| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| PALMCOURT LIMITED |
| (A COMPANY LIMITED BY GUARANTEE) |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| PALMCOURT LIMITED |
| (A COMPANY LIMITED BY GUARANTEE) |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| PALMCOURT LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
| PALMCOURT LIMITED |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| TRUSTEES |
| COMPANY SECRETARY | S Seidenfeld |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| INDEPENDENT EXAMINER | Sugarwhite Meyer Accountants Ltd |
| Chartered Accountants & Statutory Auditor |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| BANKERS |
| Bootle |
| Merseyside |
| L30 4GB |
| PALMCOURT LIMITED (REGISTERED NUMBER: 03516862) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 28 February 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| REFERENCE AND ADMINISTRATIVE INFORMATION |
| The information is shown on page 1 of the financial statements and forms part of this report. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims for public benefit |
| The charity's properties are used by other charities for educational purposes on a rent free or low rent basis. Palmcourt Ltd provides assistance with day to day running expenses and other costs. |
| The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit. |
| ACHIEVEMENTS AND PERFORMANCE |
| Charitable activities |
| The charity is reliant on donations. Donations increased by 109% compared with the previous year. |
| FINANCIAL REVIEW |
| Reserves policy |
| The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities |
| of the charity. Reserves at the year end stood at £7,598,921 (2024 - £7,431,632). |
| FUTURE PLANS |
| The trustees anticipate that the charity will continue on a similar basis in the foreseeable future. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Charity constitution |
| The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 19 February 1998. |
| Recruitment and appointment of new trustees |
| The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees. |
| Risk management |
| The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| PALMCOURT LIMITED |
| Independent examiner's report to the trustees of Palmcourt Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2025. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
| E Meyer FCA BSc |
| Sugarwhite Meyer Accountants Ltd |
| Chartered Accountants & Statutory Auditor |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| 3 December 2025 |
| PALMCOURT LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 2025 | 2024 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| EXPENDITURE ON |
| Charitable activities | 3 |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 7,431,632 |
| PALMCOURT LIMITED (REGISTERED NUMBER: 03516862) |
| BALANCE SHEET |
| 28 FEBRUARY 2025 |
| 2025 | 2024 |
| Total | Total |
| funds | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| NET ASSETS |
| FUNDS | 11 |
| Unrestricted funds: |
| General fund | 7,598,921 | 7,431,632 |
| TOTAL FUNDS | 7,431,632 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| PALMCOURT LIMITED (REGISTERED NUMBER: 03516862) |
| BALANCE SHEET - continued |
| 28 FEBRUARY 2025 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| PALMCOURT LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Income received by way of donations is accounted for when received. |
| Expenditure |
| Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates. |
| Raising funds comprise the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. |
| Support costs are those incurred to assist the work of the charity but are not direct charitable activities. |
| Grants are only recognised in the accounts when paid. |
| Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Financial instruments |
| The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
| Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. |
| Going concern |
| There are no material uncertainties about the charity's ability to continue. |
| PALMCOURT LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 2. | DONATIONS AND LEGACIES |
| 2025 | 2024 |
| Unrestricted | Total |
| funds | funds |
| £ | £ |
| Donations |
| 3. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 4) | Totals |
| £ | £ | £ |
| Educational facilities | 15,883 | - | 15,883 |
| Support costs | - | 3,037 | 3,037 |
| 15,883 | 3,037 | 18,920 |
| 4. | SUPPORT COSTS |
| Governance |
| costs |
| £ |
| Support costs | 3,037 |
| Support costs, included in the above, are as follows: |
| Finance |
| 2025 | 2024 |
| Total | Total |
| activities | activities |
| £ | £ |
| Bank charges | - | 4 |
| Governance costs |
| 2025 | 2024 |
| Support | Total |
| costs | activities |
| £ | £ |
| Independent examiner's fee | 1,200 | 1,200 |
| Independent examiner's other fees | 1,680 | 1,680 |
| General expenses | 157 | 511 |
| 3,037 | 3,391 |
| PALMCOURT LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 28 February 2025 nor for the year ended 29 February 2024. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 28 February 2025 nor for the year ended 29 February 2024. |
| 6. | AVERAGE STAFF NUMBERS |
| The average number of staff in the year was Nil (2024 - Nil). |
| 7. | TANGIBLE FIXED ASSETS |
| Freehold |
| property |
| £ |
| COST |
| At 1 March 2024 |
| Additions |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Accruals and deferred income |
| PALMCOURT LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans (see note 10) |
| Other loans (see note 10) | 125,888 |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank loans |
| Amounts falling between one and two years: |
| Bank loans - 1-2 years |
| Other loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments: |
| Bank loans more 5 yr by instal | 139,761 | 142,447 |
| One of the charity's bank loans is secured by legal charge over a charity property. |
| 11. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.3.24 | in funds | 28.2.25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 7,431,632 | 167,289 | 7,598,921 |
| TOTAL FUNDS | 167,289 | 7,598,921 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 186,209 | (18,920 | ) | 167,289 |
| TOTAL FUNDS | ( |
) | 167,289 |
| PALMCOURT LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 11. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.3.23 | in funds | 29.2.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 7,363,728 | 67,904 | 7,431,632 |
| TOTAL FUNDS | 7,363,728 | 67,904 | 7,431,632 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 89,100 | (21,196 | ) | 67,904 |
| TOTAL FUNDS | 89,100 | (21,196 | ) | 67,904 |
| 12. | RELATED PARTY DISCLOSURES |
| The charity was in receipt of unrestricted donations from charities in which some of the Trustees have an interest. |