Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 **……………………………………………………** Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - Creat Creating ing a distinctive cross disciplinary programme a distinctive cross disciplinary - Enhancing Enhancing - Nurtur Nurturing ing our creative community our creative - Strengthening Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - O Opportunities pportunities for Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 **----- Start of picture text -----**
Energy Consumption (kWh)
16,000,000
14,000,000
12,000,000
i i 8
10,000,000
|
8,000,000
6,000,000
4,000,000
2,000,000
-
& Y) © A % O) S oa vy 2)
NOIR. Sem SEC CE, \ CSE) EAE UST) 0
o_o
Gas (kWh) Purchased Electricity (kWh) Generated Electricity (kWh)
**----- End of picture text -----**
Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 **Scope 1 and 2 Carbon: tCO2e per year** **----- Start of picture text -----**
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
-
& ) 2) 4) % y) e) ‘y \v %) \& ve)
gt
DE ti(i(i‘é‘éséséststs*CNR
Scope 1 - Gas Scope 2 - Purchased Electricity
**----- End of picture text -----**
- 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 ||**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%**| Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - _Fixed asset reserve_ - _Site works reserve_ - _Programming reserve_ Programming Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - _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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - ~~•~~ 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - - - - - - - Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 (a) (b) Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - - - Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - - - - - - - Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - - - - - - Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - - - 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 - - - - - Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 |**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_||| Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 ||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| Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 ||||**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| Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 **1** Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - ~~•~~ 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - - - - Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - 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 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - (i) (i) _Exemptions on transition to FRS 102_ Exemptions on transition to FRS 102 - (ii) (ii) _Impairment of debtors_ Impairment of debtors Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 - ii) ii) A A Project fund representing the unspent balance of Grants & Donations received Project fund representing the unspent balance of Grants & Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 Docusign Envelope ID: 20EBDFA6-8057-4FA8-A7D8-3EB73EC254B4 |||**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|