Charity Number 1181127
THE LAURENCE STERNE TRUST
REPORT AND FINANCIAL STATEMENTS Year ended 31 October 2022
The Laurence Sterne Trust Charity No. 1181127
Trustees’ annual report and financial statements for the year ended 31 October 2022
CONTENTS
| Page | |
|---|---|
| Charity details | 2 |
| Trustees’ Report | 3 |
| Statement of Trustees’ Responsibilities | 9 |
| Independent Examiner’s Report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Accounts | 13 |
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The Laurence Sterne Trust Charity No. 1181127
Trustees’ annual report and financial statements for the year ended 31 October 2022
Charity details
Charity Name and Number The Laurence Sterne Trust Charitable Incorporated Organisation Registered charity number 1181127 Registered Address Shandy Hall, Coxwold, York YO61 4AD Trustees Robert John Wyke (Chair) Rachel Feldberg Lady Feversham Thomas Forrest Peter Bardsea Miller Stephen Milner Staff and Volunteers Patrick Wildgust: Curator Penny Boxall: Museum Officer (until 19 July 2022) Chris Pearson: Volunteer and volunteer co-ordinator Michael Stanley: Museum Mentor Bankers Virgin Money, 46 Coney Street, York YO1 9NQ Independent Examiners HPH Chartered Accountants, 54 Bootham, York YO30 7XZ
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
Annual Report of the Trustees of The Laurence Sterne Trust
The Trustees present their annual report together with the financial statements of the CIO for the year ended 31 October 2022. 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 Trust is a Charitable Incorporated Organisation (CIO). It 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.
Constitution and Trustees
There have been no changes to the constitution. There were no changes to the body of trustees.
Full meetings of trustees were held on 25 February 2022, 29 April 2022 and 4 October 2022.
Affiliation
The Charity is not affiliated to any other Charity.
Trustee Induction and Training
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.
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
Shandy Hall, purchased freehold in 1968 to be a public museum dedicated to the life, work and legacy of Laurence Sterne (1713-1768), remains the Laurence Sterne Trust’s most important heritage asset. It is a Grade I listed building with all the challenges associated with that status. Shandy Hall is a significant local landmark and, with over 500 years of architectural history, it charts the changing use and social context of a place that is treasured by local communities. People come from across the world to be in the place where Laurence Sterne wrote Tristram Shandy and feel connected to the author.
Shandy Hall is a fully accredited Museum (Accreditation number AN1580).
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
Public Access
During 2022 Shandy Hall was once again properly open to visitors. The season ran from 1 May to 30 September 2022. The House was open on Saturdays, Sundays and Bank Holidays for guided tours at 11:30 and 14:30 which could be booked in advance. The Gardens were open 11:00-16:00 Tuesday to Sunday and Bank Holidays. Individuals and groups who could not manage these times could visit by appointment; many did so. The new opening days and times were successful; and visitors were happy with our revised admission charges: House and Garden (£10 per head) and Garden only (£4). The Curator is free to waive admission charges for any visitor who cannot afford them.
Totals of visitor numbers: to House & Garden: 520; to Garden only: 1,571 The Gardeners’ World 2-for-1 scheme attracted 25% of our visitors.
We were pleased that visitors this year saw the results of our work during the period of Covid-19 closure. They were able, for instance, to enjoy for the first time Sterne’s refurbished Study, a special experience further enhanced by the extended loan by Jesus College, Cambridge, of Sterne’s own writing chair, recently rediscovered and restored.
We piloted a new visitor feedback form. Responses were overwhelmingly positive.
Health and Safety, and Safeguarding
The Trust continued to implement all the required measures and protocols relating to Covid-19. No staff, volunteers or visitors reported infection.
There was a small fall of rock in the Quarry Garden on 16 August 2022. The area affected was cordoned off and expert advice was followed.
No safeguarding issues arose during the year.
Heritage Assets: Shandy Hall
In 2021 the Trust commissioned a Condition Survey Report (CSR) from Ferrey and Mennim. This identified five serious issues to be addressed by April 2024. The Trust has action plans to address two of these with existing designated resources: the heating in Shandy Hall and a detailed survey of its roof. We need additional funding to tackle the other three issues: repairs to the East and North Elevations of Shandy Hall; repairs to the boiler house/garage building adjoining the North Elevation; and replacement of the North Porch (the main entrance to the House for visitors) on the North Elevation.
An application was made to the Government’s Museum Estate and Development Fund (MEND) Round 2, administered by Arts Council England. In March 2023 we were informed that this was successful and the works are planned to start in September 2023.
The Condition Survey has resulted in a plan for regular repair and maintenance. A formal Maintenance Plan will be developed as part of the MEND project.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
Heritage Assets: Collection
The Collection at Shandy Hall of books and other items relating to Laurence Sterne is of international importance. The Trust makes the Collection readily accessible to visitors and scholars. A full catalogue of our holdings is available online through our website.
The Curator took part in the selection of a doctoral student at the University of Northumbria to work on aspects of the Collection. The successful applicant, Laura Sadler (MA, Durham University), will work with the Collection and with the Sterne Digital Library for four years from October 2022.
The manuscript of Sterne’s letter to Ignatius Sancho (CCWSH 1392) was lent to Gainsborough’s House in Sudbury for display in their exhibition Ignatius Sancho – a Portrait , 21 November 2022-23 February 2023.
Garden and Environment
The Garden is a vital element in Shandy Hall’s attractiveness to visitors, bringing in revenue and furthering public awareness of Laurence Sterne and his context.
Chris Pearson continued to keep the Garden looking beautiful. She was once again able to call upon the help of her team of volunteers who provided c.120 hours of their time this season. Visitors valued interaction with these well-informed people.
Winter storms and summer heat created difficulties but these were overcome. Ash dieback was identified in certain prominent trees. This was dealt with by a tree surgeon.
The Garden was open under the National Gardens Scheme on 3 June and 17 June 2022. Fifty-five people attended.
Visitor feedback indicates enthusiasm for the wildlife at Shandy Hall. For many years the Curator has been identifying the many species of moths which frequent the Garden at Shandy Hall. Seven new species were identified in 2022, bringing the total recorded to 455. Moth release sessions bring in many visitors who are thus introduced to the world of Sterne.
Exhibitions and Events
Two exhibitions were held in 2022:
Martin Rowson’s Waste Land: 1 May-25 September 2022
Laurence Sterne’s writings anticipated many aspects of modernism. The movement’s annus mirabilis was 1922, a year that saw the publication of James Joyce’s Ulysses , Virginia Woolf’s Jacob’s Room , and T. S. Eliot’s The Waste Land . The original illustrations of Martin Rowson’s highly individual response to Eliot’s poem were borrowed from the Archive of Pembroke College, Cambridge, to form the exhibition that ran throughout the summer season. On 10 September 2022, Martin Rowson gave a lively talk to a capacity audience in the Gallery.
Locke Unlocked: 1 May-30 September 2022
John Locke’s An Essay Concerning Human Understanding (1689) was an important influence on Sterne. In 2022 Cliff Landesman, philosopher and origami artist, created a display that elucidates six central
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
Lockean ideas. It came to Shandy Hall after being first shown at the Bodleian Library, Oxford. Rachel Feldberg (trustee) arranged the loan of this exhibition and arranged for its dispatch to its next venue.
Outreach, Partnership and Relationships
In addition to encouraging visitors to visit Shandy Hall in person, we promote Laurence Sterne and his legacy through educational outreach and contact with other organisations.
There were 11 special visits by educational and other groups during the season (271 paying visitors); and 237 people visited free of charge for Coxwold Open Gardens on 12 June 2022.
The Curator gave eight offsite talks about Sterne to groups including university students, local history societies and the Jane Austen Society (London Branch). Audiences totalled 202 in person and there were more online. The chair of trustees talked on Sterne to York U3A in February 2022 (c.60 in person; more online); this was the first in-person York U3A Saturday talk after Covid-19 restrictions were lifted.
We continue to value our relationship with Museum Development Yorkshire. We are already building relationships with the new North Yorkshire Council.
Post Covid-19 we were able once again to welcome an intern from the University of Pennsylvania. This provides an opportunity for a student to experience life and work in the UK and independently explore a special interest. The University of Pennsylvania covers the costs of the student’s accommodation in the self-contained flat at Shandy Hall.
Website
The Trust’s new website was launched on 24 November 2021, Laurence Sterne’s birthday. There were 300 visits on the day of launch. There were 16,000 visits during the accounting year.
Social Media
By 31 October 2022, the Trust had just over 2,500 followers on Twitter. We had 650 followers on Facebook.
Publications
Endless Journey , the Myriorama created for the Trust by Tom Gauld in 2015, is now in its fourth UK edition. In March 2022 it was issued in South Korea in an edition of 1,000 copies, yielding royalties for the Trust. On 27 June 2022 the Trust received a share of the fee for the licensing for publication of the Myriorama by Art of Play in San Diego, California.
Sterne was a master of non-linear narrative, so the Laurence Sterne Trust is interested in other manifestations of the genre. One of these, Cain’s Jawbone by E. Powys Mathers (1934), came to the attention of the publisher Unbound on a visit to Shandy Hall. In collaboration with the Curator the text was re-published as a set of boxed cards. It was subsequently reprinted as a paperback book (now in its ninth printing) and has been translated and published in Italy, France, Spain and Brazil. Other translations are in progress. The Trust receives a share of the profits from Cain’s Jawbone .
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
Press and Media
The April 2022 issue of Garden Answers carried an article about the Shandy Hall gardens with photographs by Andrea Jones.
Michael Caines’s “NB” column in the 13 May 2022 issue of the Times Literary Supplement included a lively notice of the Shandy Hall exhibition of Martin Rowson’s drawings for his Waste Land .
Financial Review
The Trust aims to raise sufficient income each year to cover its running costs, including salaries. That aim was at risk in 2020/21 owing to Covid-19, but government and other grants enabled us to cover the loss of income from much reduced visitor numbers. With the return to a normal pattern of opening hours in 2022 the income from admissions and sales has recovered to the levels we had before the pandemic and the Trust is once again in a stable financial position.
In 2021/22 expenditure exceeded income by £5,373 (2021 income exceeded expenditure by £7,114). This was anticipated with the plans to use the designated fund for repair and maintenance (see below).
A legacy of £5,000 was a much-appreciated boost to our donations. We are grateful to the individuals and organisations that continue to support us through donations.
We received the balance of the Government’s Culture Recovery Grant: £5,400 (for expenditure incurred in 2020/21); and the last instalment of the Government’s Small Business Support Grant: £2,667 (through Hambleton District Council).
In 2021 the Trustees designated £40,000 of unrestricted funds to start to address the repair and maintenance works identified in the Condition Survey Report. Although only £8,437 was used in the year 2021/22 there are plans to continue the maintenance work, including a replacement heating system, that will use a substantial part of the remaining designated fund in 2022/23. This fund will also be used to provide the required match funding for the MEND project or other grant applications.
Reserves
At the end of October 2022 unrestricted funds, excluding fixed heritage assets, were £100,353 (£111,126 at October 2021).
The Trust aims to have reserves of £60,000 (the annual running costs). Many small charities work on a six-month operational cost reserve, but as Shandy Hall is only open (and able to raise visitor income) for six months of the year the Trust considers a full year operational cost to be a more prudent level of reserves.
It will be important to retain the designated fund for repair and maintenance at a level that enables us to continue to care for our heritage assets. It is envisaged that when the backlog of the most urgent repairs has been addressed an annual costed maintenance plan will inform the level of the designated fund required in future years.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
Principal Specific Projects and Objectives for the Year 2022-2023
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To commission an Access Audit and produce an updated Access Plan.
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To continue with the repair and maintenance of the fabric. The urgent priorities identified in the Condition Survey Report will be addressed in 2023/24. A revised list of works for subsequent years will then be drawn up and costed. This updated list will include actions in response to the Access Audit.
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To raise funds to meet running costs, carry out specific projects and build up resources to deal with unforeseen circumstances.
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To maintain financial monitoring, analysis and planning in order to remain resilient.
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To organise events to celebrate the 50th anniversary of Shandy Hall’s opening as a public museum.
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To run our 2023 season from 1 April to 31 August. Visitors will thus see more of the Garden in spring; and we will be able to carry out any maintenance work on the fabric before winter.
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To hold one major exhibition/auction: I wish… (based on the opening words of Tristram Shandy ), May-August 2023.
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To continue to seek new trustees with relevant expertise and capacities.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
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:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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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
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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 14 August 2023
Robert Wyke Chairman
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
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 ABZ Trust (the Trust) for the year ended 31 October 2022.
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 examiner’s 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, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s 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
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
14 August 2023
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 OCTOBER 2022
| Notes Income and endowments from Donations and legacies 6 Grants 6 Charitable activities 9 Other trading activities 7 Insurance for business interruption Investments 8 Other bank Donation of assets Transfer of property from The Laurence Sterne Trust (charitable company) Total Income Expenditure on: Charitable activities 10 Support costs 10 Total Expenditure Net (expenditure)/income 5 Transfer between funds Reconciliation of funds Total funds brought forward at 01 November 2021 Total funds carried forward at 31 October 2022 |
Unrestricted Funds £ 15,664 2,817 9,410 23,869 - 109 145 |
Restricted Funds £ - 5,400 - - - - |
Designated Funds £ - - - - - - |
Total 2022 £ |
Total 2021 £ 11,936 86,960 3,816 34,495 6,600 79 |
|---|---|---|---|---|---|
| 15,664 8,217 9,410 23,869 - 109 145 |
|||||
| 52,014 - 52,014 3,193 51,157 |
5,400 - 5,400 - - |
- - |
57,414 - |
143,886 1,160,000 |
|
| - | 57,414 | 1,303,886 | |||
| - 8,437 |
3,193 59,594 |
11,864 124,908 |
|||
| 54,350 | - | 8,437 | 62,787 | 136,772 | |
| (2,336) - 71,126 68,790 |
5,400 - (5,400) - |
(8,437) - 1,465,075 |
(5,373) - 1,530,801 |
1,167,114 - 363,687 |
|
| 1,456,638 | 1,525,428 | 1,530,801 |
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
BALANCE SHEET AT 31 OCTOBER 2022
| Notes Fixed Heritage assets Tangible assets 11 Shandy Hall Collection Current assets Stocks 12 Cash at bank and in hand Debtors 13 Total current assets Liabilities Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets The funds of the charity Restricted funds 16 Unrestricted funds 15 Designated fund (Heritage fixed assets) Designated fund (repair & maintenance) Undesignated funds Total charity funds |
2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|---|
| £ 5,947 100,009 1,434 |
£ 1,160,000 265,075 |
£ 6,825 107,539 710 |
£ 1,160,000 265,075 |
||
| 1,425,075 100,353 |
1,425,075 105,726 |
||||
| 107,390 | 115,074 | ||||
| 7,037 | 9,348 | ||||
| 1,525,428 | 1,530,801 | ||||
| 1,525,428 | 1,530,801 | ||||
| - 1,425,075 31,563 68,790 |
(5,400) 1,425,075 40,000 71,126 |
||||
| 1,525,428 | 1,530,801 |
Approved by the Trustees on 14 August 2023 And signed on their behalf by:
Robert Wyke Chairman
The notes on pages 13 to 22 form part of these accounts.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
NOTES to the Accounts for the year ended 31 October 2022
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 of 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.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
ACCOUNTING POLICIES (continued)
d) Income and endowments (continued)
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.
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 heritage assets are held in perpetuity under the terms of the Trust's Constitution. Owing to the historic nature of Shandy Hall and the Collection (see Note 11) they are deemed to have indefinite lives and therefore the CIO values the assets at full cost or valuation with no depreciation.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
ACCOUNTING POLICIES (continued)
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.
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 initially recognised at transaction value and subsequently measured at their settlement value.
m) Pensions
The Trust operates a defined contribution scheme for its employees. Contributions 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 £3,725 (2021 - £3,323). No trustee expenses have been incurred.
3. STAFF COSTS
| Salaries Pension costs |
2022 £ 28,150 2,206 30,356 |
2021 £ 30,148 754 |
|---|---|---|
| 30,902 |
The average number of employees in the year, analysed by function was:
| Management and administration of the Charity | 2022 2 |
2021 |
|---|---|---|
| 2 |
No employee received emoluments in excess of £60,000 (2021 - none).
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
The key management personnel of the Trust comprise the trustees and the curator. The remuneration received by the key management personnel was £25,000 (2021 - £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.
5. NET EXPENDITURE/INCOME
Net expenditure/income is stated after charging the Accountant’s remuneration
| Independent Examiner Fees | 2022 £ 960 |
2021 £ |
|---|---|---|
| 960 |
6. DONATIONS AND LEGACIES
Grants and donations from Government and Public Bodies include amounts receivable from the following bodies:
| Government’s Culture Recovery Fund Government Small Business Support Grant Historic England Ronnie Duncan Arts Foundation Other individual donations Government support for Council Tax provided a discount/refund |
2022 £ 5,400 2,667 - - 15,664 150 23,891 |
2021 £ 48,600 8,000 27,360 3,000 11,936 - |
|---|---|---|
| 98,896 |
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Government’s Culture Recovery Fund: £5,400
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This is the 10% balance of the full grant of £54,000 and relates to expenditure made in the previous year within restricted funds.
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Government Small Business Support Grant (administered by Hambleton District Council) £2,677 This was an unrestricted grant for general running costs.
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Government support for Council Tax provided a discount/refund of £150.
Other donations from companies, trusts and individuals: £11,380. In 2021/22 £4,284 was received in cumulated Gift Aid on eligible donations.
In 2021, -£78,960 related to restricted funds.
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The Laurence Sterne Trust Charity No. 1181127
Trustees’ annual report and financial statements for the year ended 31 October 2022
7. OTHER TRADING ACTIVITIES
| Shop sales Lectures and exhibitions Wolfson Cottage rent and facilities Rights and licences |
2022 £ 12,374 880 3,977 6,638 23,869 |
2021 £ 17,487 13,896 3,112 - |
|---|---|---|
| 34,495 |
In 2021, £Nil related to restricted funds.
8. INVESTMENTS
| UK bank interest receivable In 2021, £Nil related to restricted funds. 9. CHARITABLE ACTIVITIES Income from admissions |
2022 £ 109 2022 £ 9,410 |
2021 £ |
|---|---|---|
| 79 | ||
| 2021 £ |
||
| 3,816 |
In 2021, £Nil related to restricted funds.
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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
10. TOTAL RESOURCES EXPENDED
| Basis of allocation Costs directly allocated to activities Cost of sales direct Support costs allocated to activities Designated funds Repairs & renewals usage Unrestricted funds Repairs & renewals usage Insurance usage Rates & water usage Heating and lighting usage Telecommunications usage Stationery, postage usage Professional fees usage Subscriptions usage Programme costs usage Staff usage Bank charges Support costs Total resources expended |
Charitable activities £ 3,193 |
Governance costs £ - |
Total 2022 £ 3,193 |
Total 2021 £ 11,864 |
|||
|---|---|---|---|---|---|---|---|
| 3,193 8,437 |
3,193 8,437 |
11,864 - |
|||||
| 8,437 246 3,516 2,266 6,021 3,872 2,426 650 310 488 30,356 46 |
- - - - - - - 960 - - - - |
8,437 246 3,516 2,266 6,021 3,872 2,426 1,610 310 488 30,356 46 |
- 47,866 3,323 1,913 4,522 16,962 2,979 16,180 261 - 30,902 - |
||||
| 50,197 | 960 | 51,157 | 124,908 | ||||
| 58,634 | 960 | 59,594 | 124,908 | ||||
| 61,827 | 960 | 62,787 | 136,772 |
In 2021, £103,477 related to restricted funds
18
The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
11. HERITAGE FIXED ASSETS
| Cost or valuation At 1 November 2021 At 31 October 2022 Net book value At 31 October 2022 At 31 October 2021 Valuation Cost Total |
Shandy Hall £ 1,160,000 1,160,000 1,160,000 1,160,000 1,160,000 - 1,160,000 |
Collection £ 265,075 265,075 265,075 265,075 - 265,075 265,075 |
Total £ 1,425,075 |
|---|---|---|---|
| 1,425,075 | |||
| 1,425,075 | |||
| 1,425,075 | |||
| 1,160,000 265,075 |
|||
| 1,425,075 |
Shandy Hall, the house where Laurence Sterne lived from 1760 until his death in 1768, was purchased by the original Laurence Sterne Trust in 1968 with the aim of establishing it as a public museum. It opened to the public in 1973. The freehold title of the property was transferred to The Laurence Sterne Trust Charitable Incorporated Organisation on 10 April 2021.
The Sterne Collection has been built up over time to be the most significant collection of editions of the works of Sterne. It also includes works of art and artefacts connected to Sterne. All items are catalogued and the details are available through the website. There is an acquisitions and disposals policy. Most of the collection is on public display in Shandy Hall and all items are available to view upon request. The Collection was transferred to The Laurence Sterne Trust Charitable Incorporated Organisation in 2020.
Shandy Hall and the Collection are held in trust for the furtherance of the public benefits of the Charity.
19
The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
12. STOCKS
| Restricted funds £ Goods for resale - In 2021, £Nil related to restricted funds 13. DEBTORS Restricted funds £ Other debtors - Prepayments - - In 2021, £Nil related to restricted funds 14. CREDITORS Amounts falling due within one year Restricted funds £ Other creditors - Taxation & social security - Accruals and deferred income - - |
Unrestricted funds £ 5,947 Unrestricted funds £ 76 1,358 1,434 Unrestricted funds £ 6,648 389 - 7,037 |
Total 2022 £ 5,947 Total 2022 £ 76 1,358 1,434 Total 2022 £ 6,648 389 - 7,037 |
Total 2021 £ 6,825 |
|---|---|---|---|
| Total 2021 £ 22 688 |
|||
| 710 | |||
| Total 2021 £ 7,665 573 1,110 |
|||
| 9,348 |
In 2021, £Nil related to restricted funds
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The Laurence Sterne Trust Charity No. 1181127
Trustees’ annual report and financial statements for the year ended 31 October 2022
15. UNRESTRICTED FUNDS
| At 01.11.21 £ Designated funds -Heritage assets 1,425,075 -Repair and maintenance 40,000 Undesignated 71,126 1,536,201 At 01.11.20 £ Designated -Heritage assets - -Repair and maintenance - Undesignated 344,570 344,570 16. RESTRICTED FUNDS At 01.11.21 £ Culture Recovery Fund (5,400) |
Income £ - - 52,014 52,014 Income £ 1,160,000 - 64,926 1,224,926 Income £ 5,400 |
Expenditure £ - (8,437) (54,350) (62,787) Expenditure £ - - (33,295) (62,787) Expenditure £ - |
Transfers £ - - - - Transfers £ 265,075 40,000 (305,075) |
At 31.10.22 £ 1,425,075 31,563 68,790 1,525,428 At 31.10.21 £ 1,425,075 40,000 71,126 |
|||
|---|---|---|---|---|---|---|---|
| - | 1,536,201 | ||||||
| Transfers £ - |
At 31.10.22 £ - |
||||||
The Trust was awarded a grant of £54,000 from the Government’s Culture Recovery Fund. This Fund was established to help cultural organisations that had been adversely affected by Covid-19 to meet running costs (salaries, utilities, Covid-19 measures, professional fees etc.) and activities to encourage visitors to return when it was safe to do so. 10% of the grant (£5,400) was retained by Arts Council England until the grant had been used in full. £48,600 was spent in 2020/21. The outstanding balance was received by the Trust in November 2021.
| Historic England Emergency Fund National Lottery Emergency Fund Culture Recovery Fund Ronnie Duncan Arts Foundation |
At 01.11.20 £ - 19,117 - - 19,117 |
Income £ 27,360 - 48,600 3,000 78,960 |
Expenditure £ (27,360) (19,117) (54,000) (3,000) (103,477) |
Transfers £ - - - - - |
At 31.10.21 £ - - (5,400) - |
|---|---|---|---|---|---|
| (5,400) |
21
The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2022
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Current period Unrestricted funds Prior period Unrestricted funds Restricted funds |
Tangible fixed assets £ 1,425,075 1,425,075 Tangible fixed assets £ 1,425,075 - 1,425,075 |
Current assets £ 107,391 107,391 Current assets £ 115,074 - 115,074 |
Current liabilities £ (7,038) (7,038) Current liabilities £ (3,948) (5,400) (9,348) |
Total £ 1,525,428 |
|---|---|---|---|---|
| 1,525,428 | ||||
| Total £ 1,536,201 (5,400) |
||||
| 1,530,801 |
22