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|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|



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## 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<br>year||**1,325,776**|**1,139,665**||888,991|779,065|
|**Cash and cash equivalents at the end of the**<br>**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**<br>**2021**||**Cash **|**flow**|**31 December**<br>**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|





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|**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<br>subsidiary|Shares in<br>subsidiary|Investment<br>Portfolio<br>Restricted|Investment<br>Portfolio<br>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**|**lnvestmen**ts|**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**|