Chwity registration nurn￿r 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 s￿et
Oxbrd
OX12EP

FULHAM PALACE TRUST
CONTENTS
P*g•
Annual ROF￿ M&ssase Irom th8 Chalr
T￿$t￿8. report
Slat8ment of tnjstses, rg8Fonsibililie8
D(￿ors
Indepgnd$nt audltorfs roport
10-13
Statement of fin￿ck91¥(l1￿ll8s
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 d9dl￿tIOn 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 $0Vor81 prolects aimod at 8nh8neSng rJJr ￿sItOr experten￿. falslng Income, and
enSur1r￿ the presatvatlon of our eslale. Notable among th98e was the refU￿Ishment of Tlmbgr L¢dgtr and a refresh
of the Compton rooms. These projects were vital both In terms of buildings cons¥rv3tion and helping us raise
additional incomè. Looking ahead, ihanks to a su¢cessfvI fvndraSsing app991. w8 wlll bè ablo to replace Ihe old
halogen Ilghling in the Porteus Library wlth èn8rgy efficient LED lighting. Thls will help both reduce costs and our
carbon fwtwint, supporttng wr ￿Mm￿rnent to pladng carbon r6dUC¢h￿ and env1￿ment￿l issues at th• h•art of
our work.
Education romains on& of our core tharltable oblgctlvgs. and one hlghllght has boon tho dovekjpmenl of the g￿ng
green project. Th1$ 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 d￿mate 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
n￿Ssary funds to protect our ¢h•rfty for the futtFre. They ar• also great funl
Our exhibition The Blshop& of London. colonialism and transallantic sla￿ry." 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 W￿81th. 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 Wo￿ng towards decolonSsation and
disrnantling syslernic raci6m. 11 1$ a ro81 ltr$laTnenl to the Iner8dlblè work done by our chief exewtive. SIAn
Harringlrm. and her team that w8 arn #mong the fir51 cohort of (mly UK Th￿SeUmS d￿VIng lon￿rd thls Important
¢h4ngtr within the sector.
Financlally, r( has been a ¢hallenging year as we c<)ntlnue lo abso￿ Incrgaslng costs. Thanks to carefvl
rnanagernent and Ihg continued support of our mèmb&rs and donors we have been abb lo balance the books in
2023124. HOW9￿r. our fortrasts for the n￿( fgw year5 are showing It Is 90ing lo be harder to achlgve
balanced outcom$.
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 well￿￿n9 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 r8glsttr￿I with the Charty
comrn1ss￿n on 27 January 2011. 11 is a company limitsd by gUa￿tea 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 fOll￿n9.
to pro￿de fcff th8 athanGgfT￿nI of public educatlon by Ihe wovision of the F￿1haM Pal8¢x mU￿￿m (the
useum'} comprisin9 such exhibits OT Itoms as th8 ChArtty may from tkn8 to tim• hold w receive and to
preserv8 thg $amg as a (x)Ilection (Ihe"ColkdloM'I-,
to pres8rv8 for th? benefft of the inhabltants of tho London Borough of Hammrsmth and Fulham and of
th• nabon al Lgrge whatever of thg Engli¥h historical architectural. archaeological and constructk)nBI
herftag& may exist in and round Fulham P•l8ce in the fom crf building5 and gardens of partI￿lar boauty or
hIstor￿1, arthitectural or ¢on8lrudonal Interest,. and
to prot8Ct the environment. ￿nSe￿o or promote biologi¢81 d￿#r$￿ 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 $p8cies In Its n8bJral hakntat. on land or in water situated In lh• vl¢inty of a landfill silo.
The Church CommiBBion 18 the freehold•r of tho Fulham Palac• srte. and Londcffi Borough of Hommgrsmith gnd
F￿haM 1$ 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$k rgglsler, ¥thid) 19 ￿mprehensIVe. updatad
regularty and idenlrfie5 key rlsks and M1lgafj￿s. It is rewewed by fin8nté, ri3k and audit commrtteè w8ry h¥0
months. and by the board annually. Our financial siluauon is Sd8nt1fl￿ 8$ 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 ma￿r 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 financ￿1
raserves of £260k lavai18bl¢ to use for any of our ch8rf18ble act￿1￿51.

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 Na￿0￿81 Lottery Heritage Fund frjr rgsloralion of tho thapol. thg south r8nge of
1he Tudor court, landscw and 9ardenlng W0￿S. and a n8W gvenls and comrThJnty spa
D•vl$ing a nfrw loaming and &ngag¢mont 8trat8gy focusslng on communlty engaggment and pathernhlp
worktng
Creating a 8-year t￿sIno$S Flan kncorporaung a financ4al ret￿ry 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 lndlts￿e 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 h18t￿Y thr￿gh r8S8arth engwJement vAlh
experts, partnws. and the community
To bè knpkalional. engaglng and educational
To dellght our vlsilc*s through èx￿11#￿1 cu81omer service and high quality faciliti8s, Inte￿￿ts￿On ¥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 Fr￿d 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$set Indudlng our conshJ8ralAg rental
portlolK) as a sou￿8 of ￿ular Income..
Enhan¢* our edu¢xllonal offering and incf•ase public awarfyness of what we by provlding a wider rargo
of aetlvrbes and &vents for a growng number and range of vl$itorn',
Support ow local commun￿SS through Ihe provislon of a high quality herftage attr￿tIon on their doorsl•p,
a$ well a$ pr￿dIng 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$ses. The outcomes of ralslng awaren￿ and contdbubng to the 10¢81 economy SLVPOrt both
thg Borough's arts and ¢ultUTal strategy and London&Pwtn8rs' amb￿.on to pull tourists to currgnlty le85 well
known hèrlt4e &tas In tho aty.
A new business Pl￿ will bo vthtten In 2025 and this wlll knrLJrpor8tè th¢ financAal re¢))very plan wo 8ro CLTrrrenUy
preparing.
Structhr•. gov•rn•nc• and manag•m8nt
The t￿St￿S, who 8r8 a180 the directors for the purpose of wmpany law. and who seNod during the year and up to
th8 date of slgft8turn of thè financSal staternents woro:
lain C8s$idy
CravJ Cob
Doborah Fart8y-Persaud, Deputy Chair ofTnJBte85
Paul Grdy, Chalr ofTrustees
Fenella Goodhart
Cllvg Hinds
Dan￿1 Jackson
John King
Flona McWllliarnB
Matthew Pottage
Victorfa Quinlan
Kovin Rogers
RS￿rend Penny SeabrD)k
Robble SommeNIIo
Marlana Spat8r
(Appointed 27 November 20231
(Appoinled 18 sopteM￿r 2023}
IReslgned 27 N0vom￿r 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 FUr￿raising Committee thot
meets twictr per annum. and a Nomln8lkJns Ccffimittee that moots as ngC8ssary.
A Ch￿f 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 9th￿ty. 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 Chaim*n 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 Inforna￿on.
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
AcC￿jTrting Standards lUn￿ed Klngdom GenerollyAccepted A(*>JUn￿ng Pr8¢tk•).
Cornpany Law wulros th& trust￿ to prgpaw finan￿1 $l¥l¥m•nts for each fmandal ￿r ¥4thi¢h glvo 8 Irue gnd f8lr
gw of the slate of affairs ol the trust and of the incoming resources and apF4iCatiC￿ of resources, induding the
Incomè and expendI￿re, of the charitable company for that year.
In preparing these financial statements. the truste8s are requir•d to:
- Se￿¢1 sultoblo a¢tounting pdi(#&s and thon ¥pply th￿ ¢pnsi5tgnty'.
- obsgrvg thg nwlFb)d$ 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¥ finan￿￿1 8tstoments the goin9 concem ba818 unles8 Il b inappropriat8 to pre8um& that tho trust will
¢onlinu• in 0￿￿tiOn.
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 dat￿tIon of fraud and Othgr In￿Ul4T1￿￿S.

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
Afv￿lI. 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
NIChol￿caMe, Sarah
Parker. Hamlsh
Paterson, DavKI and Rosemary
Pery. Alison and Ross
Quinlan. Victoria
Rylance, HIS Hs)nour John and Philippa
Scholes, Carol
sh￿k¢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 Afv￿lI {Annual Patron), passed 0￿Y In May 2024.
Corporats Patrons
Bovlngths Caterfng
Prop8ty
P•sc81 Hu88r Da￿9n 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 ¢ompan*l 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 $tatements'.
give a Inje and fair wew of th9 5ts19 of tho groups and of thè paY8nt charitable comp3nV8 Affalrs as at 31
March 2024 of the groups inthng resourr*s and application of resources. for the year thtrn ¢nd$d;
have been F￿pety P￿parad 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
acc￿nIng 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
cond￿On$ that, kndfvldlwlly or e￿lectIv*. may cast signfficanl doubt on the trust's ability to conb'nue as a golng
cOn￿M 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 InfOrn￿tIon
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 inf0m￿tiOn and. in doing so, consldèr vA)èthèr the other information is malerfally
Inconslstent ￿th the finBncial statements or our th0￿edge 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 parfom￿d. w8 ¢onclud8 thot thwe Is a material misstatement of thi5 olhgr infomiatlon.
Wè 8rè r￿uir8d 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 g￿en 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 pU￿se$ 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 L*orit•bl¥ ¢ompany and th8lr environment
obtalnod In thg coum of the wjdit. we have not Identr￿ed 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 trUst￿S, 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$sary to
enable the preparation of finarKlal slatgmonts that am fr8e from m8terlal mlsstatement. whether due to fraud or
e￿Or. In preparing the financial statsments. the truslees are respon5iblg for assgsslng the group and parent
charitable company's abilty to oJnlinue as • golng ¢on¢•m, disdoslng, 8s applicable, matters related to golng
o)ncem and uslng the going concern ba&s of accounting Un￿58 the Iru$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 ac￿rdance
with ISAS IUKI WAI a￿ayS 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 coM￿￿nC0.
capabillies 8nd skllls lo Idgnfjfy or r?￿gnI￿ non-GomFdlanc* wtth appltcable laws and Togulalion8',
we Iden￿Thed the law3 and regulations 8pplicabltr to thg ¢ompgny through dlsw5$1ons wlth trustees and other
management, and frorn our kr￿l•d98 and èxpèrlènc8'
. we focused on specifK laws and Tegulalion8 which we ujnsidered moy havg a dir•¢t malorlal off•ct on the
financial statem8nts or the operations ofthe charitabl8 wmpany.
• we ass•ssed th• 8Xt8nt of Complian￿ with the 18WS and regulation$ Id*nt￿ed 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 ntsrrtor￿1IIan¢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 rnanag8￿nt 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 accoun￿n9 osfjm8t8s ￿re indicativo of
potential bias- and
• Inv￿tig*od the Tr￿Onale bohind $ignffi¢anl or unusual transactions.
In response lo the risk of irrogularftles And nonthQ)mplianc8 with laws and regulallons. wo deslgned pro¢edure¥
whlch included, but were not Ilmlted to:
' Bgreelng finana8181atement dlsc4osLYeS to undgrfylng Supportlng dccuw*ntsth'C￿;
' readkng the minutes of meellng8 of charged wtth govgm8n¢g'
' enquirfng of management as to acbjal and polontl•l lffjgatien 8nd dolms:
. w￿Ing ra￿vant (xryond8nc8.
There are inherent limitatic￿S in our audlt proc8duT•S d8scribed above. The rèmov8d that laws aThJ
regulations are from ffinancial trans8dlons, the less Ilkety It Is Ihat we would becL¥no aware of non-compliance.
Audltlng stsndards also l*nit the audit procedurès rèqulrèd to idèntfy non-compliance with laws and regut8tlons to
enqulry of th8 Irustees and othgr management and the Inspoction of regulolory antj legal ￿rreSponden￿, rf any.
Maler(81 mlsst81emenls that aris& due to fraud can be harder to del•¢t than thos8 that arise from eThor as thtry may
vdvg do1ib¢ral& ¢￿¢•81ment or eoluslon.
A further d8scrfptkJn of our rn8rrt)n8lbniti8s Is avallablg on tho Finandal Reportlng Counal'$ webslte al: https'.11
www.frc.org.uklauditorsrosponsibi¥ti93. Thi$ d*serfpllon forn￿ part of our auditovs report.
12-

FULHAM PALACE TRUST
INDEPENDENT AUDITOR'S REPORT (cO￿riNUED)
TO THE TRUSTEES OF FULHAM PALACE TRUST
U•¢ of our report
This rppgrt is vnado $018ly to th8 thaT￿abl• 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 H￿ie 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:
Don*lons and lega¢le$
Charltablè act￿￿tIeS
Oth•r tradlng act￿ltIeS
Investments
65,383
196.457
1,405,618
36.814
211,683
277.C*6
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}
F￿d balances at 1 Aprfl 2023
4.399,208
13.504 4,412,712 4.487,314
Fund balwceB at 31 Ma￿h 2024
4,381,483
67,742 4,449,225 4,412,712
Th9 stsl¢m$nt of finan¢581 act1￿11¥$ In¢￿deS all galns and losses recTrJni8ed in the year. AM irKomg arwj $xpndlture
derive from conlinulng adavt￿o8.
Thè statèmènt of financi81 athvities also corylEs with the requiremtnts for an incom& and ¥xp8ndlture gccount
undgr tho Companle$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 actiVit￿S
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 0￿ratIng 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 In￿StIng actlvltios
172,0451
1443,9951
Flnanclng •¢tIvIt￿8
Rapoyment of loans
1135,2161
(137.524)
Ngt u￿d 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 •qUI￿1•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 bUsIn￿S 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 con￿ntIon
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 pU￿1C Benefit Entity as dofinèd by FRS 102.
The hancigl $tstements are prepared in storllng. whlch is the fiJn(*onal currw¢y of the tru81. Monotary
amounts in these fln8ndo1 statements are rounded to the noarest £.
The financk21 statements havè b8•n prepared under the hislorfc¥l cost ¢onventh)n. The prfnclpal acCoL￿tIng
polloes Adopted are 8el out below.
Thes• finandal statements consolidats tho r•$ults of the charfty and ils whtsl1y-th4￿•d subsldi8ry FLdham
Palace Enterpri$$$ Communlty Inte￿st 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 a￿ordanCe 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$, ￿rtAInty of receipt and the amount
is m8asur8ble. Where income 58 receNe(l in advanco or a deposit 18 madg It ￿ deferred until thg ¢harfty is
entitlèd to Ihat income- usualty when the event occurs. Grants are induded on a r￿1vable basis sublèct to
adjudged abllty to meet any associated condition$. 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 oCtl￿tIeS b388d
C￿ th8 direct costs of that activity as a proportion of th• totsl dlraet c¥)st of Ihe two a&1￿￿0$. IrTecoverablp
VAT Is knduded supp￿ o)sts.
T•ngibl• fued aBsets
Tanglble fixed assets aro InStSalty measured at rA)8t and subsBqugntty mea8uro(l at o)st cf valuati￿, ngt of
dgpr8cIat￿n and atry Impalment losse&
DepreciatTon L8 recffjnlsed so 08 to wrfte off th8 cost or valuation of assets th¢k r8sldual value3 over
thaiT useful lives on th8 followlng bAses:
Leasehokl Inv0￿ments
Plant and equipment
F￿r•S fittings
Computors
5 to 20% straigm Ilno, orover the durath￿ oftha18ase
10 lo 33% straight line
25% straight linè
33°h straight lin8
Th8 galn OT loss arising on th9 di$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￿$￿1e ¥8￿8. is the amwnl ry value
xpectsd lo be r￿l¥Od from the sale or usè of stock kn the nonnal cows9 gl busln8ss after dedLKting any
addition￿ cost in¢utr•d In the process of reali68ti0n.
Net reali8abl& valuè is tho gstimatsd s?Iling less all astirnaied costs of ¢OmF40t￿ and costs to b•
incurred in mar￿tIng. selling and dkslribulion.
Cash and cash equfval•nts
Cash and ¢8sh 8quivalonts 1ndl￿￿O cash in hoThJ, d8posits hold al call with banks, other short-tem Ilquh
irweslments with Origlnal malurities of three months lx l•s¥. and bank ¢Mrdraft$. Bank ovorthafts are shwi
within borrowfngs in current 11abll￿￿s.
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 trL￿S 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 SIMU￿an￿U6Iy.
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•nelAl*ss•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 rneth￿j 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 r￿o￿l￿d al tran$8¢tJon pricè unless
the arrangement constitute5 a financing transaction, where the debt instrument 18 mgasuwd * tho pros8nt
v4lu¥ of th¥ fvturo paymonts dlscount•d at a mark81 rale of interest. F￿an￿al liabilities ¢lassffiÈd 8S Pay8b
Ihln one yo¥ aro not amorti%ed.
Debt instruments are subsequèntly carrlÉd at amortlsed cost. uslng thè 8ffactivè int8rost rato method.
Trade creditors are obligations to pay lor gc(xls ￿ servic95 Ihat h8ve bgen awmrod In th& ordlnary cou¢30 of
operations from suppliers. Amounts payable aro da8s1ffed as ¢urrent liabllltl&s il payment ￿ due wthin one
year or less. Ff not, they are presented as nortrcurrenl liabiliti'es. Trad8 creditors are ￿¢t%)nts$￿ inlliolly ot
trnn$a¢UrJ) prf¢• and subs8qu8nUy m•asured at arnortised cost using the eff￿t￿e interest mèthod.
Derocognitlon of Ilnon¢l•l Ihbllttl
FSnanaal liablllllos are deret)Jgn15ed when the trusvs contractual obligati￿5 ewro or ars th$¢h¥rood or
cancellod.
1.11
Employ•0 b•nofits
Thè ¢ost of any Unus￿ holldgy en￿￿eMent Is reci*Jnlsed In the period In vthlch the empfoyee's seTVlCeS W¢
r•¢ol￿d.
Termination benefits arg rgcogni¥ed immgdi¥l*ly ¥$ an •xp•n$8 vth•n trust Is don￿nStr8bty cclnmitted to
terninatè the employment of an employee orto provlde lemination bon&fits.
1.12
R•tlr•m•nt b•nfrfits
Paymenis to defined contribution retirement bengfrt 8chgme¥ are chwg•d as ￿ •yns• as they fall due.
1.13
L•as•s
Lease5 are da88Mlod a8 ffin•n¢è 108sés vth8￿¥0r lh8 tarn￿ of thè loas8 trgnsfor ￿StantiallY all the dsks
and Tewards of ownorship to the lessees. AJI other19¥￿5 arg cl¥ssth•d 4$ 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
InCept￿n and the present value of the rninirnum lease payTrents. The rglatsd li8bllFty is Induded in the
balar￿ sheet as a finance lease obllgatknn. Lease payrr*nts 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 &r￿￿O￿ted charftyl.
1.15
Con¢•4¥itsn•ry Lo#n•
Th8 short-tsmi loan r￿rded 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 fUrt￿n¢* of the ge￿ra1
rtJjoCt￿eB of the tharfty and %thlch have not been designaled f¢r olh$r purposos.
Restrfct8d funds are funds which are to be Used h accordance vAth sp8dfic rtslricticns IJYw8ed by the
donots or whlch havè beon raised by the charity for particular pU￿OS•s. Tho aim and use of exh re8lrict¢d
fund Is strl out in th¥ not￿ lo th$ flnantyol $t0t$m￿ts.
crftlcal accounting •stimat•• and judg•m•nt•
In tho appllcatlon of thg trust'$ a￿untIng 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$torlcal èxperfancè and 0th8r foctors that
8re c￿81dered lo bg relevwl. results may dNf•r from thèse esllmatès.
The estimates and underfying a￿umPI10n￿ are rewewed on an ongoing basi5. Revisths to a¢countlng
estimates are recognised in the period in which the esth'mate is revi88d where the revlslon 8ffeds fmty Ihat
permjd, OT In the period of the revision and future perlods where Ihe revlsion affects both cuwrenl arKI luturg
period$.
Tho judggmenl th81 hos had th• most s￿n￿¢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
Inte￿rela￿'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 rece￿￿e
36.814
5,078
Charltable actlvltl•$
Charltabl• CharFtable
Incom•
Income
2024
2023
Café Incom
Extemal r￿mburSements
Education
Other Ir￿Me
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 a￿1¥111•$
Unrtttrl¢t•d Unr•strfGt•d
fund•
3024
2023
Gèn8ral rènts, sèNlcè eharyès and utlit*s 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 ￿p8nd1￿Jre 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 ￿Th￿laT 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$ee note 101
.637
604.424 1,511,061
878,775
544.184 1.422.959
10,624
17,707
10,657
7.104
17.761
1.025.226
649.240 1.674,468
1,049,435
590,017 1.639.452
Analysls by fund
Unreslricled funfls
Rgstrictsd fvnds
B82.186
143.040
589.941 1.472.127
59.299
202.339
890.465
158.970
553,138 1,443,603
36,879
195.849
1.025,226
649.240 1.674.466
1.049.435
S￿1,017 1,639A52
Non• of th8 trustees lor any perscffls c￿nneCted ￿th them) receNed any renvjneration or b￿n￿lt$ 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
P￿MiseS
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 a￿￿ttl¥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 of0mpby￿S durlng the year was:
2024
Number
2023
Number
CEO
Comm8rclal & Vlsknr Ex￿rienCe 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 m￿gemOnt PorK￿ne1 was as fdlows..
2024
2023
Aggreg819 compgn$8lon
96,601
94268
12 T￿all•n
Tho thartty Is exempt from taxation on its activiti85 be(ause all b Income is aP￿led for charitabl& purposes
13 T•ngiblo Fix•d ￿5*￿ Group
L••¥•hold Plant •nd Flxiuw and Cornput•
Impro￿￿￿￿￿ •qulprn•ht
fftiing8
Tot•1
Al 1 Aprfl 2023
Addillons
4,YJ8,649
86A77
35.047
3.098
251,564
21,576
92,077
10.402
4,977,337
121,553
Al 31 March 2024
4,685,126
38.145
273.140
102,479
5.098.890
Dopr•¢laUon •nd Impalrn*
At 1 Aprll 2023
Depre￿8110￿ chargod In tho year
554.678
144,632
26,485
4.836
141.187
22.723
81,014
6,789
803.364
178,960
At 31 Marth 2024
699.310
31,321
163.910
87,783
982.324
¢•rrylng amount
Al 31 March 2024
3.985.816
6.824
109,230
14.696
4,116.566
At 31 Mar(* 2023
4,043,973
8.561
110.37T
11,062
4,173.973
Tho nel caryhg value of tangibl8 a&sets includgs th• followlng in resped of a&8ets hèhj under finance
lease3 or hlre purtha$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 HaMMe￿mIth 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 P8￿cura￿Y 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$ p￿parad 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 ￿1￿9 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 cxjmm8rc￿1 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 sU￿￿18ry 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 finan￿19a$0$
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
sU￿U8 l•xdudlng ￿strfcted funds) exceed £SOO,000. Thè £250.1)00 loan wa5 nol rgpald durfng the yew 8nd Is
therefore being shDwn as $tlll bolng due within one yèar ￿ndIng further disDJssions.
17 Cmdltors: amounts falling duo aftsr mor•
than on• y•ar
Group
Charlty
Group
Company
2024
2024
2D23
2023
An￿1￿￿ra1 Hwttag8 Fund Loan
14220
14.220
14220
14.220
Durfng the year the loan faolty arraro8d frorn the Arr*lte¢tural Herftage Fund with int¢fg¥t ¢harg8d al 6% Fer
annum was paid in full .
18 FI￿aTh￿ obllgatlons
The financoloases are se￿re￿ on thè assets ayncAemed.
19 Unrestrictsd funds
The unrestrictsd funds of th? ch•rlty compdse the uneXper￿e￿ baLqnc¥$ of donations grants whlch are
not subject to specific Conditions by donors and grantors a3 to how they may bè usgd. These
d9$v￿at•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 sc￿me9
D•fin•d contrlbutlon ￿hOrn
The trust opgrales 3 dgfingd wntribuuon p8nslon schem8 for all qualfyiThJ err￿loYees. 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 Anal￿1& 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$)
Long terrn Ilabllitles
4,116,566
264.917
4,116,566 4.173.973
332,659
239.455
114,220}
4,173.973
252,959
114.2201
67.742
13,5Ckl
4.381.483
67.742 4.449.225 4.399.208
13,504 4,412,712
Capltsl tommltm•nts
2024
2023
Amounts conlract8d for bul not promded in the financial staloments=
Contracted for bul not provid¥¢J in Ihe finandal stat•m•nts:
L88sehold improv8ments
53.300
78290
Related party transaGtlons
Fuham Palace Entoipris•s Communty Intorosl Company is a wholly-ownod subsidiary of Fulham Palacè
Trust.
Aggregate dcffjalions frc*n trusteos in tho yoar amwnt¢d to £3,15012023: £3.220}.
There were no other reL8led party tr8nsacts)ns in tre reportino pèrfod mqulrfng dlsclosurg.
25 Oporatlng l•as• commltm•nts
Le￿Or
At th8 rnportlng and dat• the tNst had contracted with terkants for the follo￿r￿j miniTh￿rn leas9 paymgnts..
2024
2023
Within one y&8r
B$￿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 fall￿9 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￿ y￿r
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 wo￿n9 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