Charity Registration No. 307989
THE SIR STANLEY SPENCER MEMORIAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE SIR STANLEY SPENCER MEMORIAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr S McKendrick Viscount W W Astor Dr S J Courtenay-Smith Ms A J Bradley Mr P A Brown Mr A de Mille Miss C Mitchell (Appointed 10 May 2021) Chairman Dr S McKendrick Treasurer Mrs K J Bright Charity number 307989 Principal address Stanley Spencer Gallery High Street Cookham Berkshire SL6 9SJ Independent examiner Azets Audit Services The Mill House Boundary Road Loudwater High Wycombe Buckinghamshire HP10 9QN
THE SIR STANLEY SPENCER MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 - 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 - 20 |
THE SIR STANLEY SPENCER MEMORIAL TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "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)".
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust is responsible for maintaining and managing the independent gallery devoted to the work of one of Britain's most original twentieth-century artists, Sir Stanley Spencer RA (1891-1959), who was born in Cookham and set many of his paintings in the village. The Gallery is a Fully Accredited Museum under the scheme administered by Arts Council England.
The Friends of the Stanley Spencer Gallery is a group of over 500 members who exist to support the Gallery and create greater awareness of Stanley Spencer. The Friends income and expenditure are included in this report.
The principal objective of the charity is the foundation, maintenance, improvement and support of an art gallery to be situated in the village of Cookham or elsewhere in England and Wales. This Gallery is to be known as 'The Stanley Spencer Memorial Gallery', be open to all members of the public without distinction and used to display paintings and other works of art by the late Sir Stanley Spencer RA, as well as other artists from time to time.
The area of benefit is determined as Windsor and Maidenhead. However, the gallery attracts visitors from across the UK and a wide range of countries overseas.
Public benefit
In setting our objectives and planning our activities, we have given careful consideration to the Charity Commissions' general guidance on public benefit
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THE SIR STANLEY SPENCER MEMORIAL TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
After making appropriate enquiries, the Trustees are confident that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Since its opening in 1962 the Gallery has mounted a varied programme of public exhibitions. Exhibitions are produced to showcase different aspects of Spencer's art, based on the Gallery's own collection and loans from public galleries and private owners. In 2020 it presented ‘Painting by the Thames: Swan Upping at Cookham’ (focused on a key loan from the Tate) from Thursday to Sunday from 7 November 2019 until 15 March 2020 (original schedule 22 March). ‘Love, Art, Loss: The Wives of Stanley Spencer which was originally scheduled to run every day from 26 March to 1 November, was not able to open till 15 August and had to close again from 5 November 2020, each time because of national lockdown resulting from Covid-19. During the time that it was able to open in 2020 the Gallery welcomed 4,243 visitors.
The Gallery's permanent collection has developed and continues to grow thanks to generous gifts and bequests, as well as through occasional and carefully selected purchases. In addition, the Gallery welcomes and retains on long-term loan other works by Spencer. Works from the Gallery’s collection are available for loan to exhibitions held in other institutions in the UK and abroad. In 2020 the Gallery purchased a remarkable self-portrait drawing of Stanley Spencer from 1959, thanks to generous support from the Art Fund (with a contribution from the Wolfson Foundation), the Band Trust, the V&A Purchase Grant Fund and the Friends of the Stanley Spencer Gallery.
The Gallery also promotes Spencer’s art through its content-rich website ( https://stanleyspencer.org.uk/ ) and through a varied programme of events held throughout the year. Through its expert volunteers, the Gallery engages audiences that range in age from school children to senior citizens and encompass differing abilities. An extensive and unique archive of materials related to the artist is available to students and researchers by appointment.
The Gallery offers the opportunity to purchase books, prints, postcards and gifts. These purchases can be made in person or by telephone during opening hours.
A Management Committee is responsible for the daily operation of the Gallery.
FINANCIAL REVIEW
Financial position
The finances of the Trust are regularly monitored through the Treasurer and meetings of the Management Committee and Trustees.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Reserves policy
The reserves policy is based on the following identified needs:
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To make provision for unforeseen repairs and maintenance of equipment and facilities in the Gallery or unanticipated interruptions to the Gallery’s operations.
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To maintain funds for the acquisition of the works of Stanley Spencer, which come on the market at unpredictable times and may have formed important parts of the Gallery’s collection as long-term loans. Seed funding from the Gallery’s own resources has been critical to successful fundraising for such additions to the permanent collection.
The principal regular sources of income for the Trust are Gallery entrance fees and the sale of goods. In the context of the challenges posed to the Gallery by Covid-19 and successive national lockdowns, the Trustees note with particular gratitude the pandemic relief grants received via local government. The Trustees would also like to place on record their appreciation of the support received from Friends of the Gallery and other donors and supporters. The Trust is managed and run by volunteers whose gift of their time and expertise enables the Gallery to operate effectively. The Trustees will continue its programme of events and exhibitions. Works by Sir Stanley Spencer RA will be purchased very selectively as they come on the market, providing the price can be safely managed within the funds available and the Gallery is able to attract additional external funding.
At the year end total unrestricted funds were £519,466 and total restricted funds were £664,828. Accordingly, the Trustees are satisfied that the level of reserves being maintained is necessary and adequate.
Risk management
The Trustees ensure that appropriate insurance is in place for fire and theft to cover the full value of the exhibits. They installed the improved fire protection system, environmental system and increased security during 2007 improvement project to minimise the risk.
Purchases of paintings, drawings and other items related to the artist and our collection are only made if affordable within the Gallery's means or through donations and grants, or by a combination of funding and reserves. Long-term and short-term loans to the Gallery are insured through the UK Government Indemnity Scheme.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust (dated 26 May 1961 and order dated 8 July 2005, amended by resolution on 19 November 2010 and further amended by resolution on 19 November 2018 and 18 November 2019), and constitutes an unincorporated charity.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Dr S McKendrick Viscount W W Astor Dr S J Courtenay-Smith Ms A J Bradley Mr P A Brown Mr A de Mille Miss C Mitchell
(Appointed 10 May 2021)
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THE SIR STANLEY SPENCER MEMORIAL TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Recruitment and appointment of new Trustees
Trustees are elected and co-opted under the terms of the Trust deed. New Trustees are sought by existing Trustees and after full explanation of their roles and the operations of the museum, and their commitment to the Code of Conduct for Trustees of the Sir Stanley Spencer Memorial Trust, are invited to be a Trustee. Their appointments are minuted and their names are added to the Charity Commissions' records.
The Trustees r eport was approved by the Board of Trustees.
..............................
Dr S McKendrick Chairman of the Trustees Dated: .........................
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THE SIR STANLEY SPENCER MEMORIAL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE SIR STANLEY SPENCER MEMORIAL TRUST
I report to the Trustees on my examination of the financial statements of The Sir Stanley Spencer Memorial Trust ( the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no 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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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Mr C J Nisbet FCA Azets Audit Services
The Mill House Boundary Road Loudwater High Wycombe Buckinghamshire HP10 9QN United Kingdom
Dated: .........................
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THE SIR STANLEY SPENCER MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Unrestricted Restricted funds funds funds general designated 2020 2020 2020 Notes £ £ £ Income and endowments from: Donations and legacies 2 27,531 181 155,000 Charitable activities Gallery entrance fees 19,109 - - Gallery sales 13,551 - - Events, outings and projects - - - Lectures and talks 285 - - Friends member subscriptions - 1,990 - Investments 3 1,439 4 - Other income - Royalties 271 - - Total income 62,186 2,175 155,000 Expenditure on: Charitable activities Gallery Operational costs 4 48,761 - 33,607 Gallery sales 4 6,161 - - Exhibition costs 4 4,194 - - Events, outings and projects 4 268 - - Lecture and talks 4 - - - Friends Membership costs 4 - 481 - Total charitable expenditure 59,384 481 33,607 |
TotalUnrestricted Unrestricted Restricted funds funds funds general designated 2020 2019 2019 2019 £ £ £ £ 182,712 12,635 394 - 19,109 42,757 - - 13,551 27,690 - - - - 2,408 - 285 6,712 - - 1,990 - 2,859 - 1,443 2,540 161 - 271 209 - - 219,361 92,543 5,822 - 82,368 55,936 - 33,607 6,161 13,126 - - 4,194 5,158 - - 268 3,725 2,167 - - 389 - - 481 - 1,880 - 93,472 78,334 4,047 33,607 |
Total 2019 £ 13,029 42,757 27,690 2,408 6,712 2,859 2,701 209 98,365 89,543 13,126 5,158 5,892 389 1,880 115,988 |
|---|---|---|
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THE SIR STANLEY SPENCER MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Net incoming/(outgoing) resources before transfers Gross transfers between funds Net (expenditure)/income for the year/ Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
2,802 (20,000) (17,198) 450,253 433,055 |
1,694 (10,000) (8,306) 94,717 86,411 |
121,393 30,000 151,393 513,435 664,828 |
125,889 - 125,889 1,058,405 1,184,294 |
14,209 3,849 18,058 432,195 450,253 |
1,775 (3,849) (2,074) 96,791 94,717 |
(33,607) - (33,607) 547,042 513,435 |
(17,623) - (17,623) 1,076,028 1,058,405 |
|---|---|---|---|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
| Notes Fixed assets Property, plant and equipment 8 Heritage assets 9 Current assets Inventories 10 Trade and other receivables 11 Cash at bank and in hand Current liabilities 12 Net current assets Total assets less current liabilities Income funds Restricted funds 13 Unrestricted funds Designated funds 14 General unrestricted funds |
2020 £ £ 516,217 387,296 903,513 12,957 14,247 256,595 283,799 (3,018) 280,781 1,184,294 664,828 86,411 433,055 519,466 1,184,294 |
2019 £ £ 552,402 192,296 744,698 13,489 14,747 290,950 319,186 (5,479) 313,707 1,058,405 513,435 94,717 450,253 544,970 1,058,405 |
|---|---|---|
The financial statements were approved by the Trustees on .........................
..............................
Dr S McKendrick Trustee
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and "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)". The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the Trust. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.3 Incoming resources
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings Over the period of the lease Equipment Straight line over 10 years
1.6 Heritage assets
The Trust's heritage assets consist of the works of art by one of Britain’s greatest 20th Century artists, Sir Stanley Spencer RA. They are held to provide benefit and enjoyment to the inhabitants of and visitors to Windsor and Maidenhead and are available for short term loans to exhibitions within the UK and abroad.
The art collection is not depreciated as the exhibits are not expected to go down in value. The collection is valued at a nominal cost of £1 and all subsequent additions to the collection are recorded at cost.
The Gallery recognises its responsibility as a fully accredited museum under the Arts Council England scheme, in acquiring additions to its collections, to ensure that the care, storage and use of collections is secure.
1.7 Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8 Government grants
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Donations and legacies
| Unrestricted Unrestricted Restricted Total funds funds funds general designated 2020 2020 2020 2020 £ £ £ £ Donations and gifts 11,211 181 - 11,392 Grants 16,320 - 155,000 171,320 27,531 181 155,000 182,712 For the year ended 31 December 2019 12,635 394 - In 20 20 a drawing totaling £ 10 ,000 w as donated, it has been included as an addition in heritage assets. Grants receivable for core activities Government grants -Coronvirus schemes 12,096 - - 12,096 Association of Independent Museums - - - - Kings Hall Trust 2,100 - - 2,100 The Band Trust - - 25,000 25,000 Royal Pavillion Museums 1,874 - - 1,874 V & A Museum - - 30,000 30,000 Art Fund and the Wolfson Foundation - - 100,000 100,000 Museum Development 250 - - 250 16,320 - 155,000 171,320 |
Total 2019 £ 10,529 2,500 13,029 13,029 - 2,500 - - - - - - 2,500 |
|---|---|
The Trust received grants totalling £155,000 towards the purchase of the Self Portrait drawing (1959 ), the full value of which (£185,000) has been included as an addition in heritage assets.
The Trust also received Coronavirus grants totalling £12,096 from the local council due to the national lockdown and temporary closure of the gallery.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Investments
| Unrestricted | Unrestricted | Total | Unrestricted | Unrestricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds |
funds | funds | |||
| general | designated | general | designated | |||
| 2020 | 2020 |
2020 | 2019 | 2019 | 2019 | |
| £ | £ |
£ | £ | £ | £ | |
| Interest receivable | 1,439 | 4 |
1,443 | 2,540 | 161 | 2,701 |
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Charitable activities
| Gallery Operational costs 2020 £ Depreciation and impairment 36,185 Insurance 15,531 Light and heat 5,273 Rent 4,200 Telephone 1,378 Sundries 1,339 Repairs and maintenance 5,610 Office costs 2,635 Custodial expenses 500 Publicity 6,531 Registrar fees 2,036 Gallery purchases - Exhibition costs - Painting conservation - Cost of events and outings - School project costs - Other charitable expenditure - 81,218 Grant funding of activities - Share of governance costs (see note 5) 1,150 |
Gallery sales Exhibition costs Events, outings and projects Lecture and talks Friends Membership costs 2020 2020 2020 2020 2020 £ £ £ £ £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6,161 - - - - - 4,194 - - - - - 268 - - - - - - - - - - - - - - - - 481 6,161 4,194 268 - 481 - - - - - - - - - - |
Total 2020 £ 36,185 15,531 5,273 4,200 1,378 1,339 5,610 2,635 500 6,531 2,036 6,161 4,194 268 - - 481 92,322 - 1,150 |
Total 2019 £ 35,838 15,317 5,226 4,287 1,484 309 5,835 3,237 173 10,320 6,437 13,126 5,158 1,225 2,167 - 2,269 112,408 2,500 1,080 |
|---|---|---|---|
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4 Charitable activities
| Charitable activities Analysis by fund Unrestricted funds - general Unrestricted funds - designated Restricted funds Endowment funds For the year ended 31 December 2019 Unrestricted funds - general Unrestricted funds - designated Restricted funds Endowment funds |
82,368 48,761 - 33,607 - 82,368 55,936 - 33,607 - 89,543 |
6,161 6,161 - - - 6,161 13,126 - - - 13,126 |
4,194 4,194 - - - 4,194 5,158 - - - 5,158 |
268 268 - - - 268 3,725 2,167 - - 5,892 |
- - - - - - 389 - - - 389 |
481 - 481 - - 481 - 1,880 - - 1,880 |
(Continued) 93,472 115,988 59,384 78,334 481 4,047 33,607 33,607 - - 93,472 115,988 78,334 4,047 33,607 - 115,988 |
|---|---|---|---|---|---|---|---|
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
5 Support costs
| Support costs Governance costs £ £ Independent examiner's fee - 1,150 - 1,150 Analysed between Charitable activities - 1,150 |
2020 £ 1,150 1,150 1,150 |
2019 £ 1,080 1,080 1,080 |
|---|---|---|
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
7 Employees
The average monthly number of employees during the year was:
| 2020 Number Total - Property, plant and equipment Leasehold land and buildings Equipment £ £ Cost At 1 January 2020 970,313 25,782 At 31 December 2020 970,313 25,782 Depreciation and impairment At 1 January 2020 432,605 11,088 Depreciation charged in the year 33,607 2,578 At 31 December 2020 466,212 13,666 Carrying amount At 31 December 2020 504,101 12,116 At 31 December 2019 537,708 14,694 |
2019 Number - Total £ 996,095 996,095 443,693 36,185 479,878 516,217 552,402 |
|---|---|
8 Property, plant and equipment
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
9 Heritage assets
| Heritage assets | |
|---|---|
| Art Collection | |
| £ | |
| At 1 January 2020 | 192,296 |
| Purchases | 185,000 |
| Donated assets | 10,000 |
| At 31 December 2020 | 387,296 |
The collection consists of 88 items of fine art.
Summary analysis of Heritage Asset transactions
| Purchases Donations Total additions Impairments Disposals 10 Inventories Books, prints, postcards and gifts 11 Trade and other receivables Amounts falling due within one year: Trade receivables Other receivables Prepayments and accrued income |
2020 £ 185,000 10,000 195,000 - - |
2019 £ - 8,000 8,000 - - |
2018 £ - - - - - |
2017 £ - 24,000 24,000 - - 2020 £ 12,957 2020 £ - 1,644 12,603 14,247 |
2016 £ 4,200 - 4,200 - - 2019 £ 13,489 2019 £ 84 1,992 12,671 14,747 |
|---|---|---|---|---|---|
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
12 Current liabilities
| Trade payables Accruals and deferred income |
2020 £ 1,109 1,909 3,018 |
2019 £ 3,506 1,973 5,479 |
|---|---|---|
13 Restricted funds
The Restricted F und is comprised of two elements. The first relates to funding received from Lottery grants specifically for the restoration of the gallery. The second relates to funding received from donors and grantmaking organisations specifically for the purchase of artworks by Sir Stanley Spencer.
| Movement in funds | Movement in funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Resources | Balance at | Incoming | Resources | Transfers | Balance at | |||
| 1 | January 2019 | expended | 1 |
January 2020 | resources | expended | 31 December | ||
| 2020 | |||||||||
| £ | £ | £ | £ | £ | £ | £ | |||
| Restricted | |||||||||
| Fund | 547,042 | (33,607) | 513,435 |
155,000 | (33,607) | 30,000 | 664,828 |
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
14 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Balance at | Incoming | Resources | Transfers | Balance at | ||
| 1 January 2019 | resources | expended | 1 | January 2020 | resources | expended | 31 December | |||
| 2020 | ||||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||
| Acquisitions Fund | 78,303 | - | - | - | 78,303 | - | - | - | 78,303 | |
| Friends of Stanley Spencer | 18,488 | 5,822 | (4,047) | (3,849) | 16,414 |
2,175 | (481) | (10,000) | 8,108 |
|
| 96,791 | 5,822 | (4,047) | (3,849) | 94,717 |
2,175 | (481) | (10,000) | 86,411 |
The Acquisitions Fund has been set up to allow the gallery to purchase paintings to add to its collection as and when the opportunity arises.
The Friends of Stanley Spencer Gallery is a group of members who support the activities of the Trust through events, newletters and outings and fundraise through membership fees. This fund is the income and expenditure from The Friends.
A transfer of £20,000 was made from the Acquisitions Fund and £10,000 from Friends of Stanley Spencer to fund the purchase of the Self Portrait drawing 1959.
At the year end the Trustees agreed to transfer £20,000 of general funds to the Acquisitions Fund.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 15 Analysis of net assets between funds Fund balances at 31 December 2020 are represented by: Property, plant and equipment Heritage assets Current assets/(liabilities) |
General Fund Designated Fund Restricted Fund 2020 2020 2020 £ £ £ 36,389 - 479,828 202,296 - 185,000 194,370 86,411 - 433,055 86,411 664,828 |
Total 2020 £ 516,217 387,296 280,781 1,184,294 |
General Fund Designated Fund 2019 2019 £ £ 38,967 - 192,296 - 218,990 94,717 450,253 94,717 |
Restricted Fund 2019 £ 513,435 - - 513,435 |
Total 2019 £ 552,402 192,296 313,707 1,058,405 |
|---|---|---|---|---|---|
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
16 Financial commitments, guarantees and contingent liabilities
As part of the terms of grant funding received for the acquisition of Self Portrait Drawing (1959) the Charity would be obliged to remit to the funder part of any sale proceeds received in the event of any future disposal of the drawing. This creates a contingent liability for the charity. The value of the contingent liability is dependent on the sale price achieved and is therefore uncertain. As the charity currently has no intention of disposing of the drawing, it is not probable that a future liability will arise. As a result, the liability has not been recognised on the Statement of Financial Position.
17 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
18 Post balance sheet events
The global COVID pandemic emerged during the year and continued after the balance sheet date of 3 1 December 2020, the impact can be seen in the statement of financial activities, the income from charitable activities decreased due to the temporary closure of the gallery. The effects of the pandemic do not result in any adjustment being needed to the value of assets and liabilities at the balance sheet date.
The Trustees remain confident that they will be able to overcome the short-term operational difficulties that are affecting operations and as a consequence these accounts have been prepared on a going concern basis.
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