Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## **Somerset House Trust** Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## Gail Rebuck Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 . Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - 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. Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ||**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%**| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - - - - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - (a) (b) Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## • ## • ## • Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - ## • ## • ## • - - ## • Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## • - - Detecting ▪ ## • - - ## • ## • Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 |||**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_|| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 |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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ||||**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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - - Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 - (i) Exemptions on transition to FRS 102 ## (ii) Impairment of debtors Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 |**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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## 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
-| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 |**12**|**Investments**||| |---|---|---|---| ||**Trust**||| |||**Charity**|Charity| |||**2023/24**|2022/23| |||**£**|£| ||At 1 April and at 31 March|**1**|1| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## **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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 |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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## **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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ## **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| Docusign Envelope ID: 581BC8EE-C187-4226-91CA-60846FA54D44 ||**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|