,882		1,750	4,632
Total designated		funds		18,173	(1,294)	2,542	19,421
Undesi nated funds:
General fund a				6,161	1,664	(2,528)	5,297
Total unrestricted		funds		24,334	370		24,718
Total funds				26,563	102		26,665

etails ofinter fund transfe	rs in the year are as follo	ws:
		Unrestricted	Unrestricted	Restricted
		Undesignated	Designated
		f000	6000	f000
General fund to Functional	fixed asset fund(1)	(36)	36
General fund to Pensions	reserve(2)	(362)	362
Working Capital fund to General fund (3)		4,632	(4,632)
General fund to Innovation	fund(4)	(250)	250
General fund to various Restricted funds(5)		48		(48)
General fund to Covid Recovery fund (6)		(3,500)	3,500
General fund to Strategic	Projects fund (7)	(3,000)	3,000
Total transfers between funds		(2,468)	2,516	(48)

Details ofinter fund transfe	rs in the ye	ar ended 31D	ecember 2020 are as	follows:
			Unrestricted	Unrestricted	Restricted
			Undesignated	Designated
			f000	6000	6000
General fund to Functional	fixed asset	fund(1)	(6)	6
General fund to Strategic	investment	fixed asset	(516)	516
fund(2)
General fund to Pensions	reserve(3)		(270)	270
General fund to Working capital fund		(4)	(1,750)	1,750
SDC Will's Kitchen fund to	General fund(5)		14		(14)
Total transfers between funds			(2,528)	2,542	(14)

0Analysis ofcon	solidated net assets b	etween funds
		Unrestricted	Unrestdicted	Restricted	Total
		General funds	Designated	funds	funds
			funds
		6000	f000	6000	6000
Fund balances at 31December 2021
are represented	by:
Tangible fixed assets			1,552		1,552
Intangible fixed assets			2		2
Heritage assets				1,406	1,406
Investments		6,200	13,459		19,659
Current assets		2715	9,191	119	12,025
Current liabilities		(593)			(593)
Liabilities due after more than 1year		(3,201)			(3,201)
Pension liability			(2,026)		(2,026)
Total net assets		5,121	22,178	1,525	28,824

		Unrestricted	Unrestricted	Unrestricted	Restricted	Total
	General funds		Designated		funds	funds
			funds
		f000	f000		f000	f000
Fund balances at 31	December 2020
are 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	19,421		1,947	26,665
1Commitments
s at 31December 2021SBTwas committed		to making the	following	payments	under non-
ancellable operating	leases:
					2021	2020
					f000	f000
Land and bui ldings:
Within one year						18
Between two and five years						19
					65	37
Other:
Within one year					80	44
Between two and five years					128	6
					208	50
Total					273	87

he Trust has the following commitments in relation to i	ncome from freehold investment p	roperties:
	2021	2020
	f000	f000
Land and buildings:
Within one year	367	186
Between two and five years	957	442
More than five years	3,363	3,417
	4,687	4,045

					2021	2020
					6000	6000
Present value offunded			defined benefit obligations		(9,811)	(10,188)
Fair value	of plan assets				7,786	7,260
Deficit in	pension scheme- Pension			liability	2,025	(2,928)
Movements	in present	value ofdefined benefit obligation
						2020
					2021
					f000	6000
At 1January 2021					10,188	9,606
Interest cost					141	189
Actuarial	losses/(gains)				(220)	711
Benefits paid					(298)	(318)
At 31December 2021					9,811	10,188
Movements	infoir value		ofplan ossets
					2021	2020
					6000	6000
At 1Janua	ry 2021				7,260	6,759

Expected return	on plan assets				102	135
Actua ria I gains/(losses)					434	413
Contributions by employer					362	271
Benefits paid					(298)	(318)
Administration	costs paid from	plan assets			(74)
At 31December	2021				7,786	7,260
Expense)/income	recognisedin	the consolidated statement offinancial activities
					2021	2020
						f000
					f000
Interest on defined benefit pension			plan obligation		(141)	(189)
Expected return	on defined benefit		pension	plan assets	102	135
Administration	expenses				74
Total					35	(54)

				2020
			2021
				f000
			f000
Equity instruments			1,644	1,513
Diversified	growth assets		2,947	2,726
Real Estate			812	715
Debt instruments			804	774
Cash			104	87
Liability driven investments			1,475	1,445
			7,786	7,260
Actual (deficit)/return		on plan assets	654	(298)

Forthe year ended	31	December 2020
				Unrestricted	Unrestricted	Restricted	Total	Total
				General	Designated	funds	2020	2019
			Note	funds	funds
				EOOD	EOOD	f000	EOOD	EOOD
Income from
Donations				59		66	125	79
Charitable activities:
Admissions to historic	houses			897			897	5,982
Cultural engagement	gr participation			163			163	742
Grants receivable				5,627		66	5,693	584
Other trading activities				433			433	2,691
Investments				843			843	1,010
Otherincome				8			8	32
Total income				8,030		132	8,162	11,120
Expenditure on
Raising funds				1,719			1,719	2,999
Charitable activities				5,521	393	400	6,314	7,694
Other expenditure				25	7		32
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		656
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)
pension 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	26,563	25,890
Total funds carried forward			20	5,297	19,421	1,947	26,665	26,563