The Science Museum Foundation {A Company Limlted by Guarantee) Annual Report and Financial Statements for the period ended 31 March 2022 Charity Number.. 1148691 Company Number.. 8156772
THE SCIENCE MUSEUM FOUNDATION Company Number.. Q8156772 Charity Number. 1148691 Annual Report & Accounts 2021-22 Contgnts Twstees. and directors, strategi¢ report Reference and administrative details of the charity. its directors and advisors Trusteas, Responsibilitie5 Stslement Independent Audltorfs Report lo the Member8 10 ststem8nl of financlal aots'vities 13 Balance sheet 14 Statement of Cash flows 15 Notes to the financial statements 16
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Trustees, and directors, strategic report for the year to 31 March 2022 The Trustees of The Scienc8 Museum Foundation I'the Fcundation,, 'the charity'l, who are also directors of the company for the purposes of the Companies Act 2006, are pleased lo present their annual report for the year ended 31 March 2022 together with the audited financial statements and auditor's report. The Trustees consider that the information within their annual report meets the requlrements of a Strategic Report, as defined by the Charities SORP. Objectlves and actlvitles Chadla leob eclives The Trustees have referred lo thè guidance on public benefit when setting the aims and obje¢tivas, and in the planning of future activities of the Foundation. The obj8cls of the ¢harity are to.. advance thè public's knowledge and enjoyment of the Sclence Museum Group Collections., advance the public's knowledge and enjoyment of science and technology by means of the Science Museum Group Collections., provide educational facilities and services, instruction and information lo the public in relation lo Science Museum Group Collections., support the care, preservatlon and enhancement of the Science Museum Group Collections and related research., support the exhibition of the Sclence Museum Group Collections to the public and Tnaking of the Collections available lo parsons se8king to inspect them in connection with study or research, and support the furtherance of such of the purposes of the Science Museum Group as shall be exclusively ¢hari18ble by providing financial and other assistance lo enable the Science Museum Group or any other organlsalion (whether 8ssocialed with Science Museum Group or otherwise) lo undertake activities that advance such charitable purposes. The Trustees have complied with the duty in section 1715) of th8 Charities Act 201110 have due regard to the guidance published by the Charity Commission on public benefit. The Foundation aims to achieve these objects through the award of grants. Cific aims The primary goals of the Foundation are lo raise funds for major capital projects to develop the museums within the Science Museum Group, along with other projects that support the Foundation'$ charitable objectives, and to receive donations and hold funds in anticipation of grant requests lo enable such projects to be undertaken.
THE SCIENCE MUSEUM FOUNDATION Company Number: 08156772 Charity Number". 1148691 Annual Report & AGGounts 2021-22 Achievements and performance Raisin funds During the period the Foundation raisèd £35012021.. £56,910} in support of the scien Museum Group ISMG}. This was supplemented by investment income of £340.90212021'. £593,943). In 2021-22, net investment gains of £2,070.273 were recorded. This figure includes realised investment gains of £1,864,534. Investment gains during 2021-22 were lower when compared with 2020-21 due lo the uncertainly in the global markets. 2020-21 saw net investment gains of £6,170.047of which £831,461 were realised. Grant awards In 2021-22, one grant was of £36,300 was awarded to SMG'S Dlre¢lor and Chief Executive to enable the development of a research plan and a book proposal on the life & work of Lyon Playfair. In 2020-21, one grant of £124,500 was awarded to SMG to enable Ihe acquisition of the freehold of the Bullnose building in York from Netsvork Rail. The grant will enable capital works to be carried out and ensure the quality of the entrance and approaches to the National Railway Museum. nveslments The Foundab'on's Investment Committee vieWed the possiblè fvndlng commitments over the next ten years and identified long-lerm funds {defined as longer than three years) to be invested to generate a return in excess of inflation over the period unts'l the award of any grants. Th8 performance of these funds is explained in the fi'nancial rèview below. Flnanclal revlew Al 31 March 2022, the Foundation had lotsl funds of £36,1 m12021.. £33.8ml, of which £35.Sm12021.' £33.2ml were restricted for grants in 5UPPOrt of the Science Museum Group's activities. Unreslricled fvnds of £0.6m12021.. £0.7ml were held to cover the charity's operations. Al the year end, the charity's investments were valued al £35,9m12021.' £33.6ml. The balance at 31 March 2022 consisted of £18.4m151 U/¢) in equity funds, £6.Om {170101 in corporate and alternative bond funds and £11.6m132%1 in money marKel tunds. The charity also held £0.2m (2020. £0.4m) in Cash. l erfomianc? The Foundation's nel income for the period wa5 £2.3m, after investment gains of £2.1 m. Income of £0.3m was offset by expenditure of £0.1 m, which includes a grant to SMG, audit and other professional Services costs. In 2021, income of £0.7m was offset by expenditure of £0.2m, includlng grant to SMG of £0.1m. The Foundation is grateful to all its funders for donations and grants ceiVed in the year.
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Reserves The Trustees review the level of ftjnds, together with known and likely fvture requests for support from those funds, at each board meeting and al least annually. It is the Foundation's poli¢y to continue lo build up reserves until they can be expended in furtherance of the charitable objectrves. At 31 March 2022, the level of ftJnds- restricted and unrestricted - was considered appropriate. Investmen The key provisions of the trustees, investment policy for the year ended 31 March 2022 around risk attitude, asset classes, ¢urrency, credit and liquidity risks and ethical investments are outlined below.. la} Risk altitude The key risk lo the long-term reserves is inflation and assets should be invested to mib'gate this risk ovar the long term. The Trustees understand that this is likely lo mean that investment will bè toncenlraled in real assets and the capital value will flucluale. The short-term reserv85 are held lo provide financial security and may be required at short notice. As such, Investment of these assets is focused on reducing capital volatility. Ibl Assats Long-lerm reserves can be invested widely and should be diversified. Asset olasses can include cash. bonds, equities or property or any other asset that is deemed sullable. Short-term reserves can be invested in a range of cash, cash equ5valenl and fixed Incom8 products, including bonds. Icl Curr8ncy Wth long-lerm reserves, Investment may be made in non-slerling assets, bul this should not exceed 50¥0 of the total investm8nl portfolio value. Hedging is permilled, Short-lerm reserves should b8 held in Sterling. Idl Credit The Foundatlon's cash balances should be deposited With instilullons with a minimum rating of A OT inv8$ted in a diversified money market fund with an equivalent credit qi481ity rating of A. Deposits should be spread by Gounterparty, subject to a maximum exposure of 400A of the total cash balance per inslilulion. lel Liquidity The Foundation will end8avour lo consider potential grant requests out to the medium term in the management of its overall assets and likely liquidity needs, slructvring the portfolio accordingty. In Ethic81 Inveslm8nt The Investment Committee is required to consider the nature of investment5 made and may exclude certain Sndividual investments if they are perceived to conflict with the Foundation's Pufpose. When the Foundation invests through collective investment vehi¢le5. the Trustees will select managers who demonslrale Ihal they engage with investee companies to influence positively those companies in line with the recommendations of the Taskforce on Climate-Relaled Financial Disclosures. The investment policy was revised and updated for approval by the Board of Trustees in September 2021.
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Investment erformance During the period tr> 31 March 2022, whl¢h saw recovery stagnate from the strong galns experienced during 2020-21, the investment portfolio, adjusting for sales and purchases. gained 7.0 /0 {2021.' gained 25.OVknI. The outlook for the long-tem) performance remains uncertain. as tho world continues the recover from the Covid 19 pandemic and responds lo widespread fiscal and structural challenges. Evidence of this uncertainty is provided by the increase in inflation and continued supply chain disruption in the first half of 2022. The Investment Committee is aware of these challenges and will continue to take appropriate steps lo mitigate these risks through the next financial year. Risk mana The Trustees have assessed the current risks lo which the charity is exposed and are satisfied that by monitoring reserve levels and considering the potential business risks faced by the charity they are able lo miligale any polents'al risks that may arlse. The principal risks arising from investments around asset valuation, currency movements. credit worthiness, and liquidity are outlined above, alongside the Irust8es' position on each. To address investment risks, the Investment Committee has invested funds administered by independent managers and monitors the quarterty valuation and performance reports of the fvnds. In addresslng aocountancy, adminislralive and company secretarial risks, the Board places reliance on the risk analysis and control environment operated by the Science Museum Group with regard lo Such a¢tivilies. Plans for future periods The key objectives in the coming year will b810', raise fvnds in support of th6 eharilable objectives., review Ihe long-lerm funding requirements and adjust investrment holdings ac¢ordingly, and consider grant applications in lin8 Wlth the grant making policy.
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number. 1148691 Annual Report & Accounts 2021-22 Structura, governanGe and management Govemin instrument The Science Museum Foundation I'the Foundation I was incorporatedas a company limlted by guamntee (company number.. 081567721 on 25 July 2012. It was registered as a chanty with the Charity Commission (charity number.. 11486911 on 23 August 2012. Trusl88s The Trustees of the Foundab'on comprise the only members of thé charity under the Companies Act 2006. The Trustees of the Foundation may al any time appoint any person duly qualifi'ed lo be appointed to fill a vacancy in their number. The number of Trustees of the charity is limited to sixteen al any one time. The Trustees who seNed during the period up lo the date of the signing of these accounts are listed on page 8. ies and rocedu r induction and inin of Trustees New Trustees are fully briefed on the objectives of the Science Museum Foundation and their role as directors and are given training appropriate to their knowledge and abS1ity. nisalion structure an mana ement re The Board of Trustees I'the Board'l is responsible for the activities and a5S8ts of the Foundallon. The Board holds at least two meetings a year 8t which they consider financial information and review the performance of Snveslmenls. Investn7ent Committee A sub<ommillee of the Board, the Investment Cornmlllee has authority lo make de¢lsions on the investment of funds and appointment of investment manager8 subject lo the investment policy approved by the 8oard (see below), The Committee reviews the performance of investment managers at least every six months and monitors cash deposits, ensuring an appropriate balanc& betseen liquidity and rale of return. The Committee may co.opl up to independent members should this be considered approprlate to lend expertise in particular areas of investment management. During the y8ar, the following people were members of the Investment Committee, whlch met four limes.. Member David Jacob (Trustee, Chair until 1 January 20221 David Bennett (Trusteel Sir Donald Brydon (Trustee lo 1 January 20211 Christopher Cheetham {Truslee,Chair since 1 January 20221 Attended 414 414 414 314 Investment objectives The Foundation seeks to produce the best financial return within an acceptable level of risk. The investment objective for long term reserves is lo generate a return in excess of 3Vo in exce55 of inflotion over the long term. The investment objective for short term reserves is lo preserve capital value with minimum level of risk. Assets should be readily available lo meet unanticipated Gash flow requirements. Account8ncy and administrative services An agreement for the provision of accountancy and administrative setvices under which day-to4ay fin8nci81 management of the charity is performed by the Science Museum Group continues lo exist. The system of intemal control includes segregation of duties and regular review of management information. This agreement has been entered into on an arm's length basis., the overall management
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 ChaTity Number.. 1148691 Annual Report & Accounts 2021-22 and Gontrol of the Foundation remains wf(h the Tnjstees of the Foundation and no strategi management function is provided by way of this agreement. other matt8 When necessary, the Tnjstees will seek advice and support from the charity's professional advisors including ils auditors, bankers and lawyers. The statutory books of the Foundation are held at the registered office.
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Reference and administrative details of the'charity, its directors and advisors The accounts have been prepared in accordance with the accounting policies set out on page 16 and comply with the charity's Memorandum of Association, applicable laws, including the Companies Act 2006. and the ststement of r8commended practice on acwunting and reporting by charities effective from 1 January 2016. Le al status The Science Museum Foundation was incorporated as a company limited by guarantee (company number.. 081567721 on 25 July 2012 and is registered as a charity (charity number.. 11486911. isler d ddress The Science Museum Exhibition Road London SW7 2DO Com an 08156772 tion number Charil 1148691 mber DirectorsrUste David Bennett Sir Donald Brydon Christopher Cheelham Professor Richard Clegg Robert Cowell Fredefic De M8VIUS Claudia Harding David Ja¢ob David Meek Ravi Rajagopal Nicole Ronson Dame Fion8 Woolf (resigned 1 January 2021} lappoinled 4 August 2021} (resigned 21 April 20211 (resigned 21 April 2021 } lappoinled 30 April 20221 (resigned 31 March 20221 Auditor Sayer VinGent LLP Invicla House 108-11 Golden Lane London EC1Y OTL Bankers Barclays Bank plc Floor 27 1 Churchill Place London E14 5HP Solicltors Farrer & Co. 66 Lincoln's Inn Fields London WC2A 3LH
THE SCIENCE MUSEUM FOUNDATION Company Number". 08156772 Charity Number. 1148691 Annual Report & AoUnts 2021-22 Trustees, Responsibilities Statem•nt The Trustees are responsible for preparing the report and accounts in accordance with applicable law and regulations. Cowpany law requires the Trustees lo prepare accounts for each fi'nancial year. Under that law the Trustees have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under company law the Trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of the profil or loss of the company for that period. In preparing these financial statements, the Trustees are required select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Chariles SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the accounts., and prepare the financial Statements on the going concern basis unless il is inappropriate lo presume that the Gompany will continue in business. The Trustees are responsible for keeping proper accountsng records that are sufficlenl to show and 8xplain the company's transactions and disclose with reasonable accuracy al any lime the financlal position of the company and enable them lo ensure that the fi'nancial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the company and hence for tsking reasonable steps for the prevention and detection of fraud and other Irregularities. DI8G108ure of Informatlon to audltorn Each person who was a Trusl8e al the time of thbs report Gonfirms that.. so far as he is aware, there is no relevant audit inf0MaOn of which the company's audrtor is unaware,. and he has taken all the steps he ought to have taken as a Trustee in order to make himself aware of any relevant audit information and lo establish that the company's auditor is aware of that information. This report, which comprises the Trustees, Annual Report and the Stratsglc Report. was approved by the board on 29 November 2022 and signed on its b8hall. David Jacob Chairman of Truslees 29 November 2022
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Independent Auditor's Report to the Members of The Science Museum Foundation Oplnlon We have audited the fi'nancial statements of Science Museum Foundation (the 'charitable company'l for the year ended 30 March 2022 which comprise the statement of financial activities. balance sheet, statement of cash flows and notes lo the fi'n8ncial slatemenls. including significant accounting policies. The financial reporting tramework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irel8nd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. Give a true and fair view of the stale of the charitable company's affairs as al 30 March 2022 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended Have been properly prepared in aGGordance with United Kingdom Generally Accepted Accounllng Practice Have been prepared in accordance with the requlrements of Ihe Companies Act 2006 Basls for opinion We conducted our audit in accordance with Inlernallonal Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further describ8d in the Auditors responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the finanGial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our olh8r ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi'¢ienl and appropriate lo provlde a basi5 for our opinion. Concluslon8 rolatlng to golng con¢•rn In auditing the financial statements, we have concluded Ih8t the Iruslees, use of the going concem basis of accounting in the Pfeparabon of the finan¢ial statements is appropriate. Based on the work we have pertormed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Science Museum Foundation's ability lo continu8 as a going concem for a period of at least twelve months from when the financial statements are aulhoiised for issue, Our responsibilili8s and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiallon The other information comprlses the information included in the trustees, annuol report other than the financial statements and our auditor's report thereon. The Iruslees are responsible for the other Information contained within the annual report. Our opinion on the financial statements does not cover the other information and, excapl lo the extent otherwise explicitly slated in our report, we do not express any form ol assurance conclusion Ihereon. Our responsibility is to read the other infomiatson and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 10
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number. 1148691 Annual Report & Accounts 2021-22 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. The information given in the trustees, annual report for the financial year for which the financial statement5 are prepared is consistent with the financial statements", and The trustees, annual report has been prepared in accordance with applicable legal requirements. Matter8 on which we are requlred to rgport by •xceptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual reFXIrt. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by u5". or The financial ststemenls are not In agreement with the accounting records and retums.. or Certain disclosur8s of truste8s' remuneration specified by law are not made.. or Vve have not received all the information and explanations we require for our audit,. or The directors were not entitled lo prepare the financial slal8menls in accordance with the small companies regime and lake advantage of the small companies, exomptions in preparing tho Iruslees, annual report and from the requirement lo prepare a strategic report. Re8pon8lbllltle8 of tru8tee8 As explained more fully in the ststemenl of Iruslees, responsibilities set out in the trustees, annual report, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give 8 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misslatemenl. whether due lo fraud or error. In preparing the financial slatemenls, the trusteés are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iru51ees either intend to liquidate the charitable company or lo ¢ease operations, or hav8 no realistic alternative bul lo do so. Auditor's rospon81bllltles for the audlt of the flnan¢lal $tatement8 our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free trom material mi5sl8temenl, whether due to fraud Dr error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarante8 that an audit conducted in accordance with ISAS {UKI will always detect a material misstalemenl when il exists. Misslatemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstalemenls in respect of irregularities, including fraud. The exlenl to which our procedures are Pable of del8cling irregularities, including fraud are set out below. Capablllty of the audit In detectlng irrogularlties In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non<ompliance with laws and regulations, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting documentation. concerning the charity's policies and procedures relating to..
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Identifying, evaluating, 2nd complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding to the risks of fmud and whether they have knowledge of any actual, suspected, or alleged traud., The internal controls estsblished lo miligale risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those char9ed with govemance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experien¢e. We comrnunic8ted applicable laws and regulations throughout the audit team and rèmained alert to any indications of non<ompliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these lo supporting documentation to assess ¢ompliance with applicable laws and regulallons. We performed analytical procedures to identify any unusual or unexpected r&lalionships that may indicate risks of material misslatemenl due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness ofjournal entries and other adjustments, assessed whether the judgements made in making accounting eslimales are indicatlve of a potential bias and tested Significant transactions that are unusual or those outside the normal Course of business. Because of the inherent limitations of an audit. there is a risk that we will not delecl all irregularities, including thos& leading to a material misslalemenl in the financial statements or non4ompliance with regulation. Thls risk increases the more that compliance with a law or regulation is MOVed from th& events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complian¢e. The risk is also greater regarding irregularilles occurring dué to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepffjsentstlon. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.or .uklau orsres onsibililie This description foims part of our auditof s report. U8e of our report This report is made 501ely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to stsle lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and tho charilable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Jonathan Orchard (Senior stalulory auditor) 15 December 2022 for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicla House, 108-114 Golden Lane, LONDON, EC1Y OTL 12
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THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Balance sheet s at 31 March 2022 2022 2021 Note Flxed assets Investments 10 35.937 146 35,937,146 33,572 649 33,572.649 Current 18sets Cash al bank and in hand 196 991 196.991 389,667 389,667 Creditors.. amounts falling due within one year {9,824) 1142,6381 Net curront a8•8ts 187,167 247,029 Total not a•$ets I Illabiliti•$ 36 124 313 33,819 678 Funds of the charfty: Reslricled in¢ome funds Unrestricted funds 12 12 35,484,955 639 358 36 124313 33,156,758 662,920 33 819 678 The notes on pages 16 to 21 form part oflhese accounts. David Jacob Chaitrnan of the Bo8rd of Trust6es 29 Novembor 2022 Robert Cowell Tnjslee 29 November 2022 14
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2021-22 Statement of cash flows forthe year to 31 March 2022 2022 2021 Note 14 C48h flows from oporating aGtlvltles 1192,6761 75,528 Cash flov from Investlng aGtlvltle8: Inte$t received Proceeds from the sale of investments Purchases of investments 27 3,323,818 3 323 818 27 9,961,677 9 9S1677 IDecrea8e}I Increa89 In cash and cash equlvalents durlng perlod 1192,6761 75,555 Cash and cash equwalents al the beginnlng of the perlod Cash and cash oqulvalgnt8 at the end of the perlod 389 667 196 991 314.112 389 667 The notes on pages 16 to 21 form part of these accounts. 15
THE SCIENCE MUSEUM FOUNDATION Company Number. 08156772 Charity Number. 1148691 Annual Report & Accounts 2021-22 Notes to the financial statements lor the year to 31 March 2022 1. Charfty informatlon. The Science Museum Foundation ('Ihe Foundation,, 'the charity'l is a company limited by guarantee, incorporated in England and Wales, and is registed with the Charity Commission. Ils registered offi. is Science Museum. Exhibition Road, London, SW7 2DD. 2. Basls of preparatlon The financial statements of the charity have been prapared in accordance with the Companies Act 2006. the Charities Act and Accounting and Reporting by Charities.. Statement of Recommended Pr8clic8 applicable to charitl8s preparing their accounts in gccordance wilh the Financi81 Reporting standard applicabl8 in the UK and Republio of Irg18nd (FRS 102) {8ffeclive l J8nu8ry 2019). The Foundation is a public benefit entity as defined by FRS 102. The financS81 slalemenls are ppared in sterling, which 1$ the functional currency of the Charity. Monetary amounts in these flnan¢ial slalements are rounded lo the nearest £, Goin concern After revlewing the charity's forecasts and projections, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. The charity therefore Continues to adopt the golng cOnM basis in preparing its financial statements. 3. Prlnclpal accountlng pollcl•• Income Income is recognised when the charity is entitled to funds, it is probabl8 that these funds wlll be received by the charity and the amount can be reliably measured. Enlillemenl to grant income is Identifl8d when the formal offer of funding is communicated in writing lo the charity unless perform8nce-related or other related conditions apply. Enlillemenl to donations is usually evidenced by receipt of funds. Gr8nts payablg Grants payable are made to third parties in furtherar¢ce of the charity's objects. Single or mulli-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to Pay the grant without condition, or the recipient has a reasonable expeGtslion that they will recelve a grant and that any Condition attaching lo the grant is outside of the control of the charity. Expendilur Resources expended are recognised on an accruals basis. inclusive of VAT which cannot be reclaimed. Govemance costs These comprise the costs of running the charity including audit and legal fees and are included within support costs and allocated across charitable objectives. Taxation The company is a registered chanty and is not liable lo United Kingdom taxes. 16
THE SCIENCE MUSEUM FOUNDATION Company Number". 08156772 Charity Number". 1148691 Annual Report & Accounts 2021-22 Investments Investment assets are measured initially at cost and subsequently at fair value (their market value) at the dale of the balance sheet. Unrealised gains and losses on investments are recogni5ed in the year they arise. Investments are Irealed as non-current where they are expected to be held over the medium to long-term, for which the charity's threshold. is three years. Unrestricted funds These resources arise from the accumulated surpluses and deficits in the operation for ch8ritable purposes and are expendable at the discretion of the Trustees in furtherance of the objectives of the charity. Restricted funds These resources arise from contributions received for specific purposes and are expended in accordance with those purposes. 4. Donatlons and grants 2022 2021 Unrestrioted donations 350 35a 56 910 56,910 S. Inve8tmfrnt In¢ome 2022 2021 Divid8nd income Interest dislribulions from bond and cash fund investm8nts Interest 298,272 42.630 463,618 130,298 27 593,943 340,902 8. Ra161ng fund8 2022 2021 Fundraising support 750 750 506 506 7. Charltablg actlvltles In 2021-22, one grant was of £36.300 was awarded to SMG'S Director and Chi8f Ex8cutSv8 to enable the development of a research plan and a book proposal on the life and work of Lyon Playfair. In 2020-21, one grant was of £124,500 was awarded to SMG to enable the acquisition of the freehold of the Bullnose building in York from NeOrk Rail. The grant will enable capital works lo b8 carried out and ensure protection of entrance and approaches to the Natsonal Railway Museum. 2022 2021 ort costs Fees for administrative support Other charges Professional services Audit fee 6.780 1.566 6.992 7.824 23.162 5,014 1,632 480 7.200 14.326 The costs shown above include VAT where charged. 17
THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number. 1148691 Annual Report & Accounts 2021-22 8. Trustges, rgmunoratlon In the year to 31 March 2022, no Trustees e1Ved remuneratSon and one Trustee roceived expenses of £98 for the reimbursement of travel costs incurred in attending a meetlng. In the year to 31 March 2021, no Trustees received remuneration or expenses. 9. Staff costs The charity has no employees. The Science Museum Group provides accounting and administration services and strategic fundraising support for which th8 Foundation is charged on an ami'$18ngth basis. 18
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THE SCIENCE MUSEUM FOUNDATION Company Number". 08156772 Charity Number. 1148691 Annual Report & Accounts 2021-22 13. Anatysis of net asset8 between funds Re$trl¢tod 2022 Unrestricted 2022 Total 2022 Investments Cash al bank and in hand Creditors 3S,484,955 452,191 196,991 9,824 639.358 35,937,146 196,991 9,824 36,124,313 35,484,955 R¢8trlcted 2021 Unr8strictod 2021 Total 2021 Investments Cash at bank and in hand Creditors 33,156,758 415.891 389.667 142,638 662,920 33.572,649 389,667 142 638 33.819,678 33,156,758 14. Roconclllatlon of net Income to net cash flow from oporallng a¢tlvltle8 2022 2021 Nel income Nel gains on Investments Investment income Investment management fe88 Decrease In accrued incom8 Increaselldecreasel in credllors Net cash flow fromllused Inl operatlng acllvhlo8 2,304,635 12,070,273) 1340,9021 46,678 6,634,490 {6,170,0471 {593,9431 47,078 18,7SO 139.200 75,528 132,814 1192,6761 15. M•mb•r$' Ilablllty Th8 charity is a company limited by guarantee and has no share oapilal. The liability of each Memb&r in the event of a winding-up is limited lo £1. 16. Related party transactlon8 Science Museum Gro The Foundation's charitable obje¢tives are closely aligned to the operations of the Science Museum Group ISMGI, bul the charity and SMG have separate boards of trustees and are operated independently from each other. After her appointment lo the Foundation's Board ol Trustees on 11 February 2019, Dame Fiona Woolf has served as a trustee of both the Foundation and SMG. In accordance with the guidance In the Charities SORP, donations to the charity by Trustees are not disclosed. as no conditions have been attached to such donations received during the year SMG charged £7.53012021.. £5,520) for provision to the Foundation of accountancy and administrative services and fundraising support. In 2021-22, one grant was of £36,300 was awarded to SMG'5 Director and Chief Executive to enable the development of a research plan and a book proposal on the life & work of Lyon Playfair. No grants were made to the Foundation by SMG during the years to 31 March 2022 or 31 March 2021.