OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Palace Trust

2024-12-31-accounts

THE PALACE TRUST

(A Charitable Company Limited by Guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

COMPANY NUMBER: 09404519 CHARITY REGISTERED IN ENGLAND AND WALES NUMBER: 1160830

THE PALACE TRUST

ed CONTENTS
ed
Reference and Administrative Details 4
Trustee Directors’ Report 5
Independent Auditors Report 22
Consolidated Statement of Financial Activities
26
Balance Sheet and Consolidated Balance Sheet
27
Statement of Cash Flows and Consolidated Statement of Cash Flows and Consolidated 29
Statement of Cash Flows Statement of Cash Flows
Notes to Financial Statements 30

3

Annual Report 2024 Foreword

Welcome to the Report and Accounts for 2024. That sounds rather dry doesn't it?! However, these documents tell the story of a remarkable turnaround in that after two years of losses the Trust achieved a surplus of£120,000. This is all thanks to you, our visitors, our superb team of staff and volunteers, the support of a number of Trusts and private donations, and of the Church Commissioners. We thank you all sincerely.

However, it was not all plain sailing as the unpredictable English weather tried its best to disrupt things and other operational struggles presented their own challenges. We very much enjoyed hosting the crew and cast of Wolf Hall: The Mirror and the Light which gave us excellent coverage and much needed revenue, and we were delighted to see how enormously popular our Christmas Illuminations were in 2024, but one of the most significant initiatives in 2024 was the launch of our joint entrance ticket with Wells Cathedral which proved to be a great success. We recognise that The Bishop’s Palace is one of the jewels in the crown of our unique city of Wells and we continue to seek ever closer ties with the Cathedral and other city attractions and stakeholders.

We welcomed just under half a million people over our drawbridge during the year and hope that they took away some very treasured memories. And not just of the cygnets we are privileged to observe each year! We said goodbye to four Trustees who retired in 2024 who were instrumental in making the Palace and grounds what they are today and welcomed four new ones thereby maintaining a strong team of Trustees with a wide range of skills.

Last year was the penultimate year of our five year strategy and it’s pleasing to see so many of those aims and ambitions having been achieved. However, we strive continually to conserve and improve the Palace and its superb RHS partner gardens, and a number of projects were developed both during the year and which are on track for deliveryin 2025. These include delivery of a new multimedia device which deepens the experience of visiting the Palace building, but also changes to the visitor entrance, improvements to the Dragons Lair, our cafe, our community garden facilities and our Christmas offering.

As a charity, community engagement has always been at the heart of what we do and page [9] of the report summarises just some of our activities here. But there is so much more we would like to do, and will do, in the coming years.

We know that we live in increasingly uncertain times but we also know that our visitors are able to find tranquillity and peace here, and can return to their lives feeling refreshed.

Roger Hawes Merryn Kidd Chair Chief Executive

4

THE PALACE TRUST

Reference and Administrative Details

THE PALACE TRUST <<< Trustee Directors Report The Trustees, who are also directors for the purposes of the Companies Act, present their report and the financial statements of the charity for the year ended 31 December 2024, which are also wepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply V￿th the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Associalion. and Accounting and Reporting by Charities" Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) The full name of the Chanty is The Pala￿ Trust. It was incorporated on 26 January 2015 as a company limited by guarantee. Its company registration number is 09404519. Its charity registration number is 1160830. The Charity is vanously referred to throughout this repcfft as either "the Charity., "the Company. or "the Trust" References and Administrative Details Administrative informats'on is given in a separate sects'on at the front of these accounts. Directors and Trustees The directors of the Company ale the Chanty's Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees serrfing during the year and Sin￿ the year-end are as foll0v￿. Rt Revd Noel Michael Beasley Gieg Beedle Maureen Boylan Caroline Brawley Nick Denison Paul Dickinson Sam Forsey Roger Hawes Natasha Hopkins Katharine NlacDonald qichael Nlinta Claire Revell Peter Stickland Rt Revd Trevor Willmott Jul￿ Wills (appointed 1 st June 2024) (resigned 1 St December 2024) (appointed 1 It September 2024) (resigned 1* Decembet 2024) (resigned 1" Nlarch 2025) (Chair) (appointed 1 St September 2024) (appointed 21vJ May 2023) (appointed 1" September 2024) (resigned 1" December 2024> (resigned 31st May 2024) None of the Trustees have any beneficial interest in the Company All of the Ttustees are members of the Company and guarantee lo contribute £1 in the event of a winding up.

THE PALACE TRUST

ANNUAL REPORT 2024

The Palace Trust’s Articles contain two charitable aims: a) to preserve for the benefit of the public the fabric of The Bishop’s Palace (as a place of historic and architectural interest) in order to facilitate access to The Bishop’s Palace by the public for their education and interest, and b) to promote such charitable purposes as will advance the religious and other charitable work of the Church of England in such manner as the Trustees shall from time to time decide and are approved by the Church Commissioners.

Today, The Palace Trust continues to work towards these charitable aims, by opening The Bishop’s Palace and its fourteen acres of gardens up to the public and running it as a heritage site, visitor attraction and community asset, and via its community engagement programmes.

7

ORGANISATIONAL STRUCTURE

The Board of Trustees is responsible for strategy and supervision of the executive to whom they delegate responsibility for operations. The Chief Executive Officer is responsible for delivering the strategy with the senior management team comprising the following department heads: Catering, Visitor Experience, Community Engagement and Volunteers, Horticulture, Property Management, Marketing & Communications, and Finance & HR. Department heads are responsible for the day to day running of the operations and report directly to the CEO.

An average of 51 staff were employed by the Trust and its subsidiary during the 12-month period ended 31 December 2024 with 51 in post at 31 December 2023 (22 full time and 29 part time). We had an average of 174 volunteers during the year.

KEY MANAGEMENT PERSONNEL REMUNERATION

The trustees consider the Board of Trustees and the Chief Executive Officer as comprising the Key Management Personnel (KMP) in charge of directing and controlling the Trust and running and operating the Trust on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. The pay of Chief Executive Officer is reviewed annually and normally increased in accordance with average earnings. The remuneration is also benchmarked with heritage organisations of a similar size to ensure that the remuneration set is fair and not out of line with that generally paid for comparable roles. Details of trustee expenses and related party transactions are disclosed in note 8 to the accounts, and details of other KMP remuneration are disclosed in note 9 to the accounts.

AN AVERAGE OF 51 STAFF

174 VOLUNTEERS

10 TRUSTEES

8

THIS PLACE WAS A TRUE SURPRISE WHEN WE VISITED ... THE SETTING IS BEAUTIFUL AND WITH EASY STROLLS ALL AROUND IT MADE FOR A LOVELY DAY OUT

SELECTION AND TRAINING OF TRUSTEES

Trustees are appointed according to the skills and experience required to deliver a successful strategic Board which meets both as a board and in smaller sub-committees. The Church Commissioners have the right to appoint one Trustee and the Bishop of Bath and Wells also has the right to be a Trustee. A skills audit was conducted prior to the 2024 recruitment round in order to identify gaps in the skills and experience in the board of Trustees.

Interviews for new Trustees are carried out by a Trustee panel before a decision on whether to appoint is made. New Trustees are provided with an induction pack of relevant information which is supplemented by a detailed induction programme involving the Chair and key members of staff. Trustees are encouraged to participate in ongoing training and an annual away day.

RELATIONSHIP WITH OTHER ENTITIES

The management of catering, events (both corporate and private) and filming is undertaken by Palace Enterprises (Wells) Ltd (‘PEL’), which is a wholly owned subsidiary of The Palace Trust. Income generated by this subsidiary may be donated to the charity by way of an annual Gift Aid donation if available from distributable profits.

9

STRATEGIC AIMS

OBJECTIVES, STRATEGY AND ACTIVITIES OF THE TRUST

The charitable purposes of The Palace Trust are to preserve for the benefit of the public the fabric of The Bishop’s Palace and to promote such charitable purposes as will advance the religious and other charitable work of the Church of England.

Today, The Palace Trust seeks to conserve and share the Palace and its story as a place of enjoyment and reflection for the benefit of all. The charity fulfils its purpose by taking forward detailed actions that meet five strategic objectives.

Our Strategic Objectives, following the 3-year Strategy are to:

  1. Establish the Trust's identity and purpose to a diverse, inclusive & expanding audience.

  2. Deliver the benefits of wellbeing and a sense of community to more people.

  3. Develop the site to deliver the best visitor experience & welcome.

  4. Improve our environmental and financial sustainability.

  5. Develop the Trust’s reputation for excellence in Horticulture.

1. ESTABLISH THE TRUST’S IDENTITY AND PURPOSE TO A DIVERSE, INCLUSIVE AND EXPANDING AUDIENCE

Our ambition is to welcome 160,000 paying visitors annually to the Palace by 2025. The ambition is based on three approaches. First, the development of the visitor offer, with significantly improved interpretation around the built heritage of the site. Second, a broader, more dynamic public events programme. Third, by making our heritage accessible to those who will benefit from it the most, who do not currently have the means to engage.

2. DELIVER THE BENEFITS OF WELLBEING AND A SENSE OF COMMUNITY TO MORE PEOPLE

We want the Palace to be a best practice model of community engagement, and for our organisation to become a focal point for the community in which we operate, working in partnership to achieve better outcomes for the people who will benefit from our site, facilities, and expertise the most.

1 0

3. DEVELOP THE SITE TO DELIVER THE BEST VISITOR EXPERIENCE & WELCOME

By 2025 The Palace Trust aims to have embarked on a transformation of the visitor experience of the Palace buildings. New interpretation will be engaging, immersive, and will transform people’s understanding and enjoyment of The Bishop’s Palace.

4. IMPROVE OUR ENVIRONMENTAL AND FINANCIAL SUSTAINABILITY

A sustainable future is dependent on three key areas; sustainability in terms of environmental impact – an essential area of focus which will assist both our financial performance and also our desire to care for and conserve the natural world and our heritage assets for future generations to enjoy; financial, and social sustainability. The Palace Trust will have made substantial progress towards a net zero carbon footprint by 2025 and will have rebuilt the ability to generate a surplus, depleted in recent times since the coronavirus pandemic.

5. DEVELOP THE TRUST’S REPUTATION FOR EXCELLENCE IN HORTICULTURE

The Gardens are the Palace’s most high-profile primary asset as 2024 saw the 9th consecutive year as an RHS Partner Garden. We want to inspire and train the next generation of gardeners and enhance and protect the natural and semicultivated environment in the gardens to support nature and wildlife, and adapt to the ever-changing climate in an holistic manner.

PUBLIC BENEFIT

In setting The Palace Trust’s preceding aims and following activities, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit and continue to preserve and make accessible The Bishop’s Palace and its fourteen acres of gardens to the public, as a place of historic, architectural and landscape interest.

The Palace Trust achieves its purpose by opening the site to the public throughout the year, aiming to engage a diverse audience through a programme of public events, activities, exhibitions, its commercial activities and its community engagement programme. The Bishop’s Palace is central to the experience and enjoyment of Wells and will remain so as The Palace Trust continues to grow and expand its public offer, in particular with the introduction of community engagement measures designed to reach out to those most in need for little or no cost to them. The Palace Trust undertakes an annual plan of conservation and repair works ensuring The Bishop’s Palace remains in the public domain for future generations.

1 1

STAFF ALL LOVELY, GARDENS IMMACULATE. GARDENERS ALSO VERY FRIENDLY AND AFTERNOON TEA WAS ABSOLUTELY DELICIOUS. CAME AWAY HAVING JOINED FOR THE YEAR (TRIPADVISOR)

ACTIVITIES

2024 was a year of consolidation and growth for the organisation. Several successful key staff appointments were made throughout the year including a new Visitor Experience Manager in January, a new Head of Finance and HR in May, a new Weddings Manager in August, and a new Chef, Kitchen Assistant and Cafe Supervisor in November. As four Trustees retired in 2024, four new ones were recruited.

A new ticketing platform was launched online in January 2024, allowing a much easier online booking system, and subsequently the platform was rolled out to all sales, in person and online, facilitating quicker entry, enhancing event pre-sales, and allowing easy booking for the cafe offerings. A new joint ticket, allowing entry to both the Palace and the adjacent Wells Cathedral was launched in April following Wells Cathedral’s introduction of charging for entry, and it has proved to be very successful with tourists to Wells, and a wonderful opportunity to work with our close neighbours.

Changes inside the Palace buildings were made throughout the year, following our ongoing Interpretation project to develop the site into an allweather destination. The East Gallery was opened in February, displaying our own small but significant permanent collection, and new items formerly kept hidden in the Bishop’s safe which are of great interest to the visiting public. The Wynne Willson Study was launched; recreating the Drawing Room as it might have been during Bishop Wynne Willson’s time (1921-1937) with music, furniture, newspapers, pastime objects and decoration from that period, and the Long Gallery was updated with a new table display and interpretation. Interpretation panels detailing our stories around the Transatlantic Slavery connections were displayed in the Wynne Willson Study. Work continued throughout the year on research and development for the launch of digital multimedia guides, and a welcome video for the Entrance Hall and these will be launched in January 2025.

In July, we were delighted to install a new, interactive stained-glass sculpture of the Moon in recycled materials by local artist Edgar Phillips in the outer gardens. The same artist has been commissioned to create a bespoke interpretive tabletop to showcase the legs of Bishop Ken’s table in our Entrance Hall for early 2025.

1 2

WE HAD THE GUIDED TOUR WITH DAVID WHO WAS SO KNOWLEDGEABLE AND FRIENDLY, AND MADE OUR VISIT SPECIAL 👍 (TRIPADVISOR)

ACTIVITIES (CONT)

A new ‘Book Nook’ to sell second-hand books was created in an unused bastion by our maintenance volunteers and opened in July. It is being run by volunteers and has proved to be very popular with visitors, raising a few hundred pounds per month.

Our very busy Café was given a full refurbishment and redecoration, bringing the garden indoors with a plant effect wall, copper tables, plant-draped statement ceiling lights, neon signs, and new colour scheme, and a range of new seating. Not only has this changed the ambiance inside, but it has also allowed more covers within the same space and better access for those with mobility aids.

creating a Splash Play area in The Dragon’s Lair, using spring water; widening and potentially moving our Willow Bridge in order to create better access for those with mobility issues to our outer gardens; and finally assessing the potential to install solar panels on the rooves of the Palace and Chapel buildings that are hidden from view. We hope to carry out all of these projects in 2025, subject to permissions.

Finally, a much-needed refresh of the ladies and accessible facilities in the Stable Yard Area took place, with new flooring, tiling, painting and mirrors, alongside newly sprayed magenta pink cubicles!

Development plans for the site were accelerated during 2024 and planning permission was granted in late autumn for works in the Community Garden to provide shelter and more accessible inside space with suitable facilities for our groups using the area. Much work was carried out on developing ideas and drawings and taking advice for several projects including: moving our Visitor Reception to a larger space in the Stable Yard area and creating a new entrance to the grounds (planning application and LBC submitted in December 2024);

PERFORMANCE

2024 was a very different year from the two previous years in terms of performance, and the team was delighted to return a surplus of £119,000 – double the budgeted surplus, representing an improvement of £180,000 on 2023.

We welcomed 490,500 over the Drawbridge and of those, 140,170 paid to enter the site, which represented an 11.8% increase on 2023.

Key factors leading to the success included:

The Trust was exceptionally grateful to several trusts and foundations for their support in 2025, including the Boshier Hinton Foundation, the David Medlock Foundation, and The Clarks Foundation, and to the Church Commissioners for their support.

1 3

1 4

COMMUNITY ENGAGEMENT

In 2024 we gave 200 free annual passes to those who would benefit most from access to our place of peace, beauty and tranquillity (this included people using the local food bank). In addition to this we gave 82 annual passes to children and their families on pupil premium at a local school. We donated raffle prizes to a 40 local groups. We also gave out 60 community membership passes to local groups that would benefit from accessing The Bishop’s Palace and Gardens who might not otherwise have been able to visit. In addition to this we gave some free venue hire so that some local groups could celebrate here or hold regular meetings eg bereavement group, carers group, Refugee Week Exhibition.

This year we broadened the range of learning opportunities. We continued to offer some free visits to local schools which totalled 1171 pupils visiting this year. We ran some free nature courses for learning disabled adults and a yoga course for neurodiverse people. We worked in partnership with Museum To You to deliver outreach sessions to over 100 people living in local nursing homes and over 100 learning disabled adults, so they could enjoy learning about The Bishop’s Palace. With Historic Houses Association we developed a new learning module for educators on sustainability and reducing our carbon footprint, and shared this with other members of Historic Houses in the South of England. We worked in partnership with three local groups to deliver sessions in our community garden for young people and adults needing extra support. We also worked with Wells Transatlantic Slavery Group to pilot a learning module on the subject for primary schools. We more than doubled the number of students coming on work experience from previous years to fifteen. One member of our team completed their apprenticeship. Our Young Photographers’ Competition attracted more than 150 entries and we offered some free workshops to encourage participation.

THIS WAS AN AMAZING DISCOVERY AND WELL WORTH THE JOINT TICKET PRICE WITH A VISIT TO THE CATHEDRAL. THE GARDENS WERE BRILLIANT WITH LOTS OF DIFFERENT AREAS TO EXPLORE. THE PALACE WAS VERY INTERESTING WITH PLENTY TO LEARN ABOUT IN THE VARIOUS ROOMS AND EXHIBITIONS.

2024 AT A GLANCE

490,500

Crossed the drawbridge

140,170 Visitors paid to enjoy the Palace & Gardens

2,513

Memberships were bought or renewed

over 100 days Of public events and activities 200 Free annual passes to those who would benefit most ee \ 82 Annual passes to children and their families on pupil premium 1,171 Pupil free visits from local schools

Welcomed new Visitor Experience Manager; Head of Finance and HR; Weddings Manager, Chef, Kitchen Assistant and Cafe Supervisor

3

Groups per week in Community Garden

5 Cygnets born

69,000 cups of coffee and 34,000 pieces of cake sold in the newly refurbished café

1 6

VOLUNTEERING OPPORTUNITIES

This year 177 volunteers contributed just over 17000 volunteering hours to our organisation. There are 14 different volunteer roles requiring a time commitment of between 2 hours per fortnight to a day per week, which means there is a range of opportunities to suit everyone. We organised two new family volunteering days which went well. The number of volunteers who need extra support to take part, doubled from seven to fourteen which was a great achievement. We continue to offer a comprehensive training programme, out of pocket expenses, a volunteer website, and regular social events, to make the volunteering experience at The Bishop’s Palace as rewarding as possible. The Palace Trust is extremely grateful for the loyalty and contribution of its volunteers who not only make the effective running of the site viable through their gift of time, knowledge and skills but who benefit from their engagement with our work, to deliver our charitable objects.

FUTURE PLANS

2025 will be the final year of our current Strategic Plan, and the management team and trustees will meet in March 2025 to begin the path to creating a new strategy for 2026 and beyond.

A bite-sized version of our 2025 Business Plan can be found on - our website, or via this link https://bishopspalace.org.uk/wp content/uploads/2024/12/Bitesize-Business-Plan-2025compressed.pdf

The final year of our plan includes the aims that, by the end of 2025, we will:

Have maximised all revenue streams and significantly increased surplus.

Have improved our environmental performance in energy consumption, on-site production and storage.

1 7

2025 PROJECTS

Visitor Reception

Move Visitor Reception to the Stableyard Room, creating a new entrance into the south gardens, allowing level, wide access for all, along with more space suitable for our growing numbers, and a retail and membership area

Community Gardens Access for all

Capacity building of Community Gardens facilities to enable groups to engage all year round and in all weathers. Create more shelter, space for growing, outdoor tap, accessible toilet, bifold doors to maximise indoor/outdoor space.

Environmental Sustainability

Install solar panels on the hidden rooves of the Palace and the Chapel, and carry out research into possibilities of increasing footprint and capacity of our water source heat pump.

Interpretation

Work with Bloomberg Connects to create content for app to use in the Gardens and exteriors of the Palace. Create new interactive interpretation in the Wynne Willson Room, and explore potential for an immersive experience in the Conference Room.

The Dragon’s Lair Water Play and Sensory Trail

Install a new, water play area with raining trees, squirting fountains, splash pool etc, and investigate potential for sensory trail (for barefoot play etc)

Willow Bridge

Double the width of the bridge and move it to line up with the small door to the outer gardens to allow unimpeded access to those using mobility scooters or wheelchairs, and children’s prams and buggies.

1 8

FINANCIAL REVIEW AND RESERVES POLICY

The Palace Trust’s financial position improved over the year by £34,345 at year end, the Trust had unrestricted net assets (excluding the trading subsidiary), of £1,260,850, £569,102 of which is designated and £207,307 is Tangible fixed assets. It is the charity’s policy not to commit The Palace Trust to any new major programme of work until sufficient funds are accumulated in reserves to satisfy existing obligations.

RISK POLICY

The Trustees undertook a comprehensive review of risks during the past year and maintain a register of those risks which would affect the reputation and financial status of The Palace Trust. This register is maintained by the Trustees and includes a ranking of risk that takes account of likelihood and severity of impact. Risks that could have a material impact on The Palace Trust are singled out for particular attention.

RESERVES

Each year the Trustees review the level of free reserves. The Board considers the exposure to major risks in terms of their likely impact on its income sources and planned expenditure in the medium term.

Free reserves are defined as those available for the use by the Charity that are deemed to be readily realisable, less funds that are restricted or else designated for particular purposes.

This therefore excludes £207,307 tangible fixed assets that will continue to be used in the day-to-day running, and restricted funds of £nil.

The policy is to have a Trust Reserve for unrestricted funds at the year-end of sufficient size to cover the period from January to March when The Palace Trust runs at a deficit. The Trust Reserve therefore equates to 3 months of forecast expenditure. As at 31st December 2024 this was £450,000.

Other free reserves of £635,172 include £199,102 which has been allocated to the following projects as designated funds:

1 9

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are directors of The Palace Trust for the purposes of company law) are responsible for preparing the Trustee Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions

2 0

STATEMENT AS TO DISCLOSURE TO OUR AUDITORS

In so far as the Trustees are aware:

AUDITORS

The auditors, Albert Goodman LLP, are deemed to be re-appointed under Section 487(2) of the Companies Act 2006.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

By order of the Trustees.

……………………………..

R Hawes

Trustee

The Palace Trust

Date: ………………………

2 1

Finally, we asked ChatGPT to summarise key themes from the feedback we’ve had from our visitors:

The Palace Trust Independent Auditors, Report to the Trustees and Members For the Year Ended 31 December 2024 Oplnlon We have audited the financial statements of The Palace Trust (Ihe 'parent charitable company,) and its subsidiary (the 'group') for the year ended 31 December 2024, wfiich comprise the consolidated Statement of Financial Activities, the consolidated and parent charitable company Balance Sheets, the consolidated and parent charitable company Statement of Cash Flows, and Notes to the Financial Statements, including summary of significant accounting poliaes. The financial reporting fraMeV￿￿[ that has been applied in th6ir preparation is applicable law and United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon the financial statements: glve a true and falr view of the state of the group's and of the parent charitable companls affairs as at 31 December 2024 and of the group's Incomlng resources and application of r8sources for the year then ended. have been properly prepared In accordance with United Klngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companles Act 2006. Basls for oplnlon W8 conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rnlatlng to going concern In auditing the financial statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements IS 8ppropriate. Based on the work we have performed, we have not identified any material uncertaints'es relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as going concem for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilitles and the responsibilities of the directors wlth respect to going concern Ar8 described in the relevant sections of this report. Other Inlormatlon The trustees are responsible for the other information, The other information comprises the information included in the Trustees, Report, other than the financial statements and our auditorfs report thereon. Our opinion on the finanaal statements does not cover the other information and, except to the extent otherv•ise explicitly stated in our report, we do not express any form of assurance condusion thereon. In connection wth our audit of the financial slatements. our responsibility is to read the other infonnation and, in doing so, consider whether the other information is materially inconsistent with the finanaal statements or our knowledge obtained in the audit or olherwse appears to be materially misstated. If V￿ identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is material misstatement in the financial statements or a material misstatement of the other infonnation. If, based on the work we have performed, vle conclude that there is a material misstatement of this other Information, we are required to report that fact, We have nothing to report in this regard. Produced by Albert Goodman LLP Page 22

The Palace Trust Independent Auditors, Report to the Trustees and Members For the Year Ended 31 December 2024 Opinion on other matter prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report, which incjudes the Directors, Report prepared for the purposes of company law for the financial year for which Ihe financial statements are prepared is consistent with the financial statements. and the Directors, Report induded within the Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report induded within the Trustees, Report. We have nothing to report in respect of the following matters ￿ere Ihe Companies Act 2006 requires us to report to you if, in our opinion.. adequatè and proper accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been recAived from branches not visited by us,. or the parent charitable company financial statements aré not in agreement with the a￿UntIng records and returns., or certain disdosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.; or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a strategic Report. Respon•ibllltlos of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on pages 19-20, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for thé preparation of the financlal statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are frea from materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting un5ess the trustees either intend to liquidate thè parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs re8ponsibllitie8 forthe audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a Mthole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material missiatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finanaal statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counal's website al vwm.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Produced by Albert Goodman LLP Page 23

The Palace Trust Independent Auditors, Report to the Trustees and Members For the Year Ended 31 December 2024 Irregularities, including fraud. are instances of non-compliance wÉth laws and regulations. We design procedures in line wtth our responsibilities, outlined above, to detect material misstatemenls in respect of irregularities, induding fraud. The extent lo vthich our procedures are capable of detecting irregularities, induding fraud is detailed below.. The extent to whlch the audit was considered capable of detecting Irregularlties including fraud Our approach to identifying and assessing the risks of material misstatement in resped of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the eno8gem6nt P8rtn6r ansured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of Ihe charity sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, induding the Companies Act 2006, Charity Act 2011, employment, data protection and hèalth and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and insp8Cting legal correspondence., and identified laws and regulations were communicated wthin the audit team regularly and the team remained alert to instances of non-compliance Ihroughout the audit. We assessed the susceptibility of the group's finandal statements lo material misstatement, induding obtaining an understanding of how fraud might occur, by: making enquirles of management as to wh8re they consldered there was susceptibilty to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance viith laws and regulations. To address the risk of fraud through management blas and overrlde of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-complianc6 with laws and regulations, design8d procaduras wtbich induded, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged governance; enquiring of management as to actual and potential litigation, daims and breaches of relevant legislation; and reviewing correspondence with the Charity Commission and other relevant regulators including the group's legal advisors and insurers. Produced by Albert Goodman LLP Page 24

The Palace Trust Independent Auditors, Report to the Trustees and Members For the Year Ended 31 December 2024 There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identrfy non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those thal arise from error as they may involve deliberate concealment or collusion. Use of our report This report is made solely to the group and parent charitable company's members, a8 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent charitable company's members and trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and parent charitable company and the group and parent charitable company'8 members as a body and the parent charitable company's trustee8 as body, for our audit work, for this report, or for the opinions we have formed. nCL(-O) Michelle Ferns BSC (Hons) FCA DChA (Senior Statutory Auditor) For and on behalf of Albert Goodman LLP, Statutory Auditor Goodwood House Blackbrook Park Avenue Taunton Somerset TA12PX Date: Q7.August 2Q25... Produced by Albert Goodman LLP Page 25

The Palace Trust Consolidated Statement of Financial Activities (including an Income & Expenditu￿ account) For the Year Ended 31 December 2024 2024 Total 2023 Total Unr¢s- tricted Res- tricted Unre$. trict•d Ros- tricted Notes Income from: Donations and legacies Charitable activrties Other trading activrties Investment 180,221 736,726 997,052 41,523 1,549 181,770 736,726 997,052 41.523 190,439 626,200 752,178 40,520 13,850 204,289 826,200 752,176 40,520 Total incom• 1,955,522 1,549 1,957,071 1,809,335 13,850 1,823,185 Exponditur• on: Raising funds Charitable activities 818,923 1,022,317 818,923 1,022,317 728,079 965,115 728,079 965,115 Total •xpendltur• 1,839,240 1,839,240 1,693,194 1,693,194 N•t (•xp•ndltur•) I Incom• Transfer between funds 116,282 1,549 117,831 (83,859) 13,850 13,850 (13,850) {70,009) 15 1,549 (1,549) Oth•r recoqnlsod oalns Unrealised (loss) I gain on investment 1,241 1,241 4,703 4,703 Not mov•mont In funds for Iho yoar R•conciliation ol lunds Total funds brought forward 119,072 119,072 (85,308) (65,308) 1.229,739 1,229,739 1,295,045 1,295,045 Total funds carrlod forward 1,348.811 1,348,811 1,229,739 1,229.739 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Produced by Albert Goodman LLP Page 26

The Palace Trust- Company Reglstratlon Number: 09404519 Balance Sheet and Consolidated Balance Sheet As at 31 December 2024 2024 2024 2023 2023 Notes Group Charity Fix•d ass•ts Tangible fwed assets Investrnents Group Charity 10 263,639 55,494 207,307 55,495 284,108 54,253 224,212 54,254 319,133 262,802 338,361 278,486 Current ass•ts Stock Debtors Cash at bank and in hand 12 13 25,636 128,420 1,113,706 29,075 80,797 927,177 122,473 996,612 219,743 811,790 1,267,762 1,119,085 1,037,049 1,031,533 Llablliti•s'. Creditors.. amounts falllng due w￿h1n one year 14 1238,0841 1121,0371 (145,6711 (83,4941 Net ¢urr•nt as$•t8 1,029,678 998,048 891,378 948.039 To*al n•t assot$ 1,348,811 1,280,860 1,229,789 1,226,506 Th• funds ol the charity: Unrestricted funds., General funds Designated funds 436,070 912,741 404,441 856,409 266,036 963,703 322,698 903,807 Total unrestricted funds 15 1,348,811 1,260,850 1,229,739 1,228,505 Restricted funds 15 Total cttarity funds 1,348,811 1,260,860 1,229,739 1,226,506 Produced by Albert Goodman LLP Page 27

The Palace Trust - Company Reglstiatlon Number: 09404519 Balance Sheet and Consolidated Balance Sheet (continued) As at 31 December 2024 The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance wilh the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The notes on pages 30 - 50 form part of these accounts. Approved by the Board for issue on and signed on their behalf by.. R Hawes Trustee Produced by Albert Goodman LLP Page 28

The Palace Trust Statement of Cash Flows and Consolidated Statement of Cash Flows For the Year Ended 31 December 2024 2024 2024 2023 2023 Notes Group Charity Group Charity Cash flows from oporatlng activities Net expendrture for the year Adjustmenislo cash flows from non-cash items: Depreciation and amortiS8tion Investment income Unrealised net (gain) I loss on investments (Profit) I loss on disposal of fixed assets 119,072 34.345 (85,306) {14,123) 10 74,859 (41,523) (1,241) 4,234 50,820 (36,522) (1,241) 80,509 {40,520) (4,703) 1,245 38,902 (38,742) <4,703) 783 11 155,401 47,202 (48,775) (17,883) Working capital adjustments Decrease l (Increase) in stocks (Increase) I decrease in debtors Increase l (decrease) in credrtors 12 13 14 3,439 (47,623) 92.413 (20,866) 248 (23,990) (109,483) 18,174 14,831 97,270 37,543 Net cash flow from operations Cash flows from Inv•sting activitl•s Purchase of tangible fixed assets Proceeds on disposal of fixed assets Investment income 203,630 182.015 (75,457) (112,289) 10 (58,624) (33,715) (150,231) {129,401} 250 40,520 41,523 38,522 38,742 (17,101) 2,807 (109,461) (90,659) Net increase in cash and cash equivalents 188,529 184,822 (184,918) (202,948) Cash and cash 8quivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Cash & Cash equivalents reconciliation: Cash at bank 927,177 811,790 1,112,095 1,014,738 1,113,706 996,612 927,177 811,790 1,113,708 998,812 927,177 811,790 Total cash & cash equivalents at the end of the reporting period 1,113,708 996,612 927.177 811,790 Produced by Albert Goodman LLP Page 29

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are: Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Palace Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histOriC81 cosl or transaction value unless otherwise stated in the relevant accounting policy note(s) and all amounts are presented in £ sterling. These finanaal statements consolidate the results of the Charity and its wholly owned subsidiary, Palace Enterprises (Wells) Limited, on a line by lin6 basis. The "Group" heading within the balance sheet refers to the consolidated accounts of The Palace Trust and Palace Enterprises (Wells) Llmited. In the parent company financial statements the investment in the trading subsidiary is accounted for at cost less impaiment. A separate Statement of Financial Activities or income and expenditure account, for the Charity itself has not been presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. Legal status of the Trust The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Tha Company is incorporated in England and Wales and the company registered office is detailed on page 4, reference and administration details. Golng Concèrn The trustees assess whether the usa of going concem is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Trust has adequate resources to continue in operational existence for the foreseeable future and Ihere are no material uncertainties about the Trust's ability to continue as a going concern, thus they continue to adopt the going concem basis of accounting when preparing the financial statements. Produced by Albert Goodman LLP Page 30

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Income Income from grants and donations is recognised in the year in which they are receivable when there is evidence of entitlement, receipi is probable and the amount can be reliably measured. Where income has not been re￿iVed for gift aid claims relating to donations received in the year, income is accrued. Income from government grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Where no conditions are attached to the grant income they are recognised within donations and legacies and where conditions relating to performance of services are attached, grant income is recognised in income from charitable activities within the Statement of Financial Activities. Income from charitable activities includes membership and admissions income, Membership income is accounted for in full in the year that the membership commences. Admission income is recognised on a cash basis, in the year the income is physically received. Income from other trading activitlas, including restaurant income, event income and rental income, is included in the period in which the group is entitled to receipt, it is probable that economic benefits will flow to the entity and the amount can be reliably measured. The charity receives income from its subsidiary under gift aid and this is recognised upon physical receipt. The charity notes th6 requirement of the SORP that large charities must report their results on an activities basis. The charity considers that they produce one activity - the operation of a heritage site- and therefore reports on that basis. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliab￿ by the charity,. this is normally upon notification of the interest paid or payable by the Bank, Expenditure Resources expended are recognised on the accruals basis to match the period in which the expenditure was incurred. Raising funds is expenditure incurred in generating the trading subsidiary funds and from other trading activities carried out by the trust. Charitable 8Ctivity expenditure comprises costs incurred by the charity in the delivery of its activities and seNices for its beneficiaries. It includes both costs that can be allocated directly to such activities and costs of an indirect nature necessary to support them. Grants payable are at the discretion of the Trustees. Governance cnsts are those costs associated with the govemance arrangements of the charity and relate to general running of the charity as opposed to those costs associated with charitable activities. Operating leases The trust classifies the lease of properties as operating leases as title remains with the lessor. Rental charges are charged on a straight line basis over the tem of the lease. Produced by Albert Goodman LLP Page 31

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of Trust. Restricted funds are from donations and grants in which the donor or funder has specified are to be solely used for particular areas of the Trust's work or for specific projects being undertaken by the Trust. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Fixed assets under £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows., Computer equipment Furniture, fittings & equlpment Outdoor equipment Catering equipment 3 - 5 years straight line 2 - 10 years straight line 2 - 15 years straight line 5- 10 years straight line 1.10 Debtors Trade debtors are amounts due from customers for senrfices performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Trust will not be able to collect all amounts due to according to the original terms of the receivables. Other debtors comprise prepayments and accrued income. Prep8yments arise from the payments for services prior to benefit from those seNic8s, and accrued income is amounts due for services provided, recognised at the point of provision of the services. 1,11 Stock Stock consists of shop stock for resale and publication stocks, Stock is valued at the lovrnr of cost and net realisable value, after making allowances for obsolete and slow moving stock. 1,12 Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.13 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at Iheir settlement amount after allowing for any trade discounts due. 1.14 Defined contribution penslon A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as staff pension expense through the profit and loss when they are due. Produced by Albert Goodman LLP Page 32

The Palace Trust Notes to the Fin8nci81 Statements For the Year Ended 31 December 2024 1.15 Taxation As a regislered charity, the company is not liable to corporation tax or capital gains tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax (VAT) is partially recoverable by the company. Any irrecoverable VAT is added to the relevant cost and charged as an expense in the Statement of Financial Activities. 1.16 Financlal Instruments The charity only holds basic finanaal instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows: Financial assets - trade and other debtors are basic financial instwments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank and deposit accounts- is classified as a basic financial instrument and is measured at fac8 value. Financial liabilities trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken pla￿ and there is an obligation to deliver services rather than cash or another financial instrument. Produced by Albert Goodman LLP Page 33

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Donatlons and legacies Unres- trlcted funds Res- tricted funds Unres- tricted funds Res- tricted funds 2024 Total 2023 Total Donations Gift aid 13,001 62,220 1,549 14,550 62,220 17,525 82,704 17,525 82,704 Grants Church Commissioners Other small grants 105,000 105,000 89,500 710 89,500 14,560 13,850 180,221 1,549 181,770 190,439 13,850 204,289 In¢omo from charitable activlties Unres- trieted funds Ros- trl¢ted funds Unres- trictod funds Res- trlctad funds 2024 Total 2023 Total Entrance fees Membership income 660,192 76,534 660,192 76,534 532,314 93,886 532,314 93,886 736,728 738,728 628,200 626,200 Produced by Albert Goodman LLP Pa9e 34

The Pala¢e Trust Notes to the Financial Statements For the Year Ended 31 December 2024 other trading activitles UnroS- tricted funds Res- trict•d funds Unres- tricted funds Res- tricted funds 2024 Total 2023 Total Restaurant income Event income Event site hire Shop income Event catering Solar panel income Film income Rental income 719,546 86,126 43,120 30,475 12,722 719,546 86,126 43.120 30,475 12,722 595,404 66,550 48,572 18,040 15,958 385 200 7,067 595,404 66,550 48,572 18,040 15,958 385 200 7,067 82,867 22,396 82,887 22,396 997,052 997,052 752,178 752,178 Investment Income Unres- trict•d funds Res- tri¢ted funds Unres- tricted funds Res- tricted funds 2024 Total 2023 Total Bank interest 41,523 41,523 40,520 40,520 Expendlture on ralslng funds Unres- tricted Res- tricted 2024 Total UnroS- tricted Res- trlcted 2023 Total Costs of goods sold Wages, salaries & agency Other direct costs Event costs Commission sales expense 250,590 394.386 118,926 47,006 6,015 250,590 394,386 118,926 47,006 6,015 199,680 369,715 105,482 47,185 6,017 199,680 369,715 105,482 47,185 6,017 816,923 816,923 728,079 728,079 Produced by Albert Goodman LLP Page 35

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Charitable activities expenditure Unres- tricted Res- trictèd 2024 Total Unres- trictsd Res- tricted 2023 Total Direct charitable activities Maintenance costs Garden maintenance Public access & education 102,370 31,668 7,658 102,370 31,668 7,656 52,268 22.152 7,922 52,268 22,152 7,922 Support costs Wages & salaries Staff training & recruitment Travel & entertainment Rent, rates, light & heat Cleanlng costs Advertising Office costs Subscriptions Legal fees Professional fees Accountancy Bank charges Depreciation Loss on disposal of fixed asset 556,130 24,318 8,457 83,978 50,229 36,777 69,464 2,598 556,130 24,318 8,457 63,978 50,229 36,777 69,464 2,598 547,625 19,935 5,716 114,495 47,590 30,614 59,608 3,436 600 1,332 150 3,885 39,683 547,825 19,935 5,716 114,495 47,590 30,614 59,608 3,438 800 1,332 150 3,685 39,683 3,280 3,280 3,185 50,620 3,288 3,185 50,620 3,288 Governanc• Auditors fees - audit Auditors fees- accountancy 6,719 1,600 6,719 1,800 6,700 1,600 6,700 1,600 1,022,317 1,022,317 965,115 965,115 Produced by Albert Goodman LLP Page 36

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Expenditure (continued) Charlty 2023 Subsidiary 2023 Total 2024 Total 2023 2024 2024 Depreciation of owned assets Auditors, remuneration for: Current auditors Audit services Other s8Nice8 50,620 38,902 24,239 21,607 74,859 60,509 6,700 1,600 6,340 1,600 5,100 1,040 4,800 1,300 11,800 2,640 11,140 2,900 Trustee dlreetors The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2023: £nil). One charity trustee was reimbursed for Irav61 expenses during the year totalling £434 (2023.. three trustees - £1,069). No charity trustee received payment for professional or other services supplied to the charity (2023.. £nil). Produced by Albert Goodman LLP Page 37

The Palace Trust Notes to the Financial Statemenls For the Year Ended 31 December 2024 Employees 2024 Group 2024 Charity 2023 Group 2023 Charity Wages and salaries Social security costs Employer pension Termination payments 856,433 48,017 41,498 4,568 487,120 33,183 31,279 4,568 790,854 45,819 41,478 39,189 452,421 32,671 29,319 33,214 950,516 556,130 917,340 547,625 Numbèr of èmployoes The average monthly number of employees during the year, calculated on the basis of average headcount, was as follows,, 2024 Group No. 2024 Charity 2023 Group 2023 Charlty No. Average employee head count 47 23 43 22 During the year, one employee was paid £1,522 in respect of PILON and £3,045 in respect of redundancy. All payments are full and final settlement, and no amounts are accrued at the year-end (2023.. four employees were paid a total of £17,174 in respect of settlement, £19,830 in respect of PILON and £2,185 in respect of a redundancy). The number of employees whose annual emoluments were £60,000 (excluding employer pension costs) or more wer8: 2024 number 2023 number £70,000 - £80,000 This employee is not a member of the defined contribution pension scheme. Produced by Albert Goodman LLP Page 38

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Employees (continued) The key management personnel for the year, comprises the Chief Executive (2023: the Chief Executive and Chief Operating Officer). The total employee benefits (includes gross pay, employer pension and employer national insurance) of the key management personnel of the Trust were £87,489 (2023.. £117,201). Pension costs The company operates a defined contribution pension scheme. The charge to the Statement of Financial Activities for the year is shown above. Contributions totalling £nil (2023 - £nil) were payable to the schemes at the end of the year and are included in creditors. 10 Tanglble flxed assets Group Furnitur8, Computer fittlngs & Outdoor Catering equipmont •quipmont equipmont •quipment Total Cost At 1 January 2024 Additions Disposals 37,079 12,242 130,768 16,859 198,570 4,614 1 $4,453 24,909 (12,219) 520,870 58,624 (12,219) At 31 December 2024 49,321 147,627 203,184 167,143 567,275 D8pre¢iatlon At 1 January 2024 Charge for the year Eliminated on disposals 32,367 6,078 35,394 25,098 75,973 18,576 93,028 25,107 (7,985) 236,762 74,859 (7,985) At 31 December 2024 38,445 60,492 94,549 110,150 303,636 Not book value At 31 December 2024 10,876 87,135 108,635 56,993 263,639 At 31 December 2023 4,712 95,374 122,597 61,425 284,108 Produced by Albert Goodman LLP Page 39

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 10 Tangible fixed assets (continued) Charily Furniture, Computer fittings & Outdoor Catering equlpment equlpment •qulpment equipment Total Cost At 1 January 2024 Additions Oisposals 37,079 12,242 130,768 18,859 198,570 4,614 23,991 390,408 33,715 At 31 December 2024 49,321 147,627 203,184 23,991 424,123 Dépreciatlon At 1 January 2024 Charge for the year Eliminated on disposals 32,387 8,078 35,394 25,098 75,973 18,578 22,462 868 188,196 50,620 At 31 December 2024 38,445 80,492 94,549 23,330 216,816 Not book value At 31 December 2024 10,878 87,135 108,635 661 207,307 At 31 December 2023 4,712 95,374 122,597 1,529 224,212 11 Investments Group 2024 2023 Unllsted Investments Opening balance Unrealised (loss) I gain 54,253 1,241 49,550 4,703 Closing balance 55,494 54,253 Historical cost of investments 33,593 33,593 The unlisted investments comprise 2,400 shares in the Central Board of Finan￿ of the Church of England Investment Fund. Produced by Albert Goodman LLP Page 40

The Palace Trust Notes to the Financial Statem6nts For the Year Ended 31 December 2024 11 Investments (continued) Charity 2024 2023 Unlistsd Invastments Opening balance Unrealised (loss) I gain 54,253 1,241 49,550 4,703 Closing balance 55,494 54,253 Historical cost of investments 33,593 33,593 Charity invostmonts at market valuo ¢ompris•'. Total 2024 Total 2023 Shares in unlisted investments Shareholding in Palace Enterprises (Wells) Limited Ordinary shares of £1 each 55,494 54,253 55,495 54,254 Palace Enterprises (Wells) Limited (company no 03013064) was incorporated 23 January 1995 and is wholly owned trading subsidiary of The Palace Trust. The parent charity holds 1000/9 of the issued share capital and 1000/0 of the voting rights of the subsidiary trading company, The principal activities of the company is to provide a fully catered venue for wedding receptions and other events, together wth a catering service in the Bishop's Table Restaurant. The registered office is the same as that of the Trust, detailed on pag6 1. The subsidiary gift aids some of its taxable profits to The Palace Trust, paying corporation tax on any profits retained, and files audited accounts with the Registrar of Companies, Produced by Albert Goodman LLP Page 41

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 11 Investments (continued) A summary of the trading results is shown below.. 2024 2023 Turnover Cost of sales 951,786 (646,859) 717,055 (572,151) Gross profrt Administrative expenses 304,927 (220,201) 144,904 (196,086) Operating profit Investment income 84,726 (51,182) Profit before tax & profit for the financial year Retained earnings brought lo￿ard in subsidiary Gift aid to The Palace Trust 84,726 3,235 (51,182) 54,417 Retained earnings carried forward in subsidiary The assets and liabilities were: Fixed assets Current assets Current liabilities 87,961 3,235 56,332 185,632 (154,002) 59,896 188,273 (224,933) Total net assets 87,962 3,236 Called up share capital Profit and loss reserve 87,961 3,235 87,962 3,238 Produced by Albert Goodman LLP Page 42

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 12 Stocks 2024 Group 2024 Charity 2023 Group 2023 Charity Goods for resale 25,636 29,075 13 Debtors 2024 Group 2024 Charity 2023 Group 2023 Charity Trade debtors Prepayments and accrued income Amounts owed by group undertakings 59,789 88,631 22,991 62,527 36,955 24,380 56,417 1,621 55,365 162,757 128,420 122,473 80,797 219,743 Produced by Albert Goodman LLP Page 43

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 14 Credltors: Amounts falllng due within one year 2024 Group 2024 Charity 2023 Group 2023 Charity Trade creditors Other creditors Accruals and deferred income Taxation and social security 50,981 32,489 104,624 50,010 20,103 31,759 54,375 14,800 31,863 27,078 53,685 33,045 29,427 27,078 20,771 6,218 238,084 121,037 145,671 83,494 D•forr8d Incom• 2024 Group 2024 Charity 2023 Group 2023 Charlty Deferred income at 1 January 2024 Released from prewous years Resources deferred In the year 33,895 (33,895) 45,367 8,759 (8,759) 13,125 30,637 (30,837) 33,695 9,187 (9,187) 8,759 Deferred income at 31 December 2024 45,387 13,125 33,895 8,759 At the balance sheet date the trust was holdlng funds received in advance for events to be held in 2025. Produced by Albert Goodman LLP Page 44

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 15 Summary of movement in funds- Group Opening balance Translers & gains Closlng balance Income Expenditure Unrestrlcted funds - Group General 266,036 1,955,522 (1,784,381) (21,107) 436,070 Designated funds - Group Palace interpretation Trust Reserv8 Fixed assets 229,595 450,000 284,108 963,703 (30,493) 199,102 450,000 263,639 912,741 (74,859) (74,859) 54,390 23,897 Total do6ignat•d funds Restricted funds Mobility Scooter 1,549 (1 ,549) Total funds 1,229,739 1,967,071 (1,839,240 1,241 1,348,811 Summary of movement in funds- Charity Openlng balance Transfèrs & galns Closlng balan¢8 Incom• Exp6ndlture Unrestrlctèd funds - Charity General 322,698 1,103,852 (1,021,877) (432) 404,441 Dèsignated funds - Charity Palace interpretation Trust ReseFve Fixed assets 229,595 450,000 224,212 (30,493) 199,102 450,000 207,307 (50,620) 33,715 Total deslgnatod funds 903,807 (50,620) 3,222 856,409 R6$tricted funds Mobility Scooter 1,549 (1 ,549) Total funds 1,226,505 1,105,401 11,072,297) 1,241 1,260,850 PFodu¢ed by Albert Goodman LLP Page 45

The Palace Trust Notes to the Financi81 Statements For the Year Ended 31 December 2024 Summary of movement in funds - Group (2023) Opening balance Transfers & gains Closing balan¢e Income Expenditure Unrostricted funds - Group General 296,969 1,609,335 (1,632,685) {7,583) 266,036 Deslgnated funds - Group Palace interpretation Trust Reserve Fixed assets 352,195 450,000 195,881 (122,600) 229,595 450,000 284,108 (60,509) 148,736 Total dosignated funds 963,703 (60,509) (62,091) 963,703 R•strict8d funds Gate funds 13,850 (13,850) Total fund8 1,260,672 1,609,335 11,893,194) (69,674) 1,229,739 Summary of movement In funds - Charlty (2023) Openlng balancé Transfars & gains Closlng balance Income Expanditura Unrestrlcted funds . Charity General 303,937 983,484 (977,258) 12,535 322,898 Designated funds . Charity Palace interpretation Trust Reserve Fixed assets 352,195 450,000 134,496 {122,600) 229,595 450,000 224,212 (38,902) 128,618 Total dosignated funds 936,691 (38,902) 6,018 903,807 Restricted funds Gate funds 13,850 (13,850) Totsl funds 1,240,628 983,484 11,016,160) 18,553 1,226,505 Produced by Albert Goodman LLP Page 46

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Summary of movement in funds (continued) Designated funds The Palace interpretation fund relates to a large development project currently in the planning phase and fresh interpretation in the Palace building. Trust Reserve relates to an amount of unrestricted funds sufficient to cover 3 months of expenditure, to cover the period from January to March when The Palace Trust runs at a seasonal deficit, The fixed assets funds represent the net book value of the assets held. Rostricted funds The Mobility Scooter Funds were received as a contribution towards purchase of a mobility scooter. £1,549 of th8 funds came from The Bosher-Hinton Foundation. The amount has been transferred to unrestricted upon trte purchase of the fixed asset, as permitted by the Charity SORP. The Gata Funds were received as a contribution towards the installation of the community gate. £10,000 of the funds came from The M6dlock Charity, £350 from the Sir John and Lady Heathcoat Amory Trust and £3,500 from an anonymous source. The amount has been transferred to unrestricted upon the purchase of the fixed asset, as permitted by the Charity SORP. 16 Analysis of assets between funds - Group other not Tanglblo Cash at current Craditors flxed bank and assetsl moro than assets in hand (Ilabilities) one year Total Unrestricted funds 55,494 484,804 (84,028) 436,070 Designated funds 263,639 649,102 912,741 Restricted funds As at 31 DoG6mbor 2024 319,133 1,113,706 (84,028) 1,348,811 Analysis of assets between funds - Charity Other net Tanglble Cash at current Creditors fixed bank and assetsl more than assets In hand (liabilities) one year Total Unrestricted funds 55,495 347,510 1,436 404,441 Designated funds 207,307 649,102 856,409 Restricted funds As at 31 December 2024 262,802 996,612 1,436 1,260,860 Produced by Albert Goodman LLP Page 47

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 Analysis of assets between funds- Group - 2023 Other net Tangible Cash at current Creditors fixed bank and assetsl more than assets in hand (liabilities) one year Total Unrestricted funds 54,253 284,108 247,582 679,595 (35,799) 266,038 Designated funds Restricted funds 983,703 As at 31 Decembor 2023 338,361 927,177 {35,799) 1,229,739 Analysis of assets between funds - Charlty- 2023 Other not Tanglble Cash at current Credltors fixed bank and assetsl more than assets In hand (Ilabilities) ono year Total Unrestricted funds 54,254 224,212 132,195 136,249 322,698 Designated funds Restricted funds 679,595 903,807 As at 31 Do¢ombor 2023 278,466 811,790 136,249 1,226,606 Produced by Albert Goodman LLP Page 48

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 17 Income and expenditure account of the Trust The company has taken advantage of Section 408 of the Companies Act 2006 and has not induded its own Income and Expenditure Arxount or separate Statement of Financial Activities. Prior to gift aid amounts received from the subsidiary, The Palace Trust has net income for the year of £34,346 (2023 - £14,124) based on income of £1,104.213 (2023 - £906,130>. Gift aid distributions from trading subsidiary of £nil (2023: £nil) were received in tha year. 18 Obllgatlons under leases Operating leases- The total future minimum rentals payable undar non-cancellable operating leases funded by unrestricted funds are as follows.. 2024 2023 Other Expiry date: Within one year Within two and five years 1,926 6,240 1,785 3,193 8,188 4,978 In addition to the above, the Trust has a non-exclusive licence (by way of a management agreement) to occupy the Palace and the gardens with the Church Commissioners to the end of 2033. 19 Related party transactlons The charity has taken advantage of the exemption in FRS 102 "Related Paty Dlsclosures" from disclosing transactions with other members of the group. The chief executive (who was appointed 1 April 2023), M Kidd, was charged £5,500 (2023.. £3,850) in rent for the use of The Gardeners Flat during the year. The rent collected, is in turn paid onto the Church Commissioners. A balance of £nil (2023,. £nil) was outstanding to The Palace Trust at the year end. This is considered to be a market rent. Produced by Albert Goodman LLP Page 49

The Palace Trust Notes to the Financial Statements For the Year Ended 31 December 2024 20 Financial instruments 2024 Group 2024 Charity 2023 Group 2023 Charity Financial assets that are fair value through income & expenditure account Financial assets that are debt instruments measured at amortised cost 55,494 55,495 54,253 54,254 1,221,374 1,099,269 994,034 1,018,645 1,276,868 1,154,764 1,048,287 1,072,899 Financial liabilities measured at amortised cost 142,707 64,987 78,931 65,263 142,707 64,987 78,931 65,263 ltsms of Income, expenditure, galn and10s8 (group and charity) Income Expense Net gains Net loss66 2024 Financial assets that are fair value through income & expenditure account Financial assets measured at amortised cost Financial liabilities measured at amortised cost 1,241 1,241 2023 Financial assets that are fair valu8 through income & expenditure account Financial assets measured at amortised cost Financial liabilities measured at amortised cost 4,703 4,703 Produced by Albert Goodman LLP Page SO