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 praC￿te 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 De￿mber 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