The Sclence Museum Foundation (A Company Limited by Guarantee) Annual Report and.Financial Statements for the period ended 31 March 2023 Ch8rfty Number.. 1148691 Company Numbar.. 8156772 THE SCIENCE MUSEUM FOUNDATION Company Number: 08156772 Cha￿ty Number.. 1148691 Annual Report & Accounts 2022-23 Conl¢nts Truste8s' and dlrectors. strategic report Refergncg and admlnlBlratlve dotails of the charity, tts dlractors and a(fvlsors Trustaè8' Responslbllmlas Statement Ind8pendenl Audllorfs R8Wt lo tha Members 10 Slalemenl of fin8rKlal acllvllle8 13 Balance 8heet 14 Stslemenl of Gooh fl￿8 15 NoteB to the financl81 stalom8nts 16 THE SCIENCE MUSEUM FOUNDATION Company Numbgr- 08156772 Charfty Number.. 1148691 Annual Report & Accounts 2022-23 Trustees, and dire¢tors' strateglc report for the year to 31 March 2023 The Tiusteas of The Science Museum FeAJndalion {*he Foundation,, lh8 eharty). who 8r8 also dir8ctors of the company for th8 purposes of the Companies Act 2006, are pleased to present Iholr annual report for the year ended 31 Mar¢h 2023 together wlth the audSled financlal slatemonts and audltor's report. The Trustees conslder that the Informalion wbthln their annual rewrt mgots the requlremenls of a Stratogic RapcKt, as defined by the Charibes SORP. Objactlves and actlvltles haril The Trust89s have raferred to the guidance on public benefit when Setting Ihg alms and oblectlves. and In the planning of future 8Ctlvlll8s of the Foundation. The oblecls of the charlty are lo.. athance the publlc'8 knowledge and enloymenl of the Scl•nce Musaum Group CollKlions'. ance the publlc'8 knowl8dge and enjoyment of sclgnce and technology by means of th8 Sclence Museum Group Colleclion8', provlde educational facillties and sorv1¢é8, Snstructlon and informallon to the publ5¢ In relation lo Science Museum Group Collections- SLJPPOrt the care, pr838rvalion arKI enhan￿m￿nI of tha Sdence Museum Group coll￿tIOnS and relalad research; support Iha exhlblllon of th8 ScSence Museum Group Coll￿tionS lo thè public and making of the Collecttons avallablo lo persons sa8king lo insp8cl them In connection with Study or reseBrch. and support Iha furth8rance of such of the purposes ol the Sclence Museum Group as 8h811 b8 exclusfvely charitable by provldlng financlal and other a85181ance to gnable the ScS8nce MuseLtrm Group or any other organlsollon Iwhather assoclalgd with Sclenca Museum Group or oth8rwSsel lo und8rlak8 aclivitles that 8dvanc8 such charitable purpos￿. The Trustees h8Vg ¢ompll8d ￿￿th tha duty In sedon 17151 of the Charilles Act 2011 to have due regard lo th8 guklance published by the Charlty Commlsslon on public benefrt. The Foundation alms lo achlovg those objects through the award of grant3. The prlmary goals of the Foundallon arg trj ralsa fund8 for m8l¢x Cap￿￿1 projects to develop the musoums wthin the Sclence Museum Group, 81ong wllh other prolecls that support the Foundatl¢)n's ¢harltable objectlves. and to receive donallons and hdd fun¢J$ In anllcipauon of grant roquests lo enable such prolects lo be und9rtaken. THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2022-23 Achi•vements and perfomiance Raisin fund8 During the period the Foundation raised £370 {2022: £3501 in 8LlPPOrt of the S¢lwoa Museum Group ISMGI. Thls w88 supplemented by inv68lmenl income of £481,802 {2022'. £340.9021. Tho Foundation received a grant Payment of £5,450,00012022-. nil} in the y8ar from the S¢lence Museum GTOUP. The grant was made wth restriction lo further the followlng charl¢abl8 objects of the Foundallon, which are aligned wtth the Scl8nc8 Museum Group's own obl8ctives'. To ralse funds for major capital prol8cts to davelop the museums within the Sclence Museum Group. along with olher prol8¢ls that support the Fountjallon's charltabl8 oblecllves. and To receive donations and hold funds in anllclpalion of grant requests to onable such projects to be undertaken, support the oxhlbitlon of the SMG Collection5 to the publlc and the making of the SMG Collectlons available to persons s88klng lo in5pocI Ih•m In connection wlth St￿lY cl research. In 2022-23, over011 total net investment losses of £895.020 were rocorded, Ihls figuTe Includes an gbment of reallsed Snveslment golns on d15P05als of £67,507. 2021-22 saw nd Investment galns of £2,070,273 01 which £1,884,534 were reallsed. The change in Inveglment pgrformance In 2022-23 compared to the pr8vious year Ss a result of morkgt volalillly, p8rtlculaFly In the flfsl hall of th8 yoar. and the new 8conomi¢ onvlronmenl of hlgh Snflallon. rlslng Inlerost ralas and slowlng growth. Gr8nt awards In 2022-23, the charSty made three wants lo the Sclence MuBeum Group.. A p8ymenl of £239.524 was made as tha first inslalmenl of 8 ngw grant aoreemenl excluslvely for the Sclance Museum Group's Deliverlng ￿'gital.. Video Led Content Strategy prol8ct. The total grant Is for £1,422,289, with thè balance to be pald no lalef than 31 D￿ernber 2024. The amblllon ol the prolect Is lo dellver a new. vldeo-led dlgltal eonlenl stral8gy that addresses aud￿nce needs and dglivers Sclence Musgum Group's mission lo remote audiences, growing that audlence by two mlllion over tw￿Year pilot and eslablishlng Ihg 0op8bilities and approachos for sustained growlh In the years followlng tha grant perlod. A payment In full of £10.000 wa8 made under a new grant agreem9nt excluslvèly for the Sclence Museum Group's Gmwing Diverse T81gnt project. lo lund two Intarn roles wilhln the Sclgnc8 Musaum Group over on8 year. The Scienco Musgum Group alms lo In￿g8s8 access to cultural and horilage roles Sn undgrT8presentèd backgrounds through this prolocl. A payment In full Of£100.0￿ was made under a new grant agreemant excluslv8ty for the Sclenco Museum Group's Innovation Pnze, 8 project lo Invlte leaders in the dlgltal Industry to bld for the Tole of Iransfomiing Sclenca Museum Group'8 dlgital collection. In 2021-22, one grant was of £36,300 wa3 awarded lo SMG'S Dlrector and Chlef Executlve to enable tha development of a research plan and a book proposal on the life & work ol Lyon Playfair. Investments The Foundatlon's Investment CommRtee revlewed the posslbla fundlng commllments over the next len y8ars and Identified long-term funds (defined 8s longer than three years) to ba invested lo ggnerale 8 relum In ex¢gss of inflation over the period until the award of any grants. The perfom)ance of these funds is explained in thè financlal review bel¢)w. THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Numb8r= 1148691 Annual Report & Accounts 2022-23 Flnanclal revlew Financial itlon Al 31 March 2023. the Foundallon had total fund5 of £40.7m12022.. £36.1 ml, of which £40.1m12022'. £35.5ml ware reslricled for granls in support of th8 Science Museum Group's activities. Unre8lricled funds of£O,6m12022.' £0.6ml were held lo cover the charity's oper811ons and other eharltabla obje¢tSvès. At the year end. the charity's invèstments were valued al £35.2m {2022.. £35.9ml. Tho balance at 31 Morch 2023 consisted of £17.7m150%} In equity funds. £11.gm {34%1 In corporate and a￿eMa￿Ve bond funds and £5.8m116%} in money market funds. The charbly also héld £5.5m {2022'. £0.2ml in cash. Financial Thg Foundation's net Incom8 frx the period was £4.8m, after invèslmenl lossas of £0.9m. Income of £5.9m, which includes tho grant from SMG of £5.4m, was offset by expenditure of £0.4m, whlch includes three gr8nts to SMG lolalllng £0.3m, Investment managemant fees, audll and other professlonal s8Nlces c081s. In 2022. Income of £0.3m was offset by expendlturg of £0.1m. Tho F￿Jndall0n 18 grateful lo all its funder3 for donations and grants recglved In tha year. Tho Trustees rev16w tho lev81 of funds, together wllh known and Ilkety future requests for Support from those funds, 81 each board meetlng and al least annually. 11 Is tho Foundatlon'5 policy lo conllnue lo bulld up reserves unlll Ihoy be expended In furth6rance of tha charitable objectlvas. Al 31 M8rch 2023. Ihelgvel of fund8- re8trfcl8d and unreth¢l•d- was con81dered approprlale. The key provlslons of the Iruslees, Investmgnt pollcy for the year gnded 31 March 2023 around risk 8tthude, 9$sot closseg. currency. credll end IlquSdlty rl8ks and athlcal Investments gro oullln8d below.. (al Rlsk attitude The key risk lo the long-t9mi r8serv88 Is Inffl8tlon and assets 8hould bo Invested to mlU9819 thls rfsk over the long lemi. The Trustees understand that this Is likely lo mean that investmènt w511 be conc8nlraled In raal assets and the capttal value will flucluato. The short-lerm resgryas are held to provide finanelal secuflty and may be roqulred al short nolk8. As such, investment of these 8SS818 Is fLKused on reducing capllal vd8tllity. Ibl Assets Long-lerm reserves Can be invested vAdely and should dfv8rslfied. Asset cl88ses con Include c88h, bonds, eqvf(ies or property or any oth8r asset that is daemed suitablg. Short-lerm r8serves can b8 Invested In a range of cash, cash gqulvalènl and fixed In￿m9 products, Includlng bonds. 1¢) Currgncy With long-lerm r8s•rves, Investment may be mBde in n¢)n-Sterllng assets, bul Ihis should not exceed 50Yo of the tolal Inveslmènl portfollo vBlu8. Hedging is pemiitted. Short-lerm resorves shoukl be held In Sterllng. {dl Credit Tha Foundallon's cash balances should be d8posiled wllh In$trtulions with a minlmum rating of A or Investe(I In a dlversified money markat hjnd wlh an aquivalenl credit qu81ty ra￿ng ofA. Deposlts THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2022-23 should be spread by counl8rpaTty, sublect lo a maxlmum oxp05ure of 40% of the total cash bal8nce por institution. 161 Liquldiyy The FoundalSon w511 endeavour lo consider pot8nlial grant requests out to the medium tÈmi in the managament of ils overall assets and likely liqu￿lty neads, structuring the portfolio accordingty. In Ethlcal inv8slm8nt The Investment Committee is TequSred. In preparing thes8 flnanclal statemerit5, the Tru51ees are r8qulred to.. select sult8bb accounllng pollcles and then apply thom consistenlly., observe the methods and principbs ol the Charllas SORP., make Judgements and esllmates that are roasonable and prud•nl; slate whether applicable UK Accountln9 Standards have beèn fcllowed, sublacl lo any materlal d8partures dlsclosed and axplained in th6 accovnts.. and prepare th8 financial stalemenls on Ihe golng conc8m basls unle85 Inappropriats lo prgsume that th8 cixnpony will ¢onllnue In buslness. The Trustees are responsibl8 foT keeping proper accounting racords that are sufflclenl lo sh￿￿ and explain thè company's transactions and dlsclosa with reasonabl8 accuracy al any Ilme the tlnanclal poslllon of the company and en8ble tham to ensure that the flnanclal slalemenls comply wlth Ihe Companles Act 200fj. They are also responslble for safaguardlng the ass91$ of the company and henco for taking reasonable steps for the prevenllon and detection of fr8ud And other IrregulanUes. DlJclosur• ol Infomiatlon to audltar• EaGh parson who was a Twst88 al the Ilme of thls report conflms Ihal.. so far a8 he 1$ aware. IheTe18 no relgvanl audlt Infomatlon of whlch the company's audllor Is unaw8fe', and h8 hos taken all th8 steps he ought lo have t8ken as 8 Trust88 In ord8r lo make himself aware of any relevant audlt informallon and to establlsh that the oompany's auditor Is aware ofthal Inf￿m911¢￿. Thls report. whlch comprises the Truslg9s' Annual Report and the Strategic Report. way approvgd by the board on 26 Sèplembbr 2023 and s¢gned on ils behalf. D•vld Jacob Chalrman of Trustee8 26 Septemb8r 2023 THE SCIENCE MUSEUM FOUNDATION Company Number= 08156772 Charity Number.. 1148fj91 Annual Report & Accwnts 2022-23 Independent Audltor's Report to the Members of The Science Museum Foundation Opinion We have 8ud(ted the financial statemen18 of Science Museum Foundation Ilhe 'ch8rllable company'l for the year ended 3 1 March 2023 which comprlse Ihg statement of financlal activiles, balance sheet, stalemgnt of cash Ilows and noles to the financlal stalemenls, including slgnifieant accounting policies. The financial reporting framework that has beèn applied In their preparationls app11¢8blè law and Unti8d Kingdom Accounting Slandafds, includln9 FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ir818nd Iunlled Klngdom Generally Accepted Accounting Pracfj¢el. In our opinion. the financial stslem8nts'. GIV6 8 Iw8 Bnd fair view of the stste of the charflable company's affalrs as al 31 March 2023 and of ils Incoming resources and appllcallon of r8sources. Including Ils Sncomo and expenditure lor the year then 8nd8d Havè been propèrly prgpared in accordance wllh Unlted Kingdom Generally Accepted Accovntln9 Practic8 Have been prepared In accordance with the r8qulr8manl8 of the Companles Act 2006 B••l¥ for oplnlon W8 conducted our audlt in accordance wlth Inlgrnational Stsndafds on Audlling IUKI IISAS {UKII and appIl￿ble law. Our responslbllhles under those standards are further de￿rib¢d In the Audllor's responsibilities for Ihe audit of the flnanclal 8lal8menls 8ecUon of our report. We are Indapondent of the ch8rltsble company In accordance wllh the gthlcal requlrement8 that are rolevant lo our audit ol the fin8n¢lal slalemenls in th8 UK, Includlng the FRC'S Elhlcal St8nd8rd ond we have fulfilled our other 91hlcal responsibilities In accordanc8 with these requi￿rnants. We believe that the audll evidence we have Obtain￿ Is sufficlenl and approprl816 to provlde a basls for our oplnlon. Concluslons relatlng to golng conc•rn In audlllng the financi81 slalemenls, wg have con¢lud8d th81 the trustees, U68 of the golng concem ba8is of accounllng In th8 preparallon of the flnancial slalemenls is approprlale. Based on the work wg have performed, we hove not Idenllfied any malerlol unc8rtalntie5 rel8lln9 to events or condlllons th81, indlvldually or ¢0118cINely. may cas18lgnrfcant doubl on Science Museum Foundatlon's ability lo continue 8$ a going concem lor a perfod of atloasl ￿e1ve months from wh¢n tho financlal $t8lemenls are aulhorfsed for lysue. Our responslbllitl85 and the r68ponslbllllles of tho Iruslees with respect to golng concern are descrfbed In the relevant secti￿5 ot thls rgport. Oth•r Informatlon The oth8r infomiatlon COTnprlse5 the Infomiatlon Included In the trustees, annual report other Ih8n the fin8nolal stalemenis and our auditor's r8POrt Ihereon. The Irusl8es are rgsponsible for the other Information contained wllhln tho annual report. Our opinion on the fjnanclal stslem8nts does not cover the other informallon and, 8xcepl to the extent otharwlse oxplicAtty slated In our report. we do not express 8ny fomi of assurance concluslon Ihereon. Our responsibility is to rèad th8 Other inform81ion and, In dolng so. consider whether the olhar InforniatSon is malerialty in¢onslstanl with the financial stslaments or our knowledge obtained in the course of the audit, or otherwsse appears to be mat8rially mi551aled. If we identify such material inconsistenclgs or apparènt material mi8$tataments. we are requSr8d lo delemiine whether this glves rlse lo a malerSal mlsslalement in the financial stslements th8mselv8s. If. based on the work we have perfomied, we conclud8 that there is material mlsststemenl of this other infom)allon, we are required to report that fact. We have nothing to r8POrt In thls regard. 10 THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charty Number: 1148691 Annual Report & Accounts 2022-23 Opinions on oth•r matters pres¢rlb•d by the Compani•s Act 2006 In our opinion, b8sed on the work undertakan in the course of th8 audit.. The infomiallon glven In the trustees, annual r8POrt for thè finÈnclal year for which the fln8n¢ial statements ar8 prepared is ￿n￿stent with the financial ststements., and The trustees, annual ieport has been prepared in accordance with applicablo lagal requirements. M•tters on which w? are rwulrod to report by oxcoptlon In tha light of the knowledg& and underslandlng Df the charitable company and its environment Dbtained in the couf$o of the audit, we have not identified material mlssl8temonts in tha Iruslegs, annual report. We have nolhlng lo report In respect of the followlng matters In relation to Wh￿ the Compan￿$ A¢1 2006 r8quifOS us lo r8POrt to you if, in our opinion.. Adequ8t8 accounting records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us,. or Tho fin8nclal stotements are not In agregrnent wllh the accountlng records and r8turns', or Certain disclosures of trustees, remun8r8tic•n spe¢lfi8d by law are not made; or We have not rKoived all tha Informatlon and expianallons we require for our audit.. c Thg dlrectors ware nel entlll8d to prepare Ihe finan¢lal stal8manls in 8ccord8r￿e with the srnall conw8nles reglmo and lake advantage of the small companl8s' exernptlons In preparing the trusleo$' annual report and from th8 requlr8menl lo prepare a slrateglc report. Re•pon8lbllrtl•$ of tru8t••¥ As explained more lully In the slal8m8nt of truste8s' re5pon8lb1l￿&es set out In the trustees, annual report, the Irusl88s (who are also the dlrectors of the ch8rttabl8 company for tho purposos ol company lawl are responslble for the preparallon of the flnancial slalèm8nls and for being 581isfl8d that thoy glve a true and falr vlew, and for such Inlgrn81 control as the trustees delermlne Is necessary 19 enable the pr8paralion ol flnanc4al stslements that are free from molartal m188talement. whether due lo fraud or error. In preparlng the ftnandal slalgmonts. the trustees 8r8 responsible for 8ssessSng th8 charllable Company's abllily lo continu8 as a going concgm, dlsclosing, as appllcabl8. matters re181ed lo goSng concem and using th6 golng Goncem bas13 of aecounting unless the Injslges ellhèr Intend lo Ilquldale the chartlable company or lo cease operallons, or h8v8 no raalistsc alternative bul lo do so. Audttor's r•sponsSbllltles for tho audlt of th• Ilnanclal stat•m•nt• Our obleclives ar8 to obtain rea50n8blo assurance about wheth8r the flnanclal statements as a whole are free from mat¢rial misstatement, whether due to fraud or error, and to issu8 an auditor's report that Includos our oplnlon. Re8sonaNg assurance is a hlgh18Vo1 of assuranc8 bul Is not a guar8nlee that an audll conducl&J In accordance wllh ISAS IUKI wlll always delect a malarial misslalemont when it exlsls. Misstalemenls Can arise from fraud or error and a￿ consldered materi81 If, Sndlvidually or In the aggregate. they could reason8bly b8 expected lo Influence the economic docbslons ol user5 taken on the ba￿S of Ihgse tlnanclal staloments. Irregularltles, Including fraud, Mre Snstances of non-￿MPlI8nce wlth laws and rogulalions. We deslgn procedures in line with (Kjr r8sponsibilllles, oulllned Bbove. to detect mat8rlal misstalemenls In respect of Irregu18rllles. Sncluding fraud. The 8Xtant to which our procedures are capable of delectlng Irragularttles, Includlng fraud are Set oul bg10w. C•pabillty of the audlt in d•t•¢tlng Irr•gulavlll•$ In identifying and assessing risks of material misstslgment in respect of irregularSties, Sncluding fr8ud and non-compliance wilh18ws and regulations, our procedures included lh¢ following= We enquired of management, which Included obtaining and r¢vlewing supporting documentallon. Qoncerning tho charity's policies and procedures relallng lo: THE SCIENCE MUSEUM FOUNDATION Company Numb8r.' 08156772 Charity Number.. 1148691 Annual Report & Accounts 2022-23 Id8nlfying, ev8ltJatlng, and complwng wfth laws and regulations and whether they wer8 aware of any Instances of non-compliance., • Detecting and responding lo tha rtsks of fraud and whether they hove knowledg8 of gny a¢lual. suspected, or allg98d fraud,. • The inl8mal controls establishèd to mitigate risks rdaled to fraud or non-compllance wllh laws and regulations. We inspected the mlnules of meetings of those charged with gov9rnance. We obtalned an understanding of the legal and f8gul8tory framework Ihal the charity opèrates in, focuslng on Ihose18ws and regulations that had a material effect on the financial statements or that had a fundamental èffect on the operatlons of the ch8dly from our profosslonal and sactor experien¢e. We communicated applicable laws and regulations throughout tha audlt team and remalmd alert 10 8ny indications of non-compliance throughout the audlt. We revlewed any reports made lo regulators. We revlewed the flnancial stslemont disdosures and t8sled Ihase to 8upporting dorjjmentallon to assess compliance with appll¢able laws and regulallons. We p8rfomied analytical pr¢xedures lo Idenlrfy any unusual erf uneXp￿ted r8lallonshlps that may indlcale rlsks of material ml98t8lemont due lo fraud. In addresslng the rlsk of fraud through management ovarrldg of controls. wa tested the appropTlat8nass ofjournal 8ntries and other adjustments, asse58ed whether tha ludgoments made in rnaking a¢¢ounling astimales are indicative of a polenllal blas and lesled signlficant transactions that are unusual or th058 outslde the norm81 coursa of buslness. 8ecau88 of th9 Inh8renl Ilm11811ons of an audll, there Is 8 rt5k that wo wlll not detect all Irregulorf1103, includlng Ihose leadlng to a malgrtal misst8lement in the flnanci81 s181emenls or non-compliance vllh regulation. This risk incr8ases the more that compliance a law or regulallon Is rgmoved from Ihg 8vents and transacllons reflected Sn the flnanclal slalemenls. as we will b81oss likely lo becomè aw*r6 of Instanc8s of non-compllance. The rlsk Is also gr8al8r regarding Irregularities occurrfng due to fraud rather Ihan error. as frautj Invofves inlenlion81 Concealment, forgery, colluslon. omlsslon or mlsrepres8ntallon. A fvrther deS￿Ipl￿n of our responslblllllas Is avallable on Iho FSn8nclal Reportlng CouncS1'9 wabslle . Thls descrlpllon forms part of our audSlor's report. U80 of our r•port Thls report Is made $018ty lo the th8dtgble company's membors as a body, In 8ccordance wllh Chapter 3 of Part 16 of the Companles Act 2008. Our audit work has been underl8ken so that we might slala lo lh8 charilabla company'5 membgrs those mallers ￿ are requlred lo slate to them In an audltor's report and for no other purpose. To th8 fullesl extent permlttgd by law, we do nol accept or assume ￿SPOnsIbl111Y to anyone other than tho charft8bl8 company and the charitable company's members a8 a body, for our audlt work, for this report, or for the opinisjns we hav8 formed. Jonathan Orchard {S8nlor 8t8lulory auditor) Date.. 13 Oècèmber 2023 for and on behalf of Sayer Vincent LLP, Stalulory Audllor Invicta House. 108-114 Golden Lana. LONDON, EC1Y OTL 12 Ill£ kil THE SCIENCE MUSEUM FOUNDATION Company Number: 08156772 Charity Number.. 1148691 Annual Report & Accounts 2022-23 Balance sheet as at 31 March 2023 2023 2022 Fixed •s••ts Investments 10 35.237,573 35,237,573 35,937.146 35.937,146 Curr•nt a*s•ts Debtors Cash al bank and In hand 11 1,467 5,530,479 5,531,946 196.991 196,991 Credltors: omcljnts falling due wlthln one year 12 {1,203,8821 19.8241 N•t curr•nt M80ts 4328.004 187,167 Tot41 n•t a•••ts I1114bilitl¢•} 39 565 837 36.124313 Funds of tho ¢h•rlty: Restrlct8d Income furKIs Unrgstrlcl8d fvnd6 13 13 38,942,850 622,787 39,565 637 35,484,95S 639,358 313 The notes on paga8 16 10 23 lorm part of the89 accounts, Approved by the bogrd on 26 September 2023. Davld Jacob Chairman of the Bo8rd of Trustèès Robert Cowell Trustee 14 THE SCIENCE MUSEUM FOUNDATION Company Numb8r: 08156772 Charity Number.. 1148691 Annual Report & Acc(NJnls 2022-23 ststement of cash flows forthe yearto 31 ma￿ h 2023 2023 2022 Note 15 Caih flow¥ from oporatlng actlvltl•g 5,093.890 1192.6781 Cash flow8 from In￿•11￿9 activities: Inlerest received Proceeds from the sale of Investsnonts Pufcha805 of Inv8stm8nts 42 6,128,460 5.888,704 239,798 9,981,677 9.961677 ID•cr•a8•y In¢ro•9• In c•¥h and calh •qulval•nls urlnq pèrlod 4333,488 1192,676) Cash and cash equlvalonls al th8 beginnlng of th8 pwbod Cmh and caoh •quSval•nti •t th• ènd of th• p•riod 196,911 5.530,479 389,807 The not85 on peges 1610 23 frjmi part olthese accounts. 15 THE SCIENCE MUSEUM FOUNDATION Company Numb8r'. 08156772 Charity Number. 1148691 Annu81 Report & Ac¢¢xJnts 2022-23 Notes to the financlal statements for th• y•ar to 31 March 2023 1. Charlty Information The Sclence Museum Foundauon I'the Foun¢J8llon', 'Ihg charity'l is a company Ilmited by guaTanle8, Incorporalgd Sn England and W8185, and Is ragistered with the Charity Commission.118 reglstered office Is Sciance Museum, ExhIb￿On Road, London, SWT 2DD. 2. BaBls of pr•parntlon The financial stat8m8nts of the charity have b8on prepared in a￿ordance wlth the Companles Act 2006, the Charities Act and AGcountln9 and Reporting by Ch8rilles.' Stalomonl ol ReGommendgd PrOGhce applicable to charltles preporlng thoir accounts In accordance with the Flnancial RO￿tIng standard appllGable In th8 UK and Republic of lTrland (FRS 102) (8ff&cllve l Jgnuary 2019). Tho Foundation 1$ a publ1¢ bongfft anlty as défined by FRS 102. The flnanclol $tatam8nts are prepared In 81grllng. whkh Is the functSonal currency of the ch8rty. Monetary amounts In these flnan¢Sal stalemonls are roundad to the nearest £. After rovlewlng th8 charity's foracasls and prolaclions, the Tru$l8es have a reason8ble gxp¢olalSon thal Ihg charity has adequ818 resources to continue Sn oper811onal exlslence for the fore$88able future. The charfty therefore continues 10 8dopl Ihe golng concern ba815 In preparlng Ils flnandal 8t818ments. 3. Prlnclpal accountlng pollcl•• Income Is rgcognls8d when Ihe charlly is 8nlitl8d lo fiJnd5, (( is probable that these funds w511 b received by th8 charity and the am¢3unl can bo rellably measured. Entltl8menl lo grant Income 1$ idenllflgd when the formal offer of fundlng Is communlcaled In wrlllng lo the Charity unlass p8rfomiance-relaled or other relalgd condillons apply. Entlll8m8nl lo donations Is usually evidenced by recebpt of funds. Gr8ntS Poyobl Grants payable are made 1¢ Ihirty partlas in furtherance of the charity's objects. Single or mulli-yoar grants are accounted for when either the recipient has a roasonable èxpectsllon Ihal they w511 recelve grant and Ihe Iruslees have agreed to pay the grant wlthout condltlon, or the rgclplenl has reasonable expeclatlon that they wlll reeelve a gront ond thal any condluon ottaching lo the grant Is oulslde of the control of the charity. Expendlture Resources expended are recognlsed on an accrua18 basls. Incluslve of VAT whlch cannot be reclaim￿. Govgrnonce costs These comprise the costs of runnlng th8 chartty Includlng Budll and legal fees and arg Included wlthln support costs and 8lloc818d across charitable oblectlves. Taxatici The company15 a reglstered charlty Bnd is not Ilable to Unlted Klngdom taxes. 16 THE SCIENCE MUSEUM FOUNDATION Company Number: 08156772 Charity Number.. 1148691 Annual Report & Accounts 2022-23 Investment8 Invoslment ass8ts are measured inltlally al cost and subsaquently at fair value Ilheir market value} at the date of the balanc8 she&t. Unrealised oalns and losses on Investments are recognised In thg yaar they arfse. Investments are treated as non-currenl where Ihoy are e￿￿Ct￿d lo be held ov•r the medium lo long4erm. for which the ¢hartty's Ihroshdd is three y•ars. Unreslncted funds These resources 8rls8 from the aGcurnu18tsd surplusgs and deflcns lft the operation for charftBble purposes and are gXP8ndable al the discrellon of the Trustees In lurtherance of the obleotlves of the charfty. Restricted funds Thesè resources arlse from contrlbutlons recelvad for specrfic purposes and arè èxpomled In accor(lan¢e wlth Ihose purpose5. 4. Don4llon8 and grants 2023 2022 Unrestdclgd donallons Reslrfcted Grants 370 5,450 000 5,450,370 350 350 The ch8rfty reogived a grant payment of £5.450,000 In tha year12022'. nlll from Ihg Sclencè Museum Group exclusively for tho furtherancg of the charllablo obl8ctNa6 of the Sclenca Museum Group. S. Inv••tm•nt In¢om• 2023 2022 DNldend Income Inter8st dlslrlbullons from bond 8nd cash fund Investrnonts Interest 329,339 162,421 42 481.802 298.272 42,630 340.￿2 8. R•l*lng lund• 2023 2022 Fundraislng support 533 533 750 750 7. Charltabl• actlviti•• In 2022-23, the charfty made 3 grants lo the Sclance Museum Group.. A payment of £239,524 wa5 made as Ihg first instslmenl of 8 new grant agreemont exclu51vely for the Sclenco Museum Group's Delivarlng Digital.- V￿￿0 Lgd Conlenl Str8t&gy Project. The lolal grant awarded and accounted for IS £1.422,289. wlth the balance lo be pald no latgT than 31 Decembar 2024. A p8ymenl In full of £10.000 was m8d• Lsnder a new grant ogr8amenl 6xcluslvety for the Science Musaum Group's Growlng Dlvers61 Talont prohact. A payment In full 01 £100.OCIs was made undar a new grant agreement exclus￿elY for Ihe Sclenca Museum Group's Innovatit￿ Pnze project. 17 THE SCIENCE MUSEUM FOUNDATION Company Number: 08156772 Charity Numbw: 1148691 Annual Report & Account$ 2022-23 In 2021-22. on8 grant of £36.300 was awarded lo SMG'S DIr￿tOr and Chief Ex8eutive to enable the develcomenl of a r8s8arch plan and 8 book proposal on the Ilf8 and work of Lyon Playfalr. 2023 2022 Fees fof administrallve 8UPPOrt Other charges Professional servlces Audit fee 7,166 1,623 1,984 0.210 16.983 6,780 6.992 7,824 23,162 Tho costs sh¢Mn above Includ8 VAT vthere ch8rg8d. 8. Tru•t•o•' romun•rntlon In th8 y&ar lo 31 March 2023, no Trust8as recelved remungr8llon or rolmbur8ement for travel costs Incurred in attending meetings. In the y8ar lo 31 March 2022. no Trustees recèlved remunarallon and one Trustee recelved expen8es of £98 for Ihe r0imburs8m￿I of Iravgl costs incurrod In attgnding meetlng. 9. Staff ¢o•ts The charity has no employaes. Tha Sclence Museum Group Pfovldes ?ccountlng and admlnlslrallon servlce9 and slralggi¢ fundr8lslng support for whlch the Found8llon 1$ charged on an ami'$ length ba818. 18 'Ilj 111 -511111- Iio Jz 111 LkJz 111 111 THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number.. 1148691 Annual Report & Accounts 2022-23 14. Analys1$ of not assots b•twe¢n fvnds Restricted 2023 UnrnstrFo19d 2023 Total 2023 Investmen15 Debtors Cash al bank and In hand Cradltors 34,785.615 451.958 1.487 I￿.479 21,117 622.787 35.237,573 1,467 5,530,479 1,203,882 39,565.637 5.340,000 1,182.785 38,941850 RoStrkt•d 2022 Unr•strlct•d 2022 Total 2022 Investments Cash al bank and In hand Credltors 35.484,955 452.191 198,991 9,824 639,358 35,937,148 196.991 9,824 30.124,313 35,484,955 16. R•¢onclllatlon of n•t Incomo to n•1 cash flow from op•rntlng •dlvltl 2023 2022 Nel Income Nel10ssgsllgaSnsl on Inve$lman18 Inv8slm8nl income Inveslmenl management f99$ Interest on cash at bank 1lncreaselld￿r￿ase In debtors Increaselld8craasel in creditors N•t cash flow Iroml{u••d Inl op•ratlng actlvltl 3,441,324 895,020 1481,7601 46.556 1421 11.4671 1 194,058 5.093.690 2,304,035 {2,070,2731 1340,9021 48,678 132.814 {1916781 18. M•mb•r•' Ilab115ty Th• charSty1s a company Ilmltad by guarantee and has no shara cBpllal. The118bllMy of aach Memb8r In the event of a windlng-up Is Ilmlled 1¢ £1. 17. Commllm•nts Durfng the year the charfty mad8 a paymènt of £239,524 as the flTsI Instalmenl of a now grant agreement excluslv8ly for thg Science Museum Group's Delivering Digll81.' Wd80 Led Content Slr81egy prolecl. Thg tolol grant agreement 8W8rd8d and accounted for Is for £1,422,289. with the remalnlng balanco at 31 March 2023 of £1.182,765 due to be pard no later than 31 Decembgr 2024. 1B. R•lat•d party tran•actlon8 Suonce Muse Grou Thg Foundation's charitable obl8ctlves are closely Bllgned lo Iho op8r8Uons of the Scl8nce Museum Group ISMGI, bul the Charfty 8nd SMG have Stparale trx)ards of Iruste8s and are ¢)perated Independently from each other. The Chair of the Foundation, Davld Jacob. is a currant member ol SMG'S advisw subcommittee P8rtnership P8ng1, whose ramil Is lo advlse the Board of Trustees of SMG on dw91opmenl activities. THE SCIENCE MUSEUM FOUNDATION Company Number.. 08156772 Charity Number: 1148691 Annual Report & Accounts 2022-23 Alit Lalvanl was appdnted to the Foundation's Board of Trustee5 on 30 Jun8 2022. he is ￿rrentlY mgmboT of the SMG Board of Trusl88s lappoinled 01 February 20191 and SMG'5 advlsory subcommittee Sci8n¢a Museum Adwscry Board, whose remit Is to advise the group Director and Board of Trustees of SMG on the cultural offer. After her appolntmenl to the Foundatlon's Board of Trusl8e$ on 11 February 2019, Dome Flona Woolf has served as 8 tru$lee of both the Foundatlon and SMG Ireslgned frc*n the Foundation's Board of Truste85 28 February 20231. In 8ccordanc8 with the guidance In th8 Charities SORP. donatlons to the chaity by Twslogs are not disclosed, as no COnd￿onS have been ottached to such donallons r8c&'ved durln9 tha year. The Foundatlon racefved a grant payment of £5,450.000 In the y8Èr from the Scièncè Museum Group exclusively for th8 lurtherance of the charll8ble objectives of the Se18nc8 Museum Group. No grants wére made by SMG lo the Foundatlon tjurfng the year8 to 31 March 2022 or 31 March 2021. SMG charg8d £7.11012022.' £7.5301 for provlslon to tho Foundation of accountsncy and a(Imlnistratlve services and fundraising Support. In 2022-23, the Foundallon made 3 grants to the Sckrynce Museum Group- A paymgnl of £239,524 was made as the first Inslalmenl of a new grant agreemgnt excluslvely for Iho Science Museum Group's Delivorlng Digi181.' Vld80 Lgd Conlenl Slralegy prole¢l. The l01819ranl awarded an(i accounlgd for Is £1,422,289. A poymont in full of £10,000 w8s madg under B new grant agro8ment excluslvely for tha Sclence Museum Group's Grthvlng Dlverse T8lènt prolecl. A payment In fvll of £100,¢xIO was made under o naw grant agyeerhenl excluslvely for the Sclenc8 Museum Group's Innovation Prlze proie¢l. In 2021-22. one grant w85 of £36.300 was aw8rd8d lo SMG'S Director and Chl8f Execullve to enable the development of a research plan and a boDk proposal on the Ilfe & work of Lyon Playfalr. 23