Company Number 04766258
Charity Number 1100096
THE HERMITAGE FOUNDATION UK
(A COMPANY LIMITED BY GUARANTEE)
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 OCTOBER 2024
THE HERMITAGE FOUNDATION UK
TABLE OF CONTENTS
Pages
-
3 Reference and administrative information 4 - 7 Trustees Annual Report
-
8 Independent Examiner’s Report
-
9 Statement of Financial Activities 10 Balance Sheet
-
11 - 14 Notes to the Accounts
2
THE HERMITAGE FOUNDATION UK REFERENCE AND ADMINISTRATIVE INFORMATION
DIRECTORS Prof. Brian Allen The Marquess of Cholmondeley, KCVO Caroline De Guitaut, LVO Adrian Sassoon Christopher Jones Jonathan Yarker COMPANY SECRETARY Janice Sacher REGISTERED OFFICE 5A Bloomsbury Square London WC1A 2TA EXAMINER Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP BANKERS Barclays Bank plc Leicester LE87 2BB CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Virgin Money Charity Deposit UK.virginmoney.com On-line savings account CCLA Senator House 85 Queen Victoria Street, London, EC4V 4ET
REGISTERED NUMBER 04766258 (Incorporated in England and Wales) CHARITY NUMBER 1100096
3
THE HERMITAGE FOUNDATION UK
04766258
TRUSTEES ANNUAL REPORT (incorporating Director’s report)
The Directors, who are also the Trustees for the purpose of charity law, (and throughout this report are collectively referred to as directors) present their report and accounts for the year ended 31 October 2024.
The directors and members of the foundation agreed at the regular Trustees meetings that no new activities should take place whilst the invasion of Ukraine continued.
Some progress was made in the UK on the English translation of catalogues.
The accounts comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice 'Accounting and Reporting by Charities'.
Constitution
The Hermitage Foundation UK is a private company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. Its charity number is 1100096 and its company number is 4766258.
The company was incorporated on 15 May 2003 and commenced its charitable activities on that date.
Objects of the charitable company
The purpose of The Hermitage Foundation UK ('The Foundation') is to support the State Hermitage Museum in St Petersburg and promote Russian culture through fundraising and any other practical activities which are considered advantageous to the Museum.
The Trustees deemed inaction was the appropriate course for the year ending 31st October 2024.
Organisation and operational control
The day to day operation of the charity is under the control of the Chief Executive, Janice Sacher.
Accounts are maintained, with four Banks, Barclays Bank, CAF Bank, CCLA and a charity savings account with Virgin Money.
The Directors meet regularly to oversee the Charity’s operations.
Financial Review
The total income generated and net surplus for the year are shown on page 9 of the accounts. The accumulated funds as shown in note 9 to the accounts are held to enable the charity to continue to carry out its objects and are considered adequate for that purpose.
4
THE HERMITAGE FOUNDATION UK
04766258
TRUSTEES REPORT (CONTINUED)
Risk Management
The Board of Directors is responsible for safeguarding the assets of the Foundation and for taking reasonable steps for the detection of fraud and other irregularities and for ensuring the Foundation’s efficient operation. The Foundation applies a risk management cycle to identify, analyse, control and monitor the strategic and operational risks it faces. A risk management policy sets out how this is done.
The key areas of risk are:
Governance and Management Operational Financial Environmental and External Compliance with Law and Regulation
The Directors are satisfied that the systems in place are sufficient to mitigate these risks.
Fundraising
Funds are raised by appeals to charitable foundations and corporations. No professional fundraisers are involved.
Volunteers
The Directors recognise the significance of volunteers to the Charitable activities.
Investments
A low risk portfolio of investments is managed by Evelyn Partners (Formerly Smith Williamson). Income from investments was £59,921 (2023 - £53,469).
5
THE HERMITAGE FOUNDATION UK
04766258
TRUSTEES REPORT (CONTINUED)
Trustees & Directors
The Directors who served during the year were:
Prof. Brian Allen The Marquess of Cholmondeley Mrs Caroline de Guitaut Mr Adrian Sassoon Christopher Jones Jonathan Yarker
Recruitment and Appointment of Trustees
The recruitment of Trustees is in accordance with the Articles of Association. Trustees have the power to appoint any person but the skills mix and diversity of the Board are also considered.
The Public Benefit of our Work
The Hermitage Foundation UK makes a clear and valuable contribution to the following public benefit purposes as defined in the Charities Act 2011:
-
Advancing the arts, heritage or science
-
Advancement of education
6
THE HERMITAGE FOUNDATION UK
04766258
TRUSTEES REPORT (CONTINUED)
Directors’ Responsibilities
The directors are responsible for preparing the Annual Report and accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires that the directors prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that year. In preparing those accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that so far as they are aware, there is no relevant audit information of which the company’s auditor is unaware. They have taken all the steps they ought to have taken as directors in order to make themselves aware of any relevant information and to establish that the company’s auditor is aware of that information.
Small Company
The charitable company is incorporated under the Companies Act 2006 as a company limited by guarantee and not having a share capital.
This Report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
This Report was approved by the Board on 14[th] May 2025
Mrs Janice M Sacher Company Secretary
7
THE HERMITAGE FOUNDATION UK
Independent Examiner's Report to the Members of The Hermitage Foundation UK
I report to the charity trustees on my examination of the accounts of the Charitable Company for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
………………………….
Aamer Shehzad FCA Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP
Date: 27[th] May 2025
8
THE HERMITAGE FOUNDATION UK
Company no. 04766258
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 OCTOBER 2024
| Notes Funds £ Sponsorship & donations 267 Membership fees 150 Investments: Interest receivable 1,879 Investments income 12,728 Charitable activities - 15,024 Charitable activities 2 19,220 Support costs 2 51,823 71,043 Net income/(expenditure) before investments and other gains (56,019) Net gains on investments 6 - Other gains / (losses) - (56,019) 421,509 365,490 Total funds carried forward Unrestricted Expenditure on: Total expenditure Net movement in funds Total funds brought forward Income from: Total income |
Restricted Funds £ - - 4,741 47,193 - 51,934 - 3,614 3,614 48,320 328,885 (16,551) 360,654 3,221,165 3,581,819 |
2024 Total £ 267 150 6,620 59,921 - 66,958 19,220 55,437 74,657 (7,699) 328,885 (16,551) 304,635 3,642,674 3,947,309 |
Unrestricted Funds £ - 150 1,094 8,020 (942) 8,322 20,254 93,721 113,975 (105,653) - - (105,653) 527,162 421,509 |
Restricted Funds £ - - 1,342 45,449 - 46,791 - 7,236 7,236 39,555 3,241 (19,170) 23,626 3,197,539 3,221,165 |
2023 Total £ - 150 2,436 53,469 (942) |
|---|---|---|---|---|---|
| 55,113 | |||||
| 20,254 100,957 |
|||||
| 121,211 | |||||
| (66,098) 3,241 (19,170) |
|||||
| (82,027) 3,724,701 |
|||||
| 3,642,674 |
9
THE HERMITAGE FOUNDATION UK
Company no. 04766258
BALANCE SHEET AS AT 31 OCTOBER 2024
| 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 5 | 3,071,606 | 2,742,721 | ||
| 3,071,606 | 2,742,721 | ||||
| Current Assets | |||||
| Debtors | 6 | - | 640 | ||
| Cash at bank and in hand | 879,990 | 901,608 | |||
| 879,990 | 902,248 | ||||
| Current Liabilities | |||||
| Creditors: amounts falling due | Creditors: amounts falling due | ||||
| within one year | 7 | (4,287) | (2,295) | ||
| Net Current Assets | 875,703 | 899,953 | |||
| Net Assets | 3,947,309 | 3,642,674 | |||
| Represented by the funds of the charity: | Represented by the funds of the charity: | ||||
| Restricted funds | 9 | 3,581,819 | 3,221,165 | ||
| Unrestricted funds: | 9 | ||||
| General fund | 138,508 | 85,297 | |||
| Designated funds | 226,982 | 336,212 | |||
| 365,490 | 421,509 | ||||
| 3,947,309 | 3,642,674 |
For the year ended 31 October 2024 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts.
The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved by the trustees on 14th May 2025 and signed on their behalf by:
……………………………..
Mr C. Jones Director
The attached notes form part of these financial statements.
10
THE HERMITAGE FOUNDATION UK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting Policies
Statutory information
The Hermitage Foundation UK is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 5A Bloomsbury Square, London WC1A 2TA.
Basis of preparation
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a public benefit entity for the purposes of FRS 102 and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Investments
Investments are stated at market value.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Expenditure
Expenditure is allocated to particular activities where the cost relates directly to those activities. All costs relating to the managing and administering of the charity are treated as resources expended for charitable application.
Fund accounting
Funds held by the charitable company are either:
Unrestricted funds — these are funds that can be used in accordance with the charitable objects at the discretion of the directors.
Designated funds — these are funds set aside by the directors out of general funds for specific purposes or projects.
Restricted funds — these are funds that can only be used for particular restricted purposes within the objects of the charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.
11
THE HERMITAGE FOUNDATION UK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024
2 Analysis of expenditure
| Staff costs (note 3) Other activities costs Travel & entertaining Office costs Consultancy costs Accountancy costs |
Charitable activities £ - 18,962 258 - - - 19,220 |
Support costs £ 27,373 - - 23,750 - 4,314 55,437 |
2024 Total £ 27,373 18,962 258 23,750 - 4,314 74,657 |
2023 Total £ 54,709 20,000 254 21,287 13,000 4,725 |
|---|---|---|---|---|
| 113,975 |
3 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
| Staff costs were as follows: Gross salaries Social security costs Employer’s pension contribution |
2024 £ 29,167 (1,794) - 27,373 |
2023 £ 50,517 3,148 1,044 |
|---|---|---|
| 54,709 |
No employees received employee benefits over £60,000 during the year.
The total employee benefits including pension contributions and employer NI contribution of the key management personnel were £27,373 (2023: £54,709).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Average staff | 1 | 1 |
- 4 Related party transactions
During the year, the charity received £nil donations from the trustees. There are no related party transactions to disclose for the year.
12
THE HERMITAGE FOUNDATION UK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024
| 5 Investments Market value brought forward Net gain/(loss) on revaluation Market value carried forward Analysis of investments: UK investments Overseas investments Alternative investments Cash held 6 Debtors Sundry debtors & prepayments 7 Creditors: Amounts falling due within one year Sundry creditors & accruals Taxation & social security 8 Analysis of Net Assets between Funds Current year Unrestricted Funds £ Investments - Cash at bank 369,777 Debtors - Creditors (4,287) Total net assets 365,490 Prior year Unrestricted Funds £ Investments - Cash at bank 423,164 Debtors 640 Creditors (2,295) Total net assets 421,509 |
2024 £ 2,742,721 328,885 3,071,606 1,903,113 634,778 479,342 54,373 3,071,606 2024 £ - - 2024 £ 2,295 1,992 4,287 Restricted Funds £ 3,071,606 510,213 - - 3,581,819 Restricted Funds £ 2,742,721 478,444 - - 3,221,165 |
2023 £ 2,739,480 3,241 2,742,721 1,251,240 1,005,091 394,378 92,012 2,742,721 2023 £ 640 640 2023 £ 2,295 - 2,295 2024 Total £ 3,071,606 879,990 - (4,287) 3,947,309 2023 Total £ 2,742,721 901,608 640 (2,295) 3,642,674 |
|---|---|---|
13
THE HERMITAGE FOUNDATION UK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024
9 Movements in funds (current year)
| Restricted funds: Hermitage International Endowment funds Hermitage Museum's funds Total restricted funds Unrestricted funds: Designated funds General funds Total unrestricted funds Total funds Movements in funds (prior year) Restricted funds: Hermitage International Endowment funds Hermitage Museum's funds Total restricted funds Unrestricted funds: Designated funds General funds Total unrestricted funds Total funds |
At the start of the year £ 3,002,303 218,862 3,221,165 336,212 85,297 421,509 3,642,674 At the start of the year £ 3,018,328 179,211 3,197,539 258,982 268,180 527,162 3,724,701 |
Income/ Gains £ 330,161 50,658 380,819 75 14,949 15,024 395,843 Income/ Gains £ - 46,791 46,791 75 8,247 8,322 55,113 |
Expenditure / Losses £ (16,591) (3,574) (20,165) (18,962) (52,081) (71,043) (91,208) Expenditure / Losses £ (16,026) (7,140) (23,166) (20,000) (93,975) (113,975) (137,141) |
Transfers £ (2,668) 2,668 - (90,343) 90,343 - - Transfers £ - - - 97,155 (97,155) - - |
At the end of the year £ 3,313,205 268,614 |
|---|---|---|---|---|---|
| 3,581,819 226,982 138,508 |
|||||
| 365,490 | |||||
| 3,947,309 | |||||
| At the end of the year £ 3,002,303 218,862 |
|||||
| 3,221,165 336,212 85,297 |
|||||
| 421,509 | |||||
| 3,642,674 |
The Hermitage International Endowment Fund ("HIEF") was established in July 2015. Its object is to provide support to The State Hermitage Museum of St Petersburg.
14