Charity Registration No. 307989 THE SIR STANLEY SPENCER MEMORIAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2025 THE SIR STANLEY SPENCER MEMORIAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION TTUStee6 Dr S M¢Kendrick Ms A J Bradley PeTJigas Mr P A BroNwL Mr A de MiIle MTCNBBTown Hon F. Astor Dr S McKendrick Treasurer Mr D Axworthy CI￿lty llLunb¢r 307989 Principal addre&s Stanley Spenter Gallery High Street Ceokbam Berkshir¢ SL6 9SJ Independent examin Richardson Jones Mercury Htsuse 19-21 Chapel Str¢et Marlow Bucks SL7 3HN THE SIR STANLEY SPENCER MEMORIAL TRUST CONTENTS Page TnTStees trport Ittdepettdent report Statement of financial activities Stat￿￿￿t vrr]nanGi&*l pu¥itivn Notes to the finallcial statements 9-19 THE SIR STAIYLEY SPENCER LlffMORIAL TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBBR 2025 The Trustees present tbeir report alld fuEancial statements for the year ended 31 December 2025. The fmancial ￿atements have been prepared iti A¢COTdance with the accountin£ Tjolieies set out in note I to the financial statements alld cornply with the Trust's Boverning documen¢ the Charities Act 2011 and"Accounting arld Reporting by Charities.. state￿ellt of Recotnmended Practiee applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ]TelatLd {FRS 102) leffe¢tiYe l January 2019)" OWECTIVES APID ACTIVITILS Objective5 and Aims The fN5t is responsible for mailltaining and managing the independent gallery devoted to the work of one of Britaiti'5 m05t original twentieth-cenlury artists, Sir Stallley Spencer RA (1891-19591, who was born in Cookham and set many of his pailltings in the village. The Gallery i5 a Fully Accredited museu￿ llllder the scheme adnillistered by Arts Council Ellglalld. The Friends of the StanIey Spe￿¢tr Gallery is a group of over 500 members who exist to support the Gauy and create 8reatcr awareness of Stanley Spencer. The Friends income and expendiiure are included in this report. The principal objective tsf the charity is the foundation. maintenance. itllprovement alld sUPPOrt of an art gall￿ to be situat in the village of Cookham or elsewhere in England and Wales. This Gallery is to be known as The Stanley Spencer Memorial Galle￿, be open to all Trernbers of the public without distin¢tion and used to display paintings and other work5 of art by the late Sir Stanley Sp¢n¢er RA, as well as oiher artists from time to time. The area of benefit is determined as Windsor and MAid¢tth¢&d. However, thc gallcry Attra¢ts Nisitors from ￿r￿$S the UK and a Ide range of ¢oun¢ries overseas. Publie bcjtefit In settin8 our objectsves atLd planning our activiti£%. we have 8ivm careful consideration to the Cknity CollJmission5' genffal guidance on public benefit. THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT {CONTtNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 ACHIEVEMENTS AND PERFORMANCE Charit&ble activities After making appropriate enquiries the Trustees are confident that the charity has adequate resour¢es to continue in operational existence for the foreseeable fuwre. For this reason they cotttinue to adopt the going concern basis in prepgsing the fmAn¢ial statertLents. Since its opellins in 1962 the Gallery b&$ mounted a varied programme of public exhibitions. Exhibitions are produced to showcase different aspects of Spencer's art, based on the Gall¢￿S oTrvn Coll￿tIon and loan5 from publi¢ galleri¢5 and privat¢ owmers. ]n 2025 the Gallery held three major tempotary exhibitio￿. Seeing the Unseen.. Rea]ity and Imaginaiiotl in th¢ Art of Stanley Spencer, {7 November 2024- 30 March 2025). Tbat Marvellous Attnosphere.. Stanley Spencer and Cookham Regatta, (3 April 2025- 2 November 20251 and Revealing G￿lUs, CollseTTring Art: Spencer's FinaL Mast¢ryiett' (6 iNovember 2025 - 29 Mar¢h 20261. Th¢ Trust¢ets ar¢ ￿￿teful to the Tate attd sev¢tal private lenders for theit g¢tL¢tosity to atLd tn￿t in the Gall¢ry without whi¢h these exhibiiions would not have been possible. During 2025 the Gallery welcomed 7640 visitors. Jn partnership with Gainsborough's HousG the Gallery a150 orgallised the exhibition'Love & Land5cape'. Stanley SpetLcer in SufYo]k', which was first held in Suffolk fro￿ 15 Novelnber 2025 to 29 2026. alld will return to the Stanley Spencer Gallery from 4 Apr]12026. The Gall￿S pennanent collection has developed and ¢olltillues to grow thanks to generous gifts bequests, as w¢ll as throllgh occ&sional and carefully s¢le£ted purchases. tn additioffj the Gaklery welcomes and retains on long-term loan other works by SpetL¢er. Works from the Gallery's collection are available for loan to exhibitions held in other iIistitution5 in the UK and abroad. The Gallery also promotes Spencer's art through its content-rich website Ihtlps.'Ilstanleyspeneer.org.uk4, through i15 other digital channels and through a varied programme of events held througloul the year. Through its expert volunteers, the Gallery engages audience5 that range in a8e from school children lo senior citizens alld thcompass ditTering abilities. An extensive and unique archive of materials related to the artist is available to s￿dentS and researchers by appointmellt. The TNstees are grateful for colllilluing phil8rLthropic donations that have $upport¢d this CO￿ work. The Gallery offers the opportunity to purchase books, prit)ts, postcards 2nd gifts. These purclwes ean be tnade in person or by telephone during openillg hours. A Malla8emerit Committee is rcsponsible for the daily operation of tbe GaU¢ry. FINANCEAL REVIEW Financi41 position The fllwices of tbe Trnst are regularly monitored through the Treasurer and meetings of the Management Committee and Truste¢s. THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT (CONFINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Reserves policy The r¢S￿ve5 policy is based on the followng identified needs: . To Jnake provigi<)tt for illrftsre*een rep￿rg and mointen4nce of equipment and facilitieg in the Gallery or unAntioipAted interruptiolls lo the Gallery's operations - To nyailltain funds for the a¢quisition of the works of Stall]ey Spencer, which com¢ on the market at Ullpredi¢thble tim&s and may have formed important part5 of the Gallery's collection as long-terni loans. Seed fwiding from the Gallery's own resources has been critical to successful fundr8iSitig for such additions to th¢ p¢nDatt¢nt ¢ollcction. The principal regular sollr￿ of in¢ome for the Trust are Gallery entrance fee5 and the sale of goods. The Trustees would like to place on record their appr¢¢i8tion of the 5UPPOrt r￿e1ved from Friends of the Gallery and other donors and supporters. The Trllst is managed and run by volunteeT5 whose gift of their time and expertise enables the Gallery lo op￿ate effectively. The Tn￿teeS will continue its programme of event5 and exhibitions. Work5 by Str Stanley Spencer RA will be purchased very selectively as they come on the market. providing the price can be safely rnanaged within the fijnds available 2nd th¢ Gallery is able to altracl additional externa] ￿TIdIng. At tbe year end tt>tal u]]restricted ￿ndS were £416,010 and total rthicted funds werc £1.287,248. Accordin8ly. the Trustecs are satisfied that the level of reserves being maintsined 15 necessary and adequate. Risk n￿ll￿ge￿￿ent The Truste&s ensure that appropriate insurance is in place for f￿¢ and theft to cover the Ml value of the exhibits. They installed the improved flre protection Sys[e￿ ¢nfvironmental 5y5trm and increased security during 21)07 improvemerlt proje£t to jnin1￿lsc the risk Purcha￿* of paintings, dTawings alld other items related to the artist and our collection are only made if affordable within the Galler￿5 Itiea115 or through donations and ￿allts, or by a combination of fundj.ng attd reserves. LOllg-ter￿ and 5hort-term loans to tbe Gallery are insured tI￿ough the UKGovernment Indemnity S¢heme. STRucfuRE. GOVERI¥Af4cE Af4D MANAGEMENT Goyerllillg do¢ument The Charity is coniroIled by its governing document, a deed of trust (dated 26 May 1961 and order dated 8 July 2(X)5, amellded by resolution oll 19 November 2010 and further amended by resolution on 19 li0ve￿ber 2018 and 18 November 2019A alld ¢>n3titut¢J ¢harity. The Trustees who served during the year and up to the date oEsigllatur¢ of the fJnan¢ial statements were.. Dr S fvlcKendriGk Ms A J Bradley Peiitgas MrPABrow Mr A de Mille MrCNBBrown The Hon. F.Astor THE SIR STANLEY SPENCER MEMORIAL TRUST TRUSTEES REPORT (CONTINUED) FnR TF￿ YEAR ENDED 31 DECEMBER 2025 Recruitment and appolntment of new TTU5tees Ttustees are elected and ¢o-OPtcd under the tenns of tbe Trust deed. New TnLSt¢cs are sought by existing T￿￿tee8 and after fvll expLan2tion of their roles and the operations of the museum. and thcir commitment to the Codc of Conduct for Trustees of the Sir Stanley Spencer Memorial Trust, invited to be a Trustee. Their appointments are minuted and their n&m¢s are add¢d to the Charity Commi￿101)s, reeorts. The Trust¢¢s report was approved by the Board of Trn5t¢￿. Dr S McK¢ndri¢k Chatrllwi of thc Trust¢¢s Dated.. Egt April 2026 THE SIR STANLEY SPENCER MEMOIUAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TEtE SIR STANLEY SPENCER MEMORIAL TRUST I report to the Trustees on tny exatnination ofthe fmancial statements of The Sii Stattley sp￿Cer Mcfftorial Trust {the Trust) for thc year cnded 31 December 2025. Re5POll5ibilities aDd b9518 of report As the Trustees of the Trust you are responsible for the pwaratiotl of the f2nancia] statements in accordance with the requirernents of the Ciwities Act 2011 (the 2011 Act). I report in respect of my examination of the Trust's financial statement$ ¢arried out under se¢tion 145 of the 2011 Act. In canyng out my examination I have followed all the applicable Direttson$ giv¢rL by the Charity Commi5SLon under srrtion 145(5Kb) of the 2011 Act. Indep¢Ddeut examfuer's $tatemellt I have completed my examination. l ¢onfim) ttlat tto tnatters have come to my att￿tion in connection with Commission under section 145(5Kb) of the 2011 Act. l. Accounting records were not kept in respect of the Trust a5 rquired by wtion 130 of the 2011 A¢t- or 2. The fman¢iai statements do not accord wryth those record4 or 3. The financial statements do not COTnply with the applicable requirements conceming the fom and colltettt of a¢¢ounts sd out in the Charities (Accounts and Report5) Regulations 2008 other than any requirement that the accounts ￿ve a true and fair vicw which 15 not a matter considered &8 part of anindep¢nd¢rLt examillation. I have tLO concerns and have come across no other matters in ¢onne¢tiots with the examinatLOll to which attention should be drawn in this report in order to enable a proper und¢rstanding of the fLll9ncial statellI￿t5 to be reached. Mr G Thrush Richzrdsort Jones Mercury House 19-21 Chapel Street MaTIow Bucks SL7 3HN Dated.. 1st April 2026 =l*%s I I7￿ SIR STANIEY SPENCERMEMOR￿TRUST STATEMENfoF FtNL%CJAL POSTllON AS AT 31 DECEMBER2025 2025 2024 Fix&1 asse Prom, plani£nd equiwllcni Heriiageassets No￿S 338,864 374.417 1,071 123 1,409.987 1,445,540 tnventorie8 Trade ￿ other￿￿￿￿￿] Cashatbank alld TD knnd 9,899 12,489 2742fi1 298.020 291,537 Cwrcnt liabiliiics 4.750 4,750 Netcurreni 8s8c18 293270 286,787 TOthi&￿IE85￿M1 liabilitic 1,703257 1732 327 IDcome fund5 1,287,248 Unrttthcted fvnds DesigrEat￿ funds cral 12 78,303 317 707 78.303 336 93 416,010 414.596 1732 327 The fin8nLlllll statC4n¢ntsweTe &ppro iee80D 1st April 2026 Dr S McKetNth THE StR STANtEY SPENCER MEMORIAL TRUST NOIESII) ITIB FJNANCIAL STAIEMEFIts FOR THEYEARENDED 31 DE￿MBEL12025 l Accounting poli¢i 1.1 Accountitt8CODvffltion TheJnan¢lal s￿lement8 havebeth PTq)ared in accordance Wllh the irust's governing docuttwl th¢ Charitics Act 2011 and"Ac¢ountitig atsd Rq)orting by Charities.. stat￿ettl of R#onJmendd Practi¢e applitable to chdriti¢5 pr¢paring th¢ira¢tounls in acwrdaD¢¢ with Ih¢Financial Reporting Ststsdard applicable irt th¢ UK and Republic of Irelartd(FRS 1021 leffwtive l Janu8ry 2019}". TheTrus¢ i5 a Publi Btsjefit Entity as d¢finedby FRS 102. TheTn￿t ￿ tskell adv8ntsgeof theproiisions in the SORP for¢I￿tieS applying FRS 102 Update Bulletin J not to prep8re a Ststallent of Cash Flows. The finanrial Stat￿n¢￿ts areprepared in tylin& wbicb is the functioJJai ¢Wr￿¢Y of th¢Tru$t. Mond4ry amounts in these finan¢iaJ slatancnts are rounded to the n¢ar¢st £. Th¢ financial 5tatLmMts hav¢ be¢n prepared llnder the historical c05t ronvajtion. Th¢ principal £Ounti￿g policies adopted are setoutbdow. 1.2 Charitsble Eull(L% Unrestri¢t¢d fund$ are available for u5¢8t th¢ di5Crtion of theTtU8trtt in furth¢T4nc¢of th¢ir charitable Ll)j¢rtive5. Dt%igDat¢d fwids cotnprise futtds which havebeffl set a5ide&tthediscretion of theTrustett for5p￿lfi purwsts. The putposts and uses of tbedeS1gtttst￿ ￿llds aT¢S¢t out ill th¢notLs to the fittallciai R¢5triCted funds are SubJ￿t to ￿lfi¢ conditions by donors as tohow they may bevs•L Th¢purposes attd 4)f the]tstrid¢d tiillds are SLX Out in thenot¢5 toth¢ financial statem￿ts. 1.3 Incoming resources Income is r￿0￿]sed whem th¢ TTUSI 18 lewdlly entitltyj to it after any perfonwtswnditions havebtt Tnel, th¢ aillounts eatt be meagured T¢liably* and it is probablethlt incom¢ will be￿IVed. Cash donation8 arerttwJi$ol on TttcipL Other donatiotts areJwo2ni5d onc¢ th¢Tru5t hasbe notificd oethc doiMtioLi. uLiltSS VE4CvJiUuJJ￿¥ iryuii¥ vfai¢ utlLVUnL t¥x r¢covttable In rdation to donations received under Gift Aid ordeds of covEllaTht l5 r¢cogDised at the time of thedonauon. 1.4 Resourw expendLxI Liabilltil￿ are r￿ognIS￿l as expffl¢Jiture ￿ S￿ll &$ therets 21¢gal Orconstructi￿ obligatJ"on committing th¢ charity to that expelldiiur< it 15 probable that atransfw of L%i)nomic ben¢fits will be requird in settlem6nl and the amount of the obligation can k mwuredreliably. Exp￿dilure1$ a¢rountel foroTJ 8 acc￿%18 basis and has bffn classitied under htadings that aggr¢gateall cost r¢lattd tothe category. W]LTe£o5ts bed￿[Y aitribuied to p8n1￿IdrheadingS they have allocata to a¢tiviti¥ on a basis coosistht with the u5¢ of rwjrcts. Gratttsoffw¢d subjcct to collditiotts which hav¢ llotb￿ met at th¢year￿d date 8re noted as a commitsDfflJtbut not 2ccrued exp￿dI￿re. THE SIR STANLEY SPENCER MEMORIAL TRUST NOTES TO IHE FINANCIALsfATEMENTS {CONT]N￿l VUR'I'HE YEAR ENDED 31 DECEMBER2025 l Ar¢ounting polifies 1.5 PTopty. plant and qvipm¢nt Propty, plant and equipmeDt illitt￿lY meLsur&l at Cost and $ub$&]u¢ntly Tne05UT¢dat W5t or Vdluati()J4 DL* vf dLyr¢6idliOiL and impaiTm¢Di lo￿¢￿. Dwiatiots is T￿g￿ls￿ so as to ThTiteoff thecost or valuatioll of &4et8 I￿S therrtsiduai values over th¢ir u5¢ful liv¢5 on th¢ followingbos&s'. Ovff th¢ of the Ifase Leasehold lÈrtd and buildings Straight lin¢ ovff 10 ycars Equipment 1.6 H¢ritag¢4ss¢ts TheTrust's heritw a55¢ts wnsist of the works of artby oneof Britain's gt¢atest20th Ceajtury artists. Sir Stanlty SpencLY RA. Thty aT¢ h¢ld to prO￿deb¢￿trlt &nd enjoyment to Ihe inhabllants of and visitors to W￿d50rand Maidenhead and are available foT $hort loans to exhibitions within th¢ UK and abroa Theart collection is not deprttiatd 2s the eAhibits ￿ not ￿PeCt￿l to go down in valuo Th¢ collection is valued at a nomiJJal cost of £1 and all subswuA¢ additions to th¢coll￿tIon are rwordoj at cost. Thc Gallery recogDi5&8 its Teswnsibility ￿ a ￿llY ti¢creAlited muwm und¢r th¢ Arts Coun¢il England sch¢D]e, inacquiring additions to its coll￿￿Ons. to ￿8￿[e that the rAT¢, 5tordg¢ and us¢ of Coll￿tiOnS 15 1.7 Inventories Jnvthtories are Stat￿ at Ehe lowerof u)51 and ¢51iMat￿l sdliDg pric< aft¢T making due dllowance for obsolLrt¢ and slow moving items. 1.8 GovaDment grants Govcrnm¢nt grants are reco￿)ised ai the fair ￿lue0f the assd receiv￿1 or receivable whffl th￿e is re&sonable8&surance that the￿l£onditiOnS will brTn¢t th¢ grants will b¢ reccived. A grant that wifiL% perfomiattce conditions is Tecognised in incom¢ when th¢ p￿ormanCe¢0￿dItIO￿s arc meL Wkn￿e a grantdods not Sp￿ify perfoTmaD¢¢ wnditiolls it is r¢rogllised in incom¢wb¢n the prlxeeds are re¢cived tt reteivable. A 8fdnt Tecqvedb¢toreth¢rwogniiion crit¢ria aT¢ 5atssti&l is &% &liability. 10- ljl ]11 r4 *rrif I THE SIR STANLEY SPENCER MEMOR]AL TKUST NOTES TOTHE FtNANCIALsfAIEMEFrrs (co￿ED) FQ(L IHE VEAKENiJbL) 31 UiLbMEIEK2U25 4 Trnsteey NonvoflbB lor anYr¢rsmseohn#￿With th*n) anvrcrnuncrntion oi bEJpfiLS from thc T￿￿ during theye￿. 2025 2024 S EmplDyeos The aver¥4crnoBthlynumber ofempl0yet8d￿tsgi￿ejttr￿4s'. 6 P￿￿rty1 pLqlltll￿d equ1p￿¢￿t I￿￿oId To idings Cost At l y￿￿Ary2024 Additioll3 At 31 IkLYmberJ]24 P70,313 26.715 ty7,028 6W.639 3J,607 21,972 622,611 35J53 Ai l 2024 DeprKiition tharpj in thc)r4r Al 31 Dttttsthr 2024 634 46 658 164 At 31 Dtttmb¢r 2025 336 067 2,797 338 864 At31 Dei%mber2024 374 417 THE SIR STANLEY SPENfER MEMORIAL TRUST FORIHEYEARENDED 31 DECEMBER 2025 ArtColl¢ctiott 2025 2024 Thco)lkntioo C￿]#50f￿12024.. SXI) itcms offincarL l 071123 Suts]twyaMIysi8ofHwitag¢As* 2025 2024 d￿1￿8￿? 600.fy 8 lllventorlej 2024 9,899 IL565 p0￿c￿ra%￿ ￿ft9 9 frad¢ADd otherr￿tIv1bles 2025 2W24 knouDt8 fRllitt8due Mthirtottew. 13,860 12,489 12.489 IQ Curr￿t liNlxUIi¢i 2025 2024 4,750 4,750 4,750 4,7 THE S]R STANLEY SPENCER MEMORJAL TRUST NOTESTOTHE FINANCIAL sfAIEMETrI]E (CO￿[1NuEDl I'mts Yknlji kflDiL) 31 LTrLLbMLlllR2025 15 FlnAn¢lal eommftmellt4 guarantee5 and coDthigeDt Ilabilltits As partof th¢ttrnJs of grant funding received for theacquisiiion of ¢ertAitt hetitxge as$4$ th¢ ¢h4rity would beobligd to remit to th¢ fundcr partof ajjy salepr(*eeds rec¢ivd in th¢cv¢nt of any disposal of Ih¢drawirtgs. This CTeAt