**Trustees’ Report**
## **Charity Registration Number: 1093070**
## **The Eden Trust**
**Report and Accounts**
31 March 2022
The Eden Trust
## **Trustees’ Report**
The Trustees present their annual report (including the strategic report for the purposes of Companies Act 2006) and the audited financial statements for the year ended 31 March 2022.
## **TRUST CHAIR’S REPORT**
As the country has mourned the sad passing of Queen Elizabeth II I would like to acknowledge the long relationship she had with the Trust .
Her Majesty The Queen visited the Eden Project on two occasions, the first in 2006 to open The Core building and then in June 2021 when Eden played host to the G7 leaders. On that day the Queen was accompanied by Their Royal Highnesses the then Prince of Wales, the Duchess of Cornwall and the Duke and Duchess of Cambridge. After greeting the world leaders, The Queen, the Duchess of Cornwall and the Duchess of Cambridge attended a private Big Lunch event at Eden to meet two dozen local people who had done remarkable work during the COVID pandemic. The Queen was in fine humour that day and as she left us to get the train, we now reflect that this was the last event she attended in Cornwall.
The G7 visit marked a key moment for Eden. The government’s choice of the Eden Project to host a reception and dinner was designed to send a clear message that the world’s leaders recognised the realities of climate change and the ever-increasing loss of biodiversity and that urgent action was required by all to avoid planetary disaster. It also demonstrated the value of the stage that Eden offers, through its architecture, its gardens and its brand, that allows others to drive positive transformation.
Eden, now coming of age at 21, emerged from a period of interrupted trading caused by the pandemic, and focused on the planetary emergency with renewed vigour. Eden took a stand at the COP 26 held in Glasgow. Amongst a vast array of hastily assembled traditional business stands, Eden’s colourful exhibit, drew audiences like butterflies to a buddleja. Designed in a school competition by the Harris Boys Academy of East Dulwich, adapted to the space by Grimshaw, and built out of recycled materials by the apprentices of Sir Robert McAlpine, Eden presented a Cabinet of Climate Curiosities that drew politicians, business people, activists and journalists from all over the world.
At another vast international assembly, Eden was commissioned as lead designer of the main Sustainability Pavilion at the Dubai Expo 2020. Postponed during the pandemic the Expo was eventually attended by 23 million people during the six months to March 2022. Working with partners Grimshaw, the building, named Terra, was self-sufficient in energy and water and Eden Project International co-led the landscape design and visitor experience for the Sustainability Pavilion at Expo 2020 Dubai (which ran from October 2021 to March 2022). The Sustainability Pavilion is a demonstration of ground-breaking technology and innovative landscaping, providing an extraordinary adventure that explores our individual and collective responsibilities as citizens on a changing planet.
Visitors journeyed through a series of immersive galleries, exploring under the ocean and beneath the forest to discover the wonders of the natural world. They witnessed how these wonders are consumed by systems that are driven by our own lifestyles and choices. Finally, they encountered approaches and ideas that will help regenerate the beauty of our planet.
The two-year pandemic forced us to make changes to the operation of the Eden Project in Cornwall, including the use of timed ticketing. The system brought benefits for the visitor as well as helping Eden to reduce its costs. Together with extraordinarily high levels of tourism in Cornwall, these measures allowed Eden to deliver its best performance in its 21 year history.
The Eden Sessions, the popular series of music concerts traditionally held in the early summer had to be delayed to the autumn. Where else could you see Ben Howard, McFly, Royal Blood, Snow Patrol, the Script and IDLES, in the space of just a few days? After such a long time during which artists couldn’t perform and audiences couldn’t gather, it was no surprise that 6,000 people emerged very happy from each of those wonderful evenings.
The strong trading performance allowed Eden to recover from the losses incurred in previous years and to engage in investments, both in Cornwall and elsewhere, that had been deferred. The Trustees and the Eden team are now determined to drive change through building the relationships between people and the natural world. Plans are in play for developing sites in Morecambe, Dundee and farther afield, and the team has been strengthened. Rob Chatwin was appointed as Group CEO in January 2022 and Dawn Wilding as CFO in October 2021. Both come with rich pedigrees and Rob brings extensive experience in delivering transformation on a global stage.
My thoughts return to The Queen. Throughout the year, and kicked off by The Queen’s visit in June 2021, the Eden team worked with the royal households to deliver the biggest ever Big Jubilee Lunch, bringing people together as part of the celebrations for HM The Queen’s Platinum Jubilee. All the hard work in planning and preparation took place during this financial year, but I can now record that over 17 million people across the country took part in the Big Jubilee Lunch in June 2022, almost a year since the Queen’s visit to Eden.
2
The Eden Trust
Trustees, Report
Central to E.den'"s mission is the recognition that the clitTrale and Ikqtu enkYgen¢y is Ltriken b), 8lobal forces but is
frlt locally. StroTVF. Tnorc resib.ellt COEnmuDities 411 be Eed if we are to build a better hf¢ tor humaDÈty as well
as tor th¢ planet as a *thol¢. Eden is helping tens ot UsandS of 5DMU c4JmmuDilies together (th8h the'Big
Walk, 8]xl projccts) to mak¢ w)silii'e tsansforn]attons.
Never doubt that a SDMU gmup Of ¢onunittr4 eitizens the Tyorld. Indeed, It b the onjv
thlng that ever Mead
Edward Benthall, ChatTn)an of the Trt&th5
Date 23/1123
The Eden Trust
## **Trustees’ Report**
## **OBJECTIVES AND ACTIVITIES - MISSION AND PUBLIC BENEFIT**
## **Aims**
The Eden Trust (“the Trust”), which is a charity, aims to promote public education and research in flora fauna and other aspects of the natural environment and to preserve the same (including the publication of the useful results of such research), and to advance other purposes recognised as charitable in English Law, in particular through the maintenance and management of environmental, educational, research and cultural facilities and activities.
## **Public Benefit**
The Trustees confirm that they have referred to the guidance, contained in the Charity Commission general guidance on public benefit, when reviewing the Charity’s aims and objectives and in planning future activities.
## **ACHIEVEMENTS AND PERFORMANCE**
## **STRATEGIC REPORT**
The following section on Financial Review and Future Developments, the Trust Chair’s report on page 2, and the Section 172 statement on pages 7 and 8, constitutes the Strategic Report for the purposes of Companies Act 2006. Further detail on achievements and performance in the year is given in the Trust Chair’s report on page 2, and in the consolidated financial statements of Eden Project Limited, a wholly owned subsidiary, which are available from Companies House.
## **1. PERFORMANCE FOR THE YEAR**
The Boards of the wholly owned subsidiaries Eden Project Limited and Eden Project International Limited are ultimately responsible to the Eden Trust for the performance of their respective companies. This performance is closely monitored and reviewed and is reported to the Trust regularly. As a social enterprise within a charity framework the success of the Eden Project is measured in terms other than simply financial performance. Eden produces a comprehensive annual report separate to the statutory accounts which describes this in more detail.
## **2. FINANCIAL REVIEW**
The visitor destination finally reopened to the public on 17 May 2021 in line with the relaxation to government restrictions but under COVID 19 restrictions. There were no further government lockdowns and all COVID restrictions were lifted in 24 February 2022. There was strong trading over the 2021 summer season as the South West benefitted from increased ‘staycation’ visitors. This resulted in a much improved cash position as at 31 March 2022 with net funds of £2,568,000 (2021 net debt £4,600,000).
The Consolidated Cash Flow for the period shows an increase in cash of £6,509,000 (2021: increase £3,483,000) which is after net cash outflows from financing of £882,000 (2021 inflow £4,594,000).
## **3. PRINCIPAL RISKS AND UNCERTAINTIES**
The main operational risks to which Eden Project Limited is exposed are visitor numbers and related spend. The main operational risks to which Eden Project International Limited is exposed are new projects and revenue streams, which depend to some extent depend on UK and overseas government support, and debtor collection to underpin working capital requirements. The Trust also seeks to attract grant funding from various potential sources to cover the cost of charitable activities not covered by any surplus generated from operating the Eden Project.
## **Risk management**
The Trustees are satisfied that a process exists to assess the major risks to which the Charity is exposed. The Trustees have delegated responsibility for day to day management of the Board of each entity, which in turn has introduced a formal risk management process to assess risks and implement risk management strategies. This has involved identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. The risk management procedures adopted are reviewed on a periodic basis by the Trustees.
4
The Eden Trust
## **Trustees’ Report**
## **Reserves Policy**
The Eden Trust aims to promote public education and research in flora, fauna and other aspects of the natural environment and to advance other purposes recognised as charitable in English Law, in particular through the maintenance and management of environmental, educational, research and cultural facilities and activities.
The Reserves Policy is to balance those objectives with financial considerations over the next 5 years across the following areas:
1. Continue and grow the delivery of the charitable objectives of the Trust
2. Expenditure on legal requirements and critical risk mitigation, for example health and safety
3. Expenditure on maintenance of assets to reduce costlier repairs/replacement in future
4. Investment in mixed-motive activities to facilitate the long term development of the Group.
5. Continued reduction of historic and new debt in Eden Project Limited to improve financial resilience
6. Building of cash reserves over time to enable normal operating activities to continue over a period of up to 12 months should a shortfall in income occur
The Trust group balance sheet showed unrestricted reserves of £10,810,000 at 31 March 2022 (2021 £2,496,000) before the minority interest held in Eden Sessions Limited of £3,000 (2021 £(67,000). This included net funds (cash less loans) of £2,568,000 (2021 net debt £4,591,000).
This reserves policy, which is considered by the Trustees to remain adequate to deliver on the above objectives, will be reviewed annually by the Trustees as part of their approval of the strategy and annual budget.
## **4. PLANS FOR FUTURE PERIODS**
Over the next twelve months, our priorities remain largely unchanged; this, of course, does depend on factors outside of our control (as explained in section 3).
We will continue to deliver The Big Lunch programme, the majority of which is funded by the National Lottery Community Fund.
The plans for a deep-geothermal operation within our site were delayed by the impact of COVID-19; the first drilling has now taken place during the 2021/2022 financial year.
We will continue to invest in the Eden site in Cornwall (e.g. new growing nursery) and have plans for a new location in Morecambe, having recently been awarded a £50m investment from the Government as part of the Levelling-up Fund 2 (see page 8).
5
The Eden Trust
## **Trustees’ Report**
## **Structure, governance and management**
The Eden Trust is a charitable company limited by guarantee and has no share capital. The Trust is governed by its Memorandum and Articles of Association and the liability of the members is limited to £1 per member.
## **Organisational structure**
The Trust was established initially to develop the Eden Project – one of the UK’s top landmark projects created to tell the story of man’s relationship with plants and the natural world and thereby fostering an understanding of man’s dependence on natural resources and inspiring and facilitating better care of those resources. Full opening of this major capital project took place in 2001.
The day to day operation of the existing Eden Project in Cornwall and outreach work is managed by a wholly owned subsidiary company, Eden Project Limited. The charitable mission of public engagement and education is currently primarily carried out by the subsidiary at the visitor destination in Bodelva, Cornwall. The beneficiaries of the educational activity are largely the visitors who also happen to be Eden’s main source of income.
To support our international growth, in 2017 we created a new subsidiary Eden Project International Limited, which sits alongside Eden Project Limited and is a wholly owned subsidiary company.
The Trust uses Eden Project Limited to manage a Members Scheme and a Gift Aid Membership Scheme on its behalf.
At different stages of development over the last decades the Trust secured grant funding from the Millennium Commission, further grants from a number of sources, a finance lease and bank loans which were passed on to Eden Project Limited to enable the initial capital project to complete. Further fundraising continues to enhance and increase the delivery of the charitable objectives.
We substantially meet the Charity Governance Code and will continue to further improve our application of the code.
During the previous year, the Trustees commissioned a corporate governance review of the entire Eden business structure, in order to ensure that Eden’s governance reflected its considerable growth potential and ambition. The review has led to all Trustees and board directors agreeing to changes in both the operating and governance structures, which were enacted during this financial year and resulted in the Trustees having a more direct connection and oversight of the day to day activities. We are grateful to all who have served as NEDs of Eden Project over the years and in particular to Christian Wilson, Katey Adderley and Ashley Highfield who have served on the Board this year.
## **Recruitment and appointment of trustees**
New Trustees are appointed by the decision of the majority of the Trustees present and voting at any duly constituted meeting. The total number of Trustees shall not be less than three.
## **Trustee training and induction**
New Trustees undergo induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the Charity. During the induction they meet key employees and other Trustees. All Trustees are experienced Charity Trustees and/or senior leaders of organisations, however, if appropriate, they are encouraged to attend external training events where these will facilitate the undertaking of their role.
## **Related parties**
Related party transactions are disclosed in note 24 to the financial statements.
The Trust’s wholly owned subsidiary, Eden Project Limited, was established to develop and operate the Eden Project destination in Cornwall. Grants received by the Trust have been passed down to the subsidiary in order to deliver the Project. Eden Project Limited and Eden Project International Limited both have executive and non-
6
The Eden Trust
## **Trustees’ Report**
executive directors. Eden Sessions Limited (in which Eden Project Limited has a 50% holding and controlling vote) has a joint board representing it two shareholders. Details of related party transactions relating to the directors of each subsidiary are disclosed in full in their respective accounts.
## **Equality and Diversity**
Eden values the diversity of its team, over and above adhering to the objectives of the Equality Act 2010. Eden aims to ensure that all team members, visitors, job applicants, suppliers and stakeholders are treated fairly and with respect in an environment which is free from harassment, bullying and discrimination. Eden has signed up to the Government’s Disability Confident Employer scheme, and is committed to recruitment and staffing policies that are inclusive and accessible.
## **Employee training, communication and involvement**
Eden is committed to ensuring all staff are not only trained sufficiently to do their jobs but are developed for their future beyond just these requirements. Eden is also committed to staff communication through regular staff meetings and the intranet, and also has an elected staff representative body, the Members Assembly. An annual appraisal system is in place for all staff. Key management personnel are appointed through a rigorous process involving Trustees and Non-Executive Directors, as well as external agencies where appropriate, in order to benchmark appropriate remuneration.
## **Fundraising Programmes & Practices**
Eden’s fundraising is carried out by an in-house fundraising team. Fundraising activities include: a patrons’ scheme, a membership scheme, on site collection boxes, celebrative giving schemes, legacy programme, approaches to Trusts, Foundations, companies and individual benefactors, donations through our website, leaflets on site and events.
We have procedures in place to ensure our staff and volunteers comply with fundraising standards and regulation; we are not aware of any failure by our staff or volunteers to meet these standards. In 2021/22, Eden has received no complaints in relation to its fundraising activity.
We take our responsibilities on managing contact data seriously and we strive to ensure that policies and procedures around data processing meet our legal requirements, our high expectations and those of our supporters. We respect our supporters' privacy and rights to decide how and if Eden contacts them. We make it easy for supporters to choose how they want to hear from us, and if they ask us not to contact them we will not, unless it is a legal or administrative requirement.
## **Engaging with our Stakeholders (Companies Act 2006: Section 172 statement)**
The Eden Trust aims to connect people with the living world and each other across all of the stakeholder groups. We engage with our stakeholders to better inform them of our activities and to create mutually supportive opportunities and outcomes for them.
|Who are the Stakeholders of the
Eden Project?|Why we focus on these
Stakeholders?|How did we engage them in
2021/22?|
|---|---|---|
|Visitors to the site in Cornwall|The visitors to the Eden site are a
key stakeholder group for both
mission and educational reasons
and also for commercial revenues.|Visitors experienced Eden’s
Rainforest and Mediterranean
biomes and outdoor gardens and
permanent exhibitions such as
Invisible Worlds.
Messaging about Eden’s mission
is displayed around the venue and
on social media.|
7
The Eden Trust
## **Trustees’ Report**
|**Trustees’ Report**|||
|---|---|---|
|Educational groups and the Eden
Project Learning students|Both groups are important
audiences for our mission
messaging, and also provide
commercial revenues.|As an educational charity Eden
welcomes up to 50,000 school
children each year either as Eden-
led groups or teacher-led groups.
We also have 100+ students
studying on degree courses run at
Eden, some of which is taught by
experienced Eden horticulturalists.|
|The Eden Team|Our people are our most valuable
asset. They make a critical
difference to visitor experience
and our success.|Eden runs several employee
engagement events during the year
plus quarterly employee surveys.
We also run development
programmes for staff at all levels
and in all sectors of the business;
these programmes ensure that staff
are professionally qualified and
supportive of the business ethos of
Eden to carry us forward for the
future.|
|Cornwall, wider society and
environmental organisations|We recognise that Eden is a
contributor to the wider Cornwall
economy and beyond. We often
say “If Cornwall were a village,
then Eden could be the village
hall”|We continue to run The Big lunch
programme (funded by the Big
Lottery) which connects people
across the UK with each other.|
|Funders|Eden generates its own
commercial revenues. For certain
specific projects Eden received
philanthropic and grant funding
from individuals and
organisations.
In addition, our bankers, Allied
Irish Bank UK, are supportive as
we continued to pay down historic
debts.|We engage with our
organisational funders, and the
bank, with regular reporting in-
line with their requirements for
grants and management
information.|
## **Key Decisions during the year**
This should be read in conjunction with the Chairman’s Statement. During the financial year the Trustees along with the Executives were involved in a number of key decisions, including
- Following the undertaking of a governance review in the previous financial year a decision was made to hire a new Group Chief Executive Officer and Group Chief Financial Officer.
- Proceed with a capital investment of a new growing nursery on the site.
- Submit a £50m bid to the Levelling-up Fund (2) towards investment in a new Eden Project at Morecambe Bay, Lancashire.
8
The Eden Trust
## **Trustees’ Report**
## **Streamlined energy and carbon reporting (SECR)**
The Eden Project Limited’s streamlined energy and carbon figures are reported for activities within its financial and operational control and therefore excludes unconsumed measured energy supplied to third party tenants on site, as per previous year reporting. Our adopted emissions reporting methodology aligns with the GHG Protocol Corporate Standard with emissions calculated using the UK Government’s ‘Greenhouse gas reporting: conversion factors 2020’, covering mandatory disclosure of carbon emissions from energy as defined by SECR requirements. Our scope 1 emissions comprise of fuel combustion on site from buildings and vehicles. In line with best practice, our scope 2 emissions from purchased electricity are reported using the UK location-based emissions factor. These would be reported at zero using a market-based emissions factor reflecting our agreement with Good Energy for 100% renewable REGO backed electricity supply. Scope 3 emissions comprise of business mileage from staff owned vehicles and electricity transmission and distribution losses at grid level.
|Emissions summary:|||||||
|---|---|---|---|---|---|---|
|**Emissions scope**|**Unit**|**2019/20**
**(baseline**
**year)**|**2020/21**|**2021/22**|**Change**
**vs**
**previous**
**year**
**(%)**|**Change**
**vs**
**baseline**
**year**
**(%)**|
|Scope 1 (fuel combustion
from buildings and vehicles)|tCO2e|1,233|931|1,005|7.9%|-18.5%|
|Scope
2
(purchased
electricity)|tCO2e|1,064|687|727|5.9%|-31.7%|
|Scope 3 (business mileage and
electricityT&D)|tCO2e|116|60|75|24.2%|-35.6%|
|Scopes 1, 2 and 3|tCO2e|2,413|1,678|1,806|7.7%|-25.1%|
||||||||
|**Emissions intensity**|tCO2e/£m
revenue|107|163|82|-49.5%|-23.3%|
## **Emissions performance commentary**
Emissions have increased by 8% from the previous year to reflect a full year of trading with consistent operational energy usage and more business travel and so is to be expected. However, following the re-opening of site with a more efficient operating model at the start of the year, a number of energy reductions have been retained due to streamlined use of site facilities and further controls improvements to heating and ventilation plant. When compared to our baseline year of 2019/20, this has resulted in a significant reduction in emissions from energy of 25%, which exceeds the target scope 1 and 2 reductions required by our climate positive by 2030 pathway to date. Combined with an exceptionally strong trading year, this has also resulted in notable emissions intensity reductions of tCO2e/£m revenue of 50% compared to 2020/21 and 23% compared with 2019/20.
9
The Eden Trust
## **Trustees’ Report**
Energy consumption summary:
|Energy consumption
summary:|||||||
|---|---|---|---|---|---|---|
|Energy consumption|Unit|2019/20
(baseline
year)|2020/21|2021/22|Change v
previous
year (%)|Change v
baseline
year (%)|
|Natural gas (buildings)|kWh|4,953,562|4,194,002|5,007,832|19.4%|1.1%|
|Other fuels (buildings)|kWh|971,125|
486,610|271,178|-44.3%|-72.1%|
|Fuels (vehicles)|kWh|450,131|181,264|106,110|-41.5%|-76.4%|
|Purchased electricity
(buildings)|kWh|4,161,360|2,945,186|3,423,044|16.2%|-17.7%|
|Renewable generated
electricity (buildings)|kWh|58,360|54,316|57,731|6.3%|-1.1%|
|Business mileage (grey
fleet)|kWh|109,920|4,840|45,383|837.7%|-58.7%|
||kWh|10,704,459|7,866,218|8,911,278|13.3%|-16.8%|
## **Energy efficiency action taken**
As part of our commitment to operate a sustainable visitor destination, further investment in to our utility vehicles was made with the purchase of a new electric buggy fleet for back of house and visitor facing teams, contributing to a significant reduction of 42% in fuel used for on-site transportation compared with the previous year. Following an in-depth review of the heating and air supply strategy to the biomes, energy reductions have also been achieved through more efficient (and lower) use of air handling units, whilst still maintaining optimal ambient conditions to meet the Mediterranean and rainforest temperature requirements.
Eden Group also have a minority interest in Eden Geothermal Ltd, this is expected to utilise geothermal heat to provide renewable energy to the site in the future.
10
The Eden Trust
## **Trustees’ Report**
## **Reference and administrative details**
Charity registration number: 1093070 Company number: 4487099 Registered in England and Wales
## **Directors and Trustees**
The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.
Edward Benthall – Chairman Mr John Allwood Mr Geoffrey Austin Prof. Adam Beaumont Prof. Jonathan Drori CBE Ms Fiona Godlee Mr Kevin Havelock Ms Helen Owers Sir Ralph (Ferrers) Vyvyan Dame Julia Slingo – Appointed September 2021
## **Executive Officers**
Sir Tim Smit David Harland (resigned November 2022) Peter Stewart LVO, Dawn Wilding (appointed March 2022) Si Bellamy OBE Rob Chatwin (appointed January 2022)
## **Company Secretary**
Mrs Tina Bingham
## **Auditors**
PKF Francis Clark Centenary House, Peninsula Park Rydon Lane Exeter, EX2 7XE
## **Bankers**
Allied Irish Bank (GB) 202-204 Finchley Road, London, NW3 6BX
## **Solicitors**
Foot Anstey LLP High Water House, Malpas Road, Truro, TR1 1QH
## **Registered Office**
Bodelva, Par, Cornwall, PL24 2SG. www.edenproject.com,
11
The Eden Tnjst
Trustees, Report
TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Trustces arc rcsponsible for preparing Annual Re[ alld fin&inci#l stsiements in aOrdance with
&pplicable la. and Teguiation5. Corn1. la. requires the Tn]skes to PreTre fitwicial slaternents for ¢aoh
f¢1&1 fv'eai. Uttd¢r that law tbe TnLStee5 haNe e1ccd to we¢ the fijwncial ststen)ents in accordance with
United Kingdo GeneraIli" Ac¢epknl Account Praetice (Uuitrd Kin8dom Accountin8 Stajmlards and
applicablc law). The fnL11 statenrnts required bv laTh to 8iir a ttlhe and fair view of the state of affairs of
the i%)mpan! and of the profit or loss of the compan} ftsr th&t In prepry these fLnan¢ial stakments, the
T[tee5 are required to.. select suitable a9VlI8 litieS 8nd then appls, them consistcntl).; makc jE8T¢llts
and estimates that atE reasoTJable and tlentr, state th¢th¢r applicable UK A¢¢ow)iing StsndArds have been
followe(L subjecl to 8ni' n)&tla1 de• di%10scd and rxplained in the fjjwicial statements,. and Ppare the
fUkla1 Stale¢ts on the goiD8 concern I*sis UDless il is iDatvroptia* to pr¢sume thai the ¢um]Ydny will
continue in bsl)eSS. The Trte$ are i¢ytisible for keepin8 ddequate accounlmg records that disclose with
rea50ble #cLuracy at an) tirne the fiTWJGLal Fx)sition of the compatty attd to cnable them to ¢U[C that the
fllknqncial 5tatern¢nts £omply Cornpamcs Aei 20(. Tjw are also w)b]e for safe8uarding assets
of ihe Gompany and for takin8 reasollable siq>s lot thE Pmtntion and delrI0 of fraud and otlier
irr¢glliarities
Cornpleteness ol information to auditors
Each Truste¢ ILSted oa pase I I has decl8Ted that as far asthey are awarc tIre is rK> relcK*llt audit Tnf¢)rmation of
which the comFMDy'S auditors are utxaiiwe; EUMI thes. ha tsken all steps that they ougb¢ to have &ken as a
Trtee to llmke them5elk¢$ of any releswt audit iDf0rn7ation aA to ¢stab]ish that tbe ¢OTJ4W'S auth'tors
8re aware of thai i0[[tiOn.
Tk Twrt of the Bc*aYd ofTrths (Incl Sknte8ic Rcport) awrovtyl by the 1308Jd and SI¢d on
its behalf bv:
EdWd Bellthall
Chainkll of the TnL8tees
Date.. 2311123
12
The Eden Trust
## **Independent auditors’ report**
## **to the members of The Eden Trust**
## **Opinion**
We have audited the financial statements of The Eden Trust (the 'parent Charity') and its subsidiaries (“the Group”) for the year ended 31 March 2022, which comprise the Consolidated Statement of Changes in Financial Activities, Consolidated and Charity balance sheets, Consolidated cash flow statement and the related notes, 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, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and parent Charity's affairs as at 31 March 2022 and of the group net income for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors 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 auditor’s report 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.
13
The Eden Trust
## **Independent auditors’ report**
## **to the members of The Eden Trust** (continued)
## **Opinion on other matter prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report (Incorporating the Strategic Report).
- 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully on page 12, the Trustees 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 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 company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
14
The Eden Trust
## **Independent auditors’ report**
## **to the members of The Eden Trust** (continued)
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Group. We gained an understanding of the Group and the industry in which the Group operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”), The Bribery Act 2010, and compliance with tax legislation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive identified is to meet the targets set by the Group and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud.
- Discussed with the health and safety officer if any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”).
- Review of the Group’s GDPR policy, the ICO website and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches.
- Discussed with hospitality manager the procedures in place for compliance with Food Standards legislation and made enquire of any known breaches.
- Reviewed the group’s anti bribery and corruption policies.
- Reviewed legal and professional costs to identify any possible issues relating to non compliance.
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
- Audited the risk of fraud in revenue recognition with a focus on completeness of income and treatment of income around the year end.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
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
15
The Eden Trust
## **Independent auditors’ report**
## **to the members of The Eden Trust** (continued)
part of our auditor's report.
## **Use of our report**
This report is made solely to the 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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicholas Farrant BA MSc FCA (Senior Statutory Auditor)
For and on behalf of **PKF Francis Clark** Chartered Accountants and Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
> Date: `26/1/23`
16
The Eden Trust
## **Consolidated statement of financial activities**
## **for the year ended 31 March 2022**
||**_Unrestricted_**|**_Unrestricted_**|**_Restricted_**|||
|---|---|---|---|---|---|
|||**_funds_**|**_funds_**|**_Total_**|**_Total_**|
|||**_2022_**|**_2022_**|**_2022_**|**_2021_**|
||**_Notes_**|**_£’000_**|**_£’000_**|**_£’000_**|**_£’000_**|
|**_Income from:_**||||||
|Donations and legacies|2(a)|8,671|-|8,671|5,434|
|Charitable activities|2(c)|26,153|1,812|27,965|16,382|
|Investment income|2(b)|4|-|4|1|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
|**_Total_**||34,828|1,812|36,640|21,817|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
|**_Expenditure on:_**||||||
|Raising funds||195|-|195|174|
|Charitable activities|3|26,968|1,812|28,780|24,099|
||–––––––––––––––||–––––––––––––|–––––––––––––––|–––––––––––––––|
|**_Total_**||27,163|1,812|28,975|24,273|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
|**_Net income/(expenditure)_**||||||
|**_before transfers_**||7,665|-|7,665|(2,456)|
|Transfers between funds|6|649|(649)|-|-|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
|**_Net income/(expenditure)_**||||||
|**_and movement in funds_**||8,314|(649)|7,665|(2,456)|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
|**_Reconciliation of funds_**||||||
|Total funds brought forward||2,496|9,328|11,824|14,280|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
|Total funds carried forward||10,810|8,679|19,489|11,824|
||–––––––––––––––||–––––––––––––––|–––––––––––––––|–––––––––––––––|
17
The Eden Trust
company no.4487099
Consolidated and charity balance sheets
at 31 March 2022
2022
£'ooo
2022
2021
202]
Flxed assets
Tangible tixed assels
Intanble tix assets
SniEStThml sn asswiates
tm'estDKnts
46,962
142
47,168
103
5,564
io
io
223
223
47,111
5,787
47,279
i,787
Cumt assets
Stocks
Delxors- wnount$ dw 4tleF one )eaT
Debtors- amounts due withtj) one yetr
Cash at bank and in hhlld
823
12
12
39.474
1.240
39.474
,339
3.759
11.326
2,686
4.817
IS.8
40.827
7.999
40.819
Cr•ditors." anx>th)ts fallitsg TrtIlln
oney
13
(9,48))
(i72)
(6,812)
(568)
Net ¢uffent assets
6.423
40.255
1.187
40.251
Total assets less current
liabilities
53534
46.042
48.466
46,038
Creditors.. amounts fallin8 th]e after
m(Ir¢ thun vne }'
Provisions for IITabilili•s- deferredrG(
Deferred inc4xne
(7.61D
(8.510)
17
(26.42T)
(28.132)
Net assets
19.489
46.04?
11.824
46.038
Funds
Restrictcd lunds
Unrestricted tUD(Ls
18
8.679
10.810
8.679
37J63
9.328
2.4
9,328
36.710
Total cban.ty funds
19.489
46.042
11,824
46,038
At tbe balance sheet date Cons0"dated VDtrstti¢*d fLth inG14¥1a a b3JaEte of £3,0(KJ (2021.. £{67,OOJ)
attributable non-controllin8 interests.
The surplu8 deali with ill the r]rr]l sLiternents of tk [ent is £4.(KK> (2021.. £215.(KKg).
Th¢ fllwJGial 5tst¢m6nts w¢re typproird b)" the Tnl$t¢ on
23
¥% St*d ootheir 1ha1[by.'
Ed8rd Renthall
Cbairnwi of the TrELStce5
18
The Eden Trust
## **Consolidated cash flow statement**
**for the year ended 31 March 2022**
|||**_2022_**|**_2021_**|
|---|---|---|---|
||**_Notes_**|**_£’000_**|**_£’000_**|
|**_Net cash inflow/(outflow) from operating activities_**||||
|**_including grants receivable_**|22(a)|
10,029|(491)|
||–––––––––––––––||–––––––––––––––|
|**_Cash (outflow) / inflow from investing activities_**||||
|Purchase of fixed assets||(2,658)|(621)|
|Receipts from disposals of fixed assets||16|-|
|Capital grants received||-|-|
|Interest received||4|1|
||–––––––––––––––||–––––––––––––––|
|||(2,638)|(620)|
||–––––––––––––––||–––––––––––––––|
|**_Cash (outflow)/inflow from financing activities_**||||
|Finance lease advances||50|139|
|Capital element of finance lease rental payments||(15)|(30)|
|Loan advances||-|4,751|
|Loan repayments||(685)|(138)|
|Interest paid||(226)|(121)|
|Interest element of finance lease rental payments||(6)|(7)|
||–––––––––––––––||–––––––––––––––|
|||(882)|4,594|
||–––––––––––––––||–––––––––––––––|
|**_Increase in cash and cash equivalents_**||6,509|3,483|
|Cash and cash equivalents brought forward||4,817|1,334|
|||––––——|––––——|
|Cash and cash equivalents carried forward|22(b)|
11,326|4,817|
|||══════|══════|
19
The Eden Trust
## **Notes to the financial statements**
**for the year ended 31 March 2022**
## **1. Accounting policies**
## _**Constitution**_
The Charity is a company limited by guarantee, incorporated in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The registered office is shown in Reference and Administrative details in the trustees’ report.
## _**Basis of accounting and basis statement of compliance**_
The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements comply with the Charities SORP (FRS102) except that grants in respect of capital expenditure received by the subsidiary Eden Project Limited are deferred and released to the Statement of Financial Activities over the expected useful lives of the relevant assets to which they relate. This treatment provides consistency with the treatment adopted in the subsidiary’s financial statements under FRS102. There are no material departures from FRS102.
## _**Going concern**_
The visitor destination finally reopened to the public on 17 May 2021 in line with the relaxation to government restrictions but under COVID 19 restrictions. There were no further government lockdowns and all COVID restrictions were lifted on 24 February 2022. There was strong trading over the 2021 summer season as the South West benefitted from increased ‘staycation’ visitors. This resulted in a much improved cash position as at 31 March 2022 with net funds of £2,568,000 (2021 net debt £4,600,000).
Whilst the longer term economic impact of COVID-19 and the impact of inflation and wider world events remains uncertain, the group has prepared cashflow forecasts under a number of scenarios taking into account the available bank facilities (including those drawn down in 2020 under the CBILS loan). Based upon the assumptions as demonstrated in its budget model, the Board are satisfied for the financial statements to be prepared on a going concern basis.
## _**Accounting convention**_
The accounts are prepared under the historical cost convention and in accordance with applicable accounting standards.
The functional currency of The Eden trust is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
The Eden Trust meets the definition of a public benefit entity under FRS 102.
## _**Basis of consolidation**_
The financial statements consolidate the results of the charity and its subsidiaries, Eden Project Limited, Eden Project Campaigns Limited, Eden Project Bonds Limited and Eden Project International Limited and Eden Sessions Limited on a line by line basis. A separate statement of financial activities and income and expenditure accounts are not presented for the charity itself following the exemptions afforded by S408 of the Companies Act 2006.
The Eden Trust has taken advantage of the exemption not to prepare a cash flow statement for the parent company entity, as consolidated financial statements have been prepared and the members have not objected to the exemption being taken.
Eden Project Limited held 50% of the shares of Eden Sessions Limited at the year end, but the results of the company are consolidated in full as the company retains control through voting rights.
20
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **1. Accounting policies (continued)**
Eden Project Limited’s investment in Eden Geothermal Limited is accounted for as an associate under the equity method.
Both Eden Sessions Limited and Eden Geothermal Limited prepare annual financial statements to 31 December, therefore for the purposes of the group financial statements of The Eden Trust, management accounts figures to 31 March are consolidated.
## _**Tangible fixed assets and depreciation**_
All categories of tangible fixed assets are capitalised at cost. Depreciation of tangible fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives. This has been provided at the following rates:
Biomes - straight line over 30 years Buildings and infrastructure - straight line between 30 to 50 years Plant and machinery - straight line between 4 to 10 years Computer equipment - straight line over 3 years Fixtures, furniture & fittings - straight line over 3 years
Assets in the course of construction are not depreciated until completion where upon they are transferred to the appropriate asset category and depreciated as above.
## _**Intangible assets – software**_
Intangible assets are amortised on a straight line basis over their estimated useful lives. Software is amortised over a 3-year period.
## _**Income**_
All incoming resources are included in the Statement of Financial Activities where the charity is entitled to the income and the amount can be qualified with reasonable accuracy, and is stated net of VAT. The following specific policies are applied to particular categories of income:
- Admission income is deferred until the tickets are redeemed
- Voluntary income is received by way of admissions under a gift aid scheme, donations and members’ subscriptions.
- Donations received for the general purposes of the charity are included as unrestricted funds.
- Income from members’ subscriptions is recognised on an accruals basis.
- Investment income is included when receivable.
- Grants are included as income from charitable activities. Grants are recognised as incoming resources when they are receivable except for grants received by Eden Project Limited in respect of capital expenditure in that subsidiary company. These are included in deferred income as shown in note 17 and are being released to the profit and loss account over the useful lives of the assets.
- Sponsorship income is recognised on a pro rata basis, based on the terms of the contract or the event to which the sponsorship relates. Admission income is recognised when tickets are bought or redeemed on entry to the Eden Project. Tickets purchased in advance are deferred until redeemed.
- During the year the group recognised Coronavirus Job Retention Scheme (“CJRS) grant income from the Government designed to mitigate the impact of COVID19. The group has elected to account for such grants under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in ‘other income’ with profit or loss in the same period as the related expenditure.
21
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **1. Accounting policies (continued)**
- Project income is recognised in line with an estimate of the stage of completion by reference to key milestones.
- Eden Sessions income is deferred within accruals and deferred income until the date that the related event takes place.
## _**Expenditure**_
Expenditure is recognised on an accruals basis as a liability is incurred and is reported as part of the expenditure to which it relates: Costs of generating voluntary income comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees.
## _**Volunteer and other donated services**_
The value of services provided by volunteers is not incorporated into these financial statements.
## _**Taxation**_
Income tax expense represents the sum of the current tax currently payable and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.
## _**Pensions**_
Eden Project Limited operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.
## _**Operating Leases**_
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
## _**Finance leases**_
Assets held under finance lease are capitalised in the balance sheet and are depreciated over their useful lives. The interest element of the rental obligations is charged to the profit and loss account over the period of the contracts.
## _**Funds**_
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is identified to a fund, together with a fair allocation of overheads and support costs. Unrestricted funds represent grants and donations received where the use is not prescribed by the donor and surpluses generated from the commercial activities of the Trust.
22
The Eden Trust
## **Notes to the financial statements**
**for the year ended 31 March 2022**
## **1. Accounting policies (continued)**
## _**Stocks**_
Goods held for resale and work in progress are stated at the lower of cost and net realisable value.
The cost of work in progress comprises unfunded external costs incurred on the ongoing development of the Eden North (Morecambe) project, which will ultimately be delivered through a special purpose vehicle.
## _**Capitalisation of interest**_
Interest on loan finance in relation to the initial building project was capitalised as tangible fixed assets and is being written off over the useful life of the assets to which it relates.
## _**Financial instruments**_
Financial assets and liabilities are recognised/ (derecognised) when the company becomes/ (ceases to be) party to the contractual provisions of the instrument. The company holds the following financial assets and liabilities: - _Short-term debtors and creditors_
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment (“doubtful debts”) are recognised in the profit and loss account before operating profit
- _Loans qualifying as basic financial instruments under FRS102_ Loans are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.
The core loan of £39.5m from The Eden Trust to Eden Project Limited is interest free. The loan arises from grant monies received from the Millennium Commission for the original construction of the Project, which was immediately passed down to Eden Project Limited in order to acquire the assets. The interest free arrangement on this debt instrument would normally require a discounting adjustment under FRS102. The Trustees consider that Eden Trust is a member of a public benefit entity group as defined by FRS102 and the loan meets the definition of a concessionary loan. Therefore, the company has applied the alternative measurement provisions in section PBE34.90-34.92 and the loan is carried at the amount received.
## _**Critical accounting judgements and key sources of estimation uncertainty**_
In the application of the company’s accounting policies, which are described above, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements and estimates that the Trustees have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
- _Preparation of the financial statements on a going concern basis (see above)._
- _Treatment of Eden Trust Core loan (see above)_
- _Useful lives of fixed assets_
- _Stage of completion of contracted income_
- _Carrying value of debtor balances_
23
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **2. Income**
## _**(a) Voluntary income**_
|_Unrestricted income_
Admissions – gift aid scheme
Gift aid reclaims
Other
**_(b) Investment income_**
_Unrestricted income_
Interest receivable
**_(c) Income from charitable activities_**
**_Unrestricted_**
**_Restricted_**
**_funds_**
**_funds_**
**_2022_**
**_2022_**
_£’000_
_£’000_
Big Lottery Development Fund grants for:
-‘Big Walk’
-
1,813
-‘Big Local’ project
-
(1)
Other grants receivable *
394
-
Release of deferred grants
- capital
1,091
-
- revenue
737
-
Admissions – non gift aid
4,999
-
Catering
4,700
-
Retail
3,451
-
Eden Project International – project income
3,631
-
Eden Sessions Limited
2,055
-
Other **
5,095
-
–––––––––––––––
–––––––––––––––
26,153
1,812
══════
══════|**_2022_**
**_£’000_**
6,464
1,697
510
––––——
8,671
══════
**_2022_**
**_£’000_**
4
–––––––––––––––
**_Total_**
**_2022_**
_£’000_
1,813
(1)
394
1,091
737
4,999
4,700
3,451
3,631
2,055
5,095
–––––––––––––––
27,965
══════|**_2021_**
**_£’000_**
3,896
1,072
466
––––——
5,434
══════
**_2021_**
**_£’000_**
1
–––––––––––––––
**_Total_**
**_2021_**
_£’000_
1,520
206
3,177
1,797
241
1,702
1,980
1,750
2,502
-
1,507
––––––––––––––
16,382
══════|
|---|---|---|
Income from charitable activities includes unrestricted income of £26,153,000 (2021 £14,656,000), and restricted income of £1,812,000 (2021 £1,726,000).
* Includes CJRS income claimed under the governments furlough scheme.
** Includes £3,100,000 insurance proceeds in the current year in relation to corrective works required to the site after a landslip including business interruption.
24
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **3. Expenditure – Charitable activities**
|**_Unrestricted_**
**_funds_**
**_2022_**
**_£’000_**
Costs of operating and establishment
-cost of sales
6,669
- direct payroll costs *
7,225
- other
2,907
Other operating costs
-indirect payroll and staff costs *
3,329
-premises costs
803
-other **
2,772
Operating lease rentals:
- plant and machinery
108
Depreciation
- owned assets
2,638
- leased assets
101
Amortisation of intangible fixed assets
86
(Profit)/Loss on disposal of fixed assets
(16)
Investment write down
1
Support costs – governance related ***
70
Interest payable: -
Loans held at amortised cost
- bank loans and overdrafts
224
- leased assets
-
- finance charges
8
Corporation tax
43
–––––––––––––––
26,968
–––––––––––––––|**_Restricted_**
**_funds_**
**_2022_**
**_£’000_**
-
-
-
845
-
967
-
-
-
-
-
-
-
-
-
-
-
–––––––––––––––
1,812
–––––––––––––––|**_Total_**
**_2022_**
**_£’000_**
6,669
7,225
2,907
4,174
803
3,739
108
2,638
101
86
(16)
1
70
224
-
8
43
–––––––––––––––
28,780
–––––––––––––––|**_Total_**
**_2021_**
**_£’000_**
2,728
7,088
551
4,374
1,136
4,247
84
3,552
19
50
92
-
50
121
-
7
-
–––––––––––––––
24,099
–––––––––––––––|
|---|---|---|---|
Included above is expenditure on unrestricted funds of £26,968,000 (2021: £22,373,000) and £1,812,000 (2021: £1,726,000) on restricted funds.
* Included in the above in the prior year were redundancy costs totalling £1,125,000.
** Included in the above in the prior year is expenditure for corrective works to the site after a landslip totaling £1,835,000.
|(***) Support costs - governance related include
Auditors’ remuneration
- audit fees
Indemnity insurance|**_2022_**
**_£’000_**
49
8
–––––––––––|**_2021_**
**_£’000_**
42
8
–––––––––––|
|---|---|---|
|In addition to the audit fees above, fees for non-audit service provided by the auditors (included|In addition to the audit fees above, fees for non-audit service provided by the auditors (included|in other|
|---|---|---|
|operating costs) were as follows|||
|Taxation fees - corporation tax|10|7|
|Other services (including accountancy and other taxation)|3|7|
||–––––––––––|–––––––––––|
25
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **4. Net expenditure from trading activities of subsidiaries**
The Eden Trust had seven subsidiary companies during the year ended 31 March 2022 details of which are given in note 10. There are two direct trading subsidiaries Eden Project Limited and Eden Project International Limited.
Eden Project Limited has traded for a number of years along with its subsidiaries, Eden Project Campaigns Limited and Eden Sessions Limited. Eden Project Limited’s principal activity is the development of the Eden Project, Cornwall – one of the UK’s top landmark projects created to tell the story of man’s relationship with plants. A summary of its consolidated trading results is shown below. Audited accounts are filed with the Registrar of Companies.
|**Profit and loss account**
Turnover
Cost of sales excluding depreciation and amortisation
Depreciation and amortisation
Gross profit
Administrative expenses
Other operating income
Share of (loss) / profit from associates
Operating profit/ (loss)
Interest receivable
Interest payable and similar charges
Profit / (Loss) before taxation
Taxation
Net expenditure
**Balance sheet**
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Provisions for liabilities – deferred tax
Deferred income
Capital and reserves|**_2022_**
**_£’000_**
23,831
(10,771)
(2,821)
–––––––––––––––
10,239
(10,220)
8,976
(1)
–––––––––––––––
8,994
4
(232)
–––––––––––––––
8,766
(43)
–––––––––––––––
8,723
–––––––––––––––
41,335
15,653
(9,063)
(47,091)
(1)
–––––––––––––––
833
–––––––––––––––
26,427
(25,594)
–––––––––––––––
833
–––––––––––––––|**_2021_**
**_£’000_**
10,342
(7,412)
(3,613)
–––––––––––––––
(683)
(10,310)
8,451
-
–––––––––––––––
(2,542)
1
(128)
–––––––––––––––
(2,669)
-
–––––––––––––––
(2,669)
–––––––––––––––
41,641
7,336
(7,178)
(47,984)
-
–––––––––––––––
(6,185)
–––––––––––––––
28,132
(34,317)
–––––––––––––––
(6,185)
–––––––––––––––|
|---|---|---|
26
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **4. Net expenditure from trading activities of subsidiaries (continued)**
Eden Project International Limited’s principal activity is to support the charitable aims and objectives of the Eden Trust internationally through funded and sponsored projects and programmes. A summary of its trading results is shown below. Audited accounts are filed with the Registrar of Companies.
|**_2022_**
**_£’000_**
**Profit and loss account**
Turnover
3,631
Cost of sales
(4,584)
–––––––––
Gross loss
(953)
Administrative expenses
(128)
Other operating income
17
–––––––––
Loss before taxation
(1,064)
Taxation
-
–––––––––
Loss after taxation
(1,064)
–––––––––
**Balance sheet**
Fixed assets
212
Current assets
1,649
Creditors: amounts falling due within one year
(2,149)
Amounts falling due after more than one year
(112)
Deferred income
(338)
–––––––––
Net (liabilities)/assets
(738)
–––––––––
–––
Capital and reserves
(738)
–––––––––
–––|**_2021_**
**_£’000_**
2,502
(2,595)
–––––––––
(93)
(62)
153
–––––––––
(2)
-
–––––––––
(2)
–––––––––
74
1,010
(611)
(112)
(35)
–––––––––
326
––––––
326
––––––|
|---|---|
27
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **5. Staff numbers and costs**
The average number of staff employed during the period including the executive directors of Eden Project Limited and Eden Project International Limited was as follows:
|Visitor services
Horticulture
Site maintenance
Other
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Social security costs
Pension costs|–––
–––|**_2022_**
**_No._**
154
37
18
116
–––––––––––
325
–––––––––––
**_2022_**
**_£’000_**
10,071
863
254
––––––––––––
11,188
––––––––––––|–––
–––|**_2021_**
**_No._**
107
38
23
117
–––––––––––
285
–––––––––––|
|---|---|---|---|---|
|||||**_2021_**
**_£’000_**
10,321
838
251
––––––––––––
11,410
––––––––––––|
The above total for the year ended 31 March 2022 includes redundancy costs of £nil (2021: £1,125,000). Included in the above is compensation for loss of office and PILON amounting to £nil (2021: £18,000 for two directors of Eden Project Limited).
The Key Management Personnel of the group comprise the Trustees of the Eden Trust, and the Directors of Eden Project Limited and the Directors of Eden Project International Limited. There were no emoluments or expenses paid to the Trustees in their capacity as trustees (see note 24). The total emoluments (including pension contributions) paid to the Directors of Eden Project Limited amounted to £508,000 (2021: £543,000), and to the Directors of Eden Project International Limited amounted to £188,000 (2021: £205,000).
The following numbers of staff had salaries of £60,000 or more:
||**2022**|**2021**|
|---|---|---|
||**_No._**|**_No._**|
|£160,000-£169,999|1|1|
|£150,000-£159,999|1|-|
|£140,000-£149,999|-|1|
|£130,000-£139,999|1|-|
|£120,000-£129,999|1|1|
|£110,000-£119,999|1|-|
|£100,000-£109,999|3|1|
|£90,000-£99,999|4|2|
|£80,000-£89,999|2|1|
|£70,000-£79,999|3|6|
|£60,000-£69,999|5|4|
28
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **6. Transfers between funds**
Grant funding of £43.2 million in relation to the construction of the Project has been received by the Eden Trust from the Millennium Commission and is reflected in the restricted funds balances. Of this, £39.4 million has been passed down from the Eden Trust to its subsidiary, Eden Project Limited, by way of an interest free loan in order to deliver the Project.
The results of the Eden Project Limited, as shown in note 4, which are reflected in the unrestricted funds balances, are stated after charging depreciation of £2,821,000 and crediting a release from deferred capital income of £1,091,000. The element of the depreciation charge for the period ending 31 March 2022 applicable to the assets funded by the Millennium Commission monies was £649,000. A transfer of £649,000 has been made from restricted to unrestricted funds to reflect that element of the Millennium Commission grant amortised over the useful life of the fixed assets to which it applied. Without such a transfer, the accounts would not show a true position as regards unrestricted and restricted fund balances.
## **7. Taxation**
The Eden Trust is a registered charity and is exempt from taxation on its income and capital gains. The subsidiary company, Eden Project Limited, has trading losses carried forward of approximately £17.5m and consequently does not have a corporation tax liability. These losses are not expected to be utilised in the short term and consequently no deferred asset has been recognised in these accounts. Eden Sessions Limited, a subsidiary of Eden Project Limited has a tax charge and liability for the profit generated during the year to 31 March 2022. A tax reconciliation note and relevant disclosures are made in the consolidated accounts of the Eden Project Limited.
29
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **8. Tangible fixed assets**
_Consolidated_
|_nsolidated_|||||||
|---|---|---|---|---|---|---|
||_Assets in_|_Buildings in_|_Buildings and_|_Biomes_|_Plant and_|_Total_|
||_freehold_|_the course of_|_infrastructure_||_machinery_||
||_land_|_construction_|||||
||£’000|£’000|£’000|£’000|£’000|£’000|
|Cost:|||||||
|At 31 March 2021|6,924|81|89,075|23,253|36,280|155,613|
|Additions|-|975|654|-|904|2,533|
|Disposals|-|-|-|
-|(32)|(32)|
|Transfers|-|(14)|(150)|-|164|-|
||––––——|––––——|––––——|––––——|––––——|––––——|
|At 31 March 2022|6,924|1,042|89,579|23,253|37,316|158,114|
||––––——|––––——|––––——|––––——|––––——|––––——|
|Depreciation:|||||||
|At 31 March 2021|-|-|55,099|18,139|35,207|108,445|
|Charge for the year|-|-|1,723|508|508|2,739|
|Disposals|-|-|-|-|(32)|(32)|
||––––——|––––——|––––——|––––——|––––——|––––——|
|At 31 March 2022|-|-|56,822|18,647|35,683|111,152|
||––––——|––––——|––––——|––––——|––––——|––––——|
|Net book value:|||||||
|At 31 March 2022|6,924|1,042|32,757|4,606|1,633|46,962|
||══════|══════|══════|══════|══════|══════|
|At 31 March 2021|6,924|81|33,976|5,114|1,073|47,168|
||══════|══════|══════|══════|══════|══════|
The main capital development is at Bodelva, Par, Cornwall, PL24 2SG. The majority of the tangible fixed assets are subject to security arrangements with the funders to the Project. These assets will be reanalysed to the appropriate fixed asset category when the project is completed and depreciation will be charged from that date.
Assets subject to finance leases above, amount to, cost of £349,000 (2021: 425,000), depreciation of £101,000 (2021: £138,000) with net book value at 31 March 2022 of £248,000 (2021: £287,000).
30
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
|**8.**|**Tangible fixed assets (continued)**|||
|---|---|---|---|
|_Charity_||_Freehold_|_Freehold_|
|||_land_|_land_|
|||_2022_|_2021_|
|||_£’000_|_£’000_|
|Cost|and net book value|5,564|5,564|
|||–––––––––––––––|–––––––––––––––|
The majority of the tangible fixed assets are subject to security arrangements with the funders to the Project.
## **9. Intangible fixed assets**
|**_Group_**
Cost
At 31 March 2021
Additions
Transfers
**At 31 March 2022**
Amortisation
At 31 March 2021
Charge for the period
**At 31 March 2022**
Net book value
**At 31 March 2022**
At 31 March 2021|**_Software_**
**_Total_**
**_£’000_**
**_£’000_**
707
707
125
125
-
-|
|---|---|
||832
832|
||604
604
86
86|
||690
690|
||142
142|
||103
103|
As at 31 March 2022, The Eden Trust had intangible fixed assets with a cost and net book value of £nil (2021: £nil).
31
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **10. Fixed asset investments**
## **Interest in associates**
## _Consolidated_
At 31 March 2022 the group had interests in the following associates:
_Name of Company Holding Proportion of voting rights Nature of business and shares held_ **Associates** Eden Geothermal Limited Ordinary 24.9%* Non trading shares
*Eden Project Limited hold a direct investment in Eden Geothermal Limited of 24.38%. The company then holds a further 0.56% of the voting rights indirectly via its 0.84% shareholding in EGS Energy Limited, which in turn holds 65.83% of the voting rights of Eden Geothermal Limited.
||_Share of_|_Total_|
|---|---|---|
||_net assets_||
||_£’000_|_£’000_|
|At 31 March 2021|1|1|
|Share of loss for the year after taxation|(1)|(1)|
|Other|-|-|
||––––——|––––——|
|**At 31 March 2022**|**-**|**-**|
||══════|═════|
|**Investments**|||
|_Consolidated_|||
||_Other_|_Total_|
||_£’000_|_£’000_|
|Cost:|||
|At 31 March 2021|7|7|
||–––––––––––––––|–––––––––––––––|
|**At 31 March 2022**|7|7|
||══════|══════|
Investments are classified as follows:
|Investments are classified as follows:|||||
|---|---|---|---|---|
||**_Consolidated_**|**_Charity_**|**_Consolidated_**|**_Charity_**|
||**_2022_**|**_2022_**|
**_2021_**|**_2021_**|
||**_£’000_**|**_£’000_**|
**_£’000_**|**_£’000_**|
|Investment in subsidiaries|-|223|
-|223|
|Other investments|7|-|
7|-|
||══════|══════|
══════|══════|
Other investments comprise an investment in EGS Energy Limited. This along with the investment in subsidiary and other group undertakings, are classified as fixed asset investments.
32
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **10. Fixed asset investments (continued)**
## **Charity**
As at 31 March 2022 the following fixed asset investments were held by the Trust
|_Name of Company_|_Ordinary_|_Proportion of_|_Nature of business_|
|---|---|---|---|
||_Shares_|_voting rights_||
||_Held_|_and shares_||
|||_held_||
|Eden Project Limited|8|100%|Operation and development of the Eden|
||||Project|
|Eden Project International Limited|100|100%|Overseas consultancy|
|Eden Trading Limited|1|100%|Non trading|
As at 31 March 2022 the following were subsidiaries of Eden Project Limited:
|_Name of Company_|_Shares_|_Proportion of_|_Nature of business_|
|---|---|---|---|
||_Held_|_voting rights_||
|||_and shares_||
|||_held_||
|**Subsidiary Undertakings**||||
|Eden Project Campaigns Limited|Ordinary|100%|Used as a vehicle to support the charitable|
||||aims & objectives of the Eden Trust through|
||||funded and sponsored campaigns.|
|Eden Regeneration Limited|Ordinary|100%|Non trading|
|Eden Sessions Limited|Ordinary|50%|Operation of live music events|
|**Associates**||||
|Eden Geothermal Limited|Ordinary|24.9%|Renewable energy|
All of the above companies were incorporated in United Kingdom and registered in England and Wales. The registered office of the above companies was Bodelva, Par, Cornwall PL24 2SG.
33
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **10. Fixed asset investments (continued)**
As at 31 March 2022 the following were subsidiaries of Eden Project International Limited:
|_Name of Company_|_Shares_|_Proportion of_|_Nature of business_|
|---|---|---|---|
||_Held_|_voting rights_||
|||_and shares_||
|||_held_||
|Eden Project (Hong Kong) Limited|Ordinary|100%|Non trading|
||Shares|||
The above company was incorporated and registered in Hong Kong on 29[th] January 2018, with a registered office at Hogan Lovells, 11th Floor, One Pacific Place, 88 Queensway, Hong Kong.
|**11.**
**Stocks**
**_Consolidated_**
**_2022_**
**_£’000_**
Goods for resale
631
Work in progress
192
–––––––––––––––
823
–––––––––––––––
**12.**
**Debtors**
**_Consolidated_**
**_2022_**
**_£’000_**
Trade debtors
1,098
Other debtors
413
Prepayments and accrued income
2,248
Amounts owed by group undertakings
-
–––––––––––––––
3,759
–––––––––––––––
Amounts falling due after more than one year included above are:
**_Consolidated_**
**_2022_**
**_£’000_**
Amounts owed by group undertakings
-
–––––––––––––––|**_Charity Consolidated_**
**_2022_**
**_2021_**
**_£’000_**
**_£’000_**
-
496
-
-
–––––––––––––––
–––––––––––––––
-
496
–––––––––––––––
–––––––––––––––
**_Charity Consolidated_**
**_2022_**
**_2021_**
**_£’000_**
**_£’000_**
-
359
9
879
-
1,448
40,705
-
–––––––––––––––
–––––––––––––––
40,714
2,686
–––––––––––––––
–––––––––––––––
**_Charity Consolidated_**
**_2022_**
**_2021_**
**_£’000_**
**_£’000_**
39,474
-
–––––––––––––––
–––––––––––––––|**_Charity_**
**_2021_**
**_£’000_**
-
-
–––––––––––––––
-
–––––––––––––––|
|---|---|---|
|||**_Charity_**
**_2021_**
**_£’000_**
7
5
-
40,801
–––––––––––––––
40,813
–––––––––––––––|
|||**_Charity_**
**_2021_**
**_£’000_**
39,474
–––––––––––––––|
34
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **13. Creditors: amounts falling due within one year**
||**_Consolidated_**|**_Charity_**|**_Consolidated_**|**_Charity_**|
|---|---|---|---|---|
||**_2022_**|**_2022_**|
**_2021_**|**_2021_**|
||**_£’000_**|**_£’000_**|
**_£’000_**|**_£’000_**|
|Bank loans (note 15)|1,120|-|
898|-|
|Finance leases (note 16)|21|-|
-|-|
|Trade creditors|2,386|29|
928|7|
|Amounts owed by group undertakings|-|218|
-|299|
|Corporation tax|43|-|
-|-|
|Other tax and social security|364|45|
328|32|
|Other creditors|43|-|
60|-|
|Accruals and deferred income|5,508|280|
4,598|230|
||–––––––––––––––|–––––––––––––––|
–––––––––––––––|–––––––––––––––|
||9,485|572|
6,812|568|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
## **14. Creditors: amounts falling due after more than one year**
||**_Consolidated_**|**_Charity_**|**_Consolidated_**|**_Charity_**|
|---|---|---|---|---|
||**_2022_**|**_2022_**|
**_2021_**|**_2021_**|
||**_£’000_**|**_£’000_**|
**_£’000_**|**_£’000_**|
|Bank loans (note 15)|7,296|-|
8,203|-|
|Finance leases (note 16)|321|-|
307|-|
||–––––––––––––––|–––––––––––––––|
–––––––––––––––|–––––––––––––––|
||7,617|-|
8,510|-|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
35
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **15. Financial instruments - Loans**
The carrying value of the Group and Charity’s financial assets and liabilities (excluding trade debtors and trade creditors measured at the undiscounted amount receivable or payable) is summarised below: -
|**_Consolidated_**
**_2022_**
**_£’000_**
Bank loans (see note below)
8,416
Less: Included in creditors falling due within
one year
(1,120)
–––––––––––––––
7,296
–––––––––––––––
_Consolidated_
_2022_
_£’000_
Amounts repayable:
In less than 1 year
1,120
In 2 - 5 years
7,296
–––––––––––––––
8,416
–––––––––––––––|**_Charity Consolidated_**
**_2022_**
**_2021_**
**_£’000_**
**_£’000_**
-
9,101
-
(898)
–––––––––––––––
–––––––––––––––
-
8,203
–––––––––––––––
–––––––––––––––
_Charity Consolidated_
_2022_
_2022_
_£’000_
_£’000_
-
898
-
8,203
–––––––––––––––
–––––––––––––––
-
9,101
–––––––––––––––
–––––––––––––––|**_Charity_**
**_2021_**
**_£’000_**
-
-
–––––––––––––––
-
–––––––––––––––|
|---|---|---|
|||_Charity_
_2021_
_£’000_
-
-
–––––––––––––––
-
–––––––––––––––|
There were three bank (and similar) loans outstanding at the year end. The principal terms of these loans are as follows:
## 1) Capital outstanding at 31 March 2022 - £4,109,000
The loan is repayable in a quarterly instalment of £98,604. The balance outstanding at March 2024 is repayable in a lump sum. Interest is charged at 3 months Base Rate plus margin of 2.25% per annum. The bank loan is secured by a legal charge over freehold land and buildings.
## 2) Capital outstanding at 31 March 2022 - £4,127,000
The loan is repayable in a monthly instalment of £83,510, starting July 2021 and ending July 2026. Interest is charged at monthly Bank of England base rate plus margin of 4.25% per annum. The bank loan is secured by a legal charge over shares in the name of Eden Project Limited and over all the assets of the companies.
Since the year end this loan has been repaid in full.
## 3) Capital outstanding at 31 March 2022 - £180,000
The loan is repayable in a monthly instalment of £4,752, starting February 2022 and ending February 2027, interest rate 11.3% per annum.
36
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **16. Finance leases**
Obligations under Finance lease and hire purchase contracts, are due as follows:
|_Group_|**_2022_**|**_2021_**|
|---|---|---|
||**£’000**|**£’000**|
|Within one year|21|-|
|Between two and five years|321|307|
||––––——|––––——|
||342|307|
|Less: amounts falling due within one year|(21)|-|
||––––——|––––——|
|Amount falling due after more than one year|321|307|
||══════|══════|
|**17.**
**Deferred income**|||||
|---|---|---|---|---|
|_Consolidated_|**_Deferred_**|**_Deferred_**|||
||**_capital_**|**_revenue_**|||
||**_grants_**|**_grants_**|**_Total_**|**_Total_**|
||**_2022_**|**_2022_**|**_2022_**|**_2021_**|
||**_£’000_**|**_£’000_**|**_£’000_**|**_£’000_**|
|Balance b/f at 31 March 2021|26,992|1,140|28,132|29,560|
|Received during the period|-|1,935|1,935|2,336|
|Released during the period|(1,091)|(2,549)|(3,640)|(3,764)|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
|Balance as at 31 March 2022|25,901|526|26,427|28,132|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
No capital grants were received during the year (2021: £nil).
Revenue grants of £1,935,000 received during the year include £1,306,000 from the National Lottery Community Fund for the Big Lunch, £250,000 from Arts Council England for Culture Recovery and £379,000 for other projects.
37
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **18 Restricted funds**
|**18**
**Restricted funds**||||||
|---|---|---|---|---|---|
||**_Balance_**|||**_Transfer to_**|**_Balance_**|
||**_31 March_**|**_Income_**|**_Expenditure_**|**_unrestricted_**|**_31 March_**|
||**_2021_**||||**_2022_**|
||**_£’000_**|**_£’000_**|**_£’000_**|**_£’000_**|**_£’000_**|
|Construction and development|9,328|-|-|(649)|8,679|
|Big Lottery grants|-|1,812|(1,812)|
-|-|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
||9,328|1,812|(1,812)|
(649)|8,679|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
Restricted funds towards the construction and development of the Eden Project represent grant monies received from the Millennium Commission. These funds are transferred to unrestricted funds over the life of the assets to which they relate. Big Lottery grants represent the amounts released to the Statement of Financial Activities in respect of grants received from the Big Lottery as detailed in note 2(c).
## **19. Analysis of group net assets between funds**
|**_Unrestricted_**
**_funds_**
**_£’000_**
Fund balances at 31 March 2022 are represented by:
Fixed assets
38,432
Net current assets/(liabilities)
6,423
Creditors over 1 year & deferred tax
(7,618)
Deferred income
(26,427)
–––––––––––––––
Total net assets
10,810
–––––––––––––––
**_Unrestricted_**
**_funds_**
**_£’000_**
Fund balances at 31 March 2021 are represented by:
Fixed assets
37,951
Net current assets/(liabilities)
1,187
Creditors over 1 year & deferred tax
(8,510)
Deferred income
(28,132)
–––––––––––––––
Total net assets
2,496
–––––––––––––––|**_Restricted_**
**_funds_**
**_£’000_**
8,679
-
-
-
–––––––––––––––
8,679
–––––––––––––––
**_Restricted_**
**_funds_**
**_£’000_**
9,328
-
-
-
–––––––––––––––
9,328
–––––––––––––––|**_Total_**
**_funds_**
**_£’000_**
47,111
6,423
(7,618)
(26,427)
–––––––––––––––
19,489
–––––––––––––––
**_Total_**
**_funds_**
**_£’000_**
47,279
1,187
(8,510)
(28,132)
–––––––––––––––
11,824
–––––––––––––––|
|---|---|---|
38
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **20. Capital commitments**
_Group_
|**20.**
**Capital commitments**
_Group_|||
|---|---|---|
||**_2022_**|**_2021_**|
||**£’000**|**£’000**|
|Contracted but not provided for in the financial statements|1,340|-|
||══════|══════|
## **21. Financial commitments**
At 31 March 2022 the group had total financial commitments under non-cancellable operating leases as set out below:
|out below:|||||
|---|---|---|---|---|
||**_Land and Buildings_**||**_Other_**||
||**_2022_**|**_2021_**|**_2022_**|**_2021_**|
||**_£’000_**|**_£’000_**|**_£’000_**|**_£’000_**|
|Payable one year|78|49|-|-|
|Payable in two to five years|59|-|-|-|
|Payable in more than five years|-|-|-|-|
||══════|══════|══════|══════|
## **22. Notes to the cash flow statement**
|**_(a) Reconciliation of net movement in funds to net cash flow from operating activities:_**
**_2022_**
**_£’000_**
Net income / (expenditure) for the period before transfers
7,665
(Increase) / decrease in stocks
(327)
(Increase) / decrease in debtors
(1,073)
Increase / (decrease) in creditors
2,387
Release of deferred grant income
(3,640)
Deferred revenue grants received
1,935
Deferred revenue grants refunded
-
Depreciation
2,739
Amortisation
86
Taxation
43
(Profit) / loss on disposal of assets
(16)
Increase / (decrease) in provisions
1
Share of loss / (profit) from associate
1
Interest receivable
(4)
Interest payable
232
–––––––––––––––
Net cash inflow/(outflow) from operating activities
10,029
–––––––––––––––
**_(b) Analysis of cash and cash equivalents_**
_Group_
**_2022_**
**£’000**
Cash at bank and in hand
11,326
══════|**_2021_**
**_£’000_**
(2,456)
154
(886)
284
(3,764)
2,336
-
3,572
50
-
92
-
-
(1)
128
–––––––––––––––
(491)
–––––––––––––––
**_2021_**
**£’000**
4,817
══════|
|---|---|
39
The Eden Trust
## **Notes to the financial statements**
## **for the year ended 31 March 2022**
## **22. Notes to the cash flow statement (continued)**
## _**(c) Analysis of changes in net funds/(debt)**_
||**_At 31 March_**|||**_31 March_**|
|---|---|---|---|---|
||**_2021_**|**_Cashflow_**|**_Other_**|**_2022_**|
||**_£’000_**|**_£’000_**|**_£’000_**|**_£’000_**|
|Finance lease obligations|(307)|(35)|-|(342)|
|Loans|(9,101)|685|-|(8,416)|
||––––——|––––——|––––——|––––——|
||(9,408)|650|-|(8,758)|
|Cash and overdraft|4,817|6,509|-|11,326|
||––––——|––––——|––––——|––––——|
|**Total**|(4,591)|7,159|-|2,568|
||══════|══════|══════|══════|
## **23. Movement in funds**
The movement in funds, during the year, for the group and Charity were as follows:
||**_Consolidated_**|**_Charity_**|**_Consolidated_**|**_Charity_**|
|---|---|---|---|---|
||**_2022_**|**_2022_**|
**_2021_**|**_2021_**|
||**_£’000_**|**_£’000_**|
**_£’000_**|**_£’000_**|
|Net movement in funds|7,665|4|
(2,456)|215|
|Fund balances brought forward|11,824|46,038|
14,280|45,823|
||–––––––––––––––|–––––––––––––––|
–––––––––––––––|–––––––––––––––|
|**Fund balances carried forward**|19,489|46,042|
11,824|46,038|
||–––––––––––––––|–––––––––––––––|–––––––––––––––|–––––––––––––––|
## **24. Related parties**
All related party transactions are routinely reviewed to ensure that they are appropriate. This review process is designed to ensure that in each instance the relationship is not material enough to unduly influence either party, that the related party has the necessary skills and expertise to deliver the service and that a fair “armslength” price is paid.
Transactions with the directors of Eden Project Limited and Eden Project International Limited are disclosed in the financial statements of the respective company.
## **25. Contingent Liability**
In delivering its charitable objectives, the group makes contractual arrangements with third parties under various legal jurisdictions. From time to time and in the ordinary course of business, the Group is subject to various legal challenges that result from these activities. Provision is made for the likely outcome of such actions when it is clear that it is more likely than not that economic loss will occur. No significant provisions are required at this time although, due to the nature of the various jurisdictions in which the group operates, it is possible that liabilities may arise in the future from past activities.
40