SOMERSET HOUSE TRUST

1. SOMERSET HOUSE TRUST 1998-10-07 → present
2. SOMERSET HOUSE LIMITED 1997-06-17 → 1998-10-07

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Trustees have re-reviewed the Trust's financial position at the date of this report and concluded that existing cash reserves are sufficient to support operations for at least 12 months from the date these financials are approved. Accordingly, Trustees are satisfied that Somerset House Trust remains financially viable, with no material uncertainties regarding its going concern status, and the accounts have been prepared on this basis.”

Group structure

1. SOMERSET HOUSE TRUST · parent
   1. Somerset House Enterprises Limited · England · non-primary purpose trading and taxable activities, including venue hire, retail, raising sponsorship for events and exhibitions, and merchandising

Significant events

• “2024/25 was a highly successful year of delivery and transition punctuated with an unprecedented fire in the summer that thankfully was contained and disaster prevented due to the heroics of staff, security and the London Fire Brigade.”
• “The fire in August 2024 had the potential to be devastating but thankfully was contained to a relatively small area of the building.”
• “A major fire during the year added to these challenges, forcing us to cancel or reschedule events. Insurance proceeds are however expected to cover most of our losses.”
• “In July 2024, both Somerset House Trust & Makerversity, joined the Westminster Sustainable City Charter.”
• “Replacement of 56 hand-dryers throughout the site with the more energy efficient Dyson 9kj Hand dryers expected to reduce energy consumption by 29,000kw /annum.”
• “Major disaster or infrastructure damage: As a large, architecturally significant Grade 1 listed estate, right in the heart of London, major disaster causing significant infrastructure damage and loss of business is another key risk faced by the Trust. This risk was brought into sharp focus this year with a fire affecting the upper floors where the West and South Wings meet.”
• “Much effort was put into seeking support towards our ambitious 2025 programme of ambitious exhibition and new commissions to mark our 25th birthday, against a challenging economic backdrop in terms of corporate partnership and sponsorship.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -1%

  £25,510,000 → £25,257,000

• Cash

  -2.1%

  £14,585,000 → £14,285,000

• Net assets

  -2.2%

  £80,114,000 → £78,338,000

• Employees

  +13.1%

  214 → 242

• Operating profit

  -578%

  £445,000 → -£2,127,000

• Profit before tax

  -407.8%

  £577,000 → -£1,776,000

• Wages

  +16.5%

  £5,058,000 → £5,894,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers