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&
bets￿een 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
Directors￿rUste
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 & A￿oUnts 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 inf0Ma￿On 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

(7J
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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 registe￿d 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 p￿pared 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 cOn￿M 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 Ne￿Ork 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.