Docusign Enve'ope ID.. 84D997ÈE-FDFF-489E.8DFB47A261970BF2 Walworth Garden Trustees, Report and Financial statements for the year ended 31 March 2025
Docus., Jn Envelopp ID.. 84D997E-.FDFF-48cr.-8nrB-47A261970BF2 Contents . Reference and administrative details of the Company, its Trustees and adviser. Tru$tees' report Indepehdent examiner's.report Statement of f.inancial activities Balance sheet p22 Statement of cash flows Notes to the financial statement
Docusign Envelope ID". 84D997EE-FDFF-489E-8DFB-47A2619708F2 Walworth Garden Board of Trustees Kathryn Tomlinson, Chair (until 24 September 2025) Alison Flynn (resigned 14 February 2025) Yue Ang Sophie King Claire Richards, Company Secretary (resigned 28 May 2025) Caroline Jack, Vice Chair Jasmeet Phagoora Anna Westacott, Treasurer Kishma Smithurst Sui-Te Wu Henry Long (appointed 29 January 2025) Diane Alalouf (appointed 23 July 2025) Belen Bueso Rios, Chair (from 24 September 2025) (appointed 23 July 2025) Arran Pedder (appointed 24 September 2025) Company Registered Number: 03312510 Charity Registered Number: 1060863 Registered Office.. 206 Manor Place Walworth London SE17 3BN Company Secretary: Claire Richards Accountants: Griffin Stone Moscrop & Co Chartered 21-27 Lamb's Conduit Street London WCI N 3GS
Docusign Envelope ID. 8409ts 1 EE-FDFF-484E-8DFB-47' 2#1970BF2 Trustees, Report .*'. for the year ended 31 March 2025 The Trustees present their annual report together with the financial statements of the Company for the l April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted.
Docusign Envelope ID.. 84D997EE-FDFF489E-8DF8-47A2619708F2 Objectiv饕 and Activitie£ , Policies and objectives Walworth Garden's mission is "To improve lives by delivering excellent learning and horticultural therapy in an award winning garden that's open to all" Our beneficiaries are people who are not in work or education, vulnerable or disabled adults and local people who may not have a garden of their own who come to relax and enjoy time out in our tranquil green space. The charity has been in operation since 1987, when local residents first transformed a derelict street corner, in a heavily built up and densely populated area of Southwark, into a community garden and meeting space. Ten years after it was first established it was registered as a charity and today, over thirty-five years on from the initial transformation, the award winning garden is: A learning centre focussing on matters relating to our environment A community garden which operates on organic principles, is open seven days a week and which is free for all to visit. A well stocked community plant centre, focussing on sustainable, in-house propagation and with an online, delivery service providing the local community with all they need for their gardens, terraces and balconies A City and Guilds-accredited School of Horticulture, providing training and work experience for people who are not in work or education to help them into work or further education. A place for local people to learn about organic and environmental gardening practices; gardening for wildlife; herbal medicine; and other subjects around the remit of health, wellbeing and the environment. A provider of gardening therapy for those with mild to moderate mental health issues that helps them to build confidence, connect with a community, and enjoy learning about growing plants and produce; also, for those on a journey back to the workplace. An environmental landscaping company which creates and maintains green spaces in the most sustainable ways; a London Living Wage employer of trainee gardeners often with barriers to employment
Dowsign Envelope 10.. 84D997EE_FDFF_489E_8DFB47A261970BF2 Walworth Garden is a beautiful and thriving community garden with a wide variety of fruits, vegetables and ornamental plants, many of horticultural merit and curiosity. It has an increasing number of wildlife ponds of varying sizes and styles, which serve as examples of how easily the local community can build their own ponds to help local wildlife and encourage biodiversity; raised beds which house both food and ornamentals; example beds where the community can learn about wildlife friendly planting; wormeries and bokashi bins which convert kitchen waste into organic plant feed to exemplify waste reduction systems to the local community; an education centre and external teaching space; potting shed where students and volunteers learn to propagate and pot up,; two industrial sized greenhouses, an external classroom, and a geodesic dome that doubles as a cactus and succulent house. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance'Public benefit.. running a charity (PB2)'.
Docusiqn Envelope ID". 84D997EE-FDFF-489E-8DFB-4716l97oBF2 Aèhiev and P.e Review of Activities The Garden has had another successful year serving its various stakeholders. In our environmental education delivery, l 01 students graduated from our Level 2 Practical Horticulture Skills programme over the course of the year. 71 of these students joined us on externally funded places across 4 funding streams. The remaining 30 joined us on a self-funded basis. We also welcomed 52 individuals across our transformative therapy programmes, thanks to a signif icant increase in funding. Long time partners with Southwark Adult Learning Services, the Garden has recommended a funding increase for some time and the arrival of a new leader in the area has inspired a 30?0 increase. As the expertise within the team has started to be better known, some team members have been invited to train other organisations. This year, these have included Social Farms and Gardens, a national umbrella organisation supporting and representing community gardens and city farms who were keen to learn about our inclusive training selection process; and Friends of the Earth's new programme, Postcode Gardeners, another national initiative who were keen to learn about the Garden's work in income diversification. The Garden made a big hit on social media, particularly on YouTube this year when Alexandra Campbell, of Middle Sized Gardens, chose to interview our CEO Oli Haden about sustainable gardening practices. The item received an impressive 49,000 views, many compliments about Walworth Garden and its CEO and a whole new national and international audience. Our influence as experts in the field of environmental horticultural practices was further requested by Dulwich Estate who asked that we write a policy document on landscape maintenance to guide their work. This crucial area of horticultural operations is being reimagined in order to best serve the needs of people and planet.
Docusign Envelope ID.. 84D997EE-FDFF-489E-8DF&47A261970BF2 The Garden also broadened its reach in this year by forging further symbiotic relationships with recognised sector experts, John Little a national campaigner for sustainable horticultural practices and the importance of the maintenance gardener; and Benny Hawksbee, an expert in urban biodiversity and especially insect life. This year also saw increased recognition from the British Association of Landscape Industries (BALI). An organisational health and safety and wellbeing at work survey was organised and distributed by managers, which was returned with some very promising results. 100 % of staff reported that they felt safe in their workplace, and managers 'lead by example, in regards to health and safety. The Community Garden The community garden has continued to evolve and develop this year. The ever- improving nature of the Garden has, this year, been influenced by educational visits staff have made to various other gardens. Trips to The Inner Temple Garden, Hilldrop (John Little's four acre site in Essex) and to Great Dixter have inspired staff to explore new ornamental species which they have observed in situ and to continue to explore new habitats and how they might fit into small spaces. In turn these explorations have affected the work of the Garden Services Division as they create gardens across the local area. The Garden was chosen by the ITV programme, Alan Titchmarsh's Gardening Club (ITV) to appear in an episode in March bringing additional national recognition, showcasing our ethos and approach to sustainable horticulture. In this year the Garden introduced a food waste composting system, the Ridan. Built in Cornwall by a small company, the system facilitates the large-scale composting of cooked foods which we have struggled to compost through our other systems. Within couple of weeks, the system produces material that is akin to garden compost. Following another couple of weeks in the more traditional compost bins, it is ready to use. This is a remarkably efficient system of waste management which we introduced to a local school, soon after testing it ourselves. Within weeks, the school stopped sending their food waste to landfill.
Docuslgn Envelope ID-. 84D997EE_FDFF489E.8DFB47A261970BF2 One year on from closing the apiary and donating our honey bees to a community garden further from central London. where there are larger and more plentiful green spaces, the team has been enjoying observing the effects on populations of wild bees in the Garden. Undoubtedly, once the competition of the domesticated social bee (Apis mellifera) was removed from the site, the wild bumble and solitary bees have made a return in greater numbers. The team have subsequently spent time focussing on creating habitats for these wild bees that need our support. The Garden won another Community Green Flag Award for its continuing service to the community and its relentless dedication to sustainability and nature-first approach to all its practices. The judge said, 'There are few places that demonstrate such varied habitats and horticultural diversity in such a small space,. The Plant Centre The Plant centre has continued to serve the community's needs for healthy, wildlife- worthy edible and ornamental plants, grown sustainably here on site in organic and peat-free compost. The ongoing economic uncertainty has affected this area of the Garden's operations the most, with footfall down alongside average spend compared to the previous year, and the team have done their best to keep prices down so that all members of the community can benefit from the facility and to grow their own plants. At the same time, there has been an increase in uptake from local landscapers and community groups and the Garden has continued to support these groups both with a trade discount and a community discount respectively.
Do¢u$gn Envelope ID.. 84D997EE-FDFF-489E-8DF847A2619708F2 A year ago, the Garden made the brave decision to stop heating its large industrial sized greenhouse, recognising not only the unsustainable nature of burning fossil fuels throughout the colder months in a single-paned greenhouse, but also the unsustainable and polluting nature of house-plant production which traditionally relies on repeat purchases of plants that fail in the unsuitable setting that is our homes. This has inevitably meant a small decrease in this area of the plant centre's income as predicted, though this has been largely mitigated from impacting overall operations by an increase in outdoor plant sales. The increased focus on selected outdoor specimens of wildlife merit has seen these species be included in our planting plans both in the Garden and also across various sites by the Environmental Landscaping Company. Adult Learning City & Guilds accredited Horticultural training The education department continues to be a mainstay at the Garden with all classes as popular as ever. This year, the team started planning for the introduction of a further accredited course, Level 1 in Practical Horticulture Skills. This new course, due to be launched in September 2025 would act as a stepping stone to the more challenging Level 2. The year saw the department achieve the greatest confirmation of its successful operation by achieving glowing reports from both its main funder and its accrediting body City & Guilds, who awarded it 'low risk, status with 'no actions,. Teachers were pleased to have reached the end of the transition period from Work- Based Horticulture (now discontinued) and the move to Practical Horticulture Skills which has replaced it. This new course has provided increased freedom to teachers and allowed the department to rebrand the course, 'Environmental Gardening, a much more fitting title for the training that takes place,This training has now, for the third year, been extended to the staff of Clarion Housing Association where a visiting staff member teaches the course on their own 'live' sites, demonstrating sustainable practices to maintenance gardeners who may have become set in their traditional ways. This work is often challenging and rewarding in equal measure. Maintenance gardeners will often know that their traditional horticultural practices need updating; indeed some residents on housing estates will often challenge gardeners on their work, requesting a more sympathetic approach. At the same time, other residents will take a contrary opinion on the way their site is maintained. The role of the maintenance gardener of the future will nèed to include an ability to negotiate their way through such conversations. 10
Docusign Envelope ID". 84D997EE_FDFF489E.8DFB47A261970BF2 Short Courses We delivered 64 workshops over this year. with a total of 645 attendees. 455 of these were local residents joining on externally funded places, making it free for them to attend. The remaining 190 joined us on a paid basis from across London and beyond. This was a record breaking year for this more informal type of learning which largely takes place at weekends at the Garden. bringing the local community together to learn about matters relating to health, wellbeing and the environment. Every year a set of new workshops and practitioners are introduced and free places become available for eligible locals. This year the increasing popularity of this offer saw the free places taken up a month earlier than usual, in January. This fund also provides support for community groups on their own sites and the year saw our teacher-practitioners visit groups and provide bespoke learning opportunities tailored to the needs of each group and their site. . 11£
Docusign Envelope ID: 84D997EE_FDFF489E-8DFB47A261970BF2 Social & Therapeutic Horticulture - Gardening Therapy This year, we saw this offer evolve into 'Gardening Therapy,, having found that the overly complex title of 'Social and Therapeutic Horticulture, may be excluding some members of the community. The Growback programme,which was introduced soon after the pandemic. served the needs of those recovering and struggling to return fully to their communities. Four years on, uptake reduced and the team decided that this funding could be used more effectively elsewhere and diverted the funds to support more Horticulture students. Going forward, the department will focus on Gardening Therapy in order that we might reach as many of our community as possible. Once again the programme, as well as providing a benefit in its own right, acted as a stepping stone for some to reach the accredited Level 2 course in order that they might become work-ready. 12
DocLtsign Envelope ID-. 84D997EE_FDFF489E.8DFB47A261970BF2 Garden Services Some of the highlights for this year include the design and construction of a secret garden right in the heart of London Bridge, for a charity seeking to diversity their income streams by encouraging guests to dine outside; a new community garden in Penge, where the team set about turning an enclosed and redundant piece of land into a biodiversity haven, complete with wildlife pond, loggeries, food growing and extensive ornamental areas; and the relandscaping of three Southwark Council playgrounds. Focussing on appealing to both pollinators and young people, each garden was approached for the amount of maintenance that would be available to take the gardens healthily into the future. The year saw further movement in the world of grounds or landscape maintenance. Cuts in budgets, on the one hand saw some of our existing clients make changes to schedules in order that they try to cut costs. At the same time, the movement to reimagine the ways that landscapes are maintained continues to evolve and the Garden is right at the heart of these discussions. We continue to believe that if we are to solve the biodiversity crisis, we must focus our attention on the way existing landscapes are maintained. This in turn means focussing on those who maintain these landscapes and the methods they use. We cannot expect to see a reverse in numbers lost if we do not turn our attention to upskilling these lynchpin custodians of land. The Garden Services Division and its Environmental Landscaping Company were proud to announce being shortlisted by ProLandscaper for the award in Industry Collaboration. The team gained runner up status and a special commendation! 13
Docusign Envelopth ID.. 84D997EE-FDFF-489E-8DFB-47A261970BF2 Review A) Going Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial staternents. B) Reserves Policy The board considers it appropriate to have free reserves sufficient to cover a period of unforeseen difficulties and consider this to be equivalent to a minimum of four months operating costs or £220,000. Free reserves comprise that part of total unrestricted funds that are freely available and non designated. As at 31 March 2025 these stood at £60,823 (£47,720 2023124). Trustees are addressing how to meet this target as part of the strategic plan. As at 31 March 2025, total funds stood at £168,256 (£163,054 2023/24). C) Financial Results for the Year Our income totaled £699.692 (£585,132 in 2023/24) against outgoings of £694,490 (£631,898 in 2023/24) leading to a surplus for the year of £5,202. This compares to a 2023/24 deficit of £46,766. The unrestricted free reserves decreased to £68,106 compared to £57,889 in the previous year. Restricted reserves decreased to £100,150 (£105,165 in 2023124). The 2023/24 review of our trading activities, as undertaken by our subsidiary company Walworth Garden Trading Ltd, concluded that our activities continue to be majority primary purpose trading. As such, Walworth Garden Trading Ltd trading operations and corporate assets and liabilities were transferred to the parent Walworth Garden Ltd during the year 2024/25. Once all company liabilities have been settled and the appropriate filings made, Trustees will proceed in voluntarily closing Walworth Garden Trading Ltd. Following the ending of the Southwark Garden Projects funding in the previous financial year, the Garden undertook a detailed analysis of our financial model for service provision. We reviewed all departments to ensure that they were covering their own and shared costs of the Garden. In the process, we decided that some service contracts were no longer viable, so these have not been renewed. We are confident that we now have a sustainable financial model for the future of the Garden's operation. 14
Docusign Envelope ID.. 84D997EE_FDFF.489E.8DF&47A261970BF2 D) Principle Funding This year our fundraising efforts have focused on both regular fundraising for the organisation and also for the improvement plan, the success of which would see Walworth Garden positioning itself as an Environmental Learning Centre for London. A shift in focus in response to industry changes allowed for successful growth in core costs grants, and this approach will be carried forward. We were successful in securing grants from Mazars Charitable Trust. The Julia Rausing Trust, United Saint Saviours Trust, Garfield Weston Foundation, Landsec Futures Community Grants, Southwark Council, and the Chapman Charitable Trust. 15
Docusign Envelope ID 84D997EE-FDFF-489E-8DFB-47.42619708F2 A) Constitution The Charity is a charitable company limited by guarantee. incorporated on 4 February 1997, and was first registered as a charity on 26 February 1997. The Charity was established under a Memorandum of Association and is governed under its Articles of Association. The principal objects of the Charity are the advancement of education and the provision, in the interest of social welfare, of recreational and leisure facilities for the benef its of the inhabitants of Greater London and in particular inhabitants of Walworth and Newington in the London Borough of Southwark. B) Method of Appointment of Trustees The Board is elected from the community to serve for a maximum period of six years. The Board membership is no less than three and not more than fifteen at any one time. C) Organisational Structure and Decision-making Policies The Charity's governing body is the Board, which meets about six times a year and is responsible for the good governance of the Charity. The members of the Board are volunteers. The work of the Board is supported by two sub-committees: Finance, Audit, and Risk, and Human Resources and Safeguarding. The Chief Executive reports to the Chair of the Board and is responsible for the operational. day to day running of the Charity. The staff team that delivers the Charity's activities and projects report to the Chief Executive. Trustees meet intermittently with staff in the course of strategic working groups and committee work, providing specialist advice so that they can be involved and consulted on the development of the Charity. The Charity has no issued share capital or debentures, hence there are no Trustee's interests requiring disclosure. 16
Docusign Envelope ID.. 84D997EE-FDFF-489E-80FB47A261970BF2 The Board carries out an open recruitment process for any trustee vacancies. The CEO meets with potential candidates at the Garden, before making recommendations to a recruitment panel of two or three trustees. The recruitment panel then undertakes interviews with the shortlisted candidates and selects those that they believe demonstrate the appropriate skills and fit for the charity. The new trustees are then voted on to the Board by a simple majority at the next ordinary Board meeting. Salary increases for key management personnel are recommended by the CEO and approved by the Board of Trustees where appropriate. Salary increases for the CEO are proposed by the Chair (in consultation with the HR advisor) and approved by the HR sub-committee. 17
Docusign Envelope ID.. 84D997EE-FDFF489E-8DFB47A261970BF2 i F.tUre Future Developments In the coming year, we intend to begin work on the creation of an Environmental Learning Centre for London. Having reached the funding targets, our ambitions can be realised with the addition of a second classroom and comfort facilities: a new perimeter fence and accessible entrance; new potting shed and therapy shelter; and a refurbishment of our existing socially significant building. We will be well positioned to relaunch ourselves to reach greater numbers of the community. and begin exploring further ways we can support local people of all ages. We have already made some progress in reimagining the way public spaces are designed and maintained, particularly in maximising opportunities for habitat creation and biodiversity promotion. We now intend to take full advantage of the opportunities that are appearing in this field and continue collaborating with organisations across sectors, including schools and the private sector, to grow and improve green spaces for London. Our desire to be increasingly inclusive in all we do will see us introduce accessible application forms for staff recruitment, enabling us to address the unconscious bias we know exists in all of us. Blind recruitment, enabled by more sophisticated application systems, will lead the organisation to be more representative of its community. This will work alongside progressive iterations on our programme recruitment processes. to ensure inclusivity across our work. Statement of Trustees, Responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 18
Docusign Envelope ID.. 84D9g7EE_FDFF.48gE4DF7A26l97OBF2 Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102): make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the f inancial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 24 September 2025 and signed on their behalf by-. Belen Bueso Rios (Chair of Trustees) 19
Docusign Envelope ID". 84D99 1 EE-FDFF-48gE-8DFB-476197OBF2 nt 25 Independent examiners report to the Trustees of Walworth Garden ('the Companyy I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the Trustees of the Company {and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wlh the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151(b) of the 2011 Act. Independent examiner s statement Since the Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Slatement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Company'sTrustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters l am required to state to them in an Independenl examiner's report and for no other purpose. To the fullest extent permitled by law, I do not accept or assume responsibility to anyone other than the Company and the Company'sTrustees as a body, for rny work or for this report. Signed.. Robert Smith Dated: 3 October 2025 FCA Griffin Stone Moscmp & Co Chartered Accountants 20
Docusign Envelope ID-. 84D997EE-FDFF489E-80FB47A261970BF2 STA TEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from.. Donations and legacies Charitable activilies other trading activities Investments Other income 47,194 608,268 4,139 59 1,342 47,194 646,958 4,139 59 1,342 103,783 478,210 3,084 55 38,690 Total income 38.690 661,002 699,692 585,132 Expenditure on." Charitable activities 43,705 650,785 694,490 631,898 Total expenditure 43,705 650,785 694,490 631,898 Net movement in funds {5,015) 10,217 5,202 (46,766) Reconciliation of funds.. Total funds brought fofward Net movement in funds 105,165 (5.015) 57,889 10,217 163,054 5,202 209,820 (46.766) Total funds carried fonvard 100,150 68.106 168.256 163,054 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 24 to 42 fom part of these financial statements. 21
Docusign Envelo ID.. 84D997EE-FDFF-489E-8DFB.47A261970BF2 BALANCE SHEET AS A T 31 MARCH 2025 2025 2024 Note Flxecl assets Tangible assets Investments 13 14 7,283 10.169 7,287 10.173 Current assets stocks Debtors Cash at bank and in hand 15 16 12,307 116,341 194, 148 182.219 57.800 322,796 (161,827) 240,019 (87,138) Creditors: due within one year 17 Net current assets 180,969 152,881 Total net assets 168,256 163,054 Charlty funds Restricted funds Unrestricted funds 19 19 100,150 68,106 q05,165 57,889 Total funds 168,256 163,054 The Company was entitled to exemption from audit under section 477 of the Companies Act 20D6. The members have not required the company to obtain an audit for the yaar in question in accordance with section 476 of Companies Act 2006. Th8 Trustees acknowledge their responsibilities for complying with the requirements cf the Act with respect to accounting records and preparalion of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entit18s subj8Ct to the small companies regim8. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Belen Bueso Rios Chair Date.. 24 September 2025 The notes on pages 24 to 42 form part of these financial slatements. 22
Docusign Erwelope ID.. 84D997EE_FDFF489E.8DFPA7A261970BF2 STA TEMENf OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities 136,348 23,171 Cash flows from investing activities Net cash provided by Investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 136.348 23,171 57,800 34,629 Cash and cash equivalents at the end of the year 194,148 57,800 The notes on pages 24 to 42 form part of these financial statements 23
Docusign Envelope ID.. 84D997EE_FDFF489E_8DFB47A261970BF2 NOTES TO THE FINANCIAL sfAfEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information Walworth Garden is a company limit8d by guarantee (company number 03312510) and a registered charity (charity number 1060863) in England and Wales, The registered office address is 206 Manor Place, Walworlh, London, SE17 3BN. Accounting policies 2.1 Basis of prep?rntlon of flnanclal statem&nts The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and RepoTting by Chariti8s.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Républic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1Q21 and the Companies Act 2006. Walworth Garden meets the definition of a public benefrt entity under FRS 102. Assets and liabilities ar8 initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount Df income rec8ivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been 18ft to them (through knowledge of the existenc8 of a valid will and the daath of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a lègacy must be recognised when it is probab18 that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. G rants are included in the Statement of financial activities on a receivable basis. Th6 balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlèment of receipt, its recognition is def8rred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant r@cognised at the time ofthe donation. is 24
Docuslgn Envelopo ID.. 84D997EE-FDFF489E-8DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 NIARCH 2025 AGcounting policies (continued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in s8ltlement and the amount of the obligation can be m6asured reliably. Expendilure is classified by activity. The costs of 8ach activity are mad8 up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributab18 to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with th8 use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Exp&nditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well a8 any associated support costs. All expènditure is inclusive of irrecoverable VAT. 2.4 Interest recefvable Interest on fund8 held on deposit is included when receivable and the amount can b8 measured reliably by the Company., this Is normally upon notification of the interest paid or payable by the institution with whorn Ihe funds are deposited. 2.5 Tanglble flxed assgts and deprgciation Tangible fix8d assets costing £500 or more are capitalised and recognis&d when future 8conomiG benefits are probable and the cost or valu8 of the ass8t can be measured reliably, Tangible fix&d assets are initially recognised at cost. After recognition, under lh8 Cost mod81, tsngible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangib18 fixed assets less th6ir residual value over their estimated useful Iiv8s, using the slraight-line method. Depreciation is provided on the following basis.. Plant and machinery Fixtures and fittings Olher fixed assets 1 OC/0 1 DC/o 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognis&d at their transaction cost and subsequently measured at fair value at the Balance she8t date, unless the value cannot be measured reliably in which case it is measured at cost less impaimient. Investment gains and losses, whether realised or unrealised, are combined and present8d as 'Gainsl{Losses) on investments, in the Statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 25
Docusign Envelope ID.. 84D997EE-FDFF-489E-8DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policlos (oontlnued) 2. 7 Stocks stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and 81ow-moving stocks. Cost includes a51 direct Costs and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Trade and other debtors are recogni8ed at the selllem6nl amount after any trad6 discount offered, Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highEy liquid Investments with a short maturity of thr88 months or18ss from th8 date of acquisition or opening of th8 deposit or similar account. 2. 10 Llabilities andprovisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a Iransfer of economic benefit will be required in settlement, and th8 amount of the settlement can be estimated reliably. Liabilities are recognised at Ihe amount that the Company anlicipates it will pay to settle the debt or the amount it has r6ceiv8d as advanced payments for th8 goods or s8rvices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time valu8 of mon6y is matarial, th8 provision is bas8d on the pr8s8nt value of those amounts, discounted at the pre-tax discount rate that reflects Ihe risks specific to the liability. The unwinding of the discount is r8cognis&d in th8 Stal8menl of financial activities as a finance cost. 2. 11 Finanoial instruments The Company only has financial ass8ts and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments 8re initially recognised al transaction value and subsequently measured at their settlement valu& with the exception of bank loans which are subsequently m@asur8d at amortised cost using the effective interest method. 2.12 Operatsng leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight- line basis over the lease term. 2.13 Pensions The Company operates a defined contribution pension scheme and the p6nsion charg& represent8 the amounts payable by Ihe Company to the fund in respect of the year.
Doauslgr) Envelopè ID.. 84D997EE-FDFF-489E-8DF847A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (eontinuedj 2.14 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not b88n d8signated for other purpos8S. Designated funds comprise unrestricted funds that have been sel aside by the Trust88s for particular purposes. Th8 aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which hav8 b88n raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restrict6d fund is set out in th8 not8S to the financial statemenls. Investment income, gains and losses are allocated to the appropriate fund. Income fmm donations and legacies Restrfcted Unrestricted funds funds 2025 2025 Total funds 2025 Donations Legacie5 Grants 2,194 20,000 25,000 2,194 20,000 25,000 Total 2025 47,194 47.194 Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Donalions Grants 3,783 3,783 100,000 loo,000 Total 2024 loo,000 103,783 27
Do¢uslgn Erwelope ID.. 84D997EE-FDFF489E-8DFB.47A281970BF2 NOTES ro THE FINANCIAL STA TEIVIENTS FOR THE YEAR ENDED 31 MARCH 2025 Income fmm charitable activlties Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Gardening work Adult learning Honey sales Plant sales Horticultural therapy 205,959 320,778 2,273 79,260 205,959 344,636 2,273 79,260 14,830 23,860 14,830 Total 2025 38,69D 608,268 646,958 R&stricted Unrestricted funds funds 2024 2024 Total funds 2024 Gard&ning work Adult learning Honey sales Plant sal8s 77,60Q 242,256 156,755 59 1,540 319,856 156,755 59 1,540 Totsl 2024 77,600 400,610 478,210 Incon79 fron7 other trading octivltles Income from non charitable tradlng activities Unrestricted funds 2025 Total funds 2025 Fundraising events and trade 4,139 4,139 Total 2025 4,139 4,139 28
Docusign Envelope ID.. 84D997EE_FoFF489E4DF7A26l97oBF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from other trading activities (continued) Income from non charitable trading activities (continued) Unrestricted funds 2024 Total funds 2024 Fundraising events and trade 3,084 3,084 Total 2024 3,084 3,084 Investment income Unrestricted funds 2025 Total funds 2025 Bank interest received 59 59 Total 2025 59 59 Unrestricted funds 2024 Total funds 2024 Bank interest reiVed 55 55 Total 2024 55 55 29
Docusign Envelope ID.. 84D997EE-FDFF-489F-8DFB-47A2619708F2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Other Incoming resources Unrestricted funds 2025 Total funds 2025 rotal funds 2024 Venue Hire 1,342 1,342 Total 2025 1,342 1,342 Analysis of expendituro on charitable actlvltles Sumn7ary byfund type Restrlcted Unrestrlcted funds funds 2025 2025 Total 2025 Gardening worf( Adult learning Horticultural therapy 5,364 23,511 14,830 436,318 212.181 2,306 441,682 235,672 17,136 Total 2025 650,785 694,490 Restricted Unrestricted funds funds 2024 2024 Total 2024 Gardening work Adult learning Horticultural therapy 41,378 43,196 3.000 451,632 80,033 12,659 493.010 123,229 15,659 Total 2024 87,574 544,324 631,898 30
Docusign Envelope ID". 84D997EE-FDFF489E4DF7A2S197oBF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Gardening work Adult learning Horticultural therapy 172,365 132,751 13,052 269,317 102,921 4,084 441,682 235,672 17,136 Total 2025 318,168 376.322 694,490 Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Gardening work Adult leaming Horticultural therapy 191,370 84,817 12,659 301,640 38,412 3,000 493,010 123,229 15,659 Total 2024 288,846 343.052 631,898 31
Do¢uslgn Envelopé ID.. 84D997EE-FDFF-489E-8DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysls of support costs Total funds 2025 rotal funds 2024 Wages and salaries (incl, NIC and pension costs) other staff costs Subcontractor costs Premises costs Office cos15 Insurance Maintenance & equipment Legal and professional Publicity & marketing Governance costs Write off account (Bad debts I Interco balance) 191,461 32,178 3,428 21,608 12,200 5,075 2,886 18,642 198,862 11,284 18,850 15,173 4,735 339 11,000 1,441 22,469 58,899 14,437 73,951 Totsl 2025 376,322 343,052 10. Independent examinees remuneration 2025 2024 F8es payable to th8 Company's independent examiner for the independent examination of the Company's annual acccunts 3,200 11. Staff costs 2025 2024 Wages and salaries Social s8curity costs Contribution to d8fin8d contribution pension sch&m8$ 380,964 29,929 7,474 330,393 43,348 10,158 418,367 383,899 32
Docusign Envelope ID". 840997EE-FDFF489E-8DFPA7A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Stsff costs (continued) The average number of persons employed by the Company during the year was as follows.. 2025 No. 2024 No. Admin staff QCF Training programme Gardening work Workshops Horticultural therapy Plant Centre Office cleaning 10 16 No employee received remuneration amounting to more than £60,000 in eithef year. 12. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024- £NIL). During the year ended 31 March 2025. no Trustee expenses have been incurred (2024 - £NILJ. •• 33
Docusign Envelope ID- 84D997EE-FDFF489E4DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Tanglbl& flxed assets Plant andFlxtures and Other flxed machlnery fittings assets Total Cost or valuatlon At 1 April 2024 19,866 59,240 47,063 126,169 At 31 March 2025 19,866 59,240 47,063 126,169 Depreclatlon At 1 April 2024 Charge for Ihe year 14,062 1,987 54,875 899 47,063 q16,000 2,886 At 31 March 2025 16,049 55,774 47,063 118,886 Net book value At 31 March 2025 3,817 3,466 7,283 At 31 March 2024 5,804 4,365 10,169 14. Fixed asset investmgnts Investments In subsidiary companles Cost or valuatlon At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 34
Docusign Envelope ID.. 84Dg97EE-FDFF489E.8DF47A26197OBF2 NOTES TO THE FINANCIAL STA TEMENrs FOR THE YEAR ENDED 31 MARCH 2025 Principal subsidiaries The following was a subsidiary undertaking of th8 Company.. Name Company number Registered office or prlnclpal Prlnclpal acts'vity place of business Walworth Garden Trading Ltd 12996467 206 Manor Place, London, England, SE17 3BN Sale of plants Class of Holdlng shares Ordinary 100/0 The financial results of the subsidiary for the year were.. Name Income Expendlture Proflt/(Loss) / Surplus/ (Dencitj for thg y8ar Net assets Walworth Garden Trading Ltd 65.294 (5,556) 59,738 182 15. Stocks 2025 2024 Plant centre stock 12,307 16. Debtors 2025 2024 Due wlthln one year Trade dabtors Amounts ow6d by group und8rtakings other dgblors Prepayments and accruéd inwme 44,633 68,168 89,927 7,541 16,583 10,T42 60,966 116,341 182,219
Docusign Envelope ID.. 84D997EE-FDFF489E4DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Creditors.. Amounts falling due within one year 2025 2024 Trade creditors other taxation and social security Other creditors Accruals and deferred income 37,053 14,616 3,704 106,454 39.412 975 1,842 44,909 161,827 87,138 18. Financial instruments 2025 2024 Financial assets Financial assets measured at fair value through income and expenditure 194, 148 57.800 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. 36
Docu81gn Envolope10'. 84D997EE.FDFF489E4DFB.47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at I Aprll 2024 Transfers Inlout Income Expendlture Unrestrlcted funds Designated funds Fixed Asset Fund 10,169 {2,886) 7,283 General funds G8n8ral Funds 47,720 661.002 (650,785) 2.886 60,823 Total Unrestricted funds 57,889 661.002 (650, 785) 68,106 Restricted funds Durkan Finnis Scott Foundation Elephant & Council Community Hedley Foundation Mazars LBS Improvement Fund LBS Olympic Legacy Dora Organic Michael Tippet Improvement Plan RBKC Student Resources Horticultural Therapy 11,700 (11,700) 404 7,000 1,000 (7,000) 1,000 7,166 11,579 11,160 (3,994) 11,579 4,879 485 (4,879) (485) T9,818 79,818 183 1,000 14,830 (817) (14,830) 105,165 38,690 (43,705) 100,150 Tot81 of funds 163,054 699,692 (694,490) 168,256 37
Docusign Envelope ID.. 84D997EE-FDFF489E.80F726l97oBF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds (continued) The designated funds represent the fixed assets of the Charity. These are considered to be nol easily realisable and in line with the recommendations of the Charities SORP IFRS 102} should not be matched by general reserves. The balance of the fund equals the net book value of the fixed assets carried forward. The restricted funds above can be summarised as follows.. Durkan and Mazars- enabled us to run a free accredited Horticultural Training offered to low-income local residents. Finnis Scott- funds to purchase tools and equipment for education programmes. Royal Bomugh of Kensington & Chelsea - allowed us to provide student support resources to Level 2 students. Hedley Foundatlon - allowed us to offer educational visits lo local School group5. Elephant & Castle Community Fund- allowed us to purchase tools and equipment, provide composting area improvements. and support school visits. Dora Organlc - allowed us to purchase organic produce for our shared community lunches. Michael Tippet Foundation - funding to support Improvement Plan London Borough ol Southwark Community Infrastructure Levy- fund towards Improvement Plan (design and consultation). London Borough of Southwark Olympic Legacy Fund- allowed us to purchase tools and equipment including a commercial grade outdoor parasol, and make composting area improvements. Horticultural Therapy- Free Horticultural Therapy Programme promoting wellbeing funded by Julia & Hans Rausing Trust and Inspiring Elephant Community Fund. 38
Docusign Envelope ID.. 64D9975E-FDFF-489E-8DFB-47A2fj1970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statemont of functs (contlnuodj Statement of funds - prloryear Balance at 31 March 2024 Balance at l April 2023 Transfers In/out Income Expenditure Unréstricted funds Designated funds Fixed Asset Fund 21,915 (11,T46J 10,169 General funds Ganeral Funds 172,766 407,532 (544,324) 11,746 47,720 Total Unresti7Cted funds 194,681 407,532 (544,324) 57,889 Restrlcted funds Durkan Finnis Scott Foundation Elephant & Castle Community Hedley Foundation United St Saviours LBS Improvement Fund LBS Olympic Legacy Dora Organic Michael Tippet Improvement Plan 38,300 2,300 10,000 1,000 (38,300) (1,896) (3,000) 7,000 1,000 (3.000) (15.560) (5,121) (515) 15,139 12,000 10,000 11.579 4,879 485 100,000 (20,182) 79,818 15.139 177,600 (87,574) 105,165 Total of funds 209,820 585,132 (631,898) 163,054 39
Docuslgn Envelopè ID.. 84DQQ7EE-FDFF48gE-8DFB-47A261970BF2 NOTES TO THE FINANCIAL STA TEIVIENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at I April 2024 Transfers In/out Income Expendlture Designated funds General funds Restricted funds 10,169 47,720 105,165 (2.886) 2,886 7,283 60,823 100,150 661,002 38,690 (650,785) (43,705) 163,054 699,692 (694,490) 168,256 Summary offunds - prior year Balance at 31 March 2024 Balance at l Aprll 2023 Transfers In/out Incomo Exponditure Designated ftinds General funds Restricted funds 21,915 172.766 15,139 (11,746) 11,746 10,169 47,720 105,165 407,532 177,600 (544,324) (87,574) 209,820 585, 132 (631.898) 163,954 21. Analysls of net assets between funds Analysis of net assets betwfjgn funds - current y8ar Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due wilhin one year 7,283 7,283 100,150 222,646 322, 796 <161,827) (161,827) Total 100,150 168,256 40
DO81gn Envelope ID.. 84D997EE-FDFF489E-8DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysls of net assets between funds (contlnued) Analysis of net assets belwgen funds - prioryear Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 10,169 10,169 105,165 134,854 (87,138) 240,019 (87.138) Total 105,165 57,889 163.054 22. Reconclllatlon of net movement In lunds to net cash flow from operatlng actlvlties 2025 2024 Net incomelexpenditure for the year (as per Statement Activities) of Financial 5,202 (46,766) Adjustments Deprecialion charges Decreas81lincre8se) in stocks Decrease in debtors Increase in creditors 2.886 (12,307) 65,878 74,689 3,934 51,234 14,769 Net cash pmvided by operating activits'es 136,348 23,171 23. Analysis of cash and cash equivalents 2025 2024 Cash in hand 194,148 57,800 Total cash ancl cash equlvalents 194,148 57,800 41
Docusign Envelope ID.. 84D997EE-FDFF-48gE-8DFB47A261970BF2 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Analysls of changes In net debt At l Aprll 2024 Cash flows At 31 March 2025 Cash at bank and in hand 57,800 136,348 194, 148 57,800 136,348 194,148 25. Pension cornmltments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. Th8 pansion cost charg8 represents contributions payable by the group to the fund and amounted tc £7,474 {2Q24 £10,158). Contributions lotalling £2,170 (2024 - £1.8421 were payable to Ihe fund at th8 balance sheet dal8 and are included in creditors, 26. Operatlng lease commltments At 31 March 2025 the Company had commitments to make future minimum lease payments under non- cancellable op8rating leases as follows= 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 14,561 32,117 17,556 32,117 46, 678 27. Relatedparty transactlons No Gift aid donations wer8 received from Walworth Garden Trading Ltd during the financial year (2023 the same). Income of £5,572 (2024 - £292,455) was generated by plant and honey sales, landscaping s8tvI8, management charg8s and administration charges to Walworlh Garden Trading Ltd. There were no other related party transactions in the year. 42