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2023-03-31-accounts

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

Trustees’ Report

Charity Registration Number: 1093070

The Eden Trust

Report and Accounts

31 March 2023

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Trustees’ Report

The Trustees present their annual report (including the strategic report for the purposes of the Companies Act 2006) and the audited financial statements for the year ended 31 March 2023.

TRUST CHAIR’S REPORT

I joined the Board of Trustees in March 2023 and I took up the role of Chair in June 2023, after the financial year that is the subject of this report had ended. So I am writing about a year in which I played no part.

However, the key events of the year were not difficult to discern: the most exciting of them being the commitment to build an Eden Project at Morecambe, in Lancashire. On January 19[th] 2023, the Prime Minister Rishi Sunak and the Secretary of State for Levelling Up, Michael Gove, joined our CEO Rob Chatwin and his team to announce our success in being awarded £50m in ‘gap’ funding, towards the construction of a new Eden Project in Morecambe.

The grant is contingent on our raising the same amount – i.e. a further £50m - to enable the £100m project to proceed. The team has therefore been working hard ever since to secure that money and we expect to achieve this through a mixture of debt, philanthropy and corporate sponsorship. We are working closely with Lancaster City Council, Lancashire County Council and Lancaster University to make this a world class location that will engage, entertain and educate all those who visit it, while providing an anchor of regeneration and vital local employment for Morecambe.

Meanwhile the team was also busy in Cornwall. Overall, in 2022/23, we welcomed a total of 551,000 visitors, a reduction of just under 10% on the 610,000 visitors that we welcomed in the exceptional year of 2021/22. I am pleased to report that this year the number of visitors has come back up.

In June 2022 the team delivered its biggest ever Big Lunch, as part of the Jubilee celebrations of Her Majesty the Queen. 17.2 million people took part in it and £22.2million was raised for good causes. By the last quarter of 2022/23 the team was working at full pelt to deliver another Big Lunch as part of the Coronation celebrations. That too was an outstanding success. Eden is very proud of its role at the heart of this national community event.

Our Eden Sessions – a series of concerts – had a successful year. The Legend shows – Diana Ross and Bryan Adams – enjoyed a particularly high degree of interest. Our Summer 2023 season has built on this success.

During the year a significant donation was received from a private benefactor to help Eden with its important work in the area of mental health and social prescribing.

We continued our multiple educational initiatives, welcoming thousands of education visits during the year: these included schools as well as taught university groups. We continued to work closely with Cornwall College, Falmouth University, Anglia Ruskin University and Lancaster University on a range of education and training endeavours.

We were delighted to welcome the first Anthropy conference in November 2022 – the event included 1,000 delegates and was deemed a great success, with a very high proportion of delegates signing up to return in 2023.

During 2022/23 several big projects were undertaken or made progress. An exciting new play area, Nature’s Playground, was commissioned: it was completed in time for the 2023 Summer season. Our new nursery and classroom centre was completed, enabling us to sell our old nursery site at Watering Lane. The deep geothermal project approached completion, after many years of planning and development. This project is one of many initiatives that Eden is taking in its aim to be Climate Positive by 2030.

In short, 2022/2023 was a good year for Eden, in which our impact was substantial and we laid down foundations for further success in future years. It is a great honour to be Chair of Trustees of this exciting organisation that is doing such important work.

Orna NiChionna Chair of the Trust Date: 14 December 2023

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The Eden Trust

Trustees’ Report

OBJECTIVES AND ACTIVITIES - MISSION AND PUBLIC BENEFIT

Aims, objectives and activities which deliver on the charitable objectives

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. These aims support the charitable objectives of the Trust which are that “the Eden Trust aims to promote public education and research in flora, fauna and other aspects of the natural world, rebuilding connections of understanding that have faded from many people’s lives. The Eden Project site tells stories that illustrate our dependence on plants and resources to develop the resilience of individuals, communities and societies to face the challenges of the 21st Century.

The strategy of the Trust is to meet its aims and objectives through the development of a broad range of operations both at the Eden Project in Cornwall, elsewhere in the United Kingdom, and Internationally; this continues to be achieved through a group of companies of which the Trust is parent; Eden Project Limited, Eden Campaigns Limited, Eden Sessions Limited and Eden Project International Limited which each exist only to deliver the charitable objectives of the Trust, and every activity, including that which might ordinarily be termed “commercial”, is designed either to fund, or to directly educate about the environment, inspire and facilitate people and organisations to make changes in support of the Trust’s objectives.

The achievements of the Trust and it’s group are summarised in the Trust Chair’s Report above and the Trustees are satisfied that the activities and their achievements in the year do continue to meet the charitable aims and objectives described above.

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 the 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 had its first full year of opening since the previous year’s COVID 19 restrictions. However, the number of visitors to Cornwall declined by 30% due to the trailing off of the ‘staycation’ concept seen in the previous 2 years visitor numbers. This along with the repayment of the CBILs loan and investment into the site resulted in a reduced cash position as at 31 March 2023 with net funds of £101,000 (2022 net funds £2,568,000).

The Consolidated Cash Flow for the period shows a decrease in cash of £6,697,000 (2022: increase £6,509,000) which is after net cash outflows from financing of £4,839,000 (2022 outflow £882,000).

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The Eden Trust

Trustees’ Report

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 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 to the Board of each entity, and each 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.

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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 £9,164,000 at 31 March 2023 (2022 £10,810,000) before the minority interest held in Eden Sessions Limited of £65,000 (2022 £3,000). This included net funds (cash less loans) of £101,000 (2022 net debt £2,568,000).

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.

Restricted funds at the year-end were £10,633,000 (2022 - £8,679,000). Restricted funds are to be used for specific purposes as laid down by the donor. Further details are given in note 18 to the financial statements.

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. Subsequent to the year end, we once again delivered one of the biggest Big Lunch Programmes ever, as part of the Coronation celebrations of His Majesty King Charles III.

The plans for a deep-geothermal operation within our site continue, with a single well providing heat to Eden started in Autumn 2023.

Eden Project has launched a plan to help reverse the UK’s nature crisis. Eden-owned company, the Eden Project Wildflower Bank, aims to create wildflower-rich habitats across the UK through Biodiversity Net Gain (BNG) Units. We offer a nature recovery approach which will conserve, manage and restore habitats that enhance biodiversity in partnership with landowners, organisations and businesses looking to invest in a positive gain for nature.

We will continue to invest in the Eden site in Cornwall, including the launch of ‘Nature’s Playground’ in summer 2023 and build on the benefits of our newly opened onsite plant nursery, and continue plans for a new location in Morecambe, following the award of the £50m Levelling Up Fund 2 grant in January 2023.

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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 humankind’s relationship with plants and the natural world and thereby fostering an understanding of humankind’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.

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.

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. The charity recruits trustees through a variety of channels based on the skills and experience they can bring to the board.

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 25 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 are Statutory Boards. Eden Sessions Limited (in which Eden Project Limited has a 50% holding and controlling vote) has a joint board representing its two shareholders. Details of related party transactions relating to the directors of each subsidiary are disclosed in full in their respective accounts.

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The Eden Trust

Trustees’ Report

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 2022/23, 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 do we focus on these
Stakeholders?		 How did we engage them in
2022/23?
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.
Educational groups and the Eden
Project Learningstudents		 Both groups are important
audiences for our mission		 As an educational charity Eden
welcomes upto 50,000 school

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The Eden Trust

Trustees’ Report

messaging, and also provide
commercial revenues.		 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 have
teaching supplemented 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
courses for future and senior
leaders.
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.
We host a number of business
breakfasts throughout the year
inviting senior leaders from a
wide range of Cornish businesses
to discuss matters relevant to the
Cornish economy.
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, have been
supportive as we continued to
pay down historic debts and the
CBILS loan which was secured
during2020.		 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 Chair’s Statement. During the financial year the Trustees along with the Executives were involved in a number of key decisions, including

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The Eden Trust

Trustees’ Report

Streamlined energy and carbon reporting (SECR)

The Eden Project Limited’s SECR figures are reported for activities within its financial and operational control and therefore exclude unconsumed energy supplied to third party tenants on site, as per previous years’ 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 2022’, covering mandatory disclosure of carbon emissions from energy, as defined by SECR requirements for unquoted companies. For the purposes of this report, 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 locationbased emissions factor. These would be reported at zero using a market-based emissions factor reflecting our supply agreement 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 summary:
Scope Unit 2019/20
(baseline
year)		 2021/22 2022/23 Change
vs
previous
year
(%)		 Change
vs
baseline
year
(%)
Scope 1 (fuel combustion
from buildings and vehicles)		 tCO2e 1,233 1,005 875 -12.9% -29.0%
Scope
2
(purchased
electricity)		 tCO2e 1,064 727 642 -11.6% -39.6%
Scope 3 (business mileage
and electricityT&D)		 tCO2e 116 75 76 1.8% -34.4%
Scopes 1, 2 and 3 tCO2e 2,413 1,806 1,593 -11.8% -34.0%
Emissions intensity tCO2e/£m
revenue		 107 82 76 -49.5% -23.3%

Emissions performance commentary

An emissions reduction of 12% from the previous year has been achieved due to a reduction in energy consumption of 9% (see below) and the impact of a lower emissions factor in 2022 for grid imported electricity. Scope 1 emissions are reduced by 13% due to significant savings in gas consumption during the year as well as reduced LPG consumption following the switch to on site growing at the new nursery facility, which will utilise geothermal heat in the future. Scope 2 emissions are reduced by 12% due to the lower grid electricity emissions factor and a reduction in consumption of 3% compared to the previous year. This performance puts the organisation in line with its required target trajectory to have achieved a 30% reduction in combined scope 1 and 2 emissions since 2019/20, as required by the emissions reduction pathway to be climate positive by 2030. Reductions in scope 3 emissions from the transmission and distribution of grid electricity have been offset by an increase in business mileage of 68%, as a result of greater business-related travel during the year.

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The Eden Trust

Trustees’ Report

Energy consumption
summary:
Energy consumption Unit 2019/20 2021/22 2022/23 Change
v
previous
year
(%)		 Change
v
baseline
year
(%)
Natural gas (buildings) kWh 4,953,562 5,007,832 4,401,804 -12.1% -11.1%
Other fuels (buildings) kWh 971,125 271,178 149,495 -44.9% -84.6%
Fuels (vehicles) kWh 450,131 106,110 128,974 21.5% -71.3%
Purchased electricity
(buildings)		 kWh 4,161,360 3,423,044 3,321,378 -3.0% -20.2%
Renewable generated
electricity (buildings)		 kWh 58,360 57,731 46,022 -20.3% -21.1%
Business mileage (grey
fleet)		 kWh 109,920 45,383 76,281 68.1% -30.6%
kWh 10,704,459 8,911,278 8,123,954 -8.8% -24.1%

Energy efficiency action taken

In support of the organisation’s decarbonisation pathway to be climate positive by 2030 and in response to rising energy costs, a number of a rapid energy efficiency measures were implemented during the year. Scheduling changes to run times for ventilation and air handling equipment in catering achieved an electricity saving of 40,000 kWh compared to the previous year. The introduction of lower heating set points contributed to the significant reduction in gas used for heating as well as reduced electricity for circulation of hot water. In order to further drive a culture of energy conservation across the organisation, an Energy and Sustainability Champions network was established which led to the identification and implementation of a number of low cost, quick-win energy conservation measures across site such as timer adjustments to small equipment and energy conscious changes to operations procedures.

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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 (resigned June 2023) Mrs Orna NiChionna - Chair from June 2023 (appointed March 2023) Mr John Allwood (resigned March 2023) Mr Geoffrey Austin Prof. Adam Beaumont Prof. Jonathan Drori CBE Ms Fiona Godlee Mr Kevin Havelock Ms Helen Owers (resigned June 2023) Sir Ralph (Ferrers) Vyvyan Dame Julia Slingo Mr James Fulcher (appointed June 2022) Ms Erica Neve (appointed June 2022) Mr Jon Watts (appointed July 2023)

Executive Officers

Mr Rob Chatwin Sir Tim Smit Mr David Harland (resigned November 2022) Mr Peter Stewart LVO Ms Dawn Wilding Mr Si Bellamy OBE

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

Pinsent Masons LLP 30 Crown Place Earl Street, London EC2A 4ES

Registered Office

Bodelva, Par, Cornwall, PL24 2SG. www.edenproject.com,

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The Eden Trust

Trustees’ Report

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 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 disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Completeness of information to auditors

Each Trustee listed on page 11 has declared that as far as they are aware there is no relevant audit information of which the company’s auditors are unaware; and they have taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

The report of the Board of Trustees (including the Strategic Report) was approved by the Board and signed on its behalf by:

Orna NiChionna Chair of the Trust Date: 14 December 2023

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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 2023, 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:

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.

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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:

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).

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:

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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, 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:

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 part of our auditor's report.

15

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Independent auditors’ report

to the members of The Eden Trust (continued)

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: 18 December 2023

16

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Consolidated statement of financial activities

for the year ended 31 March 2023

Unrestricted
funds
2023
Notes
£’000
Income from:
Donations and legacies
2(a)
7,191
Charitable activities
2(c)
23,020
Investment income
2(b)
20
–––––––––––––––
Total
30,231
–––––––––––––––
Expenditure on:
Raising funds
237
Charitable activities
3
32,064
–––––––––––––––
Total
32,301
–––––––––––––––
Net income/(expenditure)
before transfers
(2,070)
Transfers between funds
6
649
Dividends paid to non-controlling interests
23
(225)
–––––––––––––––
Net income/(expenditure)
and movement in funds
(1,646)
–––––––––––––––
Reconciliation of funds
Total funds brought forward
10,810
–––––––––––––––
Total funds carried forward
9,164
–––––––––––––––		 Restricted
funds
2023
£’000
3,300
1,486
-
–––––––––––––––
4,786
–––––––––––––––
-
2,183
–––––––––––––
2,183
–––––––––––––––
2,603
(649)
-
–––––––––––––––
1,954
–––––––––––––––
8,679
–––––––––––––––
10,633
–––––––––––––––		 Total
2023
£’000
10,491
24,506
20
–––––––––––––––
35,017
–––––––––––––––
237
34,247
–––––––––––––––
34,484
–––––––––––––––
533
-
(225)
–––––––––––––––
308
–––––––––––––––
19,489
–––––––––––––––
19,797
–––––––––––––––		 Total
2022
£’000
8,671
27,965
4
–––––––––––––––
36,640
–––––––––––––––
195
28,780
–––––––––––––––
28,975
–––––––––––––––
7,665
-
-
–––––––––––––––
7,665
–––––––––––––––
11,824
–––––––––––––––
19,489
–––––––––––––––

17

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

company no.4487099

Consolidated and charity balance sheets

at 31 March 2023

Consolidated
2023
Notes
£’000
Fixed assets
Tangible fixed assets
8
47,667
Intangible fixed assets
9
159
Investment in associates
10
-
Investments
10
7
–––––––––––––––
47,833
–––––––––––––––
Current assets
Stocks
11
797
Debtors – amounts due after one year
12
-
Debtors – amounts due within one year
12
3,999
Cash at bank and in hand
4,629
–––––––––––––––
9,425
Creditors: amounts falling due within
one year
13
(11,531)
–––––––––––––––
Net current (liabilities)/assets
(2,106)
–––––––––––––––
Total assets less current
liabilities
45,727
Creditors: amounts falling due after
more than one year
14
(447)
Provisions for liabilities –deferred tax
(5)
Deferred income
17
(25,478)
–––––––––––––––
Net assets
19,797
–––––––––––––––
Funds
Restricted funds
18
10,633
Unrestricted funds
9,164
–––––––––––––––
Total charity funds
19,797
–––––––––––––––		 Charity Consolidated
2023
2022
£’000
£’000
5,628
46,962
-
142
-
-
223
7
–––––––––––––––
–––––––––––––––
5,851
47,111
–––––––––––––––
–––––––––––––––
-
823
39,474
-
3,928
3,759
462
11,326
–––––––––––––––
–––––––––––––––
43,864
15,908
(1,065)
(9,485)
–––––––––––––––
–––––––––––––––
42,799
6,423
–––––––––––––––
–––––––––––––––
48,650
53,534
-
(7,617)
-
(1)
-
(26,427)
–––––––––––––––
–––––––––––––––
48,650
19,489
–––––––––––––––
–––––––––––––––
10,633
8,679
38,017
10,810
–––––––––––––––
–––––––––––––––
48,650
19,489
–––––––––––––––
–––––––––––––––		 Charity
2022
£’000
5,564
-
-
223
–––––––––––––––
5,787
–––––––––––––––
-
39,474
1,240
113
–––––––––––––––
40,827
(572)
–––––––––––––––
40,255
–––––––––––––––
46,042
-
-
-
–––––––––––––––
46,042
–––––––––––––––
8,679
37,363
–––––––––––––––
46,042
–––––––––––––––

At the balance sheet date consolidated unrestricted funds included a balance of £65,000 (2022: £3,000) attributable to non-controlling interests.

The surplus dealt with in the financial statements of the parent is £2,608,000 (2022: £4,000).

These financial statements were approved by the Trustees on 14 December 2023 and signed on their behalf by:

Orna NiChionna

Chair of the Trust

18

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Consolidated cash flow statement

for the year ended 31 March 2023

2023 2022
Notes £’000 £’000
Net cash inflow/(outflow) from operating activities
including grants receivable 22(a)
1,883		 10,029
––––––––––––––– –––––––––––––––
Cash (outflow) / inflow from investing activities
Purchase of fixed assets (3,791) (2,658)
Receipts from disposals of fixed assets - 16
Capital grants received 30 -
Interest received 20 4
––––––––––––––– –––––––––––––––
(3,741) (2,638)
––––––––––––––– –––––––––––––––
Cash (outflow)/inflow from financing activities
Finance lease advances 281 50
Capital element of finance lease rental payments (114) (15)
Loan advances - -
Loan repayments (4,397) (685)
Interest paid (346) (226)
Interest element of finance lease rental payments (38) (6)
Dividends paid to non-controlling interests (225) -
––––––––––––––– –––––––––––––––
(4,839) (882)
––––––––––––––– –––––––––––––––
(Decrease)/increase in cash and cash equivalents (6,697) 6,509
Cash and cash equivalents brought forward 11,326 4,817
––––—— ––––——
Cash and cash equivalents carried forward 22(b)
4,629		 11,326
══════ ══════

19

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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

Whilst the impact of inflation and wider world events remains somewhat uncertain, the group has prepared cashflow forecasts under a number of scenarios taking into account the available bank facilities.

The term loan with AIB has a balloon payment due in March 2024, and is shown in the Financial Statements as payable within 1 year. This term loan will be refinanced during this financial year, and negotiations with the preferred bank are progressing well.

The business made use of available cash resources to settle the CBILS loan (drawn down in 2020) to reduce the reliance on bank debt and any associated covenants. 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

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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:

21

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

1. Accounting policies (continued)

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

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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

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:

23

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

2. Income

(a) Voluntary income

Unrestricted Restricted
funds
funds
2023
2023
£’000
£’000
The Northwood Trust funding for:
-
Eden Project Scotland
-
2,700
The Ashken Family Charitable Foundation donation for:
-
‘the Peter Project’
-
500
The Julia and Hans Rausing Trust donation to:
-
mark the accession of The Queen Consort
-
100
Admissions – gift aid scheme
5,256
-
Gift aid reclaims
1,431
-
Other
504
-
–––––––––––––––
–––––––––––––––
7,191
3,300
══════
══════
(b) Investment income
Unrestricted income
Interest receivable
(c) Income from charitable activities
Unrestricted
Restricted
funds
funds
2023
2023
£’000
£’000
Big Lottery Development Fund grants for:
- ‘Big Lunch’
-
1,486
- ‘Big Local’ project
-
-
Other grants receivable
21
-
Release of deferred grants
- capital
1,084
-
- revenue
420
-
Admissions – non gift aid
3,687
-
Catering
4,897
-
Retail
3,130
-
Eden Project International – project income
3,112
-
Eden Sessions Limited
3,706
-
Other *
2,963
-
–––––––––––––––
–––––––––––––––
23,020
1,486
══════
══════		 Total
2023
£’000
2,700
500
100
5,256
1,431
504
–––––––––––––––
10,491
══════
2023
£’000
20
–––––––––––––––
Total
2023
£’000
1,486
-
-
1,084
420
3,687
4,897
3,130
3,112
3,706
2,963
–––––––––––––––
24,506
══════		 Total
2022
£’000
-
-
-
6,464
1,697
510
––––––––––––––
8,671
══════
2022
£’000
4
–––––––––––––––
Total
2022
£’000
1,812
-
394
1,091
737
4,999
4,700
3,451
3,631
2,055
5,095
––––––––––––––
27,965
══════

Income from charitable activities includes unrestricted income of £23,020,000 (2022 - £26,153,000), and restricted income of £1,486,000 (2022 - £1,812,000).

** Comparative includes £3,100,000 insurance proceeds in the prior year in relation to corrective works required to the site after a landslip including business interruption.

24

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

3. Expenditure – Charitable activities

Unrestricted
funds
2023
£’000
Costs of operating and establishment
-cost of sales
6,785
- direct payroll costs
8,567
- other
2,164
Other operating costs
-indirect payroll and staff costs
4,168
-premises costs
2,215
-other
4,369
Operating lease rentals:
- plant and machinery
298
Depreciation
- owned assets
2,872
- leased assets
105
Amortisation of intangible fixed assets
92
(Profit)/Loss on disposal of fixed assets
-
Investment write down
-
Support costs – governance related ***
78
Interest payable: -
Loans held at amortised cost
- bank loans and overdrafts
349
- finance charges
35
Corporation tax
(33)
–––––––––––––––
32,064
–––––––––––––––		 Restricted
funds
2023
£’000
-
-
-
1,012
-
1,171
-
-
-
-
-
-
-
-
-
-
–––––––––––––––
2,183
–––––––––––––––		 Total
2023
£’000
6,785
8,567
2,164
5,180
2,215
5,540
298
2,872
105
92
-
-
78
349
35
(33)
–––––––––––––––
34,247
–––––––––––––––		 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
–––––––––––––––

Included above is expenditure on unrestricted funds of £32,064,000 (2022: £26,968,000) and £2,183,000 (2022: £1,812,000) on restricted funds.

2023 2022
£’000 £’000
(***) Support costs - governance related include
Auditors’ remuneration - audit fees 57 49
Indemnity insurance 8 8
––––––––––– –––––––––––
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 10
Other services (including accountancy, cyber and other taxation) 10 6
––––––––––– –––––––––––

25

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

4. Net expenditure from trading activities of subsidiaries

The Eden Trust had seven subsidiary companies during the year ended 31 March 2023 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		 2023
£’000
23,238
(11,698)
(2,995)
–––––––––––––––
8,545
(14,177)
5,128
-
–––––––––––––––
(504)
20
(384)
–––––––––––––––
(868)
33
–––––––––––––––
(835)
–––––––––––––––
42,066
6,952
(10,268)
(39,921)
(5)
–––––––––––––––
(1,176)
–––––––––––––––
25,478
(26,654)
–––––––––––––––
(1,176)
–––––––––––––––		 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
–––––––––––––––

26

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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.

2023
£’000
Profit and loss account
Turnover
3,770
Cost of sales
(4,333)
–––––––––
Gross loss
(563)
Administrative expenses
(677)
Other operating income
-
–––––––––
Loss before taxation
(1,240)
Taxation
-
–––––––––
Loss after taxation
(1,240)
–––––––––
Balance sheet
Fixed assets
139
Current assets
3,198
Creditors: amounts falling due within one year
(3,260)
Amounts falling due after more than one year
(112)
Deferred income
(1,943)
–––––––––
Net (liabilities)/assets
(1,978)
–––––––––
–––
Capital and reserves
(1,978)
–––––––––
–––		 2022
£’000
3,631
(4,584)
–––––––––
(953)
(128)
17
–––––––––
(1,064)
-
–––––––––
(1,064)
–––––––––
212
1,649
(2,149)
(112)
(338)
–––––––––
(738)
––––––
(738)
––––––

27

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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		 –––
–––		 2023
No.
197
41
18
140
–––––––––––
396
–––––––––––
2023
£’000
12,046
1,060
311
––––––––––––
13,417
––––––––––––		 –––
–––		 2022
No.
154
37
18
116
–––––––––––
325
–––––––––––
2022
£’000
10,071
863
254
––––––––––––
11,188
––––––––––––

The above total for the year ended 31 March 2023 includes redundancy costs of £63,000 (2022: £nil). Included in the above is compensation for loss of office amounting to £63,000 (2022: £nil) for one director.

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 £527,000 (2022: £508,000), and to the Directors of Eden Project International Limited amounted to £388,000 (2022: £188,000).

The following numbers of staff had salaries of £60,000 or more:

2023 2022
No. No.
£160,000-£169,999 - 1
£150,000-£159,999 2 1
£140,000-£149,999 1 -
£130,000-£139,999 - 1
£120,000-£129,999 1 1
£110,000-£119,999 2 1
£100,000-£109,999 2 3
£90,000-£99,999 1 4
£80,000-£89,999 5 2
£70,000-£79,999 2 3
£60,000-£69,999 4 5

28

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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 £2,995,000 and crediting a release from deferred capital income of £1,084,000. The element of the depreciation charge for the period ending 31 March 2023 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 £19.4m 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 2023. A tax reconciliation note and relevant disclosures are made in the consolidated accounts of the Eden Project Limited.

29

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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 2022 6,924 1,042 89,579 23,253 37,316 158,114
Additions 64 76 2,396 - 1,146 3,682
Disposals - - - - (19) (19)
Transfers - (1,021) 812 - 209 -
––––—— ––––—— ––––—— ––––—— ––––—— ––––——
At 31 March 2023 6,988 97 92,787 23,253 38,652 161,777
––––—— ––––—— ––––—— ––––—— ––––—— ––––——
Depreciation:
At 31 March 2022 - - 56,822 18,647 35,683 111,152
Charge for the year - - 1,826 508 643 2,977
Disposals - - - - (19) (19)
––––—— ––––—— ––––—— ––––—— ––––—— ––––——
At 31 March 2023 - - 58,648 19,155 36,307 114,110
––––—— ––––—— ––––—— ––––—— ––––—— ––––——
Net book value:
At 31 March 2023 6,988 97 34,139 4,098 2,345 47,667
══════ ══════ ══════ ══════ ══════ ══════
At 31 March 2022 6,924 1,042 32,757 4,606 1,633 46,962
══════ ══════ ══════ ══════ ══════ ══════

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 £626,000 (2022: 349,000), depreciation of £104,000 (2022: £101,000) with net book value at 31 March 2023 of £411,000 (2022: £248,000).

30

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

8.
Tangible fixed assets (continued)
Charity
Cost and net book value		 Freehold
land
2023
£’000
5,628
–––––––––––––––		 Freehold
land
2022
£’000
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 2022
Additions
Transfers
At 31 March 2023
Amortisation
At 31 March 2022
Charge for the period
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Software
Total
£’000
£’000
832
832
109
109
-
-
941
941
690
690
92
92
782
782
159
159
142
142

As at 31 March 2023, The Eden Trust had intangible fixed assets with a cost and net book value of £nil (2022: £nil).

31

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

10. Fixed asset investments

Interest in associates

Consolidated

At 31 March 2023 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 2022 - -
Share of loss for the year after taxation - -
Other - -
––––—— ––––——
At 31 March 2023 - -
══════ ═════
Investments
Consolidated
Other Total
£’000 £’000
Cost:
At 31 March 2022 7 7
––––––––––––––– –––––––––––––––
At 31 March 2023 7 7
══════ ══════
Investments are classified as follows:
Investments are classified as follows:
Consolidated Charity Consolidated Charity
2023 2023
2022		 2022
£’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

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

10. Fixed asset investments (continued)

Charity

As at 31 March 2023 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% Support the charitable aims and objectives
of The Eden Trust both domestically and
internationally
through
funded		 and
sponsored
projects,
programmes		 and
consultancy.
Eden Trading Limited 1 100% Non trading
at 31 March 2023 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

As at 31 March 2023 the following were subsidiaries of Eden Project Limited:

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

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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
2023
£’000
Goods for resale
480
Work in progress
317
–––––––––––––––
797
–––––––––––––––		 Charity Consolidated
2023
2022
£’000
£’000
-
631
-
192
–––––––––––––––
–––––––––––––––
-
823
–––––––––––––––
–––––––––––––––		 Charity
2022
£’000
-
-
–––––––––––––––
-
–––––––––––––––
12.
Debtors
Consolidated
2023
£’000
Trade debtors
1,694
Other debtors
154
Prepayments and accrued income
2,151
Amounts owed by group undertakings
-
–––––––––––––––
3,999
–––––––––––––––
Amounts falling due after more than one year included above are:
Consolidated
2023
£’000
Amounts owed by group undertakings
-
–––––––––––––––		 Charity Consolidated
2023
2022
£’000
£’000
-
1,098
21
413
2,605
2,248
40,776
-
–––––––––––––––
–––––––––––––––
43,402
3,759
–––––––––––––––
–––––––––––––––

Charity Consolidated
2023
2022
£’000
£’000
39,474
-
–––––––––––––––
–––––––––––––––		 Charity
2022
£’000
-
9
-
40,705
–––––––––––––––
40,714
–––––––––––––––
Charity
2022
£’000
39,474
–––––––––––––––

34

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

13. Creditors: amounts falling due within one year

Consolidated Charity Consolidated Charity
2023 2023
2022		 2022
£’000 £’000
£’000		 £’000
Bank loans (note 15) 3,933 -
1,120		 -
Finance leases (note 16) 148 -
21		 -
Trade creditors 1,632 -
2,386		 29
Amounts owed to group undertakings - 816
-		 218
Corporation tax 50 -
43		 -
Other tax and social security 650 -
364		 45
Other creditors 56 -
43		 -
Accruals and deferred income 5,062 249
5,508		 280
––––––––––––––– –––––––––––––––
–––––––––––––––		 –––––––––––––––
11,531 1,065
9,485		 572
––––––––––––––– ––––––––––––––– ––––––––––––––– –––––––––––––––

14. Creditors: amounts falling due after more than one year

Consolidated
2023
£’000
Bank loans (note 15)
86
Finance leases (note 16)
361
–––––––––––––––
447
–––––––––––––––		 Charity Consolidated
2023
2022
£’000
£’000
-
7,296
-
321
–––––––––––––––
–––––––––––––––
-
7,617
–––––––––––––––
–––––––––––––––		 Charity
2022
£’000
-
-
–––––––––––––––
-
–––––––––––––––

35

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

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
2023
£’000
Bank loans (see note below)
4,019
Less: Included in creditors falling due within
one year
(3,933)
–––––––––––––––
86
–––––––––––––––
Consolidated
2023
£’000
Amounts repayable:
In less than 1 year
3,933
In 2 - 5 years
86
–––––––––––––––
4,019
–––––––––––––––		 Charity Consolidated
2023
2022
£’000
£’000
-
8,416
-
(1,120)
–––––––––––––––
–––––––––––––––
-
7,296
–––––––––––––––
–––––––––––––––
Charity Consolidated
2023
2022
£’000
£’000
-
1,120
-
7,296
–––––––––––––––
–––––––––––––––
-
8,416
–––––––––––––––
–––––––––––––––		 Charity
2022
£’000
-
-
–––––––––––––––
-
–––––––––––––––
Charity
2022
£’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 2023 - £3,887,000

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 SONIA 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 2023 - £132,000

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

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

16. Finance leases

Obligations under Finance lease and hire purchase contracts, are due as follows:

Group 2023 2022
£’000 £’000
Within one year 148 21
Between two and five years 361 321
––––—— ––––——
509 342
Less: amounts falling due within one year (148) (21)
––––—— ––––——
Amount falling due after more than one year 361 321
══════ ══════
17.
Deferred income
Consolidated
Balance b/f at 31 March 2022
Received during the period
Released during the period
Balance as at 31 March 2023		 Deferred
capital
grants
2023
£’000
25,901
30
(1,084)
–––––––––––––––
24,847
–––––––––––––––		 Deferred
revenue
grants
2023
£’000
526
2,011
(1,906)
–––––––––––––––
631
–––––––––––––––		 Total
2023
£’000
26,427
2,041
(2,990)
–––––––––––––––
25,478
–––––––––––––––		 Total
2022
£’000
28,132
1,935
(3,640)
–––––––––––––––
26,427
–––––––––––––––

Capital grants of £30,000 (2022: £nil) were received during the year.

Revenue grants of £2,011,000 received during the year include £1,644,000 from the National Lottery Community Fund for the Big Lunch and £367,000 for other projects.

37

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

18 Restricted funds

18
Restricted funds
Balance
31 March
2022
£’000
Construction and development
8,679
Big Lottery grants
-
The Northwood Trust
-
Ashken Family Charitable Foundation
-
Julia and Hans Rausing Trust
-
–––––––––––––––
8,679
–––––––––––––––
Balance
31 March
2021
£’000
Construction and development
9,328
Big Lottery grants
-
–––––––––––––––
9,328
–––––––––––––––		 Transfer to
Income Expenditure unrestricted
£’000
£’000
£’000
-
-
(649)
1,486
(1,486)
-
2,700
(658)
-
500
(39)
-
100
-
-
–––––––––––––––
–––––––––––––––
–––––––––––––––
4,786
(2,183)
(649)
–––––––––––––––
–––––––––––––––
–––––––––––––––
Transfer to
Income Expenditure unrestricted
£’000
£’000
£’000
-
-
(649)
1,812
(1,812)
-
–––––––––––––––
–––––––––––––––
–––––––––––––––
1,812
(1,812)
(649)
–––––––––––––––
–––––––––––––––
–––––––––––––––		 Balance
31 March
2023
£’000
8,030
-
2,042
461
100
–––––––––––––––
10,633
–––––––––––––––
Balance
31 March
2022
£’000
8,679
-
–––––––––––––––
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).

Ashken Family Charitable Foundation – to be used for ‘the Peter Project’ delivered through Eden Project Campaigns Limited

Julia and Hans Rausing Trust – funds to mark the accession of Her Majesty the Queen Consort - delivery by Eden Project Campaigns Limited.

The Northwood Trust - to be used for the Eden Dundee project being delivered by Eden Project International Limited.

38

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

19.
Analysis of group net assets between funds
Unrestricted
funds
£’000
Fund balances at 31 March 2023 are represented by:
Fixed assets
39,803
Net current assets/(liabilities)
(4,709)
Creditors over 1 year & deferred tax
(452)
Deferred income
(25,478)
–––––––––––––––
Total net assets
9,164
–––––––––––––––
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
–––––––––––––––
20.
Capital commitments
Group
Contracted but not provided for in the financial statements
═		 Restricted
funds
£’000
8,030
2,603
-
-
–––––––––––––––
10,633
–––––––––––––––
Restricted
funds
£’000
8,679
-
-
-
–––––––––––––––
8,679
–––––––––––––––
2023
£’000
450
═════
 Total
funds
£’000
47,833
(2,106)
(452)
(25,478)
–––––––––––––––
19,797
–––––––––––––––
Total
funds
£’000
47,111
6,423
(7,618)
(26,427)
–––––––––––––––
19,489
–––––––––––––––
2022
£’000
1,340
══════

21. Financial commitments

At 31 March 2023 the group had total financial commitments under non-cancellable operating leases as set out below:

out below:
Land and Buildings Other
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Payable one year - 59 - -
Payable in two to five years - - - -
Payable in more than five years - - - -
══════ ══════ ══════ ══════

39

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

22. Notes to the cash flow statement

(a) Reconciliation of net movement in funds to net cash flow from operating activities:

Net income / (expenditure) for the period before transfers
Decrease / (increase) in stocks
(Increase) / decrease in debtors
Decrease / (increase) in creditors
Release of deferred grant income
Deferred revenue grants received
Deferred revenue grants refunded
Depreciation
Amortisation
Corporation tax (credit) / expense
(Profit) / loss on disposal of assets
Increase / (decrease) in provisions
Share of loss / (profit) from associate
Interest receivable
Interest payable
Corporation tax paid
Net cash inflow/(outflow) from operating activities
(b) Analysis of cash and cash equivalents
Group
Cash at bank and in hand		 2023
£’000
533
26
(240)
(901)
(2,990)
2,011
-
2,977
92
(33)
-
4
-
(20)
384
40
–––––––––––––––
1,883
–––––––––––––––
2023
£’000
4,629
══════		 2022
£’000
7,665
(327)
(1,073)
2,387
(3,640)
1,935
-
2,739
86
43
(16)
1
1
(4)
232
-
–––––––––––––––
10,029
–––––––––––––––
2022
£’000
11,326
══════

22. Notes to the cash flow statement (continued)

(c) Analysis of changes in net funds/(debt)

At 31 March 31 March
2022 Cashflow Other 2023
£’000 £’000 £’000 £’000
Finance lease obligations (342) (167) - (509)
Loans (8,416) 4,397 - (4,019)
––––—— ––––—— ––––—— ––––——
(8,758) 4,230 - (4,528)
Cash and overdraft 11,326 (6,697) - 4,629
––––—— ––––—— ––––—— ––––——
Total 2,568 (2,467) - 101
══════ ══════ ══════ ══════

23. Dividends

Interim dividend of £225,000 (2022 - £nil) was paid to non-controlling interests during the year by Eden Sessions Limited, a subsidiary of the group.

40

DocuSign Envelope ID: B66A2C5C-13E2-486B-9043-CE031FD3561F

The Eden Trust

Notes to the financial statements

for the year ended 31 March 2023

24. Movement in funds

The movement in funds, during the year, for the group and Charity were as follows:

Consolidated Charity Consolidated Charity
2023 2023
2022		 2022
£’000 £’000
£’000		 £’000
Net movement in funds 308 2,608
7,665		 4
Fund balances brought forward 19,489 46,042
11,824		 46,038
––––––––––––––– –––––––––––––––
–––––––––––––––		 –––––––––––––––
Fund balances carried forward 19,797 48,650 19,489 46,042
––––––––––––––– ––––––––––––––– ––––––––––––––– –––––––––––––––

25. 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.

26. 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.

41