SIR JOHN SOANE'S MUSEUM TRUST IA reglstered charlty and a company Ilmlted by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Company No: 07965957 (England and Wales) Charity No: 11461951England and Wales)
Slrjohn Soane'5 Museum Trust- Annual Report and Flnanclal statements Forth@ year ended 31 December 2023 Contents Pa8e Legal and Administrative Information Report of the Trustees Independent Examiner's Report li Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements
&r John Soane's Museum Tru5t- Annu21 Report and Financial Statements For tho v@ar ended 31 December 2023 Legal and Administrative Information Trustees Brendan Finucane, KC (Chairl John Attree Gisela Gledhill Jonathan Marriott- appointed 25 January 2023 Basil Postan - retired 27 February 2024 Roderick Smith - retired 27 February 2024 Kathryn Uhde Registered Offlce 13 Lincoln's Inn Fields London WC2A 3BP Bank National Westminster Bank plc Moorgate (EI Branch PO Box 712 94 Moorgate London EC2M 6UR Independent Examlner Cara Turtington FCA DChA Saffery LLP 71 Queen Victoria Street London EC4V 4BE Investment Mana8er Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU Company Reglstratlon No. 07965957 Re8lStered Charity No. 1146195
SlrJohn Soane's Museurn Trust- Annual Report and Fin3ncial St8tèments Report of the Trustees For the year ended 31 December 2023 The Trustees of Sir john Soane's Museum Trust I"Trust I present their Annual Report and Financial Statements for the year ended 31 December 2023. The Report of the Trustees constitutes the Directors, Report under the requirements of the Companies Act 2006. The accounts have been prepared in accordance with the accounting policie5 set out on pages 13 to 14 and comply with the Trust's Memorandum and Articles of Association, applicable laws lincluding the Companies Act) and the Statement of Recommended Practice on Accounting and Reporting by Charities. Governance, Management and Investment Governlng Instrument The Trust was incorporated 35 3 comp3ny Ilmited by guarantee with a Company Registration number 07965957 on 27 February 2012 and reglstered as a Charity with the Charlty Commission with charitv number 1146195 on l March 2012. Charltable Objectlves The objeds of the Trust are to advance education in arts and architectural heritage related to the interests, Ilfe and works of SSr John Soane in so far as they may be exclusively charitable, in particular but without1Smitation, by promoting or supporting such of the charitable objects of the Museum a5 the Trustees of the Trust determine from time to time, and for no other purposes. The Trustees confirm that they have referred to the Charity Commi55i0n'5 general guldance on publlc benefit in setting the aims and objectives of the Trust. All the Trust'5 charita ble activities as detailed in thi5 Report are undertaken to further it5 charltable purposes for the publlc benefit. Trustees The Trustees of the Trust comprise the only members of the Trust under the Companies Act. The Trustees are also Dlrectors of the Trust for the purposes of company law. All Trustee5 are elected by the Board. The Board endeavours to malntaSn a balance of expertise appropriate to the governance of the Trust. The Board regularly reviews Its membership to Identlfy where there may be gap5 Iri skills, knowledge or experience that could be filled by a new member, which helps to inform the recruitment process for new trustees. Under the Articles of Association of the Trust the number of Trustee5 who are employees or trustees of the Museum cannot equal or exceed the number of independent Trustees. Basil Postan was a Trustee of both the Trust and the Museum. A Trustee hold5 office for a period of 4 years and may serve a maxirnum 3 terms in office. Jonathan Marriott was appointed as Trustee and Director on 25 january 2023. Basil Postan and Roderick Smith both retired from the Board on 27 February 2024, following 12 years of service as Trustees and Director5. Management The M useum provides the Trust with admlnistrative Support on a remunerated arm's length basis under a Resources Agreement. The overall management and control of the Trust remains Wlth the Trustees of the Trust, and no management function is provided by way of this Agreement.
SSrJohn Soane's Mu5eurn Trust- Annual Report and Flnanci31 Statements Report of the Trustees For the year ended 31 December 2023 National Lottery Heritage Fund and Matched Funding In August 2012, the Trust was awarded a challenge grant from the N3tiDnal Lottery Heritage Fund 'NLHF"I, for the purposes of establishing an endowment fund, the NLHFIDCMS Catalyst Endowment Fund l Fund"), for the benefit of the Museum. The term9 of the grant provided for the Trust to receive an additional 50°A for each donation to the Fund before the deadline of 30 June 2016, up to a maximum of £2 million. The Trust successfully raised over £4 mS11ion for the Fund by 30 lune 2016 and recelved the £2 million matched funds. The Trust provided the NLHF with an Investment and Management Statement settirsg out It5 proposed investment pollcy to achieve a return of CPI plus 3.5%. Investment and Performance In December 2015, Sara5in & Partners LLP were appointed as Investment Manager, with the account being fully vested by December 2016. The investment objective agreed with Sarasin aims to achieve a long term real annual return of 4% on the Fund's invested assets. The Fund is solely invested in the Sarasin Endowments Fund Class A Income UnSts, with Its cash balances held at Natwest 8arsk. The total value of the Fund including Its cash balances rose during the year by 8.3% taking into account net income received and unrealised Snvestment gains, but before expenditure on its charitable activlties. After making grants to the Museum of £350,000 the value of the Trust rose by 3.1% from £7.11 milllon to £7.33 million as at 31 December 2023. The Museum had made the strategic declslon In response to emergency support it received from other sources durln8 the pandemic - to defer makSng grant applications to the Fund until the last quarter of 2022. As a result the Trust was able to make an unusually large donation to the Museum. This was made possible by the rise in value of the Investment portfolio and the decline in inflation. Sarasin Endowment Fund had a total return of 9% well ahead of the Consumer Price Index which wa5 up 4% and The Peer group comparlson of the ARC Charlty Steady Growth Index which returned 7.5%. After a poor negative performance Sn both ab501ute and real terms the positive return this year means that the Five year return of the Fund is ahead of Inflation and the ARC index. However the Fund is still short of the CPI plu5 4% target while ahead of the ARC Index. Rlsk Management The Trustees conduct regular reviews of the major risks to which the Trust is potentlally exposed. Where appropriate, systems andlor procedures have been e5tabli5hed to mitigate the risk5 faced by the Trust. Independent Examlnatlon The Charities Act 2011 permits 3 charity to have Its accounts Independently examined in place of audited if its annual Income is below £250,000 although gross assets exceed £3.26 million. The Trustees decided to Swltch to an independent examination in respect of the financial year ended 31 December 2023 35 this 15 less expensive.
Slrjohn 5oane's Museum Trust-Annual Report and Financlal Statements Report of the Trustees For the year ended 31 December 2023 Financial Review The Trust received investment income of £212,361 In 202312022- £205,622). This increase in income Is a result of the higher level of distribution from the Sarasin Endowments Fund with its underlying performance and lower income receipts offset by distributions from its Income Reserve. Expenditure on charitable activities amounted to £365,472 in 202312022.. £319,227). All grants were paid to the Museum. The Trust's Total Return on its Investments, taking into account investmerbt income and the unrealised gain in the value of the portfollo of £376,42712022.. loss of £939,961) was positive £588,788 12022.. negative £734,339). The Trust held total funds of £7,332,102 as at 31 December 202312022.. £7,108,786). These funds were composed of an endowment fund of £6,130,28212022.. £6,259,048) and a revaluation reserve of £1,201,82012022.. £825,393). The balance on the unrestricted fLJnd as at 31 December 2023 w35 nil12022.. £24,345). Reserves Pollcy, Grant-Glvlng Pollcy* and Grants Made The Trust has a policy of malntaSnlng sufficient reserves in order to make grants OLIt of capltal and Income. Although the Fund is technically an expendable endowment subject to the terms of the grant, under the terms of the matching grant from the NLHF it is managed with the objective that, at it5 twenty-fifth anniversafyi Its "core" capital value, after grants, should at least be preserved in terms of real purchasing power, taking inflation as measured by the CPI. Provided the Snvestment performance at least matches the target real return, the Fund should grow over this perlod to allow periodic grants and to cover it5 administrative and governance costs whilst maintaining its real value. In deciding on the level of grant-giving capacity that is consistent with this objectlve, the Trustees have regard to the real purchaslng power of the Fund's "core" value adjusted for CPI, to the expected long- term return on the Fund's assets over its remalning life, and to it5 available cash position. Despite the short-term decline in the value of it5 assets 2nd the effect ol higher CPI on its calculated long-terrn "core" value at 31st December 2023, the Trustees were satisfled that there was sufficient capacity to meet grant requests totalling £350,000 from the Museum In the year to 310ecember 2023. In part, thls reflected the temporary reduction and deferral of grant requests over the two previous years, due to the availability of 5hort-term emergency funding from alternative sources, as referred to above. The Museum has communicated to the Trustees that it expects its grant requests to revert to more normal levels in future years. Grants are subject to the appllcant making a written application to the Trust which demonstrates a clear and present need for funds and which is subject to scrutiny by the Trustees. The Trust expect5 the applicant to explain how grants have been used In line with the original application when making a subsequent application and how value for money has been obtained.
Slrjohn Soané's Museum Tru5t- Annual Report and Financial Statements Report of the Trustees For the year ended 31 December 2023 Statement of Trustees, Responsibilities The Trustees are responsible for preparlnE the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards. Company law requires the Trustees to prepare financial statements for each financial year that give a truÈ and fair view of the state of affairs of the Trust and of its incoming resources and application of resources for the year. In preparlng these financial statements the Trustees are required to- select suitable accountin8 policies and apply them consistently,. observe the methods and principles in the Charities SORP,. make judgments and accounting estimotes that are reasonable and prudent,. state whether appllcable accounting standards and statements of recommended praCte have been followed and disclose and explain any materlal departures In the flnancial statements,. and prepare the flnancial statements on the going concern basls unless it is inappropriate to presume that the Trust wlll continue In buslness.
Slrjohn SoanÈ's Museum Trust- Annual Report and Financlal Statements Report of the Trustees For the year ended 31 December 2023 The Trustees are responsible for keeping proper accounting records that discltsse with reasonable accuracy at a ny time the fina ncial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the Trust and for taking reasonable steps for the prevention and detection of fraud and other Irregularities. This report has been prepared in accordance with the Speclal Provisions of Part 15 of the Companies Act 2006 relatbng to small companies. Approved by the Trustees on Au8USt 2024 and signed on their behalf by.. Brendan Finucane chair of Trustees
SlrJohn Soanè's Museum Trust- Annual Report and Financial Statements Independent Examiner's Report to the Trustees For the year ended 31 Dember 2023 Independent examlner'5 report to the trustees of Sir John Soane's Museum Trust I'the Company'} I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Respective responslbilltles of trustees and examiner As the charitvs trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Att 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eliglble for Independent examination, I report in respect of my examination of your charity's accounts as carried out under sectlon 145 of the Charities Act 20111'the 2011 Act'l. In carrylng out my examination I have followed the Directions given by the Charity Commission under section 14SIS1 Ibl Df the 2011 Act. Ba555 of Independent examlner'5 report My examination was carried out in accordance with the general Dlrectlons given by the Charlty Commission. An examination Includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disc105ures in the accounts, and Seeking explanations from you as trustee5 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit and consequently no oplnlon Is given as to whether the accounts present 'true and fair view, and the report 15 limited to those matters set out in the statement below. Independent examlner'5 Statement I have completed my examlnation. I confSrm that no matters have come to my attention In connection with the examin3tion giving me cause to believe.. accounting records were not l(ept in respect of the Company as requlred by settion 386 of the 2006 Act,. or 2. the accounts do not accord with those record5,' or 3. the accounts do not comply with the accountSng requirements of sectlon 396 of the 2006 Act other than any requlrement that the accounts give a 'true and fair view, which Is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the method5 and princlples of the statement of Recommended Practice for accounting and reporting by charities applicable to charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of 5reland IFRS 1021.
Slrjohn Soane's Museum Trust- Annual Report and Financial Statements Independent Examiner'5 Report to the Trustees For the year ended 31 December 2023 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. Cara Turtington FCA DChA Saffery LLP 71 Queen Victoria Street London EC4V 4BE Date.. R-w XolF io
SSrJohn Soane's Museum Trust- Annual Report and Financial Statements Statement of Financial Activities For the year ended 31 December 2023 2023 All Unrestrirted and Endowment Funds 2022 All Unrestrided and Endowment Funds Note INCOME AND ENDOWMENTS FROM Investmerbts 212,361 205,622 TOTAL 212,361 205,622 EXPENDITURE ON Charitable Activltles 365,472 319,227 TOTAL 365,472 319,227 Net Galn5/lL05ses1 on Investments 376,427 1939,9611 NET INCOMEIIEXPENDITUREI 223,316 11,053,566) RECONCILIATION OF FUNDS: Total funds brought forward Total funds carrled forward 7,108,786 7,332,102 8,162,352 7,108,786 All of the Trust's actlvltles are continuing. There were no reco8nised gains and losses in the year other than those reported in the Statement of Fln2ncial Activities. The notes on pages 13 to 17 form part of these financial statements. li
Sirjohn Soène's Museum Trust- Annual Report and Flnancial Ststements Balance Sheet As at 31 December 2023 Note 2023 2023 2022 2022 Fixed A55ets Investments 6,999,800 6,999,800 6,623,373 6,623,373 CLJrrent A55ets Debtors Cash at Bank and in Hand io 2,274 334,002 336,276 2,145 502.422 504,567 Creditors.. amounts falling due within one year li 13,9741 119,1541 Net Current Assets 332,302 485,413 Net Assets 7,332,102 7,108,786 Represented bv: 12 Unrestricted and Endowment Funds.. Unrestricted Fund Endowment Fund Revaluatlon Reserve 24,345 6,259,048 825,393 6,130,282 1,201,820 7,332,102 7,108,786 Total Funds 7,332,102 7,108,786 For the year ended 31 December 2023 the compa ny was entitled to exemptSon from audit under section 477 of the Companles Act 2006 relating to small companies, The members have not required the company to obtain an audit of its accounts for the perlod In question in accordance with section 476, The directors acknowledge their responsibilities for complylng with the requlrements of the Att with respect to accounting records and the preparation of accounts. These financlal statements have been prepared in accordance with the provisions applicable to companie5 subject to the small companies, regime. The notes on page5 13 to 17 form part of these financial statements. Approved by the Trustee5 on 13E August 2024 and signed on their behalf bv.. Brendan Finucane Chair of Trustees Company No: 07965957 IEngland and Wales) 12
Sir John Soane'5 Museum Trust Annual Report 8nd Financial Statements Notes to the Financial Statements For the year ended 31 December 2023 l. Accounting Pollcles lal Basis of accounting The financial statements have been prepared under the historlc cost convention. The financial statements have been prepared in accordance with the requirements of the Companie5 Act and the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102. Ibl Incomlng resources All income is recognised when there is evidence of entitlement, receipt is probable and Its amount can be reliably measured. Investment income is Included net of expense5. Icl Fund accountSng Unrestricted funds Comprise the accumulated surpluses and deficits of unrestrlcted incoming revenues over resources expended, which are available for use in the furtherance of the general objectives of the Trust. Restrlcted funds are to be used for specific purposes a5 laid down by the donor. Expenditure which meet5 these criterla is charged to the respective funds. There are no restrScted funds at present. Endowment fund5 are thL)se funds represented by the NLHF/DCMS Catalyst Endowment Fund. Thev are to be held as capital although they can be spent at the Trustee5' absolute discretion. The majority of the Trust's funds are held in an expendable endowment, These funds are invested and will be used to SUPPOrt the objectives of the Trust at the Trustees, absolute discretion. In investing the funds, the Trustees do not distlnguish between income and capit31 gains and believe the income fund to be Immaterial In terms of the present?tlon of the accounts. Idl Resource5 expended Expenditure is recognised on an accruals basls as a liabllitv 15 incurred and allocated in full to the year of the financial statements that are being audited. Expenditure includes VAT which cannot be recovered, and Is reported as part of the expenditure to which it relates. Governance costs are the costs incurred in the constitutional and statutory aspects of runnlng the Trust as a legal entity. Investment management costs, governance costs and the cost5 of generating income are allocated directly to the fund to which they relate. lel Investments Investments held as fixed assets are included at market value at the year-end. 13
SlrJohn Soane's Museum Trust-Annual Report and Financial St3tements Notes to the Financial Statements For the year ended 31 December 2023 Accounting Policies Icontinuedl lfj Taxatlon The Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on its charitable activities. 181 Going concern The Trustees have a reasonable expectat5on that the Trust has adequate resources to continue in operatlonal existence for the foreseeable future. Thus, they adopt the going concern bas15 In preparing the annual financial statements. Ihl Exemptlon from preparlng a cash flow ststement The Trust has taken the exemption provided in the Statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republlc of Ireland IFRS 1021 allowing small charities not to prepare a cash flow statement. 111 Flnanclal assets Financial assets are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provlsions of the Instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are Initially measured at transaction price includlng transactlon costs. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the Trust transfers the financlal asset and sub5tantlally all the rlsk5 and rewards of ownership to another entity. 11) Flnanclal Ilabllltles B3sic financi31 li3bilities ore initially measured at transaction price. Financial lièbilities are derecognised when, and only when, the Trust's obligations are discharged, cancelled, or they expire. 14
5irJohn Soane's Museum Trust- Annuèl Report and Finan¢ial Statements Notes to the Financial Statements For the year ended 31 December 2023 2. Investments 2023 Total 2022 Total Investment income Inetl 212,361 212,361 205,622 205,622 Investment Sncome comprises dividends, fee rebates and bank deposit account interest. 3. Trustee Remuneration None of the Trustees received any remuneration from the Trust during the year. No Trustees (year ended 31 December 2022.. nil) clalmed any travel expenses in the period (year ended 31 December 2022.. £nill. 4. Expenditure on Charltable Actlvltles The expenditure on charitable actlvities includes grants made to the Museum of £350,000 (year ended 31 December 2022.. £300,000), The expenditure on charitable activities also includes administration costs under the Resource Agreement for admlnistratlve and fundraSslng service5 Of £11,400 lyear ended 31 December 2022.. £11,4001 as provided by Sir john Soane's Museum,. governance costs of £3,998 (year ended 31 December 2022.. £7,753),. and other investment charges of £73 lyear ended 31 December 2022.. £741, The Trust does not employ any staff. 5. Investment management Costs Investment management cost5 Include the costs of purchaslng and selling equity and other Investments in the Trust'5 Fund and manager fees and expense5. These are deducted from the pricing of the Sarasln Endowments Fund Unlts. 15
Sirjohn 504ne's Museum Trust-Annual Report and Flnancial Statement5 Notes to the Financial Statements For the year ended 31 December 2023 6. Governance costs 2023 Total 2022 Total External Auditor fees Independent Examiner fees Other fees 7,740 3,985 13 3,998 13 7,753 7. VAT The Trust is not VAT registered. Irrecoverable VAT totalling £2,564 w35 Incurred during the financSal period (year ended 31 December 2022.. £3,190). 8. Net Income for the year 2023 Total 2022 Total Net Income is Stated after charglng.. Independent Examiner's/Audltor's remuneration 3,985 3,985 7,740 7,740 The fees above are Inclusive of VAT. The fee for the 2023 independent examlnatlon is £3,300 plus VAT 1£3,6001, whlle the above also 5ncludes disbursements of £21 plus VAT1£251 relating to the 2022 financial year. 9. Investments a. Fixed A55ets- Investments 2023 Total 2022 Total Opening Value at l Januarv Unrealised Ilossl/gain on investments Value at 31 December 6,623,373 376,427 6,999,800 7,563,334 1939,9611 6,623,373 Investments consist of varlous cash, equlty and bond holdings as determined by the Investment Manager1Sarasin & Partners). The Trust made no purchases in the year12022.. £nill and no sales 12022.. £nill. The historic cost of the investments 55 £5,797,982 including cash12022.' £5,797,982>. Value at 3111212023 Value at 31/1212022 Sarasin Endowments Cl355 A Income Fund 6,999,800 6,999,800 6,623,373 6,623,373 b. Cash at bank and in hand - held with Sarasin Cash Sterllng Investment Account 68 68 42 42 16
Sir John Soane'5 Mu5eutn Tru5t-Annual Report and Financial St*ements Notes to the Financial Statements For the year ended 31 December 2023 10. Debtors 2023 Total 2Q22 Total Accrued Income 2.274 2.274 2,145 2,145 11. Credltors 2023 Total 2022 Total Accruals 3,974 19,154 12. Analysls of Net Assets between Funds 2023 Total 2022 Total Investments Current Assets Current Liabilitie5 Balances at 31 December 6,999,800 336,276 13,9741 7,332,102 6,623,373 504,567 119,1541 7,108,786 13. Related Party Transa¢tlons No Trustees made donations during the year to the Trust (year ended 31 December 2022.. £nill. There were no other related party transactions to report (year ended 31 December 2022.. £nill. 14. Trust Statu5 A Trustee becomes a Member of the Trust on appolntment and for the duration of his/her Trusteeship. The liabillty of Members is limlted. Every Member promlses, if the Trust Is dlssolved whlle he/5he remains a Member or within 12 months 2fterward5, to pay up to £1 towards the cost5 of dissolutSon and the Ilabilities incurred by the Trust while he/she was a Member. 17