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 Tn￿lee$ Paul Gray. Chair ofTwstees F￿ella Gtthrt Clive HM¥J$ Dan*4 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 F￿haM 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 Tn*s' rep Statement of trustees. resi*Jn*tMIt*s 8-10 dependent auditL*s report Grwp Stalen￿1 of fwckgl 8th￿1183 15-16 Bafance sheet for wp and (thaffjt 17 stat￿T￿l ofcash 18 NO￿ to the f•wi(aal stateTh￿ts 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 p￿01419 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 ￿MI￿j acli¥itses tyjr ¥i5itors. The irthtiative has hol￿ poop reconnect with nahjre thrcMJgh capluriThJ thew groMThJ interest in dinate change, biodivw5ty and SU￿a￿able practrces. whtk di￿r$I￿g the hatiitai$ fty fh)ra faufta on our site In al1d￿0￿. we hav• also stwted the box hedge repl0￿ment ￿ 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 fr￿n Strength lo strength. and l am exiTer￿ proud of our conbnued fr￿S on decolon15at*)n %wrk. 8uilding wr selection aTrJ partKipaI￿n 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$, •nswing Ihatw• rnmai) reknvart to ivtJea5ingty dNers• a￿J￿e$. Community engagement and partscipthn 15 of our ¢c￿e bel*fs. Deswte f&nJirg pressu￿, we hav8 maint8in8d LK4f Pmgrarnme ol scl*)d, famity adult kaming even15. Our 'get inlo gard*Tring 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 ￿￿￿$hOP5 and conneting Students career opporwr41re5. Our income generating wblic events remain pjpuw. *ith apple day. ¢hdli lest aThJ groen w¥1w￿ltVj alrnost 8.000 peop￿. Like many charities. we kce ¢ywry fin8rMial pressures. Risin9 operatwal costs and rk) oxe (unding requir8 US to rnake car8lvl slrategK de¢ish?ns as we f#¢• an unc*tain ffijbjre. We rernain wmrnitted to makirs efficiency 5avNw5 and streamlinitKJ prtsjrammg on hyh inwad inrfia1i￿S. We wll a150 conimue to invesl lime in strengihonirrfj partnerships ￿ the kxal aThJ lur*Jets. On behaN ol the b03rd. I want to exi8nd my heartlett thanks to our dedicated siaff. YO￿nI8￿￿, and supporlers. Th•ir cfjmmilrntnt brtn95 lrfe to Fulham Palace he*$ ensure ts fiJturo. Special thanks go to Sian Harrington ltyjr ehief gxoculi¥el. our patr￿ F￿n￿5, auwwity ar￿ Lwr coMffw￿Y 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 opwtun1￿eS for commu Chalrman Date.. .14Jrrenlty preparing. Strudure. 9o¥•m•n¢* and ffi•napn￿t 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 Reve￿n￿ 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¢Wi*ams Matthew Pottage ariana Spat•r 1&4wiinted 7 Cttober 20241 {ReS￿￿ 5 Awjust 2024) Recrui1￿nI and aPF¥)tnlff*nt of truslees Now tw$tee5 receive ￿10Mlab"On èboul Fthham Palace TNst, its and obiectsv•s w4J are a IM of t P81ace, rneeting sl8ff and voluntetrs. Trust￿ ara enr• ￿ att•thJ apprcyiat• extom* events wher? th8s8 wil faaltat8 Ihe W￿rt3￿n9 d tr*ir roie. Subsidiary Und•rtaklng5 The resuks of Fulham P8*e T¥ust's subsiliary uNYert*ing. Fulham pala￿ Enterprlses Con¥NJnty Interest Cryryjany. are summansed in Nole 3 to ts fina￿￿1 statern￿. FULHAM PALACE TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORD (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 o￿a￿lsaf￿￿al SI￿￿u￿ The board ol Iruslees. which can have up to 12 Ir￿bers. adnNntsters ihe ¢*arity. The Tnjsl meets every 2 months, with 34 meetings of FinarKe Rtsk and Autht Committee per annum. The￿ is also a FundraisirvJ Committee Ihal meets per annLVn. and a Nominai•)ns cOnvnrt￿ th￿ meets as ne￿$Sary. A Chief EXe￿lIve ts appornt•d by the trustees to manage Ihe day4rMlay operab.ons of the £harity. To fa¢ilTrtale effective operalions. the Chief EXe￿￿￿e has ée*gated au¢hw"ty. with lemis of delegabon approved by the trustees. lor operatr)nal mètters induding finance. empknyment. PIUrnat*eb"n9. fundraisiThJ, mainlenaft￿. collects.ons management, health and safety, and lea￿￿9 and ¢yJtwh ￿lated acliwty. Thg Chief Execub"ve duriry the year was Ms. SI￿ Harrington. A$ sel out in Ihe Aitths otAssocknqlin, the L￿dOn 8w9h of HaMMe￿mIth & 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 lI￿t 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 confirn￿d that ltr*re 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 infom￿1￿)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 F￿h￿Tr 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). C￿npanY law requires the trustees to prep*e firw*>èl slater￿ts 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, In￿dIng 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 appI￿ab￿ UK A(t(Mffjts"rg slanda￿ hav8 teen kntr￿e(l. sikniect to any matwial departures di5cbsed and 8xplalned in the finanual State￿￿nts- . piepare the financK81 state￿￿nts on ts gcir#J ￿n(￿n basis u￿$ rt is wpwopriats tg presumg that Ihe trust *ill Continue in opera￿on. The trustees are ￿¥OnSible fe¢ keeplng adequaie accwrntin9 records that dISd￿ I￿1h ￿asonable ac￿raCY at any lime the financial powtson of Ihe trust and en*sle Ihern to ensure that the financial statemeDt5 comply with thE Companies A¢1 2006. They a￿ a150 r*s￿li1e 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$. FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2025 Wrth thanks to our lounding donors and all thom T•ho have 9fven to Fylham P•l*e• overth• eours• of th¢ y•ar 1 Aprll 2024- 31 March 2025. Founding Donors An anonymous benefactor Botlerill, Councillor Nichc4a$ 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 wri￿11. 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 Isot*l Ho>J9, Charlotte IrKJram, Jonathan and Abi Ingrarn. Tim and Christin• Laing, Christopher L¢$li•, Jonatharl and Pép* Lyon. Sebastian and Flora Mcmillan, Carolyn Monaghan. Ben and Louise Nunneley, Sir Charles and La¢Jy Catherin• Stead. Gèofge and Daphne Upton. Richard Whitehousè. Keith WrtheTOW, John Wrighc Jènnifer FULHAM PALACE TRUST FOR THE YEAR ENDED 31 MARCH 2025 Annual Patrons Armstrong. C*dine and &)hn Afvrfell. Jamie" A￿rner, Lady Belnda and Lord Mian 8alisciano. Marcia Barthaud, Helene Blunden, George and Jane 8ow¢en-Dan, Ja Bradley, Stephen Coben. Craig and Basia Copeland. Ej'leen Deblue, Isabel Farley-Persaud, Deborah Finch, Stept Gray. Paul Haly. William Harding, Anne Hinds. Clive Jen￿n$. Da￿d aThJ Fiona King. John Lafvenle, Gracia Maclntyre, Arabella and Duncan Marx, Jdl Mazza. Alessan( Mcwillians. Fiona a￿j 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 W￿￿Ul1. RKhard H￿. Kthc•￿e Worxls. Gil Sl Ja￿S 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 8￿j 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 H￿tage Fuham st￿￿81Y John Lyon'$ Chanty Museum Oevelowent London (Arts c0￿cl En￿*d) 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 pa￿nt eharrtable ccffipanv) and tts Jbsidiaiies Ilhe '9fOUP'I for Ihe yew eThled 31 March 2025 compise the 9roup statemenl of finanual acty'vit￿$. the balance sheet for the wp and ¢*anty. the gr¢wp staterf*nl of ¢ash Iltrws and notes to the finanaal statements, inclvdlng ￿[l￿ant account1￿ pOI￿leS. The fina￿￿￿1 rewrb.ng framework Ihat has been applied in their preparation is applicable law and LlThted King¢SJm AccounbThJ Slandards, Including Financial Reporting Standard 102 Th¢ Fin8nci81 Reportmg stsndo￿ 8pphc8tye in iIK Repubk ol I￿land (United Kingdom Generally Accepted Accwniirffd Prac11￿1. our0w1￿. Ihe financial statements: give a tnje and fair vw ol the state ol the grwp's and of the ￿￿nt chaTE1a￿ cornpanfs affair5 as 0131 March 2025 ofthe 9rwps ￿toM1r9 re50urc•s and appltcation ofresourcès. fLY the year ended,. have Fwre¢J in acwrdanc* Unrted lQ"Wm GeTher￿y Attepted A¢oyJntin9 Praclice". nd have been ￿epa￿d In ac£4ydanc8 ¥Mth the rewirem8nts d the CryaniesAcl 2(￿. 8•518 lor opinion We ¢onducted our audrt in at¢ordan¢• with Intematwal Standar￿$ on Audth"ng IUKI I￿A$ IUKII and applicable law. Cxjr re5porBkn"lrties under I￿)se standavds a￿ fvrther described ￿ Ihe Audilofs ￿sponsi1￿1￿$ for Ihe audit ol Ihe financial stalemonts sectK)n of our rgwrt. We are independent of the woup in aC￿r￿anCe 4*lh the elhical requirements that are relevant to rvjr audrt of the financ￿ $taterr*nts In the UK In¢lud4ng the FRC'S Elhir21 Standard, an￿ we have bJlf*led our other 8th￿￿1 18sponsibrfits.es in accordance wnlh these requirernents. We belteve thal th8 audit t￿dence We ha￿ oblw'n8d is suffic￿• and appropnaie lo provkle a basis ¢)ur cyrricffl. Concluslon$ rela￿n5 to qoing ¢•n¢•rn In ￿ditIng the financial State￿ents, ￿ love ojnthded that the trustees. ￿ of the g(MThJ of ac¢ounllrvJ in the preparnb.on of the state￿nIS is appropriat•. Based ort the we have perfrffmed. we have nol i(Jontrfied wy rnal6Yid ￿v￿rtaInlieS 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$sue. Our r•sponsibih"b'es and the resFon*thtses of Ihe Iru5*es wilh re5ped to goiry concem are dewthd in Ihe rekvant sections of thi¥ rewt. Oth•r Inlorniallon Th• other Infor￿81￿ ctryI5￿ the infornwb￿ ir> lh8 ann￿1 feFQrt oilw Ihan the fin￿CIal 5tal8rDent$ an¢J our aUdit(￿S report I￿r•on. The trvsiees are responsibk for the Olher inftirmknon COnt￿ned within the annual report. Our wnion on Ihe fina￿al s¢aternenlS does not cover Ihe Olh8r inlofmation and. e￿p1 to Ihe exl*nl Othe￿IS8 8xplici¥y stated in our report. we do expre55 any form tsf assuranco condusion the￿on. Our ¥esponsibility is to the other infr*m*K)n aM1. in thy"n9 $0. ￿￿der whether other Infwnatth is materiamy inwnsistenl with the financ•al Statements or thjr knowleth38 obwned in the wirse of the or 0lheMs8 appears lo be maleiialty misstated. ￿ we hlenbfy such material Inc4nsisterties or appar8nt makrial misslatements, we are required to delefmine whether thi8 gNes to a mateii81 misststement in the fInar￿￿1 statements themselves. M, l)ased on the woth we have perforlned, that Ihere is a I￿nal most*nwt ol ttN5 Dther irformaborL we afe to reFQrt that facl. W• hove ￿1hing to rewt ￿ Ihis re9ard. Oplnlons on othor malt•ts W￿￿1bed by the comp￿1•% Act 2006 In OLtr owTr￿n, based on Ihe undertaken in ol audst.. the informaiion given in tl* truslees, report fc* the finan(ial year for whKh Ihe finanrAal stalemenls are prepared. indudes the dire¢iors' rerKYt prepared lor Ihe purF4Jses olcowny law. is ￿n$t5¢ent wlh the finawal slaiements. and th8 éii•clors' rept¥t ￿dUded *ithin the tru5tees' fepryi has been pryr•d n ￿)r￿arKe 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 I￿1 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 fotki*irg 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 ￿l￿rr￿ atlequate for ouf audrt havè nol be8n re￿Ve￿ 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#￿ sk*tified by lava￿ made: or have not rtt￿Ved all the ￿fOrmatiOn and axplanaiKsns we r8qvir8 for our awjrt: or the Irustees were Th)1 entilled lo prepare the financlal Stater￿nts in accordarKe ￿th the smal ￿MpanI*S iegtme and take advantage of Ihe srnall companies, exempbon$ in weparing Ihe tsu$lees' report and from Ihe rwirement to a strategic ￿F*￿t. R•SPDIISFbl￿1•6 of trustees As explained rnore fully ￿ the slatemenl of tnJ5tee$' respons￿•1*$. the In￿lee$, 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 pa￿nI chayrtab￿ companys ability to continLE as a gtyryJ cOn￿m. 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 0￿ratIonS. 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 miss*aiement. 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 al￿ayS ¢Jelecl a rnat8ri21 Misstslen￿t il extsts. mk8s1ate￿￿nl$ ¢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 tra￿1, 15 delaled beknv. . th8 engagernent partrw ensvred that Ihe erwement tearn cole¢b¥ety had the apmjpriate CcVpet￿e, capatA"lths and skits to H1entity or re￿NiSe non4(ffiphan¢e wth èppbcaL4e laws and reg￿li)n$.. ' ioentified Ihe laws and reguJalion$ apWrablB to the ¢tynpwy through dis¢ussw6 ￿th tr￿1¢￿$ and other maTrag¢ment, and frni ow knovAedge and experience.. ' ￿ focused on Laws ar￿ rIg￿tionS which we ¢￿S￿l•￿d may a thr¥ct mat*ial gffecl on the ffinancial Statsments OT Ihe operabons ol the charitabk Lxmpany. . we assessed the eytent t)1 comptiance wth ts laws and regu￿11[￿)$ Klenlified abo¥e thrw maknrg enquiries 01 managwnenl and trtspecl*vJ *gal QYreS￿#Tdefi¢e ￿¥he￿ atht¢atrte". . Ident￿e￿ L8ws and regulabons wère tomftwn1￿te(l *ilhin Ihe audrt team rwarty aThd the team remained abrt io Instsn¢e$ of ￿n￿oMplI3￿ce through0￿ Ihe a￿￿11. 12- FULHAM PALACE TRUST INDEPENDENT AUDITOR% REPORT (CONTINUED) TO THE MEMBERS OF FULHAM PALACE TRUST Wg assessed th+ su5￿pI￿"1fy of th8 ch*itabk compwry's slatemenis to Mat￿￿1 missta￿en( ￿clUdIng obtsinNN an ￿nd￿StandIng ol how fraud rri*t QLW, by." . rnakn.ry enqumes of management a$ to kn they (tffiswjered Ihw8 Wa5 sustepttsilty lo fraud. t￿r kn¢￿￿98 of actyal, Suspectsd arnj alleged fraud.. WKI ' £c￿ldering the intemaj t￿ntro* tn W to nwiyio rtsks offraud and nO1￿0)MF￿￿ re9u1ab¢￿8. To address the risk offraud through mantyernni tmas o¥errth of wirols. 7hp: ' p•rlormed an8￿1cal ￿OcedureS to hlentfy any or UneXp￿ted r4ationships'. . tested joumal entries to ￿entrfY UrH￿Ual tran5xkns: ' assessed whether judgements and a55uny￿5 mad8 in d¢t¢ThMwThJ the xwJntirvJ eS￿rnateS 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 Incl￿ed, lyjt Were arnrted to.. . a9reelry ftnancial stalement disdosures to 5wr•y￿'rrtj dc*jThnl8tie￿. • •nquiriThJ of managerr*nt as to aclual and potenthal ¥*Y clm.. Theie a￿ Inl*reDt INnrfatiorts in ￿￿eduleS d8scriW atThe. The mDre remcwed that laws a￿j regula1￿$ from fina￿1 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 ar￿1 regukqlion¥ to 0Th4uiry 01 thg trustses and otsr managemeni and the ffispedM of regutatthy and legal ¢1Yrgs￿denCe. 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 Fin*K4* Rwrting C¢yJrtifs ￿bSite at.. hltps'.11 wwrn.frc.0rg.uklaudrtors￿sF0nStJistyes. Ths dew.pbon f¢mts part of our 4￿j￿0￿ r•port. Usè ol ourieport This feport is rnade solejy to Ihe thwlable C￿mpan￿$ 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 T￿1 accept Oi assfft re$A￿l￿"1itY to anyfft olher than tt)e ¢h8rit8ble mpany aTrJ Ihe c*¥itabk ccrywry'$ 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, Slalut0ryAL￿rttir Charfered Accountznis First Floor. Park Centr 41>41 Park End Str8et OXI￿d 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 l*tb) 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•x￿￿r•l 1187.0281 12*Lb)) .728 24.7CrfJ 27.169 28.$13 Tr¥fflsfe￿￿r*Unffur .547 {117.1811 12W 20.881 $4.23 26.513 ba￿nc•S￿l I W 2024 07.712 1.149225 4.3992 13.SY 4.412.712 1131 ZQ25 4}61.￿ 12SAW 4.I7T.925 4J81.453 67.742 4.449.225 -15- FULHAM PALACE TRUST GROUP STATEMEKf OF FINANCIALA¢TMTES ICONTr¥UEDI INCLUDING INCOMEAND EXPENDITURE AC¢WIIT FOR THE YEAR EIIDED 31 MARCM202S -18- FULHAM PALACE TRUST BALANCE SHEET FOR THE GROUPAND THE CHARf7Y AS AT31 MARCH 2025 Ch•rlty 2•25 Ch•rfty 2025 Not•¥ T•￿Ible •ssets 14 4.Q33281 4.015.175 4.116,566 4.095.485 Cwr•nt4s••ts 15 10.940 118.262 10.940 114.n8 9,015 160.734 702,554 9.015 90,689 371.9)0 Ca¥h ai bgnk arrtl in hond 814. 872,2 471.￿4 •mcd￿nts f•lthq du• ¥Jtthln one ye¥ {358.3501 15U9701 1539.6241 1642.3511 N•tawrenl #seWII*LyMwl 1170.747) Tothi M¢•ts ts58 ￿rIen1 labllXIo5 4M2 J2$ 4235.714 W9225 3.924n8 morn than one y•ar 1• 1125.WO) {125.CQOI 447T.92S 4,110.714 4A4932S 3,9247J• kneom• I￿￿8 Restricted fvnds 67.742 67.742 Des9n•t￿ funds Gene￿ unr•strirt•d 125.C( 4.261.3Q 3*7.091 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 tangl￿0 fixed assels Inveslrnent inC￿me r￿￿ed 195,7991 21.680 (108.859 36,814 Net cash used In Investln9 •Ctlvili•s (74.1191 172.0451 Financiny actl¥ities RepaYn￿nI of l()an Payment ol fjnance *ases obfr'gab"c* 1135.216) 12.672) Ilet ¢ash us•d In lIna￿1Th9 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 t*Jsiness is F4Aham Pa1￿. Bisws Averyje, London. SW6 6EA. In the •veni of ts c￿npanY ￿'[￿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 g￿lry dxumenl. the Companies Act 2006. FRS 102 Fuian(4al Repryting Standard aoicabk li Ihe UK Republit ol Ireland" I"FRS 102-1 and the ch￿ties SORP 'AcowrttiThJ and Rewting by Chaiitv85'. Staletr*nt 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 Pi*ftc Benefft Entr"ty a5 rJ8ffftd by FRS 102. The financial statements a￿ prepared in slerlrrtj. i8 the r￿lA)ne1 rxjrrery of the Iry5t. Monetary arnounls in these finarKial si*rnents are rcwnded lo the nea￿$1 £. The financkal stateN￿nIS havt been wepared uThJer tho ts"storical cosi corw8￿. The principal accou￿￿4 policies adoplod a￿ set Ixjt below. Th¢sg financial $￿te￿￿t$ ¢xmso4date thè resu#s ol thg Charity and ts ¥&t￿lty-OWl￿d SUb￿diary Fulham Palac8 Enterprises Community Inleresl Company [reg￿ler9d oryany number.. 075744131. Regist•md office address is Fuham PaL*e. Bishops Avenue. Lonthjn. SW6 6EA. 1.2 Going concem Th• final￿al slat8ments ol Ihe Trust have been prep8r•d on the concam basi5 assumes that tho Trust will ¢ontinu• to be ab￿ kn meei its fiabih￿s fall thJÈ. Tho irusteÈs considèr that the 901 Ci)nc•rn basi% reffla￿S appropriate haviThJ rwe4*d a ol at iasi months from the 8pprgval of these f￿ancIal $tolements. 1.3 Charitabl• fund* UNe51rKled are Wdifabk fDr usè at Ihe dwelyon ol the Trustees in lurth8rw of Iho general objec￿veS ofthe charity and havè not been dwnat•d for cther purpose5. Designated hjnds tx*nprtse ha¥¢ bken asrde at thè di5c¥ekn of the trustees lor speof PD5eS. pury¥)50s arml us•$ 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.￿$. Donaiions and *98¢*s included in the accounts when received. Legacies are accounted fcf the charity is rtots.￿ of ts ents1￿ent to the itome and the affKJunt can be assessed *Ylh rgawbable certainty. t￿￿81ed fatsh.lies have been rec(wLsed al the voluè ol Ihe benefit lo Ihe charity. Tumover is the amourtderNed from orOmary actsvit￿. ar*J slated after ts1e thscounts, other salBs taxes and net ol VAT. 19- FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (copifiNUED) FOR THE YEAR ENDED 31 AIARCH 2025 A¢¢oun¢kny poli¢1 IContlnu•dl Expendltur• Costs ar• fnclLtded ffi the appropriate calegory. Supptyt costs are alknated auDSS two acbvibes based on the direct eosts of that ￿￿Vity as a prop)rtion of the bjtal i*rect cost of the acbvih'es. Irrecoverable VAT Is Inc￿￿ed wilhin SUpp￿t costs. 1.6 T*nglble fix￿ Tan￿ble fixed assets are w)iloly measurell at ¢mt aThJ gJbwuenty measurBd at cost or vthatson. nel of ¢JeP￿Clat￿¥Tr and any irnpaimwrt kjsses. Depre(iation rs f•cognt8ed so as to vfflte off the Cosl LV vakmtion of assets 18SS Itth"r resi¢knf v8fues over th&"r usèful Ives on lh• folo*ing bases.. Leasehok1 imF*o¥eThnts Plani and eqUiw￿nt Fixtures and frtDn95 5 * 20% stra¥Jht Ine, LW overlhè durntion of the18aso 10 to 33% stra￿?hI I 25% straight 33% straight ￿The Tho gain or ￿sIng Ihe olw asset is deteMIN￿ as th• dknce be￿ t￿ sab& procéeds and the vaue oflhe asset. arKI 1$ reowised in the st*ment dfinaKial actMb"es. 1.7 Inwalrnwnt offix•d assets At each reportmg end date, the trust reviews Ihe ca￿Y￿￿ arnc￿ts of its tsThJli >le assets to determine wthether there is any ind￿al￿ 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 k*ss lil any). 1.8 St•eks St(ds are 5tsted at Ihe fry*er of o)sl and r*t 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 deduC￿ftg 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 equIva￿Tr￿ inc4udg cash in h¥bJ. h8bJ at can banks, other shorf-temi liquid Mivestments with ￿1￿01 rnaturitres of rffffiths or1os¥. aThJ b￿k overdrats. Bonk ￿raft8 *é $hrp•m ithin borrtrww￿5 in tJJrrent labilil*s. 1.10 Flnan¢lal Insthrnnts The trust has elerled 10 appty the provwons of Se¢*cm 11 'Basic Financial In6trun*nts' 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 b*rv sh8•1 thè trusl tJotOr￿ porty to tht contractu81 provis￿￿5 ofthe ￿Str￿nent. FIn￿c￿l assets aThJ f43brfi￿S are olyset. the n•t atiwnts pre￿I¢d in U* fmancF81 statsments. when Ihere is 4 kn9aly en1c¥C*ab￿ nght to set off the recc•yni50d a￿K￿nts Ih•r• is an ￿rt￿￿on 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 A￿auntIng poll¢les {Contlnuedl Basic financial•ssets 8asK financial assets. wh￿h debtors and cash *KI bank baknces. are initi￿ty measured at transaction price Includry transactk)) fA)sts and are swuenty carried at arn￿tiSed ￿$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. F￿an￿al assets assifjed as rèceivable within one yÈar are nol amwbsed. 8#$k fin•n¢l*l liaknlitie$ 8asic finanaal liabilities. indudwyJ rJeditor5 bank ktrans are initialy rec¥yJrwsed at transadim pric£ unltss rangemeni constitutes a financwTrg transaclion. *there the debl 1￿ment 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 arr￿dIsed. 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 p￿e a)d $￿seqUen0Y m•asur•d at anK¥tt5ed eosl vsry the elrecbve inierttl method. Dereeognltlon of 11fvanc1￿II￿blIIII•s nancrdl liabilit*s are derecogntsod lh• tritst's ¢>)ntractual Obligat4￿ discharged or can¢¢lknd. 1.11 Employeo benefrts Thg cost of any unused Ikilday ￿ts￿Ment is recogn*ed in Ihe erryJWe's selvices are T8Fminalion benefits are r¢cogThsed iftThdtgtety as an expense when ts tntst is dBmonstraNy comitted lo terninate the emph)yrnent of an emph)yee orto Pr￿ temn4litin knefts. 1.12 R•lir•m*nt b•neffts Payrnents to d8fined ￿nI￿rt￿)n rotirwrnnt b8nefil d￿r9ed as an experw as tw fal due. 1.13 L•as•s Lease5 a￿ dassrf*d a8 finar￿ kases w￿8Ver the tenns of the lease transfer substanlialpy all th• rfsks and wards of u*ner5hip lo Ihe kssees. NJI dher leases are das5ified a5 OFef3ting ltra￿. Asseis held under finance leases arè as assets at Ihe kMEr of th4 assets fa￿ valu• at the date of ption and the present walue of the mHiimwn lease pa￿nts. Tr* reL•t•d thats.lty o Ind￿￿d in the baiqnce sheet as a finance ￿ase rtth"gation. Lease paYr￿ts treated as consisti.ng of Caprtal and Inte￿$t eknnent$. The inter8$1 15 charged to Mt ￿K￿Mell￿XpeThJ1l￿￿) f(x Ihe year so as lo w)du¢o a ￿r￿tartt k)dt¢ rate of interest on the remanry baLgnce of the10b1￿y. 1.14 Transl•r olAssets the 1 April 2011 *1 Ihe assets and l￿bil￿ of Futharn Pab¢e Trust lan ￿￿￿[¥)￿1¢d charity) were transferred to Fulham Palv Tru5118n irKorporated dmntyl. 1.15 Con¢•Mlonary Loans The 5hort.lerm loan recorded ￿ the balance sheet ts a (I￿r￿d as a f￿A￿lon￿ ban. Ccficesslonary loans have bBen rewni%ed and rreasLffd ai aminl thal was inibally received. a￿ ￿Justed to reflecl Wgpayrnenls and irnpain￿nt on Ihe ￿￿. 21 FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 A¢￿￿￿ting poliel•s IC*)nllnu•dl 1.16 c￿Ser4•110n and malnt¢n•n¢e ol P•la¢e and The conservatth and rnaintenance expeThJilure reqLMred for Ihe Paxe and gardèns is rn0nrto￿d rtgLlarfy. af#J analy5ed into ff￿r different categ(¥ies. Catefft5 A& B are essential works reqU￿ed to be completed in th• folkthviThJ twefv8 ffthths. cdtlc81 aceounting •stlmatss 4nd j•menls In lh• appkation of Ihe trt￿r$ aCc4X￿ trustees are fewired to rmke jud9&Ments. eslimates assumptsons aboui the ¢arryiry amolmi of assets and l￿billi1es 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 re￿Vant. Actual results may drfl•r IPese estI￿ateS. The estsmat¢s arwj undethng assumplK)n$ We revwed cffl w orwrYJ bask8. RevisiLW to a￿Unting esiimat8s ar8 re£￿1￿ed in Ihe period bn the estwnate v4 wsed whue the re￿S￿￿ 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 S*3nffjcant on 8rn(wnts recogtwsed inthe fina￿al 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 41*6 125DXI 328.$75 494J31 211.083 27Y.r t2AY) 62 167.1Z4 nx6 77. 62￿) 135.675 V141ed GaTthn 135,67e Inlwpiet•bun IT In￿0￿10￿ Prui I8￿ 19.0>) 1FA356 41.350 11*￿ 41JS6 328.515 494.931 211.E83 277. FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Incom• from in¥oslm•nts unrestr￿ed Unrestrict•d funds funds 2025 2024 Inlwest le￿•Vable 21.680 36.814 Charttabh a¢ti¥iti Charilabh Charltable In¢om• ¢ome 2025 2024 33.031 40,504 139,628 31,808 47.705 116,944 Educairon Olher in¢orr 213,163 196.457 EXp•nd1￿T• on ralslng lund Unr•stri¢t•d Unr•¥trthd funds lund$ 202$ 2024 Fundraislng and wbHclty see￿n9 donatths. grants and *&?es Membership $the￿5 and S￿la1 lott*i•S Othor fundrai$wYJ Staff **sts 10.632 8.626 10.809 6,951 8,449 48.444 51,532 77.783 74.653 Tradin8 ¢05ts Olhor trad￿9 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$trl¢t•d lunds funds g•noral 9en•ral 2025 2024 Genwal rents, servir* Charges and r*￿rt￿￿e￿￿s Futhom Paace Enieiwtses CIC income 784.436 495.191 750.810 654.808 Oih•rlrading ackn￿11•$ 1.279,627 1.405.618 Fulham Palac8 Ent8rpThses Cornmunity Interest Company is a whoty-cth￿ed 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 ￿ £1￿1. The irKome and expeThJitwe oflhe CIC as sh¢r*n In the a¢nseThatiC￿ of tht Pa* g*den$. weseTriw them for the L*nèfil ol the nation al tsrge ar•J k>cal Hthabiiants. The lease with the LBHF is a repaiiing lease. FPT i% twore responsiNe for repairs, maint•nancg ané Conservati￿ of both thÈ pa￿ and gardens aThJ has d6vdop¢d a ￿an lo manage the *luation. SenKJr management has ￿[W¢d detaikd Wgets coverry the nexi years an(1 a forecas¢ for the subsequent ftvtryear per¥>d. Required •xw)dbtuiè has been thvwjed inio ¢ate9ories ￿llec￿n9 how quickty work needs to be CategoryAlwildirvJ wcrts that shwkl be athss8d Urgeth. Catogwy B works to th) wilh CCThFAkngnc&ffiwel seuwiylH&S, eatégNy C b8iNJ g￿erE1 buAdry mon*narfe and rews arè necessary bul N)1 urgent, and Categorws A&B We in the l¥NJg￿ pewl. a)d *• are lornca51ing a sr*nd of £46k pi 2025126. Category C items are very *9nificant items and ¥AthtyJt actiw in Ihe next fve to len years wll cause a delefKJratw In Ihe fab￿ of the Palace and wil irnm on o)mnwcd In¢orrte. H(h¥ever. they do rK)I requir8 imftWi*& fvndiThJ. The low conservatw and ma¥rten3rKe expeThJrture 1$ 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 T￿In ono y•¥ Group 2025 Charmy 2025 Group 2024 Charity 1024 Conce55h)nary loan f￿rn LBHF Obligalbjns und•rfinan¢* leases Other taxati￿ and social se¢urity Trade creditors Arnounts owed to ￿b$ll￿Y Undw1a￿ Other c￿ltOrS 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.$75 75,398 356,3XI 593.970 539,624 642,351 The o)ncessK)n¥y roan LBHF was r•payat4E ￿ 31 Mxh 2019 or thyli•r M the balance of ihe k)an drawn down which has not been useil to fuThJ unfo￿Se￿ w unlyAgeted costs together knith the accumulated op8rating surplus l¢xdudbig restricted lundsl exceed £SOO,Cth. Of Ihe £250.0(X) h)an at ¢he start of Ihe year. £125,000 wa$ 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• torKes5tt￿ry 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 ty*xp•rKled bala)￿$ of and granls v*thi¢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 LX￿8$tr￿ed reser￿ ￿$ ffixed assets. AtlA￿l 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 FU￿arn kw￿lY 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 estab*sh a deggnated fund ￿11￿$ wt. 21 A￿l￿ment ben•fit $chem85 2025 2024 0*15n•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 qu*rfyirwJ offlphiyws. The assots of $theme are held separatety from those ol the In￿t in an w*Jeperkknfy administwed FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS ICOP1Tr4UEOI FOR THE YEARENDED 31 PJAIICH 2025 .7691 ID291 P7.8341 27.834 .4W 137,3361 15.421 59.553 6.175 51.X6 123.101 iJ3.L (23M131 (105.1151 {ITT.4651 19.847 1,821 27.249 151.>)3 13 67.742 320.575 rts7.U471 (*,a471 FULHAM PALACE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Anatysis ol net ass•ts fvnd• Unrestrid•d Umstri¢t•d R•$trict•d funds funds funds gen•r•l Oeslgnat•d 2025 2025 Total 2025 2025 At 31 March 2025: Tarfjl￿e 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 Irans￿IOnS Fulharn Palace Enterwises Commulty int•r8sI CL¥npany a *th(4ty-thvn8d gJbsNJwy ol F￿harn Palar Trust. gregate ¢knat￿n5 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 ten￿ts 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 De￿aSt 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