Clwity rtgislratlon numbvr 1140088 IEnBl•nd and Wal•s) Coryany rnglstratlon niwnb•r 07464167 FULHAM PALACE TRUST CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 •AECOL02X* 0711012025 COMPANIES HOUSE
162
FULHAM PALACE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Iwn Casswty Craig Coben Reverend Pethf Dobso Debjrdh Fartey.Persaud. Déwty Chwrof Tnlee$ Paul Gray. Chair ofTwstees Fella Gtthrt Clive HM¥J$ Dan4 Ja(sc IApw)inted 7 Cxtobor 20241 Secretary IAS Sian MBA. Charlty number (England and 1140088 T*lal•sl Company numb•r 07464167 R•glstorod offi FhaM Palace Lcnjon SW6 6EA Audllor GravitaAudrt Oxltrd LL First Fknor. Park Central 4041 Park End Street Qxk¥d OX1 IJD
FULHAM PALACE TRUST cop¥rENTS AnN81 Rewt Message from Chaw Tns' rep Statement of trustees. resiJntMIts 8-10 dependent auditL*s report Grwp Stalen1 of fwckgl 8th1183 15-16 Bafance sheet for wp and (thaffjt 17 statTl ofcash 18 NO to the f•wi(aal stateThts 19-35
FULHAM PALACE TRUST ANNUAL REPORT MESSAGE FROM THE CHAIR FOR THE YEAR ENDED 31 MARCH 2025 A¥ chaw of FuTham Pa Tws( I pl•8sed to k¥esent this )¢$ anwAI This has a r ol renewal. iesilience. and 9rthvth. We ccfflmitte(I lo conseThing. l¢>"n9 and p01419 the house and garden, wfvle also en9awn9 arwj insF4firy pub&¢ tlwh $rt•'$ htstory and slorEs. Wg have deepened ) The Palace'5 wonderfvjl gardens ryJn¢inue to inwre and ddvJhL Ow 'piThJ 9ro8n' project has resumed in the ddivery of a n•w pond. greenhouse and MIj acli¥itses tyjr ¥i5itors. The irthtiative has hol poop reconnect with nahjre thrcMJgh capluriThJ thew groMThJ interest in dinate change, biodivw5ty and SUaable practrces. whtk dir$Ig the hatiitai$ fty fh)ra faufta on our site In al1d0. we hav• also stwted the box hedge repl0ment Ihe walled gardtsA. We remain gratef 10 our funding pknrs supp¢ytod Ihese initiabves. lh¢ Kusuma TrysL Ihe Museum De¥eWrnAt London and fv Stanky SftNlh Hortiwltural Twust. The museurn gTr)os frn Strength lo strength. and l am exiTer proud of our conbnued frS on decolon15at)n %wrk. 8uilding wr selection aTrJ partKipaIn of Ihe Museums Assoa'atim's An1 Rarisl Museum5 Pwgramme. we ¢onlinue fo Sha as part of their alurmi and cther netsYork5. This feed inlo fvture rXOgramn a$, •nswing Ihatw• rnmai) reknvart to ivtJea5ingty dNers• aJe$. Community engagement and partscipthn 15 of our ¢ce belfs. Deswte f&nJirg pressu, we hav8 maint8in8d LK4f Pmgrarnme ol scl)d, famity adult kaming even15. Our 'get inlo gardTring pmigct £tinUeS lo 5UPPOrt yourKJ people who nèed ex¢ra supp)rt and our sdv>Jls membership programrne aims lo work mfft clDsely wrth local s£Ls. provvJin9 bespthe $hOP5 and conneting Students career opporwr41re5. Our income generating wblic events remain pjpuw. ith apple day. ¢hdli lest aThJ groen w¥1wltVj alrnost 8.000 peop. Like many charities. we kce ¢ywry fin8rMial pressures. Risin9 operatwal costs and rk) oxe (unding requir8 US to rnake car8lvl slrategK de¢ish?ns as we f#¢• an unctain ffijbjre. We rernain wmrnitted to makirs efficiency 5avNw5 and streamlinitKJ prtsjrammg on hyh inwad inrfia1iS. We wll a150 conimue to invesl lime in strengihonirrfj partnerships the kxal aThJ lurJets. On behaN ol the b03rd. I want to exi8nd my heartlett thanks to our dedicated siaff. YOnI8, and supporlers. Th•ir cfjmmilrntnt brtn95 lrfe to Fulham Palace he*$ ensure ts fiJturo. Special thanks go to Sian Harrington ltyjr ehief gxoculi¥el. our patr Fn5, auwwity ar Lwr coMffwY Fwtrws. This year has shown us Ihat while ¢hanerKJes remain. ow chanty rem a evofving reflection of our cThnrnvnty. Wilh shared pwpose and sustswd efftyt. I be&e Ihe NIn9 yw will brin9 even greatsr opwtun1eS for commu Chalrman Date.. .14<A.kl4D.%.. 2Df
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Injstees w•¥eftt Ihw 8nnual rerp¥i and finar stalements for the year¢nded 31 March 2025. The Fulham Palace Twst I'the Companfl was incoted cffi 8 De¢ernber 2010 aThJ r8gi5ter8d wlh lh8 Ch3rity Cornmission on 27 January 2011. 11 a company limited by guantee regl•red in Erv4land (number 074641671 and 15 a regislered tharity (number 11400881. It is govemed by Memorandum and Artidts ol Associathjn. ObJ•¢i1¥ and aVItIeS Thg thanvs cknJ"ect$ I'Obie¢ts'l $kfraty reslricw io Ihe foyry". 10 provide th8 ad1rancerr1 ol kmjblic educaiion by the Prov0 ol the Fulham Palatè Museum (the "Mus8urn"I cornprising such exhibrts or ilerrts as Ihe Chanty may frDm time to h)Id or retsrv8 and lo esewve the sam? as a collecbon Ilhe"Colacknn"I: to weserve lor th8 benEfit of thp inhatantS of the Ld( Borou9h ol HarnmorSth aryj Fulham and of Ihe nation at lar9e ol Ihe English hi5tortsl thit•Clur. archae¢)h)gl aThJ ¢onsttu¢tKbThal herits99 may exk%t in and rwThJ F¢Jlham Palace in the l(m ol tsJikrJgs and 9ardens of pwts.wlar beauty or hislorical, arcMe¢¢ural or constw¢th)nal interest., a1 to protect the Onwrcrn?t. nServe pIrle bthical th¥erstty in Fufham PaLgce grwnds through lil the provishM, ConSe3tn, resloratson or enhancement of a natwal halat,. or lal the maw#enance or recovery of a sp8ci8s in ts naturzl hat4tat. on land or in wafer siiualed in the ol a landfill site. The Church Comrnission is Ihe freehdder of the Fulham Palace site, and Loth Borwgh of HaMersMIth and Fulham ts long kasehelder who ran Fulham Pae Unl 31 Mah 2011. Pubk benefit The truste95 have paKJ dut rngard to gu11¥ issuod by the Chaiity Commis$)n in deodw al actiwties tho tnTrst should urndertake. RISK A$SESS141E14T The major risks r¢ Kti the ¢harity is exrxed have b••n lenthfied and Syst have been estsblished to miti.gate these iisks. The risk assessment pre£ess is $upFKMed by Oan1alial risk ro9isier. ts ccfftprehensive, updated gufarty and 1denth.fies key risks mrtl9altc$. M is rewewed by finance. arKJ awjrt commrttee evory month$. and by the board annvany Our financu?I situalKJn o thrntird as a sb3nifirxnt risk. We have forec4$t deficit5 90ing fard. dedj.nirg financial resenfes a an incsea$iTh3 backkn9 01 cydical paIrS required lo th? buikjings and gardens. We have ppared a finarKaal recovery pn to resS these iSSkS.
FULHAM PALACE TRUST TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 FinanGial rnviow W¢ have r¢slncled and unles1rlad Income. Restn"cted ints)me can (ffity b• used br Ihe project speofied by the provhyer of the Irrne. Unre5tri¢t•d ir¢me is a¥a1ble lor th• C1ty to US8 on any ol ils a¢O¥hks, and comprises general unrestricted fvn(Js desKJnated unrestricknj fvThJs. Deggnattsj furJ$ are those fu i(lentth8d by the Irustees for specifi¢ purposes. Ow total incm iweased by E94k 10 £2.01m. Wrthin Ihat unrestrithd 181 by £148k to £1.556rn. T majority of our unrestsicled rnes from renls of £0.78m and maior funct)ns and evenls of £0.5 m. R8nts wère relatively stae ar on year. UnforttelY. hmctions ieduce(I by £160k as a with an evénts ctynpany c8as8d last year. This redU)n In unrestriL1ed gene was pawty offset by the LcThknn BOr0h of H8mrnernmrfh & Fulham kjndty convorb.ry £125k of the hxn into a 9ranl. Thi5 has been as deswwai8d Restricted KOMe ipTrcreased trom £211k to £328k r8fi8ctW the greethEo gppaal, and intt•8sed educatm ogran))e wants. r lotsl ¢ts kncreased from £1.88m to £1.98m. tlth unreslrided cosis incrnasin9 fmrn £1.68m to £1.74m. We had a gen•ral unfeslri¢t8d d•fK)"t the y•ar of £187k. ¢LJYpared to a small SuU$ last year of 27k. unltUnatelY, rigiry o)sts rneèn Ihai we ère k¥e¢asb"ng a Iwger deficsl in the tsJreThi year. Th defi1 FQSition 1$ being exa¢¢rbaieLI by the spJniftsnl backw in expendibJre lo Ix)ns¢rve and maintsin Ihe li$lori¢ building5 and gardens, which is tlescribed in note 14 to the financial statements. twrent aslimale of the tdal expendthm backk#3 £7.2m. Trustees and management have prepared a fmarKsal reojvery ptsn. tsch i8 beiig implemented, lo address this rJefKst positton. A deswJnated fund has t¢n cseated 10 hohj the £125k an1 wtweh ¥&ifi be us¢d to assist our ffinancrol recov•ry programbrn. Res¢S pcY Flnan¢lal R•$•r In 2017 FPT de¥eloped a rksk based reserve kX)ky Underw by our wganoalkwl risk rwslgr and linked wilh the charity'5 strate9y and busirw n. UsirvJ th0dkn tAV id¢ThbW up a lev81 ofl unrestrided reservès of £636k by 31 March 2025. Fr88 vnroslri¢t8d Teser¥85 * Un$tricI•d fund$ less items as fixed assets whKh coukl Th)t be 50kl to èe use to meet sh(vi.terrn needs. Th8se Iree unrestncted financial reserves è to thè thwity, as Iiey arÈ available for us to use to mèèt finarial comrriiments and issuès as IY ari5ti. As at 31 March 2025 w had unrestrwxed fw¥Js of£4.4m and free finan(¥al reser¥8s of£356k.
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEOI FOR THE YEAR ENDED 3t MARCH 2025 Pl•ns for periods Our current business plan was rntified by the Trust Board on 19th Septe1 2016 and ¢gvers ts period up to March 2025. This is in Ihe prc¢ess of being urmyaled. PrJrities over the next year indudÈ." . +4wptyuig f 9rants to tmdgrte eswtial cydKal mwntenarKe ol Ihe Palacg. Apptyin9 lor funding to stsbilise the Trusfs ffinarKe$ through granl appk'catiort5 and appoals. Reviewing Ihe catering offer at the PaLqce and de¢K1ing on the model going forward frorn +Wil 2027. Finatising a new 8-year bUsi$S F4an incorpcKaliThJ a fnancial recovery FAan. . Implamantation of ow remsed technology p VISIOW OF FULHAM PALACE TRUST VIon To engage Feople, thrjgh ts storw d Fulharn Palace aTrJ Ihe Bi&hGys of Londm, in 6,000 years of En9hsh history, and to be¢onw one of the UK'$ rrost irKbJsive and Mwring hiskn"c houses and gardens. K•y alms . To ClYTserye and Fhft Para¢• hcKffje and gwden (okn"ng lhtyou aralysys of options and seclor be51 practtce . To devJp Ihe understaTrthng of Ftham Palace's layered Iwstyy 1hrO research arvj engagenI vmth expert5, partn8r5. us•rs and Ihe communty . To be ins(mratW0 en9agin9 aryl ethJcalv . To delight ¥istt0 •xclent Djstomer 5eryice and high qualty factlths, tatIOn . To be inthjw and pario"pakne in al aws of the P*e¥ operati( . To be sustsinabje and finaneJally sew.5vffiCt
FULHAM PALACE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Bu$Trness Plan Taryts Ourorganisalional m(Jel 8nabkn us lo.. . Value Fulharn Palace as a heiitage a55et. 11 become a and national L¥rtJmark to be prothd ol rather than jusl a wedding venu• wtth kleasant grouThJs: . Be a effectNe resdient {anIZat.. we be abk• to market Fulham Pa¢e more •ffectNe and WIA have Ihe rvjhl numbef army type ofstall in to tyjr objtttives and income tsr9ets.. . Be mor¢ finarKially sre." by makiTrJ 11 of wr Iwlage ass•l incbAiThJ ¢IdWabjO rental p01 a5 a source of regular irwn," Enhance our education aThJ irwase awarerw of ar¢ by kwwdin9 a 4¥x18r rangè 01activil5 and 8vent5 for a r¥Jmber and ran9e of $it5., . Supwt our W ecfflmunes throu9h the of a hyh quality hwilage attrad)n w th•ir door5t8P. as well as prtividg jobs and a wide rarJe of vohJnteewW OPplUn"1es: Support our local econ¢yny a5 a successful Fuham Pakce WIN bfing Ic4)ttall to the kxal area and totsl tw$rrws•s. Th• outcomes of rat5ing awarerss and contrit¥Jbng to lh8 eccficry suppct bolh tho Borough's arts and ujttural siralegy and LOlOn&Parts. amMion kn pull Iourists kn tJJfrently less well known herits9• $rte$ uty. A new busines$ Flan 11 be wrthn in 2Wd5 arnl this il ihe ffinanfial recovery plan we are i>Jrrenlty preparing. Strudure. 9o¥•m•n¢ and ffi•napnt The iTUSt•es, wh) a50 the directors foF the purpose ol cornp law. seNed durlng Ihe yaar and up to the date of s¥Jnatur• of Ihe financial stat8m•nts were.. lain C85sidy Craig Coben Reven Peter D¢knon Deborah Fartey.Pwsaud, Dewty Chair of Tn Paul Gray, Chair of TnJstee$ Fenella Goodhart CINe Hinfls Daniel Jackson John Ki F)nè M¢Wiams Matthew Pottage ariana Spat•r 1&4wiinted 7 Cttober 20241 {ReS 5 Awjust 2024) Recrui1nI and aPF¥)tnlffnt of truslees Now tw$tee5 receive 10Mlab"On èboul Fthham Palace TNst, its and obiectsv•s w4J are a IM of t P81ace, rneeting sl8ff and voluntetrs. Trust ara enr• att•thJ apprcyiat• extom events wher? th8s8 wil faaltat8 Ihe Wrt3n9 d trir roie. Subsidiary Und•rtaklng5 The resuks of Fulham P8e T¥ust's subsiliary uNYerting. Fulham pala Enterprlses Con¥NJnty Interest Cryryjany. are summansed in Nole 3 to ts fina1 statern.
FULHAM PALACE TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORD (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 oalsafal SIu The board ol Iruslees. which can have up to 12 Irbers. adnNntsters ihe ¢arity. The Tnjsl meets every 2 months, with 34 meetings of FinarKe Rtsk and Autht Committee per annum. The is also a FundraisirvJ Committee Ihal meets per annLVn. and a Nominai•)ns cOnvnrt th meets as ne$Sary. A Chief EXelIve ts appornt•d by the trustees to manage Ihe day4rMlay operab.ons of the £harity. To fa¢ilTrtale effective operalions. the Chief EXee has éegated au¢hw"ty. with lemis of delegabon approved by the trustees. lor operatr)nal mètters induding finance. empknyment. PIUrnateb"n9. fundraisiThJ, mainlenaft. collects.ons management, health and safety, and lea9 and ¢yJtwh lated acliwty. Thg Chief Execub"ve duriry the year was Ms. SI Harrington. A$ sel out in Ihe Aitths otAssocknqlin, the LdOn 8w9h of HaMMemIth & Fvknam may app)inl a m8ximurn of tsvo Injslees and the Bishop of London may apwm one trustee. Chavman may hdd that offKe f(Y a maxirnurn perl¢xl of 3 years. and may be re-appomiied ts a fvrther 3 years but rK more. Audltor In accordance vAlh Ihe companfs artths. a Ul10n woposing lIt Gravita Audit Oxford LLP bg reapwnted as audilor of the company ill be put at a General Meets"n9. Disclosure ol inlomiatlon to auditor Each of Ihe Intstees has confirnd that ltrre is ro in1tymat of they a are which is relevant io thè audit, but of whith Ihe auditor They have fijrlher confmed that they have taken appropriate slep5 10 idwFtify such K9¥an1 infom1)Tr aThJ io eslablsh thal the authtor is awar¢ ofsuth inlorrnation. The Intsie ' report was approved ty ts 80grd of TNst8es. Paul Truslet y. Chair olTrus¢ees
FULHAM PALACE TRUST STATEMENT OF TRUSTEES, RESPONS181LrriES FOR THE YEAR ENDED 31 MARCH 2025 The Iw51oes, who are a150 the dir8¢lors of FhTr Palace Trust fvr Ihe pwpJ5e ofcompany law. ar8 responsib lor prepallng the Trustees. Reporl and the finafxml staternts in aCcOrdar wrth apF4icab law and UNied Kingdom A¢cDunling standards (Urited Kmgdom G¢nwalty Ac£8Ptgd Accojnting Practice). CnpanY law requires the trustees to prepe firw>èl slaterts for eath fin¥l year whlch a true an¢ fair ew of the slate ol affair5 of trust and ol the irKoming Te50urces aThJ applicab.on ol restyjros, IndIng the in¢xrne and expeThliture. ofthe chaiitatAe comwy for that yew. In preparir9 these finanoal slaternents. the Iwstee5 are required lo". - 581ecl suitabk accounb"n9 policies and then appty them consist¢nty. . observ¢ lh¢ rneth¢s and (1p1es in Ihe Charities SORP: - mak8 judgements and estimates thal are reasonable aThJ . stste whether appIab UK A(t(Mffjts"rg slanda hav8 teen kntre(l. sikniect to any matwial departures di5cbsed and 8xplalned in the finanual Statents- . piepare the financK81 statents on ts gcir#J n(n basis u$ rt is wpwopriats tg presumg that Ihe trust ill Continue in operaon. The trustees are ¥OnSible fe¢ keeplng adequaie accwrntin9 records that dISd I1h asonable acraCY at any lime the financial powtson of Ihe trust and ensle Ihern to ensure that the financial statemeDt5 comply with thE Companies A¢1 2006. They a a150 rsli1e lor saleguardiro Ihe assets of Ihe irust and hence lty lak&)g reasonable sleps forthè pre¥eth)n and detecb. of fiaud and otlw irwLAarille$.
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2025 Wrth thanks to our lounding donors and all thom T•ho have 9fven to Fylham P•le• overth• eours• of th¢ y•ar 1 Aprll 2024- 31 March 2025. Founding Donors An anonymous benefactor Botlerill, Councillor Nichc4a$ Cook, Sandra Edir¥Jton CBE, Gorth Emery FSA. Phillip Hackett. Thomas and Genevieve Hawes, the Reverend Canon Joseph Howard. Phil aTrJ Jenn Ingram. Tim Pcdè, Martin Sander50n. Tim and Oede The Scorpion Trusl Von Schoenaich. 6rits Williams. Dr Ji)nalhan wri11. K¥n Life Patrons Anonymous bènefacto Borrows. Simon and Salty Boy, Daphne Burgess. Vernon and Jennifer Elzabeth Clark. Simon Dean, Esth8r Fanshawe, Angus Fènn. Anlb)ny Fovler, Stuart and Mindy lknnhalgh. Stophen Qgnholm, Klaus and Kate Harding, Anthony Hill-smith, Alex and Isotl Ho>J9, Charlotte IrKJram, Jonathan and Abi Ingrarn. Tim and Christin• Laing, Christopher L¢$li•, Jonatharl and Pép* Lyon. Sebastian and Flora Mcmillan, Carolyn Monaghan. Ben and Louise Nunneley, Sir Charles and La¢Jy Catherin• Stead. Gèofge and Daphne Upton. Richard Whitehousè. Keith WrtheTOW, John Wrighc Jènnifer
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2025 Annual Patrons Armstrong. Cdine and &)hn Afvrfell. Jamie" Arner, Lady Belnda and Lord Mian 8alisciano. Marcia Barthaud, Helene Blunden, George and Jane 8ow¢en-Dan, Ja Bradley, Stephen Coben. Craig and Basia Copeland. Ej'leen Deblue, Isabel Farley-Persaud, Deborah Finch, Stept Gray. Paul Haly. William Harding, Anne Hinds. Clive Jenn$. Dad aThJ Fiona King. John Lafvenle, Gracia Maclntyre, Arabella and Duncan Marx, Jdl Mazza. Alessan( Mcwillians. Fiona aj Jeremy Nicholl-came. Sarah Parker, Hamish Palerson, David and Rosemary Quinlan. Victoria Richards, Ceoffrey Rylance. His HorKKJr Jom and PhiliFva Scholes. Caf Sho¢ket. Godtrey and Sue Sommelville, Robbie Spater. Ma¥iana Splcèr, Brian Steane. caroline Walsh. Stephen Waugh. Vlvienne Wintour. Rithw WUl1. RKhard H. Kthc•e Worxls. Gil Sl JaS Ch0Pter NSDAR ¢ ar• v•ry sad to r that one 5uk¥Kthr& Jarrw8AW IArrn* Patrrnl, passed way May 2024. Corporats Patrons Bowngdons Calenr¥ Propety Past Huser De&gn and 8j Ltd
FULHAM PALACE TRUST FOR THE YEAR ENDED 31 AIARCH 2025 Individual Donors {£1,000+): AJner, Theltna Burgess, Ver D8wd5cfi. Lmda Nunneley, Sir Cha Parker. Hamish Rose. Jacquel¥ Charltable Trusts, Foundations and Organisatlons to Fulham Palace (£1,000+): Dyets Cornpany Engh'5h Htage Fuham st81Y John Lyon'$ Chanty Museum Oevelowent London (Arts c0cl End) The Bathra and Phlip Denny Trust The Gtsklèn BO Trusl The Trus¢ The Lyon Famity Charitable Trust The Stanlty Srnth HortiuJHural Tw51 Wilh Ihanks to al thosè who have given to Ful Palace over I course of year. induding those wish to nairt a+TrJryymous. Trustee donations The fo1104wng are amual patrons.. Coben. Cr Far-Persaud, Detuah Gray. Paul Hinds. Clivè King. John Wiltwms. F¥)na and J¢rErny Spater, Mariana 10-
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FULHAM PALACE TRUST Opinion We have wdited the fiTranoal statements of Fulham Patace Trust Cthe pant eharrtable ccffipanv) and tts Jbsidiaiies Ilhe '9fOUP'I for Ihe yew eThled 31 March 2025 compise the 9roup statemenl of finanual acty'vit$. the balance sheet for the wp and ¢anty. the gr¢wp staterfnl of ¢ash Iltrws and notes to the finanaal statements, inclvdlng [lant account1 pOIleS. The fina1 rewrb.ng framework Ihat has been applied in their preparation is applicable law and LlThted King¢SJm AccounbThJ Slandards, Including Financial Reporting Standard 102 Th¢ Fin8nci81 Reportmg stsndo 8pphc8tye in iIK Repubk ol Iland (United Kingdom Generally Accepted Accwniirffd Prac111. our0w1. Ihe financial statements: give a tnje and fair vw ol the state ol the grwp's and of the nt chaTE1a cornpanfs affair5 as 0131 March 2025 ofthe 9rwps toM1r9 re50urc•s and appltcation ofresourcès. fLY the year ended,. have Fwre¢J in acwrdanc Unrted lQ"Wm GeThery Attepted A¢oyJntin9 Praclice". nd have been epad In ac£4ydanc8 ¥Mth the rewirem8nts d the CryaniesAcl 2(. 8•518 lor opinion We ¢onducted our audrt in at¢ordan¢• with Intematwal Standar$ on Audth"ng IUKI IA$ IUKII and applicable law. Cxjr re5porBkn"lrties under I)se standavds a fvrther described Ihe Audilofs sponsi11$ for Ihe audit ol Ihe financial stalemonts sectK)n of our rgwrt. We are independent of the woup in aCranCe 4lh the elhical requirements that are relevant to rvjr audrt of the financ $taterrnts In the UK In¢lud4ng the FRC'S Elhir21 Standard, an we have bJlfled our other 8th1 18sponsibrfits.es in accordance wnlh these requirernents. We belteve thal th8 audit tdence We ha oblw'n8d is suffic• and appropnaie lo provkle a basis ¢)ur cyrricffl. Concluslon$ relan5 to qoing ¢•n¢•rn In ditIng the financial Stateents, love ojnthded that the trustees. of the g(MThJ of ac¢ounllrvJ in the preparnb.on of the statenIS is appropriat•. Based ort the we have perfrffmed. we have nol i(Jontrfied wy rnal6Yid vrtaInlieS rnlabng lo events oi condition$ Ih3L •)dNidualty or colk¢tNety. may cas¢ $vJThfKant d¢ubt the tru5fs ability to ¢wb"nye a$ a goin9 CC¥8m for a period of al least e1ve rty)nths from when the finan¢ral 8tstomenL8 are authfxis•d for i$sue. Our r•sponsibih"b'es and the resFonthtses of Ihe Iru5es wilh re5ped to goiry concem are dewthd in Ihe rekvant sections of thi¥ rewt. Oth•r Inlorniallon Th• other Infor81 ctryI5 the infornwb ir> lh8 ann1 feFQrt oilw Ihan the finCIal 5tal8rDent$ an¢J our aUdit(S report Ir•on. The trvsiees are responsibk for the Olher inftirmknon COntned within the annual report. Our wnion on Ihe finaal s¢aternenlS does not cover Ihe Olh8r inlofmation and. ep1 to Ihe exlnl OtheIS8 8xplici¥y stated in our report. we do expre55 any form tsf assuranco condusion theon. Our ¥esponsibility is to the other infrmK)n aM1. in thy"n9 $0. der whether other Infwnatth is materiamy inwnsistenl with the financ•al Statements or thjr knowleth38 obwned in the wirse of the or 0lheMs8 appears lo be maleiialty misstated. we hlenbfy such material Inc4nsisterties or appar8nt makrial misslatements, we are required to delefmine whether thi8 gNes to a mateii81 misststement in the fInar1 statements themselves. M, l)ased on the woth we have perforlned, that Ihere is a Inal mostnwt ol ttN5 Dther irformaborL we afe to reFQrt that facl. W• hove 1hing to rewt Ihis re9ard. Oplnlons on othor malt•ts W1bed by the comp1•% Act 2006 In OLtr owTrn, based on Ihe undertaken in ol audst.. the informaiion given in tl truslees, report fc the finan(ial year for whKh Ihe finanrAal stalemenls are prepared. indudes the dire¢iors' rerKYt prepared lor Ihe purF4Jses olcowny law. is n$t5¢ent wlh the finawal slaiements. and th8 éii•clors' rept¥t dUded ithin the tru5tees' fepryi has been pryr•d n )rarKe vlith applicab gaI requirements. 11
FULHAM PALACE TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF FVLHAIA PALACE TRUST Mitt•fs on whlch wt ar¢ requlred ttr r•port by excepiion In the I1 of the knowledge arxy underslandirvj ol the 9r(w arvj parent Charitab company and their enwronrnenl oblained in the course ol the autht. we have not idenbfieo rnaterial mtsstaiemenls in the diwlors, report indude(I thin Ihe trust•es' report. W¢ ha¥e nolhtTh3 to report in respecl of the fotkiirg matter5 n re18t1¢ lo the Corrpanie5 Act requires vs to report lo you rf, in our opiThon.' adequate accountiThJ records havè noi been kept by the pareni charlable company, w lrr atlequate for ouf audrt havè nol be8n reVe Irom branthe5 not ted by us.. or the pwent charitable company financkn81 staiements are not agreement Ihe accountiTrJ iecord5 and relvms.. or certain disclosures of trustees. rerrWneral# sktified by lava made: or have not rttVed all the fOrmatiOn and axplanaiKsns we r8qvir8 for our awjrt: or the Irustees were Th)1 entilled lo prepare the financlal Staternts in accordarKe th the smal MpanIS iegtme and take advantage of Ihe srnall companies, exempbon$ in weparing Ihe tsu$lees' report and from Ihe rwirement to a strategic Ft. R•SPDIISFbl1•6 of trustees As explained rnore fully the slatemenl of tnJ5tee$' respons•1$. the Inlee$, who are also Ihe direclor5 of the Iru5t lor Ihe purpose of company Law. e responsible lor Ihe preparation of Ihe ffinan¢iai statements and for being salisfied that Ihey givè a true arnd fair wew. aTrJ for such intemal control as the trustses detertnine is CeSSary to enable the preparation of finanaal statements Ihat are free trcffj rnaterial rni5StatemenL whether due lo fraud or error. In preparing the financ4al staièments. the trustees are responsth lor assessing Ihe group and panI chayrtab companys ability to continLE as a gtyryJ cOnm. di5closiny. as aFylKable. matters related to gojng corKern and using the goiryj eoncem ba5i% of ae¢wnlw unless the trustee5 eilher inleThJ to Iwidate the or parenl charitable c(npany or Ki cease 0ratIonS. or have no 111$11¢ attemalNe but to do so. Audltorfs rn8pon$lblllll•$ forthe audil of the financial si•t•m¢nts (kn objectsves afe lo obtain reasonal)fe assurance abo(rt whether finanoal slalemerts as a whole a free Irom rnalefial missaiement. whether due to fiawl or etror. and to iSSL audrt$ report that includes our opinion. Rèasonable as$uran¢e i$ 3 hfjh level of assurance blrt i8 Th)t a guaranlee thal an audit conducted in accordance th ISAS IUKI wll alayS ¢Jelecl a rnat8ri21 Misstslent il extsts. mk8s1atenl$ ¢an 2ri58 from fraud or error and are consKlered material rf. indAfKluafy or in the aggre9al&. thèy could be expected to influence Ihe ecLYWi¢ deciM>n$ ofusers tsken ihe of Iw fmanual statemgnts. The exlenl to %thich our procedLThS a capable of detedwwj Yrewkrilie5. Rthing tra1, 15 delaled beknv. . th8 engagernent partrw ensvred that Ihe erwement tearn cole¢b¥ety had the apmjpriate CcVpete, capatA"lths and skits to H1entity or reNiSe non4(ffiphan¢e wth èppbcaL4e laws and regli)n$.. ' ioentified Ihe laws and reguJalion$ apWrablB to the ¢tynpwy through dis¢ussw6 th tr1¢$ and other maTrag¢ment, and frni ow knovAedge and experience.. ' focused on Laws ar rIgtionS which we ¢Sl•d may a thr¥ct matial gffecl on the ffinancial Statsments OT Ihe operabons ol the charitabk Lxmpany. . we assessed the eytent t)1 comptiance wth ts laws and regu11[)$ Klenlified abo¥e thrw maknrg enquiries 01 managwnenl and trtspeclvJ gal QYreS#Tdefi¢e ¥he atht¢atrte". . Idente L8ws and regulabons wère tomftwn1te(l *ilhin Ihe audrt team rwarty aThd the team remained abrt io Instsn¢e$ of noMplI3ce through0 Ihe a11. 12-
FULHAM PALACE TRUST INDEPENDENT AUDITOR% REPORT (CONTINUED) TO THE MEMBERS OF FULHAM PALACE TRUST Wg assessed th+ su5pI"1fy of th8 chitabk compwry's slatemenis to Mat1 misstaen( clUdIng obtsinNN an ndStandIng ol how fraud rrit QLW, by." . rnakn.ry enqumes of management a$ to kn they (tffiswjered Ihw8 Wa5 sustepttsilty lo fraud. tr kn¢98 of actyal, Suspectsd arnj alleged fraud.. WKI ' £cldering the intemaj tntro tn W to nwiyio rtsks offraud and nO10)MF re9u1ab¢8. To address the risk offraud through mantyernni tmas o¥errth of wirols. 7hp: ' p•rlormed an81cal OcedureS to hlentfy any or UneXpted r4ationships'. . tested joumal entries to entrfY UrHUal tran5xkns: ' assessed whether judgements and a55uny5 mad8 in d¢t¢ThMwThJ the xwJntirvJ eSrnateS were indicative ol potenbal bias.. and + investigate(1 Ih¢ ralionate behlnd sK4r4f¢ant or unuwal transactions. In r¢sponse to the fisk of iThegul8filw arvj and we de%gned procedu$ which Incled, lyjt Were arnrted to.. . a9reelry ftnancial stalement disdosures to 5wr•y'rrtj dcjThnl8tie. • •nquiriThJ of managerrnt as to aclual and potenthal ¥Y clm.. Theie a InlreDt INnrfatiorts in eduleS d8scriW atThe. The mDre remcwed that laws aj regula1$ from fina1 transacbon& thè I$ tskety rt 15 that w<¥Jkl became aware of ntyHx)mpliance. Audthng slandards also limrt Ihe autht Uired to thnbfy n(%5&nce th 18ws ar1 regukqlion¥ to 0Th4uiry 01 thg trustses and otsr managemeni and the ffispedM of regutatthy and legal ¢1YrgsdenCe. rfany. MaterTral misststernents that ails? due to tsud w be h8rOw to Oeted th Ihg9¢ that arbse kn euor a$ they rnay involve deliberate conceaknent or c(AIu511¥1. A further descrfM'on of our rest¥111tie$ is available M the FinK4 Rwrting C¢yJrtifs bSite at.. hltps'.11 wwrn.frc.0rg.uklaudrtorssF0nStJistyes. Ths dew.pbon f¢mts part of our 4j0 r•port. Usè ol ourieport This feport is rnade solejy to Ihe thwlable Cmpan$ members. as a bc4, in accordance with Chapter 3 of Part 16 ol the CompaniesAct 2006. Ow drt woth has téen undertaken so Ihat migm state to the Charit) company's members those matter$ we a reqwred lo slat• 10 them in an auditrx s r8POrt and for no other Pu)Se. To the lulest extent pern)rtte(I by I•T. do T1 accept Oi assfft re$Al"1itY to anyfft olher than tt)e ¢h8rit8ble mpany aTrJ Ihe c¥itabk ccrywry'$ as a body. knrour audit fAYxk. ts this retKJrt w for Ihe opinb)ns we have lorrned. 13-
FULHAM PALACE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FULHAM PALACE TRUST Robert Kirtland IS*niof Statutory Audltor) Fly and on behalf of Grwta Authi Oxford LLP, Slalut0ryALrttir Charfered Accountznis First Floor. Park Centr 41>41 Park End Str8et OXId OX1 IJD Dale. .41.912Q2.5......... 14-
FULHAM PALACE TRUST GROUP STATEMEIIT OF FIMANCiALACTIVITIES INCLUDING IN¢OME AND EXPENDITiIREACCOUNT FOR TIIE YEARENOED 31 IfARCH2025 2024 ltb) 320.515 491.531 21116J I.ZT9.627 21. 211.683 2n,C 196.457 1.405.61B 3B.814 213.163 i.m.627 IS%,457 1.405,618 .814 1,$55.gZfj 125AD) 324.515 2,Wg.401 1.704.Z12 211.683 1.915.95S I.SU4 lJ41 1.584 1.779.117 2L¥I.976 JJZ,339 1.674M66 237.MT 1.471127 •xp•nthur• 1.742AY 237A47 1.gW.701 I.ETI.103 202.339 Im.442 M•1 In¢11•xr•l 1187.0281 12Lb)) .728 24.7CrfJ 27.169 28.$13 Tr¥fflsfer*Unffur .547 {117.1811 12W 20.881 $4.23 26.513 banc•Sl I W 2024 07.712 1.149225 4.3992 13.SY 4.412.712 1131 ZQ25 4}61. 12SAW 4.I7T.925 4J81.453 67.742 4.449.225 -15-
FULHAM PALACE TRUST GROUP STATEMEKf OF FINANCIALA¢TMTES ICONTr¥UEDI INCLUDING INCOMEAND EXPENDITURE AC¢WIIT FOR THE YEAR EIIDED 31 MARCM202S -18-
FULHAM PALACE TRUST BALANCE SHEET FOR THE GROUPAND THE CHARf7Y AS AT31 MARCH 2025 Ch•rlty 2•25 Ch•rfty 2025 Not•¥ T•Ible •ssets 14 4.Q33281 4.015.175 4.116,566 4.095.485 Cwr•nt4s••ts 15 10.940 118.262 10.940 114.n8 9,015 160.734 702,554 9.015 90,689 371.9)0 Ca¥h ai bgnk arrtl in hond 814. 872,2 471.4 •mcdnts f•lthq du• ¥Jtthln one ye¥ {358.3501 15U9701 1539.6241 1642.3511 N•tawrenl #seWIILyMwl 1170.747) Tothi M¢•ts ts58 rIen1 labllXIo5 4M2 J2$ 4235.714 W9225 3.924n8 morn than one y•ar 1• 1125.WO) {125.CQOI 447T.92S 4,110.714 4A4932S 3,9247J• kneom• I8 Restricted fvnds 67.742 67.742 Des9n•t funds Gene unr•strirt•d 125.C( 4.261.3Q 37.091 4.381.483 3,856. 4,389.XV 4.IY22.091 4.381.483 3,856.996 vny25 110.714 4A49.225 4924,ni The s ern *VE ty lh8 Twtees .... . .. ...... &3y. Ch•SrofT Tru•t•e C•mpany wlstratton Dunthw07464167 17.
FULHAM PALACE TRUST STATEMENT OF CASH FLOWS FOR THE GROUP FOR THE YEAR ENDED 31 IAARCH 2025 Z025 2024 Cash Ilows from operatlng actlvilies Cash generated trom operats.ons 171.049 75.402 In¥e$lln9 •Ctivlti•$ Purchase ol tangl0 fixed assels Inveslrnent inCme red 195,7991 21.680 (108.859 36,814 Net cash used In Investln9 •Ctlvili•s (74.1191 172.0451 Financiny actl¥ities RepaYnnI of l()an Payment ol fjnance ases obfr'gab"c 1135.216) 12.672) Ilet ¢ash us•d In lIna1Th9 athttl¢s {2.6721 1135.2161 Net increaselld•cr•as•l in ea8h and cash equlvalents 1131,8591 Cash and Cash equr¥alents al beginw olyew 702.534 834.393 C•$h and cash •qthalonts at •nd Qfyear 796.792 702.534 18-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng polldos Ch•rlty infommtlon Fulharn PaLa¢¢ Trust ts a company limited by guaranlee rporated a (knTh"¢iW in En9laTrJ. Its r•gistaf8d oifice addre&% and princpal pLqc¢ of tJsiness is F4Aham Pa1. Bisws Averyje, London. SW6 6EA. In the •veni of ts cnpanY '[j urK[ up every mernber undertakes hj contributè lo the assets for of the debts arNJ 4alJ'litie5 arrthnt ngt exceed¥vJ £1CQ. 1.1 A¢comtlng The finanoal 51atoments have been WEpared in accord vAth the tsusfs glry dxumenl. the Companies Act 2006. FRS 102 Fuian(4al Repryting Standard aoicabk li Ihe UK Republit ol Ireland" I"FRS 102-1 and the chties SORP 'AcowrttiThJ and Rewting by Chaiitv85'. Staletrnt ol Re(mmended Practice applicab lo charities weparmg their ITr accordance %•ith the Finaniyal Rewitin9 Standard applicab18 ITh the UK and RepuNic of IrekrKI {FRS 1021" leifectNe 1 January 20191. The trust ts o Piftc Benefft Entr"ty a5 rJ8ffftd by FRS 102. The financial statements a prepared in slerlrrtj. i8 the rlA)ne1 rxjrrery of the Iry5t. Monetary arnounls in these finarKial sirnents are rcwnded lo the nea$1 £. The financkal stateNnIS havt been wepared uThJer tho ts"storical cosi corw8. The principal accou4 policies adoplod a set Ixjt below. Th¢sg financial $tet$ ¢xmso4date thè resu#s ol thg Charity and ts ¥&tlty-OWld SUbdiary Fulham Palac8 Enterprises Community Inleresl Company [regler9d oryany number.. 075744131. Regist•md office address is Fuham PaLe. Bishops Avenue. Lonthjn. SW6 6EA. 1.2 Going concem Th• finalal slat8ments ol Ihe Trust have been prep8r•d on the concam basi5 assumes that tho Trust will ¢ontinu• to be ab kn meei its fiabihs fall thJÈ. Tho irusteÈs considèr that the 901 Ci)nc•rn basi% refflaS appropriate haviThJ rwe4d a ol at iasi months from the 8pprgval of these fancIal $tolements. 1.3 Charitabl• fund UNe51rKled are Wdifabk fDr usè at Ihe dwelyon ol the Trustees in lurth8rw of Iho general objecveS ofthe charity and havè not been dwnat•d for cther purpose5. Designated hjnds txnprtse ha¥¢ bken asrde at thè di5c¥ekn of the trustees lor speof PD5eS. pury¥)50s arml us•$ ollhe dosvJnal•d hJDds are sei in the noles lo the financial $totements. RestiKled hMd5 are fun¢ts whith we bp in a¢cord8rKe ryih spqcfft res1rict1 irnposed by Ihe d(or$ (w whth have been by the charity pwyx)585. The wm and USB ol ox r¢s¢rithd luThY is set cxjt in the n(rtes to the finwKial statements. 1A lTh¢om• All income Is aecounttd tr when Ihe chaiity has enbknent to the funds. certainty of ree¢ipt and the amthjnl is m•awrable. Wher• irKome 1$ te¢eNed in 3(fvance ry a deposil is made it 15 deferred uniil Ihe ¢hèrity Is entitled to that iwme- usudty the evenl oc¢)Jts. Grants wtlLMJed on a fecetvable basis subject lo adjudged abifjty to meel any asswialed c(xwJib.$. Donaiions and 98¢s included in the accounts when received. Legacies are accounted fcf the charity is rtots. of ts ents1ent to the itome and the affKJunt can be assessed Ylh rgawbable certainty. t81ed fatsh.lies have been rec(wLsed al the voluè ol Ihe benefit lo Ihe charity. Tumover is the amourtderNed from orOmary actsvit. arJ slated after ts1e thscounts, other salBs taxes and net ol VAT. 19-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (copifiNUED) FOR THE YEAR ENDED 31 AIARCH 2025 A¢¢oun¢kny poli¢1 IContlnu•dl Expendltur• Costs ar• fnclLtded ffi the appropriate calegory. Supptyt costs are alknated auDSS two acbvibes based on the direct eosts of that Vity as a prop)rtion of the bjtal irect cost of the acbvih'es. Irrecoverable VAT Is Inced wilhin SUppt costs. 1.6 Tnglble fix Tanble fixed assets are w)iloly measurell at ¢mt aThJ gJbwuenty measurBd at cost or vthatson. nel of ¢JePClat¥Tr and any irnpaimwrt kjsses. Depre(iation rs f•cognt8ed so as to vfflte off the Cosl LV vakmtion of assets 18SS Itth"r resi¢knf v8fues over th&"r usèful Ives on lh• foloing bases.. Leasehok1 imFo¥eThnts Plani and eqUiwnt Fixtures and frtDn95 5 * 20% stra¥Jht Ine, LW overlhè durntion of the18aso 10 to 33% stra?hI I 25% straight 33% straight The Tho gain or sIng Ihe olw asset is deteMIN as th• dknce be t sab& procéeds and the vaue oflhe asset. arKI 1$ reowised in the stment dfinaKial actMb"es. 1.7 Inwalrnwnt offix•d assets At each reportmg end date, the trust reviews Ihe caY arncts of its tsThJli >le assets to determine wthether there is any indal Ihal ljvjse assets hav$ suffered an impairmwrt h)ss. K any such ihJicatb)n exi5t5, th8 v•rdbk arnount ofth• ass•1 1$ estima in oth lo dètemiMI extent ofthè impairmont kss lil any). 1.8 St•eks St(ds are 5tsted at Ihe fryer of o)sl and rt reatsat4e vakje. 'Net 1$8b1e v81ue' is the am(xmt or value exp8c18d to be rec8iV8d from the sale or of st£k in thg norm course ol busin9$5 ats deduCftg any Nel realisable valu8 is the eslimaled s¢lknJ prKe al e¥wTWted ty)sts of c(MnplgtKin and ¢05tS to bg incurred in marketing. Selling and dlsthbu1#. 1.9 Cash and Cash oqufvalents Cash and cash equIvaTr inc4udg cash in h¥bJ. h8bJ at can banks, other shorf-temi liquid Mivestments with 101 rnaturitres of rffffiths or1os¥. aThJ bk overdrats. Bonk raft8 é $hrp•m ithin borrtrww5 in tJJrrent labilils. 1.10 Flnan¢lal Insthrnnts The trust has elerled 10 appty the provwons of Se¢cm 11 'Basic Financial In6trunnts' and Section 12'0ther Financial Instrwngnts IS5(S. ol FRS 102 lo all ol its ffinanL¥al ir6lnwnents. Financial instruments are re(03Ths¢d in th• trusts brv sh8•1 thè trusl tJotOr porty to tht contractu81 provis5 ofthe Strnent. FIncl assets aThJ f43brfiS are olyset. the n•t atiwnts preI¢d in U fmancF81 statsments. when Ihere is 4 kn9aly en1c¥Cab nght to set off the recc•yni50d aKnts Ih•r• is an rton to sew8 on è n•t ba&5 or lo reali50 the asset and S*1110 the 1oknh.ty mUm3ne0usIy.
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 AauntIng poll¢les {Contlnuedl Basic financial•ssets 8asK financial assets. whh debtors and cash KI bank baknces. are initity measured at transaction price Includry transactk)) fA)sts and are swuenty carried at arntiSed $1 using (he effectivè interest melhod Un$$ the arraryment constitytes a financing transac1, where the transaction is rneasured at the present value of the future receipts discwntsd at a mawket rte of tnterest. Fanal assets assifjed as rèceivable within one yÈar are nol amwbsed. 8#$k fin•n¢ll liaknlitie$ 8asic finanaal liabilities. indudwyJ rJeditor5 bank ktrans are initialy rec¥yJrwsed at transadim pric£ unltss rangemeni constitutes a financwTrg transaclion. there the debl 1ment 1$ measured at the presènt value of the fulure payments di5counled al a markel roie of interesL Finangal labilties ¢Jas&fi8d as payable thin one year are not arrdIsed. 08bt instruments are subsequtnty carried at amorfIs cost. the effective iiterest rate mtthtsj. Trade treditors are otAtgation5 to pay gojds or 5eThices that hav• been acquired in the udinary course of operalions trom SUPF4iers. Amounts payable a dassified 89 tyJrrent Ikitslities rf payment ts duè wtthin one year oi less. 11 rx)L they ar¢ Pfe50ntèd as n-fftnt h.abi1"e$. Trade creditors are r&(tsJnised knlJally at transactw pe a)d $seqUen0Y m•asur•d at anK¥tt5ed eosl vsry the elrecbve inierttl method. Dereeognltlon of 11fvanc1IIblIIII•s nancrdl liabilits are derecogntsod lh• tritst's ¢>)ntractual Obligat4 discharged or can¢¢lknd. 1.11 Employeo benefrts Thg cost of any unused Ikilday tsMent is recogned in Ihe erryJWe's selvices are T8Fminalion benefits are r¢cogThsed iftThdtgtety as an expense when ts tntst is dBmonstraNy comitted lo terninate the emph)yrnent of an emph)yee orto Pr temn4litin knefts. 1.12 R•lir•mnt b•neffts Payrnents to d8fined nIrt)n rotirwrnnt b8nefil dr9ed as an experw as tw fal due. 1.13 L•as•s Lease5 a dassrfd a8 finar kases w8Ver the tenns of the lease transfer substanlialpy all th• rfsks and wards of uner5hip lo Ihe kssees. NJI dher leases are das5ified a5 OFef3ting ltra. Asseis held under finance leases arè as assets at Ihe kMEr of th4 assets fa valu• at the date of ption and the present walue of the mHiimwn lease pants. Tr reL•t•d thats.lty o Indd in the baiqnce sheet as a finance ase rtth"gation. Lease paYrts treated as consisti.ng of Caprtal and Inte$t eknnent$. The inter8$1 15 charged to Mt KMellXpeThJ1l) f(x Ihe year so as lo w)du¢o a rtartt k)dt¢ rate of interest on the remanry baLgnce of the10b1y. 1.14 Transl•r olAssets the 1 April 2011 1 Ihe assets and lbil of Futharn Pab¢e Trust lan [¥)1¢d charity) were transferred to Fulham Palv Tru5118n irKorporated dmntyl. 1.15 Con¢•Mlonary Loans The 5hort.lerm loan recorded the balance sheet ts a (Ird as a fAlon ban. Ccficesslonary loans have bBen rewni%ed and rreasLffd ai aminl thal was inibally received. a Justed to reflecl Wgpayrnenls and irnpainnt on Ihe . 21
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 A¢ting poliel•s IC)nllnu•dl 1.16 cSer4•110n and malnt¢n•n¢e ol P•la¢e and The conservatth and rnaintenance expeThJilure reqLMred for Ihe Paxe and gardèns is rn0nrtod rtgLlarfy. af#J analy5ed into ffr different categ(¥ies. Catefft5 A& B are essential works reqUed to be completed in th• folkthviThJ twefv8 ffthths. cdtlc81 aceounting •stlmatss 4nd j•menls In lh• appkation of Ihe trtr$ aCc4X trustees are fewired to rmke jud9&Ments. eslimates assumptsons aboui the ¢arryiry amolmi of assets and lbilli1es that are rea(lily apparent frcffi other sources. The esb"mates and assooated assumpti$ ¥e based on hstoiicd experience and other faclors that e tonsidered to be reVant. Actual results may drfl•r IPese estIateS. The estsmat¢s arwj undethng assumplK)n$ We revwed cffl w orwrYJ bask8. RevisiLW to aUnting esiimat8s ar8 re£1ed in Ihe period bn the estwnate v4 wsed whue the reS affects only that Feriod, or in thè p8ric#J of the revision and future periods the revi5bJn affec15 bDth ojffent and fLtturè The judgamonl Ihat has had the rn05t S3nffjcant on 8rn(wnts recogtwsed inthe finaal statements was ttt• char9e lor deprttiation durirw4 the year.
FULHAM PALACE TRUST NOTES TO Twe HNANc STATEMENTS ICONTrIUEDI FOR THE YEAR eiiDeo 31 MARCH 2025 ZD24 2024 416 125DXI 328.$75 494J31 211.083 27Y.r t2AY) 62 167.1Z4 nx6 77. 62) 135.675 V141ed GaTthn 135,67e Inlwpiet•bun IT In010 Prui I8 19.0>) 1FA356 41.350 11 41JS6 328.515 494.931 211.E83 277.
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Incom• from in¥oslm•nts unrestred Unrestrict•d funds funds 2025 2024 Inlwest le•Vable 21.680 36.814 Charttabh a¢ti¥iti Charilabh Charltable In¢om• ¢ome 2025 2024 33.031 40,504 139,628 31,808 47.705 116,944 Educairon Olher in¢orr 213,163 196.457 EXp•nd1T• on ralslng lund Unr•stri¢t•d Unr•¥trthd funds lund$ 202$ 2024 Fundraislng and wbHclty seen9 donatths. grants and &?es Membership $the5 and Sla1 lotti•S Othor fundrai$wYJ Staff **sts 10.632 8.626 10.809 6,951 8,449 48.444 51,532 77.783 74.653 Tradin8 ¢05ts Olhor trad9 a¢ti¥iti•s 123,801 130.323 Total costs 201.584 204,976 -24_
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other tradlng activths Unr•¥trict•d Um$trl¢t•d lunds funds g•noral 9en•ral 2025 2024 Genwal rents, servir Charges and rrtes Futhom Paace Enieiwtses CIC income 784.436 495.191 750.810 654.808 Oih•rlrading ackn11•$ 1.279,627 1.405.618 Fulham Palac8 Ent8rpThses Cornmunity Interest Company is a whoty-cthed subsi¢J"ary incwraled in ErKJknd and Wakn vhK)se acb¥ty 15 to 5UPPOrt the chty. The subshliary is limited by 9uarantoe and therefore Ihere is no to dts¢b)se. The guarant•e is timited £11. The irKome and expeThJitwe oflhe CIC as sh¢r*n In the a¢<wrts is as fofrn.. 2025 2024 Tvrnov•r•vènls and fvnc Cost of sa$ AdmiThstrative expenses 495.191 126.2781 197.5211 654.808 139.6581 I,663) Relained profrt for Ihe year 371,392 524,487 8alance Fixed a558ts Current ass8ts Current labilih'es 18,105 354,515 15,411) 21.081 518,500 115,094) Net assels 367.209 524,487
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (coKnNuED) FOR THE YEAR ENDED 31 AIARCH 2025 alntehwn¢• ¢MNIty of hlstorfc & •duc•fOon knJlldln9S 2025 T)tsl Malnt¢Mn¢• Cwnmunlty 2025 of hl$torf¢ & edu¢•¢lon bUdIng$ 2024 Total 2024 2S 2024 Charitablg expenditur la498 35.616 220.S14 107.%5 37.733 14S.698 Share of supp¢vt costs 158e notè 10} 923.428 615.618 1.539.016 906.637 604,424 1,511.C61 o)sts158e note 101 11,734 19.5 10,624 7,083 17,707 1.120.rAo 659.057 1.779,117 1,025.226 649.240 1.674.466 Anatysls by fvnd Unrestricted funds- general Restricted 985.892 134.168 555.378 1.541.270 103.679 237.841 882.186 143.040 5B9.941 59.299 1.472.127 202.339 1.120,C 659.057 1,779.117 1.025.226 649,240 1.674.466 Tntees Nonè of the truslees lor any Cc8¢tOd 4Jith ihem) recewed any rernufteralton, b•nefits or expenses Irorn the trust during the year.
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 &pwt costs Support Governance costa 2024 Staff costs D•p(Jat Premises 998.157 172.653 193.186 175.050 998.157 172.653 193.186 175.050 9.323 172,790 197.412 191.536 949,323 172.7YJ 197,412 191.536 ditfees Non-audit f¢05 Legal and proless•Jnal 12.080 12.080 6.4B5 992 11.620 5.735 352 11,620 5,735 352 1.539,046 19,557 1,558.603 1,SI1,C61 17.707 1,528.768 Amalysed bets¥n Charitabk aclivitps 1.539,046 19.557 1.558.603 1.511.081 17,707 1.528,768 60% of suppjrt costs are allocd to Mafiten of hi5tyic I)Un95. The MainIng 40% is albxated to ComrThJnity a E(kKalx. 11 Taxalloft Th¢ charity t5 0X8rnPt Irom laxatM on its ac11ve$ becav58 *1 its is apped lor charilab18 wrp)s•s. -27_
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (coiifiNiJED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employe•$ The average Ththty nwnber ofempwes during year I$.. 2025 Nurnb¢r 2024 lknmber CEO Commercial & Visitor Exwrionce Managor Event5 Manager FiTrancÈ MaTha9er Assistan1AnIant Visilor WekOn team HeJd Gar(lener S8nior Gardener prenti¢orrrarnee Gardenws Learning and Engagement rnanayer L88rThing Assi$tonl Volunleer Developnnl Offter Admii¥stration Handymanlcaretaker Fundraising oificef Communty Archaeolc4iSt Mwketing Officer Conservatn Aswslant Fzcilitses Manager Cteaning team 35 Employm•nl ¢osts 2025 2024 Wages and salar Soual seuJrity ct)sts Other pens)n costs 938,251 86.935 863.5 75.303 40.054 1.069,742 978.947 is as folknws.. 2025 Numb•r 2024 Number £70.IJ01 - £80,000 £80,1xI- £90.OQO -28-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 11 Eryloyees Icontinuedl Rmunerttion ol kny rnan•9¢Thnt p•tsonn•l Th• remuneration of key man&pmenl perscffinel was asfolh)ws.' 2025 2024 101.244 96.601 13 H¢rttag• •ss•ts Fulham Palace Trysl hok1$ a thIec1K of material reloted Io the Bishcys of London and thg Palace se and garden. The col8Ctk)n of wntings. books. archaedogy arKI ephemera rr)rIseS c.11.LYXJ items The Trust is in thg process OfcomptiTrJ an invent of the cdteCI aThJ Iransferring that terial to a database. obj.ects vested in the Trust eannot be disposed of excpt in very specific and exceptional circurnstance5, as outlined by the Arts Countsl England MtM$ accrèdilaiK)n schen. Dispal may te eonsiderad vthen an 15 Tr) ltrfj•r rekvant to the mLWUrn'S colect, its ststed obpctr¥es sts knng-term care. H¢ri¢agt assets are not ¥Kluded th the balan¢¢ sho¢1 becaLtst inf¢mi¥)ti on not adIty availae. The cosl of obtaining a valuètKM is jusbfithl by usefu55 OF ts infomiatb lo the users and tr Its trI $tgwarrfship purposes. Most of Ouf do not require Ihis olher than matenal on ban. 14 Tangib fixed assets Ls•hold Plartand FlxtUTesarKI T•tyi Cost At l April 2024 Additions Dtsposats 4.685.125 38.145 273.140 5,342 {2,748} 1102.3251 102,479 5,098,889 75 95.799 {19.3LX)) 1124,373) At 31 Morch 2025 4.775.507 35.397 176.157 83.254 5,070.315 D•prnciation and lrnpairm8nt At 1 April 2024 D¢preciaikJn charyed kn the y Eliffnated in respect of dI¥s* 699.310 144.185 31.321 163.910 4.164 23.848 12.748} {102,3251 87,783 982,324 6.886 179.083 {19.3001 {124.373} At 31 March 202S 843.495 32.737 75.369 1.037.034 Carrylng amount At 31 March 2025 1932.012 90.724 7.88S 4.033.281 At 31 Marth 2024 3.985.816 6,824 109.230 14.696 4.116,566
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINLIED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tthngible fv•d assela (Continued) The mapjrity OfIBa58hy Improveftts IhB to tho gr8enh¢ym. Th• n•1 carrywYJ ¥at ol f¢x8d éss•ts lrwjtes for7ng in resped ol asthls der finance l•as•s or hire purchase contraGts. The dewoo.akn chawo in f¢5P8d of assets amwnted £2,080 12024- £5201 kn lh• year. 2025 2024 Planl and equ¢Ynent 7,8tr2 9,882 Conseryatlon and Mana9•finI of Fulham P•lac• and 9ard•ns Fylham Pa1 Trusl IFPTI was set up in A11 2011 a$ a thartlablfr c¢ffi)pary and mwtrages th6 Palace and 9ardens. Prior io 2011 the was managed by London BLwh of Hammersmth •NI Fulhwh IL8HF}. Thè Church Cornn51n still the sile, and knas8 fLlo L8NF, vtho ase it to FPT. FPT is the m&ntenanr and cl>nseThatiC of tht Pa gden$. weseTriw them for the Lnèfil ol the nation al tsrge ar•J k>cal Hthabiiants. The lease with the LBHF is a repaiiing lease. FPT i% twore responsiNe for repairs, maint•nancg ané Conservati of both thÈ pa and gardens aThJ has d6vdop¢d a an lo manage the luation. SenKJr management has [W¢d detaikd Wgets coverry the nexi years an(1 a forecas¢ for the subsequent ftvtryear per¥>d. Required •xw)dbtuiè has been thvwjed inio ¢ate9ories llecn9 how quickty work needs to be CategoryAlwildirvJ wcrts that shwkl be athss8d Urgeth. Catogwy B works to th) wilh CCThFAkngnc&ffiwel seuwiylH&S, eatégNy C b8iNJ gerE1 buAdry monnarfe and rews arè necessary bul N)1 urgent, and Categorws A&B We in the l¥NJg pewl. a)d • are lornca51ing a srnd of £46k pi 2025126. Category C items are very 9nificant items and ¥AthtyJt actiw in Ihe next fve to len years wll cause a delefKJratw In Ihe fab of the Palace and wil irnm on o)mnwcd In¢orrte. H(h¥ever. they do rK)I requir8 imftWi& fvndiThJ. The low conservatw and ma¥rten3rKe expeThJrture 1$ estimatsd to be £7.2m. 15 Stock# 2025 2024 Finish¢d gc>Js *7d goods k)r r•sakg 10.940 9.015
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 D•blors Gnwp Charlty roup Charfty 2024 X424 Afflounts lallirbg lthiTr on yw. Ti•Yè d8btor5 Other debtors Prepayments and actaued •Komè 3,540 3,049 108,149 18,710 2,836 139.188 4,724 2,836 83.129 3.049 110213 118.262 114.738 160.734 90,689 17 Crodlt41vs: arnounts falling due TIn ono y•¥ Group 2025 Charmy 2025 Group 2024 Charity 1024 Conce55h)nary loan frn LBHF Obligalbjns und•rfinan¢ leases Other taxati and social se¢urity Trade creditors Arnounts owed to b$llY Undw1a Other cltOrS A£cruals an¢J delerr•J irKome 250,000 12,694 60.363 34,594 250.000 12.694 60,363 10.022 65.153 47.931 10,022 65.155 47,931 243,029 166.341 61.492 117,820 106.575 60.305 166.341 66.903 106.$75 75,398 356,3XI 593.970 539,624 642,351 The o)ncessK)n¥y roan LBHF was r•payat4E 31 Mxh 2019 or thyli•r M the balance of ihe k)an drawn down which has not been useil to fuThJ unfoSe w unlyAgeted costs together knith the accumulated op8rating surplus l¢xdudbig restricted lundsl exceed £SOO,Cth. Of Ihe £250.0(X) h)an at ¢he start of Ihe year. £125,000 wa$ converted to a grant dwirg the year. Tr olheT £125.¢ of Ihe k)an r•main$ refk¢led in liabthties as at the year end. 18 Flnance kase obligatlons 19 Cr•dltOWB'. amguThts fallhvJ du• after fflor• than y•ar Group ¢h•rity lknip Company 2025 2025 2024 2024 Cortessionary from L8HF 125.C#JO 125.000 125.1)Xl 125.000 D•ta"k ol lh• torKes5ttry ban from L8HF di5L*)5•J in Tr)te 17. 31-
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 AIARCH 2025 20 Unr•strkt•d fufid$ Thè vnrestrictsd ofthÈ dwrity ¢(Se the tyxp•rKled bala)$ of and granls vthi¢h a nor subject to specAfic o)ndth"ons by don¢ys and grantors as lo hryw they may be used. These indude designated fvnds whi¢h have been sel a>de Lmrt of urwestricled tunds by the trustees for specific purposes. The free unreslricted reserves at 31 March 202S We E356.02112024". £264,917). cJJmpnsfrfJ LX8$tred reser $ ffixed assets. AtlAl In¢•mlng Res 24 Transfers At 31 Mar¢h 2025 Desiwated Gentral fvnds 125.1]0 1,555,826 725.fY)O 4.264.302 4.381.483 11.742.854) 69.847 4,381.483 1.680.82fj 11.742,854} 69,847 4.389,302 Prwlous year. At 1 Awll Incomlng R•sourtts Transf¢rn Al 31 March 2024 General fiJrM 4.399.2CQ 1.704.272 11.677,1031 144,8941 4,381,483 Jring Ihe year the Lon&)n 8arough of HammeNrth a FUarn kwlY agreed to Convert w of Iheir loaft Into a g¥ani. This granl of £125k r& lo be used fty tyjr financial recovery an5. The Trustees d•cided to estabsh a deggnated fund 11$ wt. 21 Alment ben•fit $chem85 2025 2024 015n•d ¢¥)ntrlbutlon $¢h•m Charge to profft or k)ss in rèspect of deffined ¢ontribubrffi XI 41.179 . The trusl opwaies a defiMd pwbjn schwne tDr aff qurfyirwJ offlphiyws. The assots of $theme are held separatety from those ol the Int in an wJeperkknfy administwed
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS ICOP1Tr4UEOI FOR THE YEARENDED 31 PJAIICH 2025 .7691 ID291 P7.8341 27.834 .4W 137,3361 15.421 59.553 6.175 51.X6 123.101 iJ3.L (23M131 (105.1151 {ITT.4651 19.847 1,821 27.249 151.>)3 13 67.742 320.575 rts7.U471 (*,a471
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Anatysis ol net ass•ts fvnd• Unrestrid•d Umstri¢t•d R•$trict•d funds funds funds gen•r•l Oeslgnat•d 2025 2025 Total 2025 2025 At 31 March 2025: Tarfjle assets Cutrent a5setsllliabiitiesl Long tem liabilrtV6 4.033.281 356,021 1125,C#)01 4,033,281 569.644 1125.0001 125.0 88,623 4264.302 125.(4)0 88.623 4.477,925 Totsl lunds gen•rnl Deslyt¢d 2024 fumts 2024 At 31 IAar¢th 2024: Tangible assets Current assetsllb"aiylibesl 4.116.566 264,917 4,116.566 332.659 67,742 4.381,483 67.742 4.449.225 24 R•l•tsd party IransIOnS Fulharn Palace Enterwises Commulty int•r8sI CL¥npany a *th(4ty-thvn8d gJbsNJwy ol Fharn Palar Trust. gregate ¢knatn5 fTom Ift in ihe yEar amwnt•d to £2.435 12024: £3.ISOI. There wer6 no other r•Lated party transadpjns in I Feitrfs mquirirwJ disLkn4Th. 25 CapSts1 ¢ornrnilm•nts 2025 2024 Acquisilion of proFth. F4ant and wwrxnent 4,675 53,300
FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Op•ratinq le•s• ¢ommltm•rts Lusor Al the reptytri9 end dat• trust had contrnded tents forth• mirwnurn IBase PayTnents: 202$ 2024 Wrthin one year 9S2.606 1.334.197 1.049.979 1.550.501 28.270 In over five yea 2286,803 2.628.750 27 An•tysis of¢haw in not furMIs AI I WI 2024 Cxh Il•ws 01 31 2 ¢hrys Cath at bank and in haThJ 702.534 94.258 796.792 Loans laifmg due 11h one y Loans lalling due aft•r more thah orw year CWigatiDnS underfThnce18ases {250.(V)I 250.000 1125.(W} 112S,0001 110.022) 112.694) 2.672 439.840 96.930 125.0 661,770 28 Cash gonerated from opernti¢Mh¥ 2025 2024 Surplus for the y•ar 28,7CiI 36,513 Adju$tm•nts lor. Investrnent income recogni5ed in slatement of finarKial xb¥ibes Dew¢¢tion and ¥np•fmenl of langth fi%1 assels 121,Wl 179,084 136,8141 178.960 Movem•nts In wortKing cApiial: Ilncreasel in strK*s DeaSt in debtixs {Detre85el in uedrtor5 11.9251 42.472 155,6021 {1,8101 92.931 1194,3781 Cash 9•n•r¥W from op•ral 171.049 75,402