Charity Number 1181127
## **THE LAURENCE STERNE TRUST**
**REPORT AND FINANCIAL STATEMENTS for the year ended 31 October 2021**
## **THE LAURENCE STERNE TRUST**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021**
|**CONTENTS**|**_Page_**|
|---|---|
|Trustees' Report|_1 - 10_|
|Independent Examiner's Report|_11_|
|Statement of Financial Activities|_12_|
|Balance Sheet|_13_|
|Notes to the Accounts|_14 - 22_|
**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Reference and Administrative Details of the Charity, its Trustees and Advisers**
## **Charity Name and Number**
The Laurence Sterne Trust: registered charity number 1181127 (Charitable Incorporated Organisation)
## **Correspondence Address**
Shandy Hall, Coxwold, York, YO61 4AD
## **Trustees**
Robert John Wyke (Chair) Lady Feversham Thomas Forrest Rachel Feldberg Peter Bardsea Miller Stephen Milner
## **Professional Advisers**
Bankers: Virgin Money, 46 Coney Street, York, YO1 9NQ
Independent Examiner: Sarah Wearing FCA, HPH Chartered Accountants, 54 Bootham, York, YO30 7XZ
The Trustees present their annual report together with the financial statements of the CIO for the year ended 31 October 2021. The financial statements have been prepared in accordance with statutory requirements, the CIO’s governing document and the Statement of recommended Practice: Accounting and Reporting by Charities (SORP FRS 102).
## **Structure, Governance and Management**
The CIO is governed by a foundation model constitution, agreed by the first trustees on 24 April 2018 and accepted by the Charity Commission on 11 December 2018. There have been no changes to the constitution.
Patrick Wildgust continued to serve as Curator during the year.
## **Trustee Induction and Training**
Now that the CIO is fully operational we have begun to refresh the board of trustees and will expand it further.
New trustees will be briefed on their legal obligations under charity law, the workings of the Trust and decision-making processes, the business plan and recent financial performance of the Charity. During their induction they will meet key officers and the other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the understanding of their role.
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Objectives and Activities**
The principal objects as stated in the governing document are to advance education for the public benefit by promoting the understanding and appreciation of the life, works and continuing influence of Laurence Sterne; primarily, but not exclusively, through maintaining and managing Shandy Hall, Coxwold, and its collections as a public museum and a centre for research, education and creativity.
The Trustees believe that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission in regard to public benefit.
## **Achievements and Performance**
## **General**
The Trust not only survived the second year of COVID-19 restrictions, but accomplished much and ended the year in good financial shape. The House had to remain closed to visitors for most of the year, but tours by appointment for small numbers became possible in the later summer of 2021. The Garden re-opened on 29 May 2021; the Gallery and Shop re-opened on 21 June 2021. The Trust is grateful to all the bodies who have supported it through the crisis thus far and especially to Tom Forrest (Trustee) who dealt superbly with grant applications, many of which were successful.
## **Constitution**
The title in the property was transferred from the company limited by guarantee to the CIO on 10 April 2021. [Note: The LST Charitable Company (Company 05838529 and Charity 1118987) was removed from the register of companies on 4 January 2022 and from the register of charities on 11 January 2022, confirming that the Trust is now a single entity.]
## **Trustees**
There were no changes to the body of trustees. Tom Forrest took the lead on projects and grant applications. Other trustees were involved wherever possible. Trustees were kept informed about developments via email and telephone. Trustees met in person on 3 October 2021.
We note with great sadness the death of Dr Richard Shephard, former trustee, on 20 February 2021.
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Achievements and Performance (continued)**
## **Staff and Volunteers**
Patrick Wildgust continued to work as Curator.
Penny Boxall worked part-time as Museum Officer throughout the year.
Chris Pearson continued to keep the Garden in beautiful shape, largely without the aid of her usual team of volunteers. Volunteers were, however, keen to come in whenever there was not a lockdown; when rules allowed, they attended with their own equipment and refreshments, observing social distancing. There did approximately 200 hours of volunteer work on the Garden this year. Chris Pearson’s own work brought the total of volunteer hours to approximately 1000.
## **Health and Safety, and Safeguarding**
The Trust implemented all the required measures and protocols relating to COVID-19. No staff, volunteers or visitors reported infection.
The building works were subject to detailed safety agreements with the contractors. The workers involved conformed with these in full and no incidents were reported.
The Curator had some health issues during the year. He was encouraged to bring in external help for any heavier work outside.
No safeguarding issues arose during the year.
## **Financial Support, Fundraising and Donations**
The Trust was fortunate to receive financial support from a variety of bodies and individuals:
National Lottery Heritage Emergency Fund. A grant of £27,400 was made in September 2020. £19,117 of this was carried forward to 2020/21 to complete the project, including the new website.
Government Culture Recovery Fund. A grant of £54,000 was made towards general running costs (salaries, utilities, COVID-19 measures, professional fees, insurance etc.), new publications, and artist and craft commissions relating to Sterne’s Study and the Nollekens bust. The grant was spent in full in accordance with the grant conditions.
Government Small Business Support Grant. A grant of £8,000 was awarded (through Hambleton District Council) to provide general support (without any specific conditions) as part of the government’s support to small businesses during COVID-19 restrictions. (A grant of £10,000 from the same fund was made in 2019/20.)
Historic England Emergency Heritage at Risk Fund. A grant of £27,360 was made towards urgent repairs to the south wall of Shandy Hall, the repair/replacement of windows and a full condition survey of all the buildings. The Trust contributed £8,450 of its own funds to the total project costs.
Business Interruption Insurance: £6,600 (the sum offered by Hiscox and the loss adjuster following the ruling in the Supreme Court and accepted by the Trust in June 2021).
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Achievements and Performance (continued)**
The Ronnie Duncan Art Foundation provided £3,000 to support artist residencies at Shandy Hall. Carolyn Thompson and Kelly Chorpening (Camberwell College of Arts) were able to take up their residencies in 2021.
The Bantam Trust (Chris and Michele Kohler): £500 (November 2020)
Susanne Schroeder (US): £250 (December 2020)
Jill Murray: £3000 (November/December 2020)
The Loveday Trust: £1000 (18 December 2020)
Robert Wyke (Chair of Trustees): £5000 (22 February 2021) Joanna Pavey (Richmond): £500 (February 2021) Peter Hirschmann (Harrogate): £100 (25 March 2021) Winton Consulting: £1000 (August 2021)
Patrick Hughes: Books
There were also many smaller donations.
The arrangement made by the Curator with Unbound in connection with the sales of _Cain’s Jawbone_ yielded a very helpful £13,235.85.
The Trust records with sadness the death of Dr Roger Keyes, supporter and friend for many years. We are most grateful to Roger and to Elizabeth Coombs.
## **Shop and Sales**
Shop sales (including online) totalled £17,487.
## **Fabric**
Marcus Jacka worked on the east windows.
The brickwork of the south front of Shandy Hall was repointed during April and May 2021 and two windows were repaired by Pinnacle Conservation Ltd (York); Steve Waines repainted them. This work, together with a full condition survey of the whole site undertaken by Andrew Boyce of Ferrey and Mennim in late May 2021, was funded by Historic England (£27,360) and £8,450 from Trust funds. The front windows of the Cottage were also repaired.
Sterne’s Study was refurbished and repainted, work funded by the Culture Recovery Fund and an individual donor.
The boiler for Shandy Hall must be replaced.
The Agas in the Hall and the Flat were serviced in accordance with the maintenance schedule. The sweep dealt with Aga chimneys, removing jackdaws’ sticks from the Cottage chimney.
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Achievements and Performance (continued)**
Stricklands continue to progress the schedule of electrical works.
A working party was set up to draw up a scheme to act on the findings of the Condition Survey Report produced by Ferrey and Mennim.
## **Garden and Site**
The Garden was again a vital attraction during this year once we could open it to visitors. Chris Pearson managed the Garden beautifully (see above).
There was a limited crop of apples this year. Blossom was hit by April frosts.
The tree surgeon attended in February 2021. A large branch came down in a storm on 10 September 2020.
The roadside blackthorn hedge was cut back (work completed 17 November 2020 and paid for by the parish).
The front wall to the left of the main gate was repointed and sundials and drystone walls were stabilised by Marcus Hollis in March 2021.
The Garden was open under the National Gardens Scheme on 4 June and 25 June 2021.
## **Collection**
Peter Coates created a new socle for the Nollekens bust of Sterne (funded by the Culture Recovery Fund). Peter also cleaned the bust to conservation standards. The bust’s security was improved.
The Master and Fellows of Jesus College, Cambridge, have loaned Sterne’s Chair to the Trust. It was delivered to Shandy Hall on 2 September 2021 by Robert Athol (College Archivist), Rebecca Barr and Hillary Taylor (Fellows). It is now a major feature in the refurbished Study.
## **Website**
There were 13,762 individual visitors to the website during the year.
The Curator, Chris Pearson, Penny Boxall and Tom Forrest had regular meetings with Castlegate IT Ltd, commissioned to create a new website with funding from the National Lottery Heritage Emergency Fund. The redesign and the revision of content involved a considerable amount of work. Great care was taken to ensure that the new website meets accessibility standards and that it is designed to be compatible on all platforms and devices. [Note: the new website was launched on 24 November 2021, Sterne’s birthday.]
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Achievements and Performance (continued)**
## **Social Media**
The Trust had over 2,400 followers on Twitter by 31 October 2021.
## **Exhibitions and Events**
The three exhibitions planned for the 2020 season took place during summer 2021. All generated enthusiastic responses from visitors together with a number of sales.
A Grand Folio 26 June-25 July 2021 Work by Tom Phillips, RA, to celebrate his illustrations to the recent Folio Society edition of _Tristram Shandy_ , the new Carcanet _Oresteia_ and a number of other literary works, including his famous _A Humument_ . (See below: Publications.)
Filthy Trash 31 July-21 August 2021 Ceramics by Katrin Moye inspired by certain episodes of _Tristram Shandy_ . Katrin Moye also created limited series of ceramic noses and chamber pots to be sold in the Trust’s Shop. The Trust bought two of the main ceramic sculptures for the Collection. It took a share of the sales of other pieces. See also **Visitors** below.
Imprints: Art Editing Modernism 28 August-11 September Part of the Imprints of the New Modernist Editing project led by teachers at the University of Glasgow, Edinburgh College of Art and Glasgow School of Art; and funded by the Arts and Humanities Research Council. There were two associated workshops on 29 August 2021.
On 20 July 2021, Curator and Chairman attended an online conference, _Form, Media, Digitisation: Adaptation in Sterne, Sterneana, and Beyond_ .
## **Visitors**
House (by appointment): 80 @ £10 per head
Garden (paying visitors): 1030 @ £3.00 per head
Garden (free, using Gardener’s World 2-for-1 offer, + children): 187
Exhibitions (free): 150
A visitor to the Filthy Trash exhibition, Andrew Green, the former Librarian of the National Library of Wales, wrote glowingly about the exhibition in his blog _Gwallter_ on 6 August 2021.
Other notable visitors included Martin Rowson, Dennis Duncan and Marcus Walsh.
24 September 2021: 54 members of the Jane Austen Society (Northern Branch), led by Marilyn Joice, visited Coxwold church (morning) and Shandy Hall (after lunch).
Small groups (2 and above) visited the House by prior appointment. These all resulted in significant purchases from the Shop.
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Achievements and Performance (continued)**
## **Outreach and Partnership**
The Forest of Galtres Society was in touch about the water-supply sign on Shandy Hall’s roadside boundary wall, placed there many decades ago by Easingwold Rural District Council. This object provides the Society’s logo. It has now been removed from the wall (one of its bolts was loose) and cleaned and conserved by Peter Coates. It is being stored in the boiler house, its exact position noted on the wrappings, pending stabilisation of the wall before its replacement.
The Curator gave a Zoom talk to the York Georgian Society on 13 February 2021.
Chris Pearson gave talks about the Garden on 7 and 15 October 2021.
## **Residencies**
We were again unable to welcome an intern from the University of Pennsylvania, but we hope for such a residency in 2022.
## **Moths and the Environment**
Moth evenings could not take place this year because of COVID-19.
The total number of moth species recorded at Shandy Hall now stands at 448 with the appearance in the Garden on 9 September 2021 of the Bulrush Wainscot Moth, _Nonagria typhae_ . The Moths blog was particularly lively this year.
## **Publications**
The Trust published the following, funded by the Culture Recovery Fund:
A second edition of _A Moth Anthology_ . 160 copies sold by 31 October 2021.
A new fold-out Garden Plan created by Tom Forrest and Chris Pearson. It was given free to visitors this season.
_Yorick’s Progress_ An edition of the eight Martin Rowson illustrations created for the Trust in 2008, published now in pamphlet form with Commentary by Patrick Wildgust in an edition of 20 copies numbered and signed by the artist (£30 each; these have sold out) and 180 copies unsigned (£18 each). See **Media** below.
The new Folio edition of _Tristram Shandy_ has a specially commissioned Preface by Patrick Wildgust (Curator) who kindly donated his fee of £500 to the Trust in September 2020. (See above: Exhibitions and Events.)
Shandy Hall featured in the Literary Map Company’s _Literary & Musical Houses of Britain and Ireland_ (2021).
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Achievements and Performance (continued)**
## **Press and Media**
Katrin Moye’s work (see above: Exhibitions and Events) was featured in the June and July 2021 issues of _Homes and Antiques_ magazine.
On 2 July 2021, the _Times Literary Supplement_ carried an enthusiastic back-page feature on the Trust’s edition of Martin Rowson’s _Yorick’s Progress_ .
The series of podcasts _On the Road with Penguin Classics_ presented by Henry Eliot included one on _Tristram Shandy_ (February 2021): Henry Eliot was in conversation at Shandy Hall with Patrick Wildgust and Frank Cottrell-Boyce. Henry Eliot reports that it proved to be the most popular of the series. It was followed up by an article about the podcasts by Henry Eliot in the _Guardian_ Review on 3 April 2021 (which, oddly, did not mention Sterne).
## **Accreditation**
The documents for re-accreditation were submitted, as required, in February 2020. Although the scheme was suspended owing to COVID-19, we have continued to be recognised as an Accredited Museum. Updated documents for re-accreditation will be submitted in early 2022.
## **Principal Specific Projects and Objectives for the Year 2021-2022:**
To follow up the recommendations of the Ferrey and Mennim Condition Survey Report and to act on priorities identified
To develop further digital engagement with audiences, artists and other users
To continue to raise funds to meet running costs, to carry out specific projects and to build up resources to deal with unforeseen circumstances
To encourage supporters to leave legacies to the Trust
To continue to refine existing financial monitoring, analysis and planning in order to remain resilient enough to withstand another interrupted season
To finalise closure of the Company [completed January 2022]
To hold one or more manageable exhibitions in the 2022 season and to plan others for 2023
To review arrangements for the recruitment and retention of trustees and staff with expertise and capacities which will meet the immediate needs of the Trust; and to ensure that this is a standing item on agenda.
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Financial Review**
The Trust Deed permits funds to be invested in such a manner as the trustees see fit, provided that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable.
The Trust’s objective is to ensure that all annual costs are met out of income. In 2020/21 the Trust’s gross income exceeded its expenditure by £1,167,114. £1,160,000 of this is the transfer of the property from The Laurence Sterne Trust (charitable company). Without this, there would have been a net income of £7,114. This represented net income of £31,631 from core activities funded from unrestricted resources offset by net expenditure of £24,517 on a range of projects and activities funded by specific grants. All restricted grants were spent in the year. The unfunded balance of expenditure of £5,400 arose because the final instalment of the Government’s Culture Recovery Fund was not paid until shortly after the year end.
The trustees and curator have been successful in attracting a number of grants and donations, which have allowed the Trust to sustain its activities during the year and undertake a range of much needed activities that will enable the Trust to continue its operations in the future. These awards have also enabled the Trust to maintain its unrestricted funds at an acceptable and sustainable level.
The level of free reserves is maintained to at least cover 12 months of core activities, £50,000, in case of a shortfall in funding and to meet any urgent unforeseen measures.
At the end of the financial year, the Trust held free reserves of £111,126 excluding heritage assets of £1,425,075. The Trustees agreed (3 October 2021) to designate funds of £40,000 to address repair and maintenance priorities. The level of restricted funds was in deficit by £5,400 at the year end.
## **Risk Assessment**
The Trustees have carried out an assessment of the risks to which the Trust might be subject: these include insufficient funds to cover costs, health and safety (due to the provision of public access to the premises), structural damage to the property and succession planning of staff and trustees. They concluded that adequate measures to meet the risks were currently in place.
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**THE LAURENCE STERNE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2021**
## **Statement of Trustees’ Responsibilities**
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing the financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable Accounting Standards and Statements of Recommended Practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees on 6 April 2022
Robert Wyke _Chairman_
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## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF**
## **THE LAURENCE STERNE TRUST**
I report to the trustees on my examination of the accounts of The Laurence Sterne Trust for the year ended 31 October 2021.
This report is made solely to the Charity's Trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Sarah Wearing FCA, DChA HPH, Chartered Accountants 54 Bootham York YO30 7XZ
6 April 2022
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## **THE LAURENCE STERNE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021**
|_Notes_
**Income and endownments from**
Donations and legacies
_6_
_9_
_7_
_8_
**Donation of assets**
**Total**
**Expenditure on:**
Charitable activities
_10_
Support costs
_10_
**Total**
**Net income/(expenditure)**
_5_
**Transfers between funds**
**Reconciliation of funds:**
Total funds brought forward at 1
November 2020
**Total funds carried forward at**
**31 October 2021**
Investments
Charitable activities
Other trading activities
Transfer from The Laurence
Sterne Trust (charitable trust)
Transfer from The Laurence
Sterne Trust (charitable
company)
Insurance settlement for
business interruption|_Unrestricted_
_Funds_
_£_
19,936
3,816
34,495
6,600
79
64,926
-
1,160,000
1,224,926
11,864
21,431
33,295
1,191,631
-
344,570
£ 1,536,201|_Restricted_
_Funds_
_£_
78,960
-
-
-
-
78,960
-
-
78,960
-
103,477
103,477
(24,517)
-
19,117
£ ( 5,400)|_2021_
_£_
98,896
3,816
34,495
6,600
79
143,886
-
1,160,000
1,303,886
11,864
124,908
136,772
1,167,114
-
363,687
£ 1,530,801|_2020_
_£_
84,630
2,649
13,421
-
244|
|---|---|---|---|---|
|||||100,944
329,246
-|
|||||430,190|
|||||2,347
66,210|
|||||68,557|
|||||361,633
-
2,054|
|||||£ 363,687|
_The notes on pages 14 to 22 form part of these accounts._
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## **THE LAURENCE STERNE TRUST**
## **BALANCE SHEET AT 31 OCTOBER 2021**
|_Notes_
**Fixed assets:**
Tangible assets
_11_
**Current assets:**
Stocks
_12_
Cash at bank and in hand
Debtors
_13_
_Total current assets_
**Liabilities:**
_14_
_Net current assets_
_Total assets less current liabilities_
**Total net assets**
**The funds of the charity:**
Restricted funds
_16_
Unrestricted funds
_15_
**Total charity funds**
Creditors: amounts falling due within
one year|_£_
_£_
1,425,075
6,825
107,539
710
115,074
9,348
105,726
1,530,801
£ 1,530,801
(5,400)
1,536,201
£ 1,530,801
_2021_|_£_
_£_
265,075
6,880
102,781
485
110,146
11,534
98,612
363,687
£ 363,687
19,117
344,570
£ 363,687
_2020_|_£_
_£_
265,075
6,880
102,781
485
110,146
11,534
98,612
363,687
£ 363,687
19,117
344,570
£ 363,687
_2020_|
|---|---|---|---|
||||98,612|
||115,074|110,146||
||9,348|11,534||
|||||
||||363,687|
||||£ 363,687|
||||19,117
344,570|
||||£ 363,687|
_Approved by the Trustees on 6 April 2022 and signed on their behalf by:_
Robert Wyke Chairman
_The notes on pages 14 to 22 form part of these accounts._
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## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021**
## **1. ACCOUNTING POLICIES**
## **a) Basis of preparation**
The Accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) (effective 1 January 2019) - (Charites SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The Laurence Sterne Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The principal address of the Trust is: Shandy Hall, Coxwold, York, YO61 4AD.
## **b) Preparation of accounts on a going concern basis**
The Charity has cash resources and has no requirement for external funding. The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and have prepared the annual financial statements on the going concern basis of accounting. The Trust's funds, reserves and operations were transferred from the old Trust to the Charitable Incorporated Organisation (CIO) on 1st November 2019, permission for which was granted by the Charity Commission on 11 December 2018. The new body is designed to run the operations of the Trust and the company limited by guarantee which held the principal asset Shandy Hall. The process for transferring the property to the CIO was concluded on 10 April 2021.
## **c) Funds structure**
The unrestricted income fund comprises those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose. The restricted income fund comprises those funds that can only be used for particular purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular purposes.
## **d) Income and endowments**
_Donations and legacies_
Donations, subscriptions and grants include amounts received during the year from friends of Shandy Hall, and other general donations and receipts. For 2019/20, it also included several grants awarded to the Trust to sustain it through the coronavirus pandemic. Income is recognised in the period in which it is received.
## _Other trading activities_
Incoming resources from generated funds are comprised of income from shop sales, lectures, exhibitions and rental income from Wolfson Cottage. All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
## _Investments_
Investment income from bank interest is brought into the accounts gross when receivable.
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## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2021**
## **1. ACCOUNTING POLICIES (continued)**
## **d) Income and endowments (continued)**
## _Charitable activities_
Incoming resources from charitable activities are comprised of income from admissions during the year. Income is recognised in the period in which it is received.
## **e) Expenditure**
_Raising funds_
The costs of generating funds include those costs associated with the promotion of the activities of the Trust. These costs are charged on the basis of the accruals concept, including irrecoverable value added tax where applicable.
## _Charitable activities_
Charitable expenditure includes all expenditure directly relating to the objects of the Trust and costs are charged on the basis of the accruals concept, including irrecoverable value added tax where applicable. Also included are governance costs which include those incurred in the governance of the Trust and its assets and primarily associated with constitutional and statutory requirements, including irrecoverable value added tax where applicable.
## **f) Taxation**
As a registered charity, the Charity is exempt from the payment of income tax in respect of its charitable activities.
## **g) Stocks**
Stocks are included at the lower of cost and net realisable value. Unsold donated items are not included in stocks.
## **h) Heritage fixed assets**
Fixed assets costing more than £1,000 are capitalised and included at cost. Items costing less than £1,000 are written off as an expense as acquired.
The Sterne Collection is held in perpetuity under the terms of the Trust's Constitution. Due to the historic nature of The Sterne Collection and Shandy Hall they are deemed to have indefinite lives and therefore the CIO values the assets at full cost or valuation with no depreciation.
## **i) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **j) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
15
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2021**
## **1. ACCOUNTING POLICIES (continued)**
## **k) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **l) Financial instruments**
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are intially recognised at transaction value and subsequently measured at their settlement value.
## **m) Pensions**
The Trust operates a defined contribution scheme for its employees. Contibutions are recognised in the SOFA when due and any unpaid contributions are recognised as a liability.
## **2. REMUNERATION AND EXPENSES OF TRUSTEES**
None of the Trustees received any remuneration or benefits by virtue of being a trustee of the Trust. The Trust has paid an insurance premium for museum insurance which includes trustee indemnity cover. The total premium was £3,323 (2020 - £3,501). No trustee expenses have been incurred.
## **3. STAFF COSTS**
|**STAFF COSTS**
Wages and salaries
Social security costs
Pension costs|_2021_
_£_
30,148
-
754
£ 30,902|_2020_
_£_
34,366
1,176
706|
|---|---|---|
|||£ 36,248|
The average number of employees in the year, analysed by function was:
Management and administration of the Charity 2 2
No employee received emoluments in excess of £60,000 (2020 - none).
The key management personnel of the Trust comprise the trustees and the curator. The remuneration received by the key management personnel was £25,000 (2020 - £25,000).
The Charity also benefits greatly from the involvement and enthusiastic support of its volunteers, details of which are given in our annual report. In accordance with Charities SORP, the economic contribution of general volunteers is not recognised in the accounts.
## **4. RELATED PARTY TRANSACTIONS**
There were no related party transactions in the reporting period.
16
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2021**
## **5. NET EXPENDITURE/INCOME**
**5. NET EXPENDITURE/INCOME** _2021 2020 £ £_ Net expenditure/income is stated after charging: Accountants' remuneration Independent examination 960 960 £ 960 £ 960 **6. DONATIONS AND LEGACIES**
Grants and donations from Government and Public Bodies include amounts receivable from the following bodies:
|Historic England
Heritage Emergency Fund
Arts Council Emergency Fund
Ronnie Duncan Arts Foundation
HM Government Job Retention Scheme
Other individual donations
In 2020, £30,798 related to restricted funds.
**7.**
**OTHER TRADING ACTIVITIES**
Shop sales
Lectures and exhibitions
"Wolfson" Cottage rent and facilities
In 2020, £Nil related to restricted funds.
**8.**
**INVESTMENTS**
In 2020, £Nil related to restricted funds.
UK bank interest receivable
HM Government Small Busines Support Grant (administered by
HDC)|_2021_
_£_
27,360
-
48,600
3,000
-
8,000
11,936
£ 98,896
_2021_
_£_
17,487
13,896
3,112
£ 34,495
_2021_
_£_
£ 79|_2020_
_£_
-
27,400
23,630
6,000
3,398
10,000
14,202|
|---|---|---|
|||£ 84,630|
|||_2020_
_£_
10,939
482
2,000|
|||£ 13,421|
|||_2020_
_£_
£ 244|
||||
17
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENED 31 OCTOBER 2021**
|**9.**
**CHARITABLE ACTIVITIES**
In 2020, £Nil related to restricted funds.
_Basis of_
_allocation_
**10. TOTAL RESOURCES EXPENDED**
**Costs directly allocated to activities**
Cost of sales
direct
**Support costs allocated to activities**
Repairs and renewals
usage
Insurance
usage
Rates and water
usage
Heating and lighting
usage
IT and telephone
usage
usage
Professional fees
usage
Fees and subscriptions
usage
Wages
usage
Admissions
Stationery, advertising and
sundries|_Charitable_
_activities_
_£_
11,864
11,864
47,866
3,323
1,913
4,522
16,962
2,979
15,040
261
30,902
123,768
£ 135,632|_Governance_
_costs_
_£_
-
-
-
-
-
-
-
-
1,140
-
-
1,140
£ 1,140|_2021_
_£_
£ 3,816
_Total_
_2021_
_£_
11,864
11,864
47,866
3,323
1,913
4,522
16,962
2,979
16,180
261
30,902
124,908
£ 136,772|_2020_
_£_
£2,649|
|---|---|---|---|---|
|||||_Total_
_2020_
_£_
2,347|
|||||2,347
5,532
3,501
1,852
3,896
11,449
1,795
1,702
235
36,248|
|||||66,210|
|||||£ 68,557|
In 2020, £21,302 related to restricted funds.
18
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENED 31 OCTOBER 2021**
|**11. HERITAGE FIXED ASSETS**
_Cost or valuation_
At 1 November 2020
At 31 October 2021
At 31 October 2021
At 31 October 2020
Valuation
Cost
Total
Additions
_Net book value_|**Sterne**
**Collection**
**£**
265,075
-
£ 265,075
£ 265,075
£ 265,075
-
265,075
£ 265,075|**Shandy**
**Hall**
**£**
-
1,160,000|**Total**
**£**
265,075
1,160,000|
|---|---|---|---|
|||£ 1,160,000|£ 1,425,075|
|||£ 1,160,000|£ 1,425,075|
|||£ -|£ 265,075|
|||1,160,000
-|1,160,000
265,075|
|||£ 1,160,000|£ 1,425,075|
The Sterne collection are heritage assets that are commensurate with the aims and objectives of the Trust. A catalogue is maintained detailing all the items in the collection. The collection is on public display and is available to view during the house opening times and upon request.
Shandy Hall was transferred to the CIO on 10 April 2021. It is the house where Sterne lived in his later years. Originally purchased by The Laurence Sterne Trust in 1967 it continues to beheld in trust as a public museum.
## **Five year financial summary of heritage asset transactions**
|Additions (cost or valuation)
The Sterne Collection
Shandy Hall
Shandy Hall
Total additions
Total disposals
Disposals (cost or valuation)
The Sterne Collection
Shandy Hall
Disposals (proceeds)
The Sterne Collection|**2020-21**
**£**
-
1,160,000
£1,160,000
-
-
£-
-
-
£-|**2019-20**
**£**
-
-
£-
-
-
£-
-
-
£-|**2018-19**
**£**
-
-|**2017-18**
**£**
7,495
-|**2016-17**
**£**
-
-|
|---|---|---|---|---|---|
||||£-|£7,495|£-|
||||-
-|-
-|-
-|
||||£-|£-|£-|
||||-
-|-
-|-
-|
||||£-|£-|£-|
19
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2021**
## **12. STOCKS**
|Goods for resale
In 2020, £Nil related to restricted funds
**13. DEBTORS**
Other debtors
Prepayments
In 2020, £Nil related to restricted funds.
Other creditors
Taxation and social security
Accruals and deferred income
In 2020, £Nil related to rescticted funds.
**15. UNRESTRICTED FUNDS**
_At 1/11/20_
_£_
Undesignated funds
344,570
Designated funds
- Heritage fixed assets fund
-
- Repair and maintenance fund
-
Total
£ 344,570
_At 1/11/19_
_£_
Undesignated funds
2,054
£2,054
**14. CREDITORS: amounts falling due within**
**one year**|_Restricted_
_funds_
_£_
£ -
_Restricted_
_funds_
_£_
-
-
£-
_Restricted_
_funds_
£
-
-
-
£ -
_Income_
_£_
64,926
1,160,000
-
£ 1,224,926
_Income_
_£_
289,771
£289,771|_Unrestricted_
_funds_
_£_
£ 6,825
_Unrestricted_
_funds_
_£_
22
688
£710
_Unrestricted_
_funds_
_£_
7,665
573
1,110
£ 9,348
_Expenditure_
_£_
(33,295)
-
-
£(33,295)
_Expenditure_
_£_
(47,255)
£ (47,255)|_Total_
_2021_
_£_
£ 6,825
_Total_
_2021_
_£_
22
688
£710
_Total_
_2021_
_£_
7,665
573
1,110
£ 9,348
Transfers
£
(305,075)
265,075
40,000
-
£
Transfers
£
100,000
£100,000|_Total_
_2020_
_£_
£ 6,880|
|---|---|---|---|---|
|||||_Total_
_2020_
_£_
44
441|
|||||£485|
|||||_Total_
_2020_
£
10,283
154
1,097|
|||||£ 11,534|
|||||_At 31/10/21_
_£_
71,126
-
1,425,075
40,000|
|||||£ 1,536,201|
|||||_At 31/10/20_
_£_
344,570|
|||||£ 344,570|
20
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2021**
|**16. RESTRICTED FUNDS**
Heritage Lottery Fund
Heritage Emergency Fund
Normanby Charitable Trust
Ernest Cook Trust
Holbeck Charitable Trust
HM Government Job
Retention Scheme
Ronnie Duncan Arts
Foundation
Government Cultural
Recovery Fund
Historic England
Emergency Heritage at Risk
National Lottery Heritage
Emergency Fund|_At 1/11/20_
_£_
-
19,117
-
-
£ 19,117
_At 1/11/19_
_£_
-
-
-
-
-
£ -
|_Income_
_£_
27,360
-
48,600
3,000
£ 78,960
_Income_
_£_
100,000
27,400
3,398
4,221
4,900
500
£ 140,419|_Expenditure_
_£_
(27,360)
(19,117)
(54,000)
(3,000)
£(103,477)
_Expenditure_
_£_
-
(8,283)
(3,398)
(4,221)
(4,900)
(500)
£(21,302)|Transfers
£
-
-
-
-
-
£
Transfers
£
(100,000)
-
-
-
-
£(100,000)|_At 31/10/21_
_£_
-
-
(5,400)
-|
|---|---|---|---|---|---|
||||||£(5,400)|
||||||_At 31/10/20_
_£_
-
19,117
-
-
-|
||||||£ 19,117|
## Historic England Emergency Heritage at Risk Fund
This relates to monies received for urgent repairs to the south wall of Shandy Hall, the repair/replacement of windows and a full condition survey of all the buildings. The Trust contributed £8,450 of its own funds to the total project costs.
## National Lottery Heritage Emergency
This relates to the National Heritage Lottery package of support for the heritage sector as a response to the COVID-19 crisis and has enabled the Trust to have a new website and to replace the security system (for the safety and care of our heritage assets).
## Government Cultural Recovery Fund
This relates to monies received towards general running costs (salaries, utilities, COVID-19 measures, professional fees, insurance etc.), new publications, and artist and craft commissions relating to Sterne’s Study and the Nollekens bust. This fund was in deficit at the year end due to 10% of the award being held pending final completion and sign off by ACE. The outstanding balance was received by the Trust in November 2021.
## Ronnie Duncan Arts Foundation
This relates to monies to support artist residencies at Shandy Hall.
21
## **THE LAURENCE STERNE TRUST**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 OCTOBER 2021**
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Current period**
Unrestricted Funds
Restricted funds
**Prior period**
Unrestricted Funds
Restricted funds|_Tangible fixed_
_assets_
_£_
1,425,075
-
£ 1,425,075
_Tangible fixed_
_assets_
_£_
265,075
-
£265,075|_Current_
_assets_
_£_
115,074
-
£ 115,074
_Current_
_assets_
_£_
86,391
23,755
£110,146|_Current_
_liabilities_
_£_
(3,948)
(5,400)
£(9,348)
_Current_
_liabilities_
_£_
(6,896)
(4,638)
(£11,534)|_Total_
_£_
1,536,201
(5,400)|
|---|---|---|---|---|
|||||£ 1,530,801|
|||||_Total_
_£_
344,570
19,117|
|||||£ 363,687|
22