Chwity registration nurnr 1140088 Company MglJtr•tlon numb•r 07464167 IEDBl•nd and Wales} FULHAM PALACE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FULHAM PALACE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Thist••s lain Cassidy Cralg Cobèn Dgborah Farfgy- PersBUd. Doputy Chair of Trustee$ Paul Grdy. Chair of Trustses F8n8118 G(x)dhart Cllve Hlnds IAppotnt8d 27 Novembor 2023} Danld Jackson IAppolnted 18 September 20231 John King Fiona McWilliam5 Matthow Pottagè M8riana Spat•r S•¢r¥tary Ms Sian Harrington. BA, W. AM4 Charlty numb•r 1140088 Company numbpr 07464167 R•glst•r•d offlc• Fulham Palace BL8hop8 Avenue London SW6 6EA Audllor Crikhloy5Audf( LLP Boaver House 2348 Hythe Bvidge set Oxbrd OX12EP
FULHAM PALACE TRUST CONTENTS P*g• Annual ROF M&ssase Irom th8 Chalr T$t8. report Slat8ment of tnjstses, rg8Fonsibililie8 D(ors Indepgnd$nt audltorfs roport 10-13 Statement of finck91¥(l1ll8s 14-15 BalBnce sh88t 16 statement of cash flowÈ 17 Notes lo the fmncl81 statsments 18-33
FULHAM PALACE TRUST ANNUAL REPORT MESSAGE FROM THE CHAIR FOR THE YEAR ENDED 31 MARCH 2024 As we r•fie¢t on the past yaar at Fulham Palace Tnjsl. l am plèasod to report on a period marked by $igntficanl athievements d85plle the global ¢hall8nge8 and oconomic uncertalntl#8 that tested our rasilionc8 arbj Mmttmènt to mlssKJn of becomSng on¥ the UK's most indu&ve and in$piring historic houses and gardens. With the doèwning Inpacts of the ongolng ¢ost-ol-Ilvln9 crlsls being falt across the UK, R Is significant that admission tr) Fulham Palace remains fr88 of Charge. Thanks lo the hard work d9dltIOn ol our staff. volunteers and support8t8, we welcomod over 216.000 visllor8 In the last 12 months - 8 lÉsl8ment to the enduring appèal and importanc• of our char5ty within th•10¢81 and Mder community. In 2023124, we embarked on $0Vor81 prolects aimod at 8nh8neSng rJJr sItOr experten. falslng Income, and enSur1r the presatvatlon of our eslale. Notable among th98e was the refUIshment of Tlmbgr L¢dgtr and a refresh of the Compton rooms. These projects were vital both In terms of buildings cons¥rv3tion and helping us raise additional incomè. Looking ahead, ihanks to a su¢cessfvI fvndraSsing app991. w8 wlll bè ablo to replace Ihe old halogen Ilghling in the Porteus Library wlth èn8rgy efficient LED lighting. Thls will help both reduce costs and our carbon fwtwint, supporttng wr Mmrnent to pladng carbon r6dUC¢h and env1mentl issues at th• h•art of our work. Education romains on& of our core tharltable oblgctlvgs. and one hlghllght has boon tho dovekjpmenl of the gng green project. Th1$ Infrastructure. 5chods and community project is ain8d at fostsrin9 8 degper connectlon to nature among urban ¢ommunilies. Through the sthgme, we have been at4e to r¢a¢h now audiences and empower particApants to tsko action to fAJmbat dmate ch8nge through showca$Sng the Imwrtance of nature and In local area. Our •vonts calendar has been as busy a$ ?ver. Our now 8Stablish8d lar-SCale publlc events $uGh a$ grggn meet d apple day fonn part of a wixjer offer that kncludes the•tro. ¢oncerts. history tours and supper cfubs. Those Ènts help us to t811 stories from the past, create awatgness about the ch8llervJes wg face today. and help raw the nSsary funds to protect our ¢h•rfty for the futtFre. They ar• also great funl Our exhibition The Blshop& of London. colonialism and transallantic slary." ros(8¢9 conlinues lo draw a wide aud+8nce and posiuve feedback, and has en8bl¢d our museum to shine 8 light on new. untold stories backod by scholarty W81th. l am ploasod lo share Ihal the Palace has r8¢anty boen accepted into the Museums Associatlon's new Anti-racist Museums Pmgrammo for organisations actwaty Wong towards decolonSsation and disrnantling syslernic raci6m. 11 1$ a ro81 ltr$laTnenl to the Iner8dlblè work done by our chief exewtive. SIAn Harringlrm. and her team that w8 arn #mong the fir51 cohort of (mly UK ThSeUmS dVIng lonrd thls Important ¢h4ngtr within the sector. Financlally, r( has been a ¢hallenging year as we c<)ntlnue lo abso Incrgaslng costs. Thanks to carefvl rnanagernent and Ihg continued support of our mèmb&rs and donors we have been abb lo balance the books in 2023124. HOW9r. our fortrasts for the n( fgw year5 are showing It Is 90ing lo be harder to achlgve balanced outcom$. I wsh to ext8nd my htrartlelt thanks to gv&ryone who has contributod to our wccess this year. Whethor you arn visltor. a volunteer, a member. or a donor, your enthusiasm and support are the plllars upon which our $uwss Is bultt. My fln81 thanks are reS&N for Sian and her dedicat8d team of ¥laff and vohJnt8ers. Without thelr womwus efforts, Fulham Palac8Twst would not exlst as a free spacg for le8mlNJ, health and welln9 lor thè vAdgr wwld. Paul &ay Chalr gf Tru8t••s
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trust••$ pr&wnl ihoir annual report and fln¥noal staterngnts fortho year eThJed 31 March 2024. The Fulham Palac¥ Trusl llhe Comparf) was Incorporated on 8 December 2010 and r8glsttrI with the Charty comrn1ssn on 27 January 2011. 11 is a company limitsd by gUatea and rggistÈrèd In England INmb6r 074641871 and is 8 regLstered charity (numbèr 1140088). 11 is gov8mèd by Memorandum and Articles of Assockation. obh¢t1 ind actl¥ltl•g Th¥ ¢harW8 objects I"ObJects"l are spe¢Lfically restricted to Ihe fOlln9. to prode fcff th8 athanGgfTnI of public educatlon by Ihe wovision of the F1haM Pal8¢x mUm (the useum'} comprisin9 such exhibits OT Itoms as th8 ChArtty may from tkn8 to tim• hold w receive and to preserv8 thg $amg as a (x)Ilection (Ihe"ColkdloM'I-, to pres8rv8 for th? benefft of the inhabltants of tho London Borough of Hammrsmth and Fulham and of th• nabon al Lgrge whatever of thg Engli¥h historical architectural. archaeological and constructk)nBI herftag& may exist in and round Fulham P•l8ce in the fom crf building5 and gardens of partIlar boauty or hIstor1, arthitectural or ¢on8lrudonal Interest,. and to prot8Ct the environment. nSeo or promote biologi¢81 d#r$ in Fulham Palac ground5 through lil the provision, cons¥rvation, rgstoration or enhan¢8rnnt of a natural habitat.. or111} the m8Snlenancè OT rèo)very of a $p8cies In Its n8bJral hakntat. on land or in water situated In lh• vl¢inty of a landfill silo. The Church CommiBBion 18 the freehold•r of tho Fulham Palac• srte. and Londcffi Borough of Hommgrsmith gnd FhaM 1$ thg long18agéholder who ron Fulham Palace unlll 31 MaTch 2011. The trusleos have due rngard to guidance issued by th• Charity Commisswjn in decldln9 what o¢tNititrs Ihg trust Should und8rtake. RISK ASSESSMENT The major risks to whl¢h the charfty Is fjxposgd have beon Idenyffod and rwewed and systems have been establlshed to mlltyto thgse risks. The risk assessm•nt process is supported by our organisatlonal rl$k rgglsler, ¥thid) 19 mprehensIVe. updatad regularty and idenlrfie5 key rlsks and M1lgafjs. It is rewewed by fin8nté, ri3k and audit commrtteè w8ry h¥0 months. and by the board annually. Our financial siluauon is Sd8nt1fl 8$ 8 signfficant rlsk. We have frse¢a$l d•ficrtS golng forward, declining financial rèsèNes and an incr8asin9 backbg of cyclical ropalrs r¥quirpd to the buildingB and gar(1gn5. We ar8 prepartng 8 flnantyal recovery plan to 8(Idr89$ those L8sues. Achlw•m•nts •nd porfomianc• Flnanelal rgvi•w of the y•ar We have restrtded 8nd unrèthcted income. Restrf¢l•d Incx)me can only ba us•d fc thè project specified by th provKler of th8 In¢{x. Unrestricted incom• 1$ av¥il8blg for th8 chartty to usa on any of Its actfvlbos. l)Jrtotal Irwne inc¥eas8d by £180k to £1.92m. Imthln that unr8strthd Inexjme Inc¥eas8d by £135k to £1.70m. The majorty of our unrtr8t¢Ied income comès from rents of £0.75m and mar function5 £0.65m. Th were relatively stabla year on year, Ihe incroase from the prevlous year relatod 10 8 ccffitrad with an events mpanY. whith unfortun8t¢ty has not been r8newad 90ing forward. Our totsl costs increased from £1.81m lo £1.88m. with unrestrlct8d costs IncTeaslThJ from £1.62m lo £1.68m. As 81 March 2024 we had unrnstricted funds of £4.38m , rèprosgnted by f•d ass•ts of £4.12m free financ1 raserves of £260k lavai18bl¢ to use for any of our ch8rf18ble act151.
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal rg$orns In 2016117 FPT davdopwj a rr6k based SeNe poli¢y underpinned by our organl$•lM)nal risk r8gist8r and linkèd wrih the charivs strategy and business plan. Using this methodology we l¢Jonb'fied that we should bulld up 8 l¢vel of unrestricted re#orve8 of £636k by 2024125. Our current unrestrict•d frsè fin8nrAal res8rv•s ar¥ substsntially less al £2eOk. Plan¥ for futur• p•rfad• Our currgnt busln8ss plan was ratthod by the Trust Board on 19th Septembw 2016 and cover5 the per up to March 2025. Prtorities over the ngx¢ ysar indude." Applylng for funding lo the Na081 Lottery Heritage Fund frjr rgsloralion of tho thapol. thg south r8nge of 1he Tudor court, landscw and 9ardenlng W0S. and a n8W gvenls and comrThJnty spa D•vl$ing a nfrw loaming and &ngag¢mont 8trat8gy focusslng on communlty engaggment and pathernhlp worktng Creating a 8-year tsIno$S Flan kncorporaung a financ4al retry plan ImplementatKJn of our tethnology action plan VISION OF FULHAM PALACE TrUST Vl•kTrn To èngage people. through the stori8s of Fulham P818ce and tho Bbhops of London, In 6,000 years of Enylith hl8lcry, and lo bocw (e of the UK'S mog1 lndltse and inspiring historfe houses gardens. Key alms To cons8ry0 and r8$ttye Fulham PalaGg h$9 8TrJ gwden followlng thorough analy81s of options and 8ector best pract1¢8 To develop the Lmdersl8ndlng of Fulham PalA'S layered h18tY thrgh r8S8arth engwJement vAlh experts, partnws. and the community To bè knpkalional. engaglng and educational To dellght our vlsilcs through èx11#1 cu81omer service and high quality faciliti8s, IntetsOn ¥nd events To bo indus? pwtr'cipativ8 In ar99s ofthe P818ce's op8r8tlon To be sustainabl8 and ffinancialty seif-sufflcbnl
FULHAM PALACE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Busln•ss Plan T•ry•t• Our organlsailonal model enabte3 US to.. Vakw FuTham PalarA as a h•rllage asset. 11 wll becomo 8 local and ngllonal landma to be Frd of rath than just a wedding venue wlth pleasant grounds,. Bè a mor8 èffecb've and resilient organlzation: we will be able to market Fulham Palace mor& eff&ctrv6 and wlll havo the right number and of staff In place lo m88t our obleth've$ and income targèts,. Be more finan¢lally so¢ure.' by maklng full use of our horitago 8$set Indudlng our conshJ8ralAg rental portlolK) as a sou8 of ular Income.. Enhan¢* our edu¢xllonal offering and incf•ase public awarfyness of what we by provlding a wider rargo of aetlvrbes and &vents for a growng number and range of vl$itorn', Support ow local communSS through Ihe provislon of a high quality herftage attrtIon on their doorsl•p, a$ well a$ prdIng jobs and a wide range of voluntooring opportunmgs,. Support our lopal economy as a 5uccBssfvI Fulham Palace will brfng more footfall to tho IcKal area and local buGine$ses. The outcomes of ralslng awaren and contdbubng to the 10¢81 economy SLVPOrt both thg Borough's arts and ¢ultUTal strategy and London&Pwtn8rs' amb.on to pull tourists to currgnlty le85 well known hèrlt4e &tas In tho aty. A new business Pl will bo vthtten In 2025 and this wlll knrLJrpor8tè th¢ financAal re¢))very plan wo 8ro CLTrrrenUy preparing. Structhr•. gov•rn•nc• and manag•m8nt The tStS, who 8r8 a180 the directors for the purpose of wmpany law. and who seNod during the year and up to th8 date of slgft8turn of thè financSal staternents woro: lain C8s$idy CravJ Cob Doborah Fart8y-Persaud, Deputy Chair ofTnJBte85 Paul Grdy, Chalr ofTrustees Fenella Goodhart Cllvg Hinds Dan1 Jackson John King Flona McWllliarnB Matthew Pottage Victorfa Quinlan Kovin Rogers RSrend Penny SeabrD)k Robble SommeNIIo Marlana Spat8r (Appointed 27 November 20231 (Appoinled 18 sopteMr 2023} IReslgned 27 N0vomr 20231 IRe8igned 18 Septemb8r 20231 {Rssigned 27 Wvember 2023) (Resigmd 5 Febwary 2024) New trustees recèfvts informatlon about Fulham P8lac• Tyusl, rb aims objecaivo$ end are gwen 8 lour of the Palac8, meeting $taff and voluntegrs. Trust88s are encouraged to att8nd #pwopriats gxtemal tralnlNJ ovents Ythere thes8 11 facilitatè Ihe undortBklng of thalr role. Sub•ldiary Undtrtoklng4 Tha Tgsults of Fulham Palace Tru8Vs subsldiary undertakiThJ. Flrfham Palace Entsrpriws Communty Interest Company. ar• summarisad n Nots 3 to lh$ financial statemènts.
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The board of trusteès. whlch Ggn have up lo 12 membars. 8dminis¢ors tho charfty. The Trust meets ev6ry 2 morths, with 34 meotings of Flnanca Risk and Audit Cornmittgtr p¥r annum. There is also a FUrraising Committee thot meets twictr per annum. and a Nomln8lkJns Ccffimittee that moots as ngC8ssary. A Chf Ex8cuINe is appointèd ty the trustees to manage the day-to4ay operallons of the charlty. To facilitattr gffgctlve operatlons. the Chlef Executiv¢ has delègated aLthorfty, with terms of delegation approv•d by tho trustees, for opgrational matt•rs Sncluding fin8nce, employmènt. PRJmarkating. fundraising. malnlen8nce. lleCtionS man8g$ment. he811h ond safety. and leamlng and outre8¢h ro18t8d 9thty. The Chief Ex8CUtrvg durlThJ Iha year was Ms. Sian HaThinglon. As sot oul in thoArtldes of Asso¢l8Oon. the London Borough of Hammersmilh & Fulham may appoint a maximum of fv40 trustè8s and the Bishop of London rnay appoint onè trustee. The Chaimn may hold that office for 8 maxlrnum poriod of 3 years. and may be Te-appc4nted for a fvrther 3 ygars but no mor8. Audllor In 8c¢ord8ne• wlth th• companvs artic4es, a resoluuon propo8lng that Critthleys Audll LLP bg rogppolntsd os Jd6tor of the company wll bè PLrt at o General MeelirrfJ. Dls¢losurn of Informatlon to Judltor Each of the trustses has cth)ffmied that there is no infornath'on of whlch IW 8r8 8ware vthlch is relevant lo tho audlt. but of vthic the auditor is un8war•. They have fvrther confirmed that they have taken appropri8tÈ Ètèps to Idènt such relevant infomiatlon and to 8stablth that the auditor is aware 01 Infornaon. The trust ' reF*t was approved by th• Board ofTmstees. Il/a,. Paul Gray, Chalr of Tnjstees Tru8te•
FULHAM PALACE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, vh)0 are also the directors of Fulham Palace Twst for ihe purpose of company law, aro responsible for preparing the Trustees. Report and the financial statements in accordance vAih applicable Lqw and United Kingdom AcCjTrting Standards lUned Klngdom GenerollyAccepted A(*>JUnng Pr8¢tk•). Cornpany Law wulros th& trust to prgpaw finan1 $l¥l¥m•nts for each fmandal r ¥4thi¢h glvo 8 Irue gnd f8lr gw of the slate of affairs ol the trust and of the incoming resources and apF4iCatiC of resources, induding the Incomè and expendIre, of the charitable company for that year. In preparing these financial statements. the truste8s are requir•d to: - Se¢1 sultoblo a¢tounting pdi(#&s and thon ¥pply th ¢pnsi5tgnty'. - obsgrvg thg nwlFb)d$ and prfn¢lpl$$ In tho Charlttos SORP; - make Judgements and that ar8 re88onab18 end prud8nt'. stste whether applicable UK Accounting Standards hov• b••n folbw•d. su¥èet to any material dep8rtLres disdosod and 8xplain8d in tho finanual $ts19ments', and - pryr¥ finan1 8tstoments the goin9 concem ba818 unles8 Il b inappropriat8 to pre8um& that tho trust will ¢onlinu• in 0tiOn. The tru81ees are respon8lble for keeplng adequats accthjnting records that dlschise wtth reasonabl& a¢uJra¢y al any time the financial position of the trust and enablo them to 8nsuro that th8 financAal staioments compty wth the Coryanies Act 2006. They are also responslble for safeguarding the assets of the trust and hence for taklng Teasonabl8 st8ps for the prnvonlon and dattIon of fraud and Othgr InUl4T1S.
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2024 With thanks to our founding donors and all those who have glven to Fulham Palacè over Ihe ul$e of the yoar 1 Aprll 2023- 31 March 2024. Foundlng Donors An anonymous benefactor Botterfll, Coundllor Nlcholas Cook, Sandra Edington CBE, Gordon Emery FSA. Phillip Hackett. Thornas arml Gènevieve Hawes, tha Reverend Canon Joseph Howard, Phil and Jennie Ingram. Mm Poole. Martln Sanderson, TIM and Dede The Scorpion Trust Von Schoenaich, Brita Williams, Dr Jonathan Wrfghl. Ken Life Patrons An anonymous benefactor Borrows. Simon and Sally Boy¢e, 18n and DapMe' Burgess, Vemon and Jennrfer Elizabeth Clark. Simgn Dean, Esther Fanshawe, Angus Fenn, Anthony Fowler. Sthart and Mlr Greenhalgh, Stephen Groenholm, K18us and Kate H8rding. Anthony Hlll-smith. Alex and Isobol Hogg, Chadotte Ingram. Jonathan and Abl Ingram. rim and Chrbsllne Lalng, Chrfslopher Leslle, Jonathan and Pepe Lyon. Sebastian and Floro Mcmillan. Carotyn Monaghan, B8n and LrAJise Nunnglgy. Sir Chartes arKI Lady Cathedne Stead, George arKI Daphne Upton, Rlchard Wh(tehouse. Kelth Wltherow, John Wright, Jennifer 'W8 8re very s8d to report Ihatone ofoursuppoitsrs, lan Boyco (Llfo Palmnj, p8ssed8way in August 2023.
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2024 Annual Patrons Arrnstrong, Caroline and John AfvlI. Jamie. Aylmer, Lady Bellnd8 and Lord Julkn?n Balisciano. Marci8 Bapliste. Desirae Blunden. Ggorge and Jane Bowden-Dan, Jane Boym. Nicky Cash. Gllllan Coben. Craig and Basia Copeland, Elleen Deblue, Isabelle FaFloy-Persaud, Deborah Fnch, Stephen Gray, Paul Haly. Wlllam HardSng. Anne Janes. J8nny J8nkins. David and Fion8 King. John Maclntyre. Arab8lla and Duncan Ma, Jill M¢Wiliams, Flon8 and Jeremy NICholcaMe, Sarah Parker. Hamlsh Paterson, DavKI and Rosemary Pery. Alison and Ross Quinlan. Victoria Rylance, HIS Hs)nour John and Philippa Scholes, Carol shk¢t. Godfrey and S Sommeryille. Robble Spaler, Mariana Steane. Carollne Wal8h, Stephen W8ugh. VM8nne Wkntour. Rl¢hard Woods, Gn Young. Martin and Sarah StJam8s Capt8r NSDAR 'We are very sad to r•port that on• of oursupporter5, Jami8 AfvlI {Annual Patron), passed 0Y In May 2024. Corporats Patrons Bovlngths Caterfng Prop8ty P•sc81 Hu88r Da9n 8nd Bulld Ltd V8ueo Crtjb & Co
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2024 Individual Donors (£1,000+): Nunneley. Sir Charfgs Parker. Hamlsh Hardng.Anthony Charltable Trusts, Foundations and Organisations to Fulham Palace (£1,IJOO+): Museum Developmont London {Arts CounrAI England) Dyers panY Englksh H•th•ge Fulham &Eety The Kusuma Trust The 88thra and Philip D8nny Trust Thg Lyon Famity Charftablg Tn4$t Wth thanks to all those who havè given to Fulham P8lace ov8r th6 cour86 of the year, Induding those %tho wlsh to remaln anonymous. Trusteo donatlons Th9 fdky•Ang ale 8nnu81 paETcn8.' Cob8n, Cr8ig and B8s18 Farfey-Persaud, Deboroh Gray, Paul King, John McWilli8ms. Fl¢)na 8nd J•remy Quinlan, Vkl(la SommervSlle, Rr*4) Spater, Mariana
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FULHAM PALACE TRUST Oplnlon We have audited the llnanclal st8tem8nts of Fulham Palac8 Trust rthe parent charftabb ¢ompanl and gjbsidiaries (the 'group') for the year ondgd 31 Mareh 2024 which comprfse the group 5talem8nl of finan¢kg1 a¢llvltl8s. the balance sheet for Ihe group and company, Ihg group statsm¥nt of cash flows and notes lo the 1kn8neA81 statam8nts. induding stqnrficant accounting poll¢l08. The finandal reportlng fr8mework that has been 8ppll8d in they preparatlon Is applicable law and Unit8d lfjngdom Accounling Stsn¢Jards. Induding Financial Repgrbng Standard 102 Tho Flnanclal R•porting St8ndard 8pplic8bl& In Ihe UK and Republi¢ of Ir91ond Iunited Kingdom GenornllyA¢¢8pted Accujntlng Practice). In our opinKJn. the financial $tatements'. give a Inje and fair wew of th9 5ts19 of tho groups and of thè paY8nt charitable comp3nV8 Affalrs as at 31 March 2024 of the groups inthng resourrs and application of resources. for the year thtrn ¢nd$d; have been Fpety Pparad In accordan with United Kingdom Generally Accepted Accounvng Practi(: and ha beon prèp8r8d In acoJrdarK9 with th9 r8quir8m8nts of the CompanlesAct 2006. Basls for oplnlon We LX)nducted our In aceordance 1h Intemalional Standards on Au¢Jttlng {UKI IISAS (UK)) and appllcable law. Our re8pon8iblliti89 und8r those standards ar8 furlhor described In the Audltorfs respon$ibilllios lor tha Budtt of the ffnancial statements Section of our r•port. We ar8 independent of the group in accordance with tho thleal requirements that are relevant to audit of thg financial $ts1gm¢nts Sn the UK. induding the FRC'S Ethl(sl Standard. and we have ffiJMll8d our other ethical re$ponsibiliti¥$ in 8c¢ordance these requirements. We belwg that the audf( evidence we have obtained is sufficient and 8pproprf8tè to provide a basis for our opinion. Con¢lu¥lon$ r•l•tlng lo golThJ eonc•m In audiiing tha financAal slatem8nls, we hav? condudgd that thg Irusto0s' use of th8 going concom basis of accnIng the prnparation ol the ffinancial Statements is appropriate. Bpsed on thg work w have P8rfomiod, we have not id&ntifiod any maleTial uncertanti95 latIng to events Cf condOn$ that, kndfvldlwlly or electIv. may cast signfficanl doubt on the trust's ability to conb'nue as a golng cOnM for a p6rfod of 811gast nKJnth$ fmm whon Ihe ffinanclal statomonts are authrrrised for Issuè. Our responslbililles and the responsibililieg of thg twst888 wlth ro8poCt to golng (Cern ar6 de8crfb&d In ralgvant 8edon6 of thls report. Othèr InfOrntIon The other Infomiatlon compri8es the information Indudad In th8 annual r8POrt other than the fin8n¢ial stslemgnts and our auditorfs report Ihereon. The thJsteg$ are rnsponslbl8 for thè other Infomiation contained within the annual report. Our opinion on Ihe financk213tatements dtxs not ¢ovor th• other Infomi8tion And, except to the extent oth8twls8 8Xp1kM sta18d In our report. we do not èxpress 8ny form of assurgncg ncluSIon thereon. Our responsibility is to road the other inf0mtiOn and. in doing so, consldèr vA)èthèr the other information is malerfally Inconslstent th the finBncial statements or our th0edge obl8ine(l in tho ¢x)urs* of tho 8udM. or otherwlse appea lo b9 rnaterially misstated. 11 w6 Id8ntlfy suth material inconsistsncie$ or 8pparent m8tèrf81 misstatoments, we are roqulrèd to d•tèrnSne vh)etPEr this gwes rise to a material rnisstatsment the finandal statsments themsefves. If, based on the work wtr havè parfomd. w8 ¢onclud8 thot thwe Is a material misstatement of thi5 olhgr infomiatlon. Wè 8rè ruir8d to that fact We have to report in this rggard. Oplnlong on other matters prg3crlbod by th• Comp•nl•$ A¢t 2006 In our opinion, ba8ed on the wtyk uThJert8ken In th8 course of our oudll: the Infomiation gen In the tnjstees. report for the financlal year fty whi¢h th• lknancial stgtements are prepa. whith in¢ludb$ the dlredors, repNt prepared for the pUse$ of company law. is con$lstant with the nanciÈl gt8tèmènt$: And th8 dlrèctcws. r•port #ichjded within the tru$tees' rÈptsrt has béèn prèparnd in 8ccordonc8 with applicable lèg•1 10-
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FULHAM PALACE TRUST M¥tt¢rs on whl¢h w• 8r• r•qulr•d to r•port by oXC•Ptlon In the light of the knO¥edge and understanding of the group and p¥renl Lorit•bl¥ ¢ompany and th8lr environment obtalnod In thg coum of the wjdit. we have not Identred m8leri81 misÈtAtémènts In thè diréctors, report induded withln th8 InJst88s' report We have nothing to report Sn pect of the following matters In relation lo 1¢h the Companles Act 2LK)6 requk•s us to r&port to you if, in our opinlon.. adequats accounung rèixjrds ha not b8an kapt by tha pargnt charitabl8 Company, or retsJm$ 8doqu•ts for our audit have not been received from branchgs not visit•d by us., or Ihg parent charitsble coryany fin8ncl81 statemants are not in agreemonl wth Iho accounting rscords ¥nd retums., or ¢èrtaln di$closurns of trUstS, remuneration specified by law are not made., or w8 hAvè not I&Ve all tho infornation and explanations wo require for our audit.. or ihe trustses were rK•l entitled lo prepare the financBI $tstsmerts In accord8nea wlth th8 small compan regime and toke athantage of the small companies. exemptions in preparing the trusl•e$' report and from the rgqLblmm8nt to propwe a 8trgt8glc roport. Resp#1b111Ii of tru•ts As èxp18ined more fully in the statement of trustees, responsibilities, th8 tnjslees, who are 8130 th¥ dlre¢tors of the trust for th¥ purpos& of (x>mpany law. aro r8spMslbl• for Ihe preparatkjn of the financial statements and for being satisfied that they give a tnJ6 8nd falr VI. and for such intsmal CA)ntrol as th8 tnjstees detem)ine 1$ n8cè$sary to enable the preparation of finarKlal slatgmonts that am fr8e from m8terlal mlsstatement. whether due to fraud or eOr. In preparing the financial statsments. the truslees are respon5iblg for assgsslng the group and parent charitable company's abilty to oJnlinue as • golng ¢on¢•m, disdoslng, 8s applicable, matters related to golng o)ncem and uslng the going concern ba&s of accounting Un58 the Iru$leo$ ethgr intsnd to liquldats the group or P8rnnt charliable company or b) cease opeTalKJns. or have no re81i$li¢ èltÈmafjvè but to do so. Auditorf• r•spon¥sibilitI fwth• audlt alth• flnanclal stat•m•nts Our obl8dv&s are to obtain reasonable assurance about vthether tho financial stalernents a8 a wholo ar• fr•• from m8t8rfal mlsstatèmènt, %thather due to fraud or erroT. and to issue an 8udltorfs report that Indud$$ our ¢)pinion. Rè8son8ble a8surane8 Is a high 1gv81 of assurance bLrt is not a guarantee Ihat an audlt condu¢l¥d lft acrdance with ISAS IUKI WAI aayS d•t•et a mat•rlal mlsstslemenl when it exists. Misstatements can arise from fraud or error and are consldered malerial M. indNidually or in tho aggregalg. Ihgy could reasonably be expected to infiuén¢e tho ocorMJm derisions of taken on the ba$18 oftho90 fin•n¢io1 ststgm8nts. Th8 8xt8nt to whkh cu procedures are capable of d8to¢ting irmguladties, Indudlng fraud. Is detailgd bg10w. th& $Ndagoment partner ensured that the gagement team colledvely had the appropriato coMnC0. capabillies 8nd skllls lo Idgnfjfy or r?gnI non-GomFdlanc wtth appltcable laws and Togulalion8', we IdenThed the law3 and regulations 8pplicabltr to thg ¢ompgny through dlsw5$1ons wlth trustees and other management, and frorn our krl•d98 and èxpèrlènc8' . we focused on specifK laws and Tegulalion8 which we ujnsidered moy havg a dir•¢t malorlal off•ct on the financial statem8nts or the operations ofthe charitabl8 wmpany. • we ass•ssed th• 8Xt8nt of Complian with the 18WS and regulation$ Idnted Èknvo through making enquiries of man*Jement and inswting legal correspondence where aOicable', and . idèntifiéd laws 8nd r8gulations war8 cK)mmunKated within the audit team regularly and the tèam rom8lned 81ert to instances of ntsrrtor1IIan¢fy throughout Ihg audk.
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FULHAM PALACE TRUST We assessed the susceptlbllty of Ihe charitabl8 companls financial Btslements to matèrial misstatement, induding obtaining an understanding of howfr¥ud mlghl occJJr. by.. • Maki onquiries of rnanag8nt 88 to wh&re thoy ¢onsidered there was susceptibilty to fraud. th•lr knowlgdg8 of 8¢tU81. suspected Bnd alleged fraud,. and ' considèring tho Intsmal controls In Pla to mtyate risks offraud and non-compllanc• wlth laws and regulations. To address the risk of frÈud through mBnag8m8nt bias and override of controls, we.. ' perfomwd analytScal procedures to identify any unusu4 or unoxw¢tad rdatsonships" • testgd Soumal gntrkn to Idenufy unusual transactions; . assessed vtslher luduém8nts and assunwtions mad8 in detsrrnlnlng the accounn9 osfjm8t8s re indicativo of potential bias- and • Invtigod the TrOnale bohind $ignffi¢anl or unusual transactions. In response lo the risk of irrogularftles And nonthQ)mplianc8 with laws and regulallons. wo deslgned pro¢edure¥ whlch included, but were not Ilmlted to: ' Bgreelng finana8181atement dlsc4osLYeS to undgrfylng Supportlng dccuwntsth'C; ' readkng the minutes of meellng8 of charged wtth govgm8n¢g' ' enquirfng of management as to acbjal and polontl•l lffjgatien 8nd dolms: . wIng ravant (xryond8nc8. There are inherent limitaticS in our audlt proc8duT•S d8scribed above. The rèmov8d that laws aThJ regulations are from ffinancial trans8dlons, the less Ilkety It Is Ihat we would becL¥no aware of non-compliance. Audltlng stsndards also lnit the audit procedurès rèqulrèd to idèntfy non-compliance with laws and regut8tlons to enqulry of th8 Irustees and othgr management and the Inspoction of regulolory antj legal rreSponden, rf any. Maler(81 mlsst81emenls that aris& due to fraud can be harder to del•¢t than thos8 that arise from eThor as thtry may vdvg do1ib¢ral& ¢¢•81ment or eoluslon. A further d8scrfptkJn of our rn8rrt)n8lbniti8s Is avallablg on tho Finandal Reportlng Counal'$ webslte al: https'.11 www.frc.org.uklauditorsrosponsibi¥ti93. Thi$ dserfpllon forn part of our auditovs report. 12-
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (cOriNUED) TO THE TRUSTEES OF FULHAM PALACE TRUST U•¢ of our report This rppgrt is vnado $018ly to th8 thaTabl• companys members, 88 a body, in a¢¢ordarbc8 wlth Chapter 3 of Part 16 of thè Companiès Ad 2006. Our Audit work has been undertaken so that we might state to the charStsble compan*s members those rnatter8 wo gro roqulrod to $tsts to thom in an audltorfs report and for no other purpose. To thg Ilest extent permitted by law, we do nol accépt or assum8 résponsibilty to anyone olher than the charttabl company and the charltable company's mombers •$ 8 body. tr our oudlt k. fly thls rewt. or for the opinions wo ha fonnèd. Robert Klrtland (Senlor Statutory Audltorl for and on behalf ol CTltchlgy¥ Avdtt LLP 61812024 Chart•r•d Accountants statutory Audltor 8oaveT House 23.38 Hie Brldge Street Oxford OX12EP 13-
FULHAM PALACE TRUST GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Curr•nl financlal y•ar Unr•strlct•d R•strlct•d fund8 funds 2024 2024 Total Totsl 2024 2023 Not•• Income from: Donlons and lega¢le$ Charltablè acttIeS Oth•r tradlng actltIeS Investments 65,383 196.457 1,405,618 36.814 211,683 277.C6 235,432 196.457 142.443 1.405.618 1.353.304 36,814 5,078 T¢)t•l In¢om• 1,704,272 211,683 1,915.955 1.736.257 ndhu RaL8lng funds 204.978 204,976 171.407 Charitablo activities 1.472.127 202,339 1.674.466 1.639.452 Total •xp•ndllur• 1.677,103 202,339 1.879.442 1,810.859 N•t Incomlngl(outgolng} r0¥9urus b•for• transf•rs 27.169 36,513 174,6021 Gross transfgrs b8knn funds 144,894) 44,894 N9t lexpgndltur•)1Sncom• forth• yowl N•t mov•m•nt In funds {17,7251 54.238 36,513 174,602} Fd balances at 1 Aprfl 2023 4.399,208 13.504 4,412,712 4.487,314 Fund balwceB at 31 Mah 2024 4,381,483 67,742 4,449,225 4,412,712 Th9 stsl¢m$nt of finan¢581 act111¥$ In¢deS all galns and losses recTrJni8ed in the year. AM irKomg arwj $xpndlture derive from conlinulng adavto8. Thè statèmènt of financi81 athvities also corylEs with the requiremtnts for an incom& and ¥xp8ndlture gccount undgr tho Companle$A¢t 2006. 14-
FULHAM PALACE TRUST GROUP STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED> INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 PrlorflThanclal y•ar Vnr•strl¢l•d R•&trlcted fund$ fund$ 2023 2023 Total 2023 Note• Income from.. t>onations and legad•$ Charitsble actiwllès Othèr trading actiVitS Invasbn8nts 70.737 139.869 1.353,304 5,078 164.695 2,574 235.432 142,443 1.353,304 5.078 Total Incom? 1,568.988 167,269 1.736,257 ndltu Raising fvnds 171,407 171.407 Charitable activities 1.443,603 195,B49 1.639.452 Totol •xpondltur• 1,615,010 195.849 1,810,859 Net IncomlnW{outgolng) r•sOUrc b•for• transf•rs 146,0221 128,5801 174.802) Gross transfers behyeen lund8 365,584 (365.5841 Not lexpendlturoyln¢omo for th• yoarl Net movement funds 319,562 1394.1641 174.602) Fund balances at 1 Ilpril 2022 4.079,646 407.668 4,4B7,314 Fund balanee$ at 31 March 2023 4.399.208 13,504 4,412,712 15-
FULHAM PALACE TRUST BALANCE SHEET FOR THE GROUP AND THE CHARITY ASAf31 MARCH2024 Group 2024 Charlty 2024 Group 2023 Charlty 2023 Flx•d as8•ts Tangible a88ets 13 4,118.566 4.095,485 4.173.973 4,146.722 Curronl as$8ts Stocks Debtors Cash at bank and In hand 14 1S 9,015 160.734 702.534 9.015 90,689 371,900 7,205 253.665 834.393 7.205 319.596 219,858 872,283 471,604 1,095,263 $48,659 Cr•dltors: amounts falling due withln one yMr 16 {539.624) 1642,3511 1842,3041 1793.505} Net currgnt assgts111iabllklesl 332,659 {170,7471 252,959 {248.8461 Totsl assets less ¢urrnnl Il•biliti88 4049,225 3.924.738 4426.932 1899,876 Cr•dltors: amounts falling du• •ft•r mor• th•n ono yoar 17 114.2201 {14.220} N•t ass•ts 4.449.225 3.921n8 4N12.712 3,885,656 Income funds Restricted lund$ Unresirictgd fvnds 21 67,742 4.381,483 67,742 3,856,996 13.9)4 4.399.208 13.504 3,872.152 4A49,225 3,924,738 4A12.712 3.885,656 Thefin ial ststemerts w•r8 approved Trust8&s on .. Paul Gray, Chair ofTNst88s Tru¥l•• Company r•gl8tratloD number 07464167 16-
FULHAM PALACE TRUST STATEMENT OF CASH FLOWS FOR THE GROUP FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from 0ratIng activiti Cash 98nèrated fr¢)m operations 75.402 87.740 Investlng actlvllles Purcha8e of tanolble fixed assets Inv&slmenl income received {108,859) 36,814 (449,0731 5.078 N•t cash used in InStIng actlvltios 172,0451 1443,9951 Flnanclng •¢tIvIt8 Rapoyment of loans 1135,2161 (137.524) Ngt ud In flTranclng actlvltlo 1135.216) 1137.5241 N•t d•erease In e•h and ¢•$h •qulval•nts 1131,8S9) 1493,7791 Cgsh and cash equivalents at beginning of y¥•r 834.393 1.328.172 Cash and ca•h •qUI1•ntS at •nd of y•ar 702,534 834.393 17-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlw pollrio$ ChaTIty Informatlon Fuhlam Palace TNst Is a company limitgd by guarantee incorpcfated and domlcllod in England. Its roglstsred office addr955 and prinupal place of bUsInS is Fulham Palace. Bishops Avenue. London, SW6 6EA. In the evont of th8 company bolng wound up avery member undortak85 to (Ibute to tho assets for pwnent of the d8bts and Ikiblllll8s an amount not excegding £100. Ae¢ountlng conntIon The financial ststèm•nts have been preparèd In accordance the tnjsys govarning documenL Ihe Companies Act 2006. FRS 102 'Th0 Flnancial Reportlng Standard applicable in tho UK and Republic of Ireland. l°FRS 102.) and th6 Charlties SORP 'Accovnling and Reporting by Chartb&s.' Ststemenl of Recommended Pradlce 8ppll¢able to tharilles preparing th8lr act)unts in accordance wth the Financi R8porbng Standard applicable in the UK and Republic of ITel¥nd IFRS 102). (effective 1 January 20191. Thè IN$t is a pU1C Benefit Entity as dofinèd by FRS 102. The hancigl $tstements are prepared in storllng. whlch is the fiJn(onal currw¢y of the tru81. Monotary amounts in these fln8ndo1 statements are rounded to the noarest £. The financk21 statements havè b8•n prepared under the hislorfc¥l cost ¢onventh)n. The prfnclpal acCoLtIng polloes Adopted are 8el out below. Thes• finandal statements consolidats tho r•$ults of the charfty and ils whtsl1y-th4•d subsldi8ry FLdham Palace Enterpri$$$ Communlty Intest Company Irggi$t•red company nwnb6r'. 07574413}. RegistsrÈd offic• addTess is Fulham PalacAg. Bishops Avenuo, London, SW6 6E 12 Golng ¢onc•rn The finandal statem$nts ol th9 Twst have been prepared on th& gotng concem b8$1s lch assurnes that th• Trust will continue lo bè abl8 to ma&t its Ivabilities when they fall due. The trustees ¢onshJer that the going concem basls rernaln$ approprfate havlng Toviewed a perh of at last months th8 approval ol th&so ffinancial statemerts. Charftable funds Unrestricted fund9 Arè BVBilablo for use al th& dlsueU¢)n of the Truste85 in furth•i8nce of Ihe gener•1 ctiiectives ofthg charity and vthFch have not been designatod for othor purposes. Rethcbj ar8 funds which are to b$ used kn aordanCe wth specific rg¥tridons imposed by th• donors or vhiith h8v• b•8n raised by the charity for partlcular purposes. Thè alm and use of each rtthct8d fund18 set out In Ihe notes lo the finanaal stst¢mènts. 1A Incom• All Incom Is accountod for when th• tharfty has entittement to the fun¢J$, rtAInty of receipt and the amount is m8asur8ble. Where income 58 receNe(l in advanco or a deposit 18 madg It deferred until thg ¢harfty is entitlèd to Ihat income- usualty when the event occurs. Grants are induded on a r1vable basis sublèct to adjudged abllty to meet any associated condition$. Donations and legacies are indudod in the 8ccounts whgn received. Leg3d8s are accountod for when thg oharlty is nolthd of its entitlèment to the incomè and the amount can bè 8ssess8d with reasonablg ¢èrtalnty. Donated facilities have bo&n re(xgnlsed al the of the beneffit to the chority. TLYnovor is the amount •Ved from ordinary actiwlies. and Sts1 after trade dbscounls. Othgr sales taxes and net of VAT.
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounthig pollcl•s IContinu•d) Exp•ndltur• Costs are included in lh¥ appropriate category. Support costs ar8 alocated across the oCtltIeS b388d C th8 direct costs of that activity as a proportion of th• totsl dlraet c¥)st of Ihe two a&10$. IrTecoverablp VAT Is knduded supp o)sts. T•ngibl• fued aBsets Tanglble fixed assets aro InStSalty measured at rA)8t and subsBqugntty mea8uro(l at o)st cf valuati, ngt of dgpr8cIatn and atry Impalment losse& DepreciatTon L8 recffjnlsed so 08 to wrfte off th8 cost or valuation of assets th¢k r8sldual value3 over thaiT useful lives on th8 followlng bAses: Leasehokl Inv0ments Plant and equipment Fr•S fittings Computors 5 to 20% straigm Ilno, orover the durath oftha18ase 10 lo 33% straight line 25% straight linè 33°h straight lin8 Th8 galn OT loss arising on th9 di$Fosal of an assèt Is dat8nnin•d as the dkffersne8 bètween Ihe sa oc8ads and the carying valuè of the asset. and is recognlsed In th¢ statement of financial ¥ctSvltigs. Impalrnient offtxed as59ts Al each reporbng end ¢Jato. th8 trust rewewB the caryying amoLYts of ts tangible 88sèts to determine whether there 15 any Indlcation that those assets have suffered an impaimwnt1053. If any such Indlcalion exists. recoverable amount of th8 asset Is estimated in order to detsm)ine the oxtenl of the impaimiant loss lif 8nyl- stocks Stocks ar¥ st8t•d at the k)wer of ¢ost and not realisatle value. 'W rea$1e ¥88. is the amwnl ry value xpectsd lo be rl¥Od from the sale or usè of stock kn the nonnal cows9 gl busln8ss after dedLKting any addition cost in¢utr•d In the process of reali68ti0n. Net reali8abl& valuè is tho gstimatsd s?Iling less all astirnaied costs of ¢OmF40t and costs to b• incurred in martIng. selling and dkslribulion. Cash and cash equfval•nts Cash and ¢8sh 8quivalonts 1ndlO cash in hoThJ, d8posits hold al call with banks, other short-tem Ilquh irweslments with Origlnal malurities of three months lx l•s¥. and bank ¢Mrdraft$. Bank ovorthafts are shwi within borrowfngs in current 11ablls. 1.10 Flnanclal Instruments The twsl has elèdèd to apply the prowsions ol 11 'Baslc FlnancAal Instrumgnts. and Sedicffi 12 'other Flnancial Instvumonts lssu&s' of FRS 102 to aN of ils financial Instruments. Fknancial instruments are recogni98d the trLS balance sh¥ot vthgn th8 IrLF81 t¢com95 patty to Ihe ntractual provision8 of the instrwn¥nt. Flnanclal assets and liabilities are off$&t, wllh the nel amoun15 presenlgd In th8 Ilnancial statsm8nts, when there is a Iggally enforceable right to Èèt off th8 rgcognised amounts and there Is an intenfjon to sètlle on a not b8818 orlo reallse th8 asset and selde the118blllty SIMUanU6Iy. 19-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng poll¢lo$ {ContlDugd} B•sl¢ fin•nelAlss•ts Baslc thnanclal ass8ts. whrch indud• dabtors and cash and bank balanc08, are inilialty mgaSUr at tran¥acUon pTh¢tr Indudiftg tsnso¢tion ¢osts and are subsequenlly carried at omortised c05t Using the effective interest rnethj unless tho artanggmonl wn$tituts$ a finan¢ing transactlon, whore Ihe transaction is measured at the prosent Val of thè firturè rèctlpts dlstsjuntad at a market rate of interesL FinancAal asset8 classlfied as recelvable within one year aro not 3mortised. 8•sle fln•nel•l Il•bllltles Bas fmancial liabilities, including creditoT3 and bank loans are inibaly rold al tran$8¢tJon pricè unless the arrangement constitute5 a financing transaction, where the debt instrument 18 mgasuwd * tho pros8nt v4lu¥ of th¥ fvturo paymonts dlscount•d at a mark81 rale of interest. Fanal liabilities ¢lassffiÈd 8S Pay8b Ihln one yo¥ aro not amorti%ed. Debt instruments are subsequèntly carrlÉd at amortlsed cost. uslng thè 8ffactivè int8rost rato method. Trade creditors are obligations to pay lor gc(xls servic95 Ihat h8ve bgen awmrod In th& ordlnary cou¢30 of operations from suppliers. Amounts payable aro da8s1ffed as ¢urrent liabllltl&s il payment due wthin one year or less. Ff not, they are presented as nortrcurrenl liabiliti'es. Trad8 creditors are ¢t%)nts$ inlliolly ot trnn$a¢UrJ) prf¢• and subs8qu8nUy m•asured at arnortised cost using the effte interest mèthod. Derocognitlon of Ilnon¢l•l Ihbllttl FSnanaal liablllllos are deret)Jgn15ed when the trusvs contractual obligati5 ewro or ars th$¢h¥rood or cancellod. 1.11 Employ•0 b•nofits Thè ¢ost of any Unus holldgy eneMent Is reciJnlsed In the period In vthlch the empfoyee's seTVlCeS W¢ r•¢old. Termination benefits arg rgcogni¥ed immgdi¥lly ¥$ an •xp•n$8 vth•n trust Is donnStr8bty cclnmitted to terninatè the employment of an employee orto provlde lemination bon&fits. 1.12 R•tlr•m•nt b•nfrfits Paymenis to defined contribution retirement bengfrt 8chgme¥ are chwg•d as •yns• as they fall due. 1.13 L•as•s Lease5 are da88Mlod a8 ffin•n¢è 108sés vth8¥0r lh8 tarn of thè loas8 trgnsfor StantiallY all the dsks and Tewards of ownorship to the lessees. AJI other19¥5 arg cl¥ssth•d 4$ cp•ratlng l•as8s. Assets hekl undor finance leases aro recognised as assgts al the lower of the assgts tsir valuè 8t the data of InCeptn and the present value of the rninirnum lease payTrents. The rglatsd li8bllFty is Induded in the balar sheet as a finance lease obllgatknn. Lease payrrnts are treated as )nsIstIng of capltBI and inlerost lements. Tho Interest is charged to n8t incomeJl•xpendituro) for the yew so as lo prcdu¢ • eonstant pgriodlc rats of intsr•st on the remaining balance of the liability. 1.14 Trwsf¢r of A¥•ts On th• 1 April 2011 all th• assots and liabilits•s of Futham Palace Trust lan unincorporat•d charftyl war• transferr•d lo Fulham Pal8(* Trust {an &rOted charftyl. 1.15 Con¢•4¥itsn•ry Lo#n• Th8 short-tsmi loan rrded on th& balanc8 sh88t is a dassified as a concessionary ban. Con¢6sslonary 108n$ ho beon r•¢ognls•d and me¥sured at amount that was initially received, and are adjusted to reflect paymgnts and impaimwnt on thg loan. 20-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policie• IContlnu•dl 1.16 Fund Accountlng Unreslrl¢ted lunds are avallable for use at the dlscreUon of the twstees In fUrtn¢* of the gera1 rtJjoCteB of the tharfty and %thlch have not been designaled f¢r olh$r purposos. Restrfct8d funds are funds which are to be Used h accordance vAth sp8dfic rtslricticns IJYw8ed by the donots or whlch havè beon raised by the charity for particular pUOS•s. Tho aim and use of exh re8lrict¢d fund Is strl out in th¥ not lo th$ flnantyol $t0t$mts. crftlcal accounting •stimat•• and judg•m•nt• In tho appllcatlon of thg trust'$ auntIng Oides, the trusts85 are requlred to make judgements, estimates and assumplons about thè canying 8mount of assets and liabilities that are not readily apparent from other Sources. The e¥timate8 and 388ocialgd 88sumptions arg bas¢d on hS$torlcal èxperfancè and 0th8r foctors that 8re c81dered lo bg relevwl. results may dNf•r from thèse esllmatès. The estimates and underfying aumPI10n are rewewed on an ongoing basi5. Revisths to a¢countlng estimates are recognised in the period in which the esth'mate is revi88d where the revlslon 8ffeds fmty Ihat permjd, OT In the period of the revision and future perlods where Ihe revlsion affects both cuwrenl arKI luturg period$. Tho judggmenl th81 hos had th• most sn¢ant effect on amounts rocoJnL88d In th• ffinanaal statements W8S thè thargè for dopréd8tlon durfng the ar. DonatloThs and l•gxl•s UnrostrJet•d R•slrletsd lunds lund8 Talal Unr•strfct•d R•strlct•d funds Total 2024 2024 2024 2023 2023 2023 Donatlons and gffts 65.383 211.683 277.C66 70.737 164.695 235,432 Donatlons and glft• Church thmi¥$ion donation in kbnd for use ofpropwty W8llad Garden Education programmo Interela'On Other prolect grants and donations 82,500 135,678 62,500 135,678 62.500 7.899 35.000 34.874 62,500 7.899 35,000 34,874 13,505 13.505 65,383 65,383 70,737 24.422 95.159 65.383 211.683 271,066 70,737 164,695 23S.432 21
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Income from Inv•stsnents Unrn8trlet•d Unr•str*ted funds fund 2D24 2023 Interest recee 36.814 5,078 Charltable actlvltl•$ Charltabl• CharFtable Incom• Income 2024 2023 Café Incom Extemal rmburSements Education Other IrMe 31,808 30.000 2,3LTh) 37,324 72,819 47.705 116.944 196A57 142.443 An8ty8ls by fun Unrestricted funds R8strlct8d funds 196.457 139,869 2.574 Expondlture on ralslng fund• Vnro•trictsd Unr•strlct•d funds funds 2024 2023 Fundralslng and publlclty Activities and events MaTk•ting. PR and w•bslt• ¢osts Otrtrfijndralstng costs Staff rnsts 10,809 6.951 8,449 48,444 13,SSS 476 10.343 45,722 74.653 70,096 Tradlng Gosts Other tradlng a¢tlvltl68 130.323 101.311 Total sts 204,976 171.407 -22-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other trading a1¥111•$ Unrtttrl¢t•d Unr•strfGt•d fund• 3024 2023 Gèn8ral rènts, sèNlcè eharyès and utlits reimbursements Fulham Palaca EntWPriSos CIC incorn• 750,810 6S4,808 724.936 828.368 Other Ir•Slng actlvffjes 1.405,618 1,353,304 Fulham Palace Enterprises Comrnunity Int¥rost Comp¥ny Is a wholty-own•d subsidlary incorporated In Englond and Wales %those principal activity 18 to support the ch8rity. The subsidl4ry is limlifyd by guarante and therefore there is no investment lo disdose. The guarantèè fis Ilmltad to £100. Thg incy)mg and p8nd1Jre of thé CIC as sts) in tho published acccrtmts is 88 fc41ows: 2024 2023 Tumovèr events and fvndons Cost of sakgs Admlnlstratlv• 8xp•nwts Interest receivable and ThlaT incom? 654,808 {39,6581 190.663) 628.368 133.269} 188.044} Retalned profit for tho year 524.487 527,055 B818nc she81 Fixed assets 21.081 27.251 Curront 8ssets Current liabilities 518.5Q) 837.931 115.094} 1338,1261 Net assats 524.487 527.056 -23-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Charltablo actSvlll•# Maintsnonu Communlty ol hlBtorlG & •du¢allon bulldlngs 2024 Total Malnt•nanu Community 2024 of hl•torl¢ & •ducatlon bulldlngs 2023 Totsl 2023 2024 2023 CharilatAe expenditure 107.965 37,733 145,698 160,003 38.729 198,732 Sham of support costs (see note 101 Share of govemance costs l$ee note 101 .637 604.424 1,511,061 878,775 544.184 1.422.959 10,624 17,707 10,657 7.104 17.761 1.025.226 649.240 1.674,468 1,049,435 590,017 1.639.452 Analysls by fund Unreslricled funfls Rgstrictsd fvnds B82.186 143.040 589.941 1.472.127 59.299 202.339 890.465 158.970 553,138 1,443,603 36,879 195.849 1.025,226 649.240 1.674.466 1.049.435 S1,017 1,639A52 Non• of th8 trustees lor any perscffls cnneCted th them) receNed any renvjneration or bnlt$ from the Injst duri1 tho yoar. -24-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Support co•ts Support Gov•rn•n 2024 Support Gov•rn•nc• 2023 staff o)sts Depreclatlon PMiseS Other ovethead8 949,323 172,790 197,412 191.536 949.323 172.790 197.412 191.536 921,664 153,984 161.876 185.435 921.664 153,984 161.876 185.435 Audit feeB Nonvaudil fèès Leg81 and profossional 11,620 5.735 352 11.620 5.735 352 12.000 4.217 12,CKIO 4217 1,511.061 17.707 1,528.768 1,422,959 17,761 1.440,720 Amalysed between Charitable attl¥S 1.511.061 17,707 1.528.768 1.422,959 17.761 1.440.720 60% of support costs arg ollocated to Maintgnanc• of hlstorfc bulidings. The remaining 40% L8 allocated lo Community & Education. -25-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees The gverage monlhty number of0mpbyS durlng the year was: 2024 Number 2023 Number CEO Comm8rclal & Vlsknr ExrienCe Manag&r Events Manager Finance Manager Assisl•ntA¢¢ountant Vlsitorwèlcorno team H•ad Gard8ner Senior Gardener Apprgnli¢&rrr¥lnee Gaidene L08mlng and Engagement rnanagor Learning Assisiant Volunteer Development Officer Admlnlstratk Handymanlcaretaker Fundraising Officer CommuntyArtha•ologSst M•rketlng Offur Cons•rvatlon Assi$l4nl AJchlve Resewch Man89gr Faclllties Manag Clèoning team 31 31 Employmènt 2024 2023 Wages and s•larfe$ Soc181 security costs 0th8r p8nsion c08ts 863.590 75,303 40,054 865,995 66.708 34.683 978.947 967,386 The number of smployo8s whose annual remunoratlon was more than £60,000 Is as follcw6: 2024 Nufflb•r 2023 Numb £70.001- £80,000
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employeej Iconllnu•dl Remun•rntlon of kèy manaoemtnt yrnonn The remunerthin of k8y mgemOnt PorKne1 was as fdlows.. 2024 2023 Aggreg819 compgn$8lon 96,601 94268 12 Tall•n Tho thartty Is exempt from taxation on its activiti85 be(ause all b Income is aPled for charitabl& purposes 13 T•ngiblo Fix•d 5 Group L••¥•hold Plant •nd Flxiuw and Cornput• Impro •qulprn•ht fftiing8 Tot•1 Al 1 Aprfl 2023 Addillons 4,YJ8,649 86A77 35.047 3.098 251,564 21,576 92,077 10.402 4,977,337 121,553 Al 31 March 2024 4,685,126 38.145 273.140 102,479 5.098.890 Dopr•¢laUon •nd Impalrn At 1 Aprll 2023 Depre8110 chargod In tho year 554.678 144,632 26,485 4.836 141.187 22.723 81,014 6,789 803.364 178,960 At 31 Marth 2024 699.310 31,321 163.910 87,783 982.324 ¢•rrylng amount Al 31 March 2024 3.985.816 6.824 109,230 14.696 4,116.566 At 31 Mar(* 2023 4,043,973 8.561 110.37T 11,062 4,173.973 Tho nel caryhg value of tangibl8 a&sets includgs th• followlng in resped of a&8ets hèhj under finance lease3 or hlre purtha$e contrac T depreclafjon tharge In rosp8Ct of SLth assets OUnted 10 £520 (2023. £-} for tre ye8r. 2024 2023 Plant and equbpmenl 10.402 -27-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglblo Flxed Ass•ts Group (Continuéd) Cons•rvatlon and man•yem*nt of Fulham Palace and garden• Futhom Palace Trust IFPTI wa5 Bet UP ITI April 2011 as 0 charitable company and manag8$ the Palace and 98rdens. Prtor to 2011 the slte was managed by London Borough of HaMMemIth and Fulham ILBHF). The Church Commisdon sl511 own the site, and lease il to LBHF. who le•se k to FPT. FPT 18 responwble th8 maintananco and ojnservalion of thè P8lac• arKI gardens. preserving them for the benefft of the nation at18rgo and P8curaY local Inhabltants. ThÈ Igase with th8 LBHF is a full repalrlng ltase. FPT is therefore finandally r¢sponslble for repaiTr. malntenance and conservatlon of both the Palace and g¥rdon$ and has developed a pl8n to manago the situation. Senior management ha$ pparad detaibd budgets covering the xt Iwo yoars and a fore¢8St for thè subsequent five-year perlod. Raquirad axpènditure has been dMd¢d Into dfftrent categories relledng hty qulckty work needs to be dong. Catègory A buikjing works that Should be addressed urgentty, Category B wiwks to do wlth18gal compl18ne 8ecuritylH&S. Category C 19 gw•ral bulldlng maintenance and repairs %sthlch n8cessary but urgent. aThJ Cat•gory D b8lng POttrntial'nl¢e to haves.. Calegorfes A&B are fijnded In the tKJdgèt p8rkyJ. and wo are forecasung a spgnd of £90k in 2024125. C8tegory C items are very signifficant itgm$ and without action in the next fiv8 to tsn years swII cau3e a dtrtèritiration in the fabric of the Pala and will Impact on cxjmm8rc1 Income. However. tw do not requlro knmÈdlat8 funding. 14 Stoeks for Group Ind Company 2024 2023 Finished goods and goods for re5a 9.015 7.205 15 Debtors Gmup 2024 Charfty 2D24 Group 2023 Charity 2D23 Amounts f4lllThg due wlthln on• y••r. Trad8 débtors Amounts owed by sU18ry undértakings Other debto Pwpaym&nts and accrued income 18.710 4.724 51.240 1,889 289.328 2,836 139.188 2,836 83,129 202.425 28,381 160.734 90.689 253,665 319.596 -28-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 MARCH 2024 16 Credltors: amounts fafiing du• wlthln orn year Group 2024 Charlty 2024 Group 2023 Charlty 2023 C8sslonary loan from LBHF Obligats'ons under finan19a$0$ Architectural H¢ritog& Fund loan Olh•r tsxalon 8nd soclal se(yJrity Trnde creditors Amounts ow8d to subsldlary und8rtBknngs Other crèdbtors Accwal$ and d•foNed inwme 250.000 12,694 250,th)0 12,694 250.000 250.(M)O 18 120.996 57.104 237,703 120,996 32,806 237.703 60.363 34,594 60,363 34,594 117,820 106,575 60,305 1(K.575 75.398 69,601 I(,900 87,531 84,469 639,624 642.351 842,304 793.505 Tho wnc•sskJnary loan from L8HF was repay¥ on 31 March 2019 or è#bli8r rf th8 balance of the loan drawn down whith has not been used to fvnd unfor8s8Èn or unbudgeted costs togethgr the accumulated op$roUng sUU8 l•xdudlng strfcted funds) exceed £SOO,000. Thè £250.1)00 loan wa5 nol rgpald durfng the yew 8nd Is therefore being shDwn as $tlll bolng due within one yèar ndIng further disDJssions. 17 Cmdltors: amounts falling duo aftsr mor• than on• y•ar Group Charlty Group Company 2024 2024 2D23 2023 An1ra1 Hwttag8 Fund Loan 14220 14.220 14220 14.220 Durfng the year the loan faolty arraro8d frorn the Arr*lte¢tural Herftage Fund with int¢fg¥t ¢harg8d al 6% Fer annum was paid in full . 18 FIaTh obllgatlons The financoloases are sere on thè assets ayncAemed. 19 Unrestrictsd funds The unrestrictsd funds of th? ch•rlty compdse the uneXpere baLqnc¥$ of donations grants whlch are not subject to specific Conditions by donors and grantors a3 to how they may bè usgd. These d9$vat•d funds ¥thSch have begn set aside out of unr05tricted funds by th• trustèes for speufic purpos•s. At 1 Aprll 2023 In¢omlng r•sourc R•sourc•s expended Tr•nsf•rs At 31 M•r¢h 2024 General fvnds 4,399208 1.704.272 11.677.103) 144.894} 4,381,483
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unr•*trktsd fund• {Contlnu•dl ProYlou$ y••r: At 1 Aprll Incomlng ResouTces Tranrf•r8 At 31 MaKh 2023 Gengrol lund$ 4.079.646 1.568,988 (1,615,010) 365.584 4,399,208 R•tlr•m•nt b•n•fit scme9 D•fin•d contrlbutlon hOrn The trust opgrales 3 dgfingd wntribuuon p8nslon schem8 for all qualfyiThJ errloYees. The 8SS8ts of tha Scheme ar8 held Separately trom those of the twst in an independently administered fund. The charge to profrt or1055 in re5PgCt of dgfin¥d ¢ontrSbLttbn sch•m8s was £38.619 (2023- £34,683)
oN¢o i * ¢J) Fx
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Anal1& of group not auots botwwn fvnd• Unr•strlet•d R•strlet•d fund8 fundi 2024 2024 Total Unrestricted R8strictod fund$ nds 2023 2023 Total 2024 2023 Fund balancès at 31 M8r¢h 2024 ara repr95¢nled by-. T8ngible 8ss0ts Curr8nt assgtsllllabS1Stio$) Long terrn Ilabllitles 4,116,566 264.917 4,116,566 4.173.973 332,659 239.455 114,220} 4,173.973 252,959 114.2201 67.742 13,5Ckl 4.381.483 67.742 4.449.225 4.399.208 13,504 4,412,712 Capltsl tommltm•nts 2024 2023 Amounts conlract8d for bul not promded in the financial staloments= Contracted for bul not provid¥¢J in Ihe finandal stat•m•nts: L88sehold improv8ments 53.300 78290 Related party transaGtlons Fuham Palace Entoipris•s Communty Intorosl Company is a wholly-ownod subsidiary of Fulham Palacè Trust. Aggregate dcffjalions frc*n trusteos in tho yoar amwnt¢d to £3,15012023: £3.220}. There were no other reL8led party tr8nsacts)ns in tre reportino pèrfod mqulrfng dlsclosurg. 25 Oporatlng l•as• commltm•nts LeOr At th8 rnportlng and dat• the tNst had contracted with terkants for the follorj miniThrn leas9 paymgnts.. 2024 2023 Within one y&8r B$een ts¥o and fv• y•ws In overfive years 1.049.979 1.550,501 28.270 842.945 761,130 2.628.750 1.604.075
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 26 Analy•ls of changes In ngt fvnd$ At 1 Aprtl 2023 C•¥h Ilows N•w fffl•nt•At 31 Mareh 2024 Cash at bAnk and in hand 834.393 1131.859) 702,534 Loans fall9 due within on• y•ar Loans fAlllng duè after mor8 than one y8ar Obllgatlons und•r financ81oas8S 1370.9981 114.2201 120.996 14.220 25).0001 112,6941 112,694) 449.177 3.357 112.6941 439,840 27 C•$h g•n•rat•d from op•ratlons 2024 2D23 SurplupJldeffi¢lt) for t yr 36.513 IT4.802) Adjustments for. Investment income recognised in staternnl of financial ¥ctNiti05 Depreciation and impairnent of tangible fixed assets 136,8141 178,960 15.0781 157.583 Mov&monts In won9 capltal: (Increase} in stocks Decreasellincreasel in debtor3 IDecreaseyinc¥ease in creditors <1.810) 92.931 1194.378) 14861 1168.197} 178.520 Cash 9on•ratad from op•ratlons 75,402 87.740