2025-03-31-accounts - Somerset House Trust

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To advance education particularly (but not exclusively) with reference to To advance education particularly (but not exclusively) with reference to
To advance the arts and culture particularly (but not exclusively) through To advance the arts and culture particularly (but not exclusively) through
To preserve, restore, maintain, improve and facilitate public access to the To preserve, restore, maintain, improve and facilitate public access to the
D Drive rive artistic and social artistic and
D Develop evelop the widest possible span of the widest possible
L Leverage everage the power of arts to make change across the whole of society the power of arts to make change across the whole

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Creat Creating ing a distinctive cross disciplinary programme a distinctive cross disciplinary
Enhancing Enhancing
Nurtur Nurturing ing our creative community our creative
Strengthening

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O Opportunities pportunities for

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131 151 bursaries bursaries provided provided to to members of the members of
1,530 young people 1,550 young
New Future Artist
Welcome Welcomed d 382 382 young people young

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62 Somerset House Studios
268 creative - tech and maker members from
677 677 members members from from 341 341 small businesses in our small businesses in our creative co creative co-working - working space space Somerset Somerset House House Exchange Exchange, , including our including our Black Business Black Business Residency Residency
12 128 8 creative enterprises occupying creative enterprises

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Energy Consumption (kWh)
16,000,000
14,000,000
12,000,000
i i 8
10,000,000
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8,000,000
6,000,000
4,000,000
2,000,000
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NOIR. Sem SEC CE, \ CSE) EAE UST) 0
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Gas (kWh) Purchased Electricity (kWh) Generated Electricity (kWh)
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Scope 1 and 2 Carbon: tCO2e per year

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3,000
2,500
2,000 1,268 878 480
585
1,636 1,988 1,827 354 321
1,500 397
453
1,000
1,756 463
1,408 1,570 1,574 1,550 1,491
1,232
500 1,022
863 795 808 697
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Scope 1 - Gas Scope 2 - Purchased Electricity
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In July 2024, In July
Improvements to Improvements
Repl Replacement ace ment of of 56 56 hand hand-dryers - dryers throughout the site throughout the
P artner ing with infrastructure

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	2024/25	2023/24
INCOME:	£'000	£'000	Change
Rent & Service charges (leases)	10,666	10,546	1%
F&B Lease Surrender	-	1,600	-100%
Cultural & Public Events	5,493	6,049	-9%
Concessions & Venue Hire	4,445	4,311	3%
Other Unrestricted	1,809	2,044	-11%
Restricted	2,844	960	196%
Total Income	25,257	25,510	-1%
SURPLUS before Depreciation	661	3,704	-82%
FREE RESERVES (excl Designation)	1,954	1,954	0%
CASH BALANCE ( excl rent deposits)	11,694	12,102	-3%
FTE Employees	124	114	9%

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Fixed asset reserve
Site works reserve
Programming reserve Programming

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Food and beverage reserve Food and beverage
A 3 A 3-6 – 6 month financial buffer to respond to shocks month financial buffer to respond to
Rental income security via longer leases, notice periods, and deposits Rental income security via longer leases, notice periods,
Contingencies within annual budgets Contingencies within annual
A cashflow

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~~•~~ Competitive lettings market Competitive lettings market
Demand for our ticketed events and commercial hires Demand for our ticketed events and
Ability to secure sponsorship Ability to secure
Programming investment for Somerset House Programming investment for Somerset
H Higher igher staff costs from increased headcount, National Insurance and London Living staff costs from increased headcount, National Insurance and
Enhancements to public and resident spaces Enhancements to public and resident
Conservation and building improvement works Conservation and building improvement
Marketing investment to improve wayfinding and strengthen brand awareness Marketing investment to improve wayfinding and strengthen brand

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select suitable accounting policies and then apply them select suitable accounting policies and then
observe the methods and principles in the applicable Charities SORP; observe the methods and principles in the applicable
make judgements and estimates that are reasonable and
state state whether whether applicable applicable UK UK Accounting
prepare the financial statements on the going concern basis unless it is inappropriate prepare the financial statements on the going concern basis unless it is

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(a)

(b)

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Detecting and responding to the risks of fraud; and Detecting and responding to the risks of fraud; and
o Internal controls established to mitigate risks related to fraud. Internal controls established to mitigate risks related

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unt)
		Unrestricted funds		Restricted	Total	Total
		General	Designated	funds	2024/25	2023/24
	Notes	£'000	£'000	£'000	£'000	£'000
Income from:
Donations and legacies	2	370	-	729	1,099	694
Charitable activities
Property management and conservation		2,705	-	1,849	4,554	4,458
Cultural and public events		5,493	-	49	5,542	6,055
Public education and communication		81	-	-	81	0
Rental income		7,961	-	-	7,961	8,000
Other trading activities
Concessions and venue hire		4,445	-	75	4,520	4,311
Merchandise income		205	-	-	205	349
Sponsorship and corporate membership		778	-	142	920	1,454
Investments		358	-	-	358	189
Other Income		17	-	-	17	-
Total income		22,413	-	2,844	25,257	25,510
Expenditure on:
Raising funds	3	221	-	17	238	161
Charitable activities
Property management and conservation		7,117	2,363	1,943	11,423	10,263
Cultural and public events		7,785	5	160	7,950	8,554
Public education and communication		2,964	-	101	3,065	2,171
Rental costs		810	561	-	1,371	1,241
Other trading activities
Concessions and venue hire		2,457	-	75	2,532	2,232
Merchandise costs		232	-	(41)	191	306
Sponsorship and corporate membership		120	-	142	262	5
Total expenditure	3,4,5,6	21,707	2,929	2,397	27,033	24,933
Tax charge	7	-	-	-	-	-
Net income/ (expenditure)	8	706	(2,929)	447	(1,776)	577
Transfers between funds	15	(706)	1,072	(366)	-	-
Net movement in funds		-	(1,857)	81	(1,776)	577
Fund balances brought forward at 1st April 2024	15	1,954	77,931	229	80,114	79,537
Fund balances carried forward at 31st March 2025	15	1,954	76,074	310	78,338	80,114
*Prior period reconciliation of funds*
Fund balances brought forward at 1st April 2023		3,476	75,854	207	79,537
Net movement in funds		(1,522)	2,077	22	577
Fund balances carried forward at 31st March 2024		1,954	77,931	229	80,114

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	Notes	Group 2024/25 £'000	Group 2023/24 £'000	Charity 2024/25 £'000	Charity 2023/24 £'000
Fixed assets Tangible fixed assets Current assets Stocks Debtors Cash at bank and in hand	11 13	69,749 69 4,334 14,285	70,769 70 6,319 14,585	69,749 46 7,997 11,238	70,769 49 10,823 9,046
Total current assets		18,688	20,974	19,281	19,918
Current liabilities Creditors: amounts falling due within one year	14	(10,099)	(11,629)	(10,721)	(10,602)
Net current assets		8,589	9,345	8,560	9,316

Total assets less current liabilities Net assets Funds		78,338 78,338	80,114 80,114	78,309 78,309	80,085 80,085
General funds	15	1,954	1,954	1,925	1,925
Designated fixed asset reserve	15	69,749	70,769	69,749	70,769
Designated site works reserve	15	3,907	4,503	3,907	4,503
Designated F&B Reserve	15	1,228	1,469	1,228	1,469
Designated Programme Reserve	15	1,190	1,190	1,190	1,190
Restricted reserves	15	310	229	310	229
Total funds		78,338	80,114	78,309	80,085

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			2024/25	2023/24
		Notes	£'000	£'000
Net cash provided by operating activities	Net cash provided by operating activities	A	840	2,566
Cash flows from investing activities:
	Interest received		358	189
	Purchase of tangible fixed assets	11	(1,417)	(612)
	Net cash used in investing activities		(1,060)	(423)
Cash flows from financing activities:
	Interest paid		-	(57)
	Loan repayments		-	(3,666)
	Finance lease capital repayments		(79)	(241)
	Net cash used in financing activities		(79)	(3,964)
Change in cash and cash equivalents in the reporting period			(299)	(1,820)
Cash and cash equivalents at the beginning of the reporting period			14,585	16,405
Cash and cash equivalents at the end of the reporting period		B	14,285	14,585
A	Reconciliation of net (expenditure) / income to net cash flow from
			2024/25	2023/24
			£'000	£'000
	Net (expenditure) / income for the reporting period (as per the
			(1,776)	577
	Adjustments for:
	Depreciation charges		2,438	3,127
	Interest received		(358)	(189)
	Interest paid		-	57
	Decrease / (increase) in stock		1	(23)
	Decrease / (increase) in debtors		1,985	(3,021)
	(Decrease) / increase in creditors		(1,450)	2,038
	Net cash inflow from operating activities		840	2,566
B	Analysis of cash and cash equivalents		2024/25 £'000	2023/24 £'000
	Cash in hand (including rent deposits - see Note 14)		14,285	14,585

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~~•~~ Competit Competitive ive lettings market lettings market
Demand for our ticketed events and commercial hires Demand for our ticketed events and
Ability to secure sponsorship Ability to secure
Programming investment for Somerset Programming investment for
H Higher igher staff costs from increased headcount staff costs from increased
Enhancements
Conservation and building improvement Conservation and building
M Marketing arketing investment to investment

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Unrestricted reserves are available for use at the discretion of the Trustees in Unrestricted reserves are available for use at the discretion of
Restricted reserves consist of amounts subject to specific restrictions imposed by Restricted reserves consist of amounts subject to specific restrictions

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(i) (i) Exemptions on transition to FRS 102 Exemptions on transition to FRS 102
(ii) (ii) Impairment of debtors Impairment of debtors

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ii) ii) A A Project fund representing the unspent balance of Grants & Donations received Project fund representing the unspent balance of Grants &

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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:
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		4,460	-	-	4,460	3,853
Merchandise income		349	-	-	349	149
Sponsorship and corporate membership		1,291	-	14	1,305	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