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 2024 A I GROMAN FCA Chartered Accountants Groman & Company 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 (Incorporatlng the Dlrector's Report) Year ended 31 March 2024 The trustees. who are also the directors for the purposes of company law, present their report and the unaudiled financial statements of th8 charity for the year ended 31 March 2024. Reference and admlnlstratlve detalls R8glst•red charity name P.A.L.A.C.E. For All Limited Charity registratlon number 1051112 Company reglstratlon number 03018256 Prlnclpal offlce and r8glsterod Brickworks office 42 Crouch Hill London N4 4BY The trustees R.C. Dixon M. Carolan C. Ellis {Chair) Company secretary J. Smlth Ind•p6ndent oxamlner A,1, Groman FCA Groman & Company 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 Dlrector's Report) (¢ontlnu•dJ Year ended 31 March 2024 Structure, governance and management Govemlng Document The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association, daled 3 December 1995. In October 1992 Palace became a regist8red charity and in F8bruary 1995 the organisation became Palace for All Ltd, a company limited by guarant88. Appolntmont, Inductlon & tralnlng of Trustees All members are circulated with invitations lo nominale trustees prior to the AGM. When consid8ring co-opting trust8es, the Board has regard to the requir8m8nt for any specialist skills needed. New trust88s undergo orlentation and are encouraged to attend approprlate 8Xternal training events where these will facilitate the undertaking of their role. Organlsatlon The charity holds committee me8tings 8 limes a year, every 6 weeks excluding durlng the summer months, to conduct its business. There 15 a on8 full tlme manager, d818gatéd to manage th8 day to day affairs of the organisation. The remalning staff carry out face to fac8 work wilh the cli8nls. The charity engages the services of self-employed prof8ssionals to und8rtake 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. Rlsk managomont The trustees have a rlsk management strategy whlch comprises:. an annual review of the risks the charlty may face., the establishment of systems and procedures to mitigate those risks idenlified in the plan., and- the implementation of procedures designed to minimise any potential impact on the charity should those rSsks malerialise. Objectlves and acllvltlos The charity's conslitulional objects are 'To relieve and advance the education of disadvantaged children in particular by assisting such children to continue in full tim8 8ducation'. Th8 charity undertakes activlties that wlll support the childr8n's health and wellbeing, progress Ihelr education and support their emotlonal development through a range of theraples, teachlng and developmental play as well as providing support to their familles. Achlevement8 and performance Demand lor our Short Breaks seNice continues to grow and we have increased our capacity with each session. We continue to be the maln provider for younger children as they become eligible for the Service while continuing to accommodate our existing cohort of chlldren and we lry our best to provide the full entitlement to eligible children. We manage to recruit new staff throughout the year as others become unavallable and we have established a regular cohort of agency staff. We have established a r8gular ¢ollaboralion with another servi¢e arsd now provide our service with them at their venue. Demand for our term-time services fluctuates although we believe that a strong need is still there. We hav8 concenlrated on fewer opening hours, partly because of the restrictions on venue availability, and we have changed the days of our services. We are committed to publicising and developing that service. We still provide one of our therapies on a weekly basis which remains popular. 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 2024 Flnanclal review The statement of Financial Activities shows income for the year of £133,298 {2023'. £125,851) and total expenditure of £137,047 (2023.. £120,806), resulting in a deficit of £3,749 (2023.. surplus of £5,045). The carried forward unrestricted funds are £41,566 {2023.'£45.315) Reserves The present level of funding is adequate to support the running of the charity for the year ahead. Savings carried fO￿ard from previous years have sustained our reserves. Plans for future perlods We will continue with our stay and play and afterschool provision and with our family support. Our weekly therapy sessions will also continue. We will Continue to sustain these services and we need to continue to promote them. We are still keen to address the ongoing unmet need for these particular activities for our children. The demand for Short Breaks places in the holidays is still greater than Ihe capacity of all of the local providers including Palace and we have a constant flow of referrals of new children. We have increased our own capacity and our relationship with the specialist staffing agency continues to flourish and that combined with our recruitment ensures that we can staff the service. As we do not have our own premises we rely on cooperation with other organisations and we have rekindled a partnership with another local provider to share their exceptional venue and to provide our service there. We hope this will continue and it will continue to enable us to accommodate more children on a reliable basis We remain confident that we will continue to have the support of the Local Authority, the London Borough of Islington, to provide this valuable service. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on truste and signed on behalf of the board of J. Smith Charity Secretary Trustee P.A.L.A.C.E. For All Limited Company Limited by Guarantee Independent Examiner's Report to the Trustees of P.A.L.A.C.E. For All Limited Year ended 31 March 2024 I report to the trust6es on my examlnation of the financial statements of P.A.L.A.C.E. For All Limlted ('th8 charity,) for the year ended 31 March 2024. Responsibilities and ba818 of report As the trustees of the company (and also its directors for the purposes of company law) you ar8 responsible for the preparation of the financial statements in accordanc8 with the requirgmenls of the Companies Act 2008 {'the 2006 Act.). Having satisfied myself that the accounts of the company ar8 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 charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b> of Ihe 2011 Act. Independent oxamlner's statement I have completed my examination. I confirm that no matters hav8 come to my altention In connection with the examlnatlon glvlng me cause to beli8V8'. accounling records were not kept in respecl of the charity as required by section 386 of the 2006 Act: or the financlal statements do not accord wlth those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Acl other than any requlrement that the accounts glve a 'true and fairf vlew whlch Is not a matter consldered as part of an Ind8P8ndent examlnallon., or the financial statements have not been prepared In accordance with the methods and principles of th8 Statem8nt of Recommended PractlC8 for accounting and reporting by charities applicab18 to charlll8s preparing their accounts in accordance wlth the Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters In connection with the examlnatlon to which attention should b8 drawn In this report in order to enable a proper understanding of the accou tstob A.1. Groman FCA Independent Examiner Groman & Company 5 Violet Hill St. John's Wood London NW8 9EB P.A.L.A.C.E. For All Limited Company Limited by Guarantee Statement of Flnanclal Activities {Including income and expenditure account) Year ended 31 March 2024 2024 Unrestrlcted funds Total funds Total funds 2023 Not• Income and endowments Donations and legacies Charitable activities Investment Income 2,421 130,179 698 2,421 130,179 698 1,917 123,593 341 Total In¢omo 133,298 133,298 125,851 Expandlturo Exp8ndilure on charitable activitl8S Total expèndlluro 137,047 137,047 120,806 137,047 137,047 120,806 Net (expendlturo)Ilncomo and net movemont In funds {3,749) (3,749) 5,045 Reconclllatlon of funds Total funds brought foThvard Total funds carrlod forward 45,315 45,315 40,270 41,566 41,566 45,315 Th8 Statement of financlal activltles Includes all galns and losses recognlsed In the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 11 fomi part of these flnanclal statements. P.A.L.A.C.E. For All Limited Company Limited by Guarantee ststement of Financial Position 31 March 2024 2024 2023 Not• Current assets Debtors Cash at bank and in hand 12 S,275 59,233 21,405 27,331 64,508 48,736 Credltors: amounts falllng due wlthln one year Net current assets 13 22,942 3,421 41,566 41,566 45,315 Totsl assets less current Ilabllltles 45,315 Net assets 41,566 45.315 Funds of the charity Unrestricted funds 41,566 41,566 45,315 Total charlty funds 16 45,315 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities.. The members have not required the company lo obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies Subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by.. C Ellis Trustee The note8 on pages 7 to 11 fomi part of these flnan¢lal statements. P.A.L.A.C.E. For All Limited Company Llmited by Guarantee Notes to the Financlal Statements Year ended 31 March 2024 General Infomiatlon 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. Stalement of ¢ompllan¢e These financlal ststements have been prepared In compliance wllh FRS 102, The Flnancial Reporting Standard applicable In the UK and Ihe Republlc of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The financial slat8menls have been prepared on the historical cost basis, as modified by the revaluation of certain financial assels and liabili118s and investment properties measured at fair value through income or expenditure. The financial stalemenls are prepared In sterfing, whlch is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of ostlmatlon uncertalnty The preparation of th8 financlal statements requires management to make Judgements, eslimales and assumptions that aff8cI the amounts reported. These estimates and judgements are continually revi8w8d and are based on 8xperience and other factors, including expectations of future 8ver)ts that are b8118V8d to be reasonable under the clrcumstances. Fund accountlng Unrestrlcted funds are avallable for use at the dlscretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eannarked by the trustees for particular future project or commitment. Re5tricled funds are subjected to restr¢ctlons on their expenditure declared by Ihe donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. P.A.L.A.C.E. For All Limited Company Limited by Guarantee Notes to the Flnancial Statements (contlftu•d) Year ended 31 March 2024 Accountlng pollcles (¢ontlnu•d) Incomlng resources All incoming resources are included in the statement of flnanclal activities when entitlement has passed to the charity., il is probable that the economic benefits assoclated 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 gfft. 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 deriv8d from the cost to lh8 donor or the estimat8d resale value. Donated facilitles 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 seNice. This is classified as unreslricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent, In which case it may be regarded as restricled. Resources expended Expenditure Is recognlsed on an accruals basis as a Ilabillty Is Incurred. Expendlture Includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial actlvities to which it relates.. expenditure on raising funds includes the costs of all fundraising aclivilies, events, non- charitable trading aclSvitles, and the sale of donated goods. expenditure on charitablo activitles Includes all costs incurred by a charity In undertaking activities that further its charitable aims for the benefit of its ben8ficiaries, 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 lunds for the charity nor part of its expenditure on charitable activities. All costs are allocaled to expenditure categories reflecting the use of the resource. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs are apportioned be￿eeft the activities they contribute to on a reasonable, justifiable and consistent basis. Deflnad contrlbutlon 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. P.A.L.A.C.E. For All Limited Company Limited by Guarantee Notes to the Flnanclal Statements (contlnu8d) Year ended 31 March 2024 Accountlng pollcles (eontlnu•d) Deflnod contrlbutlon plans (¢ontlnu•d) Wh8n contributions ar8 not expected to be settled wholly within 12 months of th8 end of th8 r8POrting date in which Ihe employees render the related servic8, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmltod by guarantoo The company is limiled by guarantee of £1 per member without share capital. Donatlons and legacles Unr96trlcted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlons Donations Membershlp fees & Contributions 1,000 150 1,000 150 150 150 Grants Mini Breaks 1,271 1,271 1,767 1,767 2,421 2,421 1,917 1,917 Charltable actlvltles Unrestrl¢tad Total Fund$ Unrestrlcted Total Funds Funds 2024 Funds 2023 Performance-r8lated grants.. L8 Islington-short Breaks Performance-related grants.. London Borough of Islinglon 23,932 23,932 23.774 23,774 106,247 106,247 99,819 99,819 130,179 130,179 123,593 123,593 Inv•stmont Income Unrestrlcted Total Funds Unrestrict8d Total Funds Funds 2024 Funds 2023 Bank interest receivable 698 698 341 341 P.A.L.A.C.E. For All Limited Company Limited by Guarantee Notes to the Financlal Statements (conllnu•d) Year ended 31 March 2024 Expendlture on charltable actlvllles by fund typa Unrestrlcted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Principal activity Support costs 118,002 19,045 118,002 19,045 107,598 13,208 120,806 107,598 13,208 137,047 137,047 120,806 Expendlture on charltable actlvltles by actlvlty type Grant fundlng of actlvltl•8 Support Total funds costs 2024 Total fund 2023 Principal activity Governance costs 118,002 17,387 1,658 135,389 1,658 137,047 119.146 1.660 118,002 19,045 120,806 10. Staff cosls The total staff costs and employee benefits lor the reporting p8riod are analysed as follows: 2024 2023 Wages and salaries Employer contributions to pension plans 78,051 607 72,313 746 78,658 73,059 The average head count of employees during the year was 13 (2023.. 13). No employee received employee benefits of more than £60,000 during th8 y8ar (2023.. Nil). 11. Trustee rernuneratlon 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. 12. Oebtors 2024 2023 Debtors 5,275 21,405 10- P.A.L.A.C.E. For All Limited Company Limlted by Guarantee Notes to the Flnanclal Statements (contlnuod) Year ended 31 March 2024 13. Credltors: amounts falllng due wlthln one year 2024 2023 Creditors Accruals and deferred income Soclal security and oth8r taxes Credit card account Other creditors 9,820 11,400 1,606 42 74 1,832 1,260 326 22,942 3,421 14. Deferred Income 2024 2023 Amount def8rr8d in year 9,900 15. Penslon5 and other post retlrement beneflts Deflnod contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £607 (2023: £746), 16. Analysls of charltable funds Unrostrlcted funds At 1 Aprll 2023 At 31 March 2024 Income Expendlture Unrestricted Fund 45,315 133,298 {137,047) 41,566 At 1 Aprll 2022 At 31 March 2023 Income Expenditure Unrestricted Fund 40,270 125,851 (120,806) 45,315 11 P.A.L.A.C.E. For All Llmited Company Limited by Guarantee Management Information Year ended 31 March 2024 The followlng pages do not forni part of tho flnanclal statements. 12- P.A.L.A.C.E. For All Limited Company Llmited by Guarantee Detailed Statement of Flnancial Actlvltles Year ended 31 March 2024 2024 2023 Incomg and endowments Donatlons and legacies Donations Membership fees & contribution5 Mini Breaks 1,000 150 1,271 150 1,767 2,421 1,917 Charltable actlvltles Performance-related grants: LB Islington-short Breaks Performance-related grants: London Borough of Islington 23,932 106,247 23,774 99,819 130,179 123,593 Investmenl Incom• Bank Interest receivabl8 698 341 Tolal Income 133,298 125,851 Expendltur• ExpendSturo on charltable actlvltle$ Wages and salaries Pension costs Rent Insurance Legal and professional fees Telephone Oth8r offlce costs Direct project and actlvSty costs 78,051 607 16,232 532 1,500 623 952 38,550 72,313 746 10,000 484 1,410 1,064 1,107 33,682 137,047 120,806 Total oxpendlluro 137,047 120,806 Nel (expendlture)Ilncomo {3,749) 5,045 13- P.A.L.A.C.E. For All Limited Company Limited by Guarantee Notes to the Detailed Statement of Flnancial Activities Year ended 31 March 2024 2024 2023 Expendlture on charltable actlvltles Principal activity Grant fundlng aGtlvltles Wageslsalaries Pension costs Other office costs Direct project & activities costs 78,051 607 794 38,550 72,313 746 857 33,682 118,002 107,598 Support costs Rent Insurance Telephone 16,232 532 623 10,000 1,064 17,387 11,548 Governance costs Independent Examiner Fees Bank and credit card Charges 1,500 158 1,410 250 1,658 1,660 Expendlturo on charltable actlvltle8 137,047 120,806 14-