Charity Registration No. 307989 THE SIR STANLEY SPENCER MEMORIAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SIR STANLEY SPENCER MEMORIAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustces Dr S M¢Kendrick Mrs A J Bradlcy Petilgas Mr P A Brown MrA de Mille MrCNBBrown Hon F. Astor Chairnlan Dr S McK&)drick Trcasurer Mr D Axworthy Charity number 307989 Principal address Stanley Sttncer Gallery High Street C(K)kham Berkshire SL6 9SJ Independent examiner Richardson Jones Mercury Housc 19-21 CharKI Street Marlow Bucks SL7 3HN
THE SIR STANLEY SPENCER MEMORIAL TRUST CONTENTS Pa8¢ Trust¢es report Independent examinerfs rrt Statement of financial activities Statctncnl of financial position Notes lo the finan¢ial statements 9-19
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and f]nancial statements for the year ended 31 December 2024. The financial state]nents have been prepared in accordance with the accounting policies set out in note I to the financial statements and cotnply with the Trust's governing documenL the Charities Act 2011 and "Accountiug and Rcporting by Charities.. Statement of Recommcndcd Practicc applicablc to charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effectivc l January 2019)" OBJECTIVES AND ACTIVITIES Objectives and Alms The Trust is responsible for maintaining and managing the independent gallery devoted to the work of one of Britain's most original twelltieth-¢entury artists, Sir Stanley Sp¢nc¢r RA (1891-1959). who was born in C(K)kham 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 StarLley Spencer Gallery is a group of over 500 members who exist lo support theGallery and create gr¢at¢r awarelless of Stanley Spencer. The Friends income and expenditure are Included inthis report. The principal objectivc of the Chlty is the foundation, maintenanee, iTnprovcmcnt and support of an art gallery to be siat in the villagc of Cookham or elsewhere in England and Wales. This Gallery is to be known as The Stanley Spencer Memorial Gall*. be open to all members of the publi¢ without distinetion and.used to display pailltin and other works of art by the late Sir Sienley Spencer U &s well as other artists from time to time. The are& of benefit is determined as Windsor and Maidenhead. However, the gallery attracts visitors frimi across the UK and a wide range of countries overseas. Publlc bejjefit In setting ow objectives and planning our activities, we have given care] consideration lo the Charity Commissions, gcneral guidance on public"benefit.
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT (cowfINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Cb#ritsble actlvlties Aftcr making appropriate enquiries. the Trustees are confident that the charity has adquate resourccs to ¢ontinue in operational exiqlen¢e for the foreseeable future. For this rrason they continue to adopt the going conccrn basis in pr¢paring the financial ststements. Since its opening in 1962 the Gallery has mounted a varied prngrdt of public exhibitions. Exhibitions are produced to showcase different aspects of Sp¢nc¢rfs ar¢ bas¢d on the Galla$ ¢ollection and loans from public gallcrÉc5 and priv¢ owners. In 2024 the Gallery held three major tempordry exhibitions. Evetyvhere is Heaven: Stanley Spenccr & Roger Wagner. (9 November 2023 - 24 March 2024). The C(M)kham Brotherf)ood.. The Art of Gilbert and Stanley Spcncerf (28 March- 3 November 2024) and'seeing the Unseen: Reality and Imagination in the Art of Stanlry Spenccf (7 Novanb¢r 2024- 30 March 2025}. The Trnsttts are grateful to Roger Wagner, the Tate and several private Icndcrs for their generosity to and trust in the Gallery without which these exhibition5 would not have been pos5iblc. During 2024 th¢ Gall welcomed 8157 visitors. The Gallery's pernancnt coll¢¢tion has d¢velopcd and continu&% to grow thanks to gerOuS gifts and bequests, as wcll as through occasional and carcfully selected pur¢has4s. In addition. the Gallay w¢l¢om¢s and retains on long-terni loan other works by Spencer. Works from th¢ Gallery's collection are availabl¢ for loan to exhibitions held in other institutions in the UK and abroad. Early in 2024, as noted in last yeavs reporL the Gallery securd by purchase'Patricia at Cookham Hill, 1935. a major painting by Spen¢er that had been on long term loan to the Gallery and included in successive exhibitions there sinc¢ 2012. The Trustees a¢knowl¢dge with thanks the generous suPrt of the Nation4 Heritage Mc¥norial Fun& the Art Fun the Friends of the Stsnley Spencer Gallery and other individual donors. The Gallery also prolnotcs Spencer's art through its content-rich wd)stt¢ Ihttps:Ilsthnl¢yspencer.org.ukl), through its other digttal channels and through a varied progrdmme of ¢vo)ts held throughout the year. Through its expert volunteus, the Gallery engagas audienccs that range in age from school Child to senior citizS and encomp differing abilities. An extensiv¢ and unique archive of materials relatal to the artist is available to students and rescdrchers by aprrt)intmcnt. The Truste¢s are eful for re¢¢nl philanthropic donaÈions that have supported this core work through thc rcdcvclopTneni of th¢ Gall&Ys websiK exhibition spaces and exterior signagc. The Gallery offer5 the opportunity to purcha8¢ iKKJk& prints. Fw¢ards and gifts. purchases can be made in person or by telephone during opening hours. A Managcment committ is responsible for the daily operation of the Gallery. FINANCIAL REVIEW Flnanclal posltion The finan¢¢s of the Trust are regularly monitored through the Treasurer and meetings of the Manag¢ma)t Committee and Trustees.
THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policy The reserv&8 policy 15 based on the following ido)tified necds: -To makc provision for unforeseen repairs and maintenance of equipment and facilities in the Ga]Iw or unanticipated interruptions To th¢ Gallcry's opcrdtions - To maintain fvnds for th¢ acquisition of the works of Stanley Sp¢mcff, which corne on the market at unpredictable times and may have fonned important parts of the Gallery's collection as long-tLYm loans. Setd futtding from the Gallery's own resourcts has been critical to successfvl fundraising for such addition5 to the pern)ent collection. The principal regular Sour of incom¢ for the Trust are Gallery entrance f8 and th¢ sale of g(KKls. Thc Trustr£s would like lo place on record their appreciation of the support 1ved from Friends of the Gallery and othff donors and supporters. The Trust is managed and run by volunteers whose gift of thetr tim¢ and expertise enables the Gall to OPWdt¢ effe¢tively. The Trustees will ntinue lis programme of evcnts and exhibittons. Works by Sir Stsnley SrKncer RA wtll be purchased very selectively &$ they ¢ome on the market, providing the pricc can be safely managed within thc fimds available and the Gall is able to attract additional external funding. At the year end total unrestri¢led funds wcre £414,596 and total r¢stri¢ted funds w¢re £1,317.731. Accordingly. the TSt are satisfied that the level of resetv4s being maintained is necessary and adequat Risk management The Trustees ensure that appropriate insurance is in place for fire and th¢ft lo cover the full value of the exhibits. They installed the improved fire protection system. environmental system and incre&sed se¢urity during 2007 itnprovemcnt project to minimise the risk Purchases of paintings, drdwings and other Ttems related to the artist and our collection are only made if affordable within the Galletys means or through donations and grants. or by a combination of fundlng and re5¢rYes. Long-term and short-tertn loans to the Gallery are insural through the UK Government I[tdfflIty Schane. STRUCTURE, GOVERNANCE AND MANAGEMENr Governing document The charity is controlled by its gov¢ming documenL a deed of tntst (dated 26 May 1961 and order dateAJ 8 July 2005, amended by resolution on 19 November 2010 and further amcnded by [lutiOn on 19 Nov¢mb¢r 2018 and 18 Novctnber 2019), and constitutes an unincorporatsj charity. The Trustees who servsj during the year and up to the date of signature of the finan¢io1 statements were.. Dr S McKendrick Viscount W W Astor Mrs A J Bradley Petilg&s Mr P A Brown MrA d¢ Mille MrCNBBrown Thc Hon. F.Astor {TesigneAJ 5 Febrnary 2024) (appointed 5 February 2024)
THE SIR STANLEY SPENCER MEMOIUAL TRUST TRUSTEES REPORT (cowfINuED) FOR THE YEAR ENDED 31 DECEMBER 2024 Recruitment alld appointment of Trnstees Tnjstees are elected and ¢LFOPted under the tcrtns of th¢ Trust deed New Trtte¢S aff sought by existing Tnee5 and after 1[ explanation of thcir roles and the operations of the mus¢um, and their ¢ommitmeJ)t to the Code of Conduct for Trusiees of the Sir Stanley Spencer Memorial Ttust. are invited to be a Trnste¢. Th¢ir appointMts are minutd and their names are added to the Chlty Commissions, r¢¢ords. The Trust¢¢s report was approved by the rust. Dr S McKcndrick Chainnan of thc Trusteas Dated: 4th July 2025
THE SIR STANLEY SPENCER MEMORIAL TRUST tNDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF THE SIR STANLEY SPENCER MEMORIAL TRUST I report to the Trustees on my examination of the financial Sfatcments of The Sir Stanley Spencer Memorial Tt (thc Trust) for the year ended 31 December 2024. Responsibilities and basis of report As the Trnstees of the Trust you are resnsIble for the prepaTatiou of the financial statements in accordance with the requiretnents of the Charities Act 2011 (the 2011 Act}. I report in resp¢¢l of my ¢xamination of the Trust's financial statements carried out under tIOn 145 of the 2011 Act. In carying out my 4xamination I have followed all the applicable Dircctions given by the Charity Commission under section 145(5Mb) of the 2011 Act. Independent examiner's statement I have completed my exami[tion. I confirni tha¢ no mattets have covne to my attffltion in CO[e¢tiOn with Commission under section 145{5){b) of the 2011 Act. . a¢counting records were not kept in rw of the Trust as requir by section 130 of the 2011 ACL or 2. the financial statements do not acwrd with those Te£ords: or 3. the financial statements do not comply with the applicabl¢ rquir¢ments concerning the foTm and content of accounts set out in the Charities (Accounts and Report5) Regulations 2008 other than any wuirunfflt that th¢ accounts give a ttv¢ and fair view which is I have no concerns and have come across no other matters in cortntttion with th¢ ¢x8mination to which atttion should be drdwn in this ort in order to ¢nable a propLT und¢rstanding of the financial StateMts to be reached. rGThrnsh Ri¢hardson Jonas Mtr¢ury Hous¢ 19-21 Chapel Street Morlow Bucks SL7 3HN DateA.. 4th July 2025
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THE SIR STANLEY SPENCER MEMORIAL TRUST STATEMENf OF FINANCtAL posrfIoN AS AT 31 DECEMBER 2024 2024 2023 Ftxed assets Propety, plant and equipment Heritag¢ assets Notes 374.417 ,071.123 409.970 471.123 1,445,540 881,093 Currcnt assets Invcntorics Trade arkd other receivable5 Cash at bank and in hand 11,486 12,489 267,562 291.537 18,392 12,656 263,236 294.284 Cunmt liabiliti 10 4.750 8.300 Net current assets 286.787 285.984 Total ass¢ls less current Itabilitias .732,327 1,167.077 Income funds Restricted funds 1,317.731 752.588 Unrestricted funds Designated fimds G¢n¢ral unrestricted fijnds 12 78.303 336.293 78,303 336,186 414,596 414.489 ,732 327 1.167,077 The financial Statements were approveAJ by the TnteeS on 4th July 2025 Dr S McKendrick Trustee
THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEN(BER 2024 l Aeeollntillg policies 1.1 Accounting convention The financial statements have been prepared in accordance with the Trust's goveming documenL the Charities Act 2011 and"Accounting and Reporting by Charities: Statement of Rccommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stimdard &ppli¢able in the UK and Republic of Ircland (FRS 102) (effective l Jantw 20r9)" The Trust is a Public Benefit Entity as def]ned by FRS 102. The Trnst has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bullctin I rLOt to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the function currency of the Trust. Motletary amounts in these financial statements are roundcd to tILe nearest £. The financial statements have been prepared under the hislori¢al cost convention. The principal aountIng policies adopted a set out below. 1.2 Cliaritable funds Unr&%trÉcled funds are availablc for use at the dis¢retion of the TThtee5 in furtherdnce of their charitable objectives. Designated fund8 ¢ompTiSe funds which have been set aside at the discretion of the Trustees for specific pUOSe8. The purposes and uses of the d¢8ignated funds are set out in the note8 to the financial statements. Restricted fvnds arc Subject to specifi¢ ¢ondition5 by donors as to how they may be used. The puo)oses and uses of the restricted funds ar¢ sel out in the notes lo the fmancial statements. 1.3 Incoming r&80urces Incon)e is recognised when the Trust is legally elltitled to it after any perfortnance conditions have been mel, the amounts can be measured reliably, and it is probable that income will be receive Casb donations Bre recogniscd on receipt. Other donations arc recognised once the Ttust has been notified of the donation, unless perfonnan¢¢ conditions rcquire defe1 of the amount. Income tax recoverable in relation to donations received undcr Gift Aid or deds of covenant is recognised at the time of the donation. 1.4 Resources expended Liabilities are recognised &s exp.enditure as soon &$ there is a legal or constructive obligation conynitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in 5cttlement and the amount of the obligation can be measurcd rcliably. Expenditure is accounted for on accruals basis and has been classified und¢r headings that aggregate all cost related to the category. Where costs cannot bc directly attributed to particular headings they have been allocated to activities on a b&sis consistent with the use of Tesources. Grants offcred sllbjt to ¢ondttions which have not been met at the year end date are not¢d as a commitment but not crned a5 expenditure.
THE SIR STANLEY SPENCER MEMORtAL TRUST NOTES TO THE FINANCIAL STATEMEwrs (coTrtrINUED) FOR THE YEAR ENDED 31 DEcEBER 2024 {Continued} l Accounting policies 1.5 Propeity, plant and equipment Prop¢rty, plant and equipment are initially rnured at cost and subsequently measured at cost or valuation, net of dreCiatiOn and any impairn)&)t losses. Deprcciatiott is recogniscd so as to Ti¢¢ off the cost or valuation of &ssds Iw their residual values over their uscful lives on the following ba5CS: Over the period of the lease Leasehold I Strdight line over 10 years Equipment 1.6 Heritag¢ &ssets Th¢ Truses heritsge assets ¢onsist of the WOTks of art by one of Britain's greatest 20th Century artists. Sir Stanley Spencer IL4. They are held to provid¢ b¢n¢fit and enjoyment to the inhabitants of and visitors to Windsor and maidenh and are available for short tffm loans to exhibitions within the UK and abroaiL The art collection is not deprlatj as th¢ cxhibits are not expethed to go down in value. The collection is valued at a nominal cost of £1 and all subsequcnt additions to thc collection are recorded al Cost. The Gallery recognises its rwonsibility as a fully accreditsj museum undcr the Arts Council England scheme. in acquiring additions to its collections. to ensure that the car4 storage and use of ¢olle¢tions is se¢u. 1.7 Inventories Inventories are Stat at the lower of cost and estimat1 selling pric4 after making due allowance for obsolete and slow moving items. 1.8 Government grants Governmcnt grants are recognised at the fair value of the ass¢t re¢¢ived or trceivable when there is reasonable assurance that the grdnt conditions will be met and the grants will be re¢¢ived. A grdnt that specifi&8 pOrnianCe condition5 is rwi5ed in income when the tKrfornian¢¢ ¢onditions atr met. Where a grant di)es not specify pdorn]ance conditions it is recognised in income when the pro¢eeds are r¢ceived or re1V&bI< A grdnt received befote the TOgnition critla are satisfied is recognised as a liability. 10-
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THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 4 Trustees None of the Trnste¢s {or any persons connected with than) re¢eivd any ranun¢rntion or benefits from the Trust during the year. S Employee5 2024 2023 The averdge monthly number of employees during the year w&s: nil nil 6 Property* plant and equipment EquiFqncnt Cost At l January 2024 Additions At 31 December 2024 970.313 26.715 997.028 970.313 26,715 997,028 Deprlatio[l At l January 2024 Depreciation chargcd in the year At 31 December 2024 567.032 33.607 20.026 1.946 587,058 35,553 600,639 21,972 622.611 Ai 31 December 2024 369.674 4.743 374.417 At 31 December 2023 403.281 6.689 409,970 14-
THE SIR STANLEY SPENCER MEMORtAL TRUST NOTES TO THE FtNANCIAL sTATENTs (CONfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 7 Heritage assets Art Collection 2024 2023 The Collection consists of 90 (2023.89) items of fine arL 1,071,123 471.123 Summary analysis of Heritagc Asset trdnsactions 2024 2023 Purchases during th¢ year 600.000 8 Inventories 2024 2023 11.486 18.392 Books. print& pCardS and gilts 9 Trade and other receivables 2024 2023 Amounts falling due within on¢ y. 12,489 12.656 Prepayments and aCffli incoTne 12.489 12.656 10 Current Ilabilities 2024 2023 4,750 8.300 Accruals and deferr income 8.300 15
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THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENrs (coNttNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Financial commitment% guarantees Ind ¢ontillgent IIAbllltie5 As part of the tern]s of grant funding received for the acquisition of certain heritage assets the charity would b¢ obliged to remit to the funder part of any sale procesh receivcd in the ¢v¢nt of any future disposal of Ihe drawings. This creates a contingent liability for the charity. Thc valu¢ of lh¢ Contingent liability is dependent on the sale prices achieved and is therefore uncertain. As thc charity currenEly h&$ no intention of disposing of the drdwings, it is not probable thai a future liability will arise. As a resulL the liability has not becn rccognisd in the Sthtaneni of Finan¢ial Position. 16 Related party trnnsAellons There were no disclosable related party trdnsactions during the year (2023 - none). 19-