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
Treasl￿er
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 statell￿nts
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 Stand￿d 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 Ch￿lty 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 part￿erShipS 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 su￿1Clent 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.
F￿ANc￿L REv￿w
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 pu￿hased 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&ll￿S 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 Stalen￿nts of The Sir sth￿cy 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 Tn￿t'S financial statements ca￿led 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 equip￿￿nt
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 settlell￿nt
and the amount of the obligation can be measured reliably. Expendi￿re is ac¢ounted for on an accruals basis
and ha5 been classified under headings that ag￿egate all cost related to the category. Where ¢osts cannot be
directly'attributed to particular headings they have been all￿ated 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 lmpa1rn￿nt 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 n￿kIng 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 (CoNTI￿UED)
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

ry)￿*￿￿0

cn
CO Yr
CNrry
u rrt tu

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 a￿d
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 F￿ANCIAL 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, poStC￿dS and gifts
18,392
14,545
9 Trade and other receivables
2023
2022
PTep&Yn￿nt8 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

000
ooc

4 (n
mo
Orry*
N c

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-