The Soho House Foundation THE SOHO HOUSE FOUNDATION ANNUAL REPORT AND ACCOUNTS 2023 The Soho House Foundation Table of Contents Table of Contents......................................................................................................................... Reference and Administrative Information.............................................................................. The Soho House Foundation Report of the Board of Trustees for the Year ended 31 December 2023............................................................................................................................ Charity Information. Purposes and Aims................................................................................................................... How our work delivers our aims............................................................................................ How our work delivers public benefit................................................................................... Our Achievements.................................................................................................................... Geographical regions covered by the grant programme-. Application Screening Process............................................................................................... Charitable organisations supported by The Soho House Foundation during the reporting period.. Soho House Foundation 2023 Global Grant Awards.......................................................... Disaster Relief.. 10 Structure, Governance and Management............................................................................... Governing Document.............................................................................................................. Appointment of Trustees.. Trustee Induction and Training.............................................................................................. Organisation.. statement of responsibilities of the Trustees.. Durin8 the reporting period the Trustees...........................................................................12 Financial Review.. 13 Reserves policy . 13 Plans for future periods- 2024 Grant Programme..........................................................14 Examiner's report to the Trustees of The Soho House Foundation . .15 Respective responsibilities of trustees and examiner. .15 The Soho House Foundation Basis of independent examiner's report.............................................................................15 Independent examiner's statement.....................................................................................15 statement of Financial Activities (incorporating an income and expenditure account117 The Soho House Foundation Balance Sheet.........................................................................18 Notes to the Financial Statements for the year ending 31 December 2023.. 19 ACCOUNTING POLICIES...............................................................................................19 ANALYSIS OF TOTAL EXPENDITURE 2023..................................................................20 DEBTORS..........................................................................................................................20 The Soho House Foundation Reference and Administrative Information The Soho House Foundation is a Charitable Incorporated Organisation and governed by its constitution. Registered name of the Charity: The Soho House Foundation Charity Number (England and Wales) 1199179 Registered Office and operational address 180 Strand London WC2R IEA Board of Trustees: Date of a ointment Term Nick Jones (Chairl 26 May 2022 For life Kimani Roquemore 26 May 2022 4 years Louise Mccabe 26 May 2022 3 years Michael Penrose 26 May 2022 3 years Mark Anderson 26 May 2022 4 years Vanessa Xuereb 26 May 2022 4 years Haseena Farid 26 May 2022 3 years Advisors". Bankers HSBC UK Bank plc, Readin8 Solicitors Wrigley's Solicitors LLP 3rd Floor, 3 Wellington Place, Leeds LS14AP The Soho House Foundation The Soho House Foundation Report of the Board of Trustees for the Year ended 31 December 2023 The Board of Trustees I'The Board'l submit their annual report and the financial statements of The Soho House Foundation I'The Charity'l for the year ended 31 December 2023. Charity Information The organisation is a Charitable Incorporated Organisation ICIO -Foundationl registered 1 June 2022. Purposes and Aims We believe that talent is everywhere, but opportunity is not. The creative industries today don't accurately represent our society. Underrepresented groups in the creative economy based on ethnicity or s)cio-economic background face barriers to succeed. The Soho House Foundation exists to provide resources to fund and empower creative young people and artists from underrepresented and lower socioeconomic backgrounds. We aim to unlock talent, confidence and skills throu8h education and training, providing opportunities for those who have previously experienced barriers in accessing careers in the arts. How our work delivers our aims The Soho House Foundation's approach is to provide funding to carefully selected third party charities aligned with its mission via an annual grant programme. The grant programme is available to charities providing services to creative young people in 4 geographical territories. focussing on local communities where Soho House Limited has a presence. The grant programme is Dpen to charitable or8anisations working in the UK, Europe, the Americas and Asia. How our work delivers public benefit The Soho House Foundation commits to working only with carefully selected registered charitable organisations to deliver programmes to support socially or economically disadvantaged young people. We also make provision for supporting disaster relief from time to time. Our charitable purposes therefore come under the The Soho House Foundation categories of general charitable purposes, but also education and trainin8, children and young people. Our Achievements In 2023 the charity made donations of £220,084 to carefully selected partner charities in the United Kingdom. United States of America. India. and Germany. Our 2023 worldwide grant programme Mias aimed at increasing access to the arts and creative industries for people who face economic or other barriers to inclusion. We identified impactful charitable organisations who have creativity and inclusion at their core, along with a proven track record in programme delivery. Applicant organisations were assessed on criteria including- Their ability to provide transformative opportunities for young creatives The way the programme will address inequality of opportunity The geographical location of the programme The inclusivity of their organisation Their track record in delivering impactf ul programmes. The effectiveness of the way their organisation is managed We prefer to support programmes run by smaller organisations. located in communities close to the point of programme delivery. We do not insist on bein8 the sole funder of a project. where partnership with other organisations enables more impactful work that benefits young creatives. Our primary focus is on youn8 people from school age to 27 years old. We will also fund projects that support creatives of any age who have previously faced social or economic barriers to inclusion and missed opportunities to progress. Our grant programme spans cities across the globe, reflecting the locations of Soho House. Geographical regions covered by the grant programme: Americas.. Atlanta. Austin, Chica80, Detroit. Los An8eles, Mexico City, Miami. Nashville, New York, San Francisco, Sao Paulo, St Vincent & the Grenadines. Toronto. Washington DC. Asia: Bangkok. Hong Kong. Mumbai. Singapore. The Soho House Foundation Europe/Middle East.. Amsterdam, Barcelona, Berlin, Copenha8en, Dublin, Istanbul. Lisbon. Milan. Mykonos. Paris. Rome. Stockholm. Tel Aviv. Zurich. UK.. Brighton. London, Manchester. Oxfordshire, Somerset For the 2023 Global Grant Programme. there were 4 grants of £25,000 available. one for each of the regions outlined above. However. there were insufficient grant applications aligned with our requirements from the Asia region. so instead we offered an additional grant within the Americas. Application Screening Process We introduced a robust grant assessment process. We aim to avoid burdening organisations with a complex application process before checking their eligibility and legal standing. We therefore ask for a short initial expression of interest to confirm the organisation's eligibility. At this point we review key governance policies and the organisations. governing documents as part of our dueac diligence. Eligible groups are then be invited to complete a more detailed application form describing the impact our grant fundin8 would make for the youn8 creatives their or8anisation supports. Charitable organisations supported by The Soho House Foundation during the reporting period: 4 x Launch Partnerships Thefollowing partners were selected by Trustees in 2022. with grants distributed in 2023 when the charity's bank account ￿laS operational: Inner City Arts, Los Angeles. USA £25.000 Empowering Los An8eles children, teens, and the community through the transformational power of the arts Happy Feet Home, Mumbai. India £25.000 India's first Children's Hospice, providing emotional. psycho-social. and spiritual support School Ground Sounds, London £25,000 Empowering young people through music and community in lower income areas in London The Soho House Foundation Jeu8dfond Sport & Cultuur, Amsterdam £25,000 Providing access to creative classes for young people from low-income families Soho House Foundation 2023 Global Grant Awards The following four or8anisations were recipients of our first Global Grant Scheme in 2023. These organisations will report back to Soho House Foundation ISHFI by September 2024. so full impact data was not available at time of publication. However. we include below s)me interim feedback from the funded groups: UD Music. East London. UK £25.000 UD Music is a London-based music organisation bringing communities together around Black music and Black culture Ivith the support of The Soho House Foundation. we have seen significant growth in our choir. Flames Collected. with the addition of new members and increased performance opportunities. Notably. the Flames collective has had the privilege of performing alongside acclaimed artists such as Kojey Radical and six-time BRITS winner RAYE. providing them with paid work experience opportunities. 96/0 of Flames Collective participants come from Black or Minority ethnic backgrounds, contributin8 to a more diverse future music landscape. We have successfully implemented the Record Label Projects in four schools across Hackney. Newham and Tower Hamlets and have been able to broaden our programme at the Talent House to include new entry level courses in Singing and Performance and Music Production. Both initiatives have enhanced participants, understanding of music creation and performance and have boosted their confidence.. Louisiana Philharmonic Orchestra, New Orleans, USA £25,000 The Louisiana Philharmonic Orchestra's mission is to transform people and communities through music. Ve've been able to reach over 3.000 more students through concerts and expand our music mentorship programmes to use orchestral music as a way to educate. empower and uplift the youth of greater New Orleans. The Soho House Foundation The orchestra won its first GRAMMY Award a few weeks about for our collaborative album with the Lost Bayou rambler5. and several of the top students were featured as part of the welcome for Little Amal during her visit through the United States. We launched a pilot partnership with New Orleans Public Schools where we were able to reach over 3,000 additional student5 at no cost to those schools for young people's concerts. We also expanded from 2 schools into eight schools for our music mentorship programme., The Dinner Table Documentary Inc. Brooklyn New York. USA £25.000 The mission of The Dinner Table Documentary is to empower and uplift young women of colour by fostering their leadership skills, reinforcing self-identity. and nurturing their health and wellness. Through these vital frameworks the charity strives to embolden these young women to seize their limitless potential, magnify their authentic voices and confidently claim their prominent seat at every table. From December15-1Ph 2023. the Dinner Table hosted students from partner schools for an inspiring three-day conference. The conference featured self-esteem building workshops, skill building panels. careers panels, discussions. speakers and community building initiatives, including a signature Dinner event and 'Pink Toast Brunch. 73.8/0 of the students who attended the conference shared that the session made obstacles to success feel smaller 41.5/0 of students reported meeting a potential mentor due to the conference. This was noted as a significant improvement on 13% reported at a previous event. Roots. Berlin. Germany £25.000 ROOTS is a non-profit organisation uniting the Black, Indigenous and People of Colour IBI POCI community through creativity. holistic wellbeing and knowledge sharing. The organisation aims to strengthen positive self-perception and offer support against racism and discrimination. Alongside partners, Roots crafts pro8rammes to nurture body awareness and unlock artistic potential. The programme fvnded by The Soho House Foundation comprises a year long series of creative workshops including writin& painting and sculpting clay. Writin Worksho The Soho House Foundation 100% of participants agreed that the 5e55ion has helped them feel more confident in themselves and their abilities. 60/0 agreed that the session helped them to better understand the causes and effects of stress in their everyday life and learn stress-reducing behaviours. Paintin Worksho 94 /0 of participants agreed the session has helped them feel more confident in themselves and their abilities. 880/0 agree that the session helped them to better understand the causes and effects of stress in their everyday life and learn stress-reducing behaviours. Disaster Relief In line with our charitable purpose. two donations were made to aid disaster relief during the period- Disasters Emergency Committee Earthquake Appeal Responding to the Turkiye-syria Earthquake Appeal £10.000 International Committee of the Red Cross £10.000 Responding to the Israel-Gaza Appeal 10 The Soho House Foundation Structure, Governance and Management Governing Document The Soho House FoLJndation is 8 charitable incorporated organisation (CIO - Foundation) registered with the charity commission and governed by its Constitution. Appointment of Trustees All Trustees give their time voluntarily and receive no benefits from the charity. In selecting individuals for appointment. the Charity has regard for the skills, knowledge and experience needed for its effective administration. Chair of Trustees of the Charity. Nick Jones. Ivas also a director of Soho House Limited IUK company 032881161 for the period from 1 June 2022 to November 2023. Trustee Induction and Training All 7 trustees were appointed in June 2022 as part of the incorporation of the Charity. The Trustee board includes individuals who are experienced in charity trusteeship. All Trustees were invited to attend charity trustee training regardin8 their legal obligations, and received written guidance on public benefit, legal responsibilities, and charitable purpose. as well as a copy of the CIO'S Constitution. Or8anisation The Charity has no employees. The Trustees administer the charity and usually meet quarterly. To facilitate effective operations and the day to day running of The Soho House Foundation. the Trustees have delegated authority. within the terms of dele8ation approved by Trustees, to the Soho House Limited House Foundations ICSRI team (Soho House Limited. UK Company 032881161, and to the Soho House Limited finance team who will provide regular management accounts. These delegated powers include managing the Charity by implementing the policy and strategy and expenditure within the budget approved by Trustees and Froviding advice to the Trustees in relation to such policy. strategy. and budget. The Trustee Board includes independent trustees as well as employees of Soho House Limited. The Trustees ensure that appropriate financial and operating controls are in place to ensure that thc Charity's purposc is followcd by oCttin8 authority Icvcl- for opcratin6 cxpcnditurc and funding grants. statement of responsibilities of the Trustees 11 The Soho House Foundation Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities durin8 the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view. the Trustees should follow best practice and.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether applicable UK Accountin8 Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safe8uardin8 the assets of the charity and 8roup and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's webF,ages. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustees are responsible for the maintenance and inte8rity of the information included in this report and on The Soho House Foundation web pages. Durlng the reporting period the Trustees Developed and implemented a robust assessment and due diligence process for screening international grant funding applications Reviewed and selected the successful organisations for grant funding Agreed that funds in response to disaster relief would be made via the Red Cross/Red Crescent international aid charity. 12 The Soho House Foundation Published new governance policies- Complaints and Feedback Procedure, Delegated Financial Authorities, Financial Responsibilities, and Trustee Code of Conduct Developed fvrther governance policies for internal use: Safeguarding. Risk Management, Trustee Expenses, Conflict of Interest, Anti-Bribery and Corruption Published the charity's first Trustee Report cn the Charity Commission website. Financial Review The Charity was required by the Charity Commission to report for the period June 2022- December 2022. the first six months of the Charity's operation. In that period there was no income or expenditure as the charity was in the process of opening its first bank account. During the period of this rèport (January 2023- December 20231 the charity's bank account became operational and received donations from Soho House Limited totalling £271,'30. The donations ensured that The Soho House Foundation had sufficient fundsto fulfil its Global Grant Programmes and to provide for occasional disaster relief donations agreed by trustees in line with its charitable purpose. During the period. The Soho House Foundation fulfilled grant payments to 8 charity partners ofivhich 4 were selected in 2022, and 4 were selected for the 2023 Global Grant Programme. Trustees also agreed to make two donations related to disaster relief. At the year end. a balance of £55,996.28 was carried forward. These funds are unrestricted and available to support the charity's activities in 2024. Reserves policy Rcscrvcs arc that part of a charity's unrcstrictcd funds that is frccly availablc to 5pcnd on any of the charity's purposes. The Soho House Foundation recognises its responsibility to: provide a lev81 of workin8 capital that protects the continuity of our core work ensure that commitments made to grant recipients can be met provide a level of funding for unexpected opportunities 13 The Soho House Foundation provide cover for risks such as unforeseen expenditure or unanticipated loss of income. The Board of Trustees reviews the above criteria on an annual basis with reference to The Soho House Foundation's strategy and Annual Plan and determines the tar8et level of free reserves to meet these responsibilities. The Board of Trustees will at times designate funds from free reserves for significant project costs or replacement of major assets. No reserve was held during 2023 in relation to overheads. Soho House Limited provides ongoing pro-bono administrative and accounting support to the Foundation. as well as office space. Plans for future periods- 2024 Grant Programme Soho House Limited has confirmed its intention to make further donations in respect of the Global Grant Programme in 2024. The Soho House Foundation will therefore launch its 2024 Grant Programme in February 2024, with the same criteria and 8rant assessment protsss developed in 2023. Approved by all Trustees on the 13th of September 2024 and signed on their behalf by: Nick Jones Chair The Soho House Foundation 14 The Soho House Foundation Examiner's report to the Trustees of The Soho House Foundation I report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages17 to 20. Respective responsibilities of trust8es and examiner As the charity's trustees you are responsible for the preparation of the accounts.. you consider that the audit requirement of section 144121 of the Charities Act 2014 (the Act) does not apply and that an independent examination is needed. It is my responsibility to- examine the accounts lunder section 145 of the Actl- to follow the procedures specified in the General Directions 8iven by the Charity Commissioners under section 1451511bl of the Act and,. to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It elso includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view 8iven by the accounts. Independent examiner's statement In connection with my examination. no matter has come to my attention: 111 which gives me reasonable cause to believe that in any material respect the requirements to keep accountin8 records in accordance with section 130 of the Act; and to prepare accounts which accord with the accountin8 records and comply with the accounting requirements of the Act: have not been met; or 15 The Soho House Foundation 121 to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Nicholas Lawrence. ACA 61 Benskin Road, Watford, WD18 OHN 16 The Soho House Foundation Statement of Financial Activities (incorporating an income and expenditure account) Unrestricted Unrestricted Notes 2023 2022 Income from Donations 271.130 12.685 5,000 Donated Services- Time from SHUK Staff & Consultants Total income 283,815 5,000 Expenditure on Charitable activities 220,126 12.685 Charity Support Total Expenditure 232.811 Net income and movement in funds 510.626 5.000 Total funds brought forward Total funds carried forward 5.000 521.626 5,000 17 The Soho House Foundation The Soho House Foundation Balance Sheet Notes As at Asat 31 Dec 2023 31 Dec 2022 Current Assets Debtors 2.158 5.000 Cash at bank and in hand 5&846 Net Current Assets 56.004 5.000 Net Assets 56,004 5,000 Funds Unrestricted funds 56,004 5,000 Total Charity Funds 56.004 5.000 The notes on pages 19-20 form part of these accounts. Approved by the Trustees on Friday the13th of September 2024 and signed on their behalf by: Nick Jones Chair The Soho House Foundation 18 The Soho House Foundation Notes to the Financial Statements for the year ending 31 December 2023 1. ACCOUNTING POLICIES Accountin convention The financial statements have been prepared in accordance with Accounting and Reportin8 by Charities: Statement of Recommended Practice applicable to charities preparin8 their financial statements in accordance with the Financial Reportin8 standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191 (Charities SORP IFRS10211. Incomin resources All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Resources ex ended Expenditure is accounted for on an accruals basis and has been classified under headin8S that a88re8ate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Donated services The value of donated services is recognised as income once the economic benefit of the service provided has passed to the charity and the value of the service can be measured reliably. The value of the gift to the charity has been measured using the cost of the service to the donor. An equivalent amount is recognised as an expense under the appropriate heading in the statement of financial activities when the benefit of the service is utilised immediately. Taxation The charity is exempt from tax on its charitable activities. Fund accountin 19 The Soho House Foundation Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpose5. The charity has not received and does not hold restricted funds. 2. ANALYSIS OF TOTAL EXPENDITURE 2023 Grant funding of activities to institutions Support costs Total Empowering young people and artists from underrepresented and lower socioeconomic 200.000 11,653 211,653 backgrounds Disaster relief 20,000 220.000 1,158 12.811 21,158 232.811 Total 3. DEBTORS 2023 2022 Accrued income 5,000 other debtors 2.158 Total 2.158 5.000 20