2023-10-31-accounts - The Laurence Sterne Trust

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Charity Number 1181127

THE LAURENCE STERNE TRUST

REPORT AND FINANCIAL STATEMENTS Year ended 31 October 2023

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

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 2023

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 (resigned 14 June 2024) Staff and Volunteers Patrick Wildgust: Curator 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 2023

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 2023. 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 16 November 2022, 16 February 2023, 19 April 2023 and 28 October 2023.

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).

The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

Public Access

The main visitor season ran from 1 April to 31 August 2023 rather than the traditional 1 May to 30 September; this enabled scheduled work on the fabric to start before the cold weather set in. The House was open on Saturdays, Sundays and Bank Holidays for guided tours at 11:30 and 14:30. 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.

The total number of visitors was 2,129: House & Garden: 537, Garden only: 1,592

Visitor feedback was overwhelmingly positive. 98% of respondents rated their experience Excellent or Good (the majority had no suggestions for improvements; 84% had not been to Shandy Hall before). Although most visitors were from Yorkshire and the North we did attract many people from further afield in the UK and from abroad. Visitors praised the Curator and Chris Pearson for the warmth of their welcome and for their knowledge. They valued the qu ality of the Curator’s tour and the tranquillity of the Gardens and nearly all would recommend Shandy Hall to others.

The only requirement in our re-accreditation as a museum was that we should carry out an access audit. Museum Development Yorkshire funded an accessibility audit conducted by Direct Access Consultancy Ltd.; trustees received and accepted the Accessibility Audit Report on 1 September 2023. An action plan will address the recommendations.

Health and Safety, and Safeguarding

A consulting engineer examined the area of the rockfall in the Wild Garden on 27 October 2023. He believed that there was no danger of any further rockfalls but advised that a new path might be a sensible extra precaution.

On 9 May 2023 persons beyond the boundary of Shandy Hall shot at rooks in the trees of the Wild Garden when visitors were on the site. This was reported to the Police and a crime number issued. No harm was done to people or wildlife.

No safeguarding issues arose during the year.

Heritage Assets: Shandy Hall

Museum Estate and Development Fund (MEND) Round 2

The Trust was successful in securing a grant of £166,250 from the Government’s Museum Estate and Development Fund (MEND) Round 2 to address the backlog of repairs and maintenance on the East and North Elevations including repairs to the boiler house/garage and replacement of the Porch (the main entrance to the House for visitors). This will enhance visitor experience for many years to come. [The South Elevation was repaired in 2021.]

Following a competitive tender process, Pinnacle Conservation Ltd of York were selected as the main contractor. Work started on site on 3 October 2023 [and was completed on 28 February 2024].

The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

Following the award of the MEND grant the Historic Houses Foundation has committed to providing a grant of £6,000 on project completion.

Repairs and maintenance

In 2021 the Trust designated a fund to ensure that regular maintenance is carried out.

New water tanks were installed in the roof-space of the House and the tank platform was replaced. There is a need for two new lavatories on the first floor.

The heating in Shandy Hall has long been a problem. Various investigations took place during the autumn of 2023 leading to the installation of a new boiler.

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 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.

Laura Sadler, the doctoral student at the University of Northumbria who started a four-year project with the Sterne Digital Library in 2022, continued to catalogue books in the Collection published in French.

Garden and Environment

The Garden is a vital element in Shandy Hall’s attractiveness to visitors . Chris Pearson with the help of her team of volunteers who provided c.100 hours of their time this season continued to keep the Garden looking beautiful. Visitors valued interaction with these well-informed people.

A tree survey was carried out and an action plan to address the issues identified is now in place.

The Garden was open under the National Gardens Scheme on 2 June and 23 June 2023. In all, 74 people attended. On 11 June 2023 Coxwold Open Gardens drew 301 visitors who came free of charge.

Visitor feedback indicates enthusiasm for the wildlife at Shandy Hall. Moth release sessions are very popular and attract new visitors. The Curator, with the assistance of the University of Pennsylvania intern, identified seven new species of moth, bringing the total recorded to 462. A bat survey took place in November 2022 and was followed by further work after hibernation.

In April 2023 Shandy Hall received a Wildlife Gardening Award from Yorkshire Wildlife Trust.

The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

Exhibitions and Events

The exhibition I WISH… opened on 20 May 2023 with a party to celebrate the 50th anniversary of Shandy Hall’s becoming a public museum (c.70 people attended); it ran until 31 August 2023. I WISH… was the fifth in our series of auction/exhibitions. 112 artists and writers were invited to respond to the first words of Tristram Shandy . Contributors included seven students from York St John University and seven from Leeds Beckett University. All contributors donated their work free of charge. All but three of the 112 works on paper were sold through the online auction. Peter Coates made an I Wish… monumental stone to join the four he had created for the earlier auction/exhibitions; all five stones were displayed.

On 7 July 2023, the Curator and John Mitchinson of Unbound, publisher of Cain’s Jawbone , organised an event at Shandy Hall for the solvers and translators of the Cain’s Jawbone mystery, among them the actor and writer John Finnemore. A group of about 30 solvers attended, many of them from abroad (France, Italy, Spain, the USA and Canada); they will be useful ambassadors for Sterne and the Trust.

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.

In addition to the events already mentioned, there were twelve special visits by educational and other parties including university students, teachers, garden enthusiasts, painters and literary groups; five of these came from abroad.

The Curator gave three offsite talks, including one at the Natural History Museum. Chris Person gave two offsite talks.

Writer Ruth Pavey stayed at Shandy Hall in November 2022 and August 2023 (residency supported by the Ronnie Duncan Art Foundation). Poet and visual artist Jen Bervin stayed at Shandy Hall in October 2023 (residency supported by Leeds Becket University).

A young volunteer achieved his Bronze Duke of Edinburgh Award partly through his work with the Trust.

We continued to work closely and successfully with Museum Development Yorkshire.

We were able once again to welcome an intern from the University of Pennsylvania. This scheme 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 with us.

Website

There were 16,836 visits to the website during the accounting year.

The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

Publications

Among other Trust publications, Tom Gauld’s myriorama, Endless Journey , still in its fourth edition, continued to sell well.

A new, boxed, limited edition of Cain’s Jawbone was published by Unbound in October 2023; the paperback continues to sell well. There have been translations into twelve languages. The Trust receives a share of the profits from sales of Cain’s Jawbone .

Press and Media

The award of the MEND grant generated much media attention and interest.

Chapel FM Arts Centre in Leeds recorded a conversation with the Curator which was broadcast on 27 November 2022 as a 45- minute programme in Chapel FM’s Writing on Air Festival . It is available online.

The Trust’s Wildlife Garden Award from Yorkshire Wildlife Trust (YWT) featured in the summer 2023 edition of YWT’s magazine and in Sarah Banks’s Wild Guide North East England: Hidden Adventures in Northumberland, the Yorkshire Moors, Wolds and North Pennines .

I WISH … was given good publicity in the Book Arts Newsletter for July-August 2023 and Michael Caines included a generous paragraph in his Times Literary Supplement NB column (11 August 2023).

In her review of Tom Phillips’s Humbert (“a sequel of sorts” to his A Humument ) in the Times Literary Supplement of 4 November 2022, Gill Partington complimented the Trust for its thoughtful presentation of A Grand Folio , the exhibition of work by Phillips held at Shandy Hall in 2021.

Financial Review

The Trust aims to raise sufficient income each year to cover its running costs, including salaries. The Trust weathered the Covid pandemic successfully, helped in large measure by government and other grants. The return to a normal pattern of operation has seen the income from admissions and sales recover to the levels we enjoyed pre-pandemic. The Trust is once again in a stable financial position.

In 2022/23 expenditure exceeded income by £4,866 (net expenditure in 2022 was £5,373).

We were awarded a grant of £166,250 From the Government’s Museum Estate and Development Fund (MEND) for essential repairs and maintenance on Shandy Hall, including a replacement porch. In 2022/23 preparatory work costing £12,044 was carried out. The major work will start in October 2023.

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. £8,437 was spent in 2021/22. In 2022/23 it was necessary to replace the boiler and carry out other works totalling £19,217. On 19 April 2023 the Trustees decided to transfer £20,000 from unrestricted funds to the designated repair fund in order to keep it at a level that enables us to continue to care for our heritage assets.

The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

Income from Unbound for Cain’s Jawbone and the I WISH exhibition auction helped to offset the reductions in donations and legacies.

We are grateful to the individuals and organisations that continue to support us through donations.

Reserves

At the end of October 2023 unrestricted funds, excluding fixed heritage assets, were £95,487 (£100,353 at October 2022).

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 five months of the year the Trust considers a full year operational cost to be a more prudent level of reserves.

The Trust has sufficient funds to meet its commitments and anticipated running costs in 2023/24.

Principal Specific Projects and Objectives for the Year 2023-2024

To return to a season in 2024 running from 1 May to 30 September; and to be closed to visitors on Mondays and Tuesdays during the season except for Bank Holidays.
To explore ways of encouraging a more diverse visitor profile.
To edit the website to give clearer details about access and about what visitors can expect to encounter (and what not) when they come to Shandy Hall.
To follow up practicable suggestions made in visitor feedback forms.
To seek a scoping grant from The National Archives to identify what work needs to be done on the Trust’s own archive and to inform applications for further support for conservation and access.
To continue to explore possible funding opportunities from other organisations and from individuals.
To foster relations with individual North Yorkshire councillors and officers.

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

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 23 August 2024

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 2023

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 (the Trust) for the year ended 31 October 2023.

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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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

23 August 2024

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 OCTOBER 2023

Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022
£ £ £ £ £ £ £ £ 12,044 - - 12,044 5,400 2,817 8,217 - - 4,160 4,160 - - 15,664 15,664 7,708 7,708 9,410 9,410 61,666 61,666 23,869 23,869 246 246 109 109 - - - - - - 145 145
12,044 - 73,780 85,824 5,400 - 52,014 57,414
4,106 4,106 - - 3,193 3,193 19,217 55,323 74,540 - 8,437 51,157 59,594 12,044 12,044 - - - -
12,044 19,217 59,429 90,690 8,437 54,350 62,787
- (19,217) 14,351 (4,866) 5,400 (8,437) (2,336) (5,373) 20,000 (20,000) - - - - - - 1,456,638 68,790 1,525,428 (5,400) 1,465,075 71,126 1,530,801 - 1,457,421 63,141 1,520,562 - 1,456,638 68,790 1,525,428
	63,141	1,520,562	- 1,456,638 68,790	1,525,428

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

BALANCE SHEET AT 31 OCTOBER 2023

Note	2023 2022 £ £ 1,160,000 1,160,000 265,075 265,075	2023 2022 £ £ 1,160,000 1,160,000 265,075 265,075
Fixed assets
Tangible assets Shandy Hall 12 Collection Current assets Stocks 13 Cash at bank and in hand Debtors and prepayments 14 Creditors: amounts falling due within one year Creditors and accruals 15 Deferred income 16 Net current assets (liabilities) Total net assets Funds 17 Restricted funds Unrestricted funds Designated fund (Heritage fixed assets) Designated fund (repair & maintenance) Undesignated funds Total funds
	1,425,075 1,425,075
	3,777	5,947 100,009 1,434
	163,376
	1,748
	168,901 107,390 2,333 7,037
	71,081	-
	73,414 7,037 95,487 100,353
	1,520,562 1,525,428
	- - 1,425,075 1,425,075 32,346 31,563 63,141 68,790
	1,520,562 1,525,428

Approved by the Trustees on 23 August 2024

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 2023

NOTES to the Accounts for the year ended 31 October 2023

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 include amounts received during the year from friends of Shandy Hall.

Other trading activities

Incoming resources from generated funds are comprised of income from shop sales, lectures, exhibitions and rental income from visiting artists and students. 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.

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

Accounting policies (continued)

d) Income and endowments (continued)

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.

Deferred income

Income is only deferred and included in creditors when:

The income relates to a future accounting period
A sales invoice has been raised ahead of the work being carried out and there is no contractual entitlement to the income until the work has been done
Not all the terms and conditions of the grant have been met, including the incurring of expenditure and the grant conditions are such that unspent grant must be refunded

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.

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

Accounting policies (continued)

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.

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 £4,268 (2022 - £3,516). No trustee expenses have been incurred.

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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

3. Staff costs

Salaries Pension costs	2023 £ 25,633 4,123 29,756	2022 £ 28,150 2,206 30,356

The average number of employees in the year, analysed by function was:

Management and administration of the Charity	2023 1	2022 2

No employee received emoluments in excess of £60,000 (2022 - none).

The key management personnel of the Trust comprise the trustees and the curator. The remuneration received by the key management personnel was £31,000 (2022 - £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 current or previous reporting periods.

5. Net expenditure/income

Net expenditure/income is stated after charging the Accountant’s remuneration

Independent Examiner Fees	2023 £ 1,122	2022 £ 960

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

6. Government grants

Grants and donations from Government and Public Bodies include:

Restricted funds

Government’s Museum Estate and Development Fund Government’s Culture Recovery Fund	2023 £ 12,044 - 12,044	2022 £ - 5,400 5,400

2023

The Trust was awarded a grant of £166,540 from the Government’s Museum Estate and Development Fund to be paid in three instalments
The initial payment of £83,125 was received in April 2023. At the end of October 2023 £12,044 had been spent on the agreed project activities – the repair and maintenance of Shandy Hall.
The conditions of the grant require that the agreed expenditure must be made before the grant income is drawn down - see also Note 1(d)
The balance of £71,081 is, therefore, treated as deferred income

2022

The final instalment (£5,400) of the Culture Recovery Fund grant of £54,000 relates to expenditure made in the previous year within restricted funds.

Unrestricted funds

Government Small Business Support Grant Government support for Council Tax provided a discount/refund	2023 £ - - -	2022 £ 2,667 150 2,817

2022

Government Small Business Support Grant (administered by Hambleton District Council) £2,667 was an unrestricted grant for general running costs.
Government support for Council Tax provided a discount/refund of £150

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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

7. Income from donations and legacies

Donations Individual donations Total donations and gifts	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 4,160 4,160 - - 15,664 15,664
	- - 4,160 4,160 - - 25,976 34,780

8. Income from charitable activities

Charitable activities Admissions Total charitable activities	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 7,708 7,708 - - 9,410 9,410
	- - 7,708 7,708 - - 9,410 9,410

9. Income from other trading activities

Trading activities Shop sales Lectures & exhibitions Rent & facilities Rights & licences Total trading activities	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 7,829 7,829 - - 12,374 12,374 - - 10,273 10,273 - - 880 880 - - 2,263 2,263 - - 3,977 3,977 - - 41,301 41,301 - - 6,638 6,638
	- - 61,666 61,666 - - 23,869 23,869

10. Investments

Investments Bank interest Total investments	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 246 246 - - 109 109
	- - 246 246 - - 109 109

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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

11. Total resources expended

Charitable activities

Cost of sales Total charitable activities Basis of allocation: direct	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 4,106 4,106 - - 3,193 3,193
	- - 4,106 4,106 - - 3,193 3,193

Support costs

Repairs & maintenance Insurance Rates & water Heating & lighting Telecommunications Stationery, postage, marketing Equipment Professional fees Subscriptions Programme costs Staff Travel Sundry Bank charges Total support costs Basis of allocation: usage MEND grant funded project Total resources expended	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - 19,217 - 19,217 - 8,437 246 8,683 - - 4,268 4,268 - - 3,516 3,516 - - 2,275 2,275 - - 2,266 2,266 - - 7,731 7,731 - - 6,021 6,021 - - 2,564 2,564 - - 3,872 3,872 - - 3,007 3,007 - - 2,426 2,426 - - 235 235 - - - - - - 1,633 1,633 - - 1,610 1,610 - - 336 336 - - 310 310 - - 3,212 3,212 - - 488 488 - - 29,756 29,756 - - 30,356 30,356 - - 259 259 - - - 47 47 - - - - - - - - - 46 46
	- 19,217 55,323 74,540 - 8,437 50,157 59,594 12,044 - - 12,044 - - - -

	12,044 19,217 59,429 90,690 8,437 54,350 62,787
Professional fees relating to gov	ernance 1,122 1,122 960 960

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

12. Heritage fixed assets

Cost or valuation At 1 November 2022 At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 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.

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The Laurence Sterne Trust Charity No. 1181127 Trustees’ annual report and financial statements for the year ended 31 October 2023

13. Stocks

3. Stocks
Stocks Goods for resale Total stocks	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 3,777 3,777 - - 5,947 5,947
	- - 3,777 3,777 - - 5,947 5,947

14. Debtors

Debtors Other debtors Prepayments Total debtors	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 140 140 - - 76 76 - - 1,608 1,608 - - 1,358 1,358
	- - 1,748 1,748 - - 1,434 1,434

15. Creditors

Amount falling due within one year

Creditors Other creditors Taxation & NIC Total creditors	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - - 1,940 1,940 - - 6,648 12,374 - - 393 393 - - 389 880
	- - 2,333 2,333 - - 7,037 7,037

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

16. Deferred income See also Notes 1.(d) and 6.

Balance at 1 November Released during the year Provided at 31 October Balance at 30 September	2022/23 £ - - 71,081 71,081	2021/22 £ - - - -

17. The Charity’s funds

Financial year ending 31 October 2023

Restricted funds MEND Grant Project Total restricted funds Designated funds Heritage assets Repair & maintenance Total designated fund General unrestricted funds	Brought Incoming Outgoing Net gains/ Transfers Carried forward resources resources (losses) forward £ £ £ £ £ £ - 12,044 12,044 - - -
	- 12,044 12,044 - - - 1,425,075 - - - - 1,425,075 31,563 19,217 (19,217) 20,000 32,346
	1,456,638 - 19,217 (19,217) 20,000 1,457,421 68,790 73,780 59,429 14,351 (20,000) 63,141
Total funds	1,525,428 85,824 90,690 (4,866) - 1,520,562
NOTE: The transfer of funds from unrestricted to designated (repair & maintenance) was agreed by Trustees on 27 April 2023. Previous financial year ending 31 October 2022 Brought Incoming Outgoing Net gains/ Transfers Carried forward resources resources (losses) forward £ £ £ £ £ £ Restricted funds Culture Recovery Fund (5,400) 5,400 - 5,400 - - Total restricted funds (5,400) 5,400 - 5,400 - - Designated funds Heritage assets 1,425,075 - - - - 1,425,075 Repair & maintenance 40,000 - 8,437 (8,437) - 31,563 Total designated fund 1,465,075 - 8,437 (8,437) - 1,456,638 General unrestricted funds 71,126 52,014 54,350 (2,336) - 68,790 Total funds 1,530,801 57,414 62,787 (5,373) - 1,525,428
	(5,400) 5,400 - 5,400 - - 1,425,075 - - - - 1,425,075 40,000 - 8,437 (8,437) - 31,563
	1,465,075 - 8,437 (8,437) - 1,456,638 71,126 52,014 54,350 (2,336) - 68,790 1,530,801 57,414 62,787 (5,373) - 1,525,428

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The Laurence Sterne Trust Charity No. 1181127

Trustees’ annual report and financial statements for the year ended 31 October 2023

18. The Charity’s assets and liabilities

Fixed assets Current assets Current liabilities Total net assets (liabilities)	Restricted Designated Unrestricted Total Restricted Designated Unrestricted Total Funds Funds Funds 2023 Funds Funds Funds 2022 £ £ £ £ £ £ £ £ - 1,425,075 - 1,425,075 - 1,425,075 - 1,425,075 - 32,346 136,555 168,901 - 31,563 75,827 107,390 - - (73,414) (73,414) - - (7,037) (7,037)
	- 1,457,421 63,141 1,520,562 - 1,456,638 68,790 1,525,428