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 2025
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 (Incorporating the Director's Report)
Year ended 31 March 2025
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 2025.
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 Independent examiner
J. Smith
A.I. Groman FCA Groman & Company 5 Violet Hill St. John's Wood London NW8 9EB
- 1 -
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 2025
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
Demand for our Short Breaks service continues to grow and we have increased our capacity with each session. We continue to be the main provider for younger children as they become eligible for the service while continuing to accommodate our existing cohort of children and we try our best to provide the full entitlement to eligible children.
We manage to recruit new staff throughout the year as others become unavailable and we have established a regular cohort of agency staff. We have established a regular collaboration with another service and 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 have concentrated 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
- 2 -
al
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) jeantinwen
Year ended 31 March 2025
Financial rewiew
The statement of Financial ActWwities shows income for the year of £150,397 (20ad: £33298) and total expenditure of £146,337 (2024: £137,047), resulting in @ surplus of E12 060 (2024+ Deficit of £3,749). The carried forward unrestricted funds are £ 53,626 (2024: £ 41 566)
Reserves
The present level of funding ae adequate to support the rucwning of the charity far the year ahead. Savings cared forward from previous (ears have sustained our reserves.
Plans for future periods
We will continue with our stay and play and afterschool provision and with our family suppor, Our weekly therapy sessions will also continue. We will continue to sustain these seaneces and we need to continue to promote them, We are atill keen to address the ongoing unmet need for these particular activities for our children
The damand for Short Breaks places in the holidays is still greater than the capacty of all of the local providers induding Palace and we have a constant few of referrals of mew children. We have increased our own capacity and our relationship with the specialist staffing agency continues to flewrish and that combinedwith our recruilment ensures thet we can staff the service As we do not have our own premises we rely on cooperation wth offer organisations and we have rekindled a partnership with another local provider to share their exceptional yvanue and to provide qur gerdce there. We hope this will continue and it wall continue to enable us to: accommodate more chiltren on 8 reliable basis.
We remain confident that we will continue to have the support of the Local Authonty, the London Borough of lalington, to provide this valuable service
Small company provisions
hee
This report has been prepared in accordance with the provisions applicable to companies entitled to tha small companies exernption re Det 2 The trustees’ annual report was approved on 000... and signed on behall of the board af irusteesby
G, Elis (Chair) Trustee
J, Srrath Chanty Secretary
Bass We
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 2025
I report to the trustees on my examination of the financial statements of PALACE For All Limited (‘tne charity’) for ihe year ended 31 March 2025
Responsibilities and basis of report
43 ihe fustees of the company (and aleo ite directors for the purposes of company law) you an responsible for the preparation of the financal siatiemens in accordance with the requirements of the Companies Act 2006 (the 2006 Act’),
Having satisfied mysell that the accounts of ihe company ere not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's accounts as carried oul umder section 145 of the Charibes Act 2011 (the 2071 Act), In caring out my examination | have followed the Directions given by the Chanty Commission under geaction 14S(Sb) of the 2017 Act.
Independent examiner's statement
I have completed my examination. | confirm thai no matters have come io my aibenion in aoersecion with the examination giving me cause to baleve
-
a@ocounting records were not kept in respect of the chanty as required by section 356 of the 2006 Ack or
-
the financial statements donot aocord with thoee records, or
-
the financial stataments do mot comply with the accounting requirenenis of sechan 396 of the 2006 Act other than any requirernent that the accounts give a ‘true and fair view which if hot a matter comidered as pan of an independent examination, or
-
4 the financial statements have not been prepared in accordance with thee methods and principles of the Statement of Recommended Practice for accounting and reperting by chantias appScable to charities preparing their accounts in accordance with the Fhancial Reporting Standard apoiecable in ihe UK and Republic of Ireland (FRS 102).
| have no concen and have cone across no other matters in connection with the axemination to which attention should be drawn in this report in order to enable a proper understanding of ihe accounts to be reaghed
==> picture [248 x 80] intentionally omitted <==
----- Start of picture text -----
* =
\ hy
Al.independent GromahtFCA Examiner. ) ie N<
Groman & Company
----- End of picture text -----*
5 ‘Violet Hill St John's Wood London NE SEB
-@-
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 2025
| 2025 | 2025 | 2024 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 2,421 | ||
| Charitable activities | 6 | 159,358 | 159,358 | 130,179 |
| Investment income | 7 | 1,039 | 1,039 | 698 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 160,397 | 160,397 | 133,298 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 8,9 | 148,337 | 148,337 | 137,047 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 148,337 | 148,337 | 137,047 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 12,060 | 12,060 | (3,749) | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 41,566 | 41,566 | 45,315 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 53,626 | 53,626 | 41,566 | |
| ================================ | ================================ | ================================ |
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.
- 5 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Statement of Finanéial Position
31 March 2025
==> picture [414 x 195] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Note|2025|2004|
|Current assets|E|E|£|
|Debtors|iz|=|5.275|
|Cash|at bank and|im hand|43,764|59,233|
|S9,764|64,505|
|Creditors: amounts|falling due within one year|13|6,136|22,947|
|Net current assets|63,626|47|566|
|Total assets|less current|liabilities|S2,626|41,566|
|Net assets|52,626|41|566|
|Funds|of|the|charity|
|Unrestricted|funds|53,626|41,566|
|Total charity funds|16|53,626|41 586|
----- End of picture text -----
For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Cirectors’ responsabilities:
-
The members have not required the company to obtain ae audit of its financial statements for the year in question in accordance weth section 475:
-
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 COMpabes subi to the small companies’ regime.
Thege financial stataments were approved by the board of trustees and authorised for issue on wotES and are signed on behalfof the board by
C, Ellis (Chair Trustee
The oles on pages 7 ta 17 form part of those financial statements.
26 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2025
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.
- 7 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
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.
- 8 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
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 | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 1,000 | 1,000 | ||
| Membership fees & contributions | 150 | 150 | ||
| Grants | ||||
| Mini Breaks | 1,271 | 1,271 | ||
| -------------- | -------------- | ----------------------- | ----------------------- | |
| 2,421 | 2,421 | |||
| ============== | ============== | ======================= | ======================= | |
| Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Performance-related grants: LB | ||||
| Islington-Short Breaks | 22,244 | 22,244 | 23,932 | 23,932 |
| Performance-related grants: London | ||||
| Borough of Islington | 137,114 | 137,114 | 106,247 | 106,247 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 159,358 ================================ |
159,358 ================================ |
130,179 ================================ |
130,179 ================================ |
6. Charitable activities
7. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 1,039 | 1,039 | 698 | 698 |
| ======================= | ======================= | ============== | ============== |
- 9 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
8. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Principal activity | 131,579 | 131,579 | 118,002 | 118,002 |
| Support costs | 16,758 | 16,758 | 19,045 | 19,045 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 148,337 ================================ |
148,337 ================================ |
137,047 ================================ |
137,047 ================================ |
9. Expenditure on charitable activities by activity type
| Grant | ||||
|---|---|---|---|---|
| funding of | Support | Total funds | Total fund | |
| activities | costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Principal activity | 131,579 | 14,959 | 146,538 | 135,389 |
| Governance costs | 1,799 | 1,799 | 1,658 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| 131,579 | 16,758 | 148,337 | 137,047 | |
| ================================ | ============================ | ================================ | ================================ |
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 82,204 | 78,051 |
| Employer contributions to pension plans | 278 | 607 |
| ---------------------------- | ---------------------------- | |
| 82,482 ============================ |
78,658 ============================ |
The average head count of employees during the year was 15 (2024: 13).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
11. 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.
12. Debtors
2025 2024 £ £ Debtors 5,275 ============== =======================
- 10 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
13. Creditors: amounts falling due within one year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Creditors | 2,221 | 9,820 | |
| Accruals and deferred income | 1,680 | 11,400 | |
| Social security and other taxes | 2,039 | 1,606 | |
| Credit card account | 117 | 42 | |
| Other creditors | 78 | 74 | |
| ----------------------- | ---------------------------- | ||
| 6,135 | 22,942 | ||
| ======================= | ============================ | ||
| 14. | Deferred income | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Amount deferred in year | 9,900 | ||
| ============== | ======================= |
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 £278 (2024: £607).
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 March | |||
| 1 April 2024 | **Income ** | Expenditure | 2025 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 41,566 | 160,397 | (148,337) | 53,626 |
| ============================ | ================================ | ================================ | ============================ | |
| At | ||||
| At | 31 March 20 | |||
| 1 April 2023 | Income | Expenditure | 24 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 45,315 | 133,298 | (137,047) | 41,566 |
| ============================ | ================================ | ================================ | ============================ |
- 11 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Management Information
Year ended 31 March 2025
The following pages do not form part of the financial statements.
- 12 -
P.A.L.A.C.E. For All Limited
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 March 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 1,000 | |
| Membership fees & contributions | 150 | |
| Mini Breaks | 1,271 | |
| -------------- | ----------------------- | |
| 2,421 | ||
| -------------- | ----------------------- | |
| Charitable activities | ||
| Performance-related grants: LB Islington-Short Breaks | 22,244 | 23,932 |
| Performance-related grants: London Borough of Islington | 137,114 | 106,247 |
| -------------------------------- | -------------------------------- | |
| 159,358 | 130,179 | |
| -------------------------------- | -------------------------------- | |
| Investment income | ||
| Bank interest receivable | 1,039 | 698 |
| ----------------------- | -------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 160,397 | 133,298 |
| ================================ | ================================ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 82,204 | 78,051 |
| Pension costs | 278 | 607 |
| Rent | 12,900 | 16,232 |
| Insurance | 551 | 532 |
| Legal and professional fees | 1,680 | 1,500 |
| Telephone | 1,031 | 623 |
| Other office costs | 866 | 952 |
| Direct project and activity costs | 48,827 | 38,550 |
| -------------------------------- | -------------------------------- | |
| 148,337 | 137,047 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 148,337 | 137,047 |
| ================================ | ================================ | |
| -------------------------------- | -------------------------------- | |
| Net income/(expenditure) | 12,060 | (3,749) |
| ================================ | ================================ |
- 13 -
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 2025
| Year ended 31 March | 2025 | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Expenditure on charitable activities | ||
| Principal activity | ||
| Grant funding activities | ||
| Wages/salaries | 82,204 | 78,051 |
| Pension costs | 278 | 607 |
| Other office costs | 270 | 794 |
| Direct project & activities costs | 48,827 | 38,550 |
| -------------------------------- | -------------------------------- | |
| 131,579 | 118,002 | |
| -------------------------------- | -------------------------------- | |
| Support costs | ||
| Rent | 12,900 | 16,232 |
| Insurance | 551 | 532 |
| Telephone | 1,031 | 623 |
| Support charitable activity - other office costs | 477 | |
| ---------------------------- | ---------------------------- | |
| 14,959 | 17,387 | |
| ---------------------------- | ---------------------------- | |
| Governance costs | ||
| Independent Examiner Fees | 1,680 | 1,500 |
| Bank and credit card charges | 119 | 158 |
| ----------------------- | ----------------------- | |
| 1,799 | 1,658 | |
| ----------------------- | ----------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 148,337 | 137,047 |
| ================================ | ================================ |
- 14 -