Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 SOMERSE OUSE stsp iibside thlnk Out*ld• Somerset House Trust Reportand financial statementsforthe year ended 31 March 2023
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Legal and Administration details For the year ended 31 March 2023 Re8lStered Office Somerset House Strand London WC2R ILA Registered Chority number 1063640 Company Number 03388137 incorporated in England and Wales Directors (Trustees): The directors of the company who were in officeduring the year and up to the date of si8nin8 the financial statements were: Guil Rebuck Choir of the Board of Trustees Chair of the Nominations & member of the Remuneration Committee Sophie Turner Lain8 Deputy Chair of the Board of Trustees Memberofthe Nominations & Remuneration Committee Alix Bur8e Mortine D'An8lejan£hatillon Jennrfer Duvalier Memberofthe Audwt& Riskcommirtee ChairofRemunerution CommitteeandmemberoftheNominationsCommittee Appointed 7 December 2022 Brian Eno Carol Fuirweuther ChairoftheAudit& Riskcommittee Judy Gibbons Resigned 24 September 2022 Deputy Chair of the Board of Trustees Member of the Nominations & Remunerotion Committee Paul Goswell Melanie Holl Memberofthe Audit & Riskcommittee Oluwole Kolude Memberofthe Nominations & Remuneration Committee Res18ned15 March 2023 Memberof Nomination5& Remuneration Committee Appointed 7 Decefflber 2022 Duwid KonoteyAhulu Monico Monajem lsfohani Memberofthe Audwt& Riskcommirtee Jonathan Newhouse Julien Sevaux Resigned18 Deeember 2022 MemberofAudit & Risk Committee Appointed 7 December 2022 Resigned 25 June 2023due to new external executive appointment Melanie Smith
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Legal and Administration details For the year ended 31 March 2023 Jessico Tomsedge Peter Williams Appointed 27 September 2023 Member of the Audit and Risk Committee, Appointed 27 September 2023 Executive Team Jonathan Reekie Director Diana Spie8elber8 Sumontha Gilburd Deputy Director Chief Operating Officer und Company Secretary Independent Auditor BDO LLP 55 Boker Street London WIU7EU Banker National Westminster Bunk PLC 38 Strand London WC2N 5JB Solicitors Farrer& Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Charles Russell Speechlys 5 Fleet Place London EC4M 7RD YESS Law Vour Employment Settlement Service Limited) South Win8, Somerset House Strond London WC2R ILA Butes Wells & Braithwuite London LLP 10 Queens Street Place London EC4R IBE Foot Anstey Senate Court Southernhay Gardens Exeter EXI INT
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 CHAIR'S FOREWORD Somerset House enjoyed a buoyant year, with the site refilling with our creative community, the public and commerciol activity, quicker thon we WOLJld have dared hope. As a result, we were oble to occelerote our choritoble spend on the building undto rebuild ourculturol programmein itsfirstfull year sinee 2019120. As the homeof cultural innovotors, Somerset House connects creativity ond the arts with wider society ond throughout the year the site was bursting with the energy of ourereotive residentswhieh reflected in many aspects oloureultural activity. We are proud to be custodions of this historic buildingat the heortof London, with its long historyof public seNice and eounter perspective. We use this today> to provide a home to the UK'S lorgest creative community working 8lobally acr05$ art, technology, bu5ine5s and social enterprise. In doing so, Somerset House draws in fresh ideas ond new tolent, enablin8 5urprisin8 alliances, conver8ence5 and ehance encounters, which motivate and inspire. The exchange between ortists, creatives und wider society is the most vital und inspiringelementof Somerset House. This i5felt most 5tron8ly when our pro8romme is driven by our residents. Most notablyi we bravely backed two of our art15ts, Gareth Pugh and Carson Mccoll to present Thi5 Bright Land, a month-lon8 celebration of eommunity and culture, in the Edmond J. Sufra Fountain Court, attracting 200,000 visitors with the highlights undoubtedly being theweekly Vogue Balls ond the daily spectacle of children playin8 in thefountuins ond enjoying free movies. Although the rest of our cultural programme was slightly slimmer, there were some notable successes, such as Eternally Yours, exploring the eulture of repair- The Horror Show. curated in-house with two of our resident artists und O Burcoffhe Boat, a mojor courtyard installation that marked the l(Hh anniversary of another Somerset House resident organisation,the1-54 African artfoir. In the courtyard, we started the yearwith Leeroy New'sfuturi5tic Arks of Girllokudan installation and ended withJitish Kallat'5Whorled which fittingly plaeed Somerset House at the centre of the universe. Over 32,000 people delighted in the return of the Summer Series und we had our most successful Skate seoson ever with more thon170,000 people taking to the ice ogainst the bockdropof our beautrful buildin& As you might expeetfrom a communitypaeked with creative talent, the bounce back wusfast, with many newcreative individuols ond businesses choosingto base themselves at Somerset House ocross our workspace offering. They were joined by new and emer8in8 tolent, most notably through our Inclusive Talent Pro8rammes and the Black Business Incubutor, which welcomed tFs third cohort. The creative industries remain one of the UK'S fastest 8rowin8 sectors and its resilience and fleet footedne55 in a rapidly ehan8in8 world 15 5UPPOrted and exemplrfied by Somerset House. Our Combination of eommunity ond programme harnesses the power ofthe arts to make change across the whole of society. It brin85 much needed fresh thinking to some of our m05t critical 5YStems including education, work, technology and the climote emer8encyi 5timulatingand fuellin8 artists und creatives by world5 beyond themselves. Somerset House invites everyone to'step inside, think outside,. It's a place to eseape the eomfort zone in the safest woy. It creates brave experiments in, ond for, the world und plocesthe power olcreotivityat the heart of our lives. We arevery8roteful tothe Depurtmentof Digital, Culture, Medio and Sportfortheircontinued support. Without this, we would not beabletodo what we do. What happens here hoppens nowhere else. This results from our unique combination of people, place and programme ond is thanks to the unceasin8 dedication and hurd work of the Somerset House team. l am 8ruteful to them, to myfellow trustees and toall Somerset House's supporters und partners. Goil Rebuek
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Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Our Inclusive Talent Engagement progrommegave free learning ond coreeropportunities to 3,284 young people in person, run8in8 from attendance at events providin8 aceess to praetitioners to year-lon8 London Living Wage paid plaeementswith the Trust and other resident or8anisutions based at Somerset House. DISTINCTIVE CROSS DISCIPLINARY PROGRAMME As the home of cultural innovators, our culturol progromme celebrates the unique interploy between OLJr onsite Creative community, our Grade I listed herita8e site and our position at the meeting point of artistic and social innovation. The launch of our new digital platform Somerset House Channel wus un important step forward in offerin8 new creative possibilities and buildingour reach both nationally and internutionully. Our progromming objectives focus on: Impoct Producin8distinctive, eross diseiplinoryand critically successful cultural projects. Plarfom) Work thatforegrounds the bLJilding, ourcreativecommunityor lessfamiliar voices Audience Workthut actively uttrocts, enga8es and diversifies oudience throu8h coneept, planning & delivery This wos ourfirstfull yeor of progromming since Covi4 with an ombitious new heodline event forAugust, This Bright Lond, a summer celebration of eommunity and culture. Key results were.. Meosure Total pro8romme visitors {exhibitions and events) Free days of exhibitions / installations Heodline exhibition visitors Online cultural progrommeaudienee Result 420k Tar8et 400k Comment +20% vs previous year 353 42k 562k 350 40k 675k Belowtur8etduetotempororyteam changes and copaeity durin8 the launch phose of Channel Our overoll IpersOn programme attendonce (ot ticketed events and exhibitions) of 420,000 was obove OLJr target of 400,000, largely driven by record Skate ottendance. As discussed eorlier, the public could visit ond see on exhibition or instollotion almost every day of the yearforfree. Our horr&8rown programme eontinues to develop. We presented 22 sit+5pecrfic projects throughout the year, covering a ronge of commissions, instollations ond performonces with over 80 residentsleatured in our progromme. Ourfoeus on representation continues with olmost 50 key creative decision-mukers on projects throughout the year from communities typieolly under-represented in thearts.
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Progromme Highlights Critically-ueeluimed The Horror Show. examined how ideas rooted in horror have informed the last 50 years ol creative rebellion in Britain. Co<urated by artist residents lain and June Forsyth with Senior Curator, Claire Catterall, the exhibition included eight new Commissions and featured work by five other artist residents. Aeeording to The Wire, the exhibition'demonstrates how artists workin8outside the norms castthe most delicious underground spells. Go. See." Etemolly Yours, o free Terroce Room exhibition explored diverse ideas oround co, repoir ond heolingfrom ocross the globe includin819 artists, one of which is a Somerset House resident. It also featured live'repair shop, which ron throughout the run of the show, and included guest ortists, designers, and makers. Aecording to The Guardian, Etemolly Yours'felt like o fitting cultuml momentto explore individual and collective heoling.. Installation We can no lon8er deny ourselves by Serafine1369 wasa solo eommission of seale from o Studios ortist. Curoted by Rohila Haque, the work explored systems which shope our perception of time, ond included event The Lon8 Night, un opportunity to experience the work at 2am eoincidin8 Wlth the end oldaylight suvingtime. The return of the yearly aeeess all oreos wrty AGM marked six years of Somerset House Studios, with the building taken over by DJS, art instollutions and live performances. Offering rare public aeeess to off-limits oreas where the Studios, artists-in-residenee make their worl the eventfeotured RP Boo, Nazar, Born Free and Nadeem DirFGabisi. Gallery 31 eoncluded its model of guest eurated group shows with exhibitions by Harlesden High Street, Taylor Le Melle and Anne Durfau. The Summer Series returnedforthefir5t time since the pandemic, showcasing u wealth of contemporary musie talent inclLJding globally renowned ortistJohn Legend. The event wos very positively received, bringing over 32,000 people to the courtyard to come together after a period of sociul isolation and providing with un unparalleled 818 goin8 experience in the Edmond J Safra Fountoin Court. SKATEwas u particulor success reuniting people und enabling them to cometogetherwithfumilyand friendsto enjoy our m05t widely recognised 518nature event with the boekdrop of a beautifully lit Somerset house. This year saw a reeord number of visitors due to on exponded rink and high demand for tickets, us well us an enhaneed aecessibility offering includin8 our mobiloo and ehilled out sessions for peoplewith sensory dtfferences. The Edmond J Sofru Fountain Court was animated bythree mojor instollutions, responding to Somerset House's archtFecture and tothe site's maritime history. Philippine artist Leeroy Ne$ The Arks of Gimokudon, coineidin8 with Earth Day 2022, transformed wuste into a fleet of ships docked in the eourtyurd to highlight use of 5in8le plastie in the UK. Grodo Kilombo presented the UK premiere of O Burco / The Bcxyt, which was o major highlisht of the contemporory African art fair1-54. A strikin8 32-meter-lon8 installation outlining the'hold, of a Europeon slove ship directly addressed the history of Europeon moritime exponsion ond coloniolisotion. Thework included profound live performances, and was front page of The Art Newswper. Mumbapbosed Jwtish Kollot's interlocking spirol Whorled (Here After Here After Here). 2023 encouroged everyone to porticipote in o walking journey of refleetion, under5tandin8 their ifflfflediote location and place in relation to others across the planet und distant universe. Closin8 just after Earth Day 2023, the ¢ommis5ion wus made to be fully recycled ond reu5uble.
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Thonks to Morgan Stanley, we commissioned Amba Sayal-Bennett's Geometries of Difference. which continued her interest in British coloniol imo8inution. This resulted in nine new geometrical works, reflectin8 on Sir William Chambers'18th<entury drawingsfor Somerset House. Throu8hout the yeor, we Continued to prioritise young, new and diverse audiences, through programming and ticketin8 initiatives. Morgan Stanley Lates offered free tickets for under-25s for exhibitions ut Somerset House ond the Courtauld Institute of Artand ineluded three specially programmed evening events eentred on the courtyard. ForAugust 2022 we worked with Somerset House Studios residents Goreth Pugh ond Corson Mccoll todevelop ond present the very ombitious This Bright Lond. A celebration of eommunity and culture created with community partners at its heort, This Bright Landtransformed the courtyard into u weleoming wondedand for Londoners of all kinds to come together. This Bright Londwos largelyfreeto occess ond required signrficont investmentfrom Somerset House Trust and sponsors, including Estée Lauder Companies. This Bright Lond created opportunities for a wide range of diverse audienees, especially through our weekly Vogue Bulls in portnership with Vo8ue Rite5, which were a dazzlin8 speetaele against the boekdrop of Somerset House. Audience feedbock included. great to see Somerset House embracing the subcultures oldifferent communities'and "beingpart of u diverse crowd- diverse in race, age ond gender. It lelt different to being ot other orts institutions. I felt engoged with the future. This Bright Lond embodie5 the essence of Somerset House's "step inside, think outside" ethos und the experience ond lessons learnt are informingfuture plans to animate the courtyard. Launchin8 in September 2022, our new di8ital plarform Channel presented two new, slte-responsive commissions, thefirstfrom Turner Prize nominee Sin Wol Kin, ond the second from digitol collective Keiken. In portnership with The Alan Turin8 Institute, three international artists were also supported to develop new film works critically responding to the themes of privacyi a8eney and trust in human-Al eeosystems. These new works are underpinned by a growin8 bonk of film ond oudiocontent exploring ideos and artistic processfrom those involved in the programme ond bosed in the buildirE. Other Progromme Hi8hli8hts Our programme ineluded a number of other hi8hli8hts developed with ond by regular partners. In 2022123, these included the annual games festival Now Play This which explored the relationship between game design und democrocy. The Crufts Council'5 Collect Fair of eontemporary Crafts also returned, whilst the eontemporary African artfair1-54 celebrated its tenth anniversory, hostin8 50 international exhibitors ocross 21 countries, the lorgest number of countries to dote. In terms of showcasin8 young people'screativity, a real highlightwas the Nationol Saturday Club's Summer Exhibition whieh plarformed the Creative talentsol1,50013-16-yeor-old from their national network of clubs. Pro8rommin8 plons for 202&24 Our programme for 2023-24 steps up our ombitions with two major tieketed exhibitions, The Missing Thread, the untold stories of Black British foshion, in September 2023 and Cute, explorin8 the phenomenon ol Cuteness in eontemporary eulture, openin8 in January 2024. We will eontinue to prioritise opportunities to platform artists und
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 creative practitioners from within Somerset House's resident community, os well os showcosins under-represented voices. This will include working with Mukerversity on an important free exhibition to celebrate ten years of Mokerversity and to brin8 the public closer to the process of moking und prototyping today. As well as a bi88er progromme with increosed impoct, wewill work hord to develop otherfuture projects, to complete the refillinsof our programme pipeline, which remains depleted (rfFeithe disruption of Covid. HERITAGE AND PUBLIC ENJOYMENTOF OUR SITE Somerset House us a public building is at the heart of our charitoble objectives. We aspire to be on exemplor in how we combine muna8ement of our historic site with contemporary relevanee and un engu8in8 Vlsitor experience. Focus areos: ConseThotion- Proteet and renew the site, enhancing its sustuinubility. Welcoming Destination- Creote a welcoming, memoroble ond safe destinotion forvisitors. HeritO8e- Bring to life the heritage and history of the site. Key results were.. Meosure Total site visitors Result 2.4m Target 2.5m Comment Sli8htly below target but 63% above 21122 und only lTrk below 2019, a relatively 5tron8 Covid recovery amon8 London culturol institutions. CJJer1,800 irpperson porticiponts ond1,500 listens to Sonic Historieson the Bloomberg Connects App In-person & Se-gLIlded tour purtieipunts Mojor structLJrol or internal fubrie failures RIDDORreportable aceidents 3,392 3,300 Regrettably, I reportoble ueeident occurred in January 2023 during deinstall of Skat& This resulted in 7 days absence for the eontraetor involved but thankfully no losting injury. Improvement actions hove been identrfied und the local authority has sati5fuctorily elosed its investigation. Conservotion The 4-yeurly condition survey of the building took pluee during the year. The surveyor endorsed our pro8romme of eonservution of works and confirmed that completed works hod been eorried out on schedule und to a high standard. We corried out eyclieol conservotion works to the dome on the roof of South Wingand, towards the end of the year, storted exterior conseNation works on New Wing, which includes oll windows ond fofjode cleaning.
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 We completed our sitewide CCTV upsrade this year, un important part of our security und protection cawbility- for both the site and its manyvisitors. Welcoming destinotion This year saw the opening of the newly pedestrianised Strand Aldwyeh, outside ourfront door, which combines with our courfyard to provide o lorge ond welcoming public space in this port of London. The openingfeoturedthe Voice Line, a sound installation by Somerset House Studios resident Nick Ryan marking one hundred year5 since the BBC'sfirst radio broodeastfrom the nei8hbourin8 Moreoni House. Thunks to pedestrianisution, orrivol to Somerset House has been transformed. We have introduced a new Access Action Group, tofocus our attention more closelyon the needs of visitors and residentswith disabilities. The Sroup is developin8 un oction plan underpinned byon independent audit whieh will inelude recommendutionsforfuture improvement& We installed u new ramp enablin8 easierwheelehair occess to the West Wing ond introduced o Mobiloo toilet to Skotefor one weekend to help visitors with complex needs to visit our site and to enjoy our winter programme. To support our diverse audience5 durin8 Thi5 Bright Land, all Trust stuff and event security Participated in Gendered Intelligence troinin8. In addition, we trained 30 programmin8and produein8 Staff members on Accessib Event and Inelusive Programmin8 and trained over 80 membersof our Visitor Experience team on Promotin8 Disability Confidence. HeritO8e In Julywe lounched ournew Historic Highlights tours,followingo complete redesisnwith o wider range of perspectives of Somerset House's history. The new tours are led by paid tour guides for the first timeand have been received very P051tivelyi Wlth1,800 visitors since July 2022 and 4.5-5tar reviews on TripAdvisor. For the first time we have also introduced self£uided audio tours, thanks to support from Bloomberg. These Sonic Histories audio tours are signposted across Somerset House and can be listened to via the Bloomberg Connects app. We commissioned writers Laura Lomas, Rex Obano, Ava Won8 Davies and Sabrina Mahfouz to produce ima8inative new work in response to specrfie elements of Somerset House's history and architecture. OUR CREATIVE COMMUNITY As the home of eultural innovator5, we are home to a large Community of ortists, makers, technolo815ts, inventors, chan8e-maker5and 5turt-ups, includingcharities, social enterprises, B Corps and established businesses operating in ond supporting the creative industries. This community both contributes to and reflects ourereutive purpose. It is also o keyeomponent of Somerset House's fundin8 model, providin8 0 regular income streom in the form of rental, service ehar8es, membership and other payments which support the Trust in deliverin8 its charitable objectives. See belowforfurther in518ht5 into the muk up of this community.
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Our objectives in this areo focus on: Offerin8: StrengFhen our inspirationol creative workspaee offer Connections & Engagement: Reolise the potentiol of our creative community ond the sector. Representation- Promote pathways that address under-representution This yeor saw u huge amount of activity focused on rebuilding our ereative community which started the year with signrfieant gaps following the loss of many residents durin8 Covid, ineluding one almostthird of our office residents. Our flexible offer enables residents to move within the community, supporting them os they srow or, in times of difficulty, where they moy need to downsize. One of thisyeor's successes hos been the progressionof severol residents from Studios, Exchange, Makerversity und shared workspace into leasing their own offices. Our Inclusive Talent progmmmes, oimed ut taekling under-representution, are supporting the next generation of Creative tolent with access to advice and opportunities. Our onsite community is a key purt of this progrumme, multiplying our impact by providing expert15e und opportunities that Somerset House alone Could not, with at least 30 residents involved in supportin8 our programme. We've provided over150 durational opportunities for talented individuals ineludin8 bursaries and residencies, the Block Business Ineubutorand our young people's pro8rammes. Key results were.. Measure Occupancy Result 92% Torget 90% Comment Achieved target in first half of year with 20 new offiee residents ond 22 new Studios ortists See Studi05 community overview forfurther details on artist bursaries and residencies Asatend of March 2023 Bursaries and residencies provided.. Exehange Studios Black Business Incubator portieiponts YoLJng people with durotional talent opportunities... .% reporting skills / confidenee development Inclusive talent programme participonts working in seetor 66 12 65 50 100 Reduced cohort sizeto increase level of on+tO-one 5UPPOrt and moximise overull pro8ramme impact FLJture Producers ond Creotive Industry Placements 15 15 75% 75% After oll progrommes, 75%felt more confident to embark on a Creative Career Includes securing work at &merset House and in the wider sector 80% 75% io
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Offering Perhaps the best measure of the value of our onsite community is the pace at which it hus rebuilt, with only 8% of our space vocont ot the end of the yeor, hoving storted the year with17% of our office spoce empty. During the yeor, we were joined by 25 new otfice residents and 22 new art15t& Wecontinued to odoptour spaceondfocilitiessupportingdrfferenthybrid ondllexibleworking patterns. This included a new fixed desk offerto provide o bridge between hotdesking in The Exchange and u full leased offiee. We refined our Resident Support Progmmme in response to ehunges in working potterns and resident requests with over1,800 attendees aeross u range of events includin8 business advice clinics, targeted discipline-led networking events, speeial interest groups, community wide socials and cultural programme led engagements. We relaunched our Somerset House Studios artist development programme, offerin8 funding support, legal advice ond focused sessions led by externol experts covering topics ronging from preporingfor studio visits through to writing about your creative pructice. We also launched Muximum Alumni, u low<ost poid offer to past Studios residents wantin8 to maintain u presence onsite. Connections & En8ogement Members of our onsite creative community have made positive eontributions across oll our Inclusive Tolent En8a8ement progrommes ineludingworking with our Future Producers and eontributing to This Bright Land. We have been oble to exlend our creative community through resideney programmes developed in portnerships ineludingThe Alan Turing Institute, UAL Creative Computing Institute and Goethe-lnstitut London, providingunique opportunitiesforlocal ond internationol ortists. We worked with 7 residents {ond one Somerset House teom} to host 8 young people on our Kickstort-supported Creative Industries Placements. Our residents also worked with us to provide trainin8 and mentorin8 5essionsand to provide talks and workshops as part of our Upgrade Yourself Programme Representation Addressin8 under-representution in the arts and creative industries workforee is a keypriority. 4i8hli8hts in 2022123 ineluded.. The further refinement of our Blaek Business Ineubator programme, delivered in partnership with Mentor Blaek Business and sponsored by Morgan Stanley with 65 participants aeross 3 eohortsduring FY 2022123 ond19 graduotes moving onto an Exchonge bursary. In addition to mentoring, mosterclasses ond free workspoce, Block Business Incubator members participoted in o wide range of Somerset House activity. This included Jason Baron PhotO8raphy tuking part in the Up8rade Yourself Festivol, On Da Beat h05tin8an Upgrude Yourself Industry Placement, Fore products being sold in The Horror Showl Exhibition shop and Tatale catering ot1-54 ContemporuryAfricun Art Fair. li
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
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Report of the Board of Trustees
For the year ended 31 March 2023
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DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
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Report of the Board of Trustees
For the year ended 31 March 2023
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Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Outreueh activity ineludin8visits to six universities and on8oinseolloborotion with The Prince's Trust includin8"Get storted in" weeksfor18-25 year olds interested in Graphic Design, Sustainobility und Product Design. Creative Enterprises- office residents On 31 March 2023,we hud125or8onisationsoeeupyingalmost 79,000 sq. ftofdedicutedoffice space, with a further 10 organis0t1$ shoring almost 3,000 sq. ft of office space. 74% ore commerciol businesses, 26% ore chorities or notfor profit and 6% ure B Corp5 certrfied. The lar8est category of residentswork in Social Impact & Chun8e 05%) with Creative A8encie5 second at13%. With a focus on rebuildins the community, we welcomed 25 new residents ond supported 8 organisotions by movingthem internally beeen workspaces. Resident success stories include Hofesh Sheehter, sfilm Political Mother winnin8 Cannes Film Festival Awordfor Best Dunce Film, Prettybird's direetin8 duo, Duniels, winnin8 an Oscar for Everyone Everywhere All at Once und Ananas Anam launehin8 a new low impoct yarn to help bronds reduce their environmental impact. Somerset House Exchon8e includin8 Block Business Incubotor- shored workspoce Acros5 the year, Somerset House Exchange Saw un unprecedented 342 new joiners, resulting in an inerease of 46% by year-end. Our 583 members coMprid 209 individual or8anisotion5 and 79 freelancers, with 66 bein8 bursary reeipients. New joiners included existing public and resident programme eollaborator5, Now Play Thi4 Minute Shorts and Word Williams Creotives. Our creotivecommunity- the yeor ahead Our priority 15 to continue to rebuild our community of cultural innovutors, aiming to restore occupancy levels close to pr&Covid levels, with a focus on promoting pothways to oddress under-representation ond building connections acrossthe community. REVITALISE OUR SUSTAINABLE BUSINESS MODEL We are largely se-funded, reliant on generating income to enable delivery of our choritoble purpose including our heritage site ond eultural pro8ramme. This objectivefocuses not only on the sustoinobility of ourfinancial model but ulsoon our ensuringthat our operations are sustainable, both in terms of the environment and our people. Ourfocus ureas are.. Income Grow o reliable and sufficient income streom. Efficiency & Sustoinabilwty Reduce wastage, costs, duplieation und earbon footprint. People Promote the inclusion, wellbeing & resilience of our people. 14
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 We budgeted CaLJtiouslyfor 2022_23, uncertoin as tothe pace of recovery post-covid. Our incon* rebounded much faster than expected and ultimately exceeded pre-covid levels. Utilising reserves designated in 2021-22, we also made pleasing progress on improving our environmental impactwith the implementation of heating controls across the site which will reduce enersy wasted in heating vacant spaces. As in many or8unisutions, this was a year of signrfieant staff churn. This created chollenge5 for the remainin8 team while we rebuilt, however it did enable us to improve the diversity of our team with our new hires. Key results were.. Measure Totol unrestricted income Major process and System improvements Result £20.5m Tor8et £18.6m Comment Achieved pre£ovid levels of income lexcludins irfflationl. Delayed due to recruitment chullen8es, now underwoy. 5 by2024 Iby20241 Improve building efficiency Stoff turnover Underwoy EPCBby 2030 20% New smart heoting controlsto reduce boiler gos consumption byup to 30%. Impacted by"8reat resi8nation"and a competitive labour market. We ean measure progress in attroctin8 a broader range of applieants to our roles. We will update ourbaseline datu for 0115taff during 2023124 to enablefull eomparison against our target. Increase raeial diversity of core staff 40%of 22123 hires 26%of total by2024 Income Demand from both visitors and businesses exceeded our eautious expectations, resultin8 in a si8nificant out- performance ogoinst budget. Skate was u particular highli8ht with our highest ever attendunee and reeord sales. We increased thecapaeity of the rink creating over 21,000 odditional opportunities for skaters over the run. Demand wos high with 18% of Skote sessions sellin8 Out and peak prtrChri5tmas slots sellin8 Out within days of launch. Demand from our business eustomers and partners also exceeded expectations. We hud our most successful year everforcommercial events with six majorevents contributing to our publi¢ pro8rumme,103 smaller private events ocross the year and two location filmin8 shoots including a new film by Ridley Scott. Demand for office space was buoyont, enabling Usto oehieve ourfull year occupancytar8et in the first hulfof the year We hod u strong year for partnerships and fundroisin8 Wlth si8ntficant levels of sponsorship aehieved for both Skate and This Bright Land, u multi-year stft from a new individual donor towards Somerset House Studios and four 8tfts secured towards Jitish Kallat's Whorled in the courtyard. 15
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Efficiency & Sustainabilty Havin8 onboarded o new Business Systems Analyst, supported by funding from the Fidelity UK Foundation, we are nowdrivingthe implementation und upgrade of 5YStems und processesmuny of which were put in pluee when we were much smaller organisation. We have 50ft-launehed u new recruitment System, with full deployment of features planned for the coming month4 and u new Exhibition management system is at final selection stage. We have identrfied key process improvement needs and are seekin8to deliver both quiek wins and lon8er-term projeets. During 2022-23, we installed rodiator smart controls eombined with room thermostats und occupancy sensors torgeted at reducing our gos consumption. Heot ond Powerfor the estate is generoted onsite through o gas fuelled plant which we will seek to replace in future years. All additional electricity purchased from the 8rid is from non- carbon 50urce& The Trust purchases energy in udvanee through a consortium. This has enabled u5 to avoid some of the mostextreme energy priees witnessed over the last year and has the effeet of delaying their impactto 2023-24. People In Common with many or8anisations, the year to March 2023, was one of 5ignificont staff Churn durin8 a time when activity leve15 rapidly returned to normal. In addition to 27% staff turnover, ourteams experieneed further instability due to ongoing churn with many roles Covered on a temporary basis while we recruited tofill vuconcies and covering the13% of our people on maternity leaveduringtheyeor. Thonkfully, bythe end of the year, the majority of roles had been filled. The Cost-of-Livin8 crisis has been a particular area of concern for our people this year. We implemented the 8% inerease in the London Livin8 Wage for our hourly-poid teams early> in January 2023. The annual pay review for saloried stuff was once aguin brou8ht forward from April to October, one year after the previous review which was olso occeleroted due totheeconomic climote. Atthis review, staff were oworded the higher of £1,400 or 3%, meaning our lower puid stuff reeeived a higher pereenta8e increase lup to c6%1. The next poy review is scheduled for April 2024. To brid8e this gop, and to support our teams durin8 o challen8in8 time, two non<onsolidated eost of living allowan$ of £500 Iprtrrutul for all stuff ure bein8 mude during 2023124. As indicated in the previous section, since the end of the year, we have introduced on Appli¢antTrackin8 System. This hos streomlined the recruitment process, benefiting both the Trust and condidotes. Ultimotely it will enable us to continue to improve the pace and quality of recruitment, enablin8 US to retain stron8 candidutes, improve hiring diversity and build ourtulent pool. Although we've seen an inereuse in hiring diversity in the lost yeor, we reeognise that we have moreto do to advance diversity und inclusion and will continue to progress this. Our sustainable business model - the yeor oheod We continue on the journey outlined obove for the year aheod, seeking to protect ond grow our income in o sustainable way. We are investing in additional resource to enoble this. We will complete our plannin8 to achieve EPC B, and make further progress towards this, aided by funds set aside in our designated reserve. During 202&24, we will be workin8 Wlth energy specialists to map out our longer-term decarbonisation plans includin8 o review of lon8er-termoptions for the site's enersy supply. 16
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Report of the Board of Trustees
For the year ended 31 March 2023
| INCOME: Rent & service charges (leases) Cultural and public events Concessions and venue hire Furlough / lockdown grants Other unrestricted Restricted Total income SURPLUS (before depreciation) FREE RESERVES (excl designation) CASH BALANCE (excl rent deposits) |
2022/23 £000 2021/22 £000 Change |
|---|---|
| 10,073 7,269 39% 4,736 3,458 37% 3,853 2,652 45% - 290 (100%) 1,835 2,150 (15%) 689 1,135 (39%) |
|
| 21,187 16,954 25% 1,621 2,288 (29%) 3,476 3,280 6% 14,303 13,288 8% |
|
| Full Time Equivalent Employees | 108 83 30% |
17
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Totol Income and Expenditure (unrestricted & restricted) Total Income £m - 4 years DJ) Prowrty JnaUon5 sTr)nr5 -b etenonS(h &¥u 2022D3 ll202V22 w 2020121 w2019120 We ure pleased that most of our income hos recovered to prC0vId {2019/201 levels particularly on our cultural progrumme where we ure engaging diverse audience4 although signrficant levels of sponsorshipfor This Bright Land will not recur in 2023124. Void levels on property rental ended the year at 8% against a budget of IO%. A future objective is tofurther grow fundraising and commerciol opportunities. Total Expenditure £m - 4 year5 7n sn 2n Property m8na8ement Cuhural co2515 &venue hSre Ra18 Swnsor5Np MEtEhand&e EducaOn & CJ)TY¥ns Depreclatl 2(Y22123 w 202JJ22 • 2020121 w 2019120 As aetivities hove increased post-covid, $0 has our cost base. Stuffing Costs increased during the year as we rebuilt and alleviated pressures felt in many teams und tOtald £6.2m in the yeur12021122 - £5ml. We spent £6.7m on property management & conservation ineluding £0.4m on new heatin8 controls to improve efficiency and commenein8eonservation works on New Win8 in¢ludin8fa¢ode eleanin8. We continued to toke o cautious approach to expenditure commitments os much of our income performance is not clear until the second halfof the year. This meantthat£O.2m of expenditure wasdelayed into 20224. Expenditure on the cultural prosromme surpus5ed our pre£ovid benehmark reflecting the higher cost of presentin8 This Bright Land. The Trust eontinues to pay a peppereorn rent to DCMS in respeet of the leasehold. 18
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Report of the Board of Trustees
For the year ended 31 March 2023
19
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Somerset House Trust
Report of the Board of Trustees
For the year ended 31 March 2023
20
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Somerset House Trust
Report of the Board of Trustees
For the year ended 31 March 2023
21
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 Trustees hove odopted the Charity Governonce Code. Governonce ond boord effectiveness reviewswerecompleted durin8 the yearwith a8reed reeommendutionsto maintain high governance standards. The Trustees are supported bytwocommittees.. Audit ond Risk Committee-this committee regularly reports to and udvisesthe Board of Trustees on matters related to financiul reporting, external uudit, internal controlsi policies ond reviewing, in detail, the Trust's risk re8lSter Iwiee o yeor. The remit of this committee evolved during the year to include oversight of governonce processes. Nominotions and Remuneration Commwtrtree this committee advises the Board of Trustees on Trustee membership, Lioard effectiveness ond on motters of remuneration, with oversight of both executive pay ond overall Trust remuneration policy. The Board is olso supported by workin8 parties made up of Trustees with skills in specrfic oreas as required. Trustees areappointed based on relevant skills ond experience, identrfied throu8h regular reviews of the Boord's skills matrix. Trustees ore initiolly oppointed for o period of three yeors with the potential for a second term. In exceptionol circumstances and when the Board of Trusteesare satisfied that it is in the Trust's best interests to do $0, they may be re-oppointed for o third consecutiveterm of up tothree yeors. An induction pro8ramme is provided for new Trustees to ensure that they ore briefed on the Trust's objectives, strate8YI and activities. New Trustee5 meet with the Executive team und have access to other members of staff us required to guin an understanding of the or8anisation. As permitted by the Articles of Association, the Trustees have the benefit of an indemnity which is a quulrfying third- porty indemnity provision as defined by Section 234 of the Componies Act 2006. The indemnity was in ploce throughout 2022123 und continues to apply. FUNDFiAISING We are 8rateful to oll the individuals, trusts, foundations, and eorporate partner5 who have supported our aetivity over the105t year, enabling us to continue to deliver our ambitious pro8ramme in 5UPPOrt of ourchoritable obje¢t& We are particularly grateful to our major partner Morgan Stanleyi whieh generously supported the Black Business Ineubutor, a series of free Lates events in the courtyard and a site-specific commission by ortist Ambu Sayol- Bennett. Morgan Stanley's 5UPPOrt will continue into 2023/24. This Bright Land was only made possible on the seale it was thunks to sponsorship from Estée Lauder Companies. We were able to 8ive targeted supportto Studios artists throu8h the On+t(pOne seheme, u new 8enerous mult year8ift und, thanks to a new Jerwood Arts residency pro8ramme, early-5ta8evisual artists were supported to join Somerset House Studios. We ore also groteful to mony others, includingthe Worburg Pincus FoLJndotion for their support of our creative careers pro8rumme, to the Rothschild Foundation for their support of our Di8ltal Creators programmeand to Fidelity UK Foundutionfor supporting crucial systemsimprovements, all of which relutedirectly to our strategic priorities. Somerset House works within the guidelines outlined within the Fundroising Regulator's Code of Fundraising Proctice and is a member of thechartered Institute of Fundraising. We are committed to treating our donors with the hi8hest level of care and respeet. This ineludes- 22
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Somerset House Trust
Report of the Board of Trustees
For the year ended 31 March 2023
23
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 RISK MANAGEMENT Somerset House Trustees regularly exomine the major strategic and operotional risks the Charity foces, ineluding mitl8atin8 actions to reduce euch risk to o level the Board considers aeeeptable. The risk register is maintained by the Executive and senior managementteum and reviewed in detail bythe Audit ond Risk Committeetwice a yeurand at leost annually wider Boord of Trustee& In addition, risk is always eonsidered by the board when setting annual budgets and lon8er term plans. The principal risks currently facin8 the or8anisation are the overall inflationary environment and the potential for a prolonged recession combined with changes to office demond and supply. The Trust's operoting model is Se-fInanCIns. Income from resident4 commercial hires ond the cultural progromme funds the runnin8 Costs of the Trust, Continued renovation and upgradin8 of the site ond investment in the eulturul progrumme.Apartfrom restricted and desi8natedfunds, income und surpluses are not ringfenced and may be opplied to meet any of the Trust'5 expenditure requirement5. Mindful of inflationory pressures und recession risks in a competitive morket, the Trust'sfinaneial focus has been on protecting ond growing income while mointoining oppropriate levels ol reserves ond cosh ond holding contingencies within budgets. M05t income lines have built buck fuster than expected, exeeedin8 pr+pundemic in munycases. However, many cost lines also exeeed pr&Covid levels, particularly in our estates function which is impaeted by inflation in ener8y, insurance, building materials and the London Livin8 Wu8e. Ener8Y Cost inflation is managed by hedbMn8 energy requirements as port of o consortium. ThIsenabsQ degree of certointy on which to plon by deferringond smoothingthe impoct of price chonges. The Trust is in financial position to manage these overall risks in the short to medium term due to ovoiluble reserves ond cosh, and the obility to schedule ond deprioritise some elements of expenditure combined with the cushioning impact of leose notice periods, deposits und advance payment5 of office rental. Designation of reserves enable the Trust to plan expenditure, with regular reviews to ensure plans remoin appropriate. Longer term plans are regulody updoted, together with scenorio planning and stress-testing, to inform decision moking on expenditure eommitments, wtth majoreommitmentsonly made onee the source of fundin8 is reasonably certain. The other key risks und mitigations are listed below.. Staffing copocity, resilience and wellbeing. People risks hove eosed slightly during the yearwith the fillin8 of vacuncies and an inereuse in headcount to address resourcingchallen8es, improved staff payand cost of living support. In addition, the 8rodual refillin8 of the pro8romme pipeline und the recruitment of a permanent People Director is eQn8 pressures 5UPPOrtin8 improved planning und the buildin8 of more experienced team5. However, we remoin mindful thot people's expectations of work and their employer continue to change. Priorities for the yeor include supportin8 development und oddressin8 those chon8in8 needs. Knowledge management.. Recent staff ehurn has hi8hli8hted our chollenges in knowledge management. Resouree is in plaee to support with u pro8romme of system und process improvements outlined for the nextr 2-3 years. Cyber security.. During the year we again achieved Cyber Essentials eertrfication and used penetration testing and multiple security reviews to identify oreasfor improvement on on ongoing bosis. Stoff troiningforms the cornerstone of our cyber security strategy With regular testing and updates to ensure oworeness of threats remains high. Mojordisoster or infmstructure domose.. As o lorge, orchitecturally signrficont Grade I listed estote, right in the heort of London, major disoster cau5in8 518nrfieant infrastructure damage and loss of bune$S is another key risk faced by the Trust. The Trust insures against material damage to the building, and resultin81oss of business, and 24
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 ogoinst major plont foilure. Long term work is required tofully ossess the impoct of climote chonge on the site, but Current preventative octions are helpin8 to reduce the risk of rainfall flooding. Security, Heolth and Safety..The security, health and safety ol the millions of people who visit us everyyear, ond those who work onsite, is a key priority and risk focus for the Trust. We employ a professionol security firm who occupy the site 2417, monitoring CCTV, fire alarms, intruder alarms, access eontrol systems ond are a Central point of eontact for onyone working at or visiting Somerset House. os well os thefirst response for ony site emergencies. Terrorism remains on elevated threat in the UK and we must be vigilant und prepared at oll times. We mointain regular contactwith key local and notional bodies und huvea dedicated CounterTerrorism Se¢urityAdvisorto ensure we ore owore of and responding to risks os they orise. During 2022123 we completed instollotion of o new CCTV system to support us in keeping the site safe and secure. We are working with our partners to ensure readiness for the implementation ofthe new Proteet Duty Imartyn's Lowl. All events ore risk-ussessed, and we work with external experts where required to ensure all necessary health and safety precautions are taken. We carry out re8ular inspections and maintenance of key building elements, plant, ond focilitiesto ensure stOt0rycoMpliance ond thotwe ore providing o safe environment. Accidentond Incident reports, tO8ether with any recommended or resulting actions, ore reviewed by the Board of Trustees at least once a yeor. Impact of octivism."An increosed risk of activism, with the potential to affect the Trust's reputation, is mitigated by sponsorand donordili8eneeand regular environmentol sustainobility reviewsand actions to reduce our impact. PAY POLICY FOR KEY MANAGEMENT PERSONNEL The Trust's polieies forexecutive pay ore aligned with those for oll staff. The pay for all stuff, including key management personnel, is reviewed annually considering infiation, the Trust's financial performance and benchmarking information to ensure that pucko8es and benefit5 remoin competitive and affordoble. The Nominations and Remuneration Committee reviews the pay arrangements for the individuals in the executive team Icurrently the Director, Deputy Director and Chief Operating Officer) and mokes recommendations on executive poy to the Board. In October 2022, all salaried stuff were awarded the higher of £1,400 and a 3% inereose. 25
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Report of the Board of Trustees For the year ended 31 March 2023 LOOKING AHEAD Our upproaeh of preparing for the worst and hoping for the best over neorly three years has placed us in a strong position. We have built back towards pr+Covid levels quicklyi ond our ambitious und inelusive programming and visitor experiences increasingly refleet the depth of talent we have onsite. We are working at pace to refill our pro8ramme pipeline und our community, to grow our income ond strenwhen our teams. We ore mindful thot the current economic climote could impact the ochievement of these objectives. Working elosely with Trustees und all senior muna8ement, our strategic objectives for the comin8 years remain unchanged and we will updote on progress in future reports. We are continuin8 our efforts to improve the sustainability of our site, with our immediate focus bein8 physieal improvements to address enersy efficiency. As the home of eulturol innovators, we feel eonfident obout the future and inspired by the creativity and innovation whieh is embedded aeross Somerset House's resident community of artists, makers and ereative enterprise* Artistie ond sociol innovation is ot the heort of mony of their proctices ond is centrol to our public programme, offering solutions and fresh perspective5 on some of the bi88e5t issues of our time. Reolisin8 the full potential of our creative community and delivering the most impactful public programme based on our underlyin8"step inside, think outside" ethos requir& odditional resource, so fundroising and additional commercial income, alongside planned efficiency improvementsare key to realisin8 this. We ore hugely grateful to our staff who, once osoin, hove disployed tenacity, creativity, ond an ability to go obove and beyond throughout the year. We have u stron8 base to build from and we remain positive about the potentiul and relevonce of the Somerset House model combining an inspirational building, inelusive Creative talent, an exciting Community, and an ambitious public pro8ramme. Asthe home of cultural innovators, we are confidentthut, together, we can eontinue to build this excitins new model. What happens here, happens nowhere else. 26
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Report of the Board of Trustees
For the year ended 31 March 2023
(a)
(b)
27
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Independent Auditor’s report to the Trustees of Somerset House Trust
For the year ended 31 March 2023
28
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Independent Auditor’s report to the Trustees of Somerset House Trust
For the year ended 31 March 2023
29
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Independent Auditor’s report to the Trustees of Somerset House Trust
For the year ended 31 March 2023
30
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Independent Auditor’s report to the Trustees of Somerset House Trust
For the year ended 31 March 2023
31
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Independent Auditor’s report to the Trustees of Somerset House Trust
For the year ended 31 March 2023
29 September 2023
32
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
For the year ended 31 March 2023
| Notes Income from: |
Total Total General Designated 2022/23 2021/22 £'000 £'000 £'000 £'000 £'000 Unrestricted funds Restricted funds |
|---|---|
| Donations, grants and legacies 2 Charitable activities Property management and conservation Cultural and public events Public education and communication Rental income Other trading activities Concessions and venue hire Merchandise income Sponsorship and corporate membership Investments Other Income |
75 - 465 540 1,045 2,235 - 203 2,438 2,258 4,736 - 6 4,742 3,459 - - - - 38 7,838 - - 7,838 6,277 3,853 - - 3,853 2,653 149 - - 149 241 1,562 - 15 1,577 792 50 - - 50 1 - - - - 190 |
| Total income Expenditure on: |
20,498 - 689 21,187 16,954 |
| Raising funds 3 Charitable activities Property management and conservation Cultural and public events Public education and communication Rental costs Other trading activities Concessions and venue hire Merchandise costs Sponsorship and corporate membership |
180 - - 180 132 6,769 2,542 321 9,632 8,191 6,740 - 390 7,130 4,477 2,167 - 148 2,315 1,952 705 556 - 1,261 1,062 1,786 - - 1,786 1,568 197 - - 197 273 39 - 15 54 46 |
| Total expenditure 3,4,5,6 18,583 3,098 874 22,555 17,701 Tax charge 7 - - - - - Net income/ (expenditure) 8 1,915 (3,098) (185) (1,368) (747) |
|
| Transfers between funds 16 |
(1,719) 1,719 - - - |
| Net movement in funds Fund balances brought forward at 1st April 2022 16 Fund balances carried forward at 31st March 2023 16 Prior period reconciliation of funds Fund balances brought forward at 1st April 2021 Net movement in funds Fund balances carried forward at 31st March 2022 |
196 (1,379) (185) (1,368) (747) 3,280 77,233 392 80,905 81,652 3,476 75,854 207 79,537 80,905 3,037 77,676 939 81,652 243 (443) (547) (747) 3,280 77,233 392 80,905 |
All of the above results are derived from continuing activities and there are no other gains or losses other than those stated above. The notes on pages 37-54 form part of these financial statements.
33
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
For the year ended 31 March 2023
----- Start of picture text -----
Group Group Charity Charity
2022/23 2021/22 2022/23 2021/22
Notes £'000 £'000 £'000 £'000
Fixed assets
Tangible fixed assets 11 73,284 75,233 73,284 75,233
Current assets
Stocks 49 75 49 50
Debtors 13 3,298 2,968 6,810 4,594
Cash at bank and in hand 16,404 15,509 11,482 12,824
Total current assets 19,751 18,552 18,341 17,468
Current liabilities
Creditors: amounts falling due within one year 14 (10,832) (8,893) (9,486) (7,840)
Net current assets 8,919 9,659 8,855 9,628
Total assets less current liabilities 82,203 84,892 82,139 84,861
Creditors: amounts falling due after more than one
15 (2,666) (3,987) (2,666) (3,987)
year
Net assets 79,537 80,905 79,473 80,874
Funds
General funds 16 3,476 3,280 3,412 3,249
Designated fixed asset reserve 16 73,284 75,233 73,284 75,233
Designated site works reserve 16 2,570 2,000 2,570 2,000
Restricted reserves 16 207 392 207 392
Total funds 79,537 80,905 79,473 80,874
----- End of picture text -----
34
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
For the year ended 31 March 2023
| Notes Net cash provided by operating activities A Cash flows from investing activities: |
2022/23 2021/22 £'000 £'000 3,418 3,150 |
|---|---|
| Interest received Purchase of tangible fixed assets 11 |
50 1 (1,040) (592) |
| Net cash used in investing activities Cash flows from financing activities: Interest paid |
(990) (591) (212) (83) |
| Increase in loan facility | - - (1,000) (334) (320) (365) (1,532) (782) 896 1,777 15,509 13,732 16,405 15,509 2022/23 2021/22 £'000 £'000 (1,368) (747) 2,989 3,035 |
| Loan repayments Finance lease capital repayments Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period B A Adjustments for: Reconciliation of net expenditure to net cash flow from operating activities Net expenditure for the reporting period (as per the statement of financial activities) |
|
| Depreciation charges | |
| Interest received Interest paid Decrease in stock (Increase) in debtors Increase in creditors Net cash inflow from operating activities B Analysis of cash and cash equivalents Cash in hand (including rent deposits - see Note 14) |
(50) (1) 212 83 26 2 (330) (812) 1,939 1,590 3,418 3,150 2022/23 2021/22 £'000 £'000 16,404 15,509 |
35
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
For the year ended 31 March 2023
Net cash / (debt) reconciliation
| Net cash / (debt) reconciliation | |||
|---|---|---|---|
| As at 31st | |||
| As at 1st | Cash | March | |
| April 2022 | Flows | 2023 | |
| Cash at bank and in hand | 15,509 | 895 | 16,404 |
| Obligations under finance lease (note 20) | (631) | 311 | (320) |
| Obligations under bank loans (note 21) | (4,666) | 1,000 | (3,666) |
| 10,212 | 2,206 | 12,418 |
36
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Notes to the financial statements For the year ended 31 March 2023 Accountin8 policies a) Generol informotion Somerset House Trust is a re8lStered charity {Re8istered Charity No. 10636401 ond is incorporated in England and Wales as a privute company limited by guorantee (Company No. 03388137). The address of its re8lStered office is Somerset House, Strand, London WC2R ILA. The company operates GBP as its reporting and funetionol currency. b) Summory of signrficont occounting policies The principal occounting policies hove been applied consistently in deoling with items which ore considered material in relation to Somerset House's Financial Statements und are asfollows. c) Bosis of preporotion The con501idated financial statements have been prepared in accordance with UK Generally Accepted Accountin8 Principles compri5in8 the Statement of Recommended Practice.. Aeeounting and Reporting by Charities 2019, preparins the accounts in uccordunee with the Financial Reportin8 Standard upplicable in the UK and Republie of Ireland IFRS1021, the Charities Act 2011 and the Companies Aet 2006. Somerset House constitutes a public benefit entity us defined by FRS102. On tronsition to FRS102 in the year ended 31 March 2016 theTrusttook advanta8e of tronsition exemptions to permit the use of deemed cost for assets, und not to revise the accountin8 for lease ineentive5 for leases entered into before 31 March 2014. The Trust assumes that o peppercorn rent will be payable to DCMS in respect ol the leosehold. The consolidated financial statements consolidate Somerset House Trust und its wholly owned subsidiary undertakin8, Somerset House Enterprises Limited on a line-by-line basis. A separate statement of finoncial activities has not been presented for the charity alone in aeeordonce with s408 of the Companies Act 2006. Uniform accounting policies ore used across the group, and intru£roup transactions are eliminated on consolidotion. Profits generated by the subsidiary ore poid to the Trust by means of o gift aid tronsfer, under a Deed of Covenant with theTrust. Going Concern As indicated above, due to income recovering faster than planned coupled and some slippage on estates projeets over year-end, the Trust ended the financiol year to 31 March 2023 with above-turget reserves and stron8 cash balances. This will enable the Trust to endure deficits in 2023124 and 2024125 as we move forward as an organisation. Externolly, we arefocing continuing high inflotion and the threat of recession. Incomefor 2023124 isforecust to be in line with 2022123 ot £21.2m with keyuneertainties beingthe potential impoct of recession on most income streoms: Pace of fillin8 rental voids18% at end of March 2023) 37
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
38
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
39
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Notes to the financial statements For the year ended 31 March 2023 Restricted reserve5 consist of amounts subject to speerfie restrictions imposed by the donor or arising from contraetuol obligations. j) Stock Stocks ore stoted at the lower of cost ond fair value. Cost is detem)ined on o weighted average bosis. A provision is mude for slow moving, obsolete or defective stockto the extent thatthe cost price is estimated to exeeed thefuirvalue. There is no material dtfference between the value of stock us stated and the replueement eost of this stock. k) Financial instruments Finuneial assets and financial liabilities are recognised when the Trust becomes a party to the contraetuul provisions of the instrument. All financial assets und liabilities are initially meosured at tmn5a¢tion price lineludin8 tran5Cletion costs). The Trust only hosfinancial assets und financial liobilitie5 of a kind that quolify as basic financial instruments. Bosic financial instruments are initially re¢o8nised ot transaction value and subsequently measured at amortised cost. Trade and otherdebtors are reco8nised atthe settlement amount due. Creditors ore recognised wherethere is a present obli8ation resulting from a past event that will probobly result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors ond provisions ore normolly recognised at their settbment omount after allowing for ony trode discounts due. l) Leases il Where the Trust enters into o lease which entails tokin8 substantially all the risks ond rewards of ownership of an asset, the lease is treated os u finance leuse. Any usset purchased with a leuse is recorded in the Bulunee Sheet as u ton8ible fixed asset and depreeiated over its estimated useful lrfe. Future instalments undersuch leases, netof finuneeeharges, ure included in ereditors. Rentals payable ore opportioned behveen the finonce element representing o constont proportion 04 the capitol bulunee outstanding, which is ehar8ed to the SOFA, and the eopital element which reduce5 the outstonding obligotion for future instolments. All other leases ore accounted for os operoting leases and the rentals ore charged to the SOFA on o straight-line basis over the life of the leose. ii) Where income is reeeivable under lease agreements, the basie element is recognised on u strai8ht-line bu5is over the period of the lease, ond any element bused on u per¢enta8e of turnover of the lessee is re¢o8ni5ed in the period to which thotturnover relate5. For leases entered into prior to 31 March 2014, leose incentives are spread over the period to the next break clause. Lease incentives granted on leases entered into from l April 2014 are spread over the lease term. The exception to this is COVID-19 related rent concessions, where the coneessions are recognised in the period they ore intending to compensate. 40
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Notes to the financial statements For the year ended 31 March 2023 m) Cash and cosh equivolents Cush and eash equivalents includes eash in hond, deposits held at eall with banks, other short term hi8hly liquid investments with original moturities ol three months or less und bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liobilities. In 2020121, the Trust opplied for ond received o loon of £5m, through National Westminster Bonk, under the Coronovirus Business Interruption Loan Scheme ICBILSI. The loan was intended to be repaid by lute 2026, however after the end of the finuneial year, the CBILS loan balance of £3.7m was repaid in full, given adequate foreeast futureeash balances and rising interest rates. n) Critical accounting judgements and key source of estimation uncertainty The preparaFion of the financial statements requires mana8ement to make judgements, estimates ond assumptions that uffect the application of the accounting policies und the reported amounts of assets ond liabilities, revenue and expenses. Actual results moy dwffer from these estimates. Estimates ond underlying ossumptions are continually evoluated ond are based on historicol experience and otherfoctors, ineludingexpectutions of future events thotare reasonable underthe circumstances. Revisions to oeeountin8 estimates ore reco8nised in the period in which the estimates are revised und in any future periods affected. Critieal judgements in applying the entity's aeeountin8 policies: lil Exemptions on transition to FRS102 On tronsition to FRS102 in 2015n6, the Trust has elected to use the previous UK GAAP voluation at 31 March 2009for the DCMS property lease, less umortisation tothe transition date, us the deemed eost. {iil Impairment of debtors The company makes an estimate of the recoverale value of trade and other debtors. When assessing impoirment of trode ond other debtors, manosement considers factors including the current credit rating of the debtor, the a8ein8 profile of debtors and historical experienee. 41
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
2 Donations, grants and legacies
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|funds|funds|2022/23|funds|funds|2021/22|
|£'000|£'000|£'000|£'000|£'000|£'000|
|Donations|75|293|368|110|-|110|
|Grants receivable|
|Capital grants receivable|-|-|-|-|204|204|
|Revenue grants receivable|-|172|172|-|731|731|
|Total donation, grant and legacy income|75|465|540|110|935|1,045|
----- End of picture text -----
3 Expenditure
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Direct|Support|Total|Direct|Support|Total|
|costs|costs|2022/23|costs|costs|2021/22|
|£'000|£'000|£'000|£'000|£'000|£'000|
|Expenditure on raising funds|
|Fundraising costs of grants and donations|160|20|180|110|22|132|
|160|20|180|110|22|132|
|Expenditure on charitable activities|
|Property management and conservation|9,240|392|9,632|7,982|209|8,191|
|Cultural and public events|6,810|320|7,130|4,177|300|4,477|
|Public education and communication|1,579|736|2,315|1,471|481|1,952|
|Rental costs|981|280|1,261|913|149|1,062|
|18,610|1,728|20,338|14,543|1,139|15,682|
|Other trading expenditure|
|Concessions and venue hire|1,466|320|1,786|1,341|227|1,568|
|Merchandise costs|197|-|197|253|20|273|
|Sponsorship and corporate membership costs|54|-|54|46|-|46|
|1,717|320|2,037|1,640|247|1,887|
|Total expenditure|20,487|2,068|22,555|16,293|1,408|17,701|
----- End of picture text -----
42
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
4 Allocation of support costs
The Trust allocates its support costs as shown below:
----- Start of picture text -----
Expenditure on Expenditure Other Support costs
raising funds on charitable expenditure
activities
2022/23 2021/22
£'000 £'000 £'000 £'000 £'000
Administration 18 1,340 290 1,648 1,187
Governance (note 5) 2 140 29 171 98
Interest paid (note 6) - 212 - 212 83
Marketing & Communications - 37 - 37 40
20 1,729 319 2,068 1,408
----- End of picture text -----
Comparative allocation of support costs:
----- Start of picture text -----
Expenditure on Expenditure Other Support
raising funds on charitable expenditure costs
activities 2021/22
£'000 £'000 £'000 £'000
Administration 20 939 228 1,187
Governance (note 5) 2 77 19 98
Interest paid (note 6) - 83 - 83
Marketing & Communications - 40 - 40
22 1,139 247 1,408
----- End of picture text -----
5 Governance costs
----- Start of picture text -----
Expenditur Expenditure on Other Support costs
e on raising charitable expenditure
funds activities
2022/23 2021/22
£'000 £'000 £'000 £'000 £'000
Salary 1 48 10 59 31
Audit fees (note 8) 1 101 21 123 47
Legal and other professional fees - 2 - 2 2
General office - 13 3 16 18
2 164 34 200 98
----- End of picture text -----
43
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
6 Interest payable and similar charges
----- Start of picture text -----
2022/23 2021/22
£'000 £'000
Interest payable and similar charges 7 6
Finance lease interest 16 29
Bank loan interest 189 48
212 83
7 Tax charge
2022/23 2021/22
£'000 £'000
- -
UK Corporation Tax - current tax charge
- -
Adjustment in respect of previous periods
- -
Tax on loss on ordinary activities
----- End of picture text -----
8 Net expenditure
Net expenditure is stated after charging the following:
| Auditors Remuneration This Year |
2022/23 2021/22 £'000 £'000 |
|---|---|
| - for audit of Somerset House Trust - for audit of Somerset House Enterprises Limited Previous Year - Audit Overrun - for audit of Somerset House Trust - - for audit of Somerset House Enterprises Limited |
48 40 20 7 18 - 7 - |
| 93 47 |
| Depreciation and amortisation: - property lease valuation - leasehold improvements - fixtures, fittings and equipment (owned) - fixtures, fittings and equipment (leased) |
2022/23 2021/22 £'000 £'000 |
|---|---|
| 556 556 2,104 2,110 312 366 17 3 |
|
| 2,989 3,035 |
44
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
9 Employee details (Charity & Group)
Staff costs
----- Start of picture text -----
||||
|---|---|---|
|2022/23|2021/22|
|£'000|£'000|
|Wages and salaries|4,636|3,526|
|Social security costs|515|369|
|Other pension costs|417|315|
|Temporary staff salaries (including social security and other pension costs)|681|825|
|6,249|5,035|
----- End of picture text -----
Emoluments over £60,000
----- Start of picture text -----
||||
|---|---|---|
|2022/23|2021/22|
|Number|Number|
|£60,001 - £70,000|4|2|
|£70,001 - £80,000|3|2|
|-|-|
|£80,001 - £90,000|
|£90,001 - £100,000|-|1|
|£100,000 - £110,000|1|-|
|-|-|
|£110,001 - £120,000|
|-|-|
|£120,001 - £130,000|
|£130,001 - £140,000|-|1|
|£140,000- £150,000|1|
|£150,001 - £160,000|-|1|
|-|-|
|£160,001 - £170,000|
|£170,001 - £180,000|1|-|
----- End of picture text -----
Staff functions
The monthly average full time equivalent employees during the year, analysed by function, were:
----- Start of picture text -----
||||
|---|---|---|
|2022/23|2021/22|
|Number|Number|
|Concessions and venue hire|16|13|
|Fundraising|1|1|
|Rental|14|9|
|Property management and conservation|9|7|
|Cultural and public events|16|16|
|Public education, communication and visitor services|35|24|
|Merchandise|1|1|
|Governance and support services|16|12|
|108|83|
----- End of picture text -----
45
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
11 Tangible fixed assets (Charity & Group)
----- Start of picture text -----
Property Leasehold Assets in the Fixtures, Total
lease improvements course of fittings &
valuation construction equipment
£'000 £'000 £'000 £'000 £'000
Cost or deemed cost
At 1 April 2022 64,541 51,799 78 3,794 120,212
Additions - 33 53 954 1,040
- - -
Disposals (33) (33)
Transfers - - (78) 78 -
At 31 March 2023 64,541 51,832 53 4,793 121,219
Accumulated depreciation
-
At 1 April 2022 7,232 34,934 2,813 44,979
Charge for the year 556 2,104 - 329 2,989
Disposals - - - (33) (33)
At 31 March 2023 7,788 37,038 - 3,109 47,935
Net book value
At 31 March 2023 56,753 14,794 53 1,684 73,284
At 31 March 2022 57,309 16,865 78 981 75,233
----- End of picture text -----
46
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
12 Investments
Trust
| 12 Investments Trust |
|
|---|---|
| At 1 April and at 31 March | Charity Charity 2022/23 2021/22 £ £ |
| 1 1 |
|
Somerset House Enterprises Limited
----- Start of picture text -----
2022/23 2021/22
£'000 £'000
Turnover 5,085 3,370
Costs of sales (1,561) (1,486)
Gross profit 3,524 1,884
Administrative expenses (29) (7)
Profit on ordinary activities before taxation and Deed of Covenant 3,495 1,877
Tax on profit on ordinary activities - -
Profit for the financial year 3,495 1,877
Retained earnings at the beginning of the fnancial year 31 31
-
Qualifying charitable donation to the Trust (3,495) (1,877)
Retained earnings at the end of the financial year 31 31
The aggregate of the assets, liabilities and funds was:
2022/23 2021/22
£'000 £'000
Assets 5,340 2,982
Liabilities (5,309) (2,951)
Funds 31 31
----- End of picture text -----
47
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
13 Debtors: due within one year
| Debtors: due within one year | |
|---|---|
| Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Taxation |
Group Group Charity Charity 2022/23 2021/22 2022/23 2021/22 £'000 £'000 £'000 £'000 |
| 1,682 1,452 1,429 1,225 - - 3,923 1,899 289 130 297 130 1,327 1,365 1,161 1,340 - 20 - - |
|
| 3,298 2,968 6,810 4,594 |
14 Creditors: amounts falling due within one year
| 14 Creditors: amounts falling due within one year |
|
|---|---|
| Finance leases (note 20) Bank loans and overdrafts (note 21) Trade creditors Amounts owed to group undertakings Taxation and social security Tenant Deposits Other creditors Accruals Deferred income |
Group Group Charity Charity 2022/23 2021/22 2022/23 2021/22 £'000 £'000 £'000 £'000 |
| 320 310 320 310 1,000 1,000 1,000 1,000 1,391 750 1,217 674 - - - - 679 500 554 376 2,405 2,219 2,405 2,219 155 160 135 142 1,008 937 880 719 3,874 3,018 2,975 2,400 10,832 8,893 9,486 7,840 |
|
| Deferred income brought forward at 1 April Deferred income now recognised Income deferred in year Deferred income carried forwards at 31 March |
Group Group Charity Charity 2022/23 2021/22 2022/23 2021/22 £'000 £'000 £'000 £'000 |
| 3,018 2,092 2,400 1,699 (3,018) (2,092) (2,400) (1,699) 3,874 3,018 2,975 2,400 |
|
| 3,874 3,018 2,975 2,400 |
|
48
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
15 Creditors: amounts falling due after more than one year
----- Start of picture text -----
||||
|---|---|---|
|Charity & Group|
|2022/23|2021/22|
|£'000|£'000|
|Bank loans due after more than one year (note 21)|2,666|3,666|
|Finance leases (note 20)|-|321|
|2,666|3,987|
----- End of picture text -----
16 Statement of funds
Group Funds Movements
----- Start of picture text -----
At 1st Income Expenditure Transfers At 31st March
April 2022 2023
£'000 £'000 £'000 £'000 £'000
Unrestricted funds
General funds 3,280 20,498 (18,583) (1,719) 3,476
Designated fixed asset reserve
Original cost/ valuation 28,735 - (2,538) 1,040 27,237
Revaluation reserve 46,498 - (451) - 46,047
Designated site works reserve 2,000 - (109) 679 2,570
Total unrestricted funds 80,513 20,498 (21,681) - 79,330
Restricted funds
Maintenance and service charge fund 52 202 (218) - 36
Projects fund 307 487 (623) - 171
Capital grants fund 33 - (33) - -
Total restricted funds 392 689 (874) - 207
Total funds 80,905 21,187 (22,555) - 79,537
----- End of picture text -----
49
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
Comparative Group Funds Movements
----- Start of picture text -----
At 1st Income Expenditure Transfers At 31st March
April 2021 2022
£'000 £'000 £'000 £'000 £'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
Restricted funds
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
Total funds 81,652 16,954 (17,701) - 80,905
----- End of picture text -----
Analysis of Net Assets Between Funds
| Fixed assets Current assets Current liabilities Liabilities due after one year Group net assets |
Unrestricted funds Restricted funds Total Unrestricted funds Restricted funds Total 2022/23 2021/22 £'000 £'000 £'000 £'000 £'000 £'000 |
| 73,284 - 73,284 75,233 - 75,233 19,440 312 19,752 18,160 392 18,552 (10,832) - (10,832) (8,893) - (8,893) (2,667) - (2,667) (3,987) - (3,987) |
|
| 79,225 312 79,537 80,513 392 80,905 |
50
Docusign En¥ÈlopÈ ID." 2D262FE(kD83C4A16-A0264ED3C88DF145 Somerset House Trust Notes to the financial statements For the year ended 31 March 2023 Designated site works reserve We established a new designated 51te works reserve in 2021122 with a £2m transferfrom general fund& This reserve fund5 projects for heritage, sustuinubility und visltor experience improvements. During 2022123, we spent £O.Im on faFade cleaning works to enhance our New Wing conservotion work and £0.4m of capital spend for the installation of new heating controls. Trustees designated a further £l.Im durin8 the year, from generolfunds. The bolanceonthis reseNe ot 31 March 2023 was £2.6m. Restrictedlunds i) A maintenance und service churgelund representin8 funds received from King's Colle8e which can be spent in accordunce with the terms of the lease between the Trust and that tenant. The credit balance on thisfund relates to service char8e income that has not been fully utilised by expenditure ineurred on the estate in connection with the tenancy of King's College, where the Trust isfulfilling its obligations under the leose. The lon8-term objective is for this restrieted fund to eorry a nil balance ond future service chorges will be odjusted occordingly. a Project fund representin8 the unspent bolance of Grants & Donations received for speetfic purposes ot year end. 17 Trustee remuneration and related party tronsactions No remuneration directly or indireetly out of thefunds of the eharity was poid to any Trustee or related porty. There were no expenses incurred by the eharityfor anyTrustees during the yeur12021122- niD. Directors und Offieers Liability insurance was purchased by the charity durin8 the year at a eost of £16.9k12021122- £15.8k). The Trust's tradin8 subsidiary, Somerset House Enterprises Limited, was recharged staff costs of £589l 12021122- £637kl. This being the cost of st(rff incurred by the Trustfor activitie5 undertaken by the company. At 31st Moreh 2023, amounts due to the Trust from the company included an amount of £3.5rn12021122.. £1.9ml u5 0 donation of it5 profits under gift old for the year ended 31 Moreh 2023, under the deed of eovenunt with the Trust signed on15 Moreh 2017. All amount5 owed between the Trust and the eompany are reflected in notes13 und14 of the finaneiul statements. Seven trustees mode contributions to the Trust duringthe yeor, totalling £54k12021122: £54k from nine Trustees . The following related party expenditure transactions are stated inclusive of VAT: Paul Goswell {Directorl is o Member of Council of Kin8's College which rents space at Somerset House. Kin8's College paid Somerset House Trust £1.7m in rent and service charges und £33k relating to a partnership with Somer5et House Studios12021122.. £33K). Somerset Houst Trust paid King's College £19k for utility char8es.12021122.. Kin8's College poid £l.7m for rent und serviee eharge. £llk was paid for utility char8esl. 51
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
19 Capital commitments
Capital commitments not provided for as at the year end are as follows:
----- Start of picture text -----
Charity & Group
2022/23 2021/22
£'000 £'000
Contracted and authorised at 1 April 261 419
Contracted and authorised commitments entered into during the course of the
61 261
year and outstanding at the year end
Utilised during the year (261) (411)
Commitment no longer required - (8)
Contracted and authorised at 31 March 61 261
----- End of picture text -----
20 Finance leases
Future minimum payments under finance leases are as follows:
----- Start of picture text -----
2022/23 2021/22
£'000 £'000
Within one year 327 327
In more than one year, but not more than five years - 327
Total gross payments 327 654
Future financing charges (7) (23)
Finance lease liability 320 631
----- End of picture text -----
21 Bank Loan
Future minimum bank loan payments are as follows:
| Within one year In more than one year, but not more than five years After five years Total gross payments Future financing charges Bank loan liability |
2022/23 2021/22 £'000 £'000 |
|---|---|
| 1,227 1,128 2,944 3,876 - - |
|
| 4,171 5,004 (504) (338) |
|
| 3,667 4,666 |
52
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Notes to the financial statements
For the year ended 31 March 2023
22 Operating lessor
The Trust has future minimum lease receivables under non-cancellable operating leases and operating leases with break clauses less than or equal to one year, as a lessor, as follows:
----- Start of picture text -----
2022/23 2021/22
£'000 £'000
Receipts due 22,969 21,541
Within one year 7,631 5,810
In more than one year, but not more than five years 5,931 5,818
After five years 9,407 9,913
----- End of picture text -----
53
DocuSign Envelope ID: 2D262FE0-D83C-4A16-A026-8ED3CB8DF145
Somerset House Trust
Consolidated Statement of Financial Activity (incorporating and income and expenditure account) Notes to the financial statements
For the year ended 31 March 2022
| General Designated Notes £'000 £'000 Income and endowments from: Donations, grants and legacies 2 110 - Charitable activities Property management and conservation 2,058 - Cultural and public events 3,459 - Public education and communication 38 - Rental income 6,277 - Other trading activities Concessions and venue hire 2,653 - Merchandise income 241 - Sponsorship and corporate membership 792 - Investments 1 - Other Income 190 - Total income 15,819 - Expenditure on: Raising funds 3 132 - Charitable activities Property management and conservation 5,428 2,415 Cultural and public events 3,784 64 Public education and communication 1,694 - Rental costs 495 556 Other trading activities Concessions and venue hire 1,497 - Merchandise costs 273 - Sponsorship and corporate membership 46 - Total expenditure 3,4,5,6 13,349 3,035 Tax credit on deficit 7 - Net income/ (expenditure) 8 2,470 (3,035) Transfers between funds 16 (2,227) 2,592 Net movement in funds 243 (443) Fund balances brought forward at 1st April 2021 16 3,037 77,676 Fund balances carried forward at 31st March 2022 16 3,280 77,233 Unrestricted funds |
Restricted funds Total 2021/22 £'000 £'000 935 1,045 200 2,258 - 3,459 - 38 - 6,277 - 2,653 - 241 - 792 - 1 - 190 1,135 16,954 - 132 348 8,191 629 4,477 258 1,952 11 1,062 71 1,568 - 273 - 46 1,317 17,701 - - (182) (747) (365) - (547) (747) 939 81,652 392 80,905 |
** END OF REPORT***
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