Charlty rogljtrallon numb•r 1140088 Company r•glstratlon Trumbor 07464167 {Engl•nd and Wales) FULHAM PALACE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FULHAM PALACE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$tee• Marfana Spater laln Cassldy Deborah Fadey-PersaLhY, Deputy Chair of Trustees Paul Gray, Chair of Trustees John Klng Fiona Mcwilliams Kewn Rogers Vlctorla Quinlan Reverend Penny Seabrk Robbie Sommerville Cralg Coben (Appolntod 6 June 2022} (Appoyrted 30 January 2023) (Appointed 30 January 2023) (Appolnted 30 January 2023) Fenella Gcodh8rt Matthew Pottage Ms Slan Hathngton, BA, MA MBA PNA Charlty numb•r 1140088 Ctxnpany numb•r 07464167 Registered offjce FullTam Palace BishopsAvenug London SW6 6EA Audltor Critchleys Audlt LLP Beaver House 2348 Hytha Bridge Street OX12EP
FULHAM PALACE TRUST CONTENTS Pag• Ch8lf$ Rep(xt Trustees, Tewrt statoment of trust8es' rnsponsibilities Independant auditorfs report 10-13 Statement of financil 8divib8s 14-15 Balante Sheet 16 statement of cash fiows 17 Notes to the financqal st8temenl$ 18-31
FULHAM PALACE TRUST CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Looking back over the last 12 months of the work of Fulham Palace Tnjsl provldes us the opportunty of leamlng valuable lessons that will help sh8p8 our fulure. The insights g8ined from our cllectO analysis will guide our slrgtegic dedslons 8nd shape our priorities in Ihe coming yoars. 11 is through this process of reflo¢tion. evaluation, and foreslght that Wo VAII contlnug lo strenglhon ow organisation and fu11 our charitable obie(thg8. As we cdebrate another yoor, I warfted to IlrsUy express my graUtude lo all of our supporters and partners for their unwaverfng commitment and dedl¢8tion to tyjr Charity's vision and airns. It is through this SUPFK)rt. coupled wth the expertise of our staff, that wg have b8en able to accompllsh $0 much ovor the past 12 months. Together, we have overcomg obst8clgs, adapted to thanging ¢1MstanC, and continued to deliver exceptional resuM8. 2022123 wa8 another busy year for Fuhlam Palace Trust a8 we conunuod to bulld bad( from the COVlth19 pandemSc. However, lust as thg Impbct of on6 8xt6mal threat started to abats. another emerged in the shape of thè war In Ukralne. Thls illegal war has creatsd human tragedy, global insecurity. and finandal inStalIty in temis of th costs of uttlibes and other supply chains. Through prudent budgeting and innovallve progTommlng, the tgom has managed to weather this new ffiscal storm. but the waters remain Ghoppy for the fcKe88eablo fulure, with Ihe $t- living cri$is Continuing to have a biling impxt on our $110rs. partners. and stsff. At times of crisis, I believe that people need placas like Fulham Pa18c8 more than ever. They rKotho a saf8 space for everyone In an unc8rt8Sn worfd, helping us to make 5en88 of the past lo better Snform our prosent and create better futures for one another. Through a packed programm6 of free events and actiwtie8. we have reached out to as many poople as po88iblg wmhln tho Gommunity and beyond. Th8s8 have Tanged from our large4¢ale annual events such as the Green Meet and Apple Day. through to $m8119r ones that have induded a cnmlty 8ewng be projecl and a Worfd War11 went for families. Our latest exhlbllon entlded 'Blshops of London. colonialism and transalantic slavery.. resistan¢e' opened in April 2023. It's the result of a ts¥Year research projecL and l am particularfy proud of all the work that took place wlth our communrty partners and proje¢t a$t to enable us lo uncover and tell thes8 dlfficult trulhs about our hlstory in a sensiUv8 and op8n manner. 11 furthets our commltsnenl to doing important and lorwj ovgrdue work in unwverirwJ untold storios through our odutatloft aNI research woth. I would like to take this Opportlty of thanking tha eontributlon and support of thre8 past trustees {Aison Ligtttbown, Caroline Needham and Fiona Beattyl who Tetired from th&lr roles in 2022123. We have en fortunate to eOUrage new board members who bring wlh tham fr8sh Ideas and passion, and I look forward to working them ovei the comlng year. y final thanks go to our vi8lonary chlef executfve. sian Harrington, her dlllgent lèbm. and the many volunteers wks give up Iheir time Sn order lo h91p us maintsin Fulham Palace and provldg free a9$5 for 80 many people lo w¥oy, leam and create new shared exporiencg5. Paul Grny. Chalr
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AIARCH 2023 The Iruslees present thelr annual reFQrt and tlnancial statem9nts fcf tho YW ended 31 March 2023. The Fulham Palac8 TTU$t I'lh• Cpan,> was Incorporated on 8 De¢ombor 2010 and registered the Charfty CommSssion on 27 J8nuary 2011. It is a company limited by guarantee and registered in England (number 074641671 and is a registered charity {nuwnb8r 1140088). It Is govornod by Memorandum and ArtiGles of A880ciafjon. Obj•ctiv•s and actlvtti•s The charfty's oblects I"ObJects') are 8pedfically r8strfjoled lo thg follovAng'. lo provlde for the 8dvancgment of publlc oducatlon by the pmision of th$ Fulham Palaco Museum (the "Museum") comprising such exhibits or il8ms as the Charity may from Ilme to time hold or receive and to prgsoNe thg $am$ as a collection Ithe"Collection"I,' lo pr&serve for the benofit of the inhabitants of the London Borough of Hammersmith 4nd Fulham and of thg naUon at large whatever of the English historical 8r¢Ntectural, archa801ogical and cx)nstruclional heritag8 may exist in and round Fulham Palace In the fomi of twildirvJs ond gardens of pacular beauty or historical, architectural or construction81 Int6r8sL and to protect the envlronment, conseNe or promote blologlcal divorsty in Fulham Palace grounds through 111 the promsion. conservation. restorati or enhancement of a natural habitat., or lill the mainlen8n¢e or recovery of a 8pede$ In Its natural habitat, on IBTrJ or in water situated in the ¢Inty of a landfill sil6. The Church Commlsslon 18 the hehdd9r of tha Fulham Palace sits. and Lond)n 8orough of Hammersmith and Fulham Is the long leaseholdgr who ran Fulham Palxg until 31 Marth 2011. The tNslee8 have pald dug regard to guidance issued by the Charity Commls8lon In decldlng what aCtilIeS the trust should undertak8. RISK ASSESSMENT The major rfsks to the charity is exposed have b88n id8ntrfied and miewed and system8 have b88n established to mrtlgate th8s8 risks. Achievoments and p•rfomian Flnan¢l81 r•vl•w In 2016117, FPT dgvolopgd a risk base(1 rgserves policy which 1$ underplnned by Ihe organisation81 rfsk register and is linked with tha charty's strategy and bJsinè8s plan. Th18 provéd88 a more dynamic approach to the tharitls reserves management wth tsrget levels changing in line wtth FPT'S risk proffile and reserves requirements. The policy was adopted in March 2017. This policy wvfjrs FPT'S unrestricted fijnds. Re$cted and Endowment funds ar8 not covered wNhin this pollcy. Fpfs unrestric*8d funds consl8t of the follovAng: Tan9lble fLxed 888et fijnd Pension fund De5ignatsd funds Free serveS (incjuding the opportunity reserve). As per Ihe cglculatlons done In Marth 2018. the target Serve to bg athleved by year 8 of the buslnes$ plan is £636K comprising £328k capitsvmaintenance, £28BK free reserves antj £20k opportunity reseNes. The busines8 plan aims for this level of reserves to be achlev8ble by 24125, but this is curr8nUy being evaluated In light of COVID. Monies surplus to operational workin9 capital requirements are Invoste(l in line wlth our invostment policy, the oblethe of 4thich 15 to mayimise rètums whilst ensuring that as far as Fty)sslble funds are adequately safeguarded.
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Plans for futurn poriods The bu$ing$s plan for these 8 years was ratified at a Twst Board meetwlg on 19 September 2016. VISIOP4 OF FULHAM PALACE TRUST Vlslon To engage people, through th8 01 Fulham Pala(* and tho 8lshop5 of London. in 8.000 years of Engllsh history. and to become one of the UK'S most indusive ané inspiring historic houses and garden& K•y almB To conserve and restore Fuknam Palace housg and garden following thorough anatysis of opuons and 8¢thr best practlce To dèvelop the understsndlng of Fulham Palaog's layergd histry through rasearth and 8ngag8ment wilh ertS, Partners. users and thg community To be inspirational, engaglng and oducatlonal To dellght our visitors through eXlIent (#J8tomer 89rvlc9 and hbgh quallty f8dlNles, Int8fPTetstlon and events To be incluslve and pwticipative in al are88 of the Palacg's OPgTallon To b8 sustainable and fmanrially self-suffklont Bu8ln088 Plan Targ•ts The bu8lness plan. whlch runs over th6 poriod 2017118 to 2024125. shows th& Tyusl dgvoloping a able trNJslness through Incroased eamed income and fundraising Income, taknng ovgrall incomo from £1.2m In yeor 1 {2017118) prior to capital works starting on sitè. to £1.6m in Yaar 8 {2024125}. Our organisational model enable8 US to.. Value Fulham Palace as a haritage asset. It 11 become a local and nallonal18ndmark to be proud of rather than just a wedding venue with pleasant grounds- Be o more effective and resilient organizaUon'. we VAII be able to m8rket Fulham Palace more effe¢tlvely and wlll have the right number and type of staff in place to mggt our objedives and income targets: Be more financially secure.. by making full u$8 of our h8ritage asset including our considerab18 rentgl portfollo as 8 8ourc8 of regular inme. Enhance our edUtiOnal offerlng and increose public aw8reness of at we are by providing a wPJer range of aCtitieS an¢J ovgnts for a growing number and range of visitors- Support our l¢xal communitiès through the provlslon of 8 high qualty hltage attraction on their dwrstep, as w811 as providing jobs and a wlde range of volunteoring opportunibes. Support our local economy a8 a succ8ssfvI Fulham Palace will bring more footfall to tho local area and local businesses. The outL¥)m8s of ralslng awareness and contributing to the local economy support both the Borough's arts cultural strategy and London&Partners' ambition to pull tourists to curr8nlJy less well known herttsgè silas in tha caty. A n9W I51n8$S plan will be written in 2024 for the p¥riod 2025126 onwards, this will incorporats restoratlon plans and post-pandemic adjustments.
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Strudur•, gov•m*nc• and management The Iruslees, who are olso the dlrecaors for th• purpo80 of company law. and who tsemd durfng the year and up to the date of slgnoture of the financial statements were: M8ri8na Spater Flona Beaty lain Cassldy Deborah FaePerS8u, Deputy Chair crfTru$tees Paul Gray, Chgir of Tw$tee$ John King Fiona McWilliam8 Carollne Needham Kevin Rogers Victoria Qulnlan Reverend Penny Seabrook Robblfj Sommervi11o Craig Coben Fenglla Goodhart Mathow Pott8g8 (Resign8d 12 D9mber 2022) {Appoinlad 6 June 2022) (Resigned 1 June 2022) lhwointed 30 January 20231 l&vpointgd 30 January 20231 (Appointod 30 January 20231 Mariana Spatsr rasigned as thair on 7 February 2022. New tnjstees reCee information ebout Fulham P81ace TTUSt, Its al and objèctives 8nd are given 8 tour of the Palace, meeting staff and volunteers. Trustees are encvuraged to attgnd appropriate extemal training èvents where Ih9se YAII fadlltato the undertaking of thelr rde. Subsldlary Und•rtaklngs The results of Fulham Pala Trusvs subsldlary undertaklng. Fulham Palace EntertS$ Community Inlerest Cornpany, are summarised in Note 3 to the financial statements. The board of trustees, vthich can have up to 12 members. administsrs th8 tharity. Tre TnJ8É meets every 2 monlhs. th 34 meetings of Finance Risk and Audit Committee per annum. There is also a Funtjraislng Committee that meets knce per ennum, and a Nomlnatlons Commlttee Ilkqt meets os no¢essary. A Chi8f Exg¢utivo 1$ appointed by the trustees lo manag9 th8 day-trdaY operations of the charity. To facilitats effective operations. the Chlef Exeixrtlve has del8gated authority. wlih tem8 of delegation approved by the trustees. for operational matters including finance, gmploymonl. PRlmarkellro, fvndralsing. maintenanco. llectiOnS Management, hoalth and safety, and leaming and wtreach related actlvity. As set out in the AdS ofAssoryation. the London Borough of HammeTsmilh & Fulham may appoint a maximum of vo trustees and the Bishop of London may 8ppok)t one tru8108. The Chalrman may hold that office for a maximum period of 3 ye8TS. and may be re4FfJoinled for a further 3 years but no rnoro. Auditor In arLordance with the wmpany's arti(4es, a resolution proposing th81 Critthl•ys Audit LLP be reappointed 88 auditor of th8 company will bè put at a General M8etw¥J.
FULHAM PALACE TRUST TRUSTEES. REpoirr (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Dlselosur• of Infommtlon to audltor Each of the trustees has confimied that there Is no Informalion of which they are aware whld) is relevant to the audit. but of which the auditor is unaware. They have further confimied that they have taken apprcyriate steps to idèntify such relevant information and to eslabllsh that the audltor is aware of $uth information. Tho tru $, rgport was approved by thè Board ofTnJstee8. Paul Gray. Chair of Tru ees
FULHAM PALACE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 Th8 tsusts8s, who are also the directors of Fulham P81ace Trust for the purrM)Sg of company18W, 8re responslble for preparin9 the Trust8&s' Report and the finand818tslements In accordance with appliGable18w and Unrted Kingdorn Accounting Standards {Uniled Kingdom Generally AcLplad Accounts'ng practi). Company Law requires the trustees to prepare financial stslements for each finana81 ye8r whlch glve a true and f81r view of the slate of affairs of the trust and of the incoming r8sources and apFli¢ion of resources, induding tha InGom6 and expendlture. of thè charitable company for that ye8r. In preparing Ihesa financAal statements, the trustees are requlred to: - 8elect suitable a¢counting polic8 and then apply them o)nsisterffjy: - obs¢rve the method8 and princlplès In Ihe Charitigs SORP. - m8ke ludgements and estlmatO8 that are rea8¢able end pwdent. state lyhether appll(sbte UK Accounling Slandards have b8en follL)wed, subkct to any matsrfal dgpartures dlsclosed and explalned in thg financial statements,. and - prgp8rg the financlal statsm8nts on the golng concem ba818 unless St18 Snapproprfate to presume that tho trust wll contlnue In operaJon. Tha twstéés ar8 responsible fc¢ k8epSng adequate accounung rec(Yds that disclose wlth rea80nable accuracy at any time the financial posltlon of the trust and enablo them to ensure Ihat the financial statements comply with the Companies Act 2006. They are also resPLsble for safoguardiw the assets of the trust and hence for tsking reasonable steps for the prevention and detsciion of fraud olhor irr8gulaiibes.
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2023 th thanks lo our foundlng donors and all those vtho have givgn to Fulham P¥lac• ov•r th• ¢our¥e of the y•ar 1 Aprfl 2022- 31 March 2023. Foundlng Donors An anonymous benefactor Botterill. Councillor Nicholas Cook, Sandr8 Edington CBE. Gordon Emery FSA, Phillip Hackett, Thc*nas and Genevieve Hawes, the Rev9rend Canon Joseph Howard, Phll and Jennle Ingram, Tim Poole. Martin Sanderson, Tim and Dede The Scorpion Trust Von Schoenaich. Brita Williams, Dr Jonathan Wright, Ken Llfe Patrons An anonymous benefaclor Borrows, Simon and Sal Boyce. lan and Daphne Burgess. Vemon and Jennifer Elizab8th Clark, Simon Dean. Esther Fanshawe. Angus Fenn, Anthony Fowler. Stuart and Mlndy Graènhalgh, Stephgn Groenholm. Klau$ and Kate Harding. Anthony Hilksmith, Alèx and Isob•l Hogg. Charlolle Ingram, Jonathan and Abi Ingram. TIM and Christlne Laing, Christopher Leslle. Jonathan and Pepe Lyon. Sebastian and Flora Mcmillan, Carolyn Monaghan, Ben and Loulse Nunneley. Sir Charfes and Lady Cathertne Stead. George and Daphne Upton, Richard Whllahouso, Keith Witherow. John Wtighc Jonnifer
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2023 Annual Patrons Anm$lrong. Caroline and John Atsvell, Jamia Aylmer. Lady Belinda and Lord Jullan Baptiste. Desirée Beatty. Chris and Flona Blunden, George and Jane Bowden-D8n, Jane Boym. Nicky Cash, Gillian Coben, Craig arKI Ba$la Copeland, Elleen Ellis, Patrick 8nd Yasrnine Fakley-Persaud, Deborah Finch, Stephan Gray, Paul Haly. William Harding, Anne Holmes, Catherin8 and Mather, Robert Jgnes. Jenny Jenkins. Damd and Fiona King, John Lambert. Maurice and Rosemary Maclntyre. Arabe118 and Duncan MaTX, Jill Mcwilliams. Fiona and Jeremy Nicholl-C8rn8. Sarah Paterson. David and Ro$omary Perry, Alison and Ross Quin18n, Victoria Rl¢hards, Alson and Geoffrey Rylance, His Honour John and Philippa Scholes, Carol Shockel, G¢)dfrey and Sue Sommerville, Robbie Walsh, Stephen Waugh, Viwenne W8Ston. Jill Wilk*s. Angela ntour, Flthard Wood$. May and Gl. Young. Matn and Sarah Corporats Patrons BovSngdon$ Catsring Pascal Huser Design and Build Ltd Pegrin8 BryantArchitè¢ts Ltd V8U8e Crlbb & Co
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2023 Individual Donors (£1,000+): Nunnglgy, Sir Charfes Pathr. Hamlsh Charltable Trusts. Foundatlons and Organisation5 to Fulham Palace (£1,000+): Arts Coundl Eng14nd Dougla8 & Gordon Dyers Company Stnjtt and Parkèr The Barbara and Philip Denny TN$I The Julia and Hans Rausing Trust The John Lyons Charfty The Lyon Family Charitsblo Trvyt 'W8 ar• v8rysed to report that on& of our supporters, May Wood$ (Patron), haspassed 8w8y. With thanks to all tho$¢ vtho have gtven to Fulham Palace over th8 Gour8e of the year. including those who wish to remain anonymous.
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FULHAM PALACE TRUST Opinio We have audf(ed the fin8nclal statements of Fulham Palace Trust Clhe parent charltable company) and Its subsldlarfes lthe 'group'l for th8 year ended 31 March 2023 which comprise the group statement of financial activlties, the balance sheet for Ihe group and company. the group statement of cash flows and note8 to the financia5 ststements, including SIgncan1 accounting poliryes. The ffinandal reporting framgwryk that has beon applied In their preparation is applieablg law an¢J United lQngdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Rgptybng Standard applicable in th8 UK and Republic of Irvland Iunlted Kingdom Generally Acceptgd Accounting Practice). In our opinion, the finanaal statements.. give a true and fair view of the state of the group's and of the parent chadtable companV8 affairs as at 31 March 2023 and of the group$ incomlng resources and application of resources. for the year then ended,. have been properfy prepared in accordance wKh United Kingdom Generally Accepted Accounlng Practice" and have been prepared In wirdance wth th& T8quY8m8nts ofthe Corrynles Act 2006. Bas18 ftr oplnlon Wa conducted our audr( in aCrdanc8 wth Int8mational Standards on Au¢JOUng {UKI IISAS {UlQ) and appllcablo law. Our responsikn'lities under those standards Bre further described In the Audllof$ rnsponsibilitigs kir the &udlt of the financlgl stgtemgnts Sedon ol our reporL We are independent of tho group In acwrdance wth the ethicar requlrgments that are relevant to r audit of the finanoal statements in the UK, Including the FRC'S Ethical Standard. and havg fvlfilled our other ethicl ponsibIlitieS in accordance vAth th8se requir8m8nts. We believe that thè audit èvidence wè have obtalned Is suffldent and approprlate to prwde 8 basis for our oplnS0n. Cgn¢luslons r•lallng to golng ¢oncem In audlung the finanaal stslements. we have InCluded that the twstoes, us8 of the golng concem basis of accounting in the preparation of th8 flnanclal statements Is approwiate. Based on the work we have perfonne(J, we have not idenlffièd any malerfal uncertainties relating to events or conétllons that, IndIduallY or collectively. may cast signffi¢anl doubl the trust's abllity to conlnue a8 a going concem for a period of at le8s1 Iwafv8 months frc*n vthgn thè ffinanctal statements are 8uihorfsed for rssue. Our responsibilities and th8 responsibilie5 of the trustees wth re8PtsCt lo going concem are descrfbed in the relevant Sections of this report. Other Inforniatlon The other information comprises the irrformalion induded Sn the annual iep)rt olh¢r than the fin8ncSal statsments and our audito¢s report thereon. The trustees are responsible for the 0th8r Information contained wlhin the annual report. Our opinion on the fln8nclal statements does not COV8r the other information and, &x¢ept to the oxtenl othervlise explicitly staled in our report, we do not express any form of assur8no condusion thereon. Our responslbllity k8 to rèad the olher1nfomiation and. in doing so. consider thether th8 Other Information Is matèrially InconsSstent whh the flnanclol ststements or cwr knoadge oblalned In the course of the audll. or othe1$8 appears to bg materially misstated. If we identify suth material inconsistencies or apparent mat8rial mis5tal8ments, we are r8quir8d to d8t8miine wh8th8T this gives rise to a material mlsstslement in th9 financial statements themsefves. If. based on the work we have performed, we condude that there18 8 malerfal mlsstatement of this other Infomiation, we are required to report that fact. We have nothlng to report in this regard. Oplnions on other mattern prnscrlbod by the Companlw Act 2006 In our opinion. b8s0(l on the work undertaken in the coursè of our audR: the infomiation given in the trustees, report for the financial for which tho finanLi81 statements are pr•p?rèd, which includes the dlrectors, report preparod for th8 purposes of company law. IS wnsislent wlth the financial 8lalements.' and the dir8ciors' report Indud8d within tho trustees. report has been prepared in ac(tsrdance with 8ppllcable leg requirem8nts. 10-
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FULHAM PALACE TRUST M•ttors on whl¢h wa are requlrod to report by •x¢•ption In th6 Ilght of the knowledge antj understan¢Jng of the groLtP Bnd parent charitable company ond their environment obtained in the coursè of the audlt, we have not idonlified matsrial misstatsments in tho dlredors, report induded thin the trustees, report. We have nothlng to report In respect of Ihe followlng matters in relation to whlch th8 Companles Act 2006 requlros us lo report lo you if, in our oplnlon: adequ8t8 accounting r&cords have not been kept by the parent tharftable company. or Tetums adequate f our audit have not been received from branth88 not v18Med by us,. or the parent tharitsble Company finandal statements ara not in agreement the accountiThJ rècords and ralurns- or certain disclosuros of trusl80s' remungratKJn speafied by law are not mtAfje: or we have not reIved all the irrfornation and explanation$ we roqulre for our audit.. or the trustees were not enkn'ded lo prepare the finanu81 statements In accordance whh the small companie$ mgimè and lake 8(Ivantag8 of the small companies, exemptions in preparing th8 trusts8$' report and from the reouirement to prepare a strateglc report. Rèsponslbllltles of trustses As explained more fully in the statement of tTU3tee5' re5ponsibiltties, the trustees, who are also the directors ol thè trust for the purpose of company law, are resF<)nslble for the preparatlon of the finanryal ststsm8nls and for boing $aUsfied thal Ihey glve a true and folr vlew. and for such Intemal control 0$ the trusta8s determine Is nacessary to enable Ihe preparation of financial statements that are free from malerial misstatem9nt, whether due to fraud or eor. In preparing th8 ffinanaal stalemenls, tho trustees arg r¢5ponsible for assessing the group and parent tharitable company's abilty to ntinue as a golng cOnM. di8dosing. as appllcable, matters related to goi concem and using the going concem basis of accounting unless thg trustees eith8r intend lo liquidate the group or parent ChtsbIe company or to cease operatK)ns, cf have no realistic alternative bul to do so. Auditorfs r••ponsibilili• for th• audit of tho flnanelal statem•nts Our oblectives are to obtaln rga50nablo a$$uTance about whether the finandal statements as a vthole 8Te free from material miss18menL whether dua to fraud or error, and lo Issue an auditors report that indudos QLY tjpinion. Reasonatle assurance is a high level of assurance bul Is not a guarantee that an audit conduGtod in acccd8n¢ wh ISAS {UKI VAII aVaYS detect a material misstatement when It 9$ts. Mlsstslements can arlso from fraud or error and arè considered mater5al rf, individuaNy or in the aggrega18, they Could reasonably be 8xp8Ct8d to influ8n¢e the economic derAsions of users tsken on the basis of th8s8 financial sLm8nts. The èxtsnt to whlch our procedur88 are capabl8 of detecung Irregulartles. Includlng fraud. is dotallgd below. the engagement partner ensured that Ihe engagoment team collgthvoly had the appropriate competence, C8pabilrties and skills to identlfy or recounlse non-compliancg applicable laws and regulation$' we Identmled the lawB and regulollons appllcable to the company thrDugh discus8lons wmh trustse5 and olher managemfrnt, and from our knOdge ond experience: wè focusèd on sperAf laws and regulalon8 %thlch we consld8red may have a direct matorlal effect on the finanoxal statements or the operatKJn8 of the tharilable company., ' we 8ssessed the exlent of compliance th the laws and regulations idenlified above through making enqulrfes of management and inspecbng logal corraspondance where applicablè: and . Idenlffied laws and regulatlons were communrated wtthin the audlt tsam rggul8fty and the team remalngd alert to instsnces of n-MplianCe Ihroughout the au[t. 11
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FULHAM PALACE TRUST We assessed th8 SU5ceptibility of the ch8ritable company's tln8nclal statements to materlal mls8tatement, indudlng obtslning an understsnding of how fraud might ocrjjr. by.. ' making 8nqulrfos of management as lo whère thoy nsidered there was su5c8ptibility to fraud. thoir kedge of actual. susp8cted and alleged fraud,. and . nsIderfng the Intemal ts)ntro18 in place lo mitlgate rfsks of fraud and nC-coMlan¢e wllh laws and rggulaticfis. To address the risk of fraud through management blos and oyorrid8 of controls, w8: ' perfomied analyti11 procedures io [denfy any unusual or unexpected relationship8," tested loumal entrfes to Identify unusual transaGtions" ' osse$sed vhgther jydgomants and assUMptnS made in detèmlnlng the accotIng estlmgtes were indlcatSve of potenti81 bias: and . Investlgalgd the rallonale belind Signifirnnt or unusual trartsadon& In r8sponse lo the rfsk of Irregularities and non4x)mrAianc8 wlth law8 and regulallons. we desTgnod proceduros which induded, bul were not limlled lo.. ' agroelro financSal statsmgnt disdosur•s to underfyng supportlng dmentiOn. ' reading the minutes of meetings of those tharged wlh governance: enquiring of management as lo KbJ81 and potsntial litigallon and da1.. • r&Ang relevant correspondence. There are inherent limitation8 in our audit procdures dgsc¥lbed above. The more removed that laws and regulations are frorn financ481 Iran8action8, the les8 Ilkely it is that wo would become aware of non-complianc8. Audlung stsndards also Ilmlt the audll Procedures requirgd to Ident6fy nonwcompllanc wlh laws and regulalion$ to enquiry ofthe trustses and othgr managoment and the in$pection of r8gulatory and legal (grrwndence, rf any. Moteriol misstatgmgnts thot orise due to fraud tan be harder to detect than those that arise from error 8S thgy may involv8 deliberate ¢ea[ment or lIslon. A fvrthor description of our responsibilities is availabl8 on the Financial Reporbng Council's websile aL' hJ1 www.frc.org.uklaudilorsresponsibilities. This description forms part of our audito¢s rgport. 12-
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FULHAM PALACE TRUST Us• of our r•port Thig report is made solely to the chartable company'$ mèmbers, as a dy. In accordanc¢ wSth Chapter 3 of Part 16 of the Companies Act 2006. audit work has been undertaken so that we might stat8 to the tharilable compan8 members those matters we are required to slate lo thèm In an audltoffs report and for no other purpose. To tho fullest exient pem)itted by law, we do not arKepl or assumè r88ponsibility lo anyone other than the charitable cx)mpany and th8 charilablg companys members as a body, for our audil wotK for this T9rt, or for tho opinions we hove formed. Robart Kirtland {sl0r StatutoryAudltor) for and on behalf of Critchl•ys Audit LLP 261712023 Chart•r•d A¢¢ountants Statut¢ryAuditOT Boaver House 2>38 Hyth8 Bridge Street Oxford OX12EP 13-
FULHAM PALACE TRUST GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Currgnt flDan¢lal ygar Unr•strlcted Restricled funds 2023 Total Total 2023 2023 2022 Incom• from: Donation8 and legacles Charitable activities Other trading acb'¥rities Inv88bnen18 70.737 139,869 1,353,304 5,078 164,695 2.574 235,432 142,443 1.353,304 5.078 549.865 167,643 1.271.273 163 Total In¢om• 1.568,988 167.269 1.736,257 1.988.944 ndllure on: Raising funds 171,407 171,407 126,323 Charitable actiwties 1,443.603 195.849 1.639,452 1.654.870 Total •xp•ndilur• 1,615,010 195.849 1.810.859 1,781.193 Not loutgoingyln¢omlng rn•oUr8 bof4)ro transfers 146,0221 (28,580) 174,602) 207.751 Gross transfers between funth 365.584 {365.5841 Not Incom•l{•xp•ndlWro1 for thè y•aTI Not incomlngl(outgoing} rosourc•• 319.562 1394.1641 174.6021 207,751 Otr rwnlsfjd galn¥ •nd Ivsety Aduarial Ilossygain on defined b8n8fit P8nslon s¢homè$ 61,111 Not movomgnt In fvnd¥ 319,562 1394.1641 {74,602) 268.862 Fund balances at 1 Aprfl 2022 4.079,646 407,668 4.487,314 4.218,452 Fund balan¢•* at 31 Mar¢h 2023 4,399,208 13,504 4.412.712 4,487.314 The slatoment of finanryal actiMti8s incbJd8s all galns and losses rec(4nised in the year. All Income and expendlture derive frc¥n contsnuing advities. The statement of financi81 activities also complles with the requirements lor an Income and expendKure arUnt under the Companles Acl 20(. 14-
FULHAM PALACE TRUST GROUP STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED> INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Prlor fln•n¢lal year Unrestrictod Restrlcted funds funds 2022 2022 Tot•1 2022 Notes Incomo from: Donations and legacles Charitable activ@S Other trading activities Investments 224.150 167,643 1.271,273 163 325.715 549,865 167,643 1,271,273 163 Total income 1.663,229 325.715 1,988,944 Raising fijnds 126,323 126,323 Charitablè actlvllles 1,344,714 310,156 1,654.870 Total •xp•ndltur• 1.471,037 310,156 1,781,193 N•t loutgolngylncomlng r•sourrns b8forn transforn 192,192 15,559 207,751 Gr05$ transfers betsygen funds (4.8841 4,884 N•t Incomel{expenditurel for the yewl Not 1neom1n1Othgolng) r•sourc 187.308 20,443 207,751 oth•r r•cognl$•d galn8 and lo$ AGtuarial Ilossygain on dgfined benefft pènslon schemes 61,111 61,111 Not mowm•nt In funds 248,419 20.443 268.862 Fund balances at 1 April 2021 3.831,227 387.225 4218.452 Fund balanc•s at 31 March 2022 4,079,646 407.668 4,487.314 15-
FULHAM PALACE TRUST BALANCE SHEET FOR THE GROUP AND THE CHARITY ASAT31 MARCH 2023 Group 2023 Charfty 2023 Group 2022 Charlty 2022 Fixed 8s40ts Tangible a55ets 13 4.173.973 4.146.722 3,882.485 3,882.485 CUnt 4$5ots Stocks Debtors Cash at bank and in hand 14 16 7,205 253.665 834,393 7,205 319.596 219,858 6,715 85.468 1.328.172 6,715 110,551 863.467 1,095.263 546.659 1,420,355 980,733 Crodltr•rs: amounts falllng due wlthln ono yèar 16 {842,3041 (793.505} (650.786) {626.630) Net ujrrent 8ssètslQiablllties) 252,959 (246,8461 769.569 354.103 Total *#s•ts 1o$s curr•nt Ilabilltl•g 4426,932 3,899.876 4,651054 4236,588 Credltors: amount$ falllng du• after morg than ong yoar 17 {14,220) (14.2201 1164,7401 (164,740) Ngt assets 4,412,712 3.885.656 4.487,314 4.071,848 Income fund Restricted fund8 Unrestricted funds 19 13,504 4.399,208 13,504 3.872.152 407,668 4,079,646 407.868 3.664,180 4,412.712 3.881656 4487.314 4.071.848 The fina al statements were approved by lh• Twstees on . LOZ2 Paul Gray, Chair of Trustegs Trusto0 C¢mpany rnglstratlon numb•r 07464167 16-
FULHAM PALACE TRUST STATEMENT OF CASH FLOWS FOR THE GROUP FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from op•raUng a¢tlvlti Cash generated from op8ratk>ns 25 87,740 559.435 Investlng adivitl•s Purchas8 of tangible fw8d assats Investment income recelvod 1449,0731 5.078 1159.0351 163 Ngt usod In Invg$tlng arttvltl•s (443.995) 1158,872) Fln•nclng ¥ctlvltl•s Rèpayynenl of loan5 1137,524} {117,869) Net ¢a¥h used In fln•n¢lng activities (137.524) (117.8691 N•t (d•crnas•)fincr•as• In cash •nd ush •qulvalents (493.779) 282.694 Cash and cash equlvalents at t*ginning of yBor 1.328.172 1,045.478 Cuh and cash oquival•nts at •nd of yoar 834.393 1,328.172 17-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 AGcountlng polici Charlty Infomatlon Fulham Palace Trust is 8 u)mpany Ilmlted by guoranlee InrpOrated and domicled In England. lis registered office 8ddress and prlnripal place of business w Fulham Palace. Bishops Avenu8. London, SW6 6E In thè event of the compary belng wound up every member undertakes to Mnlribute to the assets P8yYnent of the debts and llabl19$ an amount not exceedbng £100. Accountlng comtynllon The financlal statements have been PPared In accordance wlth Ihg tsusvs g¢)vemkng document. the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable In the UK and ReplIC of Ire18nd" I'FRS 102.1 aThJ the Chart8$ SORP 'AccounUng ond Reporting by Chadues.. Statement of Recommended Practice applicable to charities preparing their aoUnt$ in accordance with the Fin8nci81 RoPQrting Standard applicable in the UK RepublSc of Ireland IFRS 102}" leffective 1 January 2019). The trust Is o Public Benefrt Entlty 8$ delkned by FRS 102. The financA81 slalements are prepared In 8tsrflng, whlch Is the fundlonal rrenCY of the trust metary amounts in these financial statements are rwnded to the neargst £. The financSal statomonl$ have been prepared under Ihe hlstorical $1 Conventn. The prinrip81 accounllng poliues adopted are set oui below. Thesa financ4al ststerrents ¢onsclidats th8 results of the charity and Its vtholtywowned subsidiary Fulham Palace Entorpri$8$ Comiunity Interest C(wnpany (wislered company number. 07574413). 12 Golng ¢on¢em The finonryal statemen15 crf the Trust have been prepared on the going eoncem basis which assumes that Ihg Trust will continue to be able to meet its liabilities when they fall due. Th8 trustegs consider that the going concern basis remalns appwrfale having reviewed a pedod of at last tsvelvo months from tho approval of thasè financial statements. Charltabl• funds Unrestricled funds arè avallablè for use al tho dI$tIOn of the Trustees in furthwonce of the genoral objectives of the charity and which have not en designated for other purposes. Restricted funds are funds which to be used In a¢cor(18n¢e with specffic restrbctions Imposed by th8 donors or whith have been raised by the tharity for parbcul8r purposes. The aim and use of each restricted fund is set out in the notes to the finandal stalem8nts. 1A In¢om• All Income Is aCcnted for when the charity has entitlemant to the funds, certainty of receipt and the amount is measurabl8. Where income is received in advance or a deposit is madg il is deferred until the charity18 entlugd lo that income- usually when the event occurs. Grants arg included on 8 re¢e¢vable basis subject to adludgod ability to meet any a$socOaled conditions. Donations and legacies are induded in the accounts en received. Leg8des are actounted for when the charity is notlfied of hs 8nllJemant to the incom8 and the amount Can be asses88d wlih Msonable certainty. Donated fa111185 have been recogni5ed at the value of the benefst to the charity. Tumover is thè amount derNed from orrfin8ry activ1l88. and stated after tr8de dIsunIs, other sales tsxes and nel ofVAT. 18-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ounting policles (Continued) Exyndlturo Costs ara included in the appropriate category. Support CA)sts are allocatad attoss the Iwo act11[88 based on the direct costs of that adlvity as a proptxdon of the total direct cost of the tsvo 8dMties. Iryecovorable VAT is included thIn 8UPPOrt costs. Tanglbl• fix•d ass•ts Tangible fixed assets are initially measured at Cost and subsequently measured al cost or valLMtion. net of depreciation and any impairment losses. Depreaation is recognised $0 as lo write off lh& cost or valuation of assets le88 their resldual values over their useful Ilves on the following bases.. Leaseholt1 Iworovemenls Plant and equipment Fixiures and fithng8 Compbjlers 5 to 20% 8tralght Ilne, or over the duration of tha1$8 10 10 33% straight line 25% straight line 330A straight ling The gain or loss arising on the disposal of an as$01 1$ delemiined as the d[rferen betsveen the sale proceeds and the carying value of th8 asset, a)d is r8¢ogni$ed in the ststemenl of finanGial actiwties. Impalmient of Ilxed assets At gach reporting end dale. the trust rewews the carrying amounts c*f its tsftgible assets lo delermlne whether there is any indication that those assets have suffered an impaInent loss. If any Such indicauon 8xisls, thg re(werabl¢ Èmount of the asset Is estlmalod In ordsf to d918[ne Ihe ¢xlent of the Impoirm8nl loss {If any). Stock• stod(s aro ststod ot th8 lower of cost and nel realisabl8 value. 'Nel reallsable value. is the amount or value expoctgd to be recelved from the sale or u8e of stock In tho normal course of busines$ 8fter deducting any additional o)st incurred in tho procoss of realisalion. Net reall88ble value Is the estimated selling prfce less am estlmated costs of c(¥nP0n and costs to bg irturred in marketing, selling and distrsbuti. Cuh and cash •qulval•nts Cash and cash equivalènts include c88h In hand, deposSts hgld at Gall with banks. other short-terrn liqultl invgsknents wth ¢riginal maturitles of three monlhs less, and bank ov8rdraft8. Bank overdrafts are shown within borrowiftgs in current Ilabilities. Flnandal Instrumont• The trust has 8le¢ted to appty the provisions of Sectlon 11 '8881c Fin8naal Instruments. and Section 12 'other Flnandal Instrumgnts Issues, of FRS 102 to all of Its financlal Instruments. Finandal instruments are recognised in Ihe INsl's balanc8 sh88t when the trust b8wmes party to the ntractual pr¢)vislons of the InslNment. FinanLyal a8sel8 and IlabIll&S aTg offset. wlth the net amounts presented in the finanaal ststements, wh8n there is 810gally enfomablo rfghl to $¢1 off the recognlsed amounts and ther8 is an intention to Settle on a net basis orto raaliso th8 asset and setue the li8bilty slmuttaneousty. 19-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢counllng poll¢l•¥ {Contlnu•dl B•si¢ fin•n¢lal a$s•ts Baslc finanoal assats. whlth Indude debtors and cash and bank balances. are inltially measured at transaction pric8 induding IransactKJn ¢¢ts and are subswuenlly c8rried at amortlsed cost using the effective interest method unless the arnangement constitutes a financing transaction. where tho transaction Is measured at the present value of the future receipls discounted 8t a markgl rale of Interest. FInCIal assets ¢18s$1figd •$ rècèivable wthin one year are not amortised. Ba$1¢ fln•n¢lalllabllltl•s 8asi¢ financial liabil8$. Sncludlng credltLYS and bank loans ar8 Initially TolSed 8t transaction price unless the arrangement constitutes a financing transaction, wh8re th8 dobl instrument 1$ mgasured al the pr8s&nl value of the frjbjre payments (Ji8counted at a mwket rate of interest. Financial Ilabllltles dasslfied as payabl wrlhin ¢)ne year are not arno$0d. Debt Instrments are subsequenty cathod at amortlsed wst, using Ihe effedve inlgre5t rate mettrtt)d. Trade creditors are obligations to pay for goods or 8ervlces that have be8n acquired In the ordlnary coursè of (perations from suppliers. Amounts payable are dass[rd as current liabililies rf Paent is dug wiknn one ygar or198s. If not. they are presented as non-current liabililigs. Trade ¢rodltors are recognis8d initially at transadon Prf and subsaqugndy rn1ed al amortlsei1 cost using the offactive interest mefvd. Dern¢ognttlon af flnanclal Ilabllities Finonual liabilities arè derecognised ¥then the Irusfs cantractual obligations 6xplre or are discharged or cancelled. Employw b¢n•fit8 Thè cost of any unused hollday ent4tlement is recognised in the In whlth the employee's servlcos aro rec8lved. Temilnation beneflts arg recognlsgd immediatoly as an expense when the twst is d8monstraNy committed to lemiinote the 8mploym8nl of an employee or to provlde teminotion benefits. 1.12 R•tlr•ment beneflts Payments to defined ¢cffitribut*)n r8tir8menl benefit schemes are charged os an exp0 as they fall due. 1.13 Transfer olAssgts On the 1 April 2011 all the assets and Ilabllilies of Fulharn Palace Tru81 {an unInLx)irated charity} wore transferred to Fulham Palace Tnjsl {8n Incorporated charity). 1.14 ConceJslon?ry Loans The long-tenY¢ loan recorded on the balance shèèt is a dassrfied a8 a concessionary loan. Con¢ession8ry loans havo begn recognised and measured at arnount that was initially r8¢elvgd, arbd 8re adjust8d to refieLt repayments and impaimient on the loan. 1.15 Fund Accountlng Urtreslricted fijnds are available use at the discretion of the trustees In further8nrE of the genoral objectiv88 of the charity and have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specitlc restrictions inyJs8d by the donors or which havg b88n raised by the charity for particular purposes. The aim and use ol e8ch restricted fund is set out in the notes to the financlal 8lalements. -20-
FULHAM PALACE TRUST NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crltl¢al a¢countlng •stlmalo5 and ludg•mnts In tho application of the trust's accounting polides, the Iru$te8$ arè requlred to mak& judgèments, estimates and assumpb'on$ about the c8ryng amount assets and liabilities that are not readily apparent from other sourcEs. The estimates and associated assumptions are based on hi8torical experience and olh8rfactors that are considered to b6 relevant. Actual results may differfrom these estimatOS. The estimates and und8dying assumption$ are reviewed on an ongdng basls. Rewslons lo account1ng estlmales are recognised In the period in the estlmate Is revlsed where th8 revSsion affects only that rfod. or in the lod of ihe revision and futur8 periods where Ihe revislon afferts b(rth currnnt and ffijture riods. The judgement that has had the mo$1 $ignlficant effect on 8mounts wognlsed in the finandal statoments was the charge for d8preclatlon durfng th6 yèar. Donatlons and lega¢l Unrnstrlctod RtrIcI¢d fund$ funds Total Unrestrictsd Rostrlctod funds funds Total 2023 2023 2023 2022 2(122 2022 Donations and gtfts 70.737 164,695 235.432 224.150 325,715 $49,865 Donatl¢Jn$ and glfts Church Commlsslon don80on In klnd for use of property Walled Garden Educatlon program Campaign: Rostoring and Renewing Fulham Palace Interpretation ACE Culttjral Recovery Grant Other project grants and dOnaOn$ 62.500 7,899 35.000 62,500 7.899 35,(KJO 62,500 45.330 35,200 62.500 45.330 35.200 113.480 34,000 113.480 34,000 34,874 34.874 174.048 174,048 70.737 24,422 95,159 50,102 35,205 85,307 70,737 164,695 235.432 224,150 325.715 $49,865 Inv•stm•nts Unr•strl¢t•d Unre$trfcl•d fvnd• tund5 2023 20f2 Interest tA1vable 5.078 163 21
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charftabl• actlvltlos Charitable Ch•rftable In¢ome Incom• 2023 2022 Café income Extemal rdmbursements EducalFon HMRC CJRS InMe and LBHF bUnesS grants othgr InMe 30,000 2,300 37.324 30.396 30,395 69.796 37,056 72,819 142.443 167.643 Analy$ by fund Unrestriclad funds Restricted funds 139.869 2,574 167.643 142.443 167,843 -22-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Oth•r trading a¢tivltl Unr•strlct•d Unr•$trlcted funds funds 2023 2022 General rents. service charges and ulilitigs roimbursgmonts Fulharn Palacè Entsrprises CIC Income 724,936 628,368 790.641 480.632 othgr trading actbTrrikne5 1.381.444 1,271,273 Fulham Palace Enterprises Community Interest Company is 8 whcAIy-own8d subsidlary Incorporated in Eng18nd and Wales whose princ4pal activty Is to support the charfty. The subsidiary 4$ limked by guarantse and therefore there is no investment to d15dose. The guarantse is Ilmmed to £100. Tho Income and expenditure of the CIC as shovm in the put41shed occounL8 is as follows: 2023 2022 Tumover events and fvndion$ Cost of sales Adm6nlstrate expense$ InleTgSt rgcolvablg and similar Income 828,368 (33.2691 (68,0441 497,963 134,1251 (48,4081 Relained profit fry Ihg yaar 527.055 415,466 88lancè shoet ed assets 27,251 Current a¥$ets Current liabilities 837,931 (338,126) 506,378 {90,9121 Net assets 527,056 415.466 -23-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ralslng funds Unrostrlctsd Unr•strl¢t•d funds fund# 2023 2022 Fundraisin and ubli Adivtties and events Markeung, PR and wobslle costs Other ftjndraiSg Go¥ts Staff costs 13.555 476 10.343 45,722 5,548 1,800 36,442 Fundralslng and publlclty 70,096 43.790 Tradin Olh•r trading aclivlti•s 101,311 82.533 171,407 126,323 Charltable adlvl¢los Malntenanco Communlty of hlstorl¢ & educatl¢)n bulldln91 2023 Total Malntsnance Communlty 2023 of hlstorl¢ & •du¢atlon building$ 2022 Total 2022 2023 2022 Charltable exp&)dlture 160.003 38.729 198,732 208,724 50,684 259.408 Share of 8WPOrt costs see 91 Share of govemanc costs (see note 91 878.775 544,184 1,422,959 957.699 424.617 1.382,316 10,657 7.104 17,761 7,888 5.258 13.146 1,049.435 590,017 1,639.452 1,174,311 480.559 1.654,870 An*ty$ls by fund Unreslrfcted funds Restricied funds 890,485 158,970 553,138 1,443.603 36.879 195,849 902.935 271,376 441.779 1,344.714 38,780 310.156 1,049.435 590.017 1,639.452 1.174,311 480.559 1,654.870 -24-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support cosls SuppJrt Govemancg 2023 Support Govomancg ¢ots costs 2022 Staff ¢osts D0precIaOn Pr8mises Other overheads 921,664 153.984 161.876 185,435 921.664 153,984 161,876 185.435 850,951 124.948 161.952 244.465 850.951 124.948 161.952 244,465 AL*dlt fees Non-audil fees Logal and professlonal Trusts8 meellngs (minute taklng) 12,0 4.217 12,000 4.217 9,500 2.218 1,128 9.500 2,218 1.128 300 300 1.422,959 17,761 1.440.720 1.382.316 13,140 1.395.462 Analy8ed tween Ch8ritable activities 1.422,959 17,761 1.440.720 1.382.316 13,146 1.395.462 60% of supp(wt costs are albcatsd to Maintenance of hlstoric buildings. The rem8lnlng 40% is allocated to Communrty & Education. Goveman¢e costs indudes payments to the auditus of £11.000 {2022- £9.500) for alsIt fees. 10 Tru5t••s Nono of the tru$le8$ lor any p8rson5 comected wlth th8ml rgC8iV8d any MneralOn or ben8fts from the trust tjuring thg year. -25-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Employ• Th8 average monthly numb8r of èmployee8 dudng the year was: 2023 Numbèr 2022 Numbor CEO Commercial & Visitor Experience Manager Flnance Manager Ass1 Acwunlant Visitor walcomg team Head Gardener Senior Gardenor Appr8nt1ceTalnee Gardenèrs Leaming aNJ Engagement manager Leamlng Asslstant Volunteer Development Offic8r Adlninistration Handymanlcaretoker Fundraising Offic8r Community Arch8è010913t marken9 Officer ConseNation Assistant Archive Resewth Manager Fadlrtles Manager Cleaning learn Totsl 31 Employmont costs 2023 2022 Waggs arKI $81orfes Social securrty costs Other pension costs 865,995 66.708 34,683 801,525 58,561 27.307 967.386 887.393 The number of employees whose annual ramLOratiOn was more than £60,000 1$ a$ follows.. 2023 Numbor 2022 Nvmb•r £70,001- £80,000 -26-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Taxatlon The ¢harrty is exempl from tax on Sncome and gains falllng wlihln Section 505 of th8 Taxes Act 1988 or section 252 of the Twtionc)f ChargeaNe GainsAcl 1992 to the extent that these are 8ppli9d to Ils charitable obleots. 13 Tangibl• FIX Aets Group LMs•hol Plant and Ftxiuw and Computorn INyov•m•nts •qulpmort ffttlng5 Cost At l April 2022 Additions 4.238.446 360.204 35,047 162.695 88.869 92.OTT 4.528,265 449,073 At 31 March 2023 4,598.650 35,047 251,564 92.077 4,977.338 D•pre¢iatlon and Imp•lrment At I Wil 2022 Deweclation (*Aryed In the ygar 427.418 127259 21.681 126.578 14,609 70,123 10,892 645,780 157,585 At 31 Marth 2023 554,677 26.486 141,187 81.01S 803.365 Cafrylng amount At 31 March 2023 4,043.973 8.561 110,377 11,062 4,173.973 At 31 Marth 2022 3,811.028 13,386 36,117 21.954 3,882,485 14 Slockg for Group and Company 2023 2022 Flnlshed good$ and goods for resale 7,205 6,715 15 Dèbtors Group 2023 ¢h•rlty 2023 Group 2022 Ch•rity 2022 Amounts falllng due wlthln on• y•ar. Ttad9 d9btors Amounts owed by subsldlary undgrt8k5ng$ other debtors Prfjpaymgnts and actrued iicome 51.240 1,889 289.328 56.054 20,699 67,601 8,567 13.684 9.412 20,002 202.425 28.381 253,665 319,596 85.468 110,551 -27-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Credltors: amount• falllng due wlthln ong y•ar Group 2023 Charlty 2023 Group 2022 Charity 2022 Concessionory loan from LBHF ArchitgGtural Heritage Fund loan Other tsxation and sodal sec#Jrfty Trade Creditors Cxher crgditors Accruals and deferred IrKome 250,000 120,996 57,104 237.703 69,601 106.900 250.000 120,996 32.806 237.703 67.531 84,469 250,000 108.000 32,800 102,479 81.675 75,832 250,000 108,(100 16,806 102,479 81,675 67,670 842.304 793.505 650.786 626,630 17 Crodltors: amounts falling due aft•r m¢x• than on• y•ar Group Charfty Gn>up Company 2023 2023 2022 2022 Archite¢turdl Hotage Fund Loan 14,220 14,220 164,740 164,740 14,220 14.220 164,740 164.740 The conce88ionary loan from LBHF was r8payable on 31 March 2019 or earfier rf the balanc• of the loan drawn down whlch has not been used to fund unforeseen or unbudgeted costs together with the accumulated operallng sury)lus lexduding re$tri¢ted fiJndsl exceed £SOO,000. It was thorefore being shown 88 a creditor falling due thin ono or {nole 161 last year. The £250.000 loan was nol repaid during the year and is therefore belng shown as stlll beln9 duo thIn on8 year nd[j fvther disGussioll6, During the year end8d 31 March 2019 a loan facilty of £400.000 was arrange(l from the ArChitera1 Heritage Fund. of which £200,000 had boen (Jrawn upon at 31 March 2019. A further £200,000 was drawn down on thls 108n during the ye8r lo 31 March 2020. The te$ of the loan are such Ihet no r8paymenls were required for the first 2 year8. Interest was initially b8lng tharg8d at 7.5¥0 per annum on Ihe outstanding balance, and this interest rats da¢8$ed to 6% once rgpayments reduced the oulstandlng balance below £200.000. 18 Rdiremenl IMn•fflt 8chem•8 D•fin•d contrlbutlon •ch•me$ The trust operates a defined Gontribution pension stheme for all qualifying employees. The assets of the scheme are held s8paral8ly from those of the trust in an indepgnd9nUy administered fund. The charge to profrt or loss in r8SP8Ct of d8fined contrIbutl sd)8mes was £34,68312022- £27,307). -28-
•)
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 20 Analy$l of group net assets lknoèn lund$ Unrnstrl¢t•d R05trlct•d fund¥ fund$ 2023 2023 Total Unr8$trfcted fun(J6 2022 Reslrfcted lunds 2022 Totsl 2023 2022 Fund balances at 31 MarL 2023 are represente(J by.. Tangible assets Curr8nl ass8ts1{liabilitiesl Long terrn liabil((ieB 4.173.973 239.455 {14,220) 4.173,973 3.882.485 252,959 361.901 {14,220) 1164,740) 3.882.485 769,569 1164,740) 13,504 407.668 4.399.208 13,504 4.412,712 4.079.646 407,688 4.487,314 21 C•pltal commltments 2023 2022 At 31 Marth 2023 the trust had capltsl commltmgnts a$ folbm: Contraded for bul not prwded in thé finan¢lal statements: Leaseho improvements 78,290 22 Oporatlng loas• commltments L•ssor At the reFL)rtlllg end date the trust had contraded with tenants for the following minimum lease payments: 2023 2022 wrthln one year Botsv8en Iwo and years 842,945 761,130 955,448 1,350.3C 1.604,075 2,305.754 23 R•lat•d party tronu¢tlon$ Fulham Pala¢e Enterprises Communty Inte$t Company is a whollywowned subsidiory of Fulham Palace TnJsL Aggregate donations from trustaes In the year omounled to £3.22012022: £580). There were no ¢)ther related party transactions In the reporting period requiring disclosure. -30-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 24 Analysls of changes in n•t lunds At 14)dl 2022 CMh lloAl 31 PAAr¢h 2023 CaBh at bank and In hand 1,328,172 (493.7791 834.393 Loans falling due wthwi one year Loans falling due after more than one yoar {358,lYJOI 1164,7401 (12.9961 150.520 (370.) (14.2201 805.432 356,2551 449,177 25 Cash 9on•ratod from oporallons 2023 2022 {D8lklty8urws for the ye8r 174,6021 239.751 Adjustments for. Investsment Ir)com8 recognis In statement of finandal advEtIoS Deprwation and impalrment of tsngible fixed assets Drfference between pension chgrya and cash cANthbutions 15,078) 157,583 1163) 124.948 61,111 Movements In working capital: {Inctsaseyd8crea8e In stocks Ilncreaseydgcrease in debtors Increase in credriors (Decreaseylrea8o In provisions {486) (168,197) 178,520 1.925 147,082 74,781 (90.000) CaBh g•nerat•d fr¢m operatl¢)n• 87.740 559,435 -31-