COMPANY REGISTRATION NUMBER: 03018256 CHARITY REGISTRATION NUMBER: 1051112
P.A.L.A.C.E. For All Limited Company Limited by Guarantee Unaudited Financial Statements
31 March 2022
A I GROMAN FCA
Groman & Company Chartered Accountants and Independent Examiner 5 Violet Hill St. John's Wood London NW8 9EB
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name P.A.L.A.C.E. For All Limited Charity registration number 1051112 Company registration number 03018256 Principal office and registered Brickworks office 42 Crouch Hill London N4 4BY The trustees R.C. Dixon M. Carolan C. Ellis (Chair) Company secretary J. Smith Independent examiner A.I. Groman FCA Groman & Company, Chartered Accountants 5 Violet Hill St. John's Wood London NW8 9EB
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Structure, governance and management
Governing Document
The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association, dated 3 December 1995. In October 1992 Palace became a registered charity and in February 1995 the organisation became Palace for All Ltd, a company limited by guarantee.
Appointment, induction & training of Trustees
All members are circulated with invitations to nominate trustees prior to the AGM. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed. New trustees undergo orientation and are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Organisation
The charity holds committee meetings 8 times a year, every 6 weeks excluding during the summer months, to conduct its business. There is a one full time manager, delegated to manage the day to day affairs of the organisation. The remaining staff carry out face to face work with the clients. The charity engages the services of self-employed professionals to undertake specialised sessions for disabled children. Various fundraising initiatives are undertaken by staff and trustees together. Grant applications are undertaken by the senior members of staff.
Risk management
The trustees have a risk management strategy which comprises:- an annual review of the risks the charity may face;
- the establishment of systems and procedures to mitigate those risks identified in the plan; and- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Objectives and activities
The charity's constitutional objects are 'To relieve and advance the education of disadvantaged children in particular by assisting such children to continue in full time education'. The charity undertakes activities that will support the children's health and wellbeing, progress their education and support their emotional development through a range of therapies, teaching and developmental play as well as providing support to their families.
Achievements and performance
Covid19 restrictions continued to have a significant impact on our service provision in this period but we are gradually increasing our the numbers of families we are able to support.
We were able to provide smaller Short Breaks holiday schemes at 50-75% of our previous capacity until October 2021 when numbers were at previous levels and then they dipped again in the February half-term. Demand was less than in previous years but still was higher than we had the capacity to meet.
Our own Covid shutdown for a period in the summer and staffing difficulties contributed to reduced capacity as families felt an increasing need for the Breaks after all the restrictions they had endured. By the end of the period we were back to previous numbers even as demand increased with more families becoming eligible for the service.
Capacity remains an issue, particularly regarding recruitment of sufficient numbers of staff to meet the need. Any limitations are difficult for the families relying on these services and affects our contract income, it being costed per head but as we recruit new staff we will be able to address the ever-increasing need.
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P.A.L.A.C.E. For All Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (eoniyttuedj Year ended 31 March 2022 Flnan¢ial review The statement of Financial Activities shows inwmg for the year of £80,78712021'. £66,324) and total expendi(ure of £ 90,00312021.. £52,764). The nel expenditure of the year £9,216 (2021.. nel surplus £13,560) resuf(s in total funds carried forward of £40,51012021'. £49.7261 Reser¥es The present level of funding is adequate to support the running of the charity for the year ahead. The limrts placed on our provisions of services in this yeaf continued to be counteracted in part by the continuation of grant funding and the support of the Coronavirus Job Retention I"Furlough'} Scheme until October. Savings carried forward from prtsvious years have sustained our Teserves. Plans for fvture periods 11 has been drfficull lo rebuild our lemi-time services including our therapies provision after a long period of closure. We need to re4oyble our efforts lo promote these services and we believe there is still an unmet need for specialist Slay and Play provision. We will continue lo do so with the support of the Local Authority. There is 81so Clearly an increase in demand in our Local Authority area for Targeted Short Breaks services and we are the main provider foi younger children as they become eligible for the seNice. We fad the issue of securing an gppropriate venue for those SerViS and did so with a local sch¢X)I for most of this year. Moving forward we have begun a partnership with a local specialist school whieh is even more appropriate for our children and will enable us lo safely increase our capacty. subject to stsffing levels. Staffing will be one of our greatest challenges as il is faced across our sector. We are committed lo paying at least the London Living Wage lo our sessional staff and our funding has been adequate lo do so. We hope to increase thè contract pre for allendance at our schemes which will meet any further increases in staff pay. We have recently recruited several new staff members and will continue to pursue all avenues lo do so. We are confident we will continue lo have the support of the Local Authority. the London Borough of lslinglon. Small company provl$lons This report has been prepared in accordan wrth the provisions applicable lo companies enlstled to the small ¢ompanies exemption. The trustees, annual report was approved on ............. trustees by.. and signed on behalf of the board of R.C. Dixon Trustee J. Smi(h Charity Secretary
P.A.L.A.C.E. For All Limited Company Limited by Guarantee Independent Examinerfs Report to the Trusteos of P.A.L.A.C.E. For All Limited Year ended 31 March 2022 I report to the trustees on my eXaMinatn of the finanual statements of PA.L.A.C.E. For All Limited I'lhe chanty'l for the year ended 31 March 2022. Responslbllitios and basls of report As the trustees of the company larKI also rt$ directors for the purpose$ of company law) you ale responsible for the preparation of the financial slatements in accordance wf(h the requirements of the Companies Act 2006 Ilhe 2006 Act'l. Having satisfied myseL¢ that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the chanty'$ accounts as carried out under section 145 of the Charth'es Act 2011 I'the 2011 Acl'l. In carryin9 Qut my examination I have foll¢)wed the Directions gtven by the Charity Cc¥nmission under section 1451511b) of the 2011 Act. Indepondent gxaminerfs statement I have completed my examination. I confirn that no fflatters have come lo my attention in connection wrth the examinat gNing me cause lo believe". accounting records were not kept in respect of the chanty a5 required by section 386 of the 2006 Act,. or the financial statements do not ac£ord wrth those record8'. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Ad other than any requirement that the accounts give a 'true and faiff view which is I1 a matter considered as part of an independent examination., or the financial 5tatemenl$ have not been preparwj in OrdanCe wrth the methods and principles of the Slalement of Recommended Practice for aceounting and reporting by charities applicable to charrties preparing their acwunls in accordance wi(h the Financial Reporting Standard appluble in the UK arKI Reputsl of Iland IFRS 102). I have no conce and have come acros5 no other mattets in connection with the examination lo which attention hould be drawn in this report in order to enable a proper understanding of the nts lo be ached. man FCA endent Examiner Ind Groman & Company charter Accountsnt5 5 Violet Hill Sl. John's W¢y)d London NWB 9EB
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| funds Total funds | Total funds | |||
| Note | £ |
£ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 80,775 |
80,775 | 66,324 |
| Investment income | 6 | 12 |
12 | – |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 80,787 | 80,787 | 66,324 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | 90,003 |
90,003 | 51,764 |
| Other expenditure | 9 | – |
– | 1,000 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 90,003 | 90,003 | 52,764 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net (expenditure)/income and net movement in funds | (9,216) | (9,216) | 13,560 | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 49,726 | 49,726 | 36,166 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total funds carried forward | 40,510 | 40,510 | 49,726 | |
| ============================ | ============================ | ============================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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P.A.L.A.C.E. For All Llmited Company Limited by Guarantse Statement of Financial Posltlon 31 March 2022 2022 2021 Current assets Debtors Cash al bank and in hand 13 12.513 47.306 59,819 1,840 52,993 54.833 Credttoys: amounts falllng due wlthln one year Net current assets 14 19.309 5,107 49.726 40.510 40,510 40,510 Totsl assets1os8 current Ilabilities 49,726 Nèt assets 49,726 Funds of the charfty Unrestricted funds 40.510 49,726 Tolal charity funds 16 40.510 49,726 For the year ending 31 March 2022 the charty was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibililie8.' The mwnbers have nlit requirtd the company to obtsin an audit of its financial stslements for the year in question in accordan wf(h section 476., The directors acknowledge their respon$ibililies for comptying with the fftquirements of the Act with respect to accounting rewrds and the prepaialion of financial statements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small componies. regime. These financial ststemenls were approved by the board of trustees and authorised for issue on ..1S.,.11...IL..., and are signed on behaff of the board by.. Fic. Dixot) Trustee Th• notss on pag0s 7 to 11 fo part ofthM• finan¢i#l stat•m•nts.
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Brickworks, 42 Crouch Hill, London, N4 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Defined contribution plans (continued)
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee of £1 per member without share capital.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Grants | |||||
| London Borough of Islington | 17,831 | – | 17,831 | ||
| LB Islington: Short Breaks | 61,921 | – | 61,921 | ||
| Mini Breaks | 1,023 | – | 1,023 | ||
| BBC Children In Need | – | – | – | ||
| ---------------------------- | -------------- | ---------------------------- | |||
| 80,775 | – | 80,775 | |||
| ============================ | ============== | ============================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Grants | |||||
| London Borough of Islington | 23,774 | – | 23,774 | ||
| LB Islington: Short Breaks | 30,696 | – | 30,696 | ||
| Mini Breaks | – | – | – | ||
| BBC Children In Need | – | 11,854 | 11,854 | ||
| ---------------------------- | ---------------------------- | ---------------------------- | |||
| 54,470 | 11,854 | 66,324 | |||
| ============================ | ============================ | ============================ | |||
| 6. | Investment income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2022 |
Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 12 | 12 |
– | – | |
| ============== | ============== | ============== | ============== |
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
7. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Principal activity | 76,748 | – | 76,748 |
| Support costs | 13,255 | – | 13,255 |
| ---------------------------- | -------------- | ---------------------------- | |
| 90,003 | – | 90,003 | |
| ============================ | ============== | ============================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Principal activity | 30,503 | 11,854 | 42,357 |
| Support costs | 9,407 | – | 9,407 |
| ---------------------------- | ---------------------------- | ---------------------------- | |
| 39,910 | 11,854 | 51,764 | |
| ============================ | ============================ | ============================ |
8. Expenditure on charitable activities by activity type
| Grant | |||||
|---|---|---|---|---|---|
| funding of | Support | Total funds | Total fund | ||
| activities | costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Principal activity | 76,748 | 11,614 | 88,362 | 50,138 | |
| Governance costs | – | 1,641 | 1,641 | 1,626 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 76,748 | 13,255 | 90,003 | 51,764 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 9. | Other expenditure | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gifts and donations | – | – | 1,000 | 1,000 | |
| ============== | ============== | ======================= | ======================= | ||
| 10. | Independent examination fees | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent | examiner for: | ||||
| Independent examination of the financial statements | 1,410 | 1,410 | |||
| ============== | ======================= |
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 62,373 | 64,351 |
| Social security costs | - | 20 |
| Employer contributions to pension plans | 676 | 649 |
| ---------------------------- | ---------------------------- | |
| 63,049 | 65,020 | |
| ============================ | ============================ |
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
11. Staff costs (continued)
The average head count of employees during the year was 10 (2021: 11).
The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Number of management staff | 1 | 1 |
| Number of other staff | 9 | 10 |
| -------------- | -------------- | |
| 10 | 11 | |
| ============== | ============== | |
| No employee received employee benefits of more than £60,000 during the year (2021: | Nil). |
12. Trustee remuneration and expenses
SORP 2015 requires the following statements to be made:- no remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Debtors
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Amounts receivables | 12,513 | – |
| Other debtors | – | 1,840 |
| ---------------------------- | ----------------------- | |
| 12,513 | 1,840 | |
| ============================ | ======================= | |
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | – | 182 |
| Creditors | 16,536 | 2,320 |
| Accruals and deferred income | 1,260 | 1,260 |
| Social security and other taxes | 906 | 1,232 |
| Credit card account | 16 | 3 |
| Other creditors | 591 | 110 |
| ---------------------------- | ----------------------- | |
| 19,309 | 5,107 | |
| ============================ | ======================= |
14. Creditors: amounts falling due within one year
15. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £676 (2021: £649).
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 1 April | At 31 March | |||
| 2021 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 49,726 | 80,787 | (90,003) | 40,510 |
| ============================ | ============================ | ============================ | ============================ | |
| At 1 April | At 31 March | |||
| 2020 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 36,166 | 54,470 | (40,910) | 49,726 |
| ============================ | ============================ | ============================ | ============================ |
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Management Information
Year ended 31 March 2022
The following pages do not form part of the financial statements.
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| London Borough of Islington | 17,831 | 23,774 |
| LB Islington: Short Breaks | 61,921 | 30,696 |
| Mini Breaks | 1,023 | – |
| BBC Children In Need | – | 11,854 |
| ---------------------------- | ---------------------------- | |
| 80,775 | 66,324 | |
| ---------------------------- | ---------------------------- | |
| Investment income | ||
| Bank interest receivable | 12 | – |
| -------------- | -------------- | |
| ---------------------------- | ---------------------------- | |
| Total income | 80,787 | 66,324 |
| ============================ | ============================ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 62,373 | 64,351 |
| Employer's NIC | – | 20 |
| Pension costs | 676 | 649 |
| Rent & Services | 10,000 | 6,246 |
| Insurance | 665 | 617 |
| CJRS refunds | (7,802) | (34,937) |
| Independent examination | 1,410 | 1,410 |
| Telephone | 949 | 918 |
| Other office costs | 389 | 638 |
| Direct project and activity costs | 21,343 | 11,852 |
| ---------------------------- | ---------------------------- | |
| 90,003 | 51,764 | |
| ---------------------------- | ---------------------------- | |
| Other expenditure | ||
| Gifts and donations | – | 1,000 |
| -------------- | ----------------------- | |
| ---------------------------- | ---------------------------- | |
| Total expenditure | 90,003 | 52,764 |
| ============================ | ============================ | |
| ---------------------------- | ---------------------------- | |
| Net (expenditure)/income | (9,216) | 13,560 |
| ============================ | ============================ |
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P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Principal activity | ||
| Grant funding activities | ||
| Wages/salaries | 62,373 | 64,351 |
| Employer's NIC | – | 20 |
| Pension costs | 676 | 649 |
| COJR Refund | (7,802) | (34,937) |
| Other office costs | 158 | 422 |
| Direct project & activities costs | 21,343 | 11,852 |
| ---------------------------- | ---------------------------- | |
| 76,748 | 42,357 | |
| ---------------------------- | ---------------------------- | |
| Support costs | ||
| Rent | 10,000 | 6,246 |
| Insurance | 665 | 617 |
| Telephone | 949 | 918 |
| ---------------------------- | ----------------------- | |
| 11,614 | 7,781 | |
| ---------------------------- | ----------------------- | |
| Governance costs | ||
| Independent examination | 1,410 | 1,410 |
| Other office costs | 231 | 216 |
| ----------------------- | ----------------------- | |
| 1,641 | 1,626 | |
| ----------------------- | ----------------------- | |
| ---------------------------- | ---------------------------- | |
| Expenditure on charitable activities | 90,003 | 51,764 |
| ============================ | ============================ |
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