Charity Registration No. 307989 THE SIR STANLEY SPENCER MEMORIAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE SIR STANLEY SPENCER MEMORIAL TRUST LEGAL AND ADMtNISTRATIVE INFORMATION li Trustees Dr S McKendrick Viscount W W Astor Ms A J Bradley Mr P A Brown Mr A de Mille Miss C Mitchell MrCNBBmwn (Resigned 6th February 2023) Chaimun Dr S McKendri¢k Treasler Mr K E J Miller (Resigned 5th Febrnary 2024) Charity number 307989 Principal address Stanley Sp¢ncer Gallery High Street Cookham Berkshire SL6 9SJ Independent examiner Richardson Jones MeTCUry House 19-21 Chapel Street Marlow Bucks SL7 3HN
THE SIR STANLEY SPENCER MEMORIAL TRUST CONTEKrs Page Trustees report Independent examiner's report Staten]ent of financial activities Statement of financial position Notes to the financial statellnts 9-19
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I 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 Standd app]icable in the UK and Republic of treland (FRS 102) (effective l January 2019)" OBJECTIVES AND ACTIvrrIKs Objectives and ain The Trust is responsible for maintaining and managing the independent gallery devoted to the work of one of BritaiTh'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 schenle 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, rnaintenance. 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, &s well as other artists from tin to time. The e& of benefit is deterniined as Windsor and Maidenhead. However. the gallery attracts visitors frorn across the UK and a wide range of countries overseas. Publfic benefit In setting our objectives and planning our activities. we have given ¢ful consideration to the Chlty Conunissions, general guidance on public benefit.
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Charitable activlties 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 V&Tied programme of public exhibitions. Exhibitions are pr(Kluced to show¢ase different aspects of Spencer's art. based on the Gallery's own collection and loans from public galleries and private owners. In 2023 the Gallery held three major temporary exhibitions. Most Loved Works in the Stanley Spencer Gallery, (10 Noventher 2022- 26 March 2023), 'Stanley Spencer and M(xlern British Art, (30 March- 5 November 2023) and 'Everywhere is Heaven.. Stanley Spencer & Roger Wagner, {9 November 2023 - 24 March 2024). The Trustees are grateful to Southampton City Att Gallery and Roger Wagner for their generosity to and trnst in the Gallery withill the parterShipS on which the latter two exhibitions were based. During 2023 the Gallery welcomed 7919 visitors. The Gallery's permanent collection has developed and contirAues to grow thallks to generous gifts aud 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 exhibiuons held in other institutions in the UK and abroad. In the second half of 2023 the Gallery was offered the opportunity to acquire permanently 'Patricia at Cockmarsh Hill. 1935. This major painting by Spencer had been on long-tern loan io the Gallery and in¢luded in successive exhibitions there since 2012. By the end of the year the Trustes had secured pledges of generous support from the National Heritage Memorial Fund, the Art Fulld and the Friends of the Stanley Spencer Gallery. These were su1Clent to secure the purchase of this unique work in early 2024. The Trustees acknowledge with thanks the generosity and ttust of these funders, as well as the owners of all works lent to the Gallery either on a long- or short-tenn basis. The Gallery also promotes Spencer's art through its c()ntent-rich website (https'./lstanleyspencer.org.uk/), through its other digital channels aDd through a varied progran]me of events held throughout the year. Through its expert volunters, the Gallery engages audiences that range in age from school ¢hildren to senior citizens and eDCOmPaSS differing abilities. An extensive and unique awhive of rnaterials related lo the artist is available lo students and researchers by appointment. The Gallery offers the opportunity to purchase books, prints, postcards and gifts. These purchases can be made ID person or by t¢lephone during opelling hours. A Management Comniittee is responsible for the daily operation of the Gallery. FANcL REvw Financial position The finallces of the Trust regularly monitored through the Treasurer and meetings of the Management Conunittee and Trustees.
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves polley 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 intemiptions 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 fornied important parts of the Gallery's collection as long-temi loan8. Seed fullding from the Gallery's own resouTces 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. The Trnstees would like to place on record their appreciation of the support received fronL Friends of the Gallery and other donors and supporters. The Trusi is managed and rnn by volunteers whose gift of their time and expertise enables the Gallery to operate effectively. The Trnstees will continue its prograrnme of events and exhibitions. Works by Sir Stanley Spencer RA will be puhased very selectively as they come on the market, providillg the prtce can be safely managed withiD the fullds available and the Gallery is able to attract additional external funding. At the year end total unrestricted funds were £414,489 and total restiicted funds were £752,558. 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 Syste environmental system and increased security during 2007 improvement project to minimise the risk. Purchases of paintings. drawings and other itms 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-terni loans to the Gallery e insured through the UK Government Indemnity Scherne. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of twst (dated 26 May 1961 and Drder dated 8 July 21Kk5, amended by resolution on 19 November 2010 and further amended by resolution on 19 November 2018 And 18 November 2019), and onstitutes an unincorporated ¢harity. The Trustees who served during the year alld up to the date of signature of the fllkancial statement5 were: Dr S McKendrick Viscount W W Astor Ms A J Bradley Mr P A Brown Mr A de Mille Miss C MÉtchell MrCNBBrown (resigned 6 February 2023)
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Recruitment and appointment of new Trustees Trustees are elected and co-opted under the terms of the Trnst deed. New Trustees are sought by existing Trustees and after full explanalion'of their roles and the operations of the museum, and their ¢on)mitment to the Code of Conduct for Trustees of the Sir Stanley Spencer Memorial Trus( are invited to be a Trnstee. Their appointrnents are minuted and their n&llS are added to Ibe Charity Cornmissions, records. The TNstee8 report was approved by the Board of Trustees. Dr S McKendrick Chairman of the Trusfres Dated.. 16th Septellther 2024
THE SIR STANLEY SPENCER MEMORIAL TRUST INDEPEIADENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR STANLEY SPENCER MEMORIAL TRUST I report to the Trnstees on my examination of thc financial Stalennts of The Sir sthcy Spencer Memorial Trust (the Trust) for the year ended 31 December 2023. R£sponsibilKti£8 and basls of report As the Trustees of the Trllst you are responsible for the preparation of the fmancial statemcllts in a¢¢ordaThce with the rcquirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Tnt'S financial statements caled out under section 145 of the 2011 A¢t. In ¢arryiDg out my examtnation I have followed all the applicable Directions given by the Charity Commission under section l45(5)(b) of the 2011 Act. Independent examiDer'5 Statement I have completed my examination. I confllni that no matters have come to my attention in connection withcotnmissioTh under section 145(5)(b) of the 2011 Act. . accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act. or 2. the financial statcmcnts do not e0rd with those records" or 3. thc financial statements do not comply with the applicable requirements concerning the fonn and content of accounts set out in I have no concerns and have come auoss no other matters in connection with the exatnination to which attention should be drawn in this report in order to enable a proper understanding of the financial statenLents to be reached. G Thrnsh Richardson Jones Mewury House 19-21 Chapel Street Marlow Bucks SL7 3HN Dated.. 1st September 2024
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THE SIR STANLEY SPENCER MEMORIAL TRUST STATEMENT OF FINANCIAL posrrIoN AS AT 31 DECEMBER 2023 Fixed assets Property, plant and equipnt Heritage assets Notes 2023 2022 409,970 471,123 881,093 445,522 471,123 916,645 Current assets Inventories Trade and other receivables Cash at bank and in hand 18,392 12,656 263,236 294,284 14,545 11,997 258,723 285,265 Current Ilabllitles io 8.3(M) 1.750 Net current assets 285.984 1,167,077 283,515 1,200,160 Totsl assets less current llabllltl£ Income Cunds Restricted funds Unrestricted funds Designated funds General tmrestricted funds li 752,588 784,945 12 78.303 336,186 91.461 323,754 414,489 415,215 1,167,077 1,200,160 The financial statements were approved by the Trnstees on 16th Septelltt)er 2024 Dr S McKendrick Trustee
THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO TFLE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023 l Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordallce with the Trust's governing documenc the Charities Act 2011 and Accountillg and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective l January 2019)". The Twst is a Publi Benefit Entity as defined by FRS 102. The Trust has taken advantage of the pmvisiolls ill the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional curren¢y of the Trust. Monetary amounts in these financial statemeDts are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set ouc below. 12 Charltable funds Unrestricted fullds are available for use at the discretion of the Trustees in furtberance of their charitable objectives. Desigllated fut]ds comprise funds which have been sel aside at the discretion of the Trustees for specific purposes. The PLllposes and uses of the designated funds are set out in the notes to the fmancial stafrments. Restricted funds are subject to specific conditions by donors as to bow they may be used. Th¢ purw)ses and uses of the restricted funds set out ill the notes to the financial staternents. 1.3 Incomlng resources Income is recogDised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reltably. and it is probable that income will be receive(L Cash donations are recogrrised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. In¢ome 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 s(KJn as there is a legal or constrnctive ob]igation comlljitting the charity to that expendittire, it is probable that a trallsfer of economic benefits will be required in settlellnt and the amount of the obligation can be measured reliably. Expendire is ac¢ounted for on an accruals basis and ha5 been classified under headings that agegate all cost related to the category. Where ¢osts cannot be directly'attributed to particular headings they have been allated 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 eKpellditure.
THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FJNANCIAL STATEMENTS (COKtItrtUED) FOR THE YEAR ENDED 31 DECEMBER 2023 l Accounting policies (Continued) 1.5 Property? plant and equipment Property. plant and equipment are initially measLzred at cost and subsequently measured at cost or valuation, net of depreciation and any lmpa1rnnt losses. Depreciation is re¢ognised 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 etS The Trust's heritage assets consist of the works of art by one of Britain's greatest 20th Century grtists. 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 terni 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 nkIng due allowance for obsolete and slow moving items. 1.8 Government grants Goven)ment 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 peTforn]ance conditions is recognised in income when the perfornw]ce conditions are met. Where a grant does not specify perfornwlce conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is Teco%nised as a liability. io-
THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FINANCIAL STATEfvIENTS (CoNTIUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2 Donations and legacies Unrestricted Unrestricted Restricted funds funds funds general desAgnated 2023 2023 Total Total 2023 2023 2022 Donations and gifts Grants 725 11,048 11,773 2,0(M) 2,000 3,661 78,417 For the year ended 31 December 2023 13,048 13,773 82,078 For the year ended 31 December 2022 6,328 75,750 82,078 Grants receivable for core act]tieS Govenunent grants - COVID-19 Kings Hall Trust The Band Trust Royal Pavillion Museums V & A Museum Art Fund and the Wolfson Foundation Museiim Development SE Museums 2,667 2,000 2,000 750 40,000 35,000 2,000 2,000 78,417
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THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FLNANCIAL STATEMEwfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 4 Tnjstees None of the Trustees (or any persons corweeted with them) received any remuneration or benefits from the Trust during the year. 5 Employees 2023 2022 The average monthly number of employees during the year w&8'. 6 Property? plant and equipment tkasehoId land ad Equipment Total bulldlngs Cost At l January 2023 Additions 970.313 26,715 997.028 At 31 December 2023 970,313 26,715 997,028 Depreciation At l January 2023 Depreciation charged in the year 533,425 33,607 18.080 1,946 551,505 35.553 At 31 December 2023 567,032 20,026 587.058 At 31 December 2023 403,281 6,689 409,970 At 31 Decembet 2022 436,888 8.635 445,522 14-
THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FANCIAL STATEMEWFS (coYfLNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 7 Heritage assets Art Collection 2023 2022 The collection consists of 89 (2022.89) items of fine art. 471,123 471,123 Summary analysis of Heritage Asset transactions 2023 2022 Purchases during the yeat 83,828 8 Inventories 2023 2022 B(wks. prints, poStCdS and gifts 18,392 14,545 9 Trade and other receivables 2023 2022 PTep&Ynnt8 and accrued in¢orne 12,656 11,997 12,656 11,997 10 Current liabilities 2023 2022 Accruals and deferred income 8.3(M) 1,750 8,300 1,750 15
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THE SIR STANLEY SPENCER IVIEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONfIMJED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Financial commitments, guarantees and contingent liabi]itios As part of the tern of grant funding received for the acquisition of ¢¢rtain heritage assets the charity would be obliged to remit to the funder part of any sale proceeds Teceived in the event of any future disposal ofthe drawings. This creates a continsent 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 Iiability will arise. As a result, the liability has not been recognised in the Statement of Financial Position. 16 Related party transactions There were no disclosable related porty transactions during the year (2022 - none). 19-