## 



## 

|ontents|||||||
|---|---|---|---|---|---|---|
|||||||Page|
|Trustees'<br>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<br>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<br>CV37 6EP|||||||Stratford-upon-Avon|||CV37 6LN|





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





## 

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## 



## 

||||||f'000|
|---|---|---|---|---|---|
|Net movement<br>in Funds as reported|||in Statement|of|2,159Surplus|
|Financial Activities||||||
|Remove<br>impact of:||||||
|Unrealised|investment|asset valuation|movements||(304)|
|Unrealised|actuarial<br>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|Portfolio|
|---|---|---|---|---|---|---|
|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|Yo|Com<br>arison to our Investment|Com<br>arison to our Investment|Polic|
|---|---|---|---|---|---|---|---|
|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<br>yield||4.069o|||||
|Dividend|ield|target|5.0%||Objective|not met||



## 

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## 

|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<br>activities:||||||||||
|Admissions to historic||houses|||1,109|||1,109|897|
|Cultural<br>engagement||gr participation|||149|||149|163|
|Grants receivable|||||444||65|509|5,693|
|Other trading<br>activities|||||476|||476|433|
|Investments|||||841|||841|843|
|Other income|||||12|||12|8|
|Total income|||||3,102||79|3,181|8,162|
|Expenditure<br>on||||||||||
|Raising funds|||||1,359|||1,359|1,719|
|Charitable<br>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<br>gains||and|losses|||||||
|Actuarial<br>gains/(losses|on defined benefit|||22||654||654|(298)|
|pension scheme||||||||||
|Gains/(losses)<br>on revaluation|||offixed assets|14||(46)||(46)|(62)|
|Net movement<br>in funds|||||(176)|2,757|(422)|2,159|102|
|Reconciliation<br>offunds||||||||||
|Total funds brought<br>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<br>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<br>funds:|||||||||
|Designated<br>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<br>Statement<br>ofCash Flows|Consolidated<br>Statement<br>ofCash Flows|||||||
|---|---|---|---|---|---|---|---|
|Forthe year ended 31December 2021||||||||
|||||2021||2020||
||||Note|6000|6000|f000|6000|
|Net income/(expenditure)<br>for the operating||||||||
|period||||||||
|(as per the Statement of Financial Activities)|||||1,551||966|
|Adjustments<br>for:||||||||
|Depreciation<br>charge|||||581||633|
|Impairment<br>offixed assets|||||15||54|
|Change<br>in fair value ofinvestments|||||(304)||291|
|Income from investments|||||(841)||(843)|
|Interest payable|||||48|||
|Gain on disposal of investment<br>property|||||(4,142)||(1,160)|
|Loss on disposal offixed assets|||||||7|
|Decrease/(Increase)in<br>stocks|||||115||(61)|
|(Gain)/Loss<br>on disposal offiscal investments|||||(4)||25|
|Decrease/(Increase)<br>in debtors|||||1,541||(1,045)|
|(Decrease)/Increase<br>in creditors|||||(61)||(335)|
|Other pension<br>movements|||22||(249)||(214)|
|Net cash (used in) operating activities|||||(1,750)||(1,682)|
|Dividends,<br>interest and rents from investments||||846||833||
|Purchase of property,<br>plant and equipment||||(36)||(11)||
|Proceeds from sale of investments||||2,819||1,893||
|Purchase of investments||||(152)||(150)||
|Net cash provided<br>by/(used<br>in) investing||activities|||3,477||2,565|
|Cash flows from financing activities||||||||
|Loan advanced<br>by DCMS||||3,000||||
|Interest paid on loan||||||||
||||||3,000|||
|Change<br>in cash and cash equivalents|in the||||4,727||883|
|reporting<br>period||||||||
|Cash and cash equivalents<br>at the beginning||ofthe|||3,941||3,058|
|reporting<br>period||||||||
|Cash and cash equivalents<br>at the end|ofthe||||8,668||3,941|
|reporting<br>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|





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## 

|||||||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<br>on|investment|||assets|304|(291)|
|Gain on disposal of investment||||assets||4,142|656|
|Actuarial<br>gains/(losses)||||||654|(298)|
|Losses on revaluation||of|fixed|assets||(46)|(62)|
|Net incoming/(outgoing)|||resources|||2,154|1,266|



## 

|Voluntary<br>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<br>Portfolio Organisation||220|224|||
|Arts Council|England —Museums|and Schools|||47|47|
|Arts Council|England —Emergency|Grant Scheme||900|||
|Arts Council|England —Cultural<br>Recovery Fund|||3,000|||
|Rural Payments<br>Agency|||||||
|Archives West Midlands —No Barriers Project|||||||
|Coventry<br>Library -One Million Reads|||||||
|HMRC Brexit|Advice Scheme||||||
|Stratford on|Avon District Council|||10||14|
|European<br>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<br>(loss)/profit||||||(125)|(269)|
|Other interest||receivable||and similar income||||
|(Loss)/profit|forthe financial year|||||(125)|(269)|
|Distribution|to|Shakespeare<br>Birthplace Trust||||||
|Retained<br>in|subsidiary||forthe year|||(125)|(269)|





## 

|Investment<br>in|com|e|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||||||||EOOD|f000|
|Dividends<br>and interest|||||||153|160|
|Rental income|||||||688|683|
||||||||841|843|
|Other income|||||||||
||||||||2021|2020|
|Unrestricted<br>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<br>funds:- General|||||||||
|Expenditure<br>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<br>activities|||Staff|and|and Support||2021|2020|
||||Costs|impairment|Costs|Other|Total|Total|
||||EOOD|EOOD|EOOD|EOOO|EOOO|f000|
|Restricted funds:|||||||||
|Expenditure<br>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<br>on||2,471|596|862|740|4,669|6,314|
|charitable<br>activities||||||||
|(c) Other<br>Expenditure|||Depreciation|Management||||
|||Staff|and|and Support||2021|2020|
|||Costs<br>f000|impairment<br>f000|Costs<br>f000|Other<br>f000|Total<br>f000|Tota I<br>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<br>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<br>on raising||839||205|675|1,719|2,999|
|funds||||||||
|(b) Expenditure<br>on|||Depreciation|Management||||
|charitable<br>activities||Staff|and|and Support||2020|2019|
|||Costs<br>EOOD|impairment<br>f000|Costs<br>f000|Other<br>EOOO|Total<br>f000|Total<br>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<br>on||3,899|690|1,128|597|6,314|7,694|
|charitable activities||||||||
|(c) Other<br>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<br>includ|e:|||||
|---|---|---|---|---|---|
|||||2021|2020|
|||||f000|f000|
|Depreciation||||581|633|
|Impairment<br>offixed assets||||15|54|
|Governance<br>costs|||||2|
|Auditor's<br>remuneration:||||||
|Audit ofthese financial statements||||12|12|
|Audit offinancial statements|ofsubsidiary|pursuant|to legislation|6|6|
|Other services relating to taxation||||4|6|
|Operating<br>lease charges:||||||
|Other than<br>land and buildings||||84|94|





|llocated|on a basis|con|sist|ent<br>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<br>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<br>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|<br>during the year was:|||
|---|---|---|---|---|---|
|||||Number of||
|||||employees||
|||||2021|2020|
|Historic|houses|||33|107|
|Trading|activities|||16|49|
|Cultural|engagement|ik participation||33|50|
|Management<br>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<br>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<br>provision|3||3|
|At 31December 2021|379|128|507|
|Net book value||||
|At 31December 2021|2||2|
|At 31December 2020|14||14|





## 

## 

|onsolidated<br>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<br>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<br>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<br>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<br>f000|Undesignated<br>f000|Undesignated<br>f000||f000|
|Movements<br>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<br>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<br>funds:||||
|Freehold investment|properties|2,345|3,655|
|Listed investments||3,855|3,574|
|Investment<br>in trading|subsidiary|300||
|||19,959|20,824|





|||Freehold|Freehold|Listed|Investment|in||
|---|---|---|---|---|---|---|---|
|||investment|investment|investments|trading|||
|||properties|properties||subsidiary||Total|
|||Designated<br>f000|Undesignated<br>f000|Undesignated<br>f000|Undesignated<br>f000||f000|
|Movements<br>in||||||||
|investments||||||||
|As at 1January 2021||13,595|3,655|3,574|||20,824|
|Additions||||152||688|840|
|Provision against|||||(388)||(388)|
|investment<br>in subsidiary||||||||
|(see note 5)||||||||
|Disposals proceeds|||(5,452)|(179)|||(5,631)|
|Realised gain/(loss)|on||4,142|4|||4,146|
|disposal||||||||
|Change<br>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<br>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<br>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<br>in Funds||||||||
|---|---|---|---|---|---|---|---|
|||At 1||Expenditure|Gains|||
|||Jan|Income||gr||At31|
|Consolidated<br>and charity||2021|||Losses|Transfers|Dec|
||||||||2021|
|||f000|f000|f000|f000|f000|f000|
|R stricted income funds:||||||||
|Countryside<br>Stewardship||||(3)||||
|Scheme fund||||||||
|Louis Marder Scholarship|fund|15|||||15|
|Education<br>Appeal fund||8||||(7)||
|AQA- Espresso Shakespeare||4||||||
|fund||||||||
|Shakespeare<br>Week fund||||||||
|Young Interpreters<br>Project||||||||
|fund||||||||
|Collections fund||3||||(1)||
|Online Collections fund||9||(4)||(5)||
|Rural Agency fund||5||||(5)||
|Arts Council England-||34|47|(78)||||
|Museums<br>and Schools||||||||
|Levi Fox Archive fund||25|||||25|
|Erasmus Project —CUSHA||14||||(14)||
|fund||||||||
|SBA —Education<br>fund||||(1)||(3)||
|The Space —Digital Houses||||(1)||(2)||
|fund||||||||
|Creative Producers||||||||
|International<br>fund||||||||
|Hall's Croft fund||51||||||
|HMRC Brexit Advice fund||||(2)||||
|Archives West Midlands —No||||(3)||||
|Barriers project fund||||||||
|Coventry<br>Library —One Million||||||||
|Reads fund||||||||
|American<br>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<br>funds|Unrestricted<br>funds||||||||
|---|---|---|---|---|---|---|---|---|
|Consolidated|||At 1jan|Income|Expenditure|Gains gd|Transfers|At 31|
||||2021|||Losses||Dec|
|||||||||2021|
||||6000|f000|EOOO|EOOO|EOOO|EOOO|
|~di<br>tdf|d:||||||||
|Major property,|||||||||
|conservation,|||2,450|||||2,450|
|development<br>and|||||||||
|redevelopment|||||||||
|projects fund|||||||||
|Pension reserve|||(2,929)||(113)|654|362|(2,026)|
|Functional<br>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<br>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<br>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<br>and charity||||||losses|Transfers|Dec|
|||||||||2020|
|||||||EOOD|EOOO|f000|
|Restricted<br>income funds:|||||||||
|Countryside<br>Stewardship|Scheme||||||||
|fund|||||||||
|Louis Marder Scholarship|fund|||12||||15|
|Education<br>Appeal fund||||12||(4)||8|
|AQA —Espresso Shakespeare||fund||4||||4|
|Shakespeare<br>Week fund||||1||||1|
|Young Interpreters<br>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<br>fund||||7||||7|
|The Space —Digital Houses fund||||3||||3|
|Disability Access Day fund||||1|||||
|Creative Producers<br>International||||1|||||
|fund|||||||||
|RSCCataloguing<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||||2,108||(351)||1,757|
|Stratford on Avon District|Council—||||14||(14)||
|Will's Kitchen fund|||||||||
|||||2,108|14|(351)|(14)|1,757|
|Total restricted<br>funds||||2,229|132|(400)|(14)|1,947|





|Unrestricted<br>funds|Unrestricted<br>funds|Unrestricted<br>funds||||||
|---|---|---|---|---|---|---|---|
|Consolidated||||Restated|Net income/|Transfers|At 31Dec|
|||||At1Jan|(expenditure)||2020|
|||||2020<br>f000|in the year<br>f000|f000|f000|
|~Di<br>tdf d:||||||||
|Major property,||conservation,||||||
|development<br>projects fund||||2,450|||2,450|
|Pension reserve||||(2,847)|(352)|270|(2,929)|
|Functional<br>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<br>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<br>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<br>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<br>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<br>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<br>liabilities||(593)|||(593)|
|Liabilities due after more than 1year||(3,201)|||(3,201)|
|Pension<br>liability|||(2,026)||(2,026)|
|Total net assets||5,121|22,178|1,525|28,824|





|||Unrestricted|Unrestricted|Unrestricted|Restricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
||General funds||Designated|||funds|funds|
||||funds|||||
|||f000|f000|||f000|f000|
|Fund balances at 31|December 2020|||||||
|are 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|19,421|||1,947|26,665|
|1Commitments||||||||
|s at 31December 2021SBTwas committed||to making the|following|payments||under non-||
|ancellable<br>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<br>commitments<br>in relation to i|ncome from freehold<br>investment<br>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<br>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<br>activities:|||||||||
|Admissions to historic|houses|||897|||897|5,982|
|Cultural<br>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<br>on|||||||||
|Raising funds||||1,719|||1,719|2,999|
|Charitable<br>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<br>gains|and|losses|||||||
|Actuarial<br>(losses)/gains|on defined benefit||23||(298)|-|(298)|(155)|
|pension scheme|||||||||
|Gains/(losses)<br>on revaluation||offixed assets|||(62)||(62)||
|Net movement<br>in funds||||(864)|1,248|282)|102|673|
|Reconciliation<br>offunds|||||||||
|Total funds brought<br>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|