This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.
2021-12-31-accounts
| 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 |