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2022-03-31-accounts

Forthe year ended 31March 2022
Registered Office Somerset House
Strand
London
WC2R 1LA
Registered Charity number 1063640
Company
Number		 03388137incorporated
in England		 and Wales
Directors (Trustees):
The directors afthe company who were in office during the year and up tothe date ofsigning the fina ncia Istatements
were:
Baroness Gail Rebuck DBE Chair ofthe Board afTrustees
Chair ofthe Nominations,
Remuneration		 & Governance Committee
Appointed 1January 2022
Sophie Turner Laing Deputy Chair ofthe Board ofTrustees
Member af the Nominations
&Governance		 Committee
Appointed 1January 2022
Carol Fairweather Chair ofthe Audit &Risk Committee
Alix Burge Member of the Audit & Risk Committee
Melanic Hall QC Member af the Audit &Risk Committee
Oluwole Kolade Member of the Nominations
&Governance		 Committee
Monica Monajem Member of the Audit &Risk Committee
Martine D'Anglejan-Chatillon
Brian Eno
Paul Goswell
Jonathan
Newhouse
Julien Sevaux
Jennifer Duvalier Appointed 7December 2022
Dawid Konotey-Ahulu Appointed 7December 2022
Melanic Smith Appointed 7December 2022
William Sieghart CBE Resigned 21September 2021
Chair ofthe Board ofTrustees
Chair afthe Nominations
&Governance		 Committee

Forthe year Forthe year ended 31March 2022
Judy Gibbons Resigned 24 September 2022
Deputy Chair of the Board ofTrustees
Member afthe Nominations &Governance Committee
James Lambert 0BE Resigned 17March 2022
Member ofthe Audit &Risk Committee
Paul Myners Resigned16 January2022
Member ofthe Audit &Risk Committee
Member ofthe Nominations &Governance Committee
Executive Team
Jonathan Reekie Director
Diana Spiegelberg Deputy Director
Samantha Gilburd Chief Operating Officer and Company Secretary
Independent Auditor BDO LLP
55Baker Street
London
W1U 7EU
Banker National
Westminster		 Bank PLC
38Strand
London
WC2N SJB
Solicitors Farrer &Co LLP
66 Lincoln's
Inn Fields
London
WC2A 3LH
Charles Russell Speechlys
5Fleet Place
London
EC4M 7RD
Your Employment Settlement Service
South Wing, Somerset House
Strand
London
WC2R1LA
Bates Wells &Braithwaite London LLP
10Queens Street Place
London
EC4RIBE

Result Target / (Pre-COVI D)
Total programme visitors 349I& 255I&(2019/20)
Free days ofexhibitions 262days 301days (2019/20)
Headline
exhibition		 visitors 55.lk/51.6k(paid) 55k(target)
Skate Visitors 134.6k 143.4k(2019/20)
Digital programme views (new content) 259k 191I&

Result Target / Pre-COVID
Days site open to public 353 364(target & pre-Covid)
Up to date with conservation works Yes yes
Number of heritage tours 160(pre-COVI D)

2021/22 2020/21
EOOO EOOO Change
INCOME:
Rent &service charges (leases) 7,269 6,902 5%
Cultural
and public		 events 3,458 293 1080%
Concessions
and venue hire		 2,652 265 901%
Furlough / lockdown grants 290 1,759 (84%)
Other unrestricted 2,150 1,118 92%
Restricted 1,135 1,611 (30%)
Total income 16,954 11,948 42%
SURPLUS (before depreciation) 2,288 2,373 (4%)
FREERESERVES(excl designation) 3,280 3,037 8%
CASH BALANCE (excl rent deposits) 13,288 11,963 11%
Full Time Equivalent Employees 83 84 (1%)

Unrestricted Unrestricted funds Restricted Total Tots I
funds
General Designated 2021/22 2020/21
Notes 6'000 6'000 6'000 E'000 E'000
Income and endowments from:
Donations, grants
and		 legacies 2 110 935 1,045 1,541
Charitable
activities
Properer management and mnsemoiion 2,058 200 2,258 2,212
Cultural ond public events 3,459 3,459 293
Public educotion ond communicotion 38 38 1
Rental income 6,277 6,277 5,863
Other trading activities
Concessions ond venue hire 2,653 2,653 265
Merchondiseincome 241 241 52
Sponsorship
ond mrporote		 membership 792 792 104
Investments 1 3
Other Income 190 190 1,614
Totalincome 15,819 1,135 16,954 11,948
Expenditure
on:
Raising funds 3 132 132 215
Chsritabie activities
Pmpertr
management		 and conservation 5,428 2,415 348 8,191 6,770
Cultural ond public events 3,784 64 629 4,477 1,610
Public educotion
ond mmmunication		 1,694 258 1,952 2,039
Rentalcosis 495 556 11 1,062 965
Other trading activities
Concessions ond venue hire 1,497 71 1,568 726
Merchandise
msts		 273 273 268
Sponsoahip
and corporate		 membership 46 46
Total expenditure 3,4,5,6 13849 3,035 1,317 17,701 12,594
Tax csedit on defi at (20)
Net income/
(expenditure)		 8 2,470 (3/I35) (182) (747) (626)
Transfers
between
funds		 16 (2,227) 2,592 (365)
Net movement
in funds		 243 (626)
Fund balances
brought
forward at 1stApnl 2021		 16 3,037 77,676 939 81,652 82,278
Fund balances carried forward at 31st March 2022 16 3,280 77,233 392 80,905 81,652
Prior
cried reconciliation		 o nds
Fund balances brought forward at1stApri(2020 1,675 80,433 170 82,278
Net movement
infunds		 1,362 (2,75 7/ 769 (626)
Fund bolances coniedforword ot31st March 2022 3,037 77,676 939 82,652
Group Group Charity Charity
2021/22 2020/21 2021/22 2020/21
Notes E'000 E'000 E'000 E'000
Fixed assets
Tangible 6xed assets 11 75,233 77,676 75,233 77,676
Current assets
Stocks 75 77 50 50
Debtors 13 2,968 2,156 4,594 2,007
Cash at bank and in hand 15,509 13,732 12,824 13,416
Total current assets 18,552 15,965 17/(68 15,473
Current
liabilities
Creditors: amounts falling due within one year 14 (8,893) (6,692) (72)40) (6,231)
Net current assets 9,659 9,273 9,628 9,242
Total assets less current liabilities 84,892 86,949 84,861 86,918
Creditors: amounts falling due after more than one year 15 (3,987) (5,297) (3,987) (5,297)
Net assets 80,905 81,652 80874 81,621
Funds
General funds 16 3,280 3,037 3,249 3,006
Designated fixed asset reserve 16 75,233 77,676 75,233 77,676
Designated site works reserve 16 2,000 2,000
Restricted reserves 16 392 939 392 939
Total funds 80,905 81,652 80,874 81,621

2021/22 2020/21
Notes 6'000 6'000
Net cash provided
by operating
activities		 A 3,150 1,214
Cash flows from investing activities:
Interest received 1 3
Purchase oftangible fixed assets (592) (213)
Net cash used in investing
activities		 (591) (210)
Cash flows from financing activities:
Interest
paid		 (83) (43)
Increase in loan facility 5,000
Loan repayments (334)
Finance lease capital repayments (365) (263)
Net cash used in financing
activities		 (782) 4,694
Change
in cash and cash equivalents		 in the reporting period 1,777 5,697
Cash and cash equivalents at the beginning ofthe reporting period 13,732 8,035
Cash and cash equivalents at the end ofthe reporting period 8 15,509 13,732
A lteconcgiation
ofnet		 expenditure to net cash flow from operating activities
2021/22 2020/21
6'000 6'000
Net expenditure
for		 the reporting period (as per the statement of financial
activities) (747) (626)
Adjustments
for:
Depreciation
charges		 3,035 2,999
Interest received (1) (3)
Interest paid 83 43
Increase/(decrease) in stock 2 (8)
(Increase) / decrease in debtors (812) 216
Increase / (decrease) in creditors 1,590 (1,407)
Net cash inflow from operating activities 3,150 1,214
B Analysis ofcash and cash equivalents
ZO21/ZZ 2020/21
6'000 6'000
Cash in hand (including
rent deposits		 —see Note 14) 15,509 13,732

Net cash / ( debt) reconciliation
At 1stApril Cash flows At 31st March
2021 2022
6'000 f'000 6'000
Cash at bank and in hand 13,732 1,777 15,509
Obligations under finance leases (note 20) (996) 365 (631)
Obligations under bank loans (note 21) (5,000) 334 (4,666)
Net cash 7,736 2376 10,212

2
Donations, grants and legacies
Unrestricted Restricted Total Tote I
funds funds 2021/22 2020/21
5'000 f'000 4'000 5'000
Donations 110 110 199
Grants receivable
Capital grants receivable 204 204 235
Revenue gronts receivable 731 731 1,057
Total donation,
grant and legacy income		 110 935 1,045 1,541

Co m
arative incomefrom
donations
rant		 s and le acies
Unrestricted Restricted Total
funds funds 2020/21
E'000 E'000 E'000
Donations 199 199
Grants receivable
Capital grants receivable 285 285
Revenue grants receivable 1,057 1,057
Total donation, grant and legacy income 199 1,342 1,541
3 Expenditure
DII act Support Total Tots I
costs costs 2021/22 2020/21
E'000 6'000 6'000 6'000
Expenditure on raising funds
Fundrai sing costs ofgrants and donations 110 22 132 215
110 22 132 215
Expenditure on charitable activities
Property
management
and		 conservati on 7,982 209 8,191 6,770
Cultural
and		 public events 4,177 300 4r477 1,610
Public education and commumcation 1,471 481 1,952 2,039
Rental costs 913 149 1,062 965
14,543 1,139 15,682 11,384
Other trading expenditure
Concessions and venue hire 1,341 227 2468 726
Merchandisecosts 253 20 273 268
Sponsorship and corporate membership costs 46 46 1
1,640 247 1,887 995
Total expenditure 16v't93 1,408 17,701 12494
Com
rativ		 anal sis of diture
~II'act costs Suppol'tcosts 2020/21
E'000 E'000 S'000
Expenditure on raising funds
Fundra ising costs ofgrants and donations 183 32 215
183 32 215
Expenditure on charitable activities
Property
management
and		 conservation 6,627 143 6,770
Cultural
and		 public events 1,365 245 1,610
Public education and communication 1,702 337 2,039
Rental costs 864 101 965
10,558 826 11,384
other trading expenditure
Concessions and venue hire 566 160 726
Merchandise costs 228 40 268
Sponsorship and corporate membership costs 1 1
795 200 995
Total expenditure 11,536 1,058 12,594

Expenditure Expenditure
on		 Other Support costs Support costs
on raising cha rita bla expenditure
funds activities
2021/22 2020/21
E'000 E'000 E'000 E'000 E'000
Administration 20 938 228 1,187 864
Governance
(note 5)		 77 19 98 126
Interest paid (nota 6) 83 83 43
Marketing 8Communications 40 40 25
22 1,139 247 1,408 SAI58

Com
ara		 tive allocation ofsu
ort cost		 s:
Expenditure on Expenditure
on		 Other Support
raising funds charitable expenditure costs
activities 2020/2 1
E'000 E'000 E'000 E'000
Administration 28 662 174 864
Governance (note 5) 96 26 126
Interest paid (note 6) 43 43
Marketing &Communications 25 25
32 826 200 1058

Expenditure Expenditure on Other Support costs Support costs
on raising charitable expenditure
funds activities
2021/22 2020/21
E'000 E'000 E'000 E'000 6'000
Salary 24 31 66
Audit fees (note 8) 37 47 46
Legal and other professional fees 2 2 4
General office 14 18 10
2 77 18 98 126

Forth e year ended 31Marc e year ended 31Marc h 2022
8 Interest payable and similar charges
2021/22 2020/21
f'000 f'000
Interest payable
and		 similar charges 6
Finance lease interest 29 39
Bank loan interest 48
43
7 Taxcharge
2021/22 2020/21
f'000 f'000
UK Corporation
Tax - current tax charge
Adjustment
in respect ofprevious		 periods (20)
Tax on loss on ordinary activities (20)
8 Net expenditure
Netex enditureincludesthefollowi
2021/22 2020/2 1
E'000 E'000
Auditor's fees:
-for audit ofSomerset House Trust 40 39
—for audit ofSomerset House Enterprises Umited
47 46
2021/22 2020/21
f'000 E'000
Depreciation
and amortisation:
—property lease valuation 556 556
-leasehold
improvements		 2,110 2,101
-fixtures, fittings and equipment (owned) 366 227
-fixtures, fittings and equipment (leased) 115
3,035 2,999

9
Employ		 ee details (Charity &Group)
Staff Costs
2021/22 2020/21
5'000 E'000
Wases and salaries 3,526 3,458
Social security costs 369 352
Other pension costs 315 300
Temporary staff salaries (includins social security and other pension costs) 825 540
5,035 4,650
2021/22 2020/21
Number Number

The monthly ave rag e full time eq uivalent
employees
during the year, ana		 lysed
by function, were:
2021/22 2020/21
Number Number
Concessions and venue hire 13 12
Fundraising
Rents
I
Property
management		 and conservation 7
Culture
I and		 public events 16 18
Public education, communication and visitor services 24 23
Merchandise
Governance and support services 12
84

ll
Tangible fixed		 assets (Char ity &Group)
Property Leasehold Assets in the Fixtures, Total
lease improvements course of fittings
&
valuation con structi on equipment
E'000 E'000 E'000 E'000 E'000
Cost or deemed cost
At 1April 2021 64,541 51,599 171 3,501 119,812
Additions 29 78 485 592
Disposals (192) (192)
Transfers 171 (171)
At 31March 2022 64,541 51,799 78 3,794 120,212
tlon
At 1April 2021 6,676 32,824 2,636 42,136
Charge for the year 556 2,110 369 3,035
Dispose la (192) (192)
At 31March 2022 7,232 34,934 2,813 44,979
t(gt)tee)Csrgtug
At 31March 2022 57,309 16,865 78 981 75,233
At 31March 2021 57,865 18,775 171 865 77,676

Charity Charity
2021/22f 2020/2 1
f

2021/22 2020/21
6'000 6'000
Turnover 3,370 600
Costs of sales (1,486) (700)
Gross profit /(loss) 1,884 (100)
Administrative
expenses		 (7) (6)
Profit/ (loss) on ordinary activities before taxation and Deed ofCovenant 1,877 (106)
Tax on profit /(loss) on ordinary
activities		 20
Profit / (loss) for the financial year 1,877 (86)
Retained earnings at the beginning ofthe fnancial year 31 117
Qualifying charitable donation to the Trust (1,877)
Retained earnings at the end ofthe financial year 31 31
The aggregate of the assets, liabilities and funds was:
2021/22 2020/21
6'000 6'000
Assets 2,982 492
Liabilities (2,951) (461)
Fultds 31

Group Group Charity Charity
2021/22 2020/21 2021/22 2020/21
E'000 E'000 E'000 E'000
Trade debtors 1,452 833 1,225 722
Amounts owed by group undertakings 1,899
Other debtors 130 223 130 222
Prepayments and accrued income 1,366 1,080 1,340 1,063
Taxation 20 20
2,968 2,156 4,594 2,007

Group Group Chadity Charity
2021/22 2020/21 2021/22 2020/21
E'000 E'000 E'000 E'000
Finance leases (note 20) 310 366 310 366
Bank loans and overdrafts (note 21) 1,000 333 1,000 333
Trade creditors 750 1,070 674 1,067
Taxation and social security 500 407 376 382
Other creditors 2,379 1,821 2,361 1,806
Accruals 936 603 719 578
Deferred income 3,018 2,092 2,400 1,699
8,893 6,692 7,840 6,231
Group Group Charity Charity
2021/22 2020/21 2021/22 2020/21
E'000 E'000 E'000 E'000
Deferred income brought forward at 1April Zp092 2,386 1,699 2,102
Deferred income now recognised (2,092) (2,386) (1,699) (2,102)
income deferred in year 3,018 2,092 2~00 1,699
Deferred income carried forwards at 31March 3,018 2,092 2~0 1,699

Chadty & Group
2021/22 2020/21
E'000 E'000
Bank loans due after more than one year (note 21) 3,666 4,667
Finance leases (note 20) 321 630
3,987 5,297

At 1stApril Income Expenditure Transfers At 31st March
2021 2022
E'000 E'000 E'000 E'000 E'000
Unrestricted
funds
General funds 3,037 15,819 (13,349) (2,227) 3,280
Designated
fixed asset reserve
Original cost/ valuation 30,727 (2,584) 592 28,735
Revaluation
reserve		 46,949 (451) 46,498
Designated
site works reserve		 2,000 2,000
Total unrestricted
funds		 80,713 15,819 (16,384) 365 80,513
j)gkt~i~fs
Maintenance
and service charge fund		 99 199 (246) 52
Projects fund 646 732 (1,071) 307
Capital grants fund 194 204 (365) 33
Total restricted funds 939 1,135 (1,317) (365) 392
Totalfunds 81,652 16,954 (17,701) 80,905

Unrestricted Restricted Unrestncted Restricted
Totai Total
funds funds funds funds
2021/22 2020/21
E'000 E'000 E'000 E'000 E'000
Fixed assets 75,233 75,233 77,676 77,676
Current assets 18,159 392 18,551 15,026 939 15,965
Current liabilities (8,893) (8,893) (6,692) (6,692)
Liabilities due after one year (3,987) (3,987) (5,297) (5,297)
Group net assets 80,512 392 80,904 80,713 939 81,652

Charity
8c Group
2021/22 2020/21
6'000 6'000
Contracted and authorised at 1April 419 42
Contracted
and authorised
year and outstanding
at		 commitments
the year end		 entered into during the course ofthe 261 400
IItilised during the year (411) (23)
Commitment no longer required (8)
Contracted and authorised at 31March 261 419

Future minimum
payments
under finance leases are asfollows:
2021/22 2020/21
6'000 6'000
Within one year 327 395
In more than one year, but nat more than@ye years 327 654
Total gross payments 654 1,049
Future financing
charges		 (23) (53)
Finance lease liability 631 996

Future minimum
bank loan payments are as follows:
2021/22 2020/2 1
6'000 6'000
Within ane year 1,128 372
In more than one year, bur nat more than five years 3,876 4,260
Afrerfive years 673
Tata
I gross payments		 5,004 5,305
Future fina nci ng c ha rges (338) (305)
Bank loan liability 4,666 5,000

2021/22 2020/21
8'000 5'000
Receipts due 21,541 20,129
Within one year 5,810 4,620
In more than one year, but not more than /ive years 5,818 5,536
After five yeors 9,913 9,973

Unrestricted funds Restricted Total
""
General Designated 2020/21
Notes f000 EOOD EOOD EOOO
Income and endowments from:
Donations
and legacies		 199 1,342 1,541
Cha rite
b le activities
Pmperty
monagement
and		 conservotion 1,943 269 2,212
Cultural ond public events 293 293
Public education
and communication
Rentalincome 5,863 5,863
Other trading activities
Concessions and venue hire 265 265
Merchondiseincome 52 52
Sponsorship
and mrporate		 membership 104 104
Investments 3
other Income 1,614 1,614
Totalincome 20,337 1,611 11,948
Expenditure
on:
Raising funds 3 200 15 215
Charitable
activities
Property management and conservation 4,098 2,379 293 6,770
Cultural ond public events 1,358 64 188 1,610
Public education
and		 communication 1,809 230 2,039
Rentoimsts 402 556 965
Other trading activities
Concessions ond venue hire 725 726
Menhondise
msts		 251 17 268
Sponsorship
costs		 1
Total expenditure 3,4,5,6 82)44 2,999 751 12,594
Tax (weda) / charge on deficit (20) (20)
Net inmme/
(expenditure)		 1,513 (2,999) 860 (626)
Transfers
behveen
funds		 16 (151) 242 (91)
Net movement
in funds		 1,362 (2,757) 769 (626)
Fund balances
brought forward at 1April 2020		 16 1,675 80,433 170 82,278
Fund balances carried forward at 31March 2021 3,037 77,676 939 81,652