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 r￿￿rt
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 Ch￿lty is the foundation, maintenanee, iTnprovcmcnt and support of an art gallery to be si￿at￿ 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 prngrd￿t 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 g￿erOuS 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 suP￿rt 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 citiz￿S 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 f￿8 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 T￿St￿ 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[tdffl￿Ity 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 Trt￿te¢S aff sought by existing Tn￿ee5 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 appointM￿ts are minutd and their names are added to the Ch￿lty
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 T￿￿t (thc Trust) for the
year ended 31 December 2024.
Responsibilities and basis of report
As the Trnstees of the Trust you are res￿nsIble 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 att￿tion should be drdwn in
this
ort in order to ¢nable a propLT und¢rstanding of the financial StateM￿ts 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 Tn￿teeS 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
a￿ountIng policies adopted a￿ set out below.
1.2 Cliaritable funds
Unr&%trÉcled funds are availablc for use at the dis¢retion of the TTh￿tee5 in furtherdnce of their charitable
objectives.
Designated fund8 ¢ompTiSe funds which have been set aside at the discretion of the Trustees for specific
pU￿OSe8. 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 defe￿1 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 sllbj￿t 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 DEcE￿￿BER 2024
{Continued}
l Accounting policies
1.5 Propeity, plant and equipment
Prop¢rty, plant and equipment are initially rn￿ured at cost and subsequently measured at cost or
valuation, net of d￿reCiatiOn 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 depr￿lat￿j 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 estimat￿1 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 p￿OrnianCe 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 re￿1V&bI< A grdnt received befote the T￿Ognition crit￿la are satisfied is
recognised as a liability.
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THE SIR STANLEY SPENCER MEMORIAL TRUST
NOTES TO THE F￿ANCIAL 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
Depr￿latio[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 sTATE￿￿NTs (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& p￿CardS 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
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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-