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← The National Botanic Garden Of Wales

2025-03-31-accounts

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

Registered Company Number: 02909098 (England & Wales) Registered Charity Number: 1036354

Report of the Trustees and Group Report of the Trustees and Consolidated Financial Statements for the Year Ended 31[st] March 2025

The National Botanic Garden of Wales

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

The National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Contents

Report of the Trustees ....................................................................................................................................................................... 1 Report of the Independent Auditors to the Members ...................................................................................................................... 13 Consolidated Statement of Financial Activities ................................................................................................................................ 16 Consolidated Statement of Financial Position ................................................................................................................................. 17 Consolidated Cashflow Statement .................................................................................................................................................. 18 Notes to the Consolidated Financial Statements ............................................................................................................................. 19

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Report of the Trustees

The Trustees who are also Directors of the Charity for the purposes of companies’ legislation, present their Report with the Financial Statements of the Charity for the year ending 31 March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

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 2025. 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 Articles of Association (as updated on 29 November 2024), companies’ legislation 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 & 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;

  6. 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:

The National Botanic Garden of Wales is a trail blazer benefiting society through its inspiring estate, science discoveries, conservation efforts, and the way it facilitates learning and influences how people value plants and nature.

The Garden's mission is to advance and share knowledge in the science of plants and inspire people’s appreciation of flora, Welsh culture and heritage to enrich lives.

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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National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

STRATEGIC REPORT

Achievement and Performance

A comprehensive review of the Governance of the Charity was finalised in 2024-25. The Charity’s Articles of Association were reviewed and new articles were adopted at a general meeting held on 29 November 2024.

A new Strategic Plan 2024-26 was adopted by the Board with the aim of refocusing the National Botanic Garden of Wales, challenging the status quo and putting in place changes to grow as a national institution.

During 2024-25, the National Botanic Garden of Wales operated a lean business model following the implementation of the 2023-24 change management process to reduce costs. Various operational procedures, processes and staff roles were adapted to support these changes.

The 2024-25 reporting of the main achievements aligns to the Garden’s three new strategic goals and two enablers.

Strategic Goal 1: Recognised national science and biodiversity hub

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

Dynamic Collections (National Lottery Heritage Fund) – In its second year of delivery, the Plants Past, Present and Future project made excellent progress in digitising the herbarium collection. A total of 21,300 specimens were prepared for imaging, 6,649 imaged and 2,566 had their label data transcribed ready for databasing. In the first 12 months of a new volunteer programme, 1,831 volunteer hours were contributed to assist with the digitisation process.

Safeguarding Welsh Flora and Quentin Kay Project (Royal Botanic Gardens Kew; donor funded) - As part of the Garden’s strategic priority to reverse the decline of Welsh flora, the Garden continued to collaborate with the Millennium Seed Bank Partnership. As part of the Partnership’s Crop Wild Relatives initiative and the Diversity, Adaptation and Use project a total of 30 wild-origin collections were made. Through the role of Quentin Kay Collections and Research Assistant, key seed banking activities to support the conservation of Welsh flora were delivered. A total of 34 collections were made from cultivated stock in the Welsh flora living collections. In addition, the germination testing programme continued for new and existing collections to provide baseline data and track viability over long-term storage.

Welsh Culture and Heritage CDP4 Consortium (Arts and Humanities Research Council Collaborative Doctoral Partnership) – The consortium with Amgueddfa Cymru and the National Library was in its second year in 2024-25. The joint PhD studentship with Aberystwyth University continued examining “Nature restoration past and present: changing attitudes to the natural world”.

Waun Las Habitat (Welsh Government’s Nature Networks Fund) was a grant to fund infrastructure improvements on Waun Las National Nature Reserve, while engaging audiences on natural heritage. The project runs for two years from 2024 to 2026 and funds a new 0.4 FTE Conservation Engagement Officer role. In 2024-2025 the project delivered new fencing in areas which require grassland grazing, supported the ongoing grass land management and engaged 1,335 people in person and 71,600 views online on grasslands, plants and fungi diversity.

In addition to these major projects, Garden staff continue to take part in national and international meetings and contribute to regional and international biodiversity strategy efforts. Grant funding enabled five staff to travel and participate in the 8[th] Global Botanic Garden Congress in Singapore in 2024. Elizabeth Lanigan, Freddy Fuller and Mia Tee presented on their student and early career experiences at the Garden and Ellyn Baker presented on the institution’s work on conserving and restoring Welsh flora. The Garden Director presented on the NBGW’s biophilic partnerships for health and well-being with Welsh Health Boards.

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National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Strategic Goal 2: Inspiring and influencing current and future generations

NBGW is committed to society’s lifelong learning and engagement with plants, nature and Welsh cultural heritage. This priority is delivered through a public programme of events and activities, as well as through the delivery of specialised education and engagement services.

The Garden attracts school and youth visits as part of its education programme, although there has been significantly less demand for these services this year than in previous years. In 2024-25, there was a total of 8,710 visits, compared to 13,249 visits in 2023-24 and 14,079 in 2022-23. The reduction in Council support for the home education services reduced the need for NBGW education services by around 2000 visits. Furthermore, primary schools continue to face financial challenges and less were travelling further afield for curriculum enhancement services. The Garden is strategically assessing this challenge and new approaches are being planned and will be launched in 2025-26.

The Multiply project, funded through Carmarthenshire County Council, successfully delivered a four-month programme designed to improve maths skills in adults through practical, environmentally based workshops that supported diverse learning needs. Over 50 sessions were held both in the Garden and through outreach activities, creating accessible opportunities for underrepresented communities to build confidence in numeracy. The Garden worked in partnership with organisations including Mencap, Family Centres, and Live Well Growers (supported through Hywel Dda University Health Board). Feedback highlighted increased confidence, improved skills, and stronger community connections. The project demonstrated that integrating numeracy into everyday meaningful activities can break down barriers and create lasting impact for participants and partner organisations alike.

As part of the digitisation of the herbarium collection, the Science Department conducted face-to-face public engagement with 1,451 people, through a range of tours, talks, workshops, engagement stands and family activities.

The 2023 Botanic Garden Education Network Conference, held in February 2025, brought together 53 attendees from 14 UK garden institutions for a dynamic two-day event. The conference featured a series of engaging workshops and talks, fostering knowledge exchange and collaboration among participants. Key topics included climate change, gardening for wellbeing and learning from research. The event provided a valuable platform for professionals to share insights and best practices. Overall, the event was a great success, strengthening connections across the UK botanic gardens community and sparking new ideas for future collaborations.

The NBGW also hosted the Friends of Botanic Garden Annual General Meeting in May 2024 and welcomed colleagues from the German Network of Botanic Gardens, who also attended.

The Garden‘s annual student placement programme supports the next generation of scientists. In the 2023-24 academic year the Garden hosted a student from Bath University and it hosted a student from Bradford University in the 2024-25 academic year. Furthermore, new research collaborations were established through the work of the Nature Unlocked Project at Wakehurst, where the NBGW provided DNA metabarcoding expertise and laboratory facilities to investigate how trees support pollinators. NBGW also continued to contribute to ongoing research on Arctic plant diversity and pollination networks with Copenhagen University and Botanic Garden.

In 2024-25, the Garden’s horticulture staff contributed to the newly launched horticulture village at the Royal Welsh, including designing and delivering one of the feature gardens at this national event. The NBGW information stand engaged over 400 people and staff delivered three specialist talks over the four days.

In regards to the Garden’s health and wellbeing agenda, the Shades of Green (UK Shared Prosperity Fund and Carmarthenshire County Council) 18-month project had strong policy alignment with the Wellbeing of Future Generations (2015) Act and the Environment (Wales) Act (2016). The project outcomes focused on creating therapeutic green spaces at Glangwili General Hospital and Prince Philip Hospital for NHS staff, patients, and community groups. Wellbeing activities supported the green interventions and 33 wellness walks were conducted, with 94% of participants reporting improved wellbeing. A partnership with Bryngwyn School Llanelli enabled 60 students to participate in green workshops at Prince Philip Hospital. The project provided significant learnings for guiding the biophilic design of future projects on National Health Service estates.

An important part of the Horticulture team’s annual work is the revitalisation of the living collections. In 2024-25 several living collections were revitalised including:

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

The Ethnobotany displays – this area includes plants with a human connection. This was the first phase of the revitalisation project, which will lead to a trail and interpretation, as well as greater use by the education team for school visits. This bed consists of edible plants, both domestic and commercially used, like coffee, cinnamon, chocolate, and ginger.

The Fernery moved to its second phase of redevelopment through planting additional specialist fern material donated from the British Pteridological society. The team have also been trialling a fern propagation protocol using science incubators for specialist donated spore material. This work paves the way for developing the collection’s conservation value through the propagation of ferns from spores.

The Boulder Garden transformation continues with the landscaping of hard paths and drainage improvements. A moss transplanting pilot with the science team was conducted, soil sampling for project areas was undertaken and there was the continued creation and maintenance of the Mediterranean woodland bed.

The nursery team undertook a major audit of stock and stock labelling to improve nursery operations. This area of the horticulture operations supports a range of programmes and projects that run over multiple financial years including preparing for contributions to the Royal Welsh and Urdd, supporting planning for new projects and the annual display designs for the central beds in the Wallace Garden, that are created by apprentices and early career staff.

In the past 10 years the two-year apprenticeship has helped 13 students achieve Level 2 City and Guilds in Work Based Horticulture and RHS Level 2 in Principles of Horticulture. A retention rate of 50% of students demonstrates the success of this scheme and its critical importance to the Garden’s staff succession planning.

Strategic Goal 3: Wales’ top 5 most visited award-winning attraction

The Horticulture specialists continue to maintain and develop the National Botanic Garden of Wales as an exemplar garden. The team are maintaining world class attraction facilities to standard and innovating and creating an engaging and changing garden that educates, inspires and adds considerably to the health and wellbeing of visitors and members alike.

Overall, the Garden received 173,215 visits in 2024-25, which was a significant drop in visits compared to the 214,583 visits in 2023-24. Each key visit area experienced a decline in visitation. Gate entry visits were 153,596, down on 202324 figures, of 169,711. In addition to the gate entry visits, there were 8710 education visits (down from previous year), 4614 visits to the Dragons Breath arts event, 387 visits to the British Birds of Prey Centre for special experiences and 5908 visits created through corporate hire activities.

The year 2024-25 saw the Events and Marketing team experimenting with a range of music and film events and targeted family activities. Character appearances by the Gruffalo, Bluey and Bingo, Peppa Pig and Paddington attracted young families over the summer. A partnership with Organised Kaos Youth Circus , a contemporary youth and community circus from Ammanford, saw families enjoying various fun and challenging activities through the summer in Millennium Square, which was a vibrant visitor hub. The Events and Marketing team delivered an exciting and varied programme of over 26 events and activities, designed to celebrate and showcase the very best of Welsh culture and creativity.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

A key highlight late in the year was the development and launch of a dedicated food and craft festival, which formed part of the launch of the Garden’s 25[th] anniversary celebrations in 2025. The festival provided a valuable platform for local producers and Welsh businesses to showcase their produce, and also created a lively, family-friendly atmosphere that celebrated the richness of Welsh food heritage and contemporary cuisine.

The much-anticipated re-fresh of the NBGW’s Bee Wild Club was relaunched in February 2025, also as part of start of the 25[th] anniversary celebrations. The club offers nature-based activities for young children. With an emphasis on outdoor discovery, creativity and messy play, the club inspires a love of the natural world, while supporting families to spend quality time together in the Garden’s unique environment.

Together, these initiatives highlight NBGW’s ongoing commitment to championing Welsh talent, encouraging community engagement and ensuring the Garden continues to be a vibrant hub of culture, education and enjoyment for all ages. Events at the Garden also include regular activities such as Welly Wednesday, Nordic Cymru and onsite talks and tours.

The Garden’s also aspires to deliver larger arts and culture events. In 2024-25, the Dragon’s Breath event was delivered through a collaboration with Welsh arts Charity Walk the Plank with 4614 attendees coming to the evening event. This performance piece engaged early career artists from the University of South Wales Trinity St Davids in Carmarthenshire and was supported by local musicians and Wales’ Children’s Poet Laureate 2021 – 2023, Connor Allen. The experience of running this major event over four nights informs planning for future events.

The NBGW continues its commitment to the Welsh Government’s Priorities for Culture and Cymraeg 2025. Weekly Cwpaned a Sgwrs sessions bring together staff, Garden members, volunteers and the community to practice Welsh language in an informal, fun and friendly setting. In addition, the Garden continues to work to its Welsh Language standards and deliver multilingual services and activities through the medium of Welsh.

There were several infrastructure projects commenced in 2024-25:

The 1.3m grant from the Julia Rausing Trust received this year is to fund revitalisation works of The Great Glasshouse to be undertaken in 2025-26. Significant internal planning works were undertaken in 2024-25, although no expenditure was incurred.

Enabler: A striving and thriving workplace of choice

Garden staff had the challenge of adapting to a leaner business model in 2024-25 following the change management process in 2023-24. A roll out of various training modules has aimed to invest and support staff in a variety of key areas including media management, safeguarding, staff appraisals and leadership and management.

The Garden is extremely grateful for the tremendous efforts of volunteers who are involved in its diverse charity activities (horticulture, science research, seed banking, herbarium, bee-keeping, landscape rangers, library, talks, buggy driving, meet and greet, commercial support, archaeological work and administration). In 2024-2025, 30,644 volunteer hours were logged and these hours have been accrued from 301 volunteers (excluding the work of Trustees). This is an increase of over 3,000 hours on last year’s 27,595 volunteer hours. The volunteer contribution is valued at £442,193, based on the Office of National Statistics volunteer value of £14.43/hour.

The continued partnership with volunteers from Mencap has helped the horticulture team maintain the Millennium Square, the willow weaving playground and in-house compost production, as well as providing a safe and welcoming environment for volunteers and carers at the Garden.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Enabler: A sustainable institution through a secure and diverse business model

To enable the National Botanic Garden of Wales to deliver on its charitable objectives in science and education, the Garden needs a diverse business model. Commercial activities are an essential part of its operations and enhance the visitor destination experience.

The Garden’s continues to provide expert professional service contracts in science, horticulture, education and health and well-being. This year a collaboration between the Horticulture and Science teams delivered professional services, including propagation of the threatened Dog-screw Moss ( Tortula canescens ) and Upright Apple-moss ( Bartramia aprica ) for Natural Resources Wales and Plantlife; pondweeds for Dŵr Cymru (via Ricardo Energy and Environment); and a new contract to grow a range of species for Plantlife to introduce to a site in Eryri in the future.

In 2024-25, there has been additional investment in the retail areas aiming to improve the Garden’s income generating potential. The Garden Centre team have created a welcoming and appealing retail experience through improving accessibility in the indoor retail space and redesigning the outside area to capture more interest from passing visitors.

In addition, with the arrival of a new Retail Manager, improvements to stock flow and sourcing were a result of a major supplier audit in 2024. Restructured stock counting procedures were implemented to reflect best practice in managing stock and ensure loss prevention. Furthermore, products that did not align to the Garden’s charitable objectives and sustainability principles, and in response to customer demand, were removed. The online sales website has been reviewed with external revenue objectives. Major change will only be realised in their entirety following an IT review and investment in future years.

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:

The Trustees would also like to recognise the support of the British Pteridological Society and the Japanese Garden Society, which have both provided specialist expertise to the NBGW in regards to living collections.

Achievement and performance

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 1.5% (2023: 2.6%) against the retail price index of 3.2% (2023: 4.3%) for the year.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Financial review

Financial position

The group's financial position at the end of the year ended 31 March 2025:

The financial position of the Group at 31 March 2025 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows: -

Net Surplus/(Deficit)
Unrestricted revenue funds available for the general purposes of the Group
Unrestricted heritage assets
Unresticted fixed assets
Total Unrestricted Funds
Designated revenue funds
Total Designated Funds
Restricted revenue funds
Restricted fixed asset funds
Total Restricted Funds
Total		 2025
£
525,510
432,754
986,423
5,599,078
7,018,255
200,000
200,000
1,448,249
18,355,060
19,803,309
27,021,564		 2024
£
(814,901)
505,405
986,423
5,857,099
7,348,927
200,000
200,000
166,462
18,780,515
18,946,977
26,495,904

Financial review of the position at the reporting date, 31 March 2025

The financial year ending 31 March 2025 resulted in a surplus of £526k on operating activities (2024: £815k deficit) after charging of depreciation of £978k (2024: £1m).

In the year, total resources of £5.4m (2024: £4.5m) were receivable comprising £3.5m (2024: £4.0m) of unrestricted income and £1.9m (2024: £0.5m) of restricted income. Total expended resources in the year amounted to £4.9m (2023: £5.3m) with £3.9m (2024: £3.8m) from unrestricted funds, leaving an unrestricted fund balance carried forward of £7.2m (2024: £7.5m). Expended from restricted funds was £1.0m (2024: £1.5m), leaving a restricted fund balance carried forward of £19.8m (2024: £18.9m). Total fund balances at 31 March 2025 were £27.0m (2024: £26.5m).

Specific changes in fixed assets are detailed in the notes to the accounts. Tangible fixed assets at cost or valuation decreased to £24.0m (2024: £24.6m) representing £23.6m (2024: £24.3m) of land, buildings, plant and machinery and £0.3m (2024: £0.3m) in estate vehicles and fixtures and fittings.

Reserves policy

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 have an aspirational target level of free reserves of around £1,000,000.

The Garden’s reserves policy is informed by:

Unrestricted reserves decreased by £331k from £7.3m to £7.0m after transfers from restricted funds. These are funds which are expendable at the Board's discretion in furtherance of the objectives or administration of the Charity. The Garden saw a decrease in its free reserves from £505k to £433k as at 31st March 2025. The Charity aims to build its reserves in the future to reach its aspirational target level of reserves.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

The consolidated balance sheet remains sound with net current assets of £2.1m (2024: £909k) and the ownership of a long leasehold interest. The Garden saw an increase in its cash balances of £883k (2024: decrease of £251k), this was mainly attributable to the receipt of £1.3m grant from the Julia Rausing Trust and the sale of property, offset by increases in other areas such as outstanding monies due to the Garden.

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 strengthen its financial sustainability.

The Trustees are aware of difficult trading conditions for the foreseeable future given the cost-of-living crisis, high inflation, uncertain economic conditions, inherent uncertainties in the political landscape and the ever-increasing challenges of securing grant funding. The Trustees will monitor costs and activities during the year.

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.

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.

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;

  3. An Audit and Finance Committee that receives weekly KPIs reports and scrutinises the financial management and controls on a quarterly basis;

  4. A risk register that is updated and presented to the Board quarterly; and

  5. The implementation of procedures designed to minimise or manage any potential impact on the Charity should those risks materialise.

Attention continues to be focused on non-financial risks arising from fire, safeguarding, and health and safety of staff, volunteers and the public. These risks are managed by ensuring accreditation and compliance is up to date, having robust policies and procedures in place, regular reviews by the Senior Management Team, and regular awareness training for staff and volunteers working in operational areas.

The Garden has the following strategies in place 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 visitor income and 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 24 years old and the need to maintain infrastructure across the 568 acres represents a longterm 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 competitively and successfully applies for grant funds to support various initiatives.

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National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

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 Articles of Association, updated on 29 November 2024, establishing the company under company legislation.

All Trustees are Directors for the purposes of company law 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 Board of Trustees of the National Botanic Garden of Wales appoints in accordance with the Garden's constitution and following procedures outlined in its Governance Manual. Each Trustee is appointed for a term of three years by a resolution passed at a formerly convened meeting of the Trustees. Trustees may be reappointed, but in the absence of special circumstances a Trustee’s overall tenure is limited to nine consecutive years. Any vacancy is advertised openly and the Nominations Committee consider all applications, manage the recruitment process and make recommendations to the Board.

Following the Governance Review, the Governance Manual (2022 ed) went through significant edits and was approved in November 2024 to ensure best practice in line with the Nolan Principles for standards in public life, Charity Commission guidance and developments in both companies and charities law. The Manual is provided to all prospective and new Trustees as part of an induction pack during Trustee recruitment processes.

Organisational structure

The Board of Trustees administers the Charity. The Board meets quarterly, and operates separate subcommittees covering nominations, remuneration, and audit and finance. Following the Governance Review new committees have been established covering health and safety, governance and risk and fundraising. 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.

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:

Executive Senior Management Team:

Dr LA Sutherland Chief Executive Officer (Director), appointed October 2022
MJ Howells Head of Finance and Commercial Operations, appointed March 2024, left
August 2025
D Murray Head of Horticulture, Learning and Nature, appointed July 2024
J Smith Head of Facilities & Operations, appointed April 2022, left August 2025
M Newbold Head of Marketing and Communications, appointed July 2023, left August
2024
T Waters Head of Marketing and Communications, appointed December 2024, left
May 2025
AM Nicholas HR Manager, appointed September 2019, left November 2024
N Chalmers HR Manager, appointed January 2025, left April 2025.

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National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Setting pay and remuneration of key management personnel

The Board of Directors (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 Trustees give of their time freely and no Trustee received remuneration in the year. There were travel expenses reimbursed to Trustees in the year of £257 (2024: £120). There were no 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 Trustees 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, across the UK and also the wider international community. The areas of partnership include horticulture, education, sustainability, conservation, science and research, as well as historic landscape, arts and Welsh culture.

The Charity's relationships with related parties.

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 licence from the Charity to operate those facilities and distributes its profits to the Charity (see note to the accounts).

Related parties

The Parent Charity is The National Botanic Garden of Wales. The Subsidiary is Middleton Garden Limited.

Reference and administrative details

Registered Company number

2909098 (England and Wales)

Registered Charity number

1036354

Registered office

Neuadd Deg Middleton Hall Llanarthne Carmarthenshire SA32 8HG

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Trustees

Mr D G Davies (Chair) (Reappointed as Chair 1 December 2023; reappointed and reappointed as Chair 29 November 2024) Ms M Doel (Davies) (Reappointed 1 December 2023; resigned 28 February 2025) Professor I Donnison (Reappointed 1 December 2023) Mr D Howell (Reappointed 29 November 2024; resigned 6 June 2025) Mrs J James (Resigned 29 November 2024) Mr D Jenkins (Resigned 29 November 2024) Mr T Jones (Reappointed 29 November 2024) Dr H S Matthews (Vice-Chair) (Reappointed as Vice Chair 29 November 2024) Dr P Smith (Reappointed 1 December 2023) Professor P Wall (Reappointed 1 December 2023; resigned 12 September 2025) Mr S Williams (Resigned on 29 November 2024) Dr M Woods (Reappointed 29 November 2024) Ms E Whittle (Resigned 29 November 2024) E. Burns (Appointed 29 November 2024) L Childs (Appointed 29 November 2024) K Miles (Appointed 29 November 2024) A Taylor (Appointed 29 November 2024)

Company Secretary Martin Howells (Appointed 29 November 2024, resigned 1 August 2025)

Auditors

Menzies LLP, Statutory Auditors 114-116 St Mary Street Cardiff CF10 1DY

Statement of trustees' responsibilities

The Trustees (who are also the Directors of The National Botanic Garden of Wales for the purposes of company law) are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

In so far as the Trustees are aware:

Auditors

The auditors, Menzies LLP, Statutory Auditors, will be considered for re-appointment at the forthcoming Meeting.

Report of the Trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company

18-Dec-2025 directors, on

and signed on the Board's behalf by:

DG Davies Chair of Trustees

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National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Report of the Independent Auditors to the Members

Opinion

We have audited the Financial Statements of The National Botanic Garden of Wales (the 'Parent Charitable Company', the ‘Charity’) and its Subsidiary for the year ended 31[st] March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' responsibilities for the audit of the Financial Statements section of our report. We are independent of the 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 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the Financial Statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the Financial Statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Financial Statements or a material misstatement of the other information. 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.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

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National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Matters on which we are Required to Report by Exception

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the Directors of the 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 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 Charitable Company or to cease operations, or have no realistic alternative but to do so.

Our Responsibilities for the Audit of the Financial Statements

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 a Report of the Independent Auditors 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.

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 is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and Financial Statements of the Group. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the Financial Statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

A further description of our responsibilities for the audit of the Financial Statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 Auditors' 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 as a body, for our audit work, for this report, or for the opinions we have formed.

[VidarSigned554763279D2C43E...by: (avtur

Victoria Carter (Senior Statutory Auditor) for and on behalf of Menzies LLP, Statutory Auditors

5[th] Floor Hodge House 114-116 St Mary Street Cardiff CF10 1DY

23-Dec-2025 Date:

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Consolidated Statement of Financial Activities

Unrestricted
Funds
Restricted
Funds
2025 Total
Funds
Notes
£
£
£
Income & Endowments from:
Donations and legacies
2
634,390
51,200
685,590
Charitable activities
3
1,455,043
1,800,371
3,255,414
Investment income
4
29,490
-
29,490
Other trading activities
5
1,426,740
-
1,426,740
Total
3,545,664
1,851,571
5,397,235
Expenditure On:
Raising funds
6
1,508,645
-
1,508,645
Charitable activities
6
2,406,617
956,313
3,362,930
Total
3,915,262
956,313
4,871,574
Taxation
150
150
Net Expenditure
(369,748)
895,258
525,510		 2024 Total
Funds
£
1,008,832
1,886,997
23,172
1,528,063
4,447,064
1,540,875
3,721,090
5,261,965
-
(814,901)
Transfer between funds
20
38,926
(38,926)
-
Reconciliation of Funds:
Total funds brought forward
20
7,548,927
18,946,977
26,495,904
Total Funds Carried Forward
7,218,105
19,803,309
27,021,414		 -
27,310,805
26,495,904

Continuing Operations

All income and expenditure have arisen from continuing activities.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Consolidated Statement of Financial Position

Group Charity Charity
2025 2024 2025 2024
Notes £ £ £ £
Fixed Assets
Tangible fixed assets 11 & 12 23,953,838 24,639,565 23,953,838 24,637,613
Heritage assets 13 986,423 986,423 986,423 986,423
Investments 14 - 1 1
24,940,261 25,625,988 24,940,262 25,624,037
Current Assets
Stock 15 145,680 162,369 16,342 22,956
Debtors 16 397,445 144,485 488,507 212,465
Cash at bank 2,026,508 1,143,537 2,026,508 1,141,237
2,569,633 1,450,391 2,531,357 1,376,658
Creditors
Amounts falling due within one year 17 (468,480) (541,475) (430,202) (467,131)
Net Current Assets 27,041,414 26,534,904 27,041,417 26,533,564
Creditors
Amounts falling due after more than one year 18 (20,000) (39,000) (20,000) (39,000)
Net Assets 27,021,414 26,495,904 27,021,417 26,494,564
Funds 20
Unrestricted funds:
Parent 7,192,931 7,547,289
Subsidiary company 25,174 1,639
Restricted funds:
Parent 19,803,309 18,946,976
Total Funds 27,021,414 26,495,904

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

18-Dec-2025

The Financial Statements were approved by the Board of Trustees on [fuidaclSigned74FF21793EF543E...by: Woods Dr Michael Woods Chair of Audit & Finance Committee

and were signed on its behalf by:

The notes form part of these Financial Statements page 19

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Consolidated Cashflow Statement

Notes
Cash flows from operating activities
Cashgenerated from operations
23
Net cash(used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from disposal of fixed assets
Dividends and interest
Net cash(used in)/provided byinvestingactivities
Cash flows from financing activities
Repayments of borrowings
Net cash(used in)/provided byfinancingactivities
Change in cash and cash equivelants in reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2025
£
902,222
902,222
(359,541)
310,800
29,490
(19,251)
-
-
882,971
1,143,537
2,026,508		 2024
£
25,877
25,877
(290,412)
23,172
9,435
(257,805)
(19,225)
(19,225)
(251,153)
1,394,690
1,143,537

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Notes to the Consolidated Financial Statements

1. Accounting Policies

Basis of Preparing the Financial Statements

The Financial Statements of the Charitable Group, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The Financial Statements have been prepared under the historical cost convention.

Basis of Consolidation

The consolidated statements of the Group incorporate the Financial Statements of The National Botanic Garden of Wales and its Subsidiary undertaking, which is made up to 31[st] March 2025. No separate Statement of Financial Activities (SOFA) has been prepared for the Charity as permitted by section 408 of the Companies Act 2006 and paragraph 24.37 of the SORP.

Subsidiary Undertaking

The Charity has a Subsidiary, Middleton Garden Limited, company number 03080697, a company which is incorporated in the UK and based at the same registered office as its Parent. The National Botanic Garden of Wales owns the entire issues share capital of Middleton Garden Limited and has control over the Subsidiary by virtue of its shareholding and its ability to appoint the members of its Board of Directors. The results of Middleton Garden Limited for the year ending 31st March 2025 were turnover of £1,275,308, expenditure of £1,251,772, giving profit of £23,536.

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[st] March 2027, 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.

Income

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.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

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:

Expenditure

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.

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.

Tangible 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:

Freehold premises and leasehold land 0% % straight line
Leasehold premises 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.

Heritage Assets

Heritage assets relate to the Charity's living plant collection. 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 qualities of being maintained for the contribution to knowledge and culture in line with the Charity's fundamental primary purpose.

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.

Heritage assets have been reviewed at the reporting date with no impairment noted.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

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.

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.

Accounting for Capital Grants & Fixed Asset Funds.

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.

Related Party Exemption

The Charity has taken advantage of exemption under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the Group.

Pension costs & Other Post-Retirement Benefits

The Charitable Company operates a defined contribution pension scheme. Contributions payable to the Charitable Company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors, Creditors & Cash

Current assets and liabilities, including cash held at bank are recognised at cost or valuation as at the year end.

Operating Leases

Rentals payable under operating leases are charged in the statement of financial activities on a straight-line basis over the term of the lease.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

2. Donations & Legacies

Donations
Legacies
Grants
Total
Grants received, included in the above, are as follows:
Welsh Government - Core
Welsh Government - Rural Development Wales
Total		 2025
£
137,482
23,100
525,008
685,590
2025
£
525,008
-
525,008		 2024
£
263,302
107,003
638,527
1,008,832
2024
£
586,992
51,535
638,527
Income from Charitable Activities
Activity
Educational & Contract Income
Charitable activity
Membership Income
Charitable activity
Other Income
Charitable activity
Plant & Seed Sales
Charitable activity
Grants
Charitable activity
Admission Fees
Charitable activity		 2025
£
86,561
309,669
36,247
129,927
1,800,371
892,639
3,255,414		 2024
£
91,949
319,147
84,897
145,954
322,046
923,004
Total 1,886,997

3. Income from Charitable Activities

Grants received, included in the above, are as follows:

2025
£
Apprenticeship Fund
-
Welsh Government Capital Funds
291,090
British Soil Association
-
Royal Botanic Garden Kew
4,000
Other Funds
-
Dynamic Collections
86,490
SPF - Plants
60,299
HBG Training Programme
-
Growing The Future
-
WCVA
-
Welsh Government Events
-
RBG Grant
-
Nature Network Fund
54,342
Historic & Botanic Garden Trainee Programme
4,150
Julia RausingTrust
1,300,000
Total
1,800,371		 2024
£
2,000
200,000
467
14,500
130
41,100
26,491
8,150
13,728
9,980
3,500
2,000
-
-
-
322,046

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

The grant received in the year from The Julia Rausing Trust of £1,300,000 to support essential upgrade works to the Great Glasshouse. The work is scheduled to be carried out and completed and the expenditure incurred, in the following financial year ended 31[st] March 2026. The revenue has been fully recognised in the financial year in accordance with the Charities SORP (sections 4.27, 5.26 and 5.28) and treated as restricted reserves (see Note 20). This is expected to have a material impact on the results for the financial year 2025-26.

4. Investment Income

. Investment Income
2025
£
Deposit Account Interest
29,490
Total
29,490		 2024
£
23,172
23,172

5. Income from Other Trading Activities

. Income from Other Trading Activities
2025
£
Corporate & Wedding
106,322
Event
117,579
Food & Drink
711,234
Other
73,027
Renewable Income
92,227
Rental Income
68,813
Sale of Goods
257,538
Total
1,426,740		 2024
£
123,635
42,675
784,297
17,171
62,505
149,522
348,258
1,528,063

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

6. Expenditure

Income and endowments from
Advertising & Marketing
Audit Fees		 Raising
Funds
Direct
£
£
39,312
2,051
-
-		 Support Governance
Total 2025
£
£
£
1,377
-
42,739
-
12,795
12,795		 Total 2024
£
32,036
15,295
Bad Debt
Catering Consumables
Cleaning & Waste Management
Depreciation
Educational & Research Expenditure
Equipment Hire, Repairs & Maintenance
Event & Attraction Expenses
Farm Expenses
Health & Saftey
Horticulture Costs
Insurance
Interest, Card & Bank Charges
IT Costs
Lease Costs
Legal & Professional Fees
Light, Heat & Power
(Profit)/Loss on Sales of Assets
Other Costs
Other Staff & Volunteer Costs
Printing, Postage & Stationery
Premises, Repairs & Maintenance
Purchases
Rent, Rates & Water
Subscriptions & Licences
Telephone & Mobiles
Translation & Interpretation
Travel & Subsistence
Wages & Salaries		 -
-
28,741
-
1,134
19,678
-
978,100
153
8,478
17,562
141,848
184,202
66,421
24,983
11,065
4,384
16,705
2,058
45,357
1,042
77,247
75
15
6,524
38,737
-
-
24,938
50,705
-
233,146
-
(243,931)
147
2,287
9,526
11,476
15,052
15,021
3,556
48,392
487,652
1,832
-
16,259
2,896
2,757
89
6,920
-
-
167
2,593
654,451
1,269,518		 -
-
-
1,475
-
30,215
-
-
20,812
-
-
978,100
-
-
8,631
3,503
-
162,913
258
-
250,881
956
-
37,004
288
-
21,377
-
-
47,415
-
-
78,289
45,638
-
45,727
20,703
-
65,964
6,434
-
6,434
45,686
-
121,329
1,700
-
234,846
-
-
(243,931)
574
-
3,007
54,608
-
75,610
4,645
-
34,717
-
-
51,949
1,478
-
490,963
228
-
16,487
2,991
-
8,644
457
-
7,467
-
-
-
1,887
-
4,647
332,574
-
2,256,543
527,458
12,795
4,871,574
1,067,240
518,469
151,082
243,673
1,480,364
398,507
53,426
2,500
956,313
-
-
4,871,574		 (61)
25,434
35,631
1,004,421
4,528
102,193
92,718
13,937
9,816
47,624
73,253
45,309
59,625
6,308
61,253
262,772
-
2,717
113,575
33,111
92,829
622,576
30,591
25,121
14,526
10,319
12,073
2,412,435
Total 1,508,645
2,822,677		 5,261,965
Middleton Garden
Horticulture
Education
Admission & Membership
Operations & Central
Fundraising & Events
Science
Interpretation
Restricted Funds		 1,404,579
375,977
130,072
212,778
1,372,359
195,439
68,914
23,210
1,478,637
Total - 5,261,965

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

7. Net Income/(Expenditure)

Net Income/(Expenditure)
2025 2024
£ £
Net Income/(Expenditure) is stated after charging/(crediting):
Auditors remuneration 10,795 14,295
Auditors remuneration non-audit work 2,000 2,000
Deprecation 978,398 1,004,421

8. Trustees’ Expenses

There was a small amount of Trustee reimbursement in 2024-25 aligned to the travel policy in the Charity’s Financial Procedures Manual. There were no other benefits provided to Trustees for the year ended 31[st] March 2025 nor for the year ended 31[st] March 2024.

Trustees’ Expenses

Trustees' Expenses 2025
£
257		 2024
£
120

9. Staff Costs

2025
£
Wages & Salaries
1,973,154
Social Security Costs
158,944
Freelance Contractors & Labour
56,350
Pension Costs
68,093
Total
2,256,542		 2024
£
2,126,409
160,585
51,825
73,616
2,412,435

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 £341,550 (2024: £285,757).

2025
The average monthly number of FTW employees during the year was as follows:
Charitable Activities
67
Fundraising Activities
1
Management & Administration
15
Total
83		 2024
63
1
15
79

The average number of staff employed by the Group during the year was 108 (2024: 109).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
£ £
£80,000 - £90,999 1 1

Page | 25

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

10. Comparatives for Consolidated Statement of Financial Activities

Unrestricted Restricted 2024 Total
Funds Funds Funds
£ £ £
Income and endowments from
Donations and legacies 866,207 142,625 1,008,832
Charitable activities 1,571,342 315,655 1,886,997
Investment income 23,172 - 23,172
Other tradingactivities 1,528,063 - 1,528,063
Total 3,988,784 458,280 4,447,064
Expenditure on
Raising funds 1,540,875 - 1,540,875
Charitable activities 2,242,453 1,478,637 3,721,090
Total 3,783,328 1,478,637 5,261,965
Net income/(expenditure) 205,456 (1,020,357) (814,901)

11. Tangible Fixed Assets – Group

Fixtures,
Land & Plant & Fittings &
Buildings Machinery Vehicles Total
£ £ £ £
Cost
At 1st April 2024 31,547,381 9,728,150 1,383,027 42,658,558
Additions 111,534 150,060 97,946 359,541
Disposals (66,869) - - (66,869)
At 31st March 2025 31,592,047 9,878,210 1,480,973 42,951,230
Depreciation
At 1st April 2024 (11,258,160) (5,720,373) (1,040,460) (18,018,993)
Charge for the year (500,561) (411,966) (65,871) (978,398)
Eliminated on disposals - - - -
At 31st March 2025 (11,758,721) (6,132,340) (1,106,331) (18,997,392)
Net Book Value
At 31st March 2025 19,833,326 3,745,871 374,642 23,953,838
At 31st March 2024 20,289,221 4,007,777 342,567 24,639,565

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

12. Tangible Fixed Assets – Charity

Land &
Buildings
Plant &
Machinery
Fixtures,
Fittings &
Vehicles
Total
£
£
£
£
Cost
At 1st April 2024
31,547,381
9,715,802
1,379,515
42,642,698
Additions
111,534
146,547
101,459
359,541
Disposals
(66,869)
-
-
(66,869)		 Land &
Buildings
Plant &
Machinery
Fixtures,
Fittings &
Vehicles
Total
£
£
£
£
Cost
At 1st April 2024
31,547,381
9,715,802
1,379,515
42,642,698
Additions
111,534
146,547
101,459
359,541
Disposals
(66,869)
-
-
(66,869)		 Land &
Buildings
Plant &
Machinery
Fixtures,
Fittings &
Vehicles
Total
£
£
£
£
Cost
At 1st April 2024
31,547,381
9,715,802
1,379,515
42,642,698
Additions
111,534
146,547
101,459
359,541
Disposals
(66,869)
-
-
(66,869)
At 31st March 2025
31,592,047
9,862,349
1,480,974
42,935,370
Depreciation
At 1st April 2024
(11,258,161)
(5,706,876)
(1,040,048)
(18,005,085)
Charge for the year
(500,560)
(409,602)
(66,284)
(976,446)
Eliminated on disposals
-
-
-
-
At 31st March 2025
(11,758,721)
(6,116,479)
(1,106,332)
(18,981,532)
Net Book Value
At 31st March 2025
19,833,326
3,745,871
374,642
23,953,838
At 31st March 2024
20,289,220
4,008,926
339,467
24,637,613
13. Heritage Assets – Group & Charity
14. Fixed Asset Investments
Cost
At 1st April 2024 & 31st March 2025
Depreciation
At 1st April 2024 & 31st March 2025
Net Book Value
At 1st April 2024 & 31st March 2025
Middleton Garden Ltd
Cost of shares in subsidiary
Ordinary
Share of
£1
Middleton Garden
1		 Total
£
986,423
-
986,423
Shares in
Subsidary
£1


% Holding
100%
. Fixed Asset Investments
Middleton Garden Ltd
Cost of shares in subsidiary
Ordinary
Share of
£1
Middleton Garden
1

13. Heritage Assets – Group & Charity

14. Fixed Asset Investments

Page | 27

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

15. Stock

5. Stock
2025
2024
£
£
Stock
145,680
162,369
Total
145,680
162,369
Group		 2025
2024
£
£
16,342
22,956
Charity
16,342
22,956

16. Debtors: Amounts Falling Due Within One Year

2025
2024
£
£
Trade Debtors
71,792
28,412
Prepayments & Accrued Income
23,459
109,497
Other Debtors
302,194
6,576
Amounts Owed from GroupUndertakings
-
-
Total
397,445
144,485
Group		 2025
2024
£
£
48,890
11,846
23,459
109,497
302,194
6,576
113,964
84,546
488,507
212,465
Charity

17. Creditors: Amounts Falling Due Within One Year

2025
2024
£
£
Trade Creditors
190,113
380,577
Social Security & Other Taxes
19,702
399
Other Creditors
25,250
8,911
Loan
19,000
13,000
Accruals & Deferred Income
214,416
138,588
Total
468,480
541,475
Group		 2025
2024
£
£
162,575
327,179
19,552
399
25,250
-
19,000
13,000
203,825
123,853
Charity
430,202
464,431

Loans included above £19,000 (2024: £13,000) are due to Welsh Government and repayable in December 2025 and has no interest attached to it.

Movement in Deferred Income
Balance at start of repoting period
Amounts added in current period
Amounts released to income frompreviousperiod
Balance at end of reporting period		 £
£
7,250
8,348
26,000
7,250
(7,250)
(8,348)
26,000
7,250

Deferred income at 31[st] March 2025, represents £26,000 received in the year from the National Garden Scheme Apprentice 2025/26 programme, the grant was received in advance for the following financial year.

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

18. Creditors: Amounts Falling Due After More Than One Year

2025
2024
£
£
Loan
20,000
39,000
Total
20,000
39,000
Group		 2025
2024
£
£
20,000
39,000
Charity
20,000
39,000

Loans above £20,000 (2024: £39,000) due to Welsh Government which is due to be repaid in 2026-27 and has no interest attached to it.

19. Leasing Arrangements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 2024
£ £
Within one year 9,365 13,576
Between one and five years 5,564 9,365
In more than fiveyears 7,146 12,709
Total 22,075 35,650

The National Botanic Garden of Wales holds a 999-year lease of its site granted by Carmarthenshire County Council in 1998. Under arrangements relating to the establishment and initial financing of the Garden entered into in 2000, NBGW granted a sub-lease to Lombard Property Facilities Limited (LPFL) for 75 years, and LPFL granted a subunderlease to NBGW for 75 years less 5 days. NBGW was granted an option to enter into a new lease to replace the original sub-underlease for its remaining term and this option was exercised in 2010. The final payment of the nominal rent due under the option lease will be made in September 2025.

NatWest Bank, LPFL, The National Lottery Community Fund and the Welsh Government hold security over the site granted in connection with the arrangements described above.

2025 2024
£ £
Amount secured is estimated to be 18,355,060 18,780,514

The Charity 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.

Page | 29

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

20. Movements In Funds

At 1st April Net Movement Transfer At 31st March
2024 in Funds Between Funds 2025
£ £ £ £
Unrestricted Funds
General Fund 7,348,927 (369,748) 38,926 7,018,105
General Fund - Designated 200,000 - 200,000
Total 7,548,927 (369,748) 38,926 7,218,105
Restricted Funds
Apprenticeship Scheme 5,045 633 3,517 9,195
Archives Fund - - - -
Fixed Asset Fund 18,780,515 (425,455) - 18,355,060
Flourish Fund 189 - (189) -
Postcode Lottery 1,943 - - 1,943
Regency Restoration 67,872 (27,663) (40,209) -
Leader 2022 (130) - 130 -
National Arboretum for Wales (25,825) - 25,825 -
Conserving Welsh Plants 20,000 - (20,000) -
Dynamics Collection 1,075 10,496 - 11,571
Sustainable Communities Fund 3,295 2,350 - 5,645
Quentin Kay Student Scholarship 92,998 (10,399) - 82,599
Ann Christopher Sculpture Maintenance Fund - 10,000 (8,000) 2,000
Science - Library donation - 200 - 200
RBG Kew - 4,000 - 4,000
Nature Network Fund 3 - 1,096 - 1,096
Julia Rausing Trust - 1,300,000 - 1,300,000
The Hopper Trust - 30,000 - 30,000
Total 18,946,977 895,258 (38,926) 19,803,309
Total Funds 26,495,904 525,510 - 27,021,414

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Movement in Funds (continued)

Net movments in funds, included in the above, are as follows:

Incoming
Expended		 At 31st March
Resources Resources 2025
£ £ £
Unrestricted Funds
General Fund 3,545,664 (3,915,411) (369,748)
General Fund - Designated - - -
Total 3,545,664 (3,915,411) (369,748)
Restricted Funds
Apprenticeship Scheme 15,150 (14,517) 633
Archives Fund - - -
Fixed Asset Fund 291,090 (716,545) (425,455)
Flourish Fund - - -
Postcode Lottery - - -
Regency Restoration - (27,663) (27,663)
Leader 2022 - - -
National Arboretum for Wales - - -
Conserving Welsh Plants - - -
Dynamics Collection 86,490 (75,994) 10,496
Sustainable Communities Fund 60,299 (57,948) 2,350
Quentin Kay Student Scholarship - (10,399) (10,399)
Ann Christopher Sculpture Maintenance Fund 10,000 - 10,000
Science - Library donation 200 - 200
RBG Kew 4,000 - 4,000
Nature Network Fund 3 54,342 (53,246) 1,096
Julia Rausing Trust 1,300,000 - 1,300,000
The Hopper Trust 30,000 - 30,000
Total 1,851,571 (956,313) 895,258
Total Funds 5,397,235 (4,871,724) 525,510

Page | 31

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Movement in Funds (continued)

Comparatives for movements in funds:

Comparatives for movements in funds:
At 1st April Net Movement Transfer At 31st March
2023 in Funds Between Funds 2024
£ £ £ £
Unrestricted Funds
General Fund 7,107,459 205,456 36,012 7,348,927
General Fund - Designated 200,000 - 200,000
Total 7,307,459 205,456 36,012 7,548,927
Restricted Funds
Apprenticeship Scheme 70,499 (65,454) - 5,045
Caru Natur Cymru/Biophilic Wales Project 10,708 (9,870) (838) -
Archives Fund 105 (294) 189 -
Fixed Asset Fund 19,758,958 (810,491) (167,952) 18,780,515
Flourish Fund 1,918 (1,729) - 189
Grantscape (9,980) 10,005 (25) -
Growing the Future (37,755) 13,728 24,027 -
Postcode Lottery 4,459 (1,269) (1,247) 1,943
Regency Restoration 196,666 (218,153) 89,359 67,872
Leader 2022 (13,507) 13,377 - (130)
Feasibility Study (Sculpture) 19,000 (19,000) - -
National Arboretum for Wales (17,725) (8,100) - (25,825)
Conserving Welsh Plants 20,000 - - 20,000
Dynamics Collection - 1,075 - 1,075
Sustainable Communities Fund - 3,295 - 3,295
Quentin Kay Student Scholarship - 92,998 - 92,998
Heritage Officer Fund - (20,475) 20,475 -
Total 20,003,346 (1,020,357) (36,012) 18,946,977
Total Funds 27,310,805 (814,901) - 26,495,904

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Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales Consolidated Financial Statements for the Year Ended 31[st] March 2025

Movement in Funds (continued)

Comparative net movments in funds, included in the above, are as follows:

Incoming Expended At 31st March
Resources Resources 2024
£ £ £
Unrestricted Funds
General Fund 3,988,784 (3,783,328) 205,456
General Fund - Designated - - -
Total 3,988,784 (3,783,328) 205,456
Restricted Funds
Apprenticeship Scheme 52,750 (118,204) (65,454)
Caru Natur Cymru/Biophilic Wales Project 568 (10,438) (9,870)
Archives Fund - (294) (294)
Fixed Asset Fund 200,000 (1,010,491) (810,491)
Flourish Fund - (1,729) (1,729)
Grantscape 10,005 - 10,005
Growing the Future 13,728 - 13,728
Postcode Lottery - (1,269) (1,269)
Regency Restoration - (218,153) (218,153)
Leader 2022 13,507 (130) 13,377
Feasibility Study (Sculpture) - (19,000) (19,000)
National Arboretum for Wales - (8,100) (8,100)
Conserving Welsh Plants - - -
Dynamics Collection 41,230 (40,155) 1,075
Sustainable Communities Fund 26,492 (23,197) 3,295
Quentin Kay Student Scholarship 100,000 (7,002) 92,998
Heritage Officer Fund - (20,475) (20,475)
Total 458,280 (1,478,637) (1,020,357)
Total Funds 4,447,064 (5,261,965) (814,901)

Unrestricted Funds

General Fund Designated

The designated fund was set aside in response to the cost-of-living crisis, with the Board actively monitoring its adequacy and relevance alongside the charity’s wider objectives. At year-end and at the date of approval, the Board deemed it prudent to maintain the fund in reserve given the persistent cost-of-living challenges and the prevailing political uncertainty.

Restricted Funds

Apprenticeship Scheme

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

Caru Natur Cymru/Biophilic Wales Project

This represents a project that originally ended in 2022 and was extended into 2023/24 when additional funding was received from Swansea Bay University Health Board. Since the project has now ceased, and there are no outstanding or ongoing restrictions on the funds, the balance was transferred in general unrestricted funds during the year.

Archives Fund

This represents donations received to support the maintenance of the Charity’s archive and work of the Volunteer Archive Group.

Page | 33

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

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 related to the purchase, development and maintenance of the Charity’s gardens. The millennium Commission supported the project by approved grants for £22.30m 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 £4.3m.

Flourish Fund

This award from the RHS helped to build on the Garden’s existing education, training and apprenticeship opportunities, in particular developing a new pathway into the horticulture apprenticeship scheme whilst linking with new and diverse audiences. The scheme concluded in the previous financial year and no there are no remaining restrictions, thus excess income has been transferred to general unrestricted funds.

Postcode Lottery

The projected supports the delivery of horticulture and outdoor courses for health and well-being as part of our education programme.

Regency Restoration

This 7-year project restored the Garden’s historic parkland to its original 19[th] century regency waterpark landscape and was completed in June 2022. The Charity’s estate 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 Fairburn Trust, Patsy Wood Trust, The Waterloo Foundation and other generous donations. The balance of the fund aims to support the management and maintenance of the area to safeguard the historical assets of this parkland and, as such, the fund has been transferred to unrestricted reserves to cover operational costs that will deliver the ongoing maintenance programme.

Leader 2022

The objective of this 12-month LEADER funded project was to pilot the use of the digital technology in the form of GIS (Geographical Information Systems) resources to help support tourism in the Tywi Valley. This scheme concluded in 2022 and the overspend bought forward has been transferred to unrestricted funds, as the excess spend was been funded from general funds.

Coeadfa Genelaethol Cymru/National Arboretum for Wales

This project created a masterplan for a nationally important arboretum that aims to engage with all visitors, inspire new communities and audiences and deliver a key learning and conservation resource. A fundraising campaign supported the delivery of this major plan. The overspend brought forward represents the initial arboretum master plan that was funded from general reserves.

Conserving Welsh Plants

This represents a donation received to enhance the Conserving Welsh Plants display and was transferred to unrestricted general reserves as the costs of delivery are to be funded from the unrestricted general fund.

Dynamic Collections

The Plants Past, Present and Future project is a £250,000 3-year National Lottery Heritage Fund project funded through their Dynamic Collections Scheme (2024-26) and is in its second year in 2024-25. The project focuses on curating, digitising and community engagement on the Botanic Garden’s herbarium of pressed plants, opening up the collection to new audiences and revealing untold stories.

Sustainable Communities Fund

The Shades of Green project involves working across the Hywel Dda University Health Board (HDUHB) estate and creating focal points for community co-developed green infrastructure projects. The sites surround hospitals, health centres, mental health and residential facilities. The project is developing an integrated mosaic of green space that reflects the health and wellbeing needs of patient cohorts, staff groups and community partners associated with HDUHB and its Carmarthenshire estate.

Quentin Kay Student Scholarship

The bequest from the estate of Prof. Quentin Kay is supporting the Charity’s work on the conservation of Welsh flora, through the research and seed banking of some of our most threatened plant species. The role of Research and Collections Assistant created via this fund has supported an early career ecologist to undertake critical work in the National Seed Bank.

Page | 34

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

Ann Christopher Sculpture Maintenance Fund

This is a new annual donation from Dr Kathleen Whale for the installation and subsequent maintenance of the Dark Reflections Sculpture, created by Ann Christopher RA.

Science – Library

This represents a donation received for the purchase of books for the Garden’s library.

RBG Kew

This is a grant received for seed collecting for the UK Tree Seed Collection Project.

Nature Network Fund 3

A project aims to enable resilience in the Waun Las National Nature Reserve and supports the science, conservation and land management priorities and ongoing monitoring.

Julia Rausing Trust

During the year The Julia Rausing Trust made a grant contribution towards essential upgrade works of The Great Glasshouse. The funds were received during the financial year; however, the funds will be expended during following financial year 2025-26.

The Hopper Trust

This relates to funds received during the year towards our work on threatened flora, plants on the precipice and impact of changing climates. The funds are restricted for this purpose only and will be expended during the following one to two financial years.

Transfers

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

21. Employee Benefit Obligations

The Charity operated 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 Statement of Financial Activities in respect of defined contribution schemes was £68,093 (2024: £73,616).

At 31[st] March 2025 the Charity owed £11,462 (2024: £nil) in outstanding pension contributions.

22. Ultimate Controlling Party

The Charity is under the control of its Trustees, who are also its members.

The liability of Members is limited to £1, being the amount that each Member undertakes to contribute to the assets of the Charity in the event of its being wound up.

Page | 35

Docusign Envelope ID: 42238C56-6531-40F6-B401-B91CEC4500C4

National Botanic Garden of Wales

Consolidated Financial Statements for the Year Ended 31[st] March 2025

23. Reconciliation of Net Income/(Expenditure) to Net Cash Flow from Operating Activities

3. Reconciliation of Net Income/(Expenditure) to Net Cash Flow from Operating Activities
2025
£
Net (expenditure) for the reporting period (as per the Statement of Financial Activities)
525,682
Adjusted for:
Depreciation charges
978,398
Loss/(gain) on disposal of assets
(232,106)
Decrease/(increase) in stock
16,689
Decrease/(increase) in debtors
(252,960)
(Decrease)/increase in creditors
(101,100)
Dividends and interest
(32,381)
Net cashprovided by/(used in) operating activities
902,222		 2024
£
(814,901)
1,004,421
-
8,506
357,976
(506,950)
(23,172)
25,880

24. Analysis of Changes in Net Funds

Analysis of Changes in Net Funds
At 1st April At 31st
2024 Cashflow March 2025
£ £ £
Net Cash
Loan (55,000) 16,000 (39,000)
Cash at bank 1,143,537 882,971 2,026,508
Total 1,088,537 898,971 1,987,508

Page | 36