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2023-03-31-accounts

Company registration number: 2909098 Charity registration number: 1036354

THE NATIONAL BOTANIC GARDEN OF WALES (A company limited by guarantee and not having any share capital)

REPORT OF THE TRUSTEES, STRATEGIC REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Azets Audit Services Limited

Chartered Accountants & Statutory Auditors Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

THE NATIONAL BOTANIC GARDEN OF WALES

Contents

Report of the Trustees incorporating the Strategic Report 1 - 13
Report of the Independent Auditors 14 - 17
Statement of Financial Activities 18
Balance Sheet 19 - 20
Statement of Cash Flows 21
Notes to Financial Statements 22 - 45

THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees are pleased to present their annual directors’ report, which incorporates the strategic report together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 March 2023. These are prepared to meet the requirements for a directors’ report and accounts for Companies Act (2006) purposes.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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).

Unless stated otherwise, all matters reported upon relate to the group and all references to ‘Trustees’ in this report are to the Trustees of the parent charity.

OBJECTIVES AND ACTIVITIES

The purposes of the charity, as set out in its governing document, are to promote for the public benefit:

  1. The advancement of education in the science of plants and related subjects and the conservation of plant species of the world especially those of Wales, Great Britain and Western European Seaboard, in particular but not exclusively by:

  2. (a) The establishment, development and maintenance of a national botanic garden for Wales open to the public;

  3. (b) The establishment of a national conservation asset of local, national and international plant species;

  4. (c) The development of a Centre for research in plant biodiversity and the creation of an exemplar of good horticultural practice;

  5. (d) The provision of formal and informal education and interpretation experiences for people of all ages and abilities particularly to enhance understanding of the interaction of people, plants, landscape and the environment in a sustainable future;

AND

  1. The advancement of public appreciation of Welsh culture and historical heritage by the restoration of the historic landscaped environment and building at the site of the national botanic garden.

The Garden's vision is:

A world that values biodiversity, protects plants and the planet.

The Garden's mission is dedicated to the research and conservation of biodiversity, to sustainability, lifelong learning and the enjoyment of the visitor.

The Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity. Significant activities that were undertaken during the year demonstrate public benefit and are outlined in the attached pages.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

The main achievements and performance of the charity during the year.

The National Botanic Garden of Wales underwent major change through 2022-23. The previous Director, Huw Francis had left the charity after seven years in leadership, on 8 March 2022. The Garden’s Head of Finance, Ms Catrin Evans, was appointed by the Trustees as Interim Director for seven months in 2022-23 until Dr Lucy Sutherland took up her post as Director on 24 October 2022.

During the year there has been significant effort focused on the delivery of major projects:

Several infrastructure projects were also carried out in 2022-23:

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The following Garden achievements in 2022-23 align with its six strategic objectives:

Be a successful visitor destination of international standing that contributes to the economic, social, environmental and cultural well-being of Wales.

Overall, the Garden received 211,877 visits in 2022-23. Gate entry visits returned to pre-COVID numbers with around 160,800 visits (a drop of 31,095 visits in comparison to the vibrant domestic tourism industry in 2021-22). In addition to the gate entry visits, there were 14,079 education visits, 32,000 visits to the Luminate Christmas event, 513 visits to the British Birds of Prey Centre for special experiences and 4,484 visits created through corporate hire activities.

The ‘Yr Oriel Gallery’ was converted to a small café – ‘Caffi Oriel’ - in readiness for summer 2023. This will help to reduce wait times during peak visitation and cater for those visitors who want a quick light lunch or drink. The cafe will display work of local artists for sale through the Garden’s retail shop.

Be an internationally renowned centre for biodiversity conservation and research.

As an iconic Welsh institution, contribute to promoting the status and recognition of Wales at an international level.

Since 2018, scientific papers authored by the Garden have been accessed 53,243 times resulting in 367 citations. The 2022-23 research resulted in publishing three peer-reviewed scientific papers on the foraging preferences of pollinators. The research knowledge was also applied to the Local Places for Nature project, which provided advice to public service board members in Carmarthenshire to improve the shire’s green spaces, as well as the provision of a diversity of plants through the season for pollinators.

The conservation work of the National Seed Bank, established in 2018, is focusing on a population level approach to capture and conserve broad genetic diversity from multiple sites. The efforts are being directed to building collections of plants that are most at risk. Twenty-three high quality seed collections were made from threatened species in Wales this year. The National Seed Bank has now banked 6% (101 taxa) of Wales’ 1467 native and archaeophyte vascular plants. In total, the Welsh origin seed bank collections comprise 181 accessions, of which:

Supported through the Welsh Government funding for the Growing the Future Project, eight Welsh language packs have been launched. These packs have been created by Elin Meek in collaboration with Mentrau Iaith Cymru and the Ganolfan Dysgu Cymraeg Cenedlaethol (National Welsh Language Centre). The packs for learners are designed for entry level, foundation level, intermediate and higher learners and are available in both north and south Welsh dialects.

A significant community history project was realised with the publication of Middleton Hall | A History , written by volunteers and edited by Sara Fox. The book charts the rise, fall and rise again of the Middleton Hall Estate over four centuries in tandem with the fortunes of its owners.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Develop and maintain the horticultural and other collections to the highest curatorial and presentational standards.

The specialist horticulture team continued to care for the national and internationally important plant collections. Specific revitalisation of the following collections was undertaken this year:

The Broadwalk including:

Walled Garden:

Nursery Glasshouses

Great Glasshouse

The team completed the new Plant Reception Facility and the Plant Health and Compliance Policy and Operational Protocol. This has prepared the Garden for expanding its work to be a custodian of living collections from other institutions as a risk management strategy for ex situ collections.

Deliver inspirational informal and accredited education and training in horticulture, plant sciences, conservation, ecology, sustainability, and related STEM subjects, to all ages and abilities, to promote a greater understanding of the importance of the environment in our sustainable future.

The education programme has re-established itself following the impact of COVID. The visit profile has changed and now there are larger group visits and increased elective home education students, which make up 30% of education visits. Health and well-being is a newer focus with 4.6% of visits specifically focusing on this theme.

The Garden continues to provide its horticultural apprenticeship scheme and support the horticultural industry, with funding from private funders and the National Garden Scheme.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Continue to build and secure a financially sustainable organisation to maximise delivery of the core mission activity of the Botanic Garden.

The Garden generates income through a range of visitor and professional services, as reflected in these financial statements. The horticultural team provides professional contracted services to support conservation and biodiversity projects in Wales. Services are being provided to Natural Resource Wales for the reintroduction of threatened Rumex rupestris , Ricardo Energy & Environment and Dŵr Cymru for work on Potamogeton species, as well as the Rivers and Canal Trust to support its work on the restoration of the Montgomery Canal.

The Luminate Christmas event was a pilot for opening up the Garden in the evening to special revenue generating events, which will support the rural economy and contribute a new programme of arts and culture experiences in this part of Wales. This successful event attracted 32,000 people.

Supporters are vital to the Garden. In 2022-23, the Garden administered 4,476 memberships, which is estimated to be around 10,265 members. The Garden also receives income and donations from other supporters. The Trustees would like to thank all partners for their generosity in helping the Garden to achieve its aims and ambitions. The following list recognises some of the most significant supporters who have helped this year:

Plans for 2023-24 and beyond

The Garden continues to strive to create a better future by being at the forefront of plant research, education, and horticulture and public engagement. Realising our full potential will deliver high-quality scientific evidence to inform action, maximise the national and global value of the National Botanical Collection, and enrich and empower individuals and communities through learning and engagement.

Recovering from the pandemic and rebuilding earned income is an ongoing priority, with certain parts of the business still not reaching pre-pandemic levels of activity. The Garden has developed a five-year business plan to guide the organisation forward and to deliver on its 10-year strategic objectives.

The economic environment with the cost-of-living crisis is making trading conditions difficult. The Garden will continue to address this through careful financial and resource management, improving returns from its assets, and providing visitors with a unique experience, as well as value for money.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Garden will enhance its international scientific collaborations. In 2023-24 it is contributing its plantpollinator DNA metabarcoding expertise to a four-year project examining the impact of climate change on floral and pollinator diversity in Arctic habitats with six international institutions.

Increasing accessibility to the herbarium collections is a priority. The National Heritage Lottery confirmed it will be funding an initiative entitled ‘Plants Past Present and Future’ to conserve and digitise the herbarium collection and make it accessible online. This collection has around 33,000 pressed plant specimens, many of which date from the 1800s. Diverse participation and engagement will be a central theme – hands-on assistance from volunteers will be vital, and a new project member of staff will deliver educational outreach in local schools and colleges and the broader public.

In April 2023 a generous donation in honour of Quentin Kay was made. Quentin was a well-respected botanist who contributed significantly to knowledge on British flora and he was actively involved in the establishment of the National Botanic Garden of Wales. This donation will enable our scientists to undertake a project on plant population genetics and the conservation of Welsh species. This project aims to:

A masterplan for the Coedfa Genedlaethol Cymru (National Arboretum of Wales) will be completed in 202324. This plan is to create a nationally important arboretum that engages with all visitors, inspires new communities and audiences and delivers a key learning and conservation resource. A fundraising campaign will support the delivery of this major project, which will take several years to complete.

The preparation of a Living Collections Strategy will guide further development of the Garden’s living collections in 2023-24 and beyond. The strategy will pay particular attention to Welsh native flora and articulate the priorities for horticultural development and plant conservation.

A new health and well-being partnership is being formed with the Hywel Dda University Health Board in Carmarthenshire. Together the organisations will collaborate on the Gwyrddio’r Tir – Shades of Green Project, funded by a Sustainable Communities grant through the UK Government and Carmarthenshire County Council. The project will develop an integrated mosaic of green space that reflects the health and wellbeing needs of patient cohorts, staff groups and community partners associated with the Health Board estate.

Through increased capacity in engagement, our visitor experiences will be increased and diversified as part of an ongoing COVID recovery and business development plan. The Garden will work in partnership with new and existing organisations, including the British Birds of Prey Centre and Tadorna Tours, to deliver various offerings. In addition, it will expand its event programme to include both community and commercial events.

The redesign of the Garden web site will be launched in 2023-24.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Volunteer contribution

The Garden is extremely grateful for the tremendous efforts of the volunteers who are involved in diverse charity activities including operational duties (horticultural, science research, bee-keeping, landscape rangers, library, talks, buggy driving, commercial support, archaeological work, administration and marketing support). The Garden has over 214 active volunteers (excluding our Trustees). In 2022-23, there was a return to pre-COVID levels of volunteering and it resulted in over 25,345 hours (2022: 21,214 hours) of voluntary input, which is the equivalent of 13 full time staff (2022: equivalent to 11 staff). The contribution is valued at £241,000.

Investment performance against the investment objectives.

The Trustees, having regard to the liquidity requirements of the Charity, have kept available funds in interest-bearing deposit accounts and seek to achieve a rate on deposit which matches or exceeds inflation as measured by the retail prices index. Due to wider economic circumstances, deposit rates have been low and inflation high, so this aim was not achieved in the year.

The invested funds held on deposit achieved an average rate of 0.8% (2022: 0.2%) against the retail price index of 13.5% (2022: 9.3%) for the year.

FINANCIAL REVIEW

The group’s financial position at the end of the year ended 31 March 2023:

The financial position of the group at 31 March 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows: -

£
Net income
Unrestricted revenue funds available for the general purposes
of the group
Unrestricted fixed assets
Total unrestricted funds
Designated revenue funds
Total designated funds
Restricted revenue funds
Restricted fixed asset funds
Total restricted funds
Total funds		 2023
2022

£
123,510
877,540
516,985
748,011
6,590,474
5,049,717
7,107,459
5,797,728
200,000
275,000
200,000
275,000
244,388
324,535
19,758,958
20,790,032
20,003,346
21,114,567
27,310,805
27,187,295		 2023
2022

£
123,510
877,540
516,985
748,011
6,590,474
5,049,717
7,107,459
5,797,728
200,000
275,000
200,000
275,000
244,388
324,535
19,758,958
20,790,032
20,003,346
21,114,567
27,310,805
27,187,295
877,540
748,011
5,049,717
5,797,728
275,000
275,000
324,535
20,790,032
21,114,567
27,187,295

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Financial review of the position at the reporting date, 31 March 2023

The financial year ending 31 March 2023 was a disappointing trading year following the 21-22 bounce back from the COVID pandemic. Visitor numbers declined by 16% from 21-22 to pre-pandemic numbers resulting in a small deficit of £6k on operating activities (2022: £328k surplus). Lower visitation and increasing costs contributed to the deficit.

In the year, total resources of £5.3m (2022: £6.1m) were received comprising £3.7m (2022: £3.6m) of unrestricted funds and £1.7m (2022: £2.6m) of restricted income. Total expended resources in the year amounted to £5.2m (2022: £5.3m). £3.7m (2022: £3.2m) was expended from unrestricted funds leaving an unrestricted fund balance carried forward of £7.3m (2022: £6m). £1.5m (2022: £2m) was expended from restricted funds leaving a restricted fund balance carried forward of £20m (2022: £21.1m). Total fund balances at 31 March 2023 were £27.3m (2022: £27.1m).

Specific changes in fixed assets are detailed in the notes to the accounts. Tangible fixed assets at cost or valuation increased to £26.3m (2022: £25.8m) representing £25m (2022: £24.4m) of land, buildings, plant and machinery and £1.4m (2022: £1.4m) in estate vehicles, fixtures and fittings and plants and planting.

Policies on reserves & going concern

Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The Trustees consider that the ideal level of free reserves should be around £1,000,000.

The Garden's reserves policy is informed by:

Unrestricted reserves increased by £1.3m from £6m to £7.3m after transfers from restricted funds. These are funds which are expendable at the Board's discretion in furtherance of the objects or administration of the Charity. However, the Garden saw a drop in its free reserves from £748k to £517k as at 31[st] March 2023 reflecting the deficit for the year and the cost of the closure of various restricted fund projects.

The consolidated balance sheet remains sound with net current assets of £1m (2022: £1.4m) and the ownership of a long leasehold interest. The Garden saw a reduction in its cash balances by £493k in the year reflecting the deficit, capital improvements and reduction in restricted fund cash balances as projects ceased.

The Trustees have reviewed the circumstances of the Garden and group and consider that adequate resources continue to be available to fund the activities of the Garden and group for the foreseeable future. The Trustees are of the view that the Garden and group are a going concern. The Garden aims to continue to build its reserves in the future to ensure financial sustainability.

The Trustees are aware of difficult trading conditions for the foreseeable future given the cost of living crises, high inflation and increased interest rates. The Trustees will monitor costs and activities during the year.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Availability and adequacy of assets of each of the funds

The Board of Trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

The major risks to which the Charity is exposed and reviews and systems to mitigate them

The Trustees have a risk management strategy which comprises:

  1. a bi-annual review of the principal risks and uncertainties that the charity and its subsidiary face; 2. the establishment of policies, systems and procedures to mitigate those risks identified in the biannual review; and

  2. the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

This work has identified that financial sustainability is a financial risk for both the charity and its subsidiary. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, and active management of trade debtors and creditors balances to ensure sufficient working capital is available to the Charity and its subsidiary company.

Attention has also been focused on non-financial risks arising from fire, health and safety of staff, volunteers and the public. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place, and regular awareness training for staff and volunteers working in operational areas.

The Garden has the following strategies for managing the principal risks:

  1. The Garden continues to explore new and profitable brand aligned revenue streams to enhance the Garden's reach and offering as well as reduce its dependency on public sector funding.

  2. The Garden acknowledges the significant value to partnering with other organisations to deliver its mission on a financially sustainable basis and is committed to working to develop these relationships to the benefit of all.

  3. The Garden is now 23 years old and the need to maintain infrastructure across the 568 acres represents a long-term commitment. WG and other capital funding is integral to meeting the costs of repairs and development.

  4. The Garden is aware that its commercial income is related to the economic climate and factors such as available disposable income, public sector spending and the economy in Wales and further afield, and regularly reviews market trends to identify likely impacts on the Garden.

  5. The Garden has received EU grant support in previous years and is actively working to secure alternative funding.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal structure of the charity

The Charity is constituted as a company limited by guarantee. The governing document of the parent charity is the Memorandum and Articles of Association establishing the company under company legislation.

By operation of law, all Trustees are directors under the Companies Act 2006 and all directors are Trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The Trustees of the charity are all individuals and unpaid.

The Company Members of the National Botanic Garden of Wales appoint the Board in accordance with the Garden’s constitution at the annual general meeting. Trustees retire by rotation at the Annual General Meeting and may be re-elected. Any vacancy is advertised openly and the Nominations Committee consider all applications and make recommendations to the Board.

The Trustees developed and approved a new Governance Manual during 2018, to ensure best practice in line with the Nolan Principles for standards in public life, Charity Commission guidance and the Companies Act. The Manual will be provided to all prospective and new Trustees as part of an induction pack during any future Trustee recruitment process.

The charity's organisational structure

The Board of Trustees administers the charity. The Board meets quarterly, and operates separate subcommittees covering nominations, remuneration, finance and audit. A Chief Executive (known as the Director) is appointed by the Trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Trustees and the Governance Manual, for operational matters including finance, employment and operations.

Governance Review

During 2022-23 the Board of Trustees commenced a comprehensive governance review, to consider any changes the Board needed to make to improve overall performance of the organisation. Changes already implemented include strengthening of Board oversight of health and safety issues, and risk management. The review is ongoing and the Board will continue to monitor its effectiveness and performance.

The Chief Executive Officer and other senior management personnel to whom day to day management is delegated:

The senior management personnel of both the Charity and trading subsidiary at the date of approval of the report and during the accounting period were as follows:

ExecutiveSenior Management Team:
Dr LA Sutherland ChiefExecutiveOfficer (Director), appointed October 2022
SCEvans HeadofFinance
D Hardy HeadofMarketingand Communications, left March 2023
M Newbold Head of Marketing & Communications, appointed July 2023
J Smith Head of Facilities & Operations, appointed April 2022
A Summers Curator, left June 2023
CWilliams Head ofHospitality

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Setting pay and remuneration of key management personnel

The Board of directors, who are the Charity's Trustees, and the senior management team, comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All directors give of their time freely and no director received remuneration in the year. There were no directors' expenses or material related party transactions in the year under review.

The pay of the senior staff is reviewed periodically. In view of the nature of the charity, the directors benchmark against pay levels in other regional charities of a similar nature.

The charity as a part of a wider network

The Garden works in partnership with a large number of partner organisations and individual supporters throughout Wales and the wider international community. The areas of partnership include those from horticulture, education, sustainability, conservation, science and research as well as historic landscape, arts and Welsh culture.

The charity’s relationships with related parties.

The Trustees volunteer and none receive remuneration. Any connection between a trustee or senior manager of the charity must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. In the current year no material related party transactions were reported.

The charity’s wholly owned subsidiary, Middleton Garden Limited, was established to operate the commercial catering, conferencing, farm and retail facilities at the Garden. Middleton Garden Limited has a license from the charity to operate those facilities and distributes its profits to the charity (see note to the accounts).

REFERENCE AND ADMINISTRATIVE DETAILS

The legal name of the charitable group is: The National Botanic Garden of Wales

The charity is also known by its operating name, The National Botanic Garden of Wales

Details of the group:

The parent charity is The National Botanic Garden of Wales. The subsidiary is Middleton Garden Limited.

The charity's areas of operation and UK charitable registration:

The charity is registered with the Charity Commission for England & Wales with charity number 1036354 and with Companies House with registration number 2909098.

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023

The principal operating address, telephone number, email and web address of the charity is:

Middleton Hall, Llanarthne, Carmarthen, Carmarthenshire, SA32 8HG Telephone: 01558 667149

Email Address: info@gardenofwales.org.uk Web address: www.botanicgarden.wales

The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

The Trustees in office on the date the report was approved were

Mr D G Davies (Chair) (Reappointed 25 November 2022) Ms Mel Doel Professor I Donnison Mr D Howell Mrs J James (Reappointed 25 November 2022; Stepped down as Vice Chair 25 November 2022)

Mr D Jenkins Mr T Jones (Reappointed 25 November 2022) Ms S Jennings Dr H.S Matthews (Vice-Chair) (Appointed as Vice Chair 25 November 2022) Mrs E Parrott (Resigned 2 June 2023) Dr P Smith Mr R Glyn Thomas (Reappointed 25 November 2022) Professor P Wall Mr S Williams Mr M Woods (Reappointed 25 November 2022) Ms E Whittle

At the Annual General Meeting, one third of the Trustees shall retire and will be eligible for re-election (as per clause 44-46 of the Articles of Association). All the Trustees are also members of the charity.

Bankers:

NatWest Bank, 59 King Street, Carmarthen

Solicitors:

Acuity Legal, 3 Assembly Bay, Cardiff Morgan De La Roche Solicitors, Carmarthen

Auditor:

Azets Audit Services, Ty Derw, Lime Tree Court, Cardiff Gate Business Park, Cardiff, CF23 8AB

Statement as to disclosure of information to auditors

The Trustees state that so far as each of the Trustees at the time this report was approved are aware:

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THE NATIONAL BOTANIC GARDEN OF WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

RESPONSIBILITIES OF THE BOARD OF TRUSTEES

The Trustees (who are also directors of The National Botanic Garden Of Wales) for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the strategic report and the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Trustees on …………………………………………… and signed on behalf of the Board

....................................... Mr JDG Davies – Chair

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE NATIONAL BOTANIC GARDEN OF WALES FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of The National Botanic Garden of Wales (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31[st] March 2023 which comprise the consolidated Statement of Financial Activities, the consolidated and parent Balance Sheet, the consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' 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 group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE NATIONAL BOTANIC GARDEN OF WALES FOR THE YEAR ENDED 31 MARCH 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the groups and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

15

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE NATIONAL BOTANIC GARDEN OF WALES FOR THE YEAR ENDED 31 MARCH 2023

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

16

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE NATIONAL BOTANIC GARDEN OF WALES FOR THE YEAR ENDED 31 MARCH 2023

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, for our audit work, for this report, or for the opinions we have formed.

Andrew Howells

Senior Statutory Auditor For and on behalf of Azets Audit Services Chartered Accountants and Statutory Auditors Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Date ......................................

Azets Audit Services is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

17

THE NATIONAL BOTANIC GARDEN OF WALES STATEMENT OF FINANCIAL ACTIVITIES - CONSOLIDATED FOR THE YEAR ENDED 31 MARCH 2023

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

Note
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Other trading activities
6
Total income and endowments
Expenditure on:
Raising funds
7
Charitable activities
7
Total expenditure
Net income/(expenditure)
8
Transfers between funds
19,21
Net movement in funds
Reconciliation of Funds
Total funds brought forward
19,21
Total funds carried forward
21,22		 Unrestricted
funds
£
734,586
1,586,345
11,030
1,341,587
3,673,548
1,315,934
2,363,930
3,679,864
(6,316)
1,241,047
1,234,731

6,072,728
7,307,459
 Restricted
funds
£
61,291
1,596,605
-
164
1,658,060
-
1,528,234
1,528,234
129,826
(1,241,047)
(1,111,221)
21,114,567
20,003,346
 Total
funds
2023
£
795,877
3,182,950
11,030
1,341,751
5,331,608
1,315,934
3,892,164
5,208,098
123,510
-
123,510
27,187,295
27,310,805
 Total
funds
2022
£
772,975
4,210,871
2,737
1,155,313
6,141,896
1,075,336
4,189,020
5,264,356
877,540
-
877,540
26,309,755
27,187,295

All of the net incoming/ (outgoing) resources are from continuing activities. The company has no recognised gains or losses other than the above.

The notes on pages 22 to 45 form part of the financial statements

18

THE NATIONAL BOTANIC GARDEN OF WALES BALANCE SHEET - CONSOLIDATED AS AT 31 MARCH 2023

Note
Fixed assets:
Tangible assets
12
Current assets:
Stocks
14
Debtors
15
Cash at bank and in hand
Liabilities:
Creditors: Amounts falling due within
one year
16
Net current assets
Net assets
Creditors: Amounts falling due after
one year
17
Total net assets
The funds of the charity:
Restricted income funds
19
Unrestricted funds
General funds
21
Designated funds
20
Total charity funds
22		 2023
£
170,875
502,461
1,394,690
2,068,026
(1,051,653)


7,107,459
200,000
2022
£
£
£
26,349,432
25,839,749
124,597
441,137
1,887,707
2,453,441
(1,020,210)
1,016,373
1,433,231
27,365,805
27,272,980
(55,000)
(85,685)
27,310,805
27,187,295
20,003,346
21,114,567
5,797,728
275,000
7,307,459
6,072,728
27,310,805
27,187,295
2022
£
£
£
26,349,432
25,839,749
124,597
441,137
1,887,707
2,453,441
(1,020,210)
1,016,373
1,433,231
27,365,805
27,272,980
(55,000)
(85,685)
27,310,805
27,187,295
20,003,346
21,114,567
5,797,728
275,000
7,307,459
6,072,728
27,310,805
27,187,295
27,272,980
(85,685)
27,187,295
21,114,567
6,072,728
27,187,295

These financial statements were approved by the Board of Directors/Trustees on ……………………………………………..

.........................................

D Howell – Chair of the Audit & Finance Committee

The notes on pages 22 to 45 form part of the financial statements

19

THE NATIONAL BOTANIC GARDEN OF WALES BALANCE SHEET - CHARITY AS AT 31 MARCH 2023

Note
Fixed assets:
Tangible assets
12
Investments
13
Current assets:
Stocks
14
Debtors
15
Cash at bank and in hand

Liabilities:
Creditors: Amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after one
year
17
Total net assets
The funds of the charity:
Restricted income funds
19
Unrestricted funds
General funds
21
Designated funds
20
Total charity funds
22		 2023
£
£
26,344,666
1
26,344,667
17,802
593,409
1,392,313
2,003,524

(986,540)
1,016,984
27,361,651
(55,000)
27,306,651
20,003,346
7,103,305
200,000
7,303,305
27,306,651		 2022
£

16,262
493,109
1,885,276
2,394,647
(960,801)


5,790,761
275,000
£
25,832,166
1
25,832,167
1,433,846
27,266,013
(85,685)
27,180,328
21,114,567
6,065,761
27,180,328

These financial statements were approved by the Board of Directors/Trustees on ………………………………………..

.........................................

D Howell – Chair of the Audit & Finance Committee

The notes on pages 22 to 45 form part of the financial statements

20

THE NATIONAL BOTANIC GARDEN OF WALES STATEMENT OF CASH FLOWS - GROUP FOR THE YEAR ENDED 31 MARCH 2023

Note
Net cash provided by operating activities
25
Cash flows from investing activities:
Dividends, interest and rents from investments
5
Purchase of property plant and equipment
12
Proceeds from disposal of fixed assets
Net cash used in investing activities

Cash flows from financing activities:
Repayments of borrowing
25
Net cash (used in)/ from financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
25		 2023
£
1,069,840
11,030
(1,561,065)
11,638
(1,538,397)
(24,460)
(24,460)

(493,017)
1,887,707
1,394,690		 2022
£
2,412,318
2,737
(582,299)
5,500
(574,062)
(1,375,460)
(1,375,460)
462,796
1,424,911
1,887,707

The notes on pages 22 to 45 form part of the financial statements

21

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Legal form and address

The National Botanic Garden of Wales is a private company limited by guarantee incorporated in England and Wales. The registered office is Neuadd Deg, Middleton Hall, Llanarthne, Carmarthenshire, SA32 8HG.

Basis of preparation

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Middleton Garden Limited on a line by line basis.

No separate statement of financial activities and income and expenditure account has been presented for the Charity alone as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the Statement of Recommended Practice: Charities SORP (FRS 102).

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 March 2024, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. The Trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern.

22

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the board in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Income recognition

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from charitable activities and trading income is recognised in the period to which the service relates with any amounts received in advance being deferred.

Retail, café and plant sales are recognised at the date of sale.

No amounts are included in the financial statements for services and time donated by volunteers. Interest on funds is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

23

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

An analysis has been provided for the charitable activities on a departmental basis.

Costs where possible are attributed directly to the activity to which they relate. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Taxation

As a registered charity The National Botanic Garden of Wales is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects’ purposes only.

Fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses, or in cases where fixed assets have been donated to the charity, at valuation at time of acquisition.

Individual fixed assets costing £1,000 or more are capitalised at cost.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freeholdpremises and leasehold land 0% % straight line
Leaseholdpremises 2% % straight line
Plant and machinery 4% - 33% % straight line
Motor vehicles 10% - 25% % straight line

A regular annual review of the likelihood of asset impairment is undertaken.

24

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

Plant Collection

No depreciation is provided on the plant collection because it is the practice to maintain and renew the plants on a continual basis. Accordingly, the life is so long and the residual value so high that the Trustees consider that depreciation calculated in accordance with accepted accounting standards would be immaterial.

Accounting for capital grants and fixed asset funds.

Where the terms of the gift require the charity to hold the asset on an ongoing basis for a specific purpose, then the fixed asset fund so created is categorised as a restricted fixed asset fund, and the relevant restrictions are noted in the fixed asset note in the financial statements.

Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an unrestricted basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then the fixed asset is transferred to unrestricted funds.

As the related assets are depreciated, in accordance with the depreciation policy, in order to reflect the diminution in the asset, a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, as appropriate to the terms of the original gift, if any.

Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised.

Investments

Investments relate to 100% of the share capital of the charity's wholly owned trading subsidiary and is recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price after taking into account all further costs and excess stocks that are slow moving.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

25

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pensions

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due and are allocated against unrestricted funds.

Operating Leases

Rental charges are charged on a straight-line basis over the term of the lease.

26

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
£
Donations
103,563
Legacy
-
Grants
631,023
734,586		 Restricted
funds
£
61,291
-
-
61,291		 Total
2023
£
164,854
-
631,023
795,877		 Total
2022
£
133,752
5,958
633,265
772,975

Grants were received from the following sources:

Welsh Government (Core)
Welsh Government – Rural Development Wales		 Total
2023
£
594,000
37,023
631,023		 Total
2022
£
594,000
39,265
633,265

27

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. INCOME FROM CHARITABLE ACTIVITIES

Group
Unrestricted
funds
£
Admission fees
848,191
Educational and contract income
171,822
Grants
30,662
Membership income
270,904
Other income
103,133
Plant and seed sales
161,633
1,586,345
Grants were received from the following sources:
Group
Unrestricted
funds
£
Apprenticeship Fund
European Regional Development
Fund & Leader Funds
-
RHS Flourish Fund
-
Welsh Government Landfill Tax
Community Scheme
-
HMRC Job Retention Scheme
-
The National Lottery Heritage Fund
-
The Waterloo Foundation
15,000
Welsh Government Capital Funds
-
Welsh Government Enabling Natural
Resources and Wellbeing
-
British Soil Association
982
Welsh Government Visit Wales –
Brilliant Basics
-
Royal Botanic Garden Kew
14,500
Swansea Bay University Health
Board
-
Other funds
180
30,662
5.
INVESTMENT INCOME
Group and charity
Unrestricted
funds
£
Bank interest
11,030
11,030		 Restricted
funds
£
-
1,448
1,595,137
-
20
-
1,596,605
Restricted
funds
£
5,000
99,122
-
-
-
241,224
-
1,320,000
(130,825)
-
14,852
-
45,764
-
1,595,137
Restricted
funds
£
-
-		 Total
2023
£
848,191
173,270
1,625,799
270,904
103,153
161,633
3,182,950
Total
2023
£
5,000
99,122
-
-
-
241,224
15,000
1,320,000
(130,825)
982
14,852
14,500
45,764
180
1,625,799
Total
2023
£
11,030
11,030		 Total
2022
£
1,102,839
90,956
2,553,155
273,143
22,562
168,216
4,210,871
Total
2022
£
23,000
178,208
14,500
39,920
14,140
138,058
-
1,725,000
355,181
-
65,148
-
-
-
2,553,155
Total
2022
£
2,737
2,737

28

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. OTHER TRADING ACTIVITIES

Group
Unrestricted
funds
£
Corporate and wedding income
87,851
Event income
30,196
Food and drink sales
703,837
Other sales
8,044
Renewable income
70,084
Rental income
66,203
Sale of goods
375,372
1,341,587		 Restricted
funds
£
-
-
-
-
-
-
164
164		 Total
2023
£
87,851
30,196
703,837
8,044
70,084
66,203
375,536
1,341,751		 Total
2022
£
36,834
4,741
726,231
1,392
41,952
42,367
301,796
1,155,313

TOTAL INCOME

Income has been generated from the following categories:

Middleton Garden Limited
Horticulture
Education
Admission and membership
Operations and central
Fundraising and events
Science
Restricted funds		 Total
2023
£
1,366,911
80,523
138,096
1,207,204
771,725
57,637
51,452
1,658,060
5,331,608		 Total
2022
£
1,265,830
43,928
63,022
1,468,903
704,134
4,543
4,741
2,586,795
6,141,896

29

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. EXPENDITURE ON CHARITABLE ACTIVITIES

Advertising and
marketing
Audit fees
Bad debt
Catering consumables
Cleaning and waste
management
Depreciation
Educational and research
expenditure
Equipment hire, repairs
and maintenance
Event and attraction
expenses
Farm expenses
Health and safety
Horticulture costs
Insurance
Interest, card and bank
charges
IT costs
Lease costs
Legal and professional
fees
Light, heat, power
Loss on sale of asset
Other costs
Other staff and volunteer
costs
Printing, postage,
stationery
Premises repairs and
maintenance
Purchases
Rent, rates and water
Subscriptions and licenses
Telephone and mobiles
Translation and
interpretation
Travel and subsistence
Wages and salaries
 Raising
funds
£
55,079
-
-
28,852
4,835
3,774
91
6,915
10,644
-
20
810
-
-
19,766
-
4,576
516
-
124
2,205
8,151
1,200
505,609
-
9,597
140
-
330
652,699
1,315,933
 Direct
£
7,743
-
-
141
38,412
994,474
9,107
61,510
8,129
10,351
8,810
52,570
105,871
86
24,062
(1,288)
92,913
257,561
32,748
4,819
30,401
19,387
140,056
88,995
18,966
9,533
19,528
6,459
12,330
1,370,182
3,423,856
 Support
Governance
£
£
1,101
-
-
13,983
413
-
-
-
205
-
8,748
-
14
-
449
-
1,548
-
-
-
778
-
67
-
-
-
40,464
-
26,983
-
7,472
-
9,317
-
66
-
-
-
2,049
-
68,900
-
4,275
-
-
-
336
-
25
-
3,528
-
853
-
-
-
8,638
-
268,097
-
454,326
13,983		 Total
2023
£
63,923
13,983
413
28,993
43,452
1,006,996
9,212
68,874
20,321
10,351
9,608
53,447
105,871
40,550
70,811
6,184
106,806
258,143
32,748
6,992
101,506
31,813
141,256
594,940
18,991
22,658
20,521
6,459
21,298
2,290,978
5,208,098		 Total
2022
£
69,163
12,028
1,878
28,877
35,054
989,623
27,378
140,112
19,625
13,472
2,913
84,113
72,346
34,883
62,062
6,062
152,757
216,790
8,463
9,629
120,946
34,856
232,401
502,702
16,271
22,893
18,361
36,809
17,913
2,273,976
5,264,356

30

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

Costs have been expended from the following categories:

8.

2023
£
Middleton Garden Limited
1,185,516
Horticulture
446,278
Education
126,465
Admission and membership
148,946
Operations and central
1,448,700
Fundraising and events
205,754
Science
90,747
Interpretation
27,458
Restricted funds
1,528,234
5,208,098
NET INCOME FOR THE YEAR
Net income for the period was stated after charging:
2023
Group
£
Auditors remuneration:
Audit fees
12,983
Accountancy services
1,000
Depreciation
1,006,996
Operating leases
14,362		 2022
£
1,184,602
459,159
74,795
146,640
1,088,770
145,133
94,864
32,673
2,037,720
5,264,356
2022
£
11,028
1,000
989,624
10,505

9. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL

Wages and salaries
Freelance and contracted labour
Social security costs
Pension costs (defined contribution scheme)		 Total
2023
£
2,236,561
49,400
153,346
71,095
2,510,402		 Total
2022
£
2,015,002
60,460
128,359
70,156
2,273,977

31

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL (continued)

The number of employees whose annual remuneration was £60,000 or more were:

£70,000 - £79,999
Number of staff to whom benefits are accruing:
Key management personnel		 Total
2023
£
1
1
Total
2023
£
1
1		 Total
2022
£
1
1
Total
2022
£
1
1

Number of staff to whom benefits are accruing:

Employer pension contributions for the above employee totalled £9,694 (2022: £4,789).

Key management personnel

The key management personnel of the charity and the group, as noted in the trustees’ report, received benefits (including gross salary, employer’s national insurance contributions and employer’s pension contributions) of £304,952 (2022: £397,197).

Redundancy and termination payments

During the year, no termination payments were made (2022: £23,206). There were no amounts outstanding at the current or prior year end.

Transactions with trustees.

No trustee was remunerated or was reimbursed for expenses during the current or prior year.

Transactions with Trading Subsidiary

Middleton Garden Limited is the charity's wholly owned subsidiary.

The following transactions between the two organisations are noted below:

Related Party transactions:

During the year the charity charged Middleton Garden Limited £118,556 (2022: £114,914) in management fees.

During the year Middleton Garden Limited gifted the charity £64,325 (2022: £84,879).

As at 31 March 2023 Middleton Garden Limited owed the charity £93,501 (2022: £51,972).

32

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. STAFF NUMBERS

Group

The average number of staff employed by the group during the year was as follows:

2023
No.
114
114		 2022
No.
113
113

The average number of full-time equivalent employees employed during the year was as follows:

Charitable activities
Fundraising activities
Management and administration		 2022
No.
70
1
14
85		 202
No.
78
1
12
91

11. DEFINED CONTRIBUTION PENSION SCHEMES

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Pension costs are allocated to activities in proportion to the related staffing costs incurred.

The charge to the profit or loss in respect of defined contribution schemes was £71,095 (2022: £70,156).

There were no amounts outstanding as at 31 March 2023, (2022: £ nil).

33

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS

ANGIBLE FIXED ASSETS
Group
Cost
At 1 April 2021
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Charity
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Land and
buildings
£
30,078,115
1,291,354
(31,256)
31,338,213
10,262,676
500,378
(5,272)
10,757,782
20,580,431
19,815,439
30,078,115
1,291,354
(31,256)
31,338,213
10,262,676
500,378
(5,272)
10,757,782
20,580,431
19,815,439		 Plant and
machinery
Fixtures,
fittings,
vehicles and
plants
£
£
9,574,499
2,340,826
160,500
109,211
(57,638)
(97,562)
9,677,361
2,352,475

4,916,496
974,519
425,350
81,268
(48,305)
(88,493)
5,293,541
967,294

4,383,820
1,385,181
4,658,003
1,366,307
9,562,151
2,337,314
160,500
109,211
(57,638)
(97,562)
9,665,013
2,348,963

4,908,631
974,107
422,533
81,268
(48,305)
(88,493)
5,282,859
966,882

4,382,154
1,382,081
4,653,520
1,363,207		 Total
£
41,993,440
1,561,065
(186,456)
43,368,049
16,153,691
1,006,996
(142,070)
17,018,617
26,349,432
25,839,749
41,977,580
1,561,065
(186,456)
43,352,189
16,145,414
1,004,179
(142,070)
17,007,523
26,344,666
25,832,166

34

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. TANGIBLE FIXED ASSETS (continued)

NBV of assets under finance leases
Depreciation on the above
Total of assets funded by restricted reserves		 2023
2022
£
£
3,270,400
3,539,200
268,800
268,800
19,758,958
20,790,032

13. TRADING SUBSIDIARY

Name of subsidiary: Middleton Garden Limited
Company Number: 3080697
Company Registration: England and Wales
Registered Office: Same as parent charity
Activities: Trading enterprise encompassing:
Livestock sales, retail sales, restaurant, café, plant sales, corporate hire
and hospitality
Investment Value: £1
Holding: 100%
Share Type: Ordinary
2023 2022
£ £
Profit and Loss Account
Turnover 1,366,911 1,267,665
Expenditure (1,304,072) (1,184,589)
Operating profit 62,839 83,076
Statement of Changes in Equity
Balance brought forward
6,966		 8,769
Profit and total comprehensive income
for the period 62,839 83,076
Distributions to parent charity under gift
aid (65,655) (84,879)
Balance carried forward 4,149 6,966
Capital and Reserves:
Reserves 4,148 6,965
Share capital 1 1
4,149 6,966

35

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14.
STOCK
Group
Stock
Charity
Stock
15.
DEBTORS
Group
Trade debtors
Prepayments
Other debtors
Charity
Trade debtors
Prepayments
Other debtors
Amounts owed by group undertakings		 Total
2023
£
170,875
170,875
17,802
17,802
Total
2023
£
33,363
79,528
389,570
502,461
27,994
79,528
389,571
96,316
593,409		 Total
2022
£
124,597
124,597
16,262
16,262
Total
2022
£
22,266
107,823
311,048
441,137
22,266
107,823
311,048
51,972
493,109

36

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Bank loans and overdrafts
Trade creditors
Deferred income
Accruals
Taxation and social security
Other creditors
Charity
Bank loans and overdrafts
Trade creditors
Deferred income
Accruals
Taxation and social security
Other creditors		 Total
2023
£
19,225
798,792
8,348
193,387
31,697
204
1,051,653

19,225
739,822
8,348
187,243
31,697
205
986,540		 Total
2022
£
13,000
452,270
40,040
502,511
-
12,389
1,020,210
13,000
392,861
40,040
502,511
-
12,389
960,801

Deferred Income relates to:

Deferred income relates to rental income and grants received in advance relating to the 2023/24 financial year.

Movement in deferred income

Group
Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous periods
Balance at the end of the reporting period
Charity
Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous periods
Balance at the end of the reporting period		 2023
£
40,040
34,511
(66,203)
8,348
40,040
34,511
(66,203)
8,348		 2022
£
466
81,941
(42,367)
40,040
466
81,941
(42,367)
40,040

37

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. CREDITORS: AMOUNT FALLING DUE AFTER ONE YEAR

Group & Charity
Loans
The balance can be broken down as follows:
Less than one year
Between 2 and 5 years		 Total
2023
£
55,000
55,000
19,225
55,000
74,225		 Total
2022
£
85,685
85,685
13,000
85,685
98,685

Loans included in the above include £68,000 (2022: £80,000) due to Welsh Government which is due to be repaid in 2027 and has no interest attached to it and £6,225 (2022: £18,685) due to The Esmee Fairburn Foundation which is due to be repaid in 2023 and carries a 6% interest charge.

18. ASSETS OF THE CHARITY CHARGED TO MEET ITS LIABILITIES

A legal mortgage is in place on the company’s freehold land and leasehold buildings in favour of The National Lottery Communities Fund to secure all monies and liabilities advanced by the Fund to the company. This mortgage restricts the use of the assets to that of a botanical garden. The Welsh Government and Lombard Property Facilities Limited also have legal charges over part of the leasehold and freehold land of the company. NatWest Bank has a registered debenture, but there are currently no borrowings outstanding.

Total Total
2023 2022
£ £
Amount secured is estimated to be: 19,758,958 20,790,032

The garden entered into a legal charge in 2018 with The National Lottery Heritage Fund to secure all monies and liabilities owed to it at any one time, up to £3.6m.

38

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. RESTRICTED FUNDS

19.
RESTRICTED FUNDS
Group and charity
Apprenticeship Scheme
Brilliant Basics Fund
Caru Natur Cymru’/Biophilic
Wales Project
Archives fund
Fixed Asset Fund
Flourish fund
Grantscape
Growing the Future
Postcode Lottery
Regency Restoration Fund
Sustainable Management
Scheme
Leader 2022
Feasibility Studies
National Forest for Wales
Project
Conserving Welsh Plants
 Balance at
1 April
2022
£
104,595
15,493
150,204
-
20,790,032
12,318
(1,916)
54,738
12,959
(134,254)
110,398
-
-
-
-
21,114,567		 Income
£
26,200
14,852
(85,061)
1,000
1,325,000
-
-
139,092
-
241,314
(43,337)
-
19,000
-
20,000
1,658,060		 Expenditure
£
(61,692)
(2,775)
(50,431)
(895)
(1,046,962)
(10,400)
(8,681)
(196,053)
(7,101)
(107,356)
-
(18,163)
-
(17,725)
-
(1,528,234)
 Transfers
£
1,396
(27,570)
(4,004)
-
(1,309,112)
-
617
(35,532)
(1,399)
196,962
(67,061)
4,656
-
-
-
(1,241,047)
 Balance at
31 March
2023
£
70,499
-
10,708
105
19,758,958
1,918
(9,980)
(37,755)
4,459
196,666
-
(13,507)
19,000
(17,725)
20,000
20,003,346

Apprenticeship Scheme – This scheme funds apprenticeship placements for horticultural trainees. It is supported by a combination of private donations and the National Garden Scheme.

Brilliant Basics Fund

This is a grant received from Visit Wales via Welsh Government to fund improved visitor facilities through the provision of Changing Places toilets, improving existing toilets and installing a new accessible family & disabled changing facility.

Caru Natur Cymru’/Biophilic Wales Project - Our ‘Caru Natur Cymru’/Biophilic Wales project ceased in March 2022 but was extended for a year with funds from the Swansea Bay University Health Board. It aimed to increase the well-being of people, biodiversity and the environment within the health board area creating nature themed green spaces.

Archives fund – This represents donations received to support the maintenance of the Garden’s archive and volunteer archives group.

Fixed Asset Fund - The purpose of these funds is described under the accounting policy ‘Accounting for capital grants and fixed asset funds’. Restricted fixed asset fund relate to the purchase, development and maintenance of the botanic garden. The Millennium Commission supported the project by approving grants for £22.3m and the European Regional Development Fund by £6.3m. The Welsh Government (including funds from Welsh Development Agency and Wales Tourist Board) also provided restricted grant funding of £4.8m.

39

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. RESTRICTED FUNDS (continued)

Flourish Fund

This award from the RHS helped to build on our existing education, training and apprenticeship opportunities, in particular developing a new pathway into our horticulture apprenticeship scheme whilst linking with new and diverse audiences.

Grantscape Fund

This grant is from Welsh Government ‘s Landfill Disposal Tax Community Scheme 2020-21 and will enable the Garden to improve the condition of its hay meadow habitat on the Waun Las National Nature Reserve and showcase how nature and farming can work in harmony.

Growing the Future – This is a five-year Welsh Government Rural Communities – Rural Development Programme 2014-2020 project designed to promote Welsh horticulture, plants for pollinators, protection of wildlife and the virtues of growing food for health and well-being. It is funded by the European Agricultural Fund for Rural Development and Welsh Government.

Postcode Lottery Fund– This project supports the delivery of horticultural and outdoor courses for health and well-being as part of our education programme.

Regency Restoration – This 7 year-long project restored the Garden’s historic parkland to its original 19[th] century Regency waterpark landscape and was completed in June 2022. The Garden now features a necklace of seven lakes, cascades, falls and weirs created more than 200 years ago, together with a Regency planting scheme which formed the heart of its parkland. It was funded by the Heritage Lottery Fund, Garfield Weston Foundation, Monument Trust, The Mercers’ Company, Welsh Government, Esmee Fairbairn Trust, Patsy Wood Trust and other generous donations. The balance of the fund aims to support the management and maintenance of the area and employ a heritage officer to safeguard the historic assets of the Garden.

Sustainable Management Scheme – This is a Welsh Government Rural Communities – Rural Development Programme 2014 – 2020 funded project which ceased activity in January 2022. Known as the Dyffryn Tywi – Tirwedd Hanes Ein Bro project it aimed to establish a strategic, landscape-scale collaborative approach to sustainable management of the historic landscape character of the Tywi Valley.

Leader 2022 - The objective of this 12-month LEADER funded project was to pilot the use of digital technology in the form of GIS (Geographical Information Systems) resources to help support tourism in the Tywi Valley.

Feasibility Study – This study aims to establish the feasibility of establishing a sculpture trail within the Garden, funded by the Mosawi Foundation, Colwinston Charitable Trust and Waterloo Foundation.

National Arboretum for Wales/Coedfa Genedlaethol Cymru – This project aims to create a nationally important arboretum that engages with all visitors, inspires new communities and audiences and delivers a key learning and conservation resource. A fundraising campaign will support the delivery of this major project, which will take several years to complete. The Garfield Weston Foundation have agreed to fund the initial design stages of the project.

Conserving Welsh Plants - This represents a donation received to enhance our Conserving Welsh Plants display.

Transfers – relate to capital movement on the fixed asset fund comprising restricted fund capital expenditure and other items allocated to unrestricted funds.

40

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. RESTRICTED FUNDS (continued)

Previous year
Group and charity
Fixed Asset Fund
Growing the Future
Regency Restoration
Apprenticeship Scheme
The Waterloo Foundation /
Borneo
Welsh Government - Sundry
Caru Natur Cymru’/Biophilic
Wales Project
Postcode Lottery
Sustainable management
scheme
Brilliant Basics Fund
Coronavirus Job Retention
Scheme
Grantscape
RHS Flourish Fund
 Balance at
1 April
2021
£
21,746,832
461,281
(56,781)
107,307
2,240
2,750
44,900
17,801
158,802
-
-
-
-
22,485,132		 Income
£
1,725,000
(31,355)
138,228
47,000
-
-
355,181
-
219,034
65,148
14,140
39,920
14,500
2,586,796		 Expenditure
£
(954,716)
(372,158)
(168,651)
(49,712)
-
-
(240,859)
(4,842)
(229,628)
(14,972)
-
(2,182)
(2,037,720)
 Transfers
£
(1,727,084)
(3,030)
(47,050)
-
(2,240)
(2,750)
(9,018)
-
(37,810)
(49,655)
832
(41,836)
-
(1,919,641)
 Balance at
31 March
2022
£
20,790,032
54,738
(134,254)
104,595
-
-
150,204
12,959
110,398
15,493
-
(1,916)
12,318
21,114,567

20. DESIGNATED FUNDS

Group and Charity
General fund
Property asset
development fund
Project development fund		 Balance at
1 April
2022
£
125,000
54,835
95,165
275,000		 Income
Expenditure
£
£
-
-
-
-
-
-
-
-		 Transfers
£
75,000
(54,835)
(95,165)
(75,000)		 Balance at
31 March
2023
£
200,000
-
-
200,000

General fund – this fund has been set aside to meet additional costs arising from the cost of living crisis.

Project development fund -this was established in order to meet the costs of future feasibility studies, provide initial project seed money, including providing match funding for new and/or ongoing projects. As at 31 March 2023, this fund was utilised and no longer required.

Property asset development fund – this was created to contribute towards planned capital infrastructure costs with an aim of improving the facility and/or increasing commercial returns. As at 31 March 2023, this fund was utilised and now not required.

41

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. UNRESTRICTED FUNDS

Group
General unrestricted funds
Designated funds

Charity
General unrestricted funds
Designated funds

Previous year
Group
General unrestricted funds
Designated funds

Charity
General unrestricted funds
Designated funds
 Balance at
1 April
2022
£
5,797,728
275,000
6,072,728
5,790,761
275,000
6,065,761
Balance at
1 April
2021
£
3,824,623
-
3,824,623
3,815,810
-
3,815,810		 Income

£
3,673,548
-
3,673,548

2,291,773
-
2,291,773

Income
£
3,555,100
-
3,555,100

2,374,147
-
2,374,147
 Expenditure
£
(3,679,864)
-
(3,679,864)
(2,295,276)
-
(2,295,276)
Expenditure
£
(3,226,636)
-
(3,226,636)
(2,043,837)
-
(2,043,837)
 Transfers
£
1,316,047
(75,000)
1,241,047
1,316,047
(75,000)
1,241,047
Transfers
£
1,644,641
275,000
1,919,641
1,644,641
275,000
(1,919,641)		 Balance at
31 March
2023
£
7,107,459
200,000
7,307,459
7,103,305
200,000
7,303,305
Balance at
31 March
2022
£
5,797,728
275,000
6,072,728
5,790,761
275,000
6,065,761

42

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
Group
£
Fixed assets
6,590,474
Net current assets
571,985
Long term liabilities
(55,000)
7,107,459
Charity
Fixed assets
6,585,708
Investments
1
Net current assets
572,596
Long term liabilities
(55,000)
7,103,305
Previous year
Unrestricted
funds
Group
£
Fixed assets
5,049,717
Net current assets
833,696
Long term liabilities
(85,685)
6,072,728
Charity
Fixed assets
5,042,134
Investments
1
Net current assets
834,311
Long term liabilities
(85,685)
6,066,761		 Designated
funds
£
-
200,000
-
200,000

-
-
200,000
-
200,000

Designated
funds
£
-
275,000
-
275,000
-
-
275,000
-
275,000		 Restricted
funds
£
19,758,958
244,388
-
20,003,346
19,758,958
-
244,388
-
20,003,346
Restricted
funds
£
20,790,032
324,535
-
21,114,567
20,790,032
-
324,535
-
21,114,567		 Total
2023
£
26,349,432
1,016,373
(55,000)
27,310,805
26,344,666
1
1,016,984
(55,000)
27,306,651
Total
2022
£
25,839,748
1,433,231
(85,685)
27,187,295
25,832,166
1
1,433,846
(85,685)
27,180,328

23. ULTIMATE CONTROLLING PARTY

The charity is under the control of its legal members.

Every member of the charity is obliged to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

43

THE NATIONAL BOTANIC GARDEN OF WALES, NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. OPERATING LEASE COMMITMENTS

The following operating leases were in place as at 31 March 2023:

25. Group
Total
2023
Total
2022
£
£
Within one year
14,172
10,505
Within two to five years
25,509
11,284
39,681
21,789
Charity
Within one year
-
-
Within two to five years
-
-
-
-
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
Group
2023
2022
£
£
Net income for the reporting period
123,510
877,540
Adjustments for:
Depreciation charges
1,006,996
989,624
Loss/(gain) on disposal
32,748
8,463
(Increase) / decrease in stocks
(46,278)
(24,090)
(Increase) / decrease in debtors
(61,324)
280,281
Decrease in creditors
25,218
283,238
Dividends, interest and rents from investments
(11,030)
(2,737)
Net cash provided by operating activities
1,069,840
2,412,319
Analysis of Cash and Cash Equivalents
Cash in hand
1,394,690
1,887,707
Total Cash and Cash Equivalents
1,394,690
1,887,707
Analysis of changes in net funds
At 1
April 2022
New
finance
Cash
flows
As at 31
March 2023
£
£
£
£
Cash
1,887,707
-
(493,017)
1,394,690
Loans falling due within one year
(13,000)
-
(6,225)
(19,225)
Loans falling due after more than
one year
(85,685)
-
30,685
(55,000)
1,789,022
-
(468,557)
1,320,465		 Group
Total
2023
Total
2022
£
£
Within one year
14,172
10,505
Within two to five years
25,509
11,284
39,681
21,789
Charity
Within one year
-
-
Within two to five years
-
-
-
-
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
Group
2023
2022
£
£
Net income for the reporting period
123,510
877,540
Adjustments for:
Depreciation charges
1,006,996
989,624
Loss/(gain) on disposal
32,748
8,463
(Increase) / decrease in stocks
(46,278)
(24,090)
(Increase) / decrease in debtors
(61,324)
280,281
Decrease in creditors
25,218
283,238
Dividends, interest and rents from investments
(11,030)
(2,737)
Net cash provided by operating activities
1,069,840
2,412,319
Analysis of Cash and Cash Equivalents
Cash in hand
1,394,690
1,887,707
Total Cash and Cash Equivalents
1,394,690
1,887,707
Analysis of changes in net funds
At 1
April 2022
New
finance
Cash
flows
As at 31
March 2023
£
£
£
£
Cash
1,887,707
-
(493,017)
1,394,690
Loans falling due within one year
(13,000)
-
(6,225)
(19,225)
Loans falling due after more than
one year
(85,685)
-
30,685
(55,000)
1,789,022
-
(468,557)
1,320,465
1,320,465

44

THE NATIONAL BOTANIC GARDEN OF WALES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

26. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Income and endowments from:
Donations and legacies
Charitable activities
Investment income
Other trading activities
Total income and endowments
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
748,755
1,652,675
2,737
1,150,933
3,555,100
1,075,336
2,151,300
3,226,636
328,464
1,919,641
2,248,105

3,824,623
6,072,728
 Restricted
funds
£
24,220
2,558,196
-
4,380
2,586,796
-
2,037,720
2,037,720
549,076
(1,919,641)
(1,370,565)
22,485,132
21,114,567
 Total
funds
2022
£
772,975
4,210,871
2,737
1,155,313
6,141,896
1,075,336
4,189,020
5,264,356
877,540
-
877,540
26,309,755
27,187,295

27. RESULTS OF THE PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the income and expenditure of the parent company is not presented as part of these financial statements. The parent company’s surplus for the financial period was £216,323 (2022: surplus of £330,310).

45