## **CONFIDENTIAL** ## **Archbishop's Palace Conservation Trust** ## **Annual report – June 2022** ## **CONTENTS** |**1.**||**INTRODUCTION ................................................................................................. 2**| |---|---|---| |**2.**||**TRUSTEES .......................................................................................................... 2**| |**3.**||**FINANCE ............................................................................................................. 2**| ||**3.1**|**Funding ........................................................................................................................ 2**| |**4.**||**VISION................................................................................................................. 2**| ||**4.1**|**Our vision ..................................................................................................................... 2**| ||**4.2**|**Objectives .................................................................................................................... 3**| ||**4.3**|**Our mission.................................................................................................................. 3**| |**5.**||**STABILISATION WORKS ................................................................................... 3**| |**6.**||**SUPPORTING ACTIVITIES ................................................................................ 3**| |**7.**||**OBJECTIVES FOR THE COMING YEAR ........................................................... 4**| |**8.**||**POLICIES AND RISK ASSESSMENT ................................................................ 4**| APCT Annual report - June 2022.docx page 1 of 4 1[st] July 2022 ## **1. Introduction** This brief report Highlights key issues and achievements for the year ended 30[th] June 2022. ## **2. Trustees** The Trustees as at 30[th] June 2022 were: - Nick Rushby (secretary) - Elizabeth Anderson - Melissa Baston - John Edwards-Winser - Andrew Goymer (chair) - Nick Fothergill - Roger House - Charles Shee - Beth Walker - Neil Williams Justin Wood and Emily Stammittee-Campbell resigned as Trustees, and Elizabeth Anderson and Melissa Baston were appointed. ## **3. Finance** As at 30[th] June 2022 the bank account was in credit to £ 47,500.89. The balance sheet and statement of financial activities for 2021-22 are given in a separate document. To make the balance sheet clearer and to meet accounting requirements, it now shows restricted funds, that include funds pledged but not yet received. ## **3.1 Funding** The Trust was successful in obtaining further grants from the Pilgrim Trust (£30,000) and Garfield Weston (£30,000) ## **4. Vision** We have revised our vision, mission and objectives to reflect the evolving balance between restoration and community impact. These are reflected in the latest version of the Trust’s business - plan which is published on our website at https://otfordpalace.org/wp content/uploads/2022/10/APCT-Business-plan-v15-3.pdf. The objectives have evolved over time. The initial emphasis was on the restoration and recycling of a Tudor Palace. However, there is little point in restoring a building if it does not have a purpose and the objectives moved to a focus on benefits to the community. More recently, we have come to realise that the Palace and the landscape of the Darent Valley are mutually interwoven and that an important objective is to interpret this ‘landscape through time.’ The Trust continues to work to achieve the charitable objectives set out in its constitution. ## **4.1 Our vision** The Trust will engage with a wide range of people from north-west Kent and London, using the site and buildings of the Tudor Palace and the Otford Heritage Collection to promote the understanding and enjoyment of the heritage of the Darent Valley, and thus to engender their well-being through APCT Annual report - June 2022.docx page 2 of 4 1[st] July 2022 engagement with that heritage. To achieve this, we will restore the iconic buildings of the Archbishop’s Palace in Otford and create an interpretation centre that will act as a hub for further exploration. ## **4.2 Objectives** - i. Working closely with the local community, to develop and run a sustainable programme of activities that will enable us to fulfil our vision to engender well-being through engagement with our heritage. - ii. Subject to the assent of Historic England and with the agreement of Sevenoaks District Council (who have granted the Trust a 99-year lease on the property), to have the freedom to maintain and develop the Palace buildings and their grounds. - iii. To assemble the talents, finance and management skills required to build and manage a self-sustaining centre for the dissemination of knowledge about our Tudor and our Valley’s heritage. - iv. To develop a lasting heritage landmark within the Sevenoaks region. ## **4.3 Our mission** Our work is informed by enduring values of - _Authenticity_ , of the stories that we tell our audience and in the way in which we conserve the fabric of the Palace; - _Quality_ , in the presentation of the site and buildings, and in the experiences that we provide; - _Imagination_ , in how we interpret the heritage of the Darent Valley - _Inclusivity_ , in making the activities of the Trust widely accessible to as diverse an audience as possible - _Responsibility_ for our stewardship of the site and buildings; and - _Fun_ , in sharing our love for heritage in the most enjoyable way possible. ## **5. Stabilisation works** Throughout the year, the Trust continued to work with Purcell Architects and DR Nolans (Quantity Surveyors). Work on the first phase of the stabilisation works started at the end of March 2022. This comprised repairs to the brickwork and masonry on the lower half of the Tower, the installation of gates to the Stair Tower and a wooden door to the Main Tower. The upper half of the Tower and the glazing will take place in the spring and summer of 2023. ## **6. Supporting activities** Work has continued on reviewing the large quantity of archaeological finds and on adding to the online Collection Catalogue. The Trust’s website is continually being updated and, during the year was enhanced to include an online shopping facility. Palace Field was the venue for the Otford Society’s ‘Picnic at the Palace’ and a Heritage Open Day was held on 11[th] June 2022, when an estimated 400 visitors had the opportunity to look at the interior of the Tower and Gatehouse. APCT Annual report - June 2022.docx page 3 of 4 1[st] July 2022 ## **7. Objectives for the coming year** The objectives set out in the lease are that, by September 2024 the Trust will use its best endeavours to: - a. Commission a detailed options appraisal for the conservation of the Property as a visitor and interpretation centre for Otford and the Darent Valley; - b. Commission detailed plans (including architectural drawings) of the conservation work to be undertaken; - c. Submit the Planning Application to the Determining Authority and secure the necessary Scheduled Monument Consents for the Development; - d. Start work on the conservation of the Gatehouse and the Tower; - e. Carry out a botanical survey of the Property and prepare a revised management plan for the Palace Field; - f. Work with the Darent Valley Landscape Partnership and other relevant organisations to carry our further archaeological studies of the site. - g. Install glass or other suitable material into the fenestration in the Tower, and doors into the openings so that the building is secure against the ingress of wind and water; Thus far, - We have achieved (a) and (b). - Objective (c) has been achieved in respect of the stabilisation works. - Objectives (d) and (g) are in progress for the Tower. Work on the Gatehouse has been postponed until 2024. - A management plan has been prepared (e) and is being discussed with the relevant organisations. Funding is being sought. - The Archaeological Working Group is preparing plans for further archaeological studies (f). We have added further objectives to: - h. Identify potential sources of funding and develop proposals; - i. Secure an interim tranche of funding - j. Carry out a baseline survey for the project evaluation; k. Become involved in, and undertake, enabling projects to develop sustainable tourism in the Darent Valley. - l. Undertake a community engagement programme m. Develop the Educational Outreach Programme Of these - Objective (h) is ongoing while (i) has been effectively achieved - Objective (j) is part completed. - Objects (k), (l) and (m) are ongoing. ## **8. Policies and risk assessment** The Trust’s operating policies and the risk assessment are regularly reviewed and kept up to date. Nick Rushby Secretary APCT. 1[st] December 2022 APCT Annual report - June 2022.docx page 4 of 4 1[st] July 2022 Archbishops Palace Conservation Trust Year ended 30 June 2022 Archbishops Palace Conservation Trust Trustees, Annual Report and Accounts Year ended 3￿ June 2022 Archbishops Palace Conseivation Trust Year ended 30 June 2022 Re81st￿￿ Clbarfty number 1173486 Contents CharitabFe infonnation.................................................-......-... Trusteeg Report............................................... . Independent Examiners Examinerfs Rewrtto the Tnth of the Archbtshops Palace Conservatlon Trust (the Registered Charity. number 11734861....................................... ... ststement of Financial Artpiities.....................................-...-......-..... Balance Sheet..............-........ Notes to the Financial Staternents....................................-.................... Archbishops Palace Conservatlon Tntst Year ended 30 June 2022 Charitable infonnation Registered office Chantry Cottage. The Green. Otford. Kent TN14 5PD Bankers Uoyds Bank, 25 Gresham Street. London, EC2V7HN Trustees Andrew Goymer, Chaimian Nick Rushby. Secretary John Edwards-winser Eliiabeth Anderson Roger House Charles Shee Nick Fothergill Beth Walker Emily Stammittii Neil William5 Independent Examiner Keith Lawrey Charitsble Incorporated Organisation Number Regi5tr3tion No 1173486 ArchbISho￿ Pa1￿ Conservatlon Tn Year ended 30th June 2022 Trustees, Report The Trustees present their annual report and finanaal statements of the charity for the year ended 30 June 2022. The finanaal statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the tharivs trust deed. the Charities Act 2011 and the CharÉties SORP IFRS 102). ObJectlve5 and Artivltles The Trust ha5 a tease of 99 years for the site and buildings of the Tudor Palace in Otford from Sevenoak5 District Council. The Trust will en8a8e with a wxle range of people from north-west Kent and London, using the stte and building5 Qf the Tudor Palace and the Otford Heritsge Collettion to promote the understanding and enjoyment of the herttage of the Darent Valley. and thus to engendertheir well-being through engagement with that heritage. To achwe this. we will restore the iconK buiklings of the Archbishop's Palace in l)iford and create an interPrets￿)n centre that will act as a hub for fijrther exploration. Achlevem¢nts and perfornuDce The restoration works are very costly and been divided into phases. In the lart year funds have been raised from donors to underpin and Secure the stsbility of the Palace Tower forthe future. The Trust is most grateful to the Darent Valley Landscape Partnership kheme. Garfield Weston Foundation, Enovert Community Trust and the Pi*rim Trnst. This work has commenced and expected to be completed in 2023. Flnanclal review In the year to £30th June 2022 over £￿).{￿ has raised for the stsbilisation phase whith ha5 enabled worf( to commence for significant parts of the project. These amounts have been treated a5 restricted funds for this spectfic purpose. More will be needed for the ambitK>us proiett however. Additional￿, other 8rants and donations of £11.249 were raised for general purposes. Expenditure during the year. Stsbilisatson costs from restricted funds duringthe year amounted to £66,897. General upkeep of the palace r￿Id and adrninistration of the Trust amounted to £13.168. Strurture. Governance and Managem The Trustee board met 4 time5to review pro8res5 and future objectives through detsiled papers provided by the Secretary. There have a150 been open day Ewents and workin8 partie5to help with the various aspects of achieving the Trust aims. Reference and Admlnlslratlve detalls Trustee have either met online or more recentty thro￿ faCe-to-fa￿ meetings. Trust records including financial records are maintsined bythe Secretsry and ￿cked up regulath. SS8ned on behalf of the Board of Trustees Andrew Goymer Chaimian Date Yew ended 30th June 21ll2 Independent Examiners Examinerfs Report to the Trustees of the Archbishops Palace Conservation Trust (the Registered Charity, number 1173486) I report to the charity Trustees on my examirk*k¥n of the accounts ofthe Charity forthe )*ar ended June 2022. As the Tnth of the Char￿¥0u are reswr&ble k¥the preparatlon ofthe ac£wnts aCC￿￿anCe wlththe quireftw￿ ot the Charities Act 2011 l*he 2011 ktj. I rem In respect of my examirthon ofthe accounts arTied out under sectknn 145 ofthe 2011 Art and in carryin8 Out my examIrk￿lOn S have followed al the awlirable Directions by the Cl￿rIty Commlsslon under settlon 145151(b) of the 2011 P£t. I have wmpleted my examlnation. I confirm material matters have come to my attention in connectk wlth the examlnation ￿lTrg rne cause to belle•e that in any material respect the actounts do not accord wlth those re£ords. I have no ¢orKems and have come across rn other matters in connectlon wth the exam11￿tIon to which attertFon should be drawn In this rewt In cKthrto enable a propèr understanding of the accounts to be reached. Signed CLQJY Name Kelth Lawiey, JP. Barrlsterat law. Chartered Secretsry 23, Tudor Cres¢ert OtFord, Kent.Th14 5Q5 Archblshops Palace Cowrvatlon Trust Year ended 30 June 2022 Thi5 report Is made solety to the Charitys Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Rep)rts} Regulations 21))8. My work has been undertaken so that I might state to the Charty's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purp05e. To the fijllest extent pennitted by law. I do not accept or assume respon5ibilty to anyone other than the Chartty and the Charity's Trustres as a body. for my work or for this report. Your 3tteTrt￿n is drdwn to the fact thatthe Charity has prepared the accounts in accordan￿ with Accounting and Reporting by CharitFes: Ststement of Recornmended Practice applicable to charitles preparing thelr accounts accordance with the Financial Rew>rting Standard applicable in the UK and Republic of Ireland (FR5 1021 in preferen￿ to the Accounting and Rewrting by Charities: Statement of Recommended Practice issued on l April 21Y)5 whKh is referred to in the extant re8ulations but has been withdrawn. l understand that this has been done in order for the accountsto provide a true and fair vlew In accordance with the Generally Accepted Attounting Practice effectNe ft>r reportinz per￿￿S beginning on or after I January 2015. I have completed my examination. I can confinn th•t no matter5 have come to my attention in collnection with the examination giving rne cause to believe that R) any material respect: l. accounting records were not kept in respect of the Charlty as wuired by 5e¢tion 130 of the 2011 A¢. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2LYJ8 other than any requirement that the accounts gr•e a *fue and fairf view which is not matter considered is part of an independent examination. Archblshops Palace Conservatlon Trust Year ended 30 June 2022 Statement of Financial Activities 21lll Totsl Funds Funds Fwd5 Funds Incomlng re50urce5 tharitsble acli¥ttles Unrestritted grants and donations Restritted grants: stsbilisation project Mergers and transfers Book sales 11.249 11,249 IXI.485 I￿.485 37,144 11.280 36 36 Totsl In¢omln8 resources Outgolng resaurces d￿rflatsIe actl¥ltles Consultsnts for design and plannir Stabilisation projert costs OtFord Herita8e expenses Cost of goods sold Palace field upkeep legal costs Insurance Tower and gatehouse costs Accounting and general Offi￿ costs IT & websrte costs I￿￿85 201,770 48N24 7.795 7.795 66,897 403 75 2,418 16,8 66,897 3,465 75 2.418 1.7(h) 675 521 939 675 521 939 342 470 761 1.595 13.168 66J97 80J165 25585 Net irKome lexwKliture) fiwthe year 123W lli.705 Archblshops Palace CoThservth Trust Year ended 30 June 2022 Balance Sheet 2021 Total Funds nds Funds C•pltal and reservts Start of year Net income lexpenditurel for the year 30.(K19 123.587 121.704 7.170 22,839 At year end 2&126 123587 151,713 30.IW)9 Net current assets Cash at Lloyds bank Debtors.. Available restrlrted funds Debtors.. vat refurKI Less.. Creditors: due In le55 th•n one year Total net currert assets 17501 30.IyKI 47,501 107.681 107,681 10,625 114.0931 114.093) 123587 151.713 29.938 10.625 71 2&126 30A)9 Total Assets less Uabllltles 28,126 I23￿87 151,713 J.i.Is Signed Nkk Rushby. Secretary O•ted Archblshops Palace Conservation Trust Year ended 30 June 2022 Notes to the Financial Statements l Accountlng polldes 1.1 Basis of preparation: The financial statements have been prepared under the historical cost Con￿nt￿l￿ wlth items retognised at their costvalues and under the Ststement of Recommended Practice: Accounting and Reporting by CharSties preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and the Republic of Ireknd {FRS 1021 and with the CharitiesAct 2011. 1.2 Income Income is recognised once the charity has entitlement to the income and it is probable that the incorne will be received and the amount of income can be measured reliably. 1.3 Expendlture Expenditure is reco8nised once there 15 a kgal or constructP4e obligation to transfer economk benefft to third party and it is probable that a transfer of economic benefft will be required in settkment and the amount of the obligation can be measured refmbly. 1.4 Fund a¢¢ounting RestrKted funds are fund5 which are to be used in accordance with sperifft reStrict￿•nS imposed by donors or which have been raksed by the charity for particular purpose& 2 Supwt costs None of the Trustees are remunerated. Reimbursement of expenses may be made in certain circumstances. Merger5 and transfevs During the previous year the Charity re￿Ived the assets of the Otford Heritage Collection wlth a view to displaying the items in the Palace Tower when its re5toratKin has been completed. The Charity was also the beneficiary of a transfer of assets from the Charing Pala￿ Trust when that trust was wound up. Archbishops Palace Conservation Trust Year ended 30 June 2022 Archbishops Palace Conservation Trust Trustees, Annual Report and Accounts Year ended 3￿ June 2022 Archbishops Palace Conseivation Trust Year ended 30 June 2022 Re81st￿￿ Clbarfty number 1173486 Contents CharitabFe infonnation.................................................-......-... Trusteeg Report............................................... . Independent Examiners Examinerfs Rewrtto the Tnth of the Archbtshops Palace Conservatlon Trust (the Registered Charity. number 11734861....................................... ... ststement of Financial Artpiities.....................................-...-......-..... Balance Sheet..............-........ Notes to the Financial Staternents....................................-.................... Archbishops Palace Conservatlon Tntst Year ended 30 June 2022 Charitable infonnation Registered office Chantry Cottage. The Green. Otford. Kent TN14 5PD Bankers Uoyds Bank, 25 Gresham Street. London, EC2V7HN Trustees Andrew Goymer, Chaimian Nick Rushby. Secretary John Edwards-winser Eliiabeth Anderson Roger House Charles Shee Nick Fothergill Beth Walker Emily Stammittii Neil William5 Independent Examiner Keith Lawrey Charitsble Incorporated Organisation Number Regi5tr3tion No 1173486 ArchbISho￿ Pa1￿ Conservatlon Tn Year ended 30th June 2022 Trustees, Report The Trustees present their annual report and finanaal statements of the charity for the year ended 30 June 2022. The finanaal statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the tharivs trust deed. the Charities Act 2011 and the CharÉties SORP IFRS 102). ObJectlve5 and Artivltles The Trust ha5 a tease of 99 years for the site and buildings of the Tudor Palace in Otford from Sevenoak5 District Council. The Trust will en8a8e with a wxle range of people from north-west Kent and London, using the stte and building5 Qf the Tudor Palace and the Otford Heritsge Collettion to promote the understanding and enjoyment of the herttage of the Darent Valley. and thus to engendertheir well-being through engagement with that heritage. To achwe this. we will restore the iconK buiklings of the Archbishop's Palace in l)iford and create an interPrets￿)n centre that will act as a hub for fijrther exploration. Achlevem¢nts and perfornuDce The restoration works are very costly and been divided into phases. In the lart year funds have been raised from donors to underpin and Secure the stsbility of the Palace Tower forthe future. The Trust is most grateful to the Darent Valley Landscape Partnership kheme. Garfield Weston Foundation, Enovert Community Trust and the Pi*rim Trnst. This work has commenced and expected to be completed in 2023. Flnanclal review In the year to £30th June 2022 over £￿).{￿ has raised for the stsbilisation phase whith ha5 enabled worf( to commence for significant parts of the project. These amounts have been treated a5 restricted funds for this spectfic purpose. More will be needed for the ambitK>us proiett however. Additional￿, other 8rants and donations of £11.249 were raised for general purposes. Expenditure during the year. Stsbilisatson costs from restricted funds duringthe year amounted to £66,897. General upkeep of the palace r￿Id and adrninistration of the Trust amounted to £13.168. Strurture. Governance and Managem The Trustee board met 4 time5to review pro8res5 and future objectives through detsiled papers provided by the Secretary. There have a150 been open day Ewents and workin8 partie5to help with the various aspects of achieving the Trust aims. Reference and Admlnlslratlve detalls Trustee have either met online or more recentty thro￿ faCe-to-fa￿ meetings. Trust records including financial records are maintsined bythe Secretsry and ￿cked up regulath. SS8ned on behalf of the Board of Trustees Andrew Goymer Chaimian Date Yew ended 30th June 21ll2 Independent Examiners Examinerfs Report to the Trustees of the Archbishops Palace Conservation Trust (the Registered Charity, number 1173486) I report to the charity Trustees on my examirk*k¥n of the accounts ofthe Charity forthe )*ar ended June 2022. As the Tnth of the Char￿¥0u are reswr&ble k¥the preparatlon ofthe ac£wnts aCC￿￿anCe wlththe quireftw￿ ot the Charities Act 2011 l*he 2011 ktj. I rem In respect of my examirthon ofthe accounts arTied out under sectknn 145 ofthe 2011 Art and in carryin8 Out my examIrk￿lOn S have followed al the awlirable Directions by the Cl￿rIty Commlsslon under settlon 145151(b) of the 2011 P£t. I have wmpleted my examlnation. I confirm material matters have come to my attention in connectk wlth the examlnation ￿lTrg rne cause to belle•e that in any material respect the actounts do not accord wlth those re£ords. I have no ¢orKems and have come across rn other matters in connectlon wth the exam11￿tIon to which attertFon should be drawn In this rewt In cKthrto enable a propèr understanding of the accounts to be reached. Signed CLQJY Name Kelth Lawiey, JP. Barrlsterat law. Chartered Secretsry 23, Tudor Cres¢ert OtFord, Kent.Th14 5Q5 Archblshops Palace Cowrvatlon Trust Year ended 30 June 2022 Thi5 report Is made solety to the Charitys Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Rep)rts} Regulations 21))8. My work has been undertaken so that I might state to the Charty's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purp05e. To the fijllest extent pennitted by law. I do not accept or assume respon5ibilty to anyone other than the Chartty and the Charity's Trustres as a body. for my work or for this report. Your 3tteTrt￿n is drdwn to the fact thatthe Charity has prepared the accounts in accordan￿ with Accounting and Reporting by CharitFes: Ststement of Recornmended Practice applicable to charitles preparing thelr accounts accordance with the Financial Rew>rting Standard applicable in the UK and Republic of Ireland (FR5 1021 in preferen￿ to the Accounting and Rewrting by Charities: Statement of Recommended Practice issued on l April 21Y)5 whKh is referred to in the extant re8ulations but has been withdrawn. l understand that this has been done in order for the accountsto provide a true and fair vlew In accordance with the Generally Accepted Attounting Practice effectNe ft>r reportinz per￿￿S beginning on or after I January 2015. I have completed my examination. I can confinn th•t no matter5 have come to my attention in collnection with the examination giving rne cause to believe that R) any material respect: l. accounting records were not kept in respect of the Charlty as wuired by 5e¢tion 130 of the 2011 A¢. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2LYJ8 other than any requirement that the accounts gr•e a *fue and fairf view which is not matter considered is part of an independent examination. Archblshops Palace Conservatlon Trust Year ended 30 June 2022 Statement of Financial Activities 21lll Totsl Funds Funds Fwd5 Funds Incomlng re50urce5 tharitsble acli¥ttles Unrestritted grants and donations Restritted grants: stsbilisation project Mergers and transfers Book sales 11.249 11,249 IXI.485 I￿.485 37,144 11.280 36 36 Totsl In¢omln8 resources Outgolng resaurces d￿rflatsIe actl¥ltles Consultsnts for design and plannir Stabilisation projert costs OtFord Herita8e expenses Cost of goods sold Palace field upkeep legal costs Insurance Tower and gatehouse costs Accounting and general Offi￿ costs IT & websrte costs I￿￿85 201,770 48N24 7.795 7.795 66,897 403 75 2,418 16,8 66,897 3,465 75 2.418 1.7(h) 675 521 939 675 521 939 342 470 761 1.595 13.168 66J97 80J165 25585 Net irKome lexwKliture) fiwthe year 123W lli.705 Archblshops Palace CoThservth Trust Year ended 30 June 2022 Balance Sheet 2021 Total Funds nds Funds C•pltal and reservts Start of year Net income lexpenditurel for the year 30.(K19 123.587 121.704 7.170 22,839 At year end 2&126 123587 151,713 30.IW)9 Net current assets Cash at Lloyds bank Debtors.. Available restrlrted funds Debtors.. vat refurKI Less.. Creditors: due In le55 th•n one year Total net currert assets 17501 30.IyKI 47,501 107.681 107,681 10,625 114.0931 114.093) 123587 151.713 29.938 10.625 71 2&126 30A)9 Total Assets less Uabllltles 28,126 I23￿87 151,713 J.i.Is Signed Nkk Rushby. Secretary O•ted Archblshops Palace Conservation Trust Year ended 30 June 2022 Notes to the Financial Statements l Accountlng polldes 1.1 Basis of preparation: The financial statements have been prepared under the historical cost Con￿nt￿l￿ wlth items retognised at their costvalues and under the Ststement of Recommended Practice: Accounting and Reporting by CharSties preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and the Republic of Ireknd {FRS 1021 and with the CharitiesAct 2011. 1.2 Income Income is recognised once the charity has entitlement to the income and it is probable that the incorne will be received and the amount of income can be measured reliably. 1.3 Expendlture Expenditure is reco8nised once there 15 a kgal or constructP4e obligation to transfer economk benefft to third party and it is probable that a transfer of economic benefft will be required in settkment and the amount of the obligation can be measured refmbly. 1.4 Fund a¢¢ounting RestrKted funds are fund5 which are to be used in accordance with sperifft reStrict￿•nS imposed by donors or which have been raksed by the charity for particular purpose& 2 Supwt costs None of the Trustees are remunerated. Reimbursement of expenses may be made in certain circumstances. Merger5 and transfevs During the previous year the Charity re￿Ived the assets of the Otford Heritage Collection wlth a view to displaying the items in the Palace Tower when its re5toratKin has been completed. The Charity was also the beneficiary of a transfer of assets from the Charing Pala￿ Trust when that trust was wound up.