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2021-03-31-accounts

F U L H A M P A L A C E T R U S T

Annual Report and Accounts for the year ended 31 March 2021

ANNUAL REPORT | 2021

F U L H A M P A L A C E T R U S T

Annual Report of the Trustees and Accounts for the year ended 31 March 2021

www.fulhampalace.org

Company limited by guarantee, registered number 07464167 Registered Charity number 1140088

1 ANNUAL REPORT | 2021

T H E B O A R D O F T R U S T E E S

Chair

Mariana Spater

Trustees

Fiona Beatty

Phillip A Emery, BEng, MA, FSA, MIfA (resigned 25 January 2021) Deborah Farley-Persaud

John King Alison Lightbown (Deputy Chair from 29 April 2021) Fiona McWilliams Caroline Needham Victoria E Quinlan Kevin Rogers Reverend Penny Seabrook

Robbie Sommerville

Chief Executive of Fulham Palace Trust

Siân Harrington, BA, MA, MBA, AMA

2 ANNUAL REPORT | 2021

C O N T E N T S

Trustees’ Annual Report 4
Reference and Administrative Details 4
Statutory Background 5
Organisation and Structure 5
Procedures Regarding New Trustees 5
Subsidiary Undertakings 5
Aims of the Trust 6
The Fulham Palace Trust Business Plan (2017/18 - 2024/25) 6
Chair’s Report 8
Thank you to donors 11
Trustees’ Responsibilities 15
I ndependent Auditor ’s Report 16
Group Statement of Financial Activities 21
Balance Sheet for the Group and the Company 23
Cash Flow Statement for the Group 24
Comparative Group Statement of Financial Activities 25
Notes to the Accounts 26

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T R U S T E E S ’ A N N U A L R E P O R T

Reference and Administrative Details

COMPANY SECRETARY

S Harrington

TRUSTEES AND DIRECTORS OF THE COMPANY

Fiona Beatty Phillip A Emery, BEng, MA, FSA, MIfA (resigned 25 January 2021) Deborah Farley-Persaud John King Alison Lightbown (Deputy Chair from 29 April 2021) Fiona McWilliams Caroline Needham Victoria E Quinlan Kevin Rogers Reverend Penny Seabrook Robbie Sommerville Mariana Spater (Chair)

REGISTERED OFFICE

Fulham Palace Trust Fulham Palace Bishop’s Avenue London SW6 6EA

AUDITORS

Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

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Statutory Background

The Fulham Palace Trust (“the Company”) was incorporated on 8 December 2010 and registered with the Charity Commission on 27 January 2011. It is a company limited by guarantee and registered in England (number 07464167) and is a registered charity (number 1140088). It is governed by Memorandum and Articles of Association.

Organisation and Structure

The board of trustees, which can have up to 12 members, administers the charity. The Trust meets every 2 months, with 3-4 meetings of Finance Risk and Audit Committee per annum. There is also a Fundraising Committee that meets twice per annum, and a Nominations Committee that meets as necessary.

A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, with terms of delegation approved by the trustees, for operational matters including finance, employment, PR/marketing, fundraising, maintenance, collections management, health and safety, and learning and outreach related activity.

As set out in the Articles of Association, the London Borough of Hammersmith & Fulham may appoint a maximum of two trustees and the Bishop of London may appoint one trustee. The Chairman may hold that office for a maximum period of 3 years, and may be re-appointed for a further 3 years but no more.

Procedures regarding New Trustees

New trustees receive information about Fulham Palace Trust, its aims and objectives and are given a tour of the Palace, meeting staff and volunteers. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Subsidiary Undertakings

The results of Fulham Palace Trust’s subsidiary undertaking, Fulham Palace Enterprises Community Interest Company, are summarised in Note 3 to the financial statements.

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Aims of the Trust

The charity’s objects (“ Objects ”) are specifically restricted to the following:

The Church Commission is the freeholder of the Fulham Palace site, and London Borough of Hammersmith and Fulham is the long leaseholder who ran Fulham Palace until 31 March 2011.

The Fulham Palace Trust Business Plan (2017/18 – 2024/25)

The business plan for these 8 years was ratified at a Trust Board meeting on 19 September 2016.

VISION OF FULHAM PALACE TRUST

Vision

To engage people, through the stories of Fulham Palace and the Bishops of London, in 6,000 years of English history, and to become one of the UK’s most inclusive and inspiring historic houses and gardens.

Key aims

6 ANNUAL REPORT | 2021

Business Plan Targets

The business plan, which runs over the period 2017/18 to 2024/25, shows the Trust developing a viable business through increased earned income and fundraising income, taking overall income from £1.2m in year 1 (2017/18) prior to capital works starting on site, to £1.6m in Year 8 (2024/25).

Our organisational model enables us to:

7 ANNUAL REPORT | 2021

C H A I R ’ S R E P O R T

Mariana Spater

Fulham Palace Trust, like many organisations, faced a multitude of challenges over the past year. When I wrote last year’s Chair’s report the country had only recently gone into Covid -19 lockdown and Fulham Palace was closed. It is sad and sobering to reflect that the closure of the buildings has lasted for most of the past year.

While both our finances and visitor offer inevitably suffered due to the ongoing pandemic, I am proud to say that we faced these challenges head on. Through the hard work of our team, in many ways we are moving forward as a more resilient organisation.

We were able to take advantage of the Government Job Retention Scheme, local authority grants and emergency funding from the National Lottery Heritage Fund. We worked with our commercial tenants to help to spread the rental obligations and we thank them for their co-operation in helping the Palace maintain this income. We are also very grateful to our Patrons and Friends who contributed generously to a fundraising appeal over the summer to keep the Palace open. Our thanks as well to the local authority for being understanding about the COVID-19 related impact on the Trust as we try to work out a loan repayment schedule.

These funding sources helped to reduce the impact of the huge reduction in overall income and enabled the Trust to maintain its reserves. In 2020/21, our overall revenues fell by £344k in 2020/21 compared with the previous year, whilst our expenditure remained broadly the same. This meant that our net surplus was reduced by £321k year on year giving us total reserves of £4.2m at the year end.

While we have had to close the Palace buildings for most of the year, our grounds, including our walled garden, have been open for the community to enjoy since the ending of the first national lockdown in June 2020. We hope that our visitors found peace and some solace in the beautiful surroundings.

To continue to engage with our audiences during the restrictions, we quickly adapted our visitor experience. The launch of our online shop resulted in a significant increase in spend per head, boosted by the sale of plants grown by our garden team. A number of events and learning activities were hosted virtually for the first time with great success. Taking advantage of temporary lifting of restrictions, we held our annual apple day, and a Christmas fair in conjunction with visits to Father Christmas. Both were very well attended and were a real boost for the Palace staff and visitors.

We used the time during lockdown to look at our exhibitions programme and how we can broaden our telling of the history of Fulham Palace and its incumbents to 8 ANNUAL REPORT | 2021

include the impact of colonialism and the involvement of the Bishop of London in the transatlantic slave trade and later abolition movement. Alongside this we are looking at how we can engage a wider range of people in telling our stories.

On 2 May 2021 we launched our biodiversity and climate change resilience strategy to address the pressing issues facing the planet and aim to minimize our impact on the environment in all senses. This is a comprehensive strategy covering all aspects of the Trust’s work and was a result of staff reflection during lockdown about the value of green spaces.

Huge thanks are due to our staff some of whom were furloughed for some considerable time. They were resilient and managed their roles well in the everchanging circumstances. I’d also like to thank my fellow board members for their support, including the four new trustees appointed in the spring of 2020. We value their fresh perspectives and expertise and are grateful to them for joining us.

None of this would have been possible without our supporters. We are grateful to the Church Commission and to all our supporters and funders, including the National Lottery Heritage Fund (NLHF), the London Borough of Hammersmith and Fulham (LBHF), individual and corporate Patrons and donors, The Friends of Fulham Palace, and our staff, led by Siân Harrington, and volunteers.

We hope that the coming months will see some return to what we are all used to. However we will remain vigilant and seek to safeguard our visitors, volunteers and staff by taking any measures deemed appropriate. We look forward to opening our doors once more to inform, entertain and delight our community.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission.

RISK ASSESSMENT

The major risks to which the charity is exposed have been identified and reviewed and systems have been established to mitigate these risks.

RESERVES POLICY

In 2016/17, FPT developed a risk based reserves policy which is underpinned by the organisational risk register and is linked with the charity’s strategy and business plan. This provides a more dynamic approach to the charity’s reserves management with target levels changing in line with FPT’s risk profile and reserves requirements. The policy was adopted in March 2017, but given the nature of a risk based reserves policy the calculations are updated quarterly.

9 ANNUAL REPORT | 2021

This policy covers FPT’s unrestricted funds. Restricted and Endowment funds are not covered within this policy. FPT’s unrestricted funds consist of the following:

As per the calculations done in March 2018, the target reserve to be achieved by year 8 of the business plan is £636k, comprising £328k capital/maintenance, £288K free reserves and £20k opportunity reserves. The business plan aims for this level of reserves to be achievable by 24/25, but this is currently being evaluated in light of COVID.

INVESTMENTS

Monies surplus to operational working capital requirements are invested in line with our investment policy, the objective of which is to maximise returns whilst ensuring that as far as possible funds are adequately safeguarded.

SIGNED ON BEHALF OF THE TRUSTEES on 19 July 2021 Marian&onSpater

10 ANNUAL REPORT | 2021

T H A N K Y O U

With thanks to our founding donors and all those who have given to Fulham Palace over the course of the year 1 April 2020 – 31 March 2021.

Founding Donors

An Anonymous Benefactor Botterill, Councillor Nicholas Cook, Sandra Edington, Gordon (CBE) Emery, Phillip (FSA) Hackett, Thomas and Genevieve Hawes, the Reverend Canon Joseph Howard, Phil and Jennie Ingram, Tim Poole, Martin Sanderson, Tim and Dede The Scorpion Trust Von Schoenaich, Brita Williams, Dr Jonathan Wright, Ken

Life Patrons

An Anonymous Benefactor Borrows, Simon and Sally Boyce, Ian and Daphne Burgess, Vernon and Jennifer Elizabeth

Clark, Simon Dean, Esther Fanshawe, Angus

11 ANNUAL REPORT | 2021

Fenn, Anthony and Lesley Cox * Fowler, Stuart and Mindy Greenhalgh, Stephen Groenholm, Klaus and Kate Harding, Anthony and Karen Hill-Smith, Alex and Isobel Hogg, Charlotte Ingram, Jonathan and Abi Ingram, Tim and Christine Laing, Christopher Leslie, Jonathan and Pepe Lyon, Sebastian and Flora MacQuitty, Miranda McMillan, Carolyn Monaghan, Ben and Louise Nunneley, Sir Charles and Lady Catherine Stead, George and Daphne Upton, Richard Whitehouse, Keith Witherow, John Wright, Jennifer

Annual Patrons

Armstrong, Caroline and John Atwell, Jamie Aylmer, Lady Belinda and Lord Julian Balisciano, Márcia Beatty, Chris and Fiona Blunden, George and Jane Bowden-Dan, Jane

12 ANNUAL REPORT | 2021

Cash, Gillian Ellis, Patrick and Yasmine Farley-Persaud, Deborah Finch, Stephen Garnett, Jeremy and Fiona * Haly, William Harding, Anne Hedges, Philip and Jane MacQuitty Holmes, Catherine and Mather, Robert Janes, Jenny Jenkins, David and Fiona King, John Lambert, Maurice and Rosemary MacIntyre, Arabella and Duncan Marx, Jill McWilliams, Fiona and Jeremy Nicholl-Carne, Sarah Paterson, David and Rosemary Perry, Alison and Ross Quinlan, Victoria Richards, Alison and Geoffrey Rylance, His Honour John and Rylance, Philippa Scholes, Carol Shocket, Godfrey and Sue Sommerville, Robbie Taljard, Garth and O’Malley, Charlotte Walsh, Stephen Walter, Derek Weston, Jill Wilkes, Angela Woods, Gil and May Young, Martin and Sarah

Corporate Patrons Bovingdons Pascal Huser Design and Build Peregrine Bryant Architects Ltd

13 ANNUAL REPORT | 2021

Charitable Trusts, Foundations and Organisations to Fulham Palace (£1,000+):

Art Fund Barbara and Philip Denny Trust Borrows Charitable Trust Christopher Laing Foundation Douglas and Gordon Dyers Company Friends of Fulham Palace Fulham Society The Historic Houses Foundation Lyon Family Charitable Trust National Lottery Heritage Fund The Pilgrim Trust Scorpion Charitable Trust Sion College Spater Estate via BDB Pitmans The V&A Museum The Zena Trust

Individual Donors (£1,000+):

Barnes, Darrell Boyce, Ian Groenholm, Kate and Klaus Hooper, Gemma Laing, Christopher Marx, Jill McWilliams, Fiona Monaghan, Ben Nunneley, Sir Charles Sanderson, Tim and Dede Sommerville, Robbie

*We are very sad to report that two our of supporters, Leslie Cox and Fiona Garnett, have passed away.

With thanks to all those who have given to Fulham Palace over the course of the

14 ANNUAL REPORT | 2021

year.

T R U S T E E S ’ R E S P O N S I B I L I T I E S

The trustees are responsible for preparing the Annual Report and the accounts in accordance with applicable law and regulations.

Company law requires the trustees to prepare accounts for each financial year. Under that law the trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the income and expenditure of the group for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the trustees are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the company’s auditors are unaware and each trustee has taken the steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

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I N D E P E N D E N T A U D I T O R ’ S R E P O R T T O T H E M E M B E R S O F F U L H A M P A L A C E T R U S T

Opinion

We have audited the financial statements of Fulham Palace Trust (“the charitable company”)for the period ended 31 March 2021 which comprise the Group Statement of Financial Activities, the Balance Sheet for the Group and Company, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the chair’s report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

17 ANNUAL REPORT | 2021

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the fin ancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it

19 ANNUAL REPORT | 2021

is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland FCA Senior Statutory Auditor

For and on behalf of: Critchleys Audit LLP, Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

17 August…………… 2021

20 ANNUAL REPORT | 2021

G R O U P S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

i n c l u d i n g t h e I n c o m e a n d E x p e n d i t u r e A c c o u n t

F o r t h e y e a r e n d e d 3 1 M a r c h 2 0 2 1

Restricted
Funds
Unrestricted
Funds
Notes
£
£
Income and endowments from
Donations and legacies
2
250,122
564,407
Activities for generating
funds:
Charitable activities
4
-
905,335
Other trading activities
3
-
212,618
Investments
5
-
402
Total income and endowments
250,122
1,682,762
Expenditure on
Raising funds
Fundraising costs
6
-
56,756
Non charitable trading
expenditure
3
-
10,354
Charitable activities
7
231,601
1,344,740
Total expenditure
231,601
1,411,850
Net income before transfers
18,521
270,912
Transfers between funds
19
(51,560)
51,560
Net (expenditure)/income for
the year
(33,039)
322,472
Other recognised gains/losses
Actuarial (loss)/gain
on defined benefit pension
schemes
17
-
(42,000)

Net movement in funds
(33,039)
280,472
Reconciliation of funds
Total funds brought forward
420,264
3,550,755
Total funds carried forward
387,225
3,831,227		 2021
Total
£
814,529
905,335
212,618
402
1,932,884
56,756
10,354
1,576,341
1,643,451
289,433
-
289,433
(42,000)
247,433
3,971,019
4,218,452		 2020
Total
£
1,019,278
890,574
346,349
648
2,256,849
66,149
27,595
1,552,779
1,646,523
610,326
-
610,326
205,000
815,326
3,155,693
3,971,019

21 ANNUAL REPORT | 2021

G R O U P S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S ( c o n t i n u e d )

i n c l u d i n g t h e I n c o m e a n d E x p e n d i t u r e A c c o u n t

F o r t h e y e a r e n d e d 3 1 M a r c h 2 0 2 1

The notes on pages 26 to 42 form part of these accounts.

All activities are continuing. There are no gains or losses other than those shown above.

Details of restricted funds are set out in note 19 of the accounts.

Unrestricted Funds of the group comprise Non Charitable Trading Funds (Fulham Palace Enterprises Community Interest Company reserves) and the General Fund (which is the Company’s operating fund). The total Unrestricted Funds at the end of the year of £3,831,227 comprise a £nil balance on the Non Charitable Trading Funds, a surplus on the General Fund of £3,921,227 and a deficit on the Pension Fund of £90,000. Further details relating to the funds are given in note 18 to these accounts.

As the Company is limited by guarantee, and with charitable objectives, a reconciliation of “shareholders funds” is not considered appropriate.

22 ANNUAL REPORT | 2021

B A L A N C E S H E E T F O R T H E G R O U P A N D T H E C O M P A N Y

R e g i s t e r e d c h a r i t y n u m b e r : 1 1 4 0 0 8 8 R e g i s t e r e d c o m p a n y n u m b e r : 0 7 4 6 4 1 6 7

A s a t 3 1 M a r c h 2 0 2 1

Group Company Group Company
2021 2021 2020 2020
Notes £ £ £ £
Fixed assets
Tangible assets 12 3,848,396 3,848,396 3,871,428 3,863,060
Current assets
Stocks 13 8,640 8,640 10,037 10,037
Debtors 14 264,550 420,459 126,113 492,746
Cash at bank and in hand 1,045,478 866,854 905,330 543,828
1,318,668 1,295,953 1,041,480 1,046,611
Current liabilities
Creditors due within one
year		 15 (576,003) (553,288) (476,138) (472,901)
Net current assets 742,665 742,665 565,342 573,710
Total assets less current
liabilities		 4,591,061 4,591,061 4,436,770 4,436,770
Creditors:
Amounts falling due after
more than one year 16 (282,609) (282,609) (433,751) (433,751)
Net assets excluding pension 4,308,452 4,308,452 4,003,019 4,003,019
liability
Pension scheme liability 17 (90,000) (90,000) (32,000) (32,000)
Net assets 4,218,452 4,218,452 3,971,019 3,971,019
Represented by:
Unrestricted funds - general 18 3,921,227 3,921,227 3,582,755 3,582,755
Unrestricted funds – pensions (90,000) (90,000) (32,000) (32,000)
Restricted funds 19 387,225 387,225 420,264 420,264
4,218,452 4,218,452 3,971,019 3,971,019

These accounts were approved and authorised for issue by the Board of Trustees on 19 July 2021

The notes on pages 26 to 42 form part of these accounts.

23 ANNUAL REPORT | 2021

C A S H F L O W S T A T E M E N T F O R T H E G R O U P

F o r t h e y e a r e n d e d 3 1 M a r c h 2 0 2 1

Notes 2021 2020
Total funds Total funds
Cash flows from operating activities
Net cash provided by operating
activities (reconciliation below) 308,505 946,734
Cash flows from investing activities
Purchase of property, plant and 12
equipment (102,649) (717,864)
Net cash (used in) investing activities (102,649) (717,864)
Cash flows from financing activities
Loan received - 200,000
Loan repayments made (65,708) -
Net cash (used in)/provided by
financing activities (65,708) 200,000
Change in cash and cash equivalents
in the reporting period 140,148 428,870
Cash and cash equivalents at the
beginning of the reporting period 905,330 476,460
Cash and cash equivalents at the end
of the reporting period 1,045,478 905,330
Reconcilation of net
income/(expenditure) to net cash flow
from operating activities
Net income for the reporting period
(as per the statement of financial
activities) 289,433 610,326
Adjustments for:
Depreciation charges 125,681 140,764
(Increase)/decrease in stocks 1,397 (2,053)
(Increase)/decrease in debtors (138,436) 195,614
Increase/(decrease) in creditors 14,430 (60,917)
Defined benefit pension scheme
finance costs - 5,000
Defined benefit pension scheme 17
service cost less contributions 16,000 58,000
Net cash provided by operating
activities 308,505 946,734

24 ANNUAL REPORT | 2021

C O M P A R A T I V E G R O U P S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

i n c l u d i n g t h e I n c o m e a n d E x p e n d i t u r e A c c o u n t

Restricted
Funds
Unrestricted
Funds
restated
Notes
£
£
Income and endowments
from
Donations and legacies
2
915,445
103,833
Activities for generating
funds:
Charitable activities
4
-
890,574
Other trading activities
3
-
346,349
Investments
5
-
648
Total income and
endowments
915,445
1 341 404
Expenditure on
Raising funds
Fundraising costs
6
16,667
49,482
Non charitable trading
expenditure
3
-
27,595
Charitable expenses
4
-
99,648
Charitable activities
7
762,708
690,423
Total expenditure
779,375
867,148
Net income before transfers
136,070
474,256
Transfers between funds
19
61,482
(61,482)
Net income for the year
197,552
412,774
Other recognised
gains/losses
Actuarial gains on defined
benefit pension schemes
-
205,000
Net movement in funds
197,552
617,774
Reconciliation of funds
Total funds brought forward
222,712
2,932,981
Total funds carried forward
420,264
3,550,755		 2020
Total
£
1,019,278
890,574
346,349
648
2 256 849
66,149
27,595
99,648
1,453,131
1,646,523
610,326
-
610,326
205,000
815,326
3,155,693
3,971,019		 2019
Total
restated
£
1,357,289
678,538
287,661
724
2 324 212
63,000
19,558
57,957
1,520,950
1,661,465
662,747
-
662,747
85,000
865,765
2,289,928
3,155,693

25 ANNUAL REPORT | 2021

N O T E S T O T H E A C C O U N T S

F o r t h e y e a r e n d e d 3 1 M a r c h 2 0 2 1

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company's accounts:

Basis of Accounting

The accounts are prepared under the historical cost convention and in compliance with all applicable accounting standards.

Presentation of the Accounts

The financial statements of the public benefit entity have been prepared in accordance with all applicable accounting standards, FRS 102, the Statement of Recommended Practise (SORP), “Accounting and Reporting by Charities” revised 2015 (FRS 102) and the Companies Act.

The structure of the SOFA has altered this year to reflect more accurately charitable activities expenditure. It remains in compliance with FRS 102.

Group Financial Statements

These financial statements consolidate the results of the charity and its whollyowned subsidiary Fulham Palace Enterprises Community Interest Company (registered company number: 07574413).

I ncome

All income is accounted for when the charity has entitlement to the funds, certainty of receipt and the amount is measurable. Where income is received in advance or a deposit is made it is deferred until the charity is entitled to that income – usually when the event occurs. Grants are included on a receivable basis subject to adjudged ability to meet any associated conditions. Donations and legacies are included in the accounts when received. Legacies are accounted for when the charity is notified of its entitlement to the income and the amount can be assessed with reasonable certainty. Donated facilities have been recognised at the value of the benefit to the charity.

Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

26 ANNUAL REPORT | 2021

Fixed Assets

The Company operates a policy of only capitalising assets with a cost greater than £1,000. All other assets are written off to the Statement of Financial Activities.

Fixed assets have been depreciated over their useful lives, in accordance with the rates stated in note 16 to the accounts.

Depreciation

Depreciation is provided on tangible fixed assets at rates calculated to write off the costs less residual value, on each asset over its expected useful life.

Stock

Stocks are stated at the lower of cost and net realisable value. ‘Net realisable value’ is the amount or value expected to be received from the sale or use of stock in the normal course of business after deducting any additional cost incurred in the process of realisation.

Leased Assets

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis.

Pension Costs

The charity operates a defined contribution pension scheme for staff who have joined the Trust since April 2011. Seven staff members who transferred from LBHF are members of the Local Government Pension Scheme (LGPS).

The LGPS is a funded scheme and the assets are held separately from those of the Company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The amounts charged to operating surplus are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses.

27 ANNUAL REPORT | 2021

Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Expenses

Costs are included in the appropriate category. Support costs are allocated across the two activities based on the direct costs of that activity as a proportion of the total direct cost of the two activities. Irrecoverable VAT is included within support costs.

Transfer of Assets

On the 1 April 2011 all the assets and liabilities of Fulham Palace Trust (an unincorporated charity) were transferred to Fulham Palace Trust (an incorporated charity).

Loans

The long-term loans recorded on the balance sheet are classified as a concessionary loan. Concessionary loans have been recognised and measured at amount that was initially received, and are adjusted to reflect repayments and impairment on the loan.

Going Concern

The financial statements of the Trust have been prepared on the going concern basis which assumes that the Trust will continue to be able to meet its liabilities when they fall due. The trustees consider that the going concern basis remains appropriate having reviewed income and expenditure and cashflow for a period of at last twelve months from the approval of these financial statements.

The COVID-19 crisis had a significant impact in the heritage and cultural sector, and will do so for the foreseeable future, having caused significant uncertainty in visitor numbers and associated revenues. To counter this, planned expenditure has been reduced or postponed until income returns to pre COVID levels. Both budgets and cashflow forecasts have been adjusted accordingly. The Trustees have incorporated the full impact of the crisis and the detailed scenario and risk planning in arriving at their going concern assurance position.

28 ANNUAL REPORT | 2021

2. DONATIONS AND LEGACIES

Restricted Unrestricted
£
£
Grants and donations

Church Commission
donation in kind for use of
property
62,500
-
Walled Garden
16,000
-
LBHF core funding grant
-
122,443
Education programme
500
-
NLHF Emergency Fund
-
193,900
Campaign: Restoring and
Renewing Fulham Palace
119,397
-
Other project grants and
donations
51,725
248,064

250,122
564,407		 Total
2021
£
62,500
16,000
122,443
500
193,900
119,397
299,789
814,529		 Total
2020
£
62,500
16,000
117,034
35,000
659,742
79,021
49,981
1,019,278

“LBHF” refers to the London Borough of Hammersmith and Fulham.

3. FULHAM PALACE ENTERPRISES COMMUNITY INTEREST COMPANY

Fulham Palace Enterprises Community Interest Company is a wholly-owned subsidiary incorporated in England and Wales whose principal activity is to support the charity. The subsidiary is limited by guarantee and therefore there is no investment to disclose. The guarantee is limited to £100.

The income and expenditure of the CIC as shown in the published accounts is as follows:

Turnover events and functions
Cost of sales
Administrative expenses
Interest receivable and similar
income
Retained profit for the year
Balance sheet
Fixed assets
Current assets
Current liabilities
Net assets
Income and expenditure
account		 2021
£
212,618
(2,821)
(7,533)
2
202,266

-
248,014
(45,748)
202,266
202,266
 2020
£
346,349
(25,445)
(2,151)
32
318,785
8,368
376,034
(65,617)
318,785
318,785

29 ANNUAL REPORT | 2021

Due to changes in recognition of gift-aid payments amounts are now recorded as disbursements once the payments have taken place. During the year £318,785 was paid to the parent company, Fulham Palace Trust. There was an additional £93,940 paid to the parent company to cover the CIC portion of the VAT liability. The anticipated gift aid payment for next year is £202,266.

Current assets include an amount due from the parent company, Fulham Palace Trust, of £23,033 (2020: creditor (£52,246)).

4. FULHAM PALACE TRUST

INCOME FROM CHARITABLE ACTIVITIES

Income
Café income
General rents, service charges and utilities
reimbursements
Education
HMRC CJRS income
Other income		 2021
£
17,191
760,694
9,253
91,796
26,401
905,335		 2020
£
25,000
744,044
41,958
-
79,572
890,574

The company is entitled to the following future income from non-cancellable tenancy operating leases:

2021 2020
£ £
Not later than one year 29,893 725,143
Later than one year and not later than five years 1,610,233 3,228,938
Later than 5 years 304,333 611,086

5. INVESTMENT INCOME

Investment income consists solely of interest receivable.

30 ANNUAL REPORT | 2021

6. COSTS OF GENERATING INCOME

Entertaining
Activities and events
Marketing, PR and website costs
Fundraising staff
HARITABLE ACTIVITIES
Activities
undertaken
directly
Support
Costs
(note 8)
£
£
Activity
Maintenance of historic
buildings
138,265
851,461
Community & education
9,015
567,640
Governance costs (note 9)
9,960
-
157,240
1,419,101		 2021
£
-
4,875
15,082
36,799
56,756
Total
2021
£
989,726
576,655
9,960
1,576,341		 2020
£
3,077
9,745
12,014
41,313
66,149
Total
2020
£
923,881
615,920
12,978
1,552,779

7. CHARITABLE ACTIVITIES

8. ALLOCATION OF SUPPORT COSTS

Maintenance
of historic
buildings
(60%)
Community
& Education
(40%)
£
£
Support costs
Premises
81,146
54,097
Staff & staff related costs
525,970
350,647
Other overheads
244,345
162,896
851,461
567,640		 Total
2021
£
135,243
876,617
407,241
1,419,101		 Total
2020
£
169,996
868,920
377,244
1,416,160

Allocation of support costs was based on the level of costs in activities undertaken directly.

31 ANNUAL REPORT | 2021

9. GOVERNANCE COSTS

OVERNANCE COSTS
2021 2020
£ £
Preparation of annual accounts and group audit fees 9,000 8,700
Trustee meetings (minute taking) 960 1,778
Trustee training and recruitment - 2,500
9,960 12,978

10. EMPLOYEE COSTS

Wages and salaries
Social security
Pension contributions:
Employer contributions to pension schemes
Other pension and finance costs		 2021
£
745,551
64,599
36,175
16,000
862,325		 2020
£
756,411
66,262
49,239
63,000
934,912

The number of employees whose annual emoluments exceeded £60,000 in the period were as follows:

£80,001 - £90,000
Staff costs include remuneration costs (salary, employer’s
NI contributions and employer’s pension contributions) for
key management personnel amounting to		 2021
No.
2020
No.
1
1
91,026
90,294

32 ANNUAL REPORT | 2021

The average monthly number of employees in the group during the year was made up as follows:

ade up as follows:
2021 2020
No. No.
CEO 1 1
Commercial & Visitor Experience Manager 1 1
Finance Manager 1 1
Assistant Accountant 1 2
Visitor welcome team 3 3
Head Gardener 1 1
Gardener 1 1
Senior Gardener 1 1
Project Manager 1 1
Apprentice/Trainee Gardeners 3 3
Learning and Engagement manager 1 1
Learning Officer 1 1
Volunteer Development Officer 1 1
Administration 2 1
Handyman/Caretaker 1 1
Fundraising Officer 1 1
Community Archaeologist 1 1
Marketing Officer 1 1
Conservation Assistant 1 1
Curator 1
Collections and Research Officer 1 1
Facilities Manager 1 1
Communications and Development Manager - 1
Cleaning team 2 2
29 29

The 2020 figure was mis-stated as 27 in 2019/20. With the cleaning team it should have been 29.

No Trustee received any remuneration or reimbursement of expense during the year.

11. NET INCOME

Is stated after charging:
Auditors’ remuneration – audit
Auditors’ remuneration – other financial services
Rent
Depreciation		 2021
£
9,000
11,588
62,500
125,681		 2020
£
8,700
5,258
62,500
140,764

33 ANNUAL REPORT | 2021

12. FIXED ASSETS

Tangible assets for the Group
Plant &
machinery
Office
equipment
Fixtures
& fittings
Leasehold
improvem
ents
£
£
£
£
Cost or valuation:
At 1 April 2020
29,129
69,326
141,286
4,026,839
Additions
-
5,818
4,508
92,323
Disposals
-
-
-
-
At 31 March 2021
29,129
75,144
145,794
4,119,162
Depreciation:
At 1 April 2020
15,560
57,680
107,896
214,016
Charge for year
2,968
6,682
12,680
103,351
On disposal
-
-
-
-
At 31 March 2021
18,528
64,362
120,576
317,367
Net book value:
At 31 March 2021
10,601
10,782
25,218
3,801,795
At 31 March 2020
13,569
11,646
33,390
3,812,823		 Group
Total
£
4,266,580
102,649
-
4,369,229
395,152
125,681
-
520,833
3,848,396
3,871,428

34 ANNUAL REPORT | 2021

Tangible assets for the Company

Plant & Office Fixtures & Leasehold Company
machinery equipment fittings improvem Total
ents
£ £ £ £ £
Cost or valuation:
At 1 April 2020 29,129 69,326 62,281 4,026,839 4,187,575
Additions - 5,818 4,508 92,323 102,649
Disposals - - - - -
At 31 March 2021 29,129 75,144 66,789 4,119,162 4,290,224
Depreciation:
At 1 April 2020 15,560 57,680 37,259 214,016 324,515
Charge for year 2,968 6,682 4,312 103,351 117,313
On disposal - - - - -
At 31 March 2021 18,528 64,362 41,571 317,367 441,828
Net book value:
At 31 March 2021 10,601 10,782 25,218 3,801,795 3,848,396
At 31 March 2020 13,569 11,646 25,022 3,812,823 3,863,060
5-20% SL /
Duration of
Depreciation provided:
10-33%		 SL 33% SL
25% SL
lease

13. STOCKS

OCKS
Group Company Group Company
2021 2021 2020 2020
£ £ £ £
Goods for resale 8,640 8,640 10,037 10,037

35 ANNUAL REPORT | 2021

14. DEBTORS

EBTORS
Group
Company		 Group Company
2021 2021 2020 2020
£ £ £ £
Trade debtors 139,391 96,533 45,301 42,838
Prepayments and accrued
income 61,425 260,192 9,531 326,381
Other 63,734 63,734 71,281 71,281
Due from subsidiary - - - 52,246
264,550 420,459 126,113 492,746
REDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Company Group Company
2021 2021 2020 2020
£ £ £ £
Trade creditors 24,731
24,081
65,985		 62,748
Other taxes and social security 43,081
19,473
42,216		 42,216
Other creditors 4,242
4,242
5,113		 5,113
Concessionary loan from LBHF 250,000
250,000
250,000		 250,000
Architectural Heritage Fund
Loan 108,000
108,000
-		 -
Due to Subsidiary -
23,033
-		 -
Accruals and deferred income 145,949 124,459
112,824		 112,824
576,003 553,288
476,138		 472,901
Income in advance
Brought forward 7,592
7,592
8,768		 7,548
Utilised in year (7,592)
(7,592)		 (8,768) (7,548)
Arising in year 22,785 1,295
7,592		 7,592
22,785 1,295
7,592		 7,592

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Income in advance relates to rent/service charges and events billed in advance.

36 ANNUAL REPORT | 2021

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


Architectural Heritage Fund
Loan		 Group
2021
Company
2021
£
£
282,609
282,609		 Group
2020
Company
2020
£
£
433,751
433,751

The concessionary loan from LBHF was repayable on 31 March 2019 or earlier if the balance of the loan drawn down which has not been used to fund unforeseen or unbudgeted costs together with the accumulated operating surplus (excluding restricted funds) exceed £500,000. It was therefore being shown as a creditor falling due within one year (note 15) last year. The £250,000 loan was not repaid during the year and is therefore being shown as still being due within one year pending further discussions.

During the year ended 31 March 2019 a loan facility of £400,000 was arranged from the Architectural Heritage Fund, of which £200,000 had been drawn upon at 31 March 2019. A further £200,000 was drawn down on this loan during the year to 31 March 2020. The terms of the loan are such that no repayments are required for the first 2 years. Interest is being charged at 7.5% per annum on the outstanding balance. This interest rate will decrease to 6% once repayments have reduced the outstanding balance below £200,000.

17. PENSION SCHEME LIABILITY

Local Government Pension Scheme

The LGPS is a funded defined-benefit pension scheme, with the assets held in separate trustee-administered funds. The total contribution made for the year ended 31 March 2021 was £3,000 (2020: £7,000), of which employer’s contributions totalled £nil (2020: £nil) and employees’ contributions totalled £3,000 (2020: £7,000).

When the contribution rate was initially determined a deficit was attributed to the Employer. It was later agreed that this was not appropriate and as a result it was agreed that the employer’s current contributions for 2020 would be suspended and that they would also receive an asset transfer to correct the initial funding deficit.

The pension valuation used is based on the actuarial valuation at 31 March 2021 prepared by Barnett Waddingham on the instruction of LBHF, in relation to employees of Fulham Palace Trust as at 31 March 2021.

37 ANNUAL REPORT | 2021

Principal actuarial assumptions

cipal actuarial assumptions
At 31 At 31
March March
2021 2020
Salary increases 3.85% 2.95%
Pension
increases 2.85% 1.95%
Discount rate 2.00% 2.35%

The following table sets out the impact of a small change in the discount rates on the defined benefit obligation and projected service cost along with a +/- 1 year age rating adjustment to the mortality assumption.

Sensitivity analysis £'000 £'000 £'000
Adjustment to discount
rate +0.1% 0.0% -0.1%
Present value of total obligation 2,426 2,469 2,513
Projected service
cost 22 22 23
Adjustment to life expectancy
assumptions +1 year None -1 year
Present value of total obligation 2,571 2,469 2,371
Projected service
cost 23 22 21

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

tirement age 65 are:
At 31 At 31
March March
2021 2020
Retiring
today
Males 21.6 21.8
Females 24.3 24.4
Retiring in 20
years
Males 22.9 23.2
Females 25.7 25.8

38 ANNUAL REPORT | 2021

The charitable company’s share of the assets and liabilities in the scheme were:

Fair value Fair value
at at
31 March 31 March
2021 2020
£’000 £’000
Equities 1,089 827
Cash 143 163
Property 232 221
Cash Plus funds 915 591
Inflation Opportunity Funds - 222
Total 2,379 2,024
Amounts recognised in the statement of financial activities
2021 2020
£ £
Current service cost (net of employee
contributions) 15,000 57,000
Net interest on the defined liability - 5,000
Administration expenses 1,000 1,000
Total operating charge 16,000 63,000

The actuarial gains and losses for the current year are recognised in the statement of financial activities. The cumulative amount of actuarial gains and losses recognised in the statement of financial activities since the adoption of FRS102 is a £163,000 gain.

Movements in the present value of defined benefit obligations were as follows:

llows:
2021 2020
£’000 £’000
At 1 April 2,056 2,282
Current service cost 15 39
Interest cost 47 55
Change in financial assumptions 466 (163)
Change in demographic assumptions (20) (62)
Experience (gain) on defined obligation (24) (94)
Estimated benefits paid net of transfers in (74) (26)
Past sevice costs, including curtailments - 18
Contribution by scheme participants 3 7
At 31 March 2,469 2,056

39 ANNUAL REPORT | 2021

Movements in the fair value of charitable company’s share of scheme assets:

2021 2020
£’000 £’000
At 1 April 2,024 2,108
Interest on assets 47 50
Return on assets less interest 380 (102)
Other actuarial gains/(losses) - (12)
Administration expenses (1) (1)
Contribution by employer including unfunded - -
Contribution by scheme participants 3 7
Estimated benefits paid plus unfunded net transfers (74) (26)
Settlement prices received / (paid) - -
At 31 March 2,379 2,024
Reconciliation of opening and
closing deficit
2021 2020
£ £ £
Pension deficit at 1 April (32,000) (174,000)
Current service cost (including
administration expenses) (16,000) (58,000)
Employer contributions (see
note below) - -
Additional pension cost (16,000) (58,000)
Other finance costs - (5,000)
Actuarial gains/(losses) (42,000) 205,000
Pension deficit at 31 March (90,000) (32,000)

The estimated value of employer contributions for the year ended 31 March 2021 is £41,000.

18. UNRESTRICTED FUNDS

General
Total
Non-
charitable
Trading
Funds
£
£
Opening funds
3,582,755
-
Net income/(expenditure)
before transfers
286,912
-
Transfers
51,560
-
Actuarial gains/(losses)
-
-
Closing funds
3,921,227
-		 Pension
£
(32,000)
(16,000)
-
(42,000)
(90,000)		 Group
Total
£
3,550,755
270,912
51,560
(42,000)
3,831,227

40 ANNUAL REPORT | 2021

19. RESTRICTED FUNDS

Fund-
raising
Education
Funds
Restoring
and
renewing
Fulham
Palace
£
£
£
Opening funds
-
23,970
385,634
Income
-
500
119,397
Expenditure
-
(15,965)
(135,976)

Transfers
-
-
-

Closing funds
-
8,505
369,055		 Other
Group
Total
£
£
10,660
420,264
130,225
250,122
(79,660)
(231,601)
(51,560)
(51,560)
9,665
387,225

Education funds are maintained for the care of collections, acquisition of collections and running our educational service.

The Restoring and Renewing Fulham Palace fund is capital funds generated towards our £3.8m Heritage Lottery Fund Project.

Other funds include projects in the walled garden such as planting fruit trees, funding apprenticeships and gifts of rental services.

20. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Restricted
Funds
Unrestricted
Funds
£
£
Tangible fixed assets
-
3,848,396
Net current assets
387,225
355,440
Long term liabilities
-
(282,609)
Pension scheme liability
-
(90,000)
387,225
3,831,227		 Total
£
3,848,396
742,665
(282,609)
(90,000)
4,218,452

21. GENERAL INFORMATION

Fulham Palace Trust is a company limited by guarantee incorporated and domiciled in England. Its registered office address and principal place of business is Fulham Palace, Bishops Avenue, London, SW6 6EA.

In the event of the company being wound up every member undertakes to contribute to the assets for payment of the debts and liabilities an amount not exceeding £1.

41 ANNUAL REPORT | 2021

22. COMMITMENTS UNDER OPERATING LEASES

Fulham Palace Trust holds the site on a long lease with LBHF, who in turn lease it from the Church Commission. The lease runs to 17 May 2075 and the annual amount payable under the lease is £62,500. The Church Commission have now waived this annual rent until 17 May 2075 and have backdated the suspension to 1 April 2012. This has been disclosed as a donation in kind, with the current year waiver being restricted to the current year rent expense.

23. EVENTS AFTER THE BALANCE SHEET DATE

There are no significant post balance sheet events to note.

24. RELATED PARTY TRANSACTIONS

Fulham Palace Enterprises Community Interest Company is a wholly-owned subsidiary of Fulham Palace Trust (see note 3 for further details).

Aggregate donations from trustees in the year amounted to £10,668 (2020: £10,000).

There were no other related party transactions in the reporting period requiring disclosure.

42 ANNUAL REPORT | 2021