Registered charity no. 271185 

## **THE STANLEY PICKER TRUST** 

## **STATEMENT OF ACCOUNTS** 

## **5 APRIL 2021** 

## **CONTENTS** 

## Page 

1. Legal and Administrative Details 

2. - 4. Trustees' Report 

5. - 6. Auditors' Report 

7. Statement of Financial Activities 

8. Balance Sheet 

9. - 15. Notes to the Accounts 

## **FLETCHER & PARTNERS** 

## **CHARTERED ACCOUNTANTS** 

**SALISBURY** 



Page 1 

**THE STANLEY PICKER TRUST** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **Trustees and Officers** 

Trustees: Rhoderick Peter Grosvenor Voremberg Alan Picker Safir Joan Arden Safir **Address** PO Box 1532, Kingston-upon-Thames, Surrey KT1 9XR **Registered number** 271185 **Professional Advisers** Bankers: Metro Bank, One Southampton Row, London WC1B 5HA Royal Bank of Scotland, London Drummonds Branch, 49 Charing Cross London SW1A 2DX Solicitors: Farrer & Co,  66 Lincoln's Inn Fields, London WC2a 3LH Accountants: Fletcher & Partners, Chartered Accountants, Crown Chambers, Bridge Street, Salisbury SP1 2LZ 



Page 2 

## **THE STANLEY PICKER TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

The Trustees present their annual report and the audited accounts of The Stanley Picker Trust for the year ended 5 April 2021. These have been prepared to comply with the Charities Act 2011, the charity's trust deed and the Statement of Recommended Practice "Accounting and Reporting by Charities (FRS102)". 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Stanley Picker Trust ("the charity") was established by the late Mr Stanley Picker under a Trust Deed dated 8 March 1976. The charity is unincorporated and all of the Trustees are individuals. The Trustees have the statutory power (under the Trustee Act 1925) to appoint new trustees and they have formulated a policy to ensure that any new Trustee is fully aware of the charity's aims and objectives. New Trustees are appointed by deed and existing Trustees are retired by deed. 

The charity has a Grants Committee which reviews new applications received and the charity's ongoing programme of educational grants in the context of funds available for grant giving. The annual Grants Committee meeting is typically held in April and during that meeting grants are awarded for the forthcoming academic year with payment usually, but not always, commencing in September of the year in which the grant was awarded. 

The charity is not part of a wider network of charitable organisations and there are no subsidiaries nor any other charities and organisations with which it co-operates in the pursuit of its charitable objectives. 

## **Risk Management** 

The Trustees have considered the major risks to which the charity is exposed, and have formulated policies to mitigate those risks. They are perceived to be: 

Fire - The alarm system at 1 Warren Park is regularly inspected and upgraded as necessary, and the buildings and collection are comprehensively insured against all risks. 

Theft - The alarm and CCTV systems at 1 Warren Park have been upgraded and the Trustees insure the collection at market value (as advised by Christie's) against theft and other risks. 

Public Liability - The Trustees' insurance policy covers them for public liability. 

Record Keeping - The Trust's records are kept at Warren Park and Farrer & Co. Most are kept in paper copy and many are duplicated electronically at Farrer & Co, where the computer systems upon which they rely are properly backed up. The Trustees consider that the use of Farrer & Co provides professional indemnity for the benefit of the charity and access to systems and skills which the charity could not otherwise afford to provide from own resources. 

## **OBJECTIVES AND ACTIVITIES** 

The charity exists for the purpose of advancing public education generally and including the following at the discretion of the Trustees: 

- (a) the provision of an annual award or prize to a post-graduate student to pursue his or her studies in any branch of the fine arts at Kingston University or other college in Surrey; 

- (b) the provision of other prizes and awards for the study of painting and sculpture (and in particular for travel in the pursuit of such studies); 

(c) the acquisition of works of art which the Trustees consider to be worthy of exhibition or study; 

- (d) permitting students to view, examine and study the works of art; 

(e) the acquisition of land and buildings of any tenure for the purposes of providing one or more places of exhibition for the works of art; 

(f) the improvement, equipment repair and reconstruction or adaptation as a place of exhibition of works of art of any land or buildings acquired and the maintenance and repair thereof; 

- (g) the provision of endowments or donations to other educational charities; and 

- (h) the provision of educational scholarships 

Mr Picker died in May 1982 and bequeathed to the Trust his art collection and freehold property 1 Warren Park, Kingston Hill in which the works of art are generally kept. The Trustees maintain the property and the collection as a museum and provide guided tours of both by appointment. 

1 Warren Park, where the house and gallery are situated may be visited by members of the public on approximately 30 open days, between April and October. The guided tours, which must be booked with the Curator in advance, last for approximately two hours and begin with a short history about Stanley Picker and the charity. Trained guides tour parties of up to 15 people at a time around the house and gallery. There is an entrance fee to defray the cost of providing guides. The Charity has also published (in conjunction with Kingston University) a fully illustrated book about the house and collection which is available for purchase. 

The house and collection are now widely acknowledged as an important and rare complete example of late 1960s modernist home specifically designed to accommodate the owner's collection of modern and contemporary painting and sculpture. 



Page 3 

## **THE STANLEY PICKER TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

## **ACHIEVEMENTS AND PERFORMANCE** 

The charity was able to award grants totalling £140,968 compared with £140,115 the previous year. The Trustees' objectives in relation to its grant-making activity for the year were:- 

(a) to maintain and conserve to a high standard the house, garden and art collection at 1 Warren Park, to continue providing a programme of pre-booked guided tours for members of the public and to find further ways of enabling them to be available as a resource for learning and scholarly research without subjecting the property to damaging levels of wear and tear. 

(b) to continue to support and enhance the facilities and activities of the Stanley Picker Gallery at Kingston University, which was originally built with funds provided by the Trust and has achieved the accolade of being an Arts Council England National Portfolio member. (c) to continue to support the annual Stanley Picker Fellowships at Kingston University in Fine Art and Design which have now achieved international recognition and renown and attract a high standard of applicant. 

(d) to continue to provide other grants and bursaries for the purposes of education in Fine and Performing Arts, accepting that this element of the charity's work may have to be reduced when substantial expenditure is required in connection with (a) above. 

The trustees feel that they achieved these objectives. 

Realised gains on the charity's investments were £109,545 and unrealised gains totalled £1,162,477 whilst income received on listed investments totalled £151,690. The total return of £1,423,712 represents a increase of 23% of the value of the portfolio at the start of the year. 

The charity's public opening of 1 Warren Park was substantially disrupted by the Covid 19 pandemic in 2020/21, but part of the annual programme of tours was completed and those who had booked tours which could not take place were offered the alternative of deferral to 2021/22 to a full refund. The charity was also able to provide some days of access for students at Kingston School of Art and enable a filming project connected with the Stanley Picker fellowship. The cost of maintaining the house and art collection and of providing public tours and access for students is far from fully covered by admission charges, but the Trustees consider that the public opening is an important part of the charity's work because of the unique resource provided by the house, garden and art collection as a largely unaltered and complete example of a 1960's modernist home designed to accommodate the owners suburb collection of painting and sculpture as well as lifestyle. 

The Trustees' policy in relation to educational grants and scholarships is to support and encourage students in performing arts as well as fine art. In most cases the trustees select the institutions to which such grants are to be made and those institutions award scholarships and bursaries to individual students according to need and merit. The Trustees have also set aside up to £100,000 to invest in "Instrument Trusts" which enable young virtuoso players of stringed instruments to obtain a top quality instrument to play and, all being well, to purchase over a period of up to 20 years, and the charity to participate in the potential increase in value of such instruments. The investments made by the charity so far have proved successful on both counts. 

The charity does not engage in fundraising. The major factor outside of the Trustees' control that has an impact on the charity's objectives is the performance of the investments, although in 2020 the Covid-19 pandemic has prevented tours of the house and garden from taking place. 

The charity has now established its own website which the trustees intend to develop further. 

## **FUTURE PLANS** 

The Trustees' plans for the future include continuing sponsorship of the performing arts and developing digital means of public access to the house, garden and art collection at Warren Park. 

## **PUBLIC BENEFIT** 

The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission. 

## **FINANCIAL REVIEW** 

For the purposes of comparison with previous and future years and in order to provide a true picture of the financial position of the charity at the accounting date, charitable grants due to be paid out after the year end for the 2020/2021 academic year have been included in the statements for this period. 

When considering the level of grants to be awarded for 2020/2021, the Trustees took into account the realised gains and income received in previous accounting periods. During the year, the Trustees made charitable grants totalling £140,968 and spent a further £133,406 on the maintenance, conservation and public opening of the charity's property at Kingston in Surrey. 

The Trustees are confident that the charity will be able to continue with its programme of making grants and looking after this property whilst ensuring that its investments are providing sufficient total return in order to meet the charity's objectives. However, with the current Covid-19 pandemic, the Trustees will closely monitor the investment portfolio performance to ensure that the level of capital withdrawal from the Trusts investment portfolio is sustainable. 

## **Review of financial position** 

After adjusting for the realised and unrealised gains on the charity's investments, the net assets at the end of the year were £12,387,789 (2020: £10,078,750). 



Page 4 

## **THE STANLEY PICKER TRUST** 

## **TRUSTEES' REPORT** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

The property is used for the Trust's charitable purposes. The land and buildings were revalued at market value in September 2021 at £5,000,000. 

## **Investment Policy** 

The Trustees have delegated their investment management function over most of their investments to their investment advisors - JP Morgan Private Bank. The investment managers have a remit to invest for total return. During the period, the Trustees agreed to benchmark the performance of their investment managers against a composite benchmark comprising 70% MSCI World in local, 16% HFRI FoF Diversified hdg GBP, 10% Barclays Global Aggregate hdg GBP and 4% D J USB commodity TR, which will enable them in future to assess performance and identify issues that may require further attention. 

The investment managers also hold approximately 17.5% of the Trust's investment funds on a non-discretionary account. These funds are invested in a portfolio of managed funds selected by the Trustees to complement the discretionary portfolio by providing non-correlated performance. 

The Trustees were satisfied with the performance of the investment portfolios during a year where global stock markets were significantly impacted by the outbreak of the Covid-19 pandemic. 

The Trustees do not impose any ethical, social or environmental constraints upon the investment advisers. The charity's investment powers were modified by the Trustee Act 2000. As a consequence, the Trustees may invest the charity's assets as if they were absolutely entitled to them. 

## **Reserves Policy** 

The Trustees have reviewed their reserves policy and consider that the present level of liquidity, with £12.4m of net assets, is satisfactory and prudent. In arriving at this decision, the Trustees allowed for likely charitable expenditure for the coming year together with anticipated incoming resources and proceeds from the realisation of investment assets. As a result the Trustees believe there are no material uncertainties about the Trust as a going concern. 

The Trustees apply a formula in arriving at the total amount that may be distributed in a given year, based upon the average of realised gains and incoming resources over a five year period. With planned maintenance and adequate reserves for unplanned repairs, the Trustees feel that they can budget for expenditure on the Warren Park property with a reasonable degree of accuracy. 

## **Principal Source of Funding** 

The trust has a portfolio of investments which generate the income from which the costs of maintenance of the property and grants to students are met. The investments are managed by JP Morgan Private Bank. The Trustees also have a credit facility with J P Morgan Private Bank which enables them to draw funds to meet the Trust’s expenses at times when selling investments is considered inadvisable. This has proved particularly beneficial when investment markets have been volatile. 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

## **Accounting and Reporting Responsibilities** 

The Trustees are responsible for preparing the Annual Report and the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. 

Charity law requires the Trustees to prepare financial statements, for each financial year, in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) which give a true and fair view of the financial activities of the charity during the year and of its financial position at the end of the year. In preparing those statements, the Trustees are required to: 

- 1) Select suitable accounting policies and then apply them consistently; 

- 2) Make judgements and estimates that are reasonable and prudent; 

- 3) State whether applicable accounting standards and statements of recommended practice have been followed, subject to 

- any departures disclosed and explained in the financial statements; 

4) Prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the provisions of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

**Rhoderick Peter Grosvenor Voremberg Trustee** Date: 19 January 2022 



Page 5 

## **THE STANLEY PICKER TRUST REPORT OF THE INDEPENDENT AUDITOR FOR THE YEAR ENDED 5 APRIL 2021** 

## **Opinion** 

We have audited the financial statements of The Stanley Picker Trust for the year ended 5 April 2021 which comprise the Statement of Financial Activities, Balance Sheet, and the notes to the financial statements, including a summary of the significant accounting policies, set out on pages 9 to 15. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been properly prepared in accordance with the requirements of the Charities Act 2011 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charities' ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees'  Report. 



Page 6 

## **THE STANLEY PICKER TRUST REPORT OF THE INDEPENDENT AUDITOR FOR THE YEAR ENDED 5 APRIL 2021** 

We have nothing to report in respect of the following matters where Charities Act 2011 requires us to report to you, if in our opinion: 

- the information in the Report of the Trustees is inconsistent in any material respect with the financial statements: or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of the Trustees** 

As explained more fully in the Trustees' Responsibilities Statement, set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditors' responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.  Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Our audit procedures were designed to provide reasonable assurance that they would detect irregularities, including non-compliance with relevant laws and regulations, and fraud. They included: 

- obtaining an understanding of the Charities' activities and the laws and regulations which are central to their activities, both through our knowledge of the sector and discussions with management; 

'- reviewing the Charities' activities and any relevant correspondence for evidence of non-compliance; 

- assessing the susceptibility of the financial statements to material misstatement in the light of the Charities' control environment, which we assessed to be low; 

- ensuring that the engagement team had the appropriate competence, capabilities and skills to recognise noncompliance with applicable laws and regulations, through appropriate training and briefings; and that they remained alert to the possiblity of non-compliance throughout the engagement. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Fletcher & Partners 

Chartered Accountants and Statutory Auditors Salisbury 

25 January 2022 

Fletcher & Partners are eligible to act as auditor in terms of section 1212 of the Companies Act 2006 



Page 7 

**THE STANLEY PICKER TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

|**Note**<br>**INCOME FROM:**<br>**Grants and donations**<br>Government grants<br>Donations<br>**Investments**<br>Dividends and interest on listed investments<br>Interest on cash deposits<br>**Charitable activities**<br>Visitor income<br>Visitor merchandise income<br>**Other income**<br>**Total income**<br>**EXPENDITURE ON:**<br>**Raising funds**<br>Investment management fees<br>**Charitable activities**<br>Advancement of public education<br>2<br>**Total expenditure**<br>Realised gain/(losses) on investments and currency movements<br>Unrealised gains/(losses) on revaluation of investments<br>Unrealised gain on revaluation of heritage assets<br>**Net income/(expenditure)**<br>**Net movement in funds**<br>13<br>**TOTAL FUNDS AT 6 APRIL 2020**<br>13<br>**TOTAL FUNDS AT 5 APRIL 2021**<br>13|Total<br>Total<br>2021<br>2020<br>25,000<br>-<br>10<br>50<br>151,690<br>138,900<br>51<br>468<br>170<br>2,240<br>-<br>744<br>-<br>2,438<br>176,921<br>144,840<br>56,979<br>45,608<br>292,925<br>359,767<br>349,904<br>405,375<br>109,545<br>(6,138)<br>1,162,477<br>(200,143)<br>1,210,000<br>-<br>2,309,039<br>(466,816)<br>2,309,039<br>(466,816)<br>10,078,750<br>10,545,566<br>£12,387,789<br>£10,078,750<br>**Unrestricted Funds**|
|---|---|





Page 8 

**THE STANLEY PICKER TRUST** 

## **BALANCE SHEET** 

## **AS AT 5 APRIL 2021** 

|Note<br>**FIXED ASSETS**<br>Heritage Assets<br>5<br>Fixed Assets<br>6<br>Other investments<br>7<br>**CURRENT ASSETS**<br>Stock<br>9<br>Debtors<br>10<br>Cash at bank and in hand<br>Investments<br>8<br>Creditors falling due within one<br>year<br>11<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**CREDITORS: Amounts falling due**<br>**after one year**<br>12<br>**TOTAL NET ASSETS**<br>**TOTAL CHARITY FUNDS**|2021<br>5,179,206<br>-<br>7,530,367<br>12,709,573<br>10,140<br>2,032<br>118,901<br>46,065<br>177,138<br>498,922<br>498,922<br>(321,784)<br>12,387,789<br>-<br>£12,387,789<br>£12,387,789|10,140<br>-<br>131,926<br>46,065|2020<br>3,969,206<br>1,988<br>6,190,651<br>10,161,845<br>(80,095)<br>10,081,750<br>3,000<br>£10,078,750<br>£10,078,750|
|---|---|---|---|
|||||
|||188,131||
|||268,226||
|||268,226||
|||||



## Signed on behalf of the Trustees: **Rhoderick Peter Grosvenor Voremberg Trustee** 

Approved by the Trustees on 19 January 2022 



Page 9 

**THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **1. ACCOUNTING POLICIES** 

## **Basis of Accounting** 

The financial statements have been prepared under the historical cost convention, modified to include  the revaluation of investments and certain other assets to market value, and in accordance with the second edition of the Charities Statement of Recommended Practice (FRS102) issued in October 2019 and the Charities Act 2011. The Charity Constitutes a Public Benefit Entity as defined by FRS 102. 

The trustees consider that there are no material uncertainties about the charities ability to continue as a going concern, note 16 provides further information. The area of judgement and key assumptions that have the most significant effect on the accounts are in relation to the value of heritage assets and investments. 

## **Fund Structure** 

The Trusts funds are unrestricted and are available to be spent for any of the purposes of the Trust. 

## **Heritage Assets** 

- a. **Property used for charitable purposes** 

This is considered to be a heritage assets partly because it was built by the settlor to hold the art collection and partly because it is an exceptional example of the architecture of its period. It is included in the Balance Sheet at a valuation. Depreciation is charged at 2% on buildings. A nil rate is used for freehold land because in the opinion of the Trustees, its life is considered to be indefinite. 

b. **Works of art** These assets are included at cost. No depreciation is charged because, in the opinion of the Trustees, their life is considered to be indefinite. 

## **Other fixed assets** 

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. 

Office equipment 20% 

## **Investments** 

Investments are included at market value as at the balance sheet date, with any surplus or deficit on revaluation being dealt with through the Statement of Financial Activities. 

## **Stock** 

This consists of books for resale, and is stated at the lower of cost and net realisable value. 

## **Charitable activities - constructive obligations** 

Where specific commitments have been made prior to the period end for the charitable expenditure, any amounts which remain unpaid are included in the Statement of Financial Activities for the period. 

## **Income** 

Voluntary income, donations and investment income are accounted for an a receivable basis by the Trust. Deposits for visitor income received in advance are treated as deferred income in the accounts. 

## **Expenditure** 

Expenditure is accounted for on an accruals basis. The trust is not registered for VAT and all costs include input VAT where this has been charged. 

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants area accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust. 

Support costs are all attributable to the one charitable activity, which is the advancement of public education. 

Governance costs are the costs of managing the trust that do not relate to the provision of charitable activities. 

## **Financial Instruments** 

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value. 

## **Foreign currencies** 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling at the date of the transaction. Exchange gains and losses are recognised through the Statement of financial activities. 

## **Debtors** 

Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services. 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and cash on deposit. 



Page 10 

**THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **1. ACCOUNTING POLICIES continued** 

## **Pension costs** 

Contributions in respect of the charity's defined contributions scheme are charged as expenditure in the period to which they relate. 

## **Liabilities** 

Liabilities are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide. 

## **2. CHARITABLE ACTIVITIES: ADVANCEMENT OF PUBLIC EDUCATION** 

|**Educational Grants**<br>**Bursaries**<br>Royal Academy of Dramatic Art<br>Royal Northern College of Music<br>Royal Academy of Arts<br>Trinity Laban<br>Guildhall School of Music and Drama<br>Royal Academy of Music<br>Royal College of Music<br>Courtauld Institute of Art<br>Royal Conservatoire<br>Rambert School of Ballet<br>The Purcell School<br>Royal Central School of Speech & Drama<br>Orchestra of the Age of Enlightenment<br>ArtsEd<br>The Guildhall  School of Music & Drama<br>**Special Awards**<br>Friends of Israel Museum<br>Tate<br>Whitechapel Gallery<br>Matts Gallery<br>Birmingham Royal Ballet<br>City & Guilds London Art<br>Orchestra of Age of Enlightenment<br>The Royal Collection Trust<br>Royal College of Art<br>Chelsea College of Art & Design<br>London Academy of Music & Dramatic Art<br>The Old Vic<br>Brighton Early Music Festival<br>Royal School of Needlework<br>Bristol Old Vic<br>Northern Ballet Theatre Ltd<br>National Youth Choirs<br>Foundation for Young Musicians<br>Yorke Dance Project<br>Queen Elizabeth Scholarship Trust<br>Danse Classique<br>Royal Conservatoire of Scotland<br>NMC Recordings<br>**Kingston University**<br>Stanley Picker Fellowships and Gallery<br>Fine Art School|5,000<br>5,000<br>5,000<br>-<br>-<br>-<br>5,000<br>-<br>-<br>5,000<br>-<br>5,000<br>5,000<br>5,000<br>5,000<br>6,108<br>-<br>5,000<br>7,860<br>4,000<br>5,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>43,000<br>22,000|2021<br>45,000<br>30,968<br>65,000<br> <br>140,968|5,000<br>5,000<br>5,000<br>-<br>-<br>-<br>5,000<br>5,000<br>2,500<br>5,000<br>-<br>-<br>-<br>-<br>-<br>5,865<br>5,000<br>5,000<br>7,250<br>4,000<br>5,000<br>-<br>-<br>1,500<br>-<br>9,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>43,000<br>22,000|2020<br>32,500<br>42,615<br>65,000|
|---|---|---|---|---|
|||||140,115|



The majority of grants are awarded on an annual basis and charged to the SOFA accordingly. However, in the previous year, a grant of £3,000 was awarded to the London Academy of Music & Dramatic Art for three years and consequently £9,000 was charged in that year. 



Page 11 

**THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **2. CHARITABLE ACTIVITIES: ADVANCEMENT OF PUBLIC EDUCATION** 

|**Art Gallery and Museum - Warren Park**<br>Art restoration<br>1,140<br>Council tax and business rates<br>4,149<br>Staff wages and housekeeping<br>45,303<br>Light and heating<br>9,214<br>Repairs, servicing and maintenance<br>18,663<br>Water rates<br>1,584<br>Insurance<br>11,410<br>Fire and security<br>6,628<br>Telephones<br>2,248<br>Postage and stationery<br>5,018<br>Guides' fees<br>60<br>Garden expenses<br>17,096<br>Cleaning<br>3,249<br>Books and publications<br>-<br>Bank charges and sundries<br>5,657<br>Depreciation<br>1,987<br>**Support costs (Note 4 )**<br>**Governance Costs (Note 4)**<br>**3. STAFF COSTS**<br>Warren Park - staffing costs<br>Social security costs<br>Pension costs<br>Other staff costs<br>Average number of employees during the year<br>Administration and household|2021<br>133,406<br>2,964<br>15,587<br>£292,925<br>2021<br>42,332<br>-<br>2,971<br>-<br>£45,303<br>2|2,014<br>3,849<br>44,159<br>7,991<br>6,710<br>1,804<br>11,198<br>6,949<br>2,274<br>5,156<br>1,500<br>27,616<br>3,836<br>376<br>3,967<br>37,167|2020<br>166,566<br>34,319<br>18,767|2020|
|---|---|---|---|---|
||||£359,767||
||||2020<br>41,604<br>362<br>2,193<br>-|2020|
||||£44,159||
||||2||



During the year there were no employees that received benefits of more than £60,000. 

## **4.a1 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS - 2021** 

|Basis of<br>Apportionment<br>Legal fees - Farrer<br>Invoiced<br>Reimbursement of Trustees' travel<br>Governance<br>expenses<br>Auditors fees  - audit services<br>Governance<br>Auditors fees - other services<br>Governance||General<br>support<br>2021<br>2,964<br>-<br>-<br>£2,964|Governance<br>2021<br>4,160<br>-<br>10,395<br>1,032<br>£15,587||Total<br>2021<br>7,124<br>-<br>10,395<br>1,032|
|---|---|---|---|---|---|
||||||£18,551|





Page 12 

## **THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## _**4.a2 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS - 2020**_ 

|||_Basis of_||_General_||_Governance_||_Total_|
|---|---|---|---|---|---|---|---|---|
|||_Apportionment_||_support_|||||
|||||_2020_||_2020_||_2020_|
||_Legal fees - Farrer_|_Invoiced_||_34,319_||_5,760_||_40,079_|
||_Reimbursement of Trustees' travel_|_Governance_||||_1,911_||_1,911_|
||_expenses_||||||||
||_Auditors fees  - audit services_|_Governance_|||_-_|_10,094_||_10,094_|
||_Auditors fees - other services_|_Governance_|||_-_|_1,002_||_1,002_|
|||||_£34,319_||_£18,767_||_£53,086_|
|**4.b**|**GOVERNANCE COSTS**||||||||
|||||||2021||2020|
||Legal fees - Farrer|||||4,160||5,760|
||Reimbursement of Trustees' travel|expenses||||-||1,911|
||Auditors fees  - audit services|||||10,395||10,094|
||Auditors fees - other services|||||1,032||1,002|
|||||||£15,587||£18,767|
|**5.a**|**HERITAGE ASSETS**||||||||
|||||Freehold||Works of Art||Total|
|||||Property|||||
||Cost/Valuation||||||||
||As at 5 April 2020|||4,000,000||179,206||4,179,206|
||Revaluation|||1,000,000||-||1,000,000|
||As at 5 April 2021|||5,000,000||179,206||5,179,206|
||Depreciation||||||||
||As at 5 April 2020|||210,000||-||210,000|
||Revaluation||-|210,000<br>|||-|210,000<br>|
||Charge for year||||-|-||-|
||As at 5 April 2021||||-|-||-|
||Net Book Value||||||||
||As at 5 April 2021|||£5,000,000||£179,206||£5,179,206|
||As at 5 April 2020|||£3,790,000||£179,206||£3,969,206|



The heritage assets, consisting of the property and works of art, were bequeathed to the Trust in May 1982. The Trustees' current policy is not to make further acquisition of heritage assets or dispose of any of the existing assets. The policy is therefore centred on the preservation of the existing assets. Two members of staff are employed at Warren Park. The trustees' have appointed an architect to ensure that the property is regularly reviewed and maintained. The works of art are also subject to regular reviews and the Trustees have engaged the services of a professional conservator who has reported on the condition of all the paintings in the collection and will be undertaking a prioritized programme of conservation. 

The Freehold property was formally valued in September 2021 by Robert Holmes & Company Limited, Chartered Surveyors on an open market valuation basis. 



Page 13 

## **THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **5.b SUMMARY ANALYSIS OF HERITAGE ASSET TRANSACTIONS** 

|Freehold land & buildings<br>Cost/Valuation<br>Revaluation<br>Total cost<br>Charge for depreciation|2021<br>4,000,000<br>1,000,000<br>£5,000,000<br>£0|2020<br>4,000,000<br>-<br>£4,000,000<br>£35,000|2019<br>4,000,000<br>-<br>£4,000,000<br>£35,000|2018<br>4,000,000<br>-<br>£4,000,000<br>£35,000|2017<br>4,000,000<br>-|2017|
|---|---|---|---|---|---|---|
||||||£4,000,000||
||||||||
||||||£35,000||



## Works of Art 

There have been no additions, disposals or impairments to the Works of Art in the last five years. The assets are fully catalogued and insured based on Christies' valuations. 

## **6. FIXED ASSETS** 

|Cost<br>As at 6 April 2020<br>Additions<br>As at 5 April 2021<br>Depreciation<br>As at 6 April 2020<br>Charge for the year<br>As at 5 April 2021<br>Net Book Value<br>As at 5 April 2021<br>As at 5 April 2020<br>**7.**<br>**FIXED ASSET INVESTMENTS**<br>Market value as at 5 April 2020<br>Additions at cost<br>Disposals at opening market value<br>Unrealised gains / (losses) on revaluation<br>Increase / (decrease) in investment cash<br>Market value as at 5 April 2021<br>Represented by<br>Cash Deposits<br>Investments held in the UK<br>Investments held outside the UK<br>Historical cost as at 5 April 2021||2021<br>Investment|2021<br>Investment|2021|&|Office Equipment|Office Equipment|Office Equipment|Office Equipment|Office Equipment|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||<br>Fixture & Fittings|||||
|||||||<br>||<br>11,911<br>-|||
|||||||||11,911|||
|||||||||9,923<br>1,988|||
|||||||||11,911|||
|||||||||£-|||
|||||||||£1,988|||
|||||||||2020<br>Investment||2020|
||||Portfolio|||||Portfolio<br>6,487,491<br>2,212,846<br>(2,295,984)<br>(200,143)<br>(13,559)|Portfolio||
|||||||||£6,190,651|||
|||||||||£18,430<br>£2,676,949<br>£3,495,272|||
|||||||||£6,190,651|||
|||||||||£5,945,028|||





Page 14 

**THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **8. CURRENT ASSET INVESTMENTS** 

|**CURRENT ASSET INVESTMENTS**||||
|---|---|---|---|
|The Julia Loucks Violin Trust<br>The Jamie Walton Cello Trust<br>The Alicja Smietana Violin Trust<br>The Emily Smith Cello Trust<br>The Sophie Rosa Violin Trust|2021<br>9,069<br>10,000<br>10,000<br>10,000<br>6,996<br>£46,065|2020<br>9,069<br>10,000<br>10,000<br>10,000<br>6,996|2020|
|||£46,065||



The Trustees consider that the investments in the instrument trusts are programme related investments. They represent contributions via a trust to purchase an instrument for the exclusive use of a young player. 

|**9.**<br>**STOCK**<br>Books for resale<br>**10.**<br>**DEBTORS**<br>Prepayments and accrued income<br>**11.**<br>**CREDITORS: Amounts falling due within one year**<br>Bank loans and overdrafts<br>Grants payable<br>Accruals and deferred income<br>Other creditors|2021<br>10,140<br>£10,140<br>2021<br>2,032<br>£2,032<br> <br>2021<br>392,191<br>68,000<br>12,035<br>26,696<br>£498,922|2020<br>10,140|2020|
|---|---|---|---|
|||£10,140||
||||2020|
||||-|
||||£ -|
|||2020<br>208,989<br>9,000<br>14,586<br>35,651|2020|
|||£268,226||



Deferred income relates to income received for guided tours in the following year. None was brought forward or carried forward at the year end due the temporary closure of the House due to COVID-19. 

## **12 CREDITORS: Amounts falling due after one year** 

|**CREDITORS: Amounts falling due after one year**|||||
|---|---|---|---|---|
|Grants payable<br>||2021<br>-<br>£ -|2020<br>3,000|2020|
||||£3,000||





Page  15 

## **THE STANLEY PICKER TRUST** 

## **NOTES TO THE ACCOUNTS (CONTINUED)** 

## **FOR THE YEAR ENDED 5 APRIL 2021** 

## **13.1 FUND MOVEMENTS - 2021** 

|Unrestricted Fund||Balance at<br>06/04/2020<br>Income<br>Expenditure<br>10,078,750<br>176,921<br>(349,904)<br>|Gains and<br>Balance at<br>Losses<br>05/04/2021<br>2,482,022<br>12,387,789|
|---|---|---|---|
|||||



## _**13.2 FUND MOVEMENTS - 2020**_ 

|_Unrestricted Fund_||_Balance at_<br> <br>_06/04/2019_<br>_Income_<br>_Expenditure_<br>_10,545,566_<br>_144,840_<br>_(405,375)_|_Gains and_<br>_Balance at_<br>_Losses_<br>_05/04/2020_<br>_(206,281)_<br>_10,078,750_|
|---|---|---|---|
|||||



## **14. TRANSACTIONS WITH TRUSTEES** 

No travel expenses (2020: £1,911) were reimbursed to trustees (2019: 1) during the year. Legal fees of £7,124 (2020: £40,079) relate to Farrer & Co, a firm in which Mr R P G Voremberg was a partner, for charges in connection with key management personnel services. A total of £1,640 was outstanding at the year end (2020: £10,956). 

Clause 7 of the Trust Deed gives authority for trustees engaged in any profession to charge and be paid professional charges. 

## **15. LEGAL FORM** 

The Stanley Picker Trust is a charity first registered in England and Wales in 1976 based within the Royal Borough of Kingston-upon-Thames. Its registered office is PO Box 1532, Kingston-uponThames, Surrey KT19XR 

## **16. COVID-19 PANDEMIC** 

The global COVID-19 Pandemic emerged around the end of the year ended 5 April 2020 and the Government introduced measures to control the spread of the virus.  These accounts reflect the consequences for the Trust. 

The actions taken by the UK Government in its attempts to mitigate the effects of the pandemic included two national lockdowns in 2020 and a tier system, with a further lockdown at the beginning of 2021, this has restricted the Trust being able to open the house and gallery for public viewings. 

The Trustees have worked to minimise the impact of the exceptional challenges caused by the pandemic by reducing costs where possible and taking advantage of Government assistance where available, such as grants to assist with business rates. 

The effects of the pandemic do not result in any adjustment being made to the value of assets and liabilities at the balance sheet date.  The Trustees remain confident that the Trust will be able to overcome any difficulties affecting its activities and as a consequence these accounts are prepared on a going concern basis.