Charity Registration No. 307989
THE SIR STANLEY SPENCER MEMORIAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE SIR STANLEY SPENCER MEMORIAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr S McKendrick Viscount W W Astor Ms A J Bradley Mr P A Brown Mr A de Mille Miss C Mitchell Mr C N B Brown Chairman Dr S McKendrick Treasurer Mr K J Miller Charity number 307989 Principal address Stanley Spencer Gallery High Street Cookham Berkshire SL6 9SJ Independent examiner Azets Audit Services Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH
(Appointed 10 May 2021) (Appointed 23 May 2022)
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 - 19 |
THE SIR STANLEY SPENCER MEMORIAL TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their report and financial statements for the year ended 31 December 2021.
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 2021
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 2021 it resumed the presentation of ‘Love, Art, Loss: The Wives of Stanley Spencer’ which was originally scheduled to run from 26 March to 1 November 2020, was not able to open till 15 August 2020 and had to close from 5 November 2020 because of national government restrictions resulting from Covid-19. The exhibition re-opened on 17 May 2021 and ran until 31 October. On 4 November ‘Mind and Mortality: Stanley Spencer’s Final Portraits’ opened to the public. This exhibition focused on a major new acquisition made by the Gallery in 2020, Spencer’s self-portrait drawing from 1959. During the time that the Gallery was able to open in 2021 the Gallery welcomed 5,144 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 2021 the Gallery received on long-term loan ‘View from the Tennis Court’ from 1938. The Trustees acknowledge with thanks the generosity and trust of the owners of this and other works lent to the Gallery.
The Gallery also promotes Spencer’s art through its content-rich website (https://stanleyspencer.org.uk/), through its other digital channels 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 2021
Reserves policy
The reserves policy is based on the following identified needs:
-
To make provision for unforeseen repairs and maintenance of equipment and facilities in the Gallery or unanticipated interruptions to the Gallery’s operations.
-
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 £425,112 and total restricted funds were £737,124. 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 (Resigned 22 September 2021) Ms A J Bradley Mr P A Brown Mr A de Mille Miss C Mitchell (Appointed 10 May 2021) Mr C N B Brown (Appointed 23 May 2022)
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THE SIR STANLEY SPENCER MEMORIAL TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 report was approved by the Board of Trustees.
Dr S McKendrick
Chairman of the Trustees Dated: 12 September 2022
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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 2021.
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:
-
1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
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
Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH
Dated: 29 September 2022
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| Total | 2020 | £ | 182,712 | 19,109 | 13,551 | - | 285 | 1,990 | 1,443 | 271 | 219,361 | 82,368 | 6,161 | 4,194 | 268 | 481 | 93,472 | 125,889 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | funds | 2020 | £ | 155,000 | - | - | - | - | - | - | - | 155,000 | 33,607 | - | - | - | - | 33,607 | 121,393 | ||||||
| Total Unrestricted Unrestricted | funds funds |
general designated |
2021 2020 2020 |
£ £ £ |
25,540 27,531 181 |
23,530 19,109 - |
16,004 13,551 - |
151 - - |
205 285 - |
2,875 - 1,990 |
900 1,439 4 |
50 271 - |
69,255 62,186 2,175 |
83,426 48,761 - |
4,524 6,161 - |
2,762 4,194 - |
- 268 - |
601 - 481 |
91,313 59,384 481 |
(22,058) 2,802 1,694 |
|||||
| Restricted | funds | 2021 | £ | 4,097 | - | - | - | - | - | - | - | 4,097 | 35,323 | - | - | - | - | 35,323 | (31,226) | ||||||
| Unrestricted Unrestricted | funds funds |
general designated |
2021 2021 |
£ £ |
20,823 620 |
23,530 - |
16,004 - |
- 151 |
205 - |
- 2,875 |
899 1 |
50 - |
61,511 3,647 |
48,103 - |
4,524 - |
2,762 - |
- - |
- 601 |
55,389 601 |
6,122 3,046 |
|||||
| Notes | 2 | 3 | 4 | 4 | 4 | 4 | 4 | ||||||||||||||||||
| Income and endowments from: | Donations and legacies | Charitable activities | Gallery entrance fees | Gallery sales | Events, outings and projects | Lectures and talks | Friends member subscriptions | Investments | Other income- Royalties | Total income | Expenditure on: | Charitable activities | Gallery Operational costs | Gallery sales | Exhibition costs | Events, outings and projects | Friends Membership costs | Total charitable expenditure | Net incoming/(outgoing) resources before | transfers |
| 125,889 | - | 125,889 | 1,058,405 | 1,184,294 | |||
|---|---|---|---|---|---|---|---|
| 121,393 | 30,000 | 151,393 | 513,435 | 664,828 | |||
| 1,694 | (10,000) | (8,306) | 94,717 | 86,411 | |||
| 2,802 | (20,000) | (17,198) | 450,253 | 433,055 | |||
| (22,058) | - | (22,058) | 1,184,294 | 1,162,236 | |||
| (31,226) | 103,522 | 72,296 | 664,828 | 737,124 | |||
| 3,046 | - | 3,046 | 86,411 | 89,457 | |||
| 6,122 | (103,522) | (97,400) | 433,055 | 335,655 | |||
| 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 2021 | Fund balances at 31 December 2021 |
THE SIR STANLEY SPENCER MEMORIAL TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
| 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 |
2021 £ £ 480,142 387,296 867,438 12,888 13,515 271,736 298,139 (3,341) 294,798 1,162,236 737,124 89,457 335,655 425,112 1,162,236 |
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 |
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 |
|---|---|---|---|
| 903,513 280,781 |
|||
| 1,184,294 | |||
| 664,828 519,466 |
|||
| 1,184,294 |
The financial statements were approved by the Trustees on 12 September 2022
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 2021
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 amounts 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 2021
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 Equipment
Over the period of the lease 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
Inventories are stated at the lower of cost and estimated selling price, 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 received 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 2021
2 Donations and legacies
| Unrestricted Unrestricted Restricted funds funds funds general designated 2021 2021 2021 £ £ £ Donations and gifts 3,676 620 1,097 Grants 17,147 - 3,000 20,823 620 4,097 For the year ended 31 December 2020 27,531 181 155,000 |
Unrestricted Unrestricted Restricted funds funds funds general designated 2021 2021 2021 £ £ £ Donations and gifts 3,676 620 1,097 Grants 17,147 - 3,000 20,823 620 4,097 For the year ended 31 December 2020 27,531 181 155,000 |
Unrestricted Unrestricted Restricted funds funds funds general designated 2021 2021 2021 £ £ £ Donations and gifts 3,676 620 1,097 Grants 17,147 - 3,000 20,823 620 4,097 For the year ended 31 December 2020 27,531 181 155,000 |
Unrestricted Unrestricted Restricted funds funds funds general designated 2021 2021 2021 £ £ £ Donations and gifts 3,676 620 1,097 Grants 17,147 - 3,000 20,823 620 4,097 For the year ended 31 December 2020 27,531 181 155,000 |
Total 2021 £ 5,393 20,147 25,540 |
Total 2020 £ 11,392 171,320 |
|---|---|---|---|---|---|
| 182,712 | |||||
| 182,712 | |||||
| Grants receivable for core activities Government grants - COVID-19 schemes Kings Hall Trust The Band Trust Royal Pavillion Museums V & A Museum Art Fund and the Wolfson Foundation Museum Development SE Museums |
16,097 1,050 - - - - - - 17,147 |
- - - - - - - - - |
- - - - - - - 3,000 3,000 |
16,097 1,050 - - - - - 3,000 20,147 |
12,096 2,100 25,000 1,874 30,000 100,000 250 - |
| 171,320 |
3 Investments
| Unrestricted | Unrestricted | Total | Unrestricted | Unrestricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| general | designated | general | designated | |||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Interest receivable | 899 | 1 | 900 | 1,439 | 4 | 1,443 |
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| 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 | 2021 | £ | 36,075 | 15,753 | 5,851 | 4,223 | 1,497 | 1,262 | 10,354 | 3,101 | 85 | 3,675 | - | 4,524 | 2,762 | - | - | - | 601 | 89,763 | - | 1,550 | |||||
| Friends | Membership | costs | 2021 | £ | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 601 | 601 | - | - | |||
| Events, | outings | and | projects | 2021 | £ | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| Gallery Exhibition |
sales costs |
2021 2021 |
£ £ |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
4,524 - |
- 2,762 |
- - |
- - |
- - |
- - |
4,524 2,762 |
- - |
- - |
||||
| Gallery | Operational | costs | 2021 | £ | 36,075 | 15,753 | 5,851 | 4,223 | 1,497 | 1,262 | 10,354 | 3,101 | 85 | 3,675 | - | - | - | - | - | - | - | 81,876 | - | 1,550 | |||
| Depreciation and impairment | Insurance | Light and heat | Rent | Telephone | Sundries | Repairs and maintenance | Office costs | Custodial expenses | Publicity | Registrar fees | Gallery purchases | Exhibition costs | Painting conservation | Cost of events and outings | School project costs | Other charitable expenditure | Grant funding of activities | Share of governance costs (see note 5) |
| (Continued) | 93,472 | 59,384 | 481 | 33,607 | - | 93,472 | 59,384 | 481 | 33,607 | - | 93,472 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 91,313 | 55,389 | 601 | 35,323 | - | 91,313 | ||||||||||
| 601 | - | 601 | - | - | 601 | - | 481 | - | - | 481 | |||||
| - | - | - | - | - | - | 268 | - | - | - | 268 | |||||
| 2,762 | 2,762 | - | - | - | 2,762 | 4,194 | - | - | - | 4,194 | |||||
| 4,524 | 4,524 | - | - | - | 4,524 | 6,161 | - | - | - | 6,161 | |||||
| 83,426 | 48,103 | - | 35,323 | - | 83,426 | 48,761 | - | 33,607 | - | 82,368 | |||||
| Charitable activities | Analysis by fund | Unrestricted funds - general | Unrestricted funds - designated | Restricted funds | Endowment funds | For the year ended 31 December 2020 | Unrestricted funds - general | Unrestricted funds - designated | Restricted funds | Endowment funds | |||||
| 4 |
THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5 Support costs
| Independent examiner's fee Analysed between Charitable activities |
Support costs Governance costs £ £ - 1,550 - 1,550 - 1,550 |
2021 £ 1,550 1,550 1,550 |
2020 £ 1,150 |
|---|---|---|---|
| 1,150 | |||
| 1,150 |
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:
| 2021 Number Total - Property, plant and equipment Leasehold land and buildings Equipment £ £ Cost At 1 January 2021 970,313 25,782 At 31 December 2021 970,313 25,782 Depreciation and impairment At 1 January 2021 466,212 13,666 Depreciation charged in the year 33,607 2,468 At 31 December 2021 499,819 16,134 Carrying amount At 31 December 2021 470,494 9,648 At 31 December 2020 504,101 12,116 |
2020 Number - |
|---|---|
| Total £ 996,095 |
|
| 996,095 | |
| 479,878 36,075 |
|
| 515,953 | |
| 480,142 | |
| 516,217 |
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 2021
9 Heritage assets
| Art Collection | ||||||||
|---|---|---|---|---|---|---|---|---|
| £ | ||||||||
| At | 1 | January | 2021 | and at | 31 | December | 2021 | 387,296 |
The collection consists of 88 items of fine art.
| Summary analysis of Heritage Asset transactions 2021 £ Purchases - Donations - Total additions - Impairments - Disposals - 10 Inventories Books, prints, postcards and gifts 11 Trade and other receivables Amounts falling due within one year: Other receivables Prepayments and accrued income 12 Current liabilities Trade payables Accruals and deferred income |
2020 £ 185,000 10,000 195,000 - - |
2019 £ - 8,000 8,000 - - |
2018 £ - - - - - 2021 £ 12,888 2021 £ 744 12,771 13,515 2021 £ 634 2,707 3,341 |
2017 £ - 24,000 |
|---|---|---|---|---|
| 24,000 - - 2020 £ 12,957 |
||||
| 2020 £ 1,644 12,603 |
||||
| 14,247 | ||||
| 2020 £ 1,109 1,909 |
||||
| 3,018 |
- 15 -
| Restricted funds | The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: | Movement in funds Movement in funds |
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at |
1 January 2020 resources expended 1 January 2021 resources expended 31 December |
2021 | £ £ £ £ £ £ £ £ £ |
Gallery restoration 513,435 - (33,607) - 479,828 - (33,607) - 446,221 |
Self-Portrait - 155,000 - 30,000 185,000 - - - 185,000 |
Hilda with Hair Down - - - - - - - 103,503 103,503 |
Memorial - - - - - 1,097 (1,116) 19 - |
IT and social media - - - - - 3,000 (600) - 2,400 |
513,435 155,000 (33,607) 30,000 664,828 4,097 (35,323) 103,522 737,124 |
The gallery restoration fund relates to funding received from Lottery grants specifically for the restoration of the gallery. | The 'Self-Portrait' and 'Hilda with Hair Down' funds relate to funding received from donors and grant-making organisations specifically for the purchase of art works | by Sir Stanley Spencer. | The memorial fund relates to a donation received specifically for the purchase of a memorial bench. | The IT and social media fund relates to grant funding received for IT and social media projects. | The trustees have undertaken a review of the heritage assets held by the charity. As part of this review, the trustees have determined that a heritage asset | previously disclosed within unrestricted funds, should be disclosed within restricted funds. The financial statements reflect an adjustment in relation to this in the | form of a transfer from unrestricted funds to restricted funds for the sum of £103,503. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 |
| 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 |
Balance at Incoming Resources Transfers Balance at Incoming Resources Balance at |
1 January 2020 resources expended 1 January 2021 resources expended 31 December |
2021 | £ £ £ £ £ £ £ £ |
Acquisitions Fund 78,303 - - - 78,303 - - 78,303 |
Friends of Stanley Spencer 16,414 2,175 (481) (10,000) 8,108 3,647 (601) 11,154 |
94,717 2,175 (481) (10,000) 86,411 3,647 (601) 89,457 |
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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 14 |
| Total | 2020 | £ | 516,217 | 387,296 | 280,781 | 1,184,294 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | Fund | 2020 | £ | 479,828 | 185,000 | - | 664,828 | ||||
| Designated | Fund | 2020 | £ | - | - | 86,411 | 86,411 | ||||
| General | Fund | 2020 | £ | 36,389 | 202,296 | 194,370 | 433,055 | ||||
| Total | 2021 | £ | 480,142 | 387,296 | 294,798 | 1,162,236 | |||||
| Restricted | Fund | 2021 | £ | 446,221 | 288,503 | 2,400 | 737,124 | ||||
| Designated | Fund | 2021 | £ | - | - | 89,457 | 89,457 | ||||
| General | Fund | 2021 | £ | 33,921 | 98,793 | 202,941 | 335,655 | ||||
| Analysis of net assets between funds | Fund balances at 31 December 2021 are | represented by: | Property, plant and equipment | Heritage assets | Current assets/(liabilities) | ||||||
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
16 Financial commitments, guarantees and contingent liabilities
As part of the terms of grant funding received for the acquisition of certain heritage assets 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 drawings. This creates a contingent liability for the charity. The value of the contingent liability is dependent on the sale prices achieved and is therefore uncertain. As the charity currently has no intention of disposing of the drawings, it is not probable that a future liability will arise. As a result, the liability has not been recognised in the Statement of Financial Position.
17 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
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