| epublic of Ireland (FRS 102). | |
|---|---|
| Charity Number: | 283656 |
| Company Number: | 01592031 |
| Registered Office and | Palace House, Palace Street, Newmarket, Suffolk, CB8 BEP |
| Operational Address: | |
| Auditors: | RSM UKAudit LLP, Blenheim House, Newmarket Road, BurySt |
| Edmunds, Suffolk, IP33 3SB | |
| Bankers: | Barclays Bank pic, 58 High Street, Newmarket, Suffolk, |
| CB8 8GL | |
| Weatherbys Bank, Sanders Road, Wellingborough, Northants, NN8 | |
| 4BX | |
| Investment Managers: | Smith &Williamson Investment Management, 25 Moorgate, London, |
| EC2R 6AY | |
| Museum Director: | Anne-Marie Hogan |
| Company Secretary: | Anne-Marie Hogan |
Claire Sutherland
03/08/22
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Note | Unrestricted | Designated | Restricted | Endowment | 2021 | 2020 | |
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Donations and legacies | 3 | 546,110 | 158,955 | 500,000 | 1,205,065 | 1,389,881 | |
| Charitable activities | 4 | 137,177 | 137,177 | 67,351 | |||
| Other trading activities | 5 | 110,387 | 110,387 | 78,603 | |||
| Investments | 2 | 38 | 107,012 | 107,050 | 87,306 | ||
| Other income | 6 | 252,290 | 252,290 | 285,133 | |||
| Total income | 1,046,002 | 158,955 | 607,012 | 1,811,969 | 1,908,274 | ||
| Expenditure on: | |||||||
| Raising funds | 7 | 202,735 | 202,735 | 342,076 | |||
| Charitable activities | 8 | 736,177 | 285,067 | 220,736 | 1,241,980 | 1,444,974 | |
| Total expenditure | 938,912 | 285,067 | 220,736 | 1,444,715 | 1,787,050 | ||
| Net gains/(losses) on | 16 | 61,987 | 207,582 | 269,569 | (147,895) | ||
| investments | |||||||
| Net | |||||||
| income/(expenditure) | 107,090 | (285,067) | 206 | 814,594 | 636,823 | (26,671) | |
| Transfers between funds | 23/25 | 60,464 | 514,511 | (467,963) | (107,012) | ||
| Net movement in funds | 167,554 | 229,444 | (467,757) | 707,582 | 636,823 | (26,671) | |
| Reconciliation of funds: | |||||||
| Fund balances brought | |||||||
| forward | 23/25 | 433,554 | 13,113,078 | 1,415,636 | 2,689,215 | 17,651,483 | 17,678,154 |
| Fund balances carried | |||||||
| forward | 23/25 | 601,108 | 13,342,522 | 947,879 | 3,396,797 | 18,288,306 | 17,651,483 |
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible fixed assets | 13 | 13,394,000 | 13,224,908 | ||
| Heritage assets | 15 | 278,667 | 272,442 | ||
| Investments | 16 | 2,935,472 | 2,661,167 | ||
| Total fixed assets | 16,608,139 | 16,158,517 | |||
| Current assets | |||||
| Stocks | 18 | 31,329 | 50,655 | ||
| Debtors | 19 | 189,604 | 241,725 | ||
| Cash at bank and in hand | 1,562,493 | 1,325,776 | |||
| Total current assets | 1,783,426 | 1,618,156 | |||
| Liabilities | |||||
| Creditors falling due within one year | 20 | (103,259) | (125,190) | ||
| Net current assets | 1,680,167 | 1,492,966 | |||
| Net assets | 18,288,306 | 17,651,483 | |||
| The funds of the group: | |||||
| Unrestricted funds | |||||
| General fund | 23 | 601,108 | 433,554 | ||
| Designated Palace House fund | 23 | 12,828,011 | 13,113,078 | ||
| Designated Mews Project fund | 23 | 514,511 | |||
| Restricted funds | 25 | 947,879 | 1,415,636 | ||
| Endowment funds | 23 | 3,396,797 | 2,689,215 | ||
| Total group funds | 18,288,306 | 17,651,483 |
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible fixed assets | 14 | 13,380,774 | 13,215,497 | ||
| Heritage assets | 15 | 278,667 | 272,442 | ||
| Investments | 16 | 2,935,473 | 2,661,168 | ||
| Total fixed assets | 16,594,914 | 16,149,107 | |||
| Current assets | |||||
| Stocks | 18 | ||||
| Debtors | 19 | 205,848 | 308,775 | ||
| Cash at bank and in hand | 1,434,896 | 1,139,665 | |||
| Total current assets | 1,640,744 | 1,448,440 | |||
| Liabilities | |||||
| Creditors falling due within one year | 20 | (84,576) | (109,831) | ||
| Net current assets | 1,556,168 | 1,338,609 | |||
| Net assets | 18,151,082 | 17,487,716 | |||
| The funds of the charity: | |||||
| Unrestricted funds | |||||
| General fund | 24 | 463,884 | 269,787 | ||
| Designated Palace House fund | 24 | 12,828,011 | 13,113,078 | ||
| Designated Mews Project fund | 24 | 514,511 | |||
| Restricted funds | 25 | 947,879 | 1,415,636 | ||
| Endowment funds | 24 | 3,396,797 | 2,689,215 | ||
| Total charity funds | 18,151,082 | 17,487,716 |
| Note | 2021 | 2021 | 2020 | |||
|---|---|---|---|---|---|---|
| Group | Charity | Group | Charity | |||
| £ | £ | £ | ||||
| Net cash provided by operating activities | a | 634,567 | 687,369 | 429,330 | 353,145 | |
| Cash flows from investing activities | ||||||
| Interest income | 38 | 793 | 793 | |||
| Investment income | 107,012 | 107,012 | 86,513 | 86,513 | ||
| Movement in investment cash | 4,299 | 4,299 | (11,355) | (11,355) | ||
| Purchase of investments | (250,006) | (250,006) | (492,512) | (492,512) | ||
| Purchase of tangible fixed assets | (493,939) | (488,189) | (75,986) | (75,986) | ||
| Purchase of heritage assets | (6,225) | (6,225) | (5,000) | (5,000) | ||
| Proceeds on disposal of tangible fixed assets | 2,416 | 2,416 | ||||
| Proceeds on disposal of investments | 240,971 | 240,971 | 502,586 | 502,586 | ||
| Cash (used in)/generated by investing | (397,850) | (392,138) | 7,455 | 7,455 | ||
| activities | ||||||
| Increase in cash and cash equivalents in year | 236,717 | 295,231 | 436,785 | 360,600 | ||
| Cash and cash equivalents at the beginning of the year |
1,325,776 | 1,139,665 | 888,991 | 779,065 | ||
| Cash and cash equivalents at the end of the year |
b | 1,562,493 | 1,434,896 | 1,325,776 | 1,139,665 | |
| Relating to: | ||||||
| Cash at bank and in hand | 1,562,493 | 1,434,896 | 1,325,776 | 1,139,665 | ||
| **Note a. Reconciliation of net movement in funds ** | **to net ** | **cash inflow ** | from operating activities | |||
| 2021 | 2020 | |||||
| Group | Charity | Group | Charity | |||
| £ | £ | £ | £ | |||
| Net income/(expenditure) for the year | 636,823 | 663,366 | (26,671) | (27,144) | ||
| Depreciation charge | 307,586 | 303,200 | 318,690 | 313,832 | ||
| Loss/(profit) on disposal of tangible fixed assets | 17,259 | 19,712 | (1,892) | (1,892) | ||
| Investment (gains)/losses | (269,569) | (269,569) | 149,176 | 149,176 | ||
| Investment income | (107,050) | (107,012) | (87,306) | (87,306) | ||
| Decrease in stock | 19,326 | 6,276 | ||||
| Decrease in debtors | 52,121 | 102,927 | 149,323 | 66,544 | ||
| Decrease in creditors | (21,929) | (25,255) | (78,266) | (60,065) | ||
| Net cash provided by operating activities | 634,567 | 687,369 | 429,330 | 353,145 | ||
| Note b. Analysis of changes in net funds | ||||||
| 1 January 2021 |
**Cash ** | flow | 31 December 2021 |
|||
| £ | £ | £ | ||||
| CHARITY - Cash at bank and in hand | 1,139,665 | 295,231 | 1,434,896 | |||
| GROUP -Cash at bank and in hand | 1,325,776 | 236,717 | 1,562,493 |
| 2 | INVESTMENT INCOM | E | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Designated | Endowment | ||||
| Funds | Funds | Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| Listed investments | 107,012 | 107,012 | 86,513 | ||||
| Bank deposits | 38 | 38 | 793 | ||||
| 38 | 107,012 | 107,050 | 87,306 | ||||
| 3 | INCOME FROM DONATIONS AND LEGACIES | ||||||
| Unrestricted | Restricted | Designated | Endowment | ||||
| Funds | Funds | Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| Donations | 546,110 | 158,955 | 500,000 | 1,205,065 | 1,389,881 | ||
| 546,110 | 158,955 | 500,000 | 1,205,065 | 1,389,881 |
| 4 | INCOME FROM CHARITABLE ACTIVITIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Unrestricted income | |||
| Admissions | 104,500 | 60,285 | |
| Other income | 32,677 | 7,066 | |
| 137,177 | 67,351 | ||
| 5 | INCOME FROM OTHER TRADING OPERATIONS | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fundraising activities and shop | 8,625 | ||
| Palace House Trading | 101,762 | 78,603 | |
| 110,387 | 78,603 |
| ER INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Government Coronavirus Job Retention Scheme | 73,894 | 114,139 |
| Government Local Restrictions Support Scheme | 178,396 | 86,000 |
| Insurance claim | 84,994 | |
| 252,290 | 285,133 |
| Unrestricted | Restricted | Designated | Endowment | Total | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Other activities | 1,268 | 1,268 | 513 | |||
| Fundraising activities and | 11,251 | 11,251 | 183,010 | |||
| events | ||||||
| Support costs | 11,289 | 11,289 | 13,834 | |||
| Palace HouseTrading | 178,927 | 178,927 | 144,719 | |||
| 202,735 | 202,735 | 342,076 |
| Unrestricted | Restricted | Designated | Endowment | Total | Total | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Wages | 15,455 | 15,455 | 3,819 | |||
| Exhibitionand | 2,568 | 28,792 | 31,360 | 36,903 | ||
| conservation costs | ||||||
| Support costs | 718,154 | 191,944 | 285,067 | 1,195,165 | 1,404,252 | |
| 736,177 | 220,736 | 285,067 | 1,241,980 | 1,444,974 |
| Support cost | Raising | Charitable | Total | Total |
|---|---|---|---|---|
| funds | activities | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Wages and salaries | 554,007 | 554,007 | 664,702 | |
| Property costs | 455 | 149,449 | 149,904 | 178,957 |
| Depreciation and loss on disposal | 3,302 | 319,610 | 322,912 | 311,940 |
| Advertising and publicity costs | 1,618 | 32,378 | 33,996 | 67,190 |
| Administration costs | 5,914 | 139,721 | 145,635 | 195,297 |
| 11,289 | 1,195,165 | 1,206,454 | 1,418,086 | |
| VEMENT IN TOTAL FUNDS FOR THE YEAR | ||||
| 2021 | 2020 | |||
| This is stated after charging/(crediting): | £ | £ | ||
| Auditor's remuneration: - statutory audit of charity | 16,995 | 15,500 | ||
| - statutory audit of subsidiary | 3,100 | 4,500 | ||
| Accountancy services | 4,375 | 4,240 | ||
| Tax advisory services | 1,285 | 1,250 | ||
| Depreciation of tangible fixed assets | 307,586 | 318,690 | ||
| Loss/(profit) on disposal of tangible fixed assets | 17,259 | (1,891) | ||
| Operating lease rentals- plant & machinery | 6,992 | 15,374 |
| AFF NUMBERS | ||
|---|---|---|
| 2021 | 2020 | |
| Number | Number | |
| Administration | 15 | 15 |
| Visitor Services/Retail | 22 | 22 |
| 37 | 37 |
| 12 | **STAFF COSTS, TRUSTEE REMUNERATION AND THE COST OF KEY MANAGEMENT ** | **STAFF COSTS, TRUSTEE REMUNERATION AND THE COST OF KEY MANAGEMENT ** | PERSONNEL |
|---|---|---|---|
| 2021 | 2020 | ||
£ |
£ | ||
| Wages and salaries | 546,087 | 625,659 | |
| Social security costs | 31,684 | 50,548 | |
| Pension costs | 20,678 | 24,380 | |
| 598,449 | 700,587 |
| 2021 | 2020 | ||
|---|---|---|---|
| Number | Number | ||
| £60,000 | - £70,000 | 1 | |
| £90,001 | -£100,000 |
| Equipment | ||||
|---|---|---|---|---|
| Fixtures | ||||
| Land & | Fittings & | Motor | ||
| Buildings | Furniture | vehicles | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2021 | 14,253,346 | 346,982 | 44,736 | 14,645,064 |
| Additions | 443,306 | 50,633 | 493,939 | |
| Disposals | (132,062) | (24,003} | (156,065) | |
| Transfers | 29,630 | {29,630) | ||
| At 31 December 2021 | 14,726,282 | 235,923 | 20,733 | 14,982,938 |
| Depreciation | ||||
| At 1 January 2021 | 1,140,268 | 235,593 | 44,295 | 1,420,156 |
| Charge for the year | 285,067 | 21,700 | 819 | 307,586 |
| Eliminated on disposals | (114,381) | (24,423} | {138,804) | |
| At 31 December 2021 | 1,425,335 | 142,912 | 20,691 | 1,588,938 |
| Carrying value | ||||
| At 31 December 2021 | 13,300,947 | 93,011 | 42 | 13,394,000 |
| At 31 December 2020 | 13,113,078 | 111,389 | 441 | 13,224,908 |
| 14 | TANGIBLE FIXED ASSETS (CHARITY) | ||||
|---|---|---|---|---|---|
| Equipment | |||||
| Fixtures | |||||
| Land & | Fittings & | Motor | |||
| Buildings | Furniture | vehicles | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January 2021 | 14,253,346 | 324,820 | 44,737 | 14,622,903 | |
| Additions | 443,306 | 44,883 | 488,189 | ||
| Disposals | (131,078) | (24,003) | (155,081) | ||
| Transfers | 29,630 | (29,630) | |||
| At 31 December 2021 | 14,726,282 | 208,995 | 20,734 | 14,956,011 | |
| Depreciation | |||||
| At 1 January 2021 | 1,140,268 | 222,843 | 44,295 | 1,407,406 | |
| Chargefortheyear | 285,067 | 17,314 | 819 | 303,200 | |
| Eliminated on disposals | (110,946) | (24,423) | (135,369) | ||
| At 31 December 2021 | 1,425,335 | 129,211 | 20,691 | 1,575,237 | |
| Carrying value | |||||
| At 31 December 2021 | 13,300,947 | 79,784 | 43 | 13,380,774 | |
| At 31 December 2020 | 13,113,078 | 101,977 | 442 | 13,215,497 |
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost | |||||
| 1 January 2021 | 262,142 | 264,917 | 267,417 | 267,442 | 272,442 |
| Additions | 2,775 | 2,500 | 25 | 5,000 | 6,225 |
| 31 December 2021 | 264,917 | 267,417 | 267,442 | 272,442 | 278,667 |
| Shares in subsidiary |
Shares in subsidiary |
Investment Portfolio Restricted |
Investment Portfolio Endowment |
2021 | 2020 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Market value 1 January 2021 | 1 | 491,699 | 2,140,890 | 2,632,590 | 2,791,840 |
| Additions | 250,006 | 250,006 | 492,512 | ||
| Disposal proceeds | (240,971) | (240,971) | (502,586) | ||
| Realised and unrealised investment | |||||
| losses)/gains | 61,987 | 207,582 | 269,569 | (149,176) | |
| Market value | |||||
| 31 December 2021 | 1 | 553,686 | 2,357,507 | 2,911,194 | 2,632,590 |
| Cash | 2,154 | 22,125 | 24,279 | 28,578 | |
| Total investments at 31 December | |||||
| 2021 | 1 | 555,840 | 2,379,632 | 2,935,473 | 2,661,168 |
| Group | 555,840 | 2,379,632 | 2,935,472 | 2,661,167 | |
| Charity | 1 | 555,840 | 2,379,632 | 2,935,473 | 2,661,168 |
| Historical cost of investments held | |||||
| at 31 December 2021 | |||||
| Group | 548,171 | 2,024,558 | 2,572,729 | 2,565,631 | |
| Charity | 1 | 548,171 | 2,024,558 | 2,572,730 | 2,565,632 |
| VESTMENT IN SUBSIDIARY - CHARITY | |||||
| £ | |||||
| Cost at 1 Januaryand 31 December2021 | 1 |
| Proportion of | ||||
|---|---|---|---|---|
| Name of | Class of | nominal value | Nature of | |
| undertaking | Registered office | shareholding | held directly | business |
| Palace House | Palace House, Palace | Ordinary | 100% | Retail, restaurant, |
| Trading Limited | Street, Newmarket, | café, and event | ||
| (10343747) | Suffolk CB8 BEP | catering services |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Turnover | 101,762 | 78,603 |
| Cost of sales | {62,873) | (34,808) |
| Gross profit | 38,889 | 43,795 |
| Administrative expenses | (120,954) | (109,904) |
| Otheroperating income | 50,583 | 66,589 |
| Interest receivable | 38 | |
| Interest payable | (7) | |
| (Loss)/profitbefore taxation | (31,444) | 473 |
| Tangiblefixed assets | 8,326 | 9,411 |
| Current assets | 163,017 | 239,395 |
| Current liabilities | (432,629) | (478,648) |
| Net liabilities and reserves | (261,286) | (229,842) |
| CK | |||||||
|---|---|---|---|---|---|---|---|
| Group | Charity | ||||||
| 2021 | 2020 | 2021 | 2020 | ||||
| £ | £ | £ | £ | ||||
| Goods | heldfor | resale | 31,329 | 50,655 |
| BTORS | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Trade debtors | 4,497 | 4,458 | 2,693 | 2,587 |
| Amounts owed by subsidiary | 15,424 | 69,679 | ||
| Otherdebtors | 30,617 | 110,717 | 35,528 | 110,670 |
| Prepayments and accrued income | 154,490 | 126,550 | 152,203 | 125,839 |
| 189,604 | 241,725 | 205,848 | 308,775 |
| Group | Group | Charity | Charity | |||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Tradecreditors | 33,610 | 33,913 | 26,816 | 28,597 | ||
| Othercreditors | 19,851 | 32,324 | 19,728 | 32,181 | ||
| Othertaxes and social | security | 12,781 | 14,550 | 12,311 | 14,035 | |
| Accruals and deferred income | 37,017 | 44,403 | 25,721 | 35,018 | ||
| 103,259 | 125,190 | 84,576 | 109,831 | |||
| OUP ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||||
| Heritage | Other tangible | Net current | ||||
| Assets | fixed assets | lnvestments | assets | Total 2021 | ||
| £ | £ | £ | £ | £ | ||
| General fund | 141,978 | 51,478 | 407,652 | 601,108 | ||
| Designatedfunds | 13,342,522 | 13,342,522 | ||||
| Restricted funds | 136,689 | 555,840 | 255,350 | 947,879 | ||
| Endowment fund | 2,379,632 | 1,017,165 | 3,396,797 | |||
| 278,667 | 13,394,000 | 2,935,472 | 1,680,167 | 18,288,306 | ||
| ior year - | ||||||
| Heritage | Other tangible | Net current | ||||
| Assets | fixed assets | Investments | assets | Total 2020 | ||
| £ | £ | £ | £ | £ | ||
| General fund | 135,753 | 111,830 | 20,455 | 165,516 | 433,554 | |
| Designatedfunds | 13,113,078 | - | 13,113,078 | |||
| Restricted funds | 136,689 | 493,852 | 785,095 | 1,415,636 | ||
| Endowment fund | 2,146,860 | 542,355 | 2,689,215 | |||
| 272,442 | 13,224,908 | 2,661,167 | 1,492,966 | 17,651,483 |
| Heritage | Other tangible | Net current | |||
|---|---|---|---|---|---|
| Assets | fixed assets | lnvestments | assets | Total 2021 | |
| £ | £ | £ | £ | £ | |
| General fund | 141,978 | 38,252 | 283,654 | 463,884 | |
| Designated funds | 13,342,522 | 13,342,522 | |||
| Restrictedfunds | 136,689 | 555,841 | 255,349 | 947,879 | |
| Endowment fund | 2,379,632 | 1,017,165 | 3,396,797 | ||
| 278,667 | 13,380,774 | 2,935,473 | 1,556,168 | 18,151,082 | |
| ior year- | |||||
| Heritage | Other tangible | Net current | |||
| Assets | Fixed assets | lnvestments | assets | Total 2020 | |
| £ | £ | £ | £ | £ | |
| General fund | 135,753 | 102,419 | 20,455 | 11,160 | 269,787 |
| Designated funds | 13,113,078 | - | 13,113,078 | ||
| Restrictedfunds | 136,689 | 493,853 | 785,094 | 1,415,636 | |
| Endowment fund | 2,146,860 | 542,355 | 2,689,215 | ||
| 272,442 | 13,215,497 | 2,661,168 | 1,338,609 | 17,487,716 |
| Balance at | Balance at 31 | |||||
|---|---|---|---|---|---|---|
| 1 January | Investment | December | ||||
| 2021 | Income | Expenditure | Transfers | gains | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | 433,554 | 1,046,002 | (938,912) | 60,464 | 601,108 | |
| Designated funds: | ||||||
| Palace Housefund | 13,113,078 | (285,067) | 12,828,011 | |||
| Mews Projectfund | 514,511 | 514,511 | ||||
| Endowmentfunds: | ||||||
| HLF Catalyst | ||||||
| Endowment Fund | 2,158,215 | 107,012 | (107,012} | 207,582 | 2,365,797 | |
| Expendable | ||||||
| endowment | 500,000 | 500,000 | ||||
| Jim Joel Legacy | ||||||
| Scheme | 31,000 | 31,000 | ||||
| Thompson Family | ||||||
| CharitableTrust | 500,000 | 500,000 | ||||
| 16,235,847 | 1,653,014 | (1,223,979) | 467,963 | 207,582 | 17,340,427 | |
| Prior year- | ||||||
| Balance at | Balance at 31 | |||||
| 1 January | Investment | December | ||||
| 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | 32,243 | 1,125,971 | (922,536) | 197,876 | 433,554 | |
| Designated funds: | ||||||
| Palace Housefund | 13,398,145 | (285,067) | 13,113,078 | |||
| Endowment funds: | ||||||
| HLF Catalyst | ||||||
| Endowment Fund | 2,213,309 | 86,513 | (2,305) | (86,513) | (52,789) | 2,158,215 |
| Expendable | ||||||
| endowment | 500,000 | 500,000 | ||||
| Jim Joel Legacy | ||||||
| Scheme | 20,000 | 11,000 | 31,000 | |||
| 15,643,697 | 1,732,484 | (1,209,908) | 122,363 | (52,789) | 16,235,847 |
| Balance at | Balance at 31 | |||||
|---|---|---|---|---|---|---|
| 1 January | Investment | December | ||||
| 2021 | Income | Expenditure | Transfers | gains | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | 269,787 | 921,099 | (787,466) | 60,464 | 463,884 | |
| Designatedfunds: | ||||||
| Palace Housefund | 13,113,078 | (285,067) | 12,828,011 | |||
| Mews Project fund | 514,511 | 514,511 | ||||
| Endowment funds: | ||||||
| HLF Catalyst Endowment | ||||||
| Fund | 2,158,215 | 107,012 | (107,012) | 207,582 | 2,365,797 | |
| Expendable endowment | 500,000 | 500,000 | ||||
| Jim Joel Legacy Scheme | 31,000 | 31,000 | ||||
| Long-term operational | ||||||
| support | 500,000 | 500,000 | ||||
| 16,072,080 | 1,528,111 | (1,072,053) | 467,963 | 207,582 | 17,203,203 | |
| Prior year- | ||||||
| Balance at | Balance at 31 | |||||
| 1 January | Investment | December | ||||
| 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | (131,051) | 980,779 | (777,817) | 197,876 | 269,787 | |
| Designatedfunds: | ||||||
| Palace Housefund | 13,398,145 | (285,067) | 13,113,078 | |||
| Endowmentfunds: | ||||||
| HLF Catalyst Endowment | ||||||
| Fund | 2,213,309 | 86,513 | (2,305) | (86,513) | (52,789) | 2,158,215 |
| Expendable endowment | 500,000 | 500,000 | ||||
| Jim Joel Legacy Scheme | 20,000 | 11,000 | 31,000 | |||
| 15,480,403 | 1,587,292 | (1,065,189) | 122,363 | (52,789) | 16,072,080 |
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| Charity and Group | 1 January | Investment | 31 December | ||||
| 2021 | Income | Expenditure | Transfers | gains | 2021 | ||
| £ | £ | £ | £ | £ | £ | ||
| 1) | Museum Collection | 136,689 | 136,689 | ||||
| Purchases | |||||||
| 2) | Exhibition Donations | 13,439 | 25,000 | (25,000) | 13,439 | ||
| 3) | ProjectPosts Funding | 74,616 | (48,678) | 25,938 | |||
| 4) | Relocation Funds | (13,875) | 13,875 | ||||
| 5) | Education Funds | 32,766 | 34,818 | (36,818) | 30,766 | ||
| 6) | Other | 7,668 | 7,668 | ||||
| 7) | HLF Resilience | 67,708 | (78,620) | 10,747 | (165) | ||
| 8) | Completion ofPermanent | 177,958 | 5,000 | (5,000) | 3,042 | 181,000 | |
| Galleries | |||||||
| 9) | The Hon John Lambton | 919,867 | (444,057) | 58,945 | 534,755 | ||
| Voluntary Settlement | |||||||
| 10) Rank Foundation | (1,200) | 1,200 | |||||
| 11) KickStart | 25,356 | (25,356) | |||||
| 12) COVID continuity | 19,053 | (1,264) | 17,789 | ||||
| 13) Mews garden - ENTRUST | 49,728 | (49,728) | |||||
| 1,415,636 | 158,955 | (220,736) | (467,963) | 61,987 | 947,879 |
| Prior year- | |||||||
|---|---|---|---|---|---|---|---|
| Balance at | Balance at | ||||||
| Charity and Group | 1 January | Investment | 31 December | ||||
| 2020 | Income | Expenditure | Transfers | losses | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| 1) | Museum Collection | 131,689 | 5,000 | 136,689 | |||
| Purchases | |||||||
| 2) | Exhibition Donations | 13,439 | 13,439 | ||||
| 3) | Project Posts Funding | 140,714 | (60,463) | (5,635) | 74,616 | ||
| 4) | Relocation Funds | (13,875) | (13,875) | ||||
| 5) | Education Funds | 11,184 | 55,870 | (25,870) | (8,418) | 32,766 | |
| 6) | Other | 9,414 | (1,746) | 7,668 | |||
| 7) | HLF Resilience | 72,802 | 99,920 | (113,128) | 8,114 | 67,708 | |
| 8) | Completion ofPermanent | 368,204 | 10,000 | (108,862) | (88,764) | (2,620) | 177,958 |
| Galleries | |||||||
| 9) | Retraining ofRacehorses | 27,660 | (27,660) | ||||
| 10) | The Hon John Lambton | 1,033,079 | (20,726) | (92,486) | 919,867 | ||
| Voluntary Settlement | |||||||
| 11) | Rank Foundation | 15,147 | (16,347) | (1,200) | |||
| 12) | Racing Foundation | 225,000 | (225,000) | ||||
| 13) | Jim Joel Legacy Scheme | 5,000 | (5,000) | ||||
| 2,034,457 | 175,790 | (577,142) | (122,363) | (95,106) | 1,415,636 |
| The carrying amount of the Group and Charity's financial instruments at 31 Decemberwere: | The carrying amount of the Group and Charity's financial instruments at 31 Decemberwere: | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Financial assets: | ||
| Measured at fairvalue through SOFA | 2,935,472 | 2,661,167 |
| Total | |||||
|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | 2020 | |
| £ | £ | £ | £ | £ | |
| Incomefrom: | |||||
| Donations and legacies | 694,091 | 175,790 | 520,000 | 1,389,881 | |
| Charitable activities | 67,351 | 67,351 | |||
| Othertrading activities | 78,603 | 78,603 | |||
| Investments | 793 | 86,513 | 87,306 | ||
| Other income | 285,133 | 285,133 | |||
| Total income | 1,125,971 | 175,790 | 606,513 | 1,908,274 | |
| Expenditureon: | |||||
| Raisingfunds | 342,076 | 342,076 | |||
| Charitableactivities | 580,460 | 285,067 | 577,142 | 2,305 | 1,444,974 |
| Total expenditure | 922,536 | 285,067 | 577,142 | 2,305 | 1,787,050 |
| Net (losses)/gains on | (95,106) | (52,789) | (147,895) | ||
| investments | |||||
| Net income/(expenditure) | 203,435 | (285,067) | (496,458) | 551,419 | (26,671) |
| Transfers betweenfunds | 197,876 | - | (122,363) | (75,513) | |
| Net movement infunds | 401,311 | (285,067) | (618,821) | 475,906 | (26,671) |
| Reconciliation offunds: | |||||
| Fund balances brought forward | 32,243 | 13,398,145 | 2,034,457 | 2,213,309 | 17,678,154 |
| Fund balances carriedforward | 433,554 | 13,113,078 | 1,415,636 | 2,689,215 | 17,651,483 |