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 Seabr￿k
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 c￿llect￿O 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 fu￿11 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 $0 much ovor the past 12 months. Together, we have
overcomg obst8clgs, adapted to thanging ¢1￿MstanC￿, and continued to deliver exceptional resuM8.
2022123 wa8 another busy year for Fuhlam Palace Trust a8 we conunuod to bulld bad( from the COVlth19
pandemSc. However, lust as thg Impbct of on6 8xt6mal threat started to abats. another emerged in the shape of thè
war In Ukralne. Thls illegal war has creatsd human tragedy, global insecurity. and finandal inSta￿lIty in temis of th
costs of uttlibes and other supply chains. Through prudent budgeting and innovallve progTommlng, the tgom has
managed to weather this new ffiscal storm. but the waters remain Ghoppy for the fcKe88eablo fulure, with Ihe ￿$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 $m8119r ones that have induded a c￿nm￿lty 8ewng be
projecl and a Worfd War11 went for families.
Our latest exhlbllon entlded 'Blshops of London. colonialism and transalantic slavery.. resistan¢e' opened in April
2023. It's the result of a ts¥￿Year research projecL and l am particularfy proud of all the work that took place wlth
our communrty partners and proje¢t a￿$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 Opport￿lty 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 e￿OUrage
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 a￿9$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$t I'lh• C￿￿pan￿,> was Incorporated on 8 De¢ombor 2010 and registered the Charfty
CommSssion on 27 J8nuary 2011. It is a company limited by guarantee and registered in England (number
074641671 and is a registered charity {nuwnb8r 1140088). It Is govornod by Memorandum and ArtiGles of
A880ciafjon.
Obj•ctiv•s and actlvtti•s
The charfty's oblects I"ObJects') are 8pedfically r8strfjoled lo thg follovAng'.
lo provlde for the 8dvancgment of publlc oducatlon by the pmision of th$ 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 pa￿cular 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 aCti￿lIeS 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
e￿rtS, Partners. users and thg community
To be inspirational, engaglng and oducatlonal
To dellght our visitors through eX￿lIent (#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$8 of our h8ritage asset including our considerab18 rentgl
portfollo as 8 8ourc8 of regular in￿me.
Enhance our edU￿tiOnal offerlng and increose public aw8reness of ￿at we are by providing a wPJer range
of aCti￿tieS an¢J ovgnts for a growing number and range of visitors-
Support our l¢xal communitiès through the provlslon of 8 high qualty h￿ltage attraction on their dwrstep,
as w811 as providing jobs and a wlde range of volunteoring opportunibes.
Support our local economy a8 a succ8ssfvI Fulham Palace will bring more footfall to tho local area and
local businesses. The outL¥)m8s of ralslng awareness and contributing to the local economy support both
the Borough's arts cultural strategy and London&Partners' ambition to pull tourists to curr8nlJy less well
known herttsgè silas in tha caty.
A n9W I￿51n8$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 Fa￿e￿PerS8u￿, 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 D9￿mber 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 reCe￿e 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 Ente￿rtS￿$ 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 kn￿ce per ennum, and a Nomlnatlons Commlttee Ilkqt meets os no¢essary.
A Chi8f Exg¢utivo 1$ appointed by the trustees lo manag9 th8 day-tr￿daY 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 A￿d￿S 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 AcL*plad 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 polic￿8 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 resPL￿s￿ble 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. Mat￿n and Sarah
Corporats Patrons
BovSngdon$ Catsring
Pascal Huser Design and Build Ltd
Pe￿grin8 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 SIgn￿can1 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 ft*r oplnlon
Wa conducted our audr( in aC￿rdanc8 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 ethic*l ￿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 I￿nCluded 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, IndI￿duallY 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 responsibili￿e5 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 kno￿adge oblalned In the course of the audll. or othe￿1$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 re￿Ived 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
e￿or. 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 cOn￿M. 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 Ch￿tsbIe 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 miss1*8menL 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 accc*d8n¢
w￿h ISAS {UKI VAII a￿VaYS detect a material misstatement when It 9￿$ts. Mlsstslements can arlso from fraud or
error and arè considered mater5al rf, individuaNy or in the aggrega18, they Could reasonably be 8xp8Ct8d to influ8n¢e
the economic derAsions of users tsken on the basis of th8s8 financial sL*m8nts.
The èxtsnt to whlch our procedur88 are capabl8 of detecung Irregulartles. Includlng fraud. is dotallgd below.
the engagement partner ensured that Ihe engagoment team collgthvoly had the appropriate competence,
C8pabilrties and skills to identlfy or recounlse non-compliancg applicable laws and regulation$'
we Identmled the lawB and regulollons appllcable to the company thrDugh discus8lons wmh trustse5 and olher
managemfrnt, and from our kn￿Odge 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 k￿￿edge of
actual. susp8cted and alleged fraud,. and
. ￿nsIderfng the Intemal ts)ntro18 in place lo mitlgate rfsks of fraud and nC￿-coM￿lan¢e wllh laws and rggulaticfis.
To address the risk of fraud through management blos and oyorrid8 of controls, w8:
' perfomied analyti1￿1 procedures io [den￿fy any unusual or unexpected relationship8,"
tested loumal entrfes to Identify unusual transaGtions"
' osse$sed vhgther jydgomants and assUMpt￿nS made in detèmlnlng the acco￿tIng estlmgtes were indlcatSve of
potenti81 bias: and
. Investlgalgd the rallonale belind Signifirnnt or unusual trartsadon&
In r8sponse lo the rfsk of Irregularities and non4x)mrAianc8 wlth law8 and regulallons. we desTgnod proceduros
which induded, bul were not limlled lo..
' agroelro financSal statsmgnt disdosur•s to underfyng supportlng d￿men￿tiOn.
' reading the minutes of meetings of those tharged wlh governance:
enquiring of management as lo KbJ81 and potsntial litigallon and da1￿..
• r￿&￿Ang relevant correspondence.
There are inherent limitation8 in our audit proc*dures dgsc¥lbed above. The more removed that laws and
regulations are frorn financ481 Iran8action8, the les8 Ilkely it is that wo would become aware of non-complianc8.
Audlung stsndards also Ilmlt the audll Procedures requirgd to Ident6fy nonwcompllanc* wlh laws and regulalion$ 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 ￿lI￿slon.
A fvrthor description of our responsibilities is availabl8 on the Financial Reporbng Council's websile aL' h￿J1
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 compan￿8
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 T9￿rt, or for tho opinions we
hove formed.
Robart Kirtland {s￿l0r 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•oUr￿8 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
Ot￿r 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 ar￿Unt
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 1neom1n￿1Othgolng) 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
CU￿nt 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 In￿rpOrated 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 llabl1￿9$ an amount not exceedbng £100.
Accountlng comtynllon
The financlal statements have been P￿Pared In accordance wlth Ihg tsusvs g¢)vemkng document. the
Companies Act 2006, FRS 102 The Financial Reporting Standard applicable In the UK and Rep￿lIC of
Ire18nd" I'FRS 102.1 aThJ the Chart￿8$ SORP 'AccounUng ond Reporting by Chadues.. Statement of
Recommended Practice applicable to charities preparing their a￿oUnt$ 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 m￿etary
amounts in these financial statements are rwnded to the neargst £.
The financSal statomonl$ have been prepared under Ihe hlstorical ￿$1 Convent￿n. 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$￿tIOn of the Trustees in furthwonce of the genoral
objectives of the charity and which have not ￿en designated for other purposes.
Restricted funds are funds which to be used In a¢cor(18n¢e with specffic restrbctions Imposed by th8
donors or whith have been raised by the tharity for parbcul8r purposes. The aim and use of each restricted
fund is set out in the notes to the finandal stalem8nts.
1A
In¢om•
All Income Is aCc￿nted for when the charity has entitlemant to the funds, certainty of receipt and the amount
is measurabl8. Where income is received in advance or a deposit is madg il is deferred until the charity18
entlugd lo that income- usually when the event occurs. Grants arg included on 8 re¢e¢vable basis subject to
adludgod ability to meet any a$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 fa￿111185 have been recogni5ed at the value
of the benefst to the charity.
Tumover is thè amount derNed from orrfin8ry activ1l88. and stated after tr8de dIs￿unIs, 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 act1￿1[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$ed in the ststemenl of finanGial actiwties.
Impalmient of Ilxed assets
At gach reporting end dale. the trust rewews the carrying amounts c*f its tsftgible assets lo delermlne whether
there is any indication that those assets have suffered an impaI￿nent loss. If any Such indicauon 8xisls, thg
re(werabl¢ Èmount of the asset Is estlmalod In ordsf to d918￿[ne Ihe ¢xlent of the Impoirm8nl loss {If any).
Stock•
stod(s aro ststod ot th8 lower of cost and nel realisabl8 value. 'Nel reallsable value. is the amount or value
expoctgd to be recelved from the sale or u8e of stock In tho normal course of busines$ 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(¥nP￿0n 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. FIn￿CIal assets
¢18s$1figd •$ rècèivable wthin one year are not amortised.
Ba$1¢ fln•n¢lalllabllltl•s
8asi¢ financial liabil￿8$. Sncludlng credltLYS and bank loans ar8 Initially To￿lSed 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 Instr￿ments 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[r￿d as current liabililies rf Pa￿￿ent 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 rn￿￿￿1ed 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 exp￿0 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 $ignlficant effect on 8mounts wognlsed in the finandal statoments
was the charge for d8preclatlon durfng th6 yèar.
Donatlons and lega¢l
Unrnstrlctod R￿trIcI¢d
fund$
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 dOna￿On$
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 In￿Me and LBHF bU￿nesS grants
othgr In￿Me
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
Adm6nlstrat￿e 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 ftjndraiS￿g 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
Supp*Jrt Govemancg
2023
Support Govomancg
¢o*ts
costs
2022
Staff ¢osts
D0precIa￿On
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 al￿sIt fees.
10 Tru5t••s
Nono of the tru$le8$ lor any p8rson5 comected wlth th8ml rgC8iV8d any ￿M￿neral￿On 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
Ass￿1￿￿ Acwunlant
Visitor walcomg team
Head Gardener
Senior Gardenor
Appr8nt1ce￿Talnee Gardenèrs
Leaming aNJ Engagement manager
Leamlng Asslstant
Volunteer Development Offic8r
Adlninistration
Handymanlcaretoker
Fundraising Offic8r
Community Arch8è010913t
marke￿n9 Officer
ConseNation Assistant
Archive Resewth Manager
Fadlrtles Manager
Cleaning learn
Totsl
31
Employmont costs
2023
2022
Waggs arKI $81orfes
Social securrty costs
Other pension costs
865,995
66.708
34,683
801,525
58,561
27.307
967.386
887.393
The number of employees whose annual ramL￿OratiOn was more than £60,000
1$ 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￿ A￿ets 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 Ho￿tage 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$tri¢ted fiJndsl exceed £SOO,000. It was thorefore being shown 88 a creditor falling due
thin ono ￿or {nole 161 last year. The £250.000 loan was nol repaid during the year and is therefore belng
shown as stlll beln9 duo ￿thIn on8 year ￿nd[￿j fvther disGussioll6,
During the year end8d 31 March 2019 a loan facilty of £400.000 was arrange(l from the ArChite￿ra1 Heritage
Fund. of which £200,000 had boen (Jrawn upon at 31 March 2019. A further £200,000 was drawn down on thls
108n during the ye8r lo 31 March 2020. The te￿$ 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-

•) <r> (y

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 llo￿Al 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
(Decreaseyl￿rea8o 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-