2024-03-31-accounts - Somerset House Trust

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Somerset House Trust

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Gail Rebuck

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Almost 300 creative-tech and maker members from 88 different organisations at Makerversity which provides
702 members from 365 small businesses in our creative co-working space Somerset House Exchange,
125 creative enterprises occupying 198 offices across c83,000 sq ft of lettable space.

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	2023/24	2022/23
INCOME:	£'000	£'000	Change
Rent & Service charges (leases)	10,546	10,073	5%
F&B Lease Surrender	1,600	-	0%
Cultural & Public Events	6,049	4,736	28%
Concessions & Venue Hire	4,311	3,853	12%
Other Unrestricted	2,044	1,835	11%
Restricted	960	689	39%
Total Income	25,510	21,187	20%
SURPLUS before Depreciation	3,704	1,621	129%
FREE RESERVES (excl Designation)	1,954	3,476	-44%
CASH BALANCE ( excl rent deposits)	12,103	14,303	-15%
FTE Employees	114	108	6%

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(a)

(b)

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		Unrestricted funds	Unrestricted funds	Restricted	Total	Total
		General	Designated	funds	2023/24	2022/23
	Notes	£'000	£'000	£'000	£'000	£'000
Income from:
Grants, donations and gifts		66	-	628	694	540
Donations, grants and legacies	2	66	-	628	694	540
Charitable activities
Property management and conservation		4,146	-	312	4,458	2,438
Cultural and public events		6,049	-	6	6,055	4,742
Public education and communication		0	-	-	0	-
Rental income		8,000	-	-	8,000	7,838
Other trading activities
Concessions and venue hire		4,311	-	-	4,311	3,853
Merchandise income		349	-	-	349	149
Sponsorship and corporate membership		1,440	-	14	1,454	1,577
Investments		189	-	-	189	50
Other Income		-	-	-	-	-
Total income		24,550	-	960	25,510	21,187
Expenditure on:
Raising funds	3	161	-	-	161	180
Charitable activities
Property management and conservation		7,234	2,692	337	10,263	9,632
Cultural and public events		8,082	-	472	8,554	7,130
Public education and communication		2,117	-	54	2,171	2,315
Rental costs		685	556	-	1,241	1,261
Other trading activities
Concessions and venue hire		2,232	-	-	2,232	1,786
Merchandise costs		306	-	-	306	197
Sponsorship and corporate membership		5	-	-	5	54

Total expenditure	3,4,5,6	20,822	3,248	863	24,933	22,555
Tax charge	7	-	-	-	-	-
Net income/ (expenditure)	8	3,728	(3,248)	97	577	(1,368)

Transfers between funds Net movement in funds	16	(5,250) (1,522)	5,325 2,077	(75) 22	- 577	- (1,368)
Fund balances brought forward at 1st April 2023	16	3,476	75,854	207	79,537	80,905
Fund balances carried forward at 31st March 2024	16	1,954	77,931	229	80,114	79,537
*Prior period reconciliation of funds* Fund balances brought forward at 1st April 2022		3,280	77,233	392	80,905
Net movement in funds		196	(1,379)	(185)	(1,368)
Fund balances carried forward at 31st March 2023		3,476	75,854	207	79,537

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Notes	Group Group Charity Charity 2023/24 2022/23 2023/24 2022/23 £'000 £'000 £'000 £'000
Fixed assets Tangible fixed assets 11 Current assets Stocks Debtors 13 Cash at bank and in hand	70,769 73,284 70,769 73,284 70 49 49 49 6,319 3,298 10,823 6,810 14,585 16,404 9,046 11,482
Total current assets	20,974 19,751 19,918 18,341
Current liabilities Creditors: amounts falling due within one year 14 Net current assets	(11,629) (10,832) (10,602) (9,486) 9,345 8,919 9,316 8,855
Total assets less current liabilities	80,114 82,203 80,085 82,139
Creditors: amounts falling due after more than one year 15 Net assets	- (2,666) - (2,666) 80,114 79,537 80,085 79,473
Funds General funds 16 Designated fixed asset reserve 16 Designated site works reserve 16 Designated F&B Reseve 16 Designated Programme Reserve 16 Restricted reserves 16	1,979 3,476 1,950 3,412 70,769 73,284 70,769 73,284 4,503 2,570 4,503 2,570 1,469 - 1,469 - 1,190 1,190 204 207 204 207
Total funds	80,114 79,537 80,085 79,473

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			2023/24	2022/23
		Notes	£'000	£'000
Net cash provided by operating activities	Net cash provided by operating activities	A	2,566	3,418
Cash flows from investing activities:
	Interest received		189	50
	Purchase of tangible fixed assets	11	(612)	(1,040)
	Net cash used in investing activities		(423)	(990)
Cash flows from financing activities:
	Interest paid		(57)	(212)
	Increase / (decrease) in loan facility		-	-
	Loan repayments		(3,666)	(1,000)
	Finance lease capital repayments		(241)	(320)
	Net cash used in financing activities		(3,964)	(1,532)
Change in cash and cash equivalents in the reporting period			(1,820)	896
Cash and cash equivalents at the beginning of the reporting period			16,405	15,509
Cash and cash equivalents at the end of the reporting period		B	14,585	16,405
A	Reconciliation of net income / (expenditure) to net cash flow from operating activities
			2023/24	2022/23
			£'000	£'000
	Net income / (expenditure) for the reporting period (as per the statement of
	financial activities)		577	(1,368)
	Adjustments for:
	Depreciation charges		3,127	2,989
	Interest received		(189)	(50)
	Interest paid		57	212
	(Increase) / decrease in stock		(23)	26
	(Increase) / decrease in debtors		(3,021)	(330)
	Increase / (decrease) in creditors		2,038	1,939
	Net cash inflow from operating activities		2,566	3,418
B	Analysis of cash and cash equivalents
			2023/24	2022/23
			£'000	£'000
	Cash in hand (including rent deposits - see Note 14)		14,585	16,404

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(i) Exemptions on transition to FRS 102

(ii) Impairment of debtors

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6	Interest payable and similar charges
		2023/24	2022/23
		£'000	£'000
	Interest payable and similar charges	7	7
	Finance lease interest	6	16
	Bank loan interest	44	189
		57	212
7	Tax charge	2023/24 £'000	2022/23 £'000
	UK Corporation Tax - current tax charge Adjustment in respect of previous periods	- -	- -
	Tax on loss on ordinary activities	-	-

	2023/24	2022/23
	£'000	£'000
*Depreciation and amortisation:*
- property lease valuation	556	556
- leasehold improvements	2,091	2,104
- fixtures, fittings and equipment (owned)	480	312
- fixtures, fittings and equipment (leased)	-	17
	3,127	2,989

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Emoluments over £60,000

Emoluments over £60,000
	2023/24 2022/23 Number Number
£60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,000 - £110,000 £110,001 - £120,000 £120,001 - £130,000 £130,001 - £140,000 £140,000- £150,000 £150,001 - £160,000 £160,001 - £170,000 £170,001 - £180,000 £180,001 - £190,000	5 4 5 3 2 - - - - 1 1 - - - - - 1 1 - - - - - 1 1 -

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Investments
Trust
	Charity	Charity
	2023/24	2022/23
	£	£
At 1 April and at 31 March	1	1

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15 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
	Charity & Group
	2023/24	2022/23
	£'000	£'000
Bank loans due after more than one year (note 21)	-	2,666
Finance leases (note 20)	-	-
	-	2,666

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Comparative Group Funds Movements	At 1st April 2022 £'000	Income £'000	Expenditure £'000	Transfers £'000	At 31st March 2023 £'000
Unrestricted funds General funds Designated fixed asset reserve Designated site works reserve Original cost/ valuation Revaluation reserve	3,280 28,735 46,498 2,000	20,498 - - -	(18,583) (2,538) (451) (109)	(1,719) 1,040 - 679	3,476 - 27,237 46,047 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

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19 Capital commitments

Capital commitments not provided for as at the year end are as follows:

	Charity & Group
	2023/24 2022/23 £'000 £'000
Contracted and authorised at 1 April Utilised during the year Commitment no longer required Contracted and authorised commitments entered into during the course of the year and outstanding at the year end	61 261 558 61 (61) (261) - -
Contracted and authorised at 31 March	558 61

21 Bank Loan

Future minimum bank loan payments are as follows:

Bank Loan Future minimum bank loan payments are as follows:
	2023/24	2022/23
	£'000	£'000
Within one year	-	1,227
In more than one year, but not more than five years	-	2,944
After five years	-	-
Total gross payments	-	4,171
Future financing charges	-	(504)
Bank loan liability	-	3,667

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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:

clauses less than or equal to one year, as a lessor, as follows:
	2023/24 2022/23 £'000 £'000
Receipts due Within one year In more than one year, but not more than five years After five years	19,183 22,969 6,464 7,631 4,570 5,931 8,149 9,407

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	Unrestricted funds	Unrestricted funds	Restricted	Total	Total
	General	Designated	funds	2022/23	2021/22
	£'000	£'000	£'000	£'000	£'000
Income from:
Donations, grants and legacies	75	-	465	540	1,045
Charitable activities
Property management and conservation	2,235	-	203	2,438	2,258
Cultural and public events	4,736	-	6	4,742	3,459
Public education and communication	-	-	-	-	38
Rental income	7,838	-	-	7,838	6,277
Other trading activities
Concessions and venue hire	3,853	-	-	3,853	2,653
Merchandise income	149	-	-	149	241
Sponsorship and corporate membership	1,562	-	15	1,577	792
Investments	50	-	-	50	1
Other Income	-	-	-	-	190
Total income	20,498	-	689	21,187	16,954
Expenditure on:
Raising funds	180	-	-	180	132
Charitable activities
Property management and conservation	6,769	2,542	321	9,632	8,191
Cultural and public events	6,740	-	390	7,130	4,477
Public education and communication	2,167	-	148	2,315	1,952
Rental costs	705	556	-	1,261	1,062
Other trading activities
Concessions and venue hire	1,786	-	-	1,786	1,568
Merchandise costs	197	-	-	197	273
Sponsorship and corporate membership	39	-	15	54	46

Total expenditure	18,583	3,098	874	22,555	17,701
Tax charge	-	-	-	-	-
Net income/ (expenditure)	1,915	(3,098)	(185)	(1,368)	(747)
Transfers between funds	(1,719)	1,719	-	-	-
Net movement in funds	196	(1,379)	(185)	(1,368)	(747)
Fund balances brought forward at 1st April 2022	3,280	77,233	392	80,905	81,652
Fund balances carried forward at 31st March 2023	3,476	75,854	207	79,537	80,905