REGISTERED COMPANY NUMBER: 2909098 (England and Wale8
REGISTERED CHARITY NUM8ER: 1036354
Report d tho Trusteos and
Group Report of th• Tru8tees and Consolldated
Flnancl•l Statèments for th• Y•ar Ended JI Mareh 2024
The Natlonal Botanlc Gard•n of W•1
'ADH5RZP4N*
1211212024
COMPANIES HOUSE
A21
#241

The Natlonal Botanlc Garden of Wales
Contents of the Consolldaled Flnanclal Statements
for the Year Ended 31 March 2024
Page
Report ofthe Trustees
1to11
Report of the Independent Auditors
12to14
Consolidated Statement of Financial Acts'vtties
15
Consolidated Balance Sheet
16
Congdidated Cash Flow Statement
17
Notes to the Consolidaléd Flnancial SL2tements
18to35

The Nallonal Botanlc Garden of Walos
Report of the Trustees
for the Year Ended 31 March 2024
Tnjslees who are also dirnctor¥ of the charity for the purpogQ5 of the Companies Acl12CVJ6), Pf•senl Ihelr report with
the financial statements ol the charity lor the year ended 31 March 2024. The Trustees have adopted the provisions of
Accounting and Reporting by Charities.. Stslemenl of Recommended Piactice applicable lo ¢harrtie$ PTeparing Iheir
aCt￿vnI$ in a¢cordan¢e wrth the Flnanclal Reporting Stsndèrd Applicable in the UK and Republic of Ireland (FRS 1021
(effedive 1 January 2019>.
. The TNslees are pleased lo pr6senl thelr annual dirnctors. rnport, bthich In0)￿OrateS the Slralegi¢ Trport logelherwith th¢
consolidated financial slalemenls of charity and its substiliary for Ihe year endi￿ 31 March 2024. These are pTep8red
to meet Ihg requirements for a directors, report And account$ for Comp4nies Act (2006} pury>oses.
The accounts have been prepared in accordance with the accounting policieg sel oul in nole 110 the accounts and (xlmpty
with Ihe chaTtys Memorandum and Artidas of Association, the Companies Acl120061 and'Accounlin9 and Reportin9 by
Chafilie$'. Slalemenl of Recommended Pr#clKe applicab￿ lo chartti85 preparing Ihelr accounts in accordance wllh the
Fln•nci•l R¢portirvJ sland9￿ Ippli￿ble In th• UK •nd Republlc ol lrnland {FRS 1021" leffecli¥e 1 Janu8ry 2019).
Unless slated Othe￿Ise, an Matte￿ reported upon relate lo th¢ group and all Tele￿¢¢$ lo TNs1••5' In Ihls r¢port •rn to
the Trustees ollhe parent chaiity.
The purpose$ of Ihe chgrity, as sel out in Its govomlng do¢um•nl. are lo promole for the public b•nefft.'
1. The idvanc*m•nl of ￿ucation In th• s¢￿￿¢0 ol plants •nd rèlatod sublocis tho conièr4811on of P￿fit speM of
lh• world elp￿IlIty Ihom ol W•lo0. Grnal 8rtt*ln •nd W••l•m EurO￿•n So•bo•rd. In p•rtlcul•r bul nol •xdu$lv•Sy by..
A. T.he e$labli$hmenl. development and malnlenance of a natk)nal botanic garfen for Wal•8 open lo the publi¢.
B. Thè eslabliNhmonl of • n•llon41 con8ON•tlon 8s801 of local, nalionAI and Inlemallonal plant sp•cl•s,'
C. The developmènt ol • CeTrtv• for r•s•8￿h In plant blodi￿rn￿ and th• cr•4llon of •n •xemplar of good
horticultural praclic*',
D. The provision of lornal and informal gducalion and inte￿relatIon experiences for people of all ages and abilthes
p•rticulafty lo fjnhan¢e yndernlandlng of th¢ inl¢raction of people. plants. landgcape and Ihe envlronmenl In
•U8tainable future;
AND
2. Th• Adv•n￿ment of p￿*71¢ appr•ci•llon of Welsh ¢uttur• And hbtorle•l h811￿1• by tm r•slorallon of th• hl$tsd¢
1•nthG￿•d •nvlronm8nl •nd bullding at the 8lle of th• nallonal bolanlc gard•n,
The Garfon's vision Is=
A Ihal v•lu•s blod1tr￿1ty, prot8¢18 plants •nd Its plan•L
The Gardèn's mission Is de(liGaled lo tho rvsearch and consor¥allon ol btodiversty. to $u$talnabilty, lifelonyloaming and
the enjoymenl ollho vlsilor.
The Truste05 confirm Ihal they have hod r¢gaid lo tho Ch#nty Commission'$ guld•nce on PL**llc bonefil in man•9ing the
•¢livities of the ¢haTty- Significant activhle$ Ih•t were undertaken during year demonstrate public ber￿11 and a
outlined In the attached paggs.
Page 1

The National Botanle Garden of Wales
Report ol the Trugtees
for the Year Ended 31 March 2024
STrATEGIC REPORT
Achhv¢m•nt and p•rfornianc•
The maln achlev•ments and pgrfomian¢e of the charlty durfng th• year.
Th¢ N•lion41 Bot•ni¢ G4rd•n ofW•lès und•M•nl further m4¢r change through 202>24 und•r theltrodorshlp ol Itg
Board and Director Df LLW Sulhertand. A chango managemonl process was implemented and NBGW undortook
business improvements and a restwcture, with the aim of strengthening tho Charity for the fulure. s￿nifIcant cost
pressures were CTOalod Ihroygh the subslgnlial Tlse in ngllonal mlnlmum w99• in 202&24 ond n{￿ fvr 2024-25.
budgel pressure created Murd not be sustained urLder Ihe exisling stNcture and bu$in¢ss as u8u•I model. Tho
majority of job redUct￿n$ were lost through voluntary redundan&¢s to ueaie • leaner business model for
Impl6menlation in tho 202&25 financi81 year.
[￿lIng the year Ihere has been signrficanl ellort focused on the delivery of major projeds..
The new £250,000 3-year National Lottery Herila9e Fund H8nts ￿$t Prn$ent ￿dFUl￿rn
proj8ct has been led by Or Kevin McGinn and Or LguTa Jonos. Thè prolèct's Sclence Engagemonl Officer rol•
was offered a$ a sg¢ondm8nl and hortKullLtrrisl El James has been In-post sinc8 O¢lobeT 2023. By benchmathing
technical aspects wilh other inslilulions, the projed leam have estsblished a curnlion, data and d￿rt•s￿lI0n
worthow that li sensitivèty conseNing Iht$¢ import•nl herit*ge coll￿tIonS for the future and producing a digital
collection Ihat is accessible online. A now volunteer programme was dgveiop¢d ond launched In M•rch 2024 10
support the curatton and digit￿allOn work.
InK PTO
A new I￿year 0.6 FTE mle Qu•nlin Kay Coll8cllons and Rese8Kh A$sisl•nt w••
r•cTurfed. Ellyn Baker suc¢es8lulty comW•d lor Ihls rol• 4tKI has b•en in-P06t $ince gulumn 2023. Th18 8aty-
career opportunrty has l>een mad¢ possible Ihanks to Ihe ger￿[ouS d¢n4lion from Ihe eslale of tho late Swansea-
based botanist Quanlln Kay. wllo made wnportant conlribution8 to the Gardèn's developmonl, the conservatKin of
the Wel8h flora, gnd lo botany mofe broadty. Th• prolect is lo¢uiJ•d on supporting $oed bAnk actrvrti68 •nd
reSe4￿h arKI ¢OnieN•l￿n ol Wolsh Flora. In 2023-24 the 2023 collectKJns have been processed and
bank¢d. a gemiinalion l¢slln9 programme inlli4ted. coll¢cllon records brought uPl￿d￿le and colle¢lions planned
for 2024-25.
The rede•vJn 01 th• Gjrdon'i wob $li•. •upport•d by T*￿ W4lerk*o Foundallon, wal
laun¢hed In the summer of 2023. ann ol Ihe re40$19n w89 lo relresh the Garden 'bfand' ar￿ cfeate
websrte Ihal is attractive, infomialive, educational and inleraclive, containing ¢asy-104¢¢ess infonnalion for
vl¥ll0￿. Tho ryinl¢nl li comprised of inform•lion •boul Ihè Gard•n. blogs, podcasts and downloadab
educal¢onal resour￿$. The web slte now inlegrales Ihfj Gafden's booking and payment system for ¥arlou#
Iransaclions induding memberships, donations. and the online shop.
WAS complel•d in 202>24
artd rts impl8menlalion is ￿ndIng è suce•sslul lundral8ing campalgn In the coming yea13.
G n - A new heolth Ind wtrlwing partnership was Faunched with the Hywel Dd8 UnNersity He4tth
Board in OGtob&r 2023. The organi$8li¢n$ are ¢ollaboraling on t￿ GwyrddK)'r Tlr- Shades of Green Project,
lundtd by & Suslalnable Communilles grant Ihrough th• UK Governm•nl and C4mi8rth¢n$hir• County Council.
The projecl Is dwveloping an Inl¢gr8led mo5alc ol green ¥pace Ihal reflects the heafth and wellbeing needs of the
Community associated wrth Hèalth Board eslale. These areas will be considered for their potential wlthin
wkler pickage of gmn prescriblng, th•rAp•ulk hortlculturn and w•llneJs actlvlli•• The proi•cl rum unlll
De￿mbar 2024.
Two maln Inffaslnjclure profvcts were also c•rrled out In 202>24:
A major capiial works proj¢¢l was un(lertak8n on the ￿$¢ade on Ltyn Mavrt In response lo sl9nlfic4nl loaks arlsln9
throughout the structu
Slruclural repalrs lo th• floor In th• north•481 vAng ol Iho Stable Block wef¢ und•rt4ken In November 2023 und•r
listed building consent.
The followin9 Garden achlmments wi 202>24 allqn wlth it¥ six $lrn1•g1¢ Obje￿1¥¢3..
Be a sucussful vlsltor d8stlnatlon of International stsnding th•t ¢ontrlbutes io the economic, socl•l,
envlronmental and culturnl well-bglng of Wales.
Overg11, the Garden reL*ivod 214,583 vi$it$ in 202&24. G•t¢ ¢nlry vtsi15 were sli9hlty up on 2022-23 figu￿5 by
8.910 with 169,711 visits. In addilron lo the gale enlry visits. there We￿ 11,316 education vislls (down 2,469 from
previous year), 26.183 visits lo the Lumlnale Christmas event, 420 visils lo Ihe Brilish Binls of Pr•y Cenlre for
special experienus 9nd 6,953 vlslls Grealed through ￿￿or#I¢ hire #clNities.
The Garfen has intfoduced 8 biennial suNey plan lo build longitudinal d•14 on its v18tt0￿ and rnornbe￿. A
volunleer leam adminislored the oxrt visllor survey during one week per monlh from March lo Soplemhr 2023. A
membetship suNey was emailed lo Botanic Garden membets in Odober 2023 and 838 surveys were ¢ompleted.
Th8 key findlngs from these surveys are bein9 used lo Info￿ man8gemenl decislons. marketing ond
communi￿tiOn appfoaches.
Page 2

The Nallonal Botanlc G•rd•n ol Wal•s
Report of the Tft￿tees
for th• Year Ended 31 March 2024
Stralfrgk feport
The publtc pfoyramme includes a collection of events and aclTriilies that engage VLsilors ar￿ align to the (ts￿ wo
of the Garden in science, conser¥81ion, horti¢uhuT¢ and lrfelong le*min9. Wisitor expori•nrAs in¢rt4sed •nd
divor$ified in 202>2024 9$ part of an ongoing bu$ine$s d8v¢lopmenl plan. The number of ¢vonts incrnased lo
fourteen. from Ihe Six events d￿1Vered In the previous year.
There wern 312 drfferenl engagement acliville8 d&lfvered aGrts$$ the Garden, ètlracting al least 5530 participants.
The aclfvlli•s Includ• r•gul8r Idlvltles such as Welty Wednésday. Nord￿ Cymru and Cwpan•d a Sgwrs sesslons,
as well as onsite talks, tours. hol¢day •clivilies, music and Ihe8tre. In 4ddillon, the Science Team delivered 36
engagement a¢tlvil*s to 1018 pgople as part of its SCAenee and con$eNation projects.
B• an Int•rnatk•n•lly r•nO74¥7)￿ centr• for blodl¥•rnlty COMer4•llon and rn8••r¢h.
As an l¢onl¢ Wehh Instltullon, ¢ontr4bul• to promoung tho 8tstu• •nd rncoonltlon of Wal•s •t •n
Internatlon•l levol.
In 202&24. now rnsearch ¢ollaborollon$ worn •slabli8h•d.
An Inlernatlonal re￿arch coNaborallon has commenced and 1$ locused on planl*ollinalor Inltrnclions wllhln
Greenland. Seven instilules are collaborating lo investig¥le how climate changg wiu impacl planl polinalor
a8semblage$ In • marginal landocape, infomlng woth in Iho •xtrome$ of Wol$h h4brt41s hoslirya arclic alpine3. Dr
Laura Jones lolned the flrsl fièldwork gt•son lo Greenland. And supports the project with bioinlomiallc expertlse.
Thg Arts and HumJnitlO5 Research Counul Collaborative Doctoral Partnernhlp IAHRC CDP) res8Ofch consortium
was establ￿h8o vAlh Amgu&ddfa Cymw and lh8 Nalional Libr•ry olwates in 2023-24, providing a 8ouTc* of
fvndlng to support AHRC PhD proj•¢l$. Alo4nl NBGW orts PhD Sludenlshlp wilh Ab•rys￿h Unlvernlty
SUC￿$¥fullY re¢oived funding (litled NatuTr Rfjslorntion past ondpresanl.. ¢h•ngin9 attitudes lo the n8lurnl wortd).
Th• o)n8•Thallon WO￿ of th• N#lion•l Swd 8ank, e•tAbli$h•d in 2018,1s Iocu8lng on a poputallon l•v•l approach
to GgPtur• and conserve bTogd genellG dN•rslty from muttiple srtes of We￿h floro. Supported by Mlllonnlum Seed
Bank's UK Thfealened FIoT8 Projotl 8nd UK Tree Seed Projtrcts fundlng, 23 hlgh quglity Seed uJllecllons were
made from red-listed species across Wales. as well a8 foul collectlons from tree speaes. This included challengino
specios lo collect Irom, such as the end8ng8red N•rTowwleav•d Holleborin¢ orchld Ceph81•nth•rn longrfolio, tho
vul￿1￿b￿ WAler-¥it)l•l Holtoni• p•luslns. 4nd the ènd•nger•d scar¢o Sptsll•d Cat'Har Hypochoeris mJGul•lè.
A 9ern)in•lion18glin9 programme was initioled 89 port of wort undertak¢n in the National Seed Bank In e•fty 2024
a orill¢al la$k in obtaining baseline dal4 on $eed viability lo monilor ¢olleclion vlabilty in d&cades lo Mme. In
addlllon lo this. critical documÈnlalion Ilandowner and con8ep4allon slle ¢ons•nl8} for 911 seed bank colledion8 hAI
been wothed Ihrough ond att8ched lo the wlgvanl r•cord8 on the colloctKin¥ mBnaggmgnl system for Salo keeping
nd e•sy retrièval Into the fuluro.
O•v•lop and malntaln th• hortlculturnl and oth•r coll•ctlon• to th• hlgh••l GUrntorf•l •nd pm•ntsllon•l
•landard¥.
The specialist horticultuTr team contlnued lo care for lh• national and Intemation¥ty important plant colleclions.
The Ngllong18olanic G8rd•n of Wale$ has joined other 9gTden$ Across the globe in planllng crilic•lty ¢ndan9ered
Wollemi pine trees as part of the first global'mela¢ollection° lo save iconic spec¢es from exllnction and help prole
the biodiversity of vrild tree5. Recent advances in genetic lechnlques havo engbled Auslralhgn plant sctence and
n6eNalion experts lo Idenlrfy and breed genelicalty diverne Wollomi pines. For the first lime, these gonelical
dlverso ¢ollèclion$ of uplln98 arg being rn•de available lo boi•ni¢ gArdèn$ across the workl.
The managemenl of plant r?￿rdS is a cri¢Kal activty as parl ol living collertion managemenl. This wort Gonlinued
and involved..
Verification of nt)mencl•lu
Producing the plant labels for the Garden
Taking pholo9raphs lo enhance the data gualty in the plant Rcords dalabase (lrisBGI and Garden Explorer.
Exporting the ￿an1 record5 database lo the Garden Explorerwebslte, which 1$ a publicty accessible plarfomi lo
vlew the Garden's plant colknction.
Page 3

The Natsonal Botanlc Gardon of Wal•s
Report of the Trustees
lorlh* Year Ended 31 March 2024
Strateglc veport
Revi181i$allon of several colleellon3 ￿llectIonS was undertaken this year. in¢luding the following.
The Bro*Jwalk".
Furthering the development of the UK nati￿ tsmory, and buikling on the woth of 2022-23, in collabornlion whh
the Bfili5h Ptgridologieal Society.
Further 8011 generation efforts through Irlalllng of greèn manure seed mixes.
Trfalling of UK nalives wilh provenance in the fronl enlfan¢¢ displ8y$.
Developmgnl of ph￿QgOo9(aphY colbctions li.e. North American, Japanase, Aslan. southem hemiophre,
Medit•ff•neanl ond hardln•s$ Irlalg olwild ¢ollected M•dlleryanean laK4 from th• Gro•1 Gh$$houw.
In addilion, Ihe long4enn collaboration wilh the Japanese Garden Society h8s roc•nlty ltxused on pFannin9
Inte￿relatIon and pro9Tr55ing Ihe future de￿lopMentS of Iho Japane$o Garden e.g. the inlrodudlon of wlld
CO1￿¢18d material of Japanese origty), lrialling Japanese pruning melhods and the Inlmduction of specamens Irom
the Inlemgtional Conitsr Consorvatson Programm•.
Double Walled Garden..
Completion of the applè 9r•fting in H&ritsg• Or¢h•rd.
Enh•n¢ing th• plo111 collo¢iK)n$ lo add ¥•riely Ind inlèf•$l for vi8il0rn.
Gr•at Gla$$house
Enhancing fealures such as tho Jasmlne archway •nd the Pelaryoniwn bed lo 8how¢a80 the diverg• g•nus.
Conlinulng Iho rnlrofitting of an irru•lion system.
Tropical House
N•w pem)onenl dlspl•y ol orchldg If••lured on S4C, GarddK4 • mwyl.
Enhan¢èmènl of the greenw411 and bromèliad dlsplay
Worklng with Coed Talylan Land Tnjsl 10 grow and display mushrooms. whlch were the fi￿1 mushroom5
•ccm$lon•d at NGBW.
Nursery glasshouses
Succ••sfuSty prop*g•ting ￿￿k1 ¢ollècl•d pl•nts of Iho8•14x• where Ih•r• w$• only on• in lh• ¢oll•ell¢n
D•llvor Insplratlonal Informal and K¢redIt￿ edu¢atlon •nd trnlnlng In hortlcuftur•, plant •clgnMJ,
conJ•r¥atlon, •¢ology. •ustsln•blllty. and rnl•t•d STEM sub￿¢￿, to all ag•8 and abllltS•8. to prom•)t•
grnater understsndlng of the Importanu ol th• ?nvlronm•nt In our sustalnable future.
The Garden continues lo attracl school and yOLrth vistts a6 part ol Its education programm•. Th•rn was a lolal of
13,249 visils, dI￿4n Irorn Ihe 14,079 in 2022-23. Lbfvlong learning Is 41so a core componenl of projeds such as th•
rtynamtc Coif8ction$ Project. A lolal of 29 engagement s•ssions were del1￿￿d ty the Sciencé team In 202&24.
The Garden conllnues lo provld• 118 hortiGultural apprenti￿ShIP $ch•me •nd support the hortlGuMur81 Industry, wllh
funding from private funders and the National Garden Sth*m¢.
Vlel$h 4*aklny horlicullurè $l•ff Mall Bryanl and 8•n Wlli8m$ workod with Ihg Urdd Gobailh Cymrn. a Nallonal
Voluntary Youth Oryanisalion. for ilg 2023 Eisteddfod. The learn designed and built a living plant di8play for thig
annual celebration of WelGh language and culture held in UalldO￿ry In 202>24.
Continue lo bulld and secure a IlnanclAIty su¥lalnabl• organlsatlon to maxlmlse dellv•ry ol Ihe corn mlvlon
actlvlty ollhe Botsnlc Garden.
Pa9e 4

The Natlonal Botanlc Garden of Wales
Report of the Trustees
lor the Year Ended 31 March 2024
$tr4tsglc rnport
The Garden generates income through a range of vlsilor and prolessional services. 85 reflected in Ihese financial
slalemenls. The Horticult•Jre and Science teams provide professionol conlra¢led seplices lo support cons¢rv•lion and
biodiversity projects in Wales. Services have been provided lo Nalutal Resource Wale$ {NRW lor the reintroduction of
Ihr8atened Shore O¢xk Rumex rnpeslri4, into tho wild. Pon(tweed Potamoqeton spgc4es h4¥e conlinued lo be grown for
Ricardo EMryy & Envlronmenl and Cymru. as well 8$ the Canal and RNors Tfy61. In collaborallon wlh Planuife. Ihg
rorn Dog-screw Moss Tortula G8nescen$ is beiftg grown lo lyolster the F￿pulatIon for NRWS Nalur am Byth pr*.
The Luminal¢ Chfislm•$ event fan for a $e¢ond year In 2023, followlng a successful pilot for evenlng arts and cuftur•
experience$ in the GI￿8n In 2022. Thls succe$$lul ev8nl allfacled 26,183 people in tts ••cond y••r. This Ovonl also
9eneraled income through tho Garden'$ relall oulknl and c41ering s¢rvicés.
Supporters •re ¥il81 lo Ihe G*￿en. In 202&24, the Garden admlnlstered 4417 mmbèrghlp. T*thlch Is frstimAled lo be
4round 11,297 members. The osllmaled membets are hl9her in 202>24 bttause of increased purchasing of famity
memberships {•nd decroas• in joinl •nd Indivldu•l m•mb•rnhip•l mulling from lh• •pplicalion of •nlr¥nco l•v$ for
¢hiEdren 2 yoars ènd okler.
The Garden al￿ (ecalves incom• and donallons from other supporters. Tho Tru$t•es wouks like to Ih•nk •ll p8rtnèrn for
Ihelr generosity in h8lwng lh• Gar(len io achlevo its oims •nd •mbilbni. T1￿ followlng lisl r•wni$•i some ol th• MMI
11gntfKanl supporte￿ who havo helped this yo•r.'
Welsh Govemmgnl
The National Lottery Herllage Fund
Carm•rthon&hlr• County Councll
The Waterloo Foundallon
Marther Applo Network
Mel¢ourt Indu$lries Ltd
Y81rad Nursery ond Agricultur•l Suppllg5
lty￿1 Dda Unlvgrsty Ho8llh 80ord
Individual financial and in-kind support Including Ell8en KAY (ln honour of Quenlln Kayl,. Sandra Vemey, Andrew
Lorge. Steve IMl$on, Ainsleigh Rlce, Carwyn Graves and Andrnw Morton.
Volunl••r conlrlbutlon
The Garden ts exlremefy graleful for the tremendous efforts ol volunteers who are Invohed In ils di¥er80 charty
aclwllles (hort￿ul1UTe, scienc* re50afch, seed l)anklng, herb8rium, be&keeping. landscape rangers, library, talks.
bu99y driving, commerclal supporl, archaeolo9ical wo￿, admini$lr4lion and marteting support). Importantly. • team
of ¥olunlo?rn adminryl•rnd a vljllor ourley ￿￿Tal month¥.
Th• Garden has a lolal of 249 volunteeTS (including corporate volunleerfn9 groups from HSBC and Departmtnl ol
Vlorkg & Pensions and ¥upport workorn for volunl¢ots from Mencap Cymru. Famity Support WAle8 and Ihe National
Aulisllc Socitityl. In 202&24, Ihere was An increase of 22SO hours Irom Ihe PTtvious year and Ihe volunlary input
w48 27,595 hourn (excluding Iho work olTfust•MI. Thh Is gquivAl•nl of 14 lum lim• 8l•ff12023'. oquiv•lenl 10 13
slaffj. The conlribulion ij valved 81 £287,540.
Page 5

The National Botanle Garden of Wales
Report of thè Trustees
for the Year Ended 31 March 2024
Strnl•glc v•port
A¢hhvemeDt and performonGe
Plans for 202ty2025 and b•yond
The next fin8nGl41 y*8r. 2024-25. will seè th• introductlon of the pl•nned lo•n•r buiin¢81 opo141inp model 88 an
outcome ofthe change man89ement work undertaken in 2023-24.
Th• G*￿0n wlll contlnu• lo 8lrfve lo create • betler fvlurn by belng 41 the lorofmnl ol pkinl re￿arch, •duullon, •￿1
horticuAuTe and public engagement. Realising our full polenltal will delNer hI9￿qUalIty ￿lent￿C evldence to infom)
action, maxlmlse the national and global value of the National Bolanlcal Collection. and enrich and emptrwer
individu•ls and c￿mUnItieS through leamlro and engagem•nl.
A new >year slralegic p￿n be enacted in the 202*25 financial yoai. A focus on the organ¢sation and key future
$pi181ions forlhe n8litinal inslitullon has gvided the slrale9ic plan's development. Tho plan highlights the key mo¥8$
ne•ded lo shape the direction that lh• N•lional 8olani¢ Gardvns of Wales will lak• In tho coming y•ar¥. This plan
w•$ inspired foll￿n9 hearty di8¢￿510n$ wrth NBGW Staff and Trustees in 2023.
The eLx*nomlG •nvironm•nl with cost￿l-lIVIng Gh•llenge$ in Walos conllnues lo lesl slral¢9iè8 lo ddve vlsits and
vlgltor spend. Tho Garden wlll conts.nue to 8ddress Ihls through careful finoncl•l and r850urce managwnent,
improving relums from ilg assels, and providing visilorn with a unKiue experience, as well a5 value for money.
Furthemor•, reGNrting lo slrenglhen businY4$$ acumen will enable the Garden to deliver new initlallve5 lo divers
618 bu8lness operating model and redu￿ the full rollablllty on inwm• gener•led through vwtt$.
Th8 Welsh Government'3 Nature NgtWOTk8 Fund wlll bo fundlng th¢ defr4•ry ofinfro$lnJcturn impfov•ments on IV8vn
L*$ Nilion81 Nature Regervt. Th1$ wll Bupport the G4rden'6 work In improving blodlver81ty v4hil• engg9ing vlsllorn
on natur81 heritage. The projecl njns fmm 2024 10 2026 and will fund 4 0.4 FfE ConseThallon En94gement Offlcer
Tole.
Th• pr•pJf•llon of• Llvln9 collect￿nI Slralryywlll cornmen￿ In 2025. Th1$ proSectw*$ dè14yed kn 202>24 pending
the recruitment of a now Head ol Horticutturt (fomef Curator role). This 8lralegy will guide further development of
lh¢ Gèrden's INin9 collections. The strategy wll pay partlcular attenlion lo Welsh native ftora and articul91¢ the
prlorllles lor hortlcultural d￿010pMent and plonl Con￿￿40110n.
2024-25 will see the delivery of a mojor arts evenl Ihrough a collaborntlon with Waks bo$ed arts ¢hArity Walk th8
Plank. Thi8 gims lo be the $l•rl of •n 4nnual plan lo brin9 hlgh ¢alibTe art ex￿rianCeS lo the Garden •• p•rt of
op•nlng up Ihe Garden al nighl offertng new vislloT experlence$ and 9eneraling new In￿Me.
P•ge 6

The Natlonal Botan1¢ Garden of Wales
Report of the Truste
for the Year Ended 31 Mar¢h 2024
Strategic report
Achlevemènt and perfom*anc•
Inv•$lment perfomiancè agalnst the Invostment objectlves.
Tho Tru$le¢$, having r•g8rd lo lh• Ipluidity roquir•monl$ of tho Chanty, hft￿ kept avallable funds in inlorO8l*••ring
dtposit accounts and seek lo achieve a rale on deposit ￿1¢h malthes or exceeds Inflation as measured by the
retail pri￿$ index. Due to w¢der economic Circumslances, deposil Tales have been low and infialion high, 50 thls aim
was not achieved in the year.
Th• inve¥lod fund$ h¢kl on d¢postt •¢hl¢v¢d In aver49• rala 012.6%12023'. 0.8%) aoainsl the relall pri￿ Index of
4.3%12023.' 13.5%> lor the y••r.
Flnanclal r•view
Flnanclal posltlon
Thg 9roup'¥ flnan¢l•l po•ltlon •t th• •nd ol th• ye*r Md•d 31 M•r¢h 2024:
Thg financlal positk>n ol the group Ot 31 March 2024 and comp•r4tlve$ for the pr￿r period, as fflore ful￿ detailed in
tho a¢¢ounts. can be $wnm4rl$ed a• lolk+W8.' -
2024
2023
N•t ID•ficltVSuvplui
123510
Unroslricl•d revenue knds available for the gengral Pu￿05￿ of tho group
Unreglricied heritage asGets
Unreslrided Ilxed 8$sels
Totsl Unrnstrlctod Fund•
505.405
986,423
5,857.099
7 348 927
516.985
6,590,474
7 107 459
Designated revenue fvnds
Totsl deslgnat•d lunds
200,1)00
200,000
200 000
R••lrlcted Mvenue funds
Reslrided f￿80 assel funds
Total r•strlGtod lunds
166.462
18,780.514
18 946 977
244.388
19,758,958
Totsl Fund•
26 495 904
27 310 805
Flnanclal r•vlew of th• po$ltlon at reportlng dat•. 31 Ma￿￿ 2024
The financial year ending 31 March 2024 5•w • deficit of £815k on opvralln9 •divi11•g12023.' £124k surp1￿) dlhi lo
lower grant Incom• •nd inGrea$ed cost$.
In Ihe year. lolal resources 01 £4.5m {2023: £5.3ml were received Comprising £4.Om12023.. £3.7m} of unresldcled
funds and £0.5m 12023.. £1.7ml of reslricled income. Total oxpended rg3ouTce$ in the year amounled lo £5.3m
12023.. É5.2ml wilh £3.8m 12023.. £3.7ml from unreslricled fvnd$, l¢•vin9 an unre$trid¢d fund balance carried
lorw•rd of £7.5m12023.. £7.3m). £1.5m12023.' £1.Sml was expendod from reslitcled fund$, leaving o reslrid¢d fund
balart￿ carried forward of £18.9m (2023.. £20.Om). T+)tal fvnd balan¢e$ •131 Mar¢h 2024 were £26.&n {2023'.
£27.3rn1.
Spe¢rfK changes in fixed assets are del8iled in Ihg notes lo the accounls. Tangible fixed èssels at cost or valuation
decreased lo £24.6m {2023.' £26.3ml represenlin9 £24.3m {2023.' £25.Oml ol land, bulldings, pl8nl and rngchlnery
and £0.3m12023.. £1.4m) In eslale vehiGl•s, fixtufe$ •nd fittings and. in 2023. living plants ènd planting ￿$t$.The
main factor contributing lo the decrease in Ihe c4s1 or valuation olTangible fixed a$sel8 relates to Ihe Ifansfer of Ihg
¢harity's plant collection lo Herilage Assets. Heiitage A¥set8 a￿ ¢ategorised separalety on the balance sheet. in line
wilh FRS 102.
Page 7

The National Botanlc Garden of Wales
Report of the Trustee$
forlhe Year Ended 31 Mar¢h 2024
Strateglc roport
Financial revlew
Reseryes poll¢y
Reserve5 Are neoded lo brfdge the gap belween the 8pendlng and re¢èwin9 of income and lo cover unplanned
emergency repairs and other expendilurn. The Trustees consider the laryel level of free reserves should be around
£1,000.000.
The G•rd8n'$ reserves pdiLy18 infomed by:
forecasts lor levels ol income in future yea￿.
forecasls for expenditure in future year5 on plann¢d ¥vAlvity:
an•ty¥l$ Ind 4$8•$gmenl of fulur• n•eds. opportunlJ•$. contingencmis and risks.
Unregldct¢d reserves increased by £205k from £7.3m lo £7.5m afterlransfeTS from roslricled lunds. These are funds
whlch 4f¢ expgndable 01 the Board's dlscrelion In lurtherance ol the oblects or adminislialion of the Charity. Th•
Ga￿en saw a dee￿aSt in ils free reserves Ifom £517k lo £505km as al 31sl March 2024. reflecting the surplu8 for
the year. reduction in Ih? nel l)ook value ol unreslricled aS￿lS and Harbtage Assets rn-allocalion. .The Garden airy
lo bulld its rn$trvo8 in lulure lo rnlch It8 larg81 level of re8erv•s.
The consolidalgd b81onc¢ Tem#in$ sound net ¢Uffonl 8S8et8 01 £909k (2023.. £1m) and th• owngrship of
lon9 leasehold inlero11. The G*rfen $aw • decrt•8e In 618 cash balancos by £251k In th• yoor.
The T￿￿tePS have revimd th• cir¢umst8n¢es ol the Garden and group and con¥ldor that odequate rnsourc¢s
nlinue to be availablè lo fund th• aclwrf*s of the Ganlen and group lor the forweable fulurt. The Trustees a
ollhe vlaw Ihal the Garden and group gr• 4 going concem. The G￿￿0n *lmts lo conllnu• lo bulkl tts rese￿•$ in the
fulufe lo ensure finan¢ial $ust4inability. Furthermore. theTru81e8s approved 8 change man•gomenl pro¢¢ss in 202>
24, whith result¢d In T9du¢¢d $l*ffin9 ¢0$1$ going forward.
Th? Trugleeg arè aware ol drficuh tradin9 condllion8 for the loreseeable ILrture given the ¢091 of li¥lng ¢ri81$, hlgh
inflklion and increased inleresl rnles. The Trustees will rnonrtor Gosls and adivitl&$ duriNJ the year.
Av•llablllty and ad•4u•cy ol of each olth• lund8
Tho Board of Trv61ees is satisfied Ihal the charity's assets In each fund are 4¥4ilablè and adequate lo lulfil its
oblig•lions In rn8pecl of e•ch fund.
The malor rlsks to *thlch the Ch•rlty Is exp(*•d 8nd rèv10￿ and 8y8t•m8 to mltlgat• them.
Th• Try•t•e8 hav• A ft8k management Strategy whlch comprf8e$'.
a b￿annUal revlew of the princlpal risks and uncerfoinlies Ih81 the charmy aThl Ils subsldlary la￿,.
the esl#blishmènl ol por￿les. systems and procedures lo mitffjale Ihoso risks identified in the blannual I￿¢eV￿,
rl•k regiiler Ih•l 18 upd•l•d and ple8￿1•d lo th• Board qu•rt•ty:
and
Iht imp12menlAlion of procedures designed to minimise or man8ge any Wenlial imp4¢t on the charlty should
Iho$o ri$k$ mAleriallza.
Thi$ WO￿ has identir*d that financlal suslalnabllty Is a financl81 rlsk for both the ¢harity and Its subsldiary. A key
¢lemenl in the managemenl of financial fisk is a regular review of avallable liquid funds lo sellle debts a5 they fall
due, and adive m*n#gèmènl ol Ir•de deblorn •nd crèdilorn b•lanc48 to •niure $ufficlonl worklng ￿p1th1 li •v•ll•b
lo the Charity and its subsidiary company.
Attenllon conlinu•s 10 be 1o¢uW on non-financiil rl$k$ •ri8lng Ifom flre, h••lth •nd ¥•f•ty of il•ff. volunl••rs and
the public. These risks are managed by ensuring accredilalion is up to dale, having robusl pollcles and procedur08
in place. and rngular awarenegs tlaining for slaff and volunteern w0￿1n9 in oporational areas.
Th8 Garden has Ihe folSow¢ng slral8gies for monoging Ihg principal ri5ks'.
The Garden continues lo explore nthv and proffi1a￿e brand aligned revenue streams lo enhance the Garden's
reach ond offersng as V•pII as redu￿ ils dependency on public sector funding.
The Garden acknowledgvt$ thè st9nificanl value lo partnerin9 wilh other oryanl8allon8 lo dellver its mi$slon on
financialty Sustainable basis and is commrtted lo working to develop these relationships lo the benefit of all.
Tho Garden is now 24 years old and the need to malnlain infrnslruclure 4cros$ Ihe 568 aues represents •
long-lem commrfmenl. WG and other capital funding is inle9rg1 lo meellng the ¢0519 of rnpairn and
developmenl.
The Garden is aware that its commercial infAime is ￿lated to the economic climate and fadois $uch as
availab￿ di9posèble income, public secfor ¥pending and the gconomy in Wales and lurther afield, and
regularty reviews martel trènd$ lo Identify likety impacls on the Garden.
The Garden compelilivety and SU￿$￿1￿ applies for grant funds lo support various iniliatwes.
P8ge 8

The Natlonal Botan1¢ Gardon ol Wal•$
Report of the Trustees
for the Year Ended 31 March 2024
Stmcturn, governance and management
Legal StnJ¢ture of thg ¢harity
The Charty is conslrtuled as a company limiled by gu•ranlee. The govemlng docurnenl of the p•ronl ¢h•rlty 18 the
Memorofmlum and Articles of As8OClation e81obli$hlng the company under company le9islalion.
By operalion of law, all Twstees affj directo￿ under the Companies Ad 2006 and aH di￿10r$ 8fft Tnjstees under
Chariltes legisfalion •nd have rnsponsibililies. 8$ gvch, undw bolh company and charfty legi8l•lK*n.
The TNslees of tho ¢h8rty arè #ll Individuals fjnd unpard.
The Company Mèmbers of the Nalion•l Botsnic G•￿eft of Wales appoint Ihg Board in accordance wllh Ihe Garden
con8lllulion al Iho annu81 genero1 m•ellng. Tru8l•es rellre by rolalion at Ihe Annual G•nero1 Meoling and may bg
rfr818cled. Any vacan¢y is ad¥erti$ed openty and the Nominations Committee Cons￿er 411 applicalions and mak•
eomrnendalions to the 808rd.
The Tru$l••8 d•¥elowd and •pprov•d a n•w Govemanc* Manual during 2018 and updllod It In 2022 lo •nJur•
b¢sl pr8Glice in linty wllh Ihe Nolan PrinGiph$ lor standards in public lrfe, Chority Comml$slon gu￿an¢* and the
Companies Act {20C6}. The Manual will be Pfovlded lo all prospectNe and new Trustees as partof an induct¢on pack
during any lutur• Truste8 recrubtmenl proce58.
Oryanls•tlonal •tnKIurn
The Board of Truslees 8dmlnisteT5 Ihe charity. The Board meets quartety. and operates separate sub¢ommlttees
covering nominations. remuneration land 18tar renamed HRI. finance and 8udil. A Chiof Executi¥• Iknov4n as the
Dlrectorl is appointed ty Ihe Trustees lo manag8 the day-lfyday operallons of the charity. To lacllilale effecll
operations, tho Ch￿1 Exe¢utpM has delegated authority, within lem18 of delegjlion approved by the Tru•lw$ and
the GovernanG0 Manual, for operallongl mattern in¢lulin9 finance, employment and operation$.
Page 9

The National Botsnlc Garden of Wales
Report ol the Truslees
for the Yèar Ended 31 March 2024
Stru¢tur•. gov•rnancè and m•nao•m•nt
Governance Review
During 2022-23 Ihe Boar(l of Trustees commen(*d a compfehensive 9ovemance ￿VIew. to conshler any changes
Ihe Bo•rd needed lo make lo Impro￿ overall pgrformonix of the organis4lion. Irb addit￿n to Iho ¢hange$
implernented in 2022-23 li.e. slrenglhening Board ovetslyhl ofheallh and safety i55ves, as well a3 risk management).
the Board agreed in 202>2024 to eslablish fyvo additional subcommittees (Health and Safety and Govemance and
Risk) lof commenr*menl in 202*2025. In 202>24, the Temi$ of Reference for all committeeg were developed
#ndlor revlewed for impfemenlation in 202&25. The go¥ernancg review pro¢¢s$ wlll pn In 202￿25 4nd th•
8oar(S will conlinue to monltor its effectiveness and perfomiance.
Chl•l Exttullve Offlcor •nd oth•r s•nlor m•n•o•m•nt p•rdonn•l to whom d•y to d•y m*n*o•m•nt l•
delegat•d:
Tht sènior m8nag•m•nl pervjnnel of both the Charlty •nd Iradirq 8uhidi4ry •1 Ihg d¥1• ol •pprov•l of th* r•port
and during the ac¢ounling pgri¢*J ware 85 lollows:
Ex•cull¥• Sonlov M•n•g•m•nl T•am:
Dr ￿ Sulhgrf8nd
Chief Ex¢Gutiv8 Offi¢8r (Dirtctorl, appolnled October 2022
Ms SC Evans
Head of Finan(*, left December 2023
Mr MJ HowellJ
Head ol Finance and CommerGi81 Opèralion$. Appoint￿ Ma￿￿ 2024
Mf M Newbol
Head of Martt•ling and Communications, oppoinled July 2023
Mr J Smilh
Head of Faciiiiies & Operalions, appointed April 2022
Mr A Summers
Curalor, loft June 2023
Mr C Wlliams
HeAd of Hospit81ty. lèft M*rch 2024
Ms AM Nlchol•$
HR Manager, appolnled Seplembor 2019 and joln¢d Senior M&nagem•nl Team offictalty
In NOVem￿r 2022.
S•ttlng pay and r•muneratlon of key manag•m•nt p•rsonno1
The Board ol direc10￿. who 8re Ihe Charity's Tru$leos, and th¢ senior manwment leam. comprise tho key
mon4gemenl ￿￿onn￿l of the chgrity In ¢h8rgè of directing and conlrolllng. running and opèiAling the Chadty on •
doy lo day basis. All dlrectors glvo of I￿1r lime frnely and no dlreclor receN¢d remunèrnlion In the year. There wern
no direcloTr' expen￿5 or molorial related p•rty Irans8¢tion$ in the year under review.
Th• of the senior 814ff18 revlewed pgrlodlcolly. In vi•w of th• nolur• ol lh• ch•TIty. dlr•¢torn l>enchma
ag4ins1 p8y l&velJ irb other regional ¢haritifrs of 8 $Knilar n8￿re.
Th• charlty ￿ • part ol 4 wld•r n•iwork
The Garden works in partnernhip with a large number of partner organlsalions and indlvklual supportorn Ihrou9houl
Wate8 and Ihè wider inlemallonal community. The areas of partnership include those from hgrlicullurè, ￿u¢•li0n.
$u$lain•bility, cons•N•tion, S¢len￿ •nd resea￿h •• w•ll as hisloriG land&cap•, art8 and Wèljh culture.
Th• ch•fSty's r•latlonsh4ps wlth rnlated partles.
Th• Trustees volunleer and none rerAive remun¢rilion. Any ¢onn•¢tion between • Trugte• or senior manager of
the charity must ￿ disclosed lo tho lull Board of Trusleos in Ihe same way 48 any other rJ)ntractu•l ro14lionship wlth
relaled paty. In the currenl year no mateilal related party transactions were reported.
The ch•rity¥ wholty owntd sub$stli3ry, Middlelon Garden LlmR•d, wo5 eslablish•d lo op•ral• the commerri•l
¢8lering, conforencing, farm and relail facililles al the Garden. Middleton Ga￿en Llmlled has a Ikense from the
charlty lo oper41fj Ihos8 laciliti•$ and distributes rts profil8 lo the charlty {8e• note to the K¢ountsl.
Related partles
The parent charity is The N8lional Botani¢ Gardgn of Wales. The $ubsidi8ry is Middleton Garden Limlled.
R•ter•n¢• •nd adrnlnlstrntlvè detall•
Rgglstorgd Company numb•r
2909098 IEn9l•nd and Wales)
Regist•1￿ Chaiity number
1036354
Re9l$tertd offic•
Neuadd De9
Middleton Hall
Uanarthne
Carnorthenshire
SA32 8HG
Page 10

Th• Nailonal Botan1¢ Gardon of Wal•$
Report ol the Trustees
for the Year Ended 31 MaKh 2024
Trustees
Mr D G Davi88 (Chair)
M$ M Doel
Professor l Donni$on
Mr D Howell
Mfs J James
Mr D Jenkins
Mf T Jones
Ms S Jennings
Dr S H M Matthews IWIG¢-Chair)
E Parrott
DT P Smrth
Mr R G Thomas
Professor P Wall
Mr S Williams
Mr M Woods
Mg E Whittle
(Reappointed as Ch8ir 1 Dfjcemb¢r 2023)
{Reappoinled 1 December 20231
(Reappointed 1 Decembef 20231
{Reappoinled 1 December 2023.. iesigned 23 February 2023)
(Reappointed as Vir* Chair 1 Llecember 20231
(Resigned 2 June 20231
(Reappointed 1 Oecember 2023)
IResigne(11 Oecember 2023)
(Reappointed 1 December 2023)
IR•*ppolnled 25 Novemb•r 20221
Audltors
Haln05 lJ¥#tt$ 14V•l•• LLP, SIAlulory Audllor•
7 Neptune Court
Vanguard Way
Cardiff
CF24 SPJ
Statement of trust•es' rnspoThslbllltlos
Truslees (who a￿ also the diroctors of The Nal¢onal Bolani¢ Garden ofwales forth• puws ofcompany law>
4r• fe$ponsibl? for prepgring the Report of the TnJ$lo￿ and the financial $18lem?nls in accordance with appIl￿b
low and Uniled Kin9dom Accounllno Sl#ndards Iunilad Kin9dom Goneralty Accépl•d Accountsng Praclic•).
Company law requires the Twslees lo prepare financial s14lements for each financial year which glve g In￿ and fair
view of the $lalo of affairys of Ihe charllable ¢ompany and ol the Incoming resour￿5 and application of resou￿es,
in¢ludlng the incom• #nd expendltur•. of tho ch•iil•bl• c4ynp•ny for Ih•l perlod. In PTep•rlng Ihoje fin•ncl•l
slalemenls. Ihe TFu$leos 8r¢ requlr¢d 10
select $ullabl8 8ecountin9 policles and then appty them conslglenlty,.
observ• the method8 and principlgs in the Chorily SORP:
make judg¢ments •nd è$limale8 Ih•l reasonable and pnjdenl;
slate whether applicable accounting slandards have been followed, 5ubj•ct lo any material depariurns dis¢tos•d ArKI
explained in the financial slalemenls..
prepare Iho fin8nci41 $lqlemenl$ gn the going concem b•$is unlo$8 it is inappropflale lo pTrsum• th•1 th¢ ¢ho1ithble
mpafiy wlll conllnue In busin088.
The Tn4s1ees affj rnsponsible for keeping pl￿r •¢¢ounting reco￿$ ￿tch dis¢la8• With r•asonable aexuracy at any
lime the fin•ncial position of the charilabb ¢ompgny and lo enable them lo ensurè Ihal the financlal Statements
omply wrth th¢ Companles Acl 2006. Thèy are also responslble foi safgguèrding Ihg agsels of the charitabl•
company and hence for14king reasonab￿ slep5 for th¢ ptvvention And delectlon ol fraud ond olher Irfè9ularilie8.
In so far as the Trustees ar¢ aware..
Ihero Is no r•l•v•nl audit inloftnallon olwhl¢h th• ¢h8rf14bb comporfs aLtdllorn •rn unawAr•'. ond
the Truste95 have laken all $leps Ihal they ought lo have tsken lo make themselves aware ol any relevaDI audil
intoThation and lo eslabli5h th41 the audrtors are awore of Ihal Infom)alion.
Audltorn
The audrtors. Halnes Wotts Wales LLP, Stolulory A￿•410￿, will be proposed for wppointmenl al the lorthcoml
Annual General Meeting.
Report ollhe T slees,
diroclors. on ......
g strategic raport. approved by ordèr of the Board of Trust￿s, •s Ihtr ¢ompany
. and ¥igned on Ihe Boafd's ty..
DG Davies Chair ofTNslees
PAge 11

R•port 01 tho Inde￿ndent Audltorn to the Mtmbers 01
The Natlonal Botanlc Garden of Wales
Oplnlon
We have audiled the fthancial statèments of The National Botan￿ Garden of Wale$ (Ihe'parenl ¢haritable company'l and
11$ subsidiary forlhe year ended 3151 March 2024 which comprise Ihe Slalemenl of Financial Aclivilles, Ihe Balance Shegl,
the Cash Flow Stsiemenl and notes lo the financial slalements, Induding a Summary of signrficanl accounting poll¢*s.
The financial ￿pOrtIng framework that h3$ been applyèd in their preparalion 1$ applicable law and Unil&J Kingdom
Accounting Sl8ndArds Iuniled Kingd*)m G¢n¢ralty Accepted A¢￿untIng Practic¢>.
In our opinion the financial stalemenls..
givè a Irue and fair vtew of Ihe stale of the group's and parent tharilable company's affairs as 813181 March 2024 and
of Ils incoming resources and application of r050ur¢es. including tts Income •nd expendilurg. for Ihe yeaf Ih8n onded..
have been property p￿Pared in Bccotdance with United Kingdom Geneialty Accepted Accounting Pr•¢ti¢e: and
have been prepared in a¢cordan¢8 wrth tho requirements ot the Companies Act 20C6.
Basis for oplnlon
Vrfe ¢ondu¢led our audit In •¢cordanc* wlth InlomationAI Sland•rd$ on Audillng IUKI {ISAs (UK)) and applicable law. Our
responsibiliti0¥ und•r those sl8ndord¥ Jre furthor doscribed In Ihe Audrtors, re¥p¢n$ibililles for tho audil of th• finènaal
statements section of our repo.rt. We are independent of the chafiiable company ac￿rdanCe with Ihe ethical
r¢quiremènl8 Ihal are re*vanl 10 our audrt of the finandal slalemenls in the UK, Including Ihe FRC'S Elhlcal Standard, ond
T1￿ h4¥0 luffiued our Olhgr olhical respon81bllllie$ In 4cc4rd•nc• wtth these ftquirem•nls. Vle bel*ve Ihql Ihe audlt
ovidence we have oblalned 1$ sufficienl and appmprlale to provide a basls for our opin￿n.
Con¢lu•lani rnhllng to golng
In auditing the financlal slalemenls. we have conduded that Ihe Trustees. uso of the going concem basis ol accounliw in
the prnparab'on of Ihe fjnancigl slalomenls is appropriJl#.
Based on the work we have perlomi8d, we have not Id?nlified any material un¢ertalnlie$ ffjlalln9 to evenl$ or condilion$
Ihal, individu81ty Or colhctlvety, m•y ￿1 $ignffiranl doubl on Ihg Charitoble Company's ability lo continuè •s a going
¢onc•m for • p•riod of at kA81 months from when th• fin￿¢1•1 thtem•nts are Julhorl$•d for Issue.
Our rn$pt)n8ibiliI￿S and th• r•spon$lbllitk•i of th• Trustees wilh r•sp•ct lo golng conc•m ar• d•8cdb•d In th rnlovint
se¢Uons of this repoFI.
Oth•r Infomi•llon
The Irusl•o$ arg r•$ponslble for th• other Infomallon. Th• Ot￿r Infomallon ¢omprls•• th• inlom•tion includ•d In I
Amual Report, other Ih8n the financial 5ts1omgnt¥ and our Report of Ihe Indeyndenl Audllors thereon.
Our oplnlon on the flnanclal 614lwmenls dots not cover the oth•r Informallon •nd. excapl to the •xt•nl olhe(wis• explicftly
Staled in our report. wè do not tsxpr•ss any lorn of assuranc• con¢lu$ion Ihereon.
In connection wblh our •udil of Ihe financ￿1 8lalemenls. our r98pon3lbility15 to read lh• other Inlomalion and. in doln9 $0,
consider whether the olher Infomialion is materialty inwisislenl wlh the financial slatsm¢nl$ or our knowledge obtained
In the audit or otheTh¥48e appea￿ lo b? maloriBltry m1551algd. If wo identify svth maierf81 inconsistencies or appaffjnt
rnalevlal misslolemenls, we are required lo delemine whether there Is i material mls81alemenl in Ihe financlal slalemenls
or a material misslalement ofthe other infomialion. If, based on the Wofk we have pèrtormed. we condude Ih#l there is
m•lert•l misJtJlgrnenl olthi$ olh•r inlomi•llon. ￿ 8f• r•qulred lo report Ihjl f•d. Wo h8¥• nolhirKd to roport in thi8 r•gArf.
Opinlong on other matters prns¢ribed by the Companlgs Act 2006
In our opinion. based on Iho work undert8k•n in the course ollhe audlt..
the infomialion given in the Report of Ihe Tfuslge¥ lor the financial year for whith thè ffinanclal 8lal•m¢ntts af¢ prepared
Is consislenl with the financi81 $lalemenls'. and
the Report of the Trustees has bèen pmpar•d in 4ccordanui with applicabl• ho41 r•qulram•nli.
matte￿ gn wh5ch we ar• requSrgd to v•port by •x¢*ptlon
In Ibe lighl of the knowledge and und8rsl•nding of Ihe charltabk ¢omp•ny and ils onvifonm•nt obtalr￿d in Ilw course of
the audrt, we have not idenlrfwd material missla*menl$ in the Report of the Tru$l¢es.
Vle have nolhlng Io f•POrt in re$ped of the lollvwing matters where Ihe Comp¥rAe¥ AGI 2006 r¢qulros ui lo report to you
in OUT opinion..
adequate accounting ￿e0rd$ have not been kept or retums adequate for our audil have not been received from
branch•8 nol visllèd by us,. or
the financial slalemenls are not In agfeement with Ihe aC￿￿ThI4n9 records and relums., or
certain disclosures of INslees' remuneration specifted by law are not made-, or
w• h8¥e not ￿¢￿1ved all Iho Infomialion and explanalions we fequire for our audil.
P8ge 12

Report ol th• Indewndent Audrtorn t• th• M•mb•rd ol
Th• National Botanic Garden ol Wales
R•sponslbllltles of tnvJtees
As explained more lulty In the Stalemenl of Trustees, Responsibilrfie8, the TNslee$ (who are also the throctors of the
chaiitable company for the p￿￿oSeS of company lawl are ￿sponsIble foi the preparation of the finanGial stslemenls and
for being satisfied Ihal they grve a liue and lair vtew, and for suth intemal control as the Iruslees delemiine is necessary
lo en4ble the preporation of fin4ncial 8lalemenls Ihal •re Ire& fTom malerlal missl8lem8nl, wholher due to frjud or error.
In preparing the financial stalemenls, the Trustees are responsible for assessing the ¢haritsbfe compans1$ ability lo
continue 85 a going coficem, disclosing. as appli¢abl¢. rnatters related to going concem And using Ihe going concern basi%
of accounling unlo99 lh¢ Iruslges oilher Interh4 to liquidate tho ¢h8filgblw company oi lo ceafje oporalions. or hove no
Il$ll¢ allem•lfvo bul lo do $0.
Our regpon$ibllltl•s for the audit of thè financlal 8tal•ments
OurobJ'e¢tives ar8 lo obtain re969n4bl¢ •s$ur•nce about whelherthe fin8nd8lslalemenls as a whole or8 free Irom malerial
mi8$latement. wholhor due lo lrnud or error, and lo Issue a Report of the Independent Auditors Ihal Indud8$ our oplnS0n.
Reasonable a55UTBnce is a high level of Assurance. bul ig nol a gugranlee that Sn aLM1il conducted in 8ccord#nc8 wth
ISAS (UK) will afvdays delecl a material misslalemenl when il exists. Misslalemenls can arw from fr8ud or effor and are
considered m•ltrial rf. Individualty or in Ihè 4ggre9ale, they Could roa$on8bty be expected lo Influence the econom
decislons ol users lak•n on Ihe basis ol Ihew financial st*l•ments.
Inegularilies. induding fr8ud. are insl8nces of non-compliance with laws and regulations. We design proc4dures in fine
with our responsibilili&s, oullinod above, lo deltct material mls$tal•menl$ in resped of irregularit*s, InclLKling fraud. Th•
exlenl lo which our proc•dur8J •re c4pabh of d•l•Glln9 irregul•iili•¥, Indudlng ffayd is detallad bdow..
The extent lo whith our procedures 4r8 Ca￿ble of dol¢¢ting irrngularilie5, In¢￿ding ffaud Is delaiknd bolow..
Ourpl•nnin9 procedurns Id•nlKy the logal ind rngulalory framewo￿* lppllcable lo lh• QP•Talioni and flnancl•l ilalem•nt•
ol Ihe group. These are r¢vlewed intemally wlh Iho •udrt 188m inctudlng rek¥¥nl Industry experien￿ 8nd ¢xpo¢talion$ •$
11 as extemalty wllh the client management. The key laws and regulations we considered in this conl¢xl were I
Compan1￿ Act 2006. Ch4rf1¢03 20114nd relevant lax legl$lalion.
Onc• k1•ntffi￿, w• ••￿8 th• Ti$k6 of m•lerlal mls8lalem•nls Ki r•l*llon to the laws and r•gulallon•. iffegularfli￿,
in¢luding fraud and adjust our l¢stin9 accordlngty. Our audll pro¢4dure8 Include:
Dl8cu$6ing with Trusloe$ and man•g•mgnl whlch •r045 of lh• bu$inos$ they bellev• lo b• mor• ¥usrApiib
to frrdud. and whelh•r Ihoy have any kTr￿￿edge or Susplclon of fraudul•nl Klivlll•$'.
Oblalning an unde￿landing ol the key controls pul in place by the group lo address risks idenlifi•d,
assessing the effecliveness Df Ihose and discussing how I￿$e are malnlalned and monilofyd intematy,.
A8ses$lng the rl8k of man8gemgnl override and and t￿ling of loumal enlrles made Inlo the
•¢counlin9 Sy81em',
Dlscus$ing wilh TNsl•es and ffl•rtagom•nt ￿0*1 and regul•lory oblwJ•lton8 oflhe buslne$$ and whether
they havo ary knowledge or suspicion of non-compfiance.
C)08pll• Ihe audit boing planned and conduGt•d In at￿ld1￿c• wlh ISA$ IUK) Ih•re rwnalnl •n un•void•bl• rlsk Ihlt
maleri41 mi5slalements in the finandal slalements may nol be detected owing to Inherent IlmilA￿on¥ of Ihe audit. and that
their very nature, any suth inslances of fraud or irre9ularilies likety Invol￿ collusion, forgery. inlenlional
mi$repr¢sonlation. or the ov¢nido ol Intemal controls.
A lurther d¢$¢ripllon ol our responsibllilies for the audit of the financlal slatem•nls 18 lo￿18￿ on the Financial Reporting
Council's website al VhYW.fr¢.or9.ukIaudilor9￿3PQnslbi1rt18$. Thls description loms part of our Report of the
Independent Auditors.
P¥ge 13

Report of the Indep￿de￿I Audltors to the Mgmb•rs of
The N•tional Botan1¢ Garden of Wales
Uso of our roport
This Teporf 1$ made solely lo the ch8rrt8ble company's members. as a body, In accordance wlth Chapler 3 01 Part 16 of Ihg
Companies A¢1 2006. Our audit work has been undertaken 80 that Wo might $18le lo the ¢h8rii•bkn company'6 membern
those matter$ we are required lo slate lo them in an auditors. report and for no olhof Pu￿0￿. To the fullest extent permitled
by law. we do not accept or a$$ume re5pon$ibilily lo anyone other than the charilabl& company and Ihe eharitabla
comp4nls members as a body, for our audlt work, for thi¥ report, or lor the opiniong we h•v• forned.
Victoria Carter {Senlor Statutory Audltor)
ft>r ar￿ on bphalf of Haines Watts Wales LLP. Statutory Audttorn
7 Neptune Court
Vgnguard Way
Cardrfl
CF24 5PJ
D•1•
Page 14

Th• Nallonal Botanlc Gardon of Walos
Consolldated Statement of Flnanclal Activlties
(Incorporatlng an Income and Expendlluro Account
lor the Year Ended 31 March 2024
2024
2023
R•stricted Totsl funds Tolal lunds
lunds
Unre81rfctrd
fund
Not••
Incomè and endovanents from
Donations and legacies
Charitable acts'vities
Investment income
Other trading activities
866.207
1,571,342
23,172
1.528.063
142,625
315,655
1,008.832
1,886.997
23.172
1,528,063
795,877
3,182,950
11.030
1.341.751
Total
3,988,784
458,280
4.447.064
5,331.608
Expendltur• on
Ralsing funds
Charitable acts'vities
1,540,875
2 242.453
1,540,875
3 721090
1,31S,934
3 892 164
1478 637
Total
3,783,328
1,478,837
5.261,965
5,208,098
Net In¢omèl(•xp•ndlture)
Transfer betAeen lunds
205,456 (1.020.357)
36.012
(36,012)
1814,901)
123.510
20
Reconclllatlon of funds
Total funds brought lorward
7,307.459 20,003,346 27,310,805 27,187,295
Total fund• ¢arrl•d forward
7.548,927 18,946,977 26.495,904 27,310,80S
Contlnulng op•r•llon•
AJI income and expenditure have arisen from ¢ontsnuing activities,
Page 15

The National Botanlc Garden of Wal0$
Company Number: 2909098
Consolidated Balance Sheet
At 31 March 2024
Group
Charlty
2024
2023
2024
2023
Notes
Flx•d Assets
Tangible asset$
Her¢tage assets
Investmenls
13
14
14
24,639,565
986,423
26,349,432 24,637,613 26.344,666
986.423
25.625.988
26.349,432 25,624.037 26,344,667
Currènt a$s•ts.
Stock
Debtor8
Cish * bank
15
16
162.369
144,485
1 143 537
170.875
502,461
1.394,690
22.9S8
212.465
1 141237
17,802
593,409
1392.313
1,450,391
2,068,026
1,378,658
2,003,524
Crndltor•
knounls falllng dv• vthhin on• y04r
17
(541,475) {1,051.853}
{467,431)
{986.$40)
N•t etsn•nt *•••ts
908 916
1016 373
1016.984
Tolal a#￿ts le•J ¢urr•nt Il•bllltl••
26,634,904 27.365,806 26,533.263
27,361,651
Cr•dltovs
Amounts f•lling duo after moro Ih•n ono 18
year
(39,OCh))
<55,0001
(39,lJOO}
(55,000>
N•t ••••ts
26 495 904 27 310 805 26 494 264 27 306 351
Fund*
nm
Parnnl
Subsldlary Company
20
7.547,289
1.639
7,303,305
4,154
Por8nt
Tolal fund•
26.495,904 27,310,805
In accordance with Section 444 of the Companie$ Act 2006, the Income Statement has not been dellvered.
The financial statements were approved by the Board of Trustees on .
half by.
and weTe signed on
D Howell- Choir ofAudil &￿anCe Commiilee
The nol•s foTh part of these finanGial statements
Page 16

The National Bolanlc Garden of Wale$
Consolldated Cash Flow Statement
for the Year Endèd 31 March 2024
2024
2023
Not•#
Cash flows from operatlng actlv11108
Cash generated from operattons
23
1.(￿9.840
Cash flows from Investlng acllvltles
Pufchase of property, plant and equipment
Dividends and interest
Proceeds Irom disposal ol fi'xed assets
(290.412)
9.435
(l,561.L￿s)
11.030
Net ca$h (used in)Iprovided by investing acts'v1￿'eS
(1.538.397
Ca8h 110￿ from Ilnanclng actlvltle¥
Repayments ol borrowlng
Change In ¢a8h and cash equlvalents
In the Mportlng perlod
Cash Ind ¢a$h equlv*l•nts at th•
bgglnnlng of th• r•portlng perlod
(251.1 $3)
<493.017)
1,394 690
1,887 707
Ca8h and cash equlvalents at the •nd
of the rnportlng perlod
1,143 537
1,394 690
Page 17

The National Botanlc Garden of Wales
Notes to the Consolldated Flnanclal Slatements
for the Year Ended 31 March 2024
A¢countlng pollcles
Basi$ of preparlng thè fInanc￿l statements
The finanaal slatemenls of the charitable group, which is a public benefit entity under FRS 102. have
been prepared in accordance with the Charities SORP (FRS 102) 'A¢counling and Reporting by
Charrties: Statement of Recommended Practice applicable to ¢harib'es preparing their accounts in
accordan¢e with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS
1021 leffectsve 1 January 2019}', Financ4al Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial ststements
have been prepa￿￿ under the historical cost convention.
Basls of consolldatlon
The consolidated statement6 of the Group incorporate the financial Statements of The National Botanic
Garden of Wales and its Subsidiary undertaking, which is made up to 31 March 2024. No separate
ompany Statement of Financial Activities {SOFAI has been prepared for the Chanty as pem)itted by
section 408 of the Companies Act 2006 and paragraph 24.37 of the SORP.
Subsidlary undertaklng
The charity has a subsidiary, Middleton Gardens Limited, company number 0308{￿57, a company
which is incorporated In the UK and based al the same registered office as its parent. The National
Botsnic Garden of Wales has Gontrol over the subsidiary by way of rts Board and Trustees. The results
for th8 year ending 31 March 2024 were turnover of £1.550.281, expendlture of £1,552,792 glvin9 loss
of£2,511.
Golng ¢on¢érn
At the tlme ol approvlng the finanaal slatement8, the Trustees have a reasonable expectation that the
charity has adequate resources to continue in operational existence for the loreseeable future. Thus,
the Tru$tee$ continue to adopt the going concern basis of accountlng In preparlng the financial
slatements.
The charitable activities are entirely dependent on continuin9 grant aid and voluntary donations as well
as tradlng revenues. As a consequence. the going concern basls is dependent on the luture flow of
these uncertain funding streams. Accordingly. the Trustees have obtained f0￿Cast8 and, after
reviewin9 the firbanaal forecasts for future periods lo 31 March 2024, the Trustees are satisfied that. at
the lime ol approving the financial statemènts, it Is appropriate lo adopt the goln9 concern basis in
preparlng the financial statements. The Trustees are not aware of any material uncertainties about the
charity's ability lo continue as a going concem.
Inc¢m•
Income is rewnised when the charity is legalty entitled to rt after any perforrnance Conditions have
been mel, the amounts Gan be measured reliably, and il is probable that Income will be received.
C&$h donations arè recognised on receipt. other donations are recognlsed once the charity ha8 been
notified of the donation. unless performance conditions require deferral of the amount.
Income from gr8nl$ is rècogni8ed when the charity has enlilJem8nl to the funds, any performance
conditions attached to the grants have been mel. it is probable that the income will be received and the
amount can be measured reliably and is not deferred.
Income from ch8Trtable activities and trading income is recognised in the penod to which the service
relales wrth any amounts received in advarKe being deferred. Relail, 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.
Tumover is measured al thè h'r value of the consideration received or recelvable and represents
amounts receivable for goods and services prowded in the normal course of business, net of discounls,
VAT and other sales relaled taxes.
Page 18

The Nallonal Botanlc Garden of Wales
Notes to the Consolldated Flnanclal Statemènts
for the Year Ended 31 March 2024
A¢¢ountlng policles - cont
Expenditure
Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third
party, it is probable that settlement will be required and Ihe amount of the obligation can be measured
reliably. Expendrture is dassified under the following activity headings..
Costs ol raising funds comprise the costs in relation to generating income such as fundraising
and events, marketing and publicity and certain costs associated with the Charty's tradin9
8ub$idiary.
Expenditure on charitable activities includes all costs relating to the furtherance of the charlvs
objectives as stated in the trustees, report
Expendltur•
Irrecoverable VAT is charged as a cost against the a¢tlvlty for wtrAch the expondituro was Incurred.
An analysls has been provided for the charitable actbvities on a departmental basis.
Costs where possible are attributed directly to the activity to which they relate. Vvhere costs cannot b?
directly attributed to particular headlngs they hav• been allocated to activities on a basis consistent with
Ihe use of the Tesour¢es.
Support costs are thos8 functions that assist the work of the tharity but do not dlre¢Uy undertake
charilable activities. Govemance c051s comprise all costs involving public accountabillty ol the charlly
and it8 compliance wlh regulation 8nd good pra¢tlca.
Inveslments
Investrnents relate to 100Y• of Ihe share capital of the charty's wtholty owned trading subsidiary and is
r￿QgnISed at ¢ost,
stocks
Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on the
estimated selling price after iaking into account all lurther costs and excess stod(s that are slow
moving.
Tanglblo Ilxed ass•ts
Tangible fixed assets are initialty measured al cost 8nd subsequently measured al cost or valuation,
net of depreciats'on and any impairm8nt losses, or in cases where fixed assetts have bgen donated lo
th6 tharlty, 8t valuation al lime of acquisition.
Individual fixed assets costing £1,000 or more are capitali$ed at cosL
Depreciation is recognised $0 as to write off the cost or valuation of assets les5 their residual values
over their useful live5 on the following bases..
Freehold premises and leasehold land
Leasehold premises
Plant and machinery
Motor Vehides
0%
2Vg
4%- 33VJ
10/0-25%
% straight line
Yo Straighl line
% straighl line
Vo Straight line
A regular annual review of the likelihood of asset impairment is undertaken.
Heritsge assets
Hentage assets relate to the charity's plant colledion. The plant collection purchased by the charity has
been capitalised at cost. The plant collection has been categorised as heritage assets as they meet the
scientific, geophysical. environmental, historic and artistic qualrties of being maintained for Ihe
contribution to knovAedge and Culture in line with the charty's fundamental primary PUfPOSe.
Page 19

The Natlonal Bolanlc Gard¢n of Wal•s
Notes to the Consolldated Financial Statements
for Ihe Year Ended 31 March 2024
Herftage Assets - contlnued
No depreciation is provideo on the plant collection bwuse It is the practice to rnalntain and renew the
plants on a ￿ntInual basis. Accordingly, the life is so long and the residual value so high that the
Trustees consider that depreciation calculaled in accordance with accepted accounting Standards
would be immaterial.
Heritago assets have been reviewed at tha reporting date with no impairment noted.
Taxalion
As a reglstered charlty The National Botanic Garden ol Wa18818 entitled lo the exemption from taxation
in respect of income and Capitsl gains received with sections 478489 01 the Corporation Tax Act 2010
and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent Ihal these are applied to
Its charitable obièGts' purposes only.
Fund a¢¢ounllng
General funds are unrestricted lunds vthich are avallable for use al the discretlon ol 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 wrth specific feslrictions imposed by
donor6 which have been raised by the chadty for particular purposes. The cost of raislng and
administering suGh fvnds are Charged against the specific fund. The aim and use of each restricted
fvnd18 Set out in the notes to the ilnancial statements.
Designated funds comprise fwds which have been Set aside at the discretion ofthe trustees for specific
purpose5. Th8 purposes and uses of the deslgnated lund8 are set out In the notes to the financial
statements.
Ac¢ountlng lor eapltal grants and Ilxed a8$et fund8.
INhere the terms of the gift are met once the asset is acquifed, so allowing the charity to use the asset
on an unrestricted basis, including the righl to re￿1Ve the proceeds of any future sale of the asset on
an unrestn'cted basi6, then th• fixod as￿ is transferred to unre$tn'cted fiJnd8.
As the related assets are depreciated, in accordance with Ihe depreclalion policy, in order to reflect the
diminution in the asse( a transfer is made from the relevant fixed asset funds to elther unrestricted or
restricted revenuè funds. as appropriale to the temis of the original gift. if any.
Any resldual liability to the donor arising from. for example, the asset's future sale, Is dlsclosed as
conts'ngent liability unless the event thal would triggef repayment of the grant becomes probable in
vthlch Ca￿ o liability for repayment is recogniged.
Rèlaled party exemptlon
The company has taken advantage of exemption, under the lerms of Financial Reporting Standard
102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland,, not to disdose
related paty transadions With wholty owned subsidiaries within the group.
Penslon c¢yJts and other po8t•retlrement benellts
The ch8ntable rJ)mpany operates a defined contribution pension scheme. Contributions payable to the
charitable company's penslon scheme are charged to Ihe Slalement of Financial Activrties in the period
to which they relate.
Debtors, ¢redltots and cash
Current assets and liabilities. including cash held at bank are rec4)gnised at cosl or valuation as at the
year end.
Operating leases
Rentals payable under operaling leases are charged in the statement of financial activities on a straight
line basis over Ihe lerm of the lease.
Page 20

The Natlonal Botanlc Garden of Wales
Notes lo the Consolldated Flnanclal Ststements
for the Year Ended 31 March 2024
Donatlons and legacles
2024
2023
Donations
Legacies
Grants
Totsl
263,302
107.003
638 527
1.(X)8.832
164,854
631023
795,877
Grants received, included in the above, are as follows:
2024
2023
Welsh Govemment (Core)
Welsh Govemmenl- Rural Development Wale$
586,992
594,000
638,527
631,023
Incom• from ¢harlt•bl• actlvltl••
2024
2023
Actlvlty
Educational and Contrai
Income
Membership Income
Other income
Plant and Seed Sales
Grants
Admi86ion Fees
Charitable ActivNy
Charitable Aclivlty
Charitable Activity
Charitable Activity
Charitable Activity
Charitable Activity
91,949
319.147
84,897
145,954
322,046
923 005
173,270
270,904
103,153
161.633
1,625.799
1886 997
3 182,950
Grants received. included in the above. are as follows..
2024
2023
Apprenticeship Fund
European Regional Development Fund & Leader Funds
The National Lottery Heritage Fund
The Waterloo Foundation
Welsh Govemmenl Capital Funds
Welsh Government Enabling Natural Resour￿$ and Wellb8ing
British Soil Association
Welsh Govemment Visrt Wales - Brilliant 8aslcs
Royal Botanic Garden Kew
Swansea Bay University Health Board
Other Funds
Dynamic Collections
SPF- Plants
HBG Training Programme
Growing thè Future
WCVA
Welsh Govemment Events
RBG Grant
2,O¢XI
5,000
99,122
241,224
15,000
1.320,000
(130,8251
982
14,852
14,500
45,764
2LX),000
467
14,500
130
41.100
26.491
8,150
13,728
9,980
3,500
322.048
1,825,799
Page 21

The National Botanle Garden of Wales
Notes to the Consolldated Flnanclal Statements - eontlnued
for the Year Ended 31 Mar¢h 2024
Invostment Income
2024
2023
Deposrt account interest
23,172
11,030
Income from other tradlng actfvltlos
2024
2023
Corporate and wedding
Event
Food and drink
Other
Renewable income
Rental income
Sales of goods
123.635
42,675
784,297
17.171
62,505
149,522
348,258
87,851
30,196
703,837
70.084
66,203
1,528.063
1.341.751
Page 22

The Natlonal Botsnlc Garden of Wales
Noles to the Consolidated Financial Statements - contlnued
for the Year Ended 31 March 2024
Exp•ndlture
un
Advertising and Ma￿alIng
31,407
279
350
32,036
63.923
Audit Fees
15.295
15.295
13,983
Bad debt
(61)
1611
413
Catering Consumables
25.434
25.434
28.993
Cle•ning and Vh8te M4nagemenl
4,407
30,881
343
35,631
43,452
3,765
991.931
8,725
1,004.421
1,006.996
Educalion81 and Research E¥penditure
276
4.252
4,528
9,212
Equipm•nl Hlr•, R•ylr¥ •nd M•lntèn•n¢4
6,909
94,787
498
102,193
68,874
Event and Attrodion Expons05
33.553
59.019
145
92,718
20,321
Fami Exp6ns•s
13,937
13,937
10.351
H•alih and Salety
9,629
188
9,816
9,807
Hortlcullure Costs
29
47.594
47,624
53,447
Insurnnc•
73.253
73,253
105,871
Inl•re81. C•rd •Thl 8•nk Ch?rye•
15
45.294
45,309
40,550
IT Costs
6.760
30,263
22,603
59.625
70,812
L••w Cos1•
6,308
6,184
L•941 and Profo$sional Fèes
49,144
12.092
81,253
106.806
Ll9hl and Heal and Power
760
262,012
282,772
258,143
Loss on of ￿101
32.748
Other Costs
1,871
2,717
6,992
Olher Staff 8nd Volunleei Cosli
2.143
12,979
98.453
113.575
101.506
pps
9.767
19.409
3.935
33,111
31,812
Premi50s Repaits •nd Maintenan
92,829
92,829
141.256
Purch•$•8
603,315
18.416
845
622,576
694,939
Renl, Rates and Watsr
30,566
25
30,591
18.991
Subscriptions and Licenses
9,863
10.195
5.063
25.121
22,658
T0￿phone and Mobile$
13.694
14,526
20,522
Translats'on and Intery)relallon
4,033
5.540
746
10,319
6.459
Travel and Subsb5ten¢e
1.265
9.623
1.186
12.073
21,298
Wagès and Salafl•s
757.594
1,293,632
361,210
2,412.43S
2,290.979
Total
1.501.875
3.174.473
570,322
15,295
5,261,965
5,208.098
Page 23

The Natlonal 8otanl¢ Garden of Wales
Not¢8 lo Ihe Consolldatfrd Flnanclal Statements - ¢ontlnu•d
for the Year Ended 31 March 2024
Exp•ndllur• - ¢ontlnu•d
2024
2023
Middlelon Garden
Horticulture
Education
Admission and membershlp
Operats'ons and central
Fundraisin9 and events
Science
Inte.rpretation
Restricted funds
1,404.579
375,977
130,072
212.778
1,372,359
195.439
68,914
23.210
1478 637
1,185,518
446.278
126,465
148.946
1,448.700
205.754
90.747
27,457
1528 234
Total
5,281,965
5,208,098
Not Incomel(expendlture
Not incomel{expendilurè) 1$ 8tsl¢d after charglngl{credltlng)'.
2024
2023
Auditors, remuneration
Auditors, remuneration for non.audlt wort
Depreclation
14,29S
2.000
1,004.421
12,983
1.000
1.006,996
Trust￿•, r•mun•ratlon and b￿•11￿
There were no trustees, remunerabon or other benefits for the year ended 31 March 2024 nor for Ihe
year ended 31 March 2023.
Tru8teo8' •xp•n8••
2024
2023
Tru8tees' expenses
120
297
No tru$l•e w88 remunerated or w8$ reimbursed for expense$ durlng the current or prlor ye8r
Slaff costs
2024
2023
Wages and salaries
Social Security cosls
Freelance contract and labour
Other pension cost8
2.126,409
160,585
51,825
2,236,561
153,346
49.400
2 412,435
2.510.402
Page 24

T￿ Natlonal Botanlc Garden ol Wale8
Notes to the Consolldated Flnanclal Statements - continued
for the Year Ended 31 March 2024
Slaff costs - conllnued
The key management personnel of the charty and the group. as noted in the tru5te8s' report. received
benefits {induding gross salary. employerfs national insurance contributions and employerfs pension
contributions) of £285.757 {2023'. £304,952). The average monthty number of employees during the
year was as follows:
The average monthly number of FTE emptoyees during tha year was as follows..
2024
63
2023
70
Charitable adivitie8
Fundraising activities
Management and adminislration
15
14
79
85
The average nL#mber ol staff employed by the group during the year wa$ 1¢)9 (2023.'113)
The number of employees *fiose employee benefits (excluded employer pension costs) exceeded
£60,000 wa5:
2024
2023
£80.001- £90.000
10.
Comparatlv•• for th• con•olldthd stst•m•nl ol Ilnanclal actlvlll
Unrestricled
nd
Restricted Total funds
lunds
In¢om• and •ndobym•nts from
Donations gnd lega¢le$
Charitable activities
Investment income
Other Irading aclivities
734,588
1,586.345
11,030
61.291
1,596.605
795.877
3.182,950
11,030
1341751
164
Total
3.673.548
1,858,060
5.331,608
Expendlture on
Raising funds
Charitable activities
Totsl
1,315,934
2,363.930
3 679 864
1.315.934
3,892,164
5 208 098
1,528,234
1 528 234
N•t In¢om•ll•xpendlture)
(6.316>
129,826
123,510
Page 25

The Natlonal Botank Gardèn of Wales
Notes lo th• Consolldat•d Flnanclal 8talement8 - ¢ontlnu•d
for the Year Ended 31 March 2024
11. Tanglblo flxed assets - group
Flxlur•$
flttings &
vèhlcles
Land and
Bulldlngs
Plant and
machlnery
Totals
Cost
At 1 April 2023
Additions
Disposals
Reda5sifiGation
31.338.213
209.168
9,677,361
64.269
(13,4801
2,352,475 43,368.049
16.975
290.412
{13.480)
At 31 March 2024
31547 381
9 728 150
1.383 027 42 658 558
D•pr•clatlon
At 1 April 2023
Charge for year
Elimlnated on dlsposal
10,757,782
500.378
5,293,541
430.876
967.294 17,018.617
73,166
1,004.420
At 31 Mar¢h 2024
11258 160
5.720 373
1040 048 18 018 993
Net book value
At 31 March 2024
20 289 221
4 007 777
342 567 24 639 585
At 31 March 2023
20,580,431
4,383,820
1,385,181
26,349,432
12. Tanglbl¢ flx•d a•s•ts - ¢h*rhy
Flxturos &
Ilttlngs
v•hlcl•8
L•nd and
Bulldlng8
Plant and
machlnery
Totals
Cost
Al 1 April 2023
Additions
Disposa18
Redassffication
31,338.213
209,168
9.665,013
64,269
{13,480)
2,348,963 43.352,189
16.975
129,673
(13,480)
At 31 March 2024
31547 381
9.715 802
1379 515 42.642.698
Depreclatlon
At 1 April 2023
Charge for year
Eliminated on diwsal
10,757,782
500.378
5,282,859
428,061
986,882 17.007,523
73,166
1.001,605
At 31 March 2024
11258,161
5 706 876
1040.048 18 005 085
Net book value
At 31 March 2024
20,289,220
4,008,926
339,467 24.637.613
At 31 March 2023
20,580.431
4.382,154
1.382,081 26,344.866
Page 26

The Natlonal Botanlc Garden of Wale8
Notss to the Consolidated Flnanclal Statements - Conllnued
for the Year Ended 31 Mar¢h 2024
13.
Herftage assets - group and charity
Plant COlle￿10n
Colt
Réclassification
Net book value
At 31 March 2024
At 31 March 2023
A reclassffication of the living plant collections to be classthèd as heritsge assets was agreed by the
Board for this financial year. The plant ¢olle¢tion was hlstoriGally purchased and is valued at Purchase
price In a¢¢ordanc• tho charity's accounb'ng pollcy.
14.
Flxed asset Inve8tm•nts
Shares in
8ubsidlary
Mlddl•lon G•rd•n• Ltd
Cost
Ordlnary
shares of
£1
% Holdlng
100V•
Middleton Gafdens Umlled
16. Stock
Group
Char6ty
2024
2023
2024
2023
Slod(
170 875
16.
D•btorn: amounts falllng due wlthln one year
Group
Charlty
2024
2023
2024
2023
Trade debtors
Prepayments and attrued income
Other
Amounts owed from group undertakings
28.412
109.497
6,576
33,￿3
79,528
389,570
11,846
109,497
6,578
84.546
27,994
79.528
389,571
96,316
144,485
502,461
212 465
593.409
P•gt 27

The Natlonal Botanlc Gafden ol Wal•8
Notes to the Con$olidatefl Flnanclal Statements - ¢ontlnued
for tho Year Ended 31 March 2024
17. Creditors: amounts lalllng du• wlthln one y•ar
Group
Charlty
2024
2023
2024
2023
Trade creditors
Social security and olher taxes
other Creditors
Loan
Accruals and deferred income
380.577
399
8,911
13,000
138.588
798.792
31,697
204
19,225
201735
327.179
399
793,822
31,697
205
19,225
195.591
13,000
123.853
541,475
1.051.653
487,431
986,540
17. Credllorn: amounts falllng du• wllhln on• y•ar- ¢ontlnu•d
Movement In dolerrod Income
2024
2023
Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous period
Balance at the end of the reporting period
8,348
7,250
{8.348}
7,250
40,040
34,511
(66,203)
18. Credltors: amounts falllng due after more than one year
2024
2023
Loans (see note 19)
Other Ciedilor$
39,000
55,000
42.CQO
55.000
Loans included in the above include £39,000 {2023.' £55,000) due to We15h Government which Is due
to be repaid in 2027 and has no interest attached to IL
Page 28

The Natlonal Botanle Garden of Wales
Notes to the Consolidated Flnan¢lal Statements - contlnued
for the Year Ended 31 March 2024
19. Leaslng agreements
Minimum lease payments undèr nonpcancellable operaling leases fall due 88 follows..
2024
2023
Wthin one year
Behveen one and fwe years
In more than five years
13,576
9.365
98,859
A legal mortgage is in place on the company's freehold land and 18a58hold 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 Facillties Limited also have le9al charges over part of the leasehold
and freehold land of the company. NatWe$t Bank has a registered debenture, but there ar8 ¢urrently no
borrowings outstanding.
Total
2024
Total
2023
Amount secured is estimated lo be..
18 780 514
19758958
The garden entered inlo a legal charge in 2018 with The National Lottery Heritage Fund to secure all
monles and liabilltie8 oV￿d to it at any one time, up to £3.6m.
Page 29

The Natlon41 Botan1¢ Garden of Wale8
Notes to the Consolldated Flnanclal Statements- contlnued
for the Year Ended 31 March 2024
20. Movem•nt In funds
Net
Transfers
movement bètweèn
In funds
funds
At
31.3.24
At 1.4.23
Unr•8trletsd fund8
General fund
General Fund- Designated
7,107,459
205.456
36.012
7.348,927
200.000
7,307,459
205.456
36.012
7,548,927
Re8trl¢ted funds
Apprenticeship Schern8
Caru Natur Cymrul Biophilic Wales
Project
Archives Fund
Fixed Asset Fund
Flourish Fund
Granlscape
Growing the Future
Poslcode Lottery
Regency Restorallon
Leader 2022
Feasibility Study {sculpturel
National Afborelum for Wales
Conserving Welsh Plants
Dynamic Collects'ons
Sustainable Communilles Fund
Quentln Kay Student Scholarshlp
Heritage Officer Fund
70,499
10,708
{65.4531
(9.870>
5.046
(838)
105
19,758.958
1.918
19,9801
137,755)
4.459
196,666
113,507)
19,000
{17,725}
20,000
(294)
(810.4921
{1,7291
10.005
13,728
(1.2891
(218.153)
13,377
(19,000)
{8.100)
189
(167.952) 18.780.514
189
(26)
24.027
(1.247)
89,359
1.943
67.872
1130)
{25.825)
20,000
1,075
3,295
92.999
1,075
3,295
92.998
20 475)
20.003346 18946977
1020.357
TOTAL FUNDS
27,310.805
(814,901)
26,495.904
Page 30

The Natlonal Botanic Garden of Wales
Notss to the Consolldated Financial Statements - Contlnued
for the Year Ended 31 March 2024
20. Movement In lund$ - ¢ontlnu•d
Net movement in funds, induded in the ai)ove are as follows:
Intomlng
resources
Resourc•s Movement
expendèd
In lunds
Unr•slrlct•d funds
General fund
3.988.784
(3,783,328)
205,456
R•8trl¢ted fund$
Apprentlceshlp Scheme
Canj Natur Cymrul Biophilic Wales Project
Archives Fund
Fixed Asset Fund
Flourish Fund
Granlscape
Growing the Future
Poslcode Lottery
Regency Restoration
Leader 2022
Feaslbility study Isculplure)
Nationgl Arboretum for Wales
Dynamic Colle¢tions
Suslainable Communities Fund
Quentin Kay Student Scholar8hlp
Heritage oifi¢er Fund
52,750
568
(118.2041
(10,438)
1294)
200.000 {1.010.4921
{1.729)
{65,453)
{9,870)
(2941
1810,492)
11,729)
10.005
13,728
(1.289)
(218.153)
13,377
(19,000)
(8.100)
1,075
3,295
92,998
10,005
13,728
(1,269}
(218,153)
(130)
(19,000}
18.1001
(40.1551
(23,197)
{7,002)
13,507
41,230
26.492
100.000
1020 357
TOTAL FUNDS
4,447,064 {5,261,V)51
1814,901)
Page 31

Tho Nallonal 8otanlc Garden of Wa1•8
Notes to the Consolldated Financlal Ststements - contlnued
for the Year End•d 31 March 2024
Movement In funds- contlnued
Comparalives for movement In funds
Not
movement
In funds
Transfers
between
funds
At
31.3.23
At 1.4.22
Unmtrlcted fund•
General fijnd
General Fund- Designated
Propety Asset Development fund
Proie¢l D￿elOPMent Fund
5,797,728
125,000
54.835
(6,316)
1,316,047
75,000
(54.835>
7,107,459
200,WO
6,072,728
{6,316)
1,241,047
7,307,459
Restrfcted funds
Apprenb'ceship Scheme
8nlliant Basic Fund
Caru Natur Cymrul Blophih'c Wales
Project
Archives Fund
Fixed Asset Fund
Flourish Fund
Grantscape
Growing the Future
Postcode Lottery
Regency Restoration
Sustainable Management Scheme
Leader 2022
Feasibility Study (sculpturè)
National Arboretum for Wales
Conserving Welsh Plants
104,595
15,493
150.204
(35,492>
12.077
(135,492)
1,396
(27.5701
(4,004)
70,499
10,708
105
278,038
{10,400}
18.681)
156,961)
{7,101)
133,958
(43.3371
{18,163}
19,000
(17.7251
105
<1,309.112) 19,758,958
1,918
{9,980)
(37,755)
4,459
196,868
20,790,032
12,318
(1.916>
54,738
12,959
(134,254)
110.398
617
{35,S32>
{1,399)
196,962
(67.0811
4,858
113.507)
19,000
117.7251
20.000
21 114587
1241 047
129 826 ￿ 20 003 346
TOTAL FUNDS
27,183,141
123,510
27,310,805
Page 32

The Natlonal Botanlc Garden of Wales
Notes to the Consolldaled Flnan¢lal Statements - contlnued
for the Year Ended 31 March 2024
20.
Compardtlves for movement In funds- eontlnued
Comparative net movement In lunds, included in Ihè above afe as follows..
Incomlng
Movoment
resour¢06
Resources
•xpond•d In lund8
Unrestrleted funds
General fund
3,673.548
{3,679,864)
(6,318}
Restrfcted funds
Apprents'ce6hip Scheme
Brillianl Baslc Fund
Caru Natur Cyrnrul Biophllic Wales Project
Archives Fund
Fixed Asset FurKI
Flourish Fund
Grantscape
Growng the Future
Postcode Lottery
Regency Resloration
Sustainable Management Scheme
Leader 2022
Feasibility Study {sculpts&re)
National Arboretum for Wales
Con$ervin9 Welsh Plant$
26.200
14,852
185.1x1)
1,000
1,325.IXIO
(61,692)
12,775)
{50,431)
(895)
(1.046.962}
110,400)
(8,681)
1198,053)
{7,101)
{107,356}
(35,492>
12,077
1135,492)
105
278,038
110,400)
(8,681)
156,961)
(7,101)
133.958
{43,337}
{18,163}
19,000
(17.725)
139.092
241.314
(43,337>
(18,1631
19,000
(17,725)
1658.060
1.528 234
TOTAL FUNDS
5,331,608
(5,208,098)
123,510
20. Movement In lund$- conllnued
Apprentleè8hlp Schem• - Thls scheme funds apprentlceship placements for hortlcultural tralnees. It
is supported by a combination of private donations and the Nats'onal Garden Scheme.
Caru Natur Cymru'l8lophlllc Wal•8 ProlKt- Our'caru Natur Cymru'lBlophilic Wale8 project ceased
in March 2022 but was extended for a year with funds from the Swansea Bay Universty Health Board.
It aimed to increase the well-being of people. biodiversity and the environment within the health board
area oreating nature themed green 8pa¢es.
Ar¢hlves fund This represents donations re¢eNed to support the maintenance of the Garden's
archive and volunteer archives group.
Flxed Asset Fund . The purpose of these funds is described under the accounting policy 'ACe￿u￿ting
forcaprtal grants and fixed asset funds,. Restricted fixed asset fund relates to the purchase, development
and maintenance ofihe bolani¢ garden. The Millennium Commission supported the project by approving
grants for £22.3m and the European Regional Development Fund by £6.3m. The Welsh Govemment
(induding funds from Welsh Development Agency and Wales Tourist Board) also provided restricted
9rant funding of£4.8m.
Flourlsh Fund
This award from the RHS helped to build on our existing education. training and apprenticeship
opportunities. in part¢cular developing a new pathway into our horticulture apprenticeship scheme
whilst linking with new and diverse audiences.
Pa9e 33

Th• Natlonal Botanlc Garden of Wale•
Notes to tho Consolldated Flnan¢lal Statements - contlnued
for thè Y•ar Ended 31 March 2024
20. Movement In funds - contlnuod
Grantscape
This grant is from Welsh Govemment 's Landfill Disposal Tax Communty Scheme 2021>21 and ￿11
enable the Garden to improve the condition of its hay mèadow habitat on the Waun Las National
Nature Reserve and showrase how nature and farming can work in hamony.
Growlng Ihe Future
Th18 Is a flvfryear Wlelsh Government Rural Communities
Rural
Oevelopment Programme 201￿2020 project designed to promote Welsh horticulture, plants for
pollinators, protecb'on of wldlife 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- This project supports the delivery of horticultural and outdoor courses for health
and well-being as part of our education programme.
Regency Restoratlon ~ This 7 year-long project restored the Garden's historic parkland to tts original
19th century Regenvi waterpark landscape and wa8 completed in June 2022. The Garden now featur88
a nethlace of seven lakes. cascades, falls and weirs created more Ihan 21)) years ago, together with
Regency planting scheme which formed the heart of its parkland. It was funded by the Heritage Lottery
Fund, Garfield Weslon Foundation. Monument Trust. The M8rc8rs' Company. Welsh Govemment.
Esmee Fairbairn Trust, Patsy Wo¢)d TrusL The Waterloo Foundation and other 9enerous donations.
The balance of the fund aims to support the management and maintenance of the area and employ a
heritage officer to 88feguard the hi$tori¢ a$￿ts of the Garden.
Ltad•r 2022 - The objective of this 12-rnonth L84DER funded project was to pilot the use of digital
techr￿lOgY in the form of GIS (Geographical Information Systems) resources to help support tourism in
the Tywi Valley.
F•aÉlblllty Study- Th16 study alms to establish the feaslbi1Sty of establlshing a Gculpture trail within the
Garden, lunded by the Mosawi Foundati¢)n, CoNvinslon Charitable Trust and Waterloo Foundation.
Natlonal Arborètum for Wale61Coedfa Genedlaethol Cymru- This project aims to creale a nalionally
Important arboretum that engages with all visitors. inspires new communllies and audiences and
delivers a key learning and conserrfation resource. A fundraising campaign will support the delivery of
thi8 major project, vthich will take several years to wnplete.
Conservlng Welsh Plants - This represents a donatlon received to enhance our Conserving Welsh
Plants display.
Dynamlc Collectlons The Plants Past Present and Future project is a £250.000 >year National
Lottery Heritage Fund project funded through their Dyn8miG Collections Scheme (202*261. The project
alms to curate, di9ilise and engage on the Botanic Garden's he￿ariuM of pre8s8d plants. opening up
the Collection to new audiences and revealing untold stories.
Sustalnable Communltles Fund Shades ol Green project plans to work 8cro$s the Hywel Dda
University Health Board IHDUHBI estate and create focal F)oints for community ctrdeveloped green
infrastructure projects. The sites wll surround hospitals, health-centres, mental health and residential
facilibes. The project plans to develop an integrated mosai¢ of green space that reflects the health and
wellbein9 needs of pab'ent ￿hortS, staff groups and communty partners associated with HDUHB and
its Camarthenshire estate.
Quentin Kay Student S¢holarshlp - The bequest from the estate of Prof Quentin Kay is SUPF)Orting
the Botanic Garden's work on the conservation of the Welsh flora, through the research and seed
banking of some of our mosl Ihreatened plant species. The new role of Research and Colledions
Assistsnt created via this fund has supported an early career ecologist to develop new skills.
Tf&nsler8
relate lo capital movement on the fixed asset fund ¢omprislng Testricted fund capital
expenditure and other items allocated to unrestricted funds.
Page 34

Tho Natlonal Botanlc Garden of Wales
Nole8 to th• Consolldated Flnanclal Stalements - contlnued
for tho Y•ar Ended 31 March 2024
Movement In funds - continued
D•61gnat•d Fund•
G•neral fund- thls fund has been set aside to meet additional costs arising from the cost of Ilvlng crisis.
Project development fund -this was established In order to meet the costs of fvture feasibilty studies,
provide initial project seed money. in¢luding providing match funding for new andlor ongoing project&
As al 31 March 2024, this fund was ulilised and no longer requlred.
Property ass•t development fund - this was created to contribute toward$ planned capital
infrastructure costs with an aim of improving the facilty andlor increasing commercial returns. As at 31
March 2024. this fund was utilised and now not required.
21. Employ•e b•n•llt obllgatlon8
The charity operates a defined contribution penslon scheme lor all qualifying employees. The 886ets
of the scheme are held separately from those of the charty in an independently administered fund.
Pension ¢o$l$ are allocated to arlivities in proportion to the related staffing costs incurred.
The charge to the profrt or1088 in respect ol defined contribution schemes was £73,616
(2023.. £71,095).
There were no amounts outstanding as at 31 March 2024,12023: £ nil).
21 Ultlmat• ¢ontrolllng party
The charfty is under the rAntrol of Its legal members.
Every membèr ol the charity is obliged lo contribute such amount as may be required not exceeding
£1 to the assets of the company in Ihe event of its being wound up while he or she is a member, or
thin one year after he or she ceases to be a rnember.
R•¢on¢lllatlon ol n•1 Incomell•xp•ndltur•) to ntl ¢••h flow frnm op•r•tlng aetlvlll•a
2024
2023
Net Incomel(expendltUM) for the roportlng perlod las por the
Statement of flnanelal actlvltles
Adlustments for:
Depreciation charges
Lossllgain on disposal)
Decrease l (Increase) in stock
Decrease l {IncAeasel in debtors
(Decrease) I Increase in creditors
Dividends and interest
1814.901)
123,510
1,004.421
1.006,996
32.748
{46,278)
{61.324)
25.218
{11.030)
8,506
357,976
(506,950)
(23,172)
Net cash provided by (used In} operating activitie$
25,877
1,069,840
24. Analysls of changes In net funds
At 1.4.23
Cash flow
At 31.3.24
Net cash
Loarbs
Cash at bank
{74,225)
1.394 690
19.225
{251,153
(55.000}
1 143 537
Total
1.320,465
{231,928)
1,088,537
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