THE PALACE TRUST

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Albert Goodman LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.”

Group structure

1. THE PALACE TRUST · parent
   1. Palace Enterprises (Wells) Limited 1% · England and Wales · to provide a fully catered venue for wedding receptions and other events, together with a catering service in the Bishop's Table Restaurant

Significant events

• “the Trust achieved a surplus of £120,000 in 2024, after two years of losses”
• “the Trust very much enjoyed hosting the crew and cast of Wolf Hall: The Mirror and the Light which gave us excellent coverage and much needed revenue”
• “the Christmas Illuminations were enormously popular in 2024”
• “the launch of a joint entrance ticket with Wells Cathedral proved to be a great success”
• “a new 'Book Nook' to sell second-hand books was created and opened in July”
• “the Café was given a full refurbishment and redecoration”
• “a much-needed refresh of the ladies and accessible facilities in the Stable Yard Area took place”
• “planning permission was granted in late autumn for works in the Community Garden”
• “several successful key staff appointments were made throughout 2024”
• “a new ticketing platform was launched online in January 2024”
• “a new joint ticket, allowing entry to both the Palace and the adjacent Wells Cathedral was launched in April”
• “The East Gallery was opened in February, displaying our own small but significant permanent collection”
• “The Wynne Willson Study was launched; recreating the Drawing Room as it might have been during Bishop Wynne Willson's time”
• “a new, interactive stained-glass sculpture of the Moon in recycled materials by local artist Edgar Phillips was installed in July”
• “the team was delighted to return a surplus of £119,000 in 2024, double the budgeted surplus, representing an improvement of £180,000 on 2023”
• “welcomed 490,500 visitors over the Drawbridge, with 140,170 paid visitors, an 11.8% increase on 2023”
• “a new pop event (a Queen tribute act) saw 600 people enjoying music on the Croquet Lawn”
• “The Christmas Artisan Market was more successful than ever with record numbers of visitors”
• “a very busy Christmas at the Palace, including large numbers of visitors buying a new 'evening only' Christmas Illuminations ticket”
• “the decision to open the site between Christmas and New Year likely added around £25k to income”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +20.6%

  £1,623,185 → £1,957,071

• Cash

  +20.1%

  £927,177 → £1,113,706

• Net assets

  +9.7%

  £1,229,739 → £1,348,811

• Employees

  +9.3%

  43 → 47

• Wages

  +8.3%

  £790,854 → £856,433

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers