The Chelsea Physic Garden Company la ccrfnpany limited by guarantee) RBF*Ni and Ccmsolldat￿j Fw)anLaal Statements Year Endgj 31 D￿err￿)er 2021 C(rf)warry N￿nber 01690871 Charity Number 286513 The Chelsea Physic Garden Company la company limibj by guaranl*l for the y•w *fid￿l 31 Decembor 2021 Contsnts Page: Directors. re￿￿1 l1n0)rF￿t￿g ￿ Strab> reptht) 13 DIr￿tOrS. reSp(￿lb￿lIles statwnwt 14 IndeperKlent audtlorfs repKYI 18 conSAYKJat￿ stat￿￿nt cl finaThial &tr4Trlies 19 Con8oIKkted bdance sheet Charity balanc￿ sheet 21 Notes fomiing part ol ￿ ffinwKial stsigM￿ts The Chelsea Physic Garden Company (a company limited by warante8) Dlrodors. report for th• y•ar •ndod 31 DK•mb•r 2021 The trustees, are also directors for the wrpose ofi>)mpany law present their report together ￿ the audf(ed f￿anCial slalemenls for the year 8nded 31 Dgcembw 2021 are also Fryared to meet the requirem&nts for direclo¢s ￿p￿t and aC￿nIS Ccmpanies Act wrposes. Status and Constltutk>n Charity Name: sea Physic Gard￿ Cc*npany Tr) Charity registration number. 286513 Company registration number. 01690871 Registerad office and 66 Royal Wital Road operats'onal address.. London SW3 4HS The charity is constituted as a cuwany linMt&J by guarant*. The charity is g¥)vemed by its ArtKles of Assoaation dated 17 May 2019. The company was inL¥)rporaled to act a5 a Trustee of Ihe charity kjKTh￿ as The Chelsea Physic Garden {Charity registration number 286513) and lo a(fvance public 8dL￿tIOn and in par￿c￿lar to promote the stLKly of botany and related sciences. The Chelsea Phywc GaT(18n 15 currenty dO￿narrt aTrJ E cA)nsdidated aGciwnts of Chelsea Physi Garden Comp￿. Dir•ctors and m•rnb•rs of th• Board The directors and members of the Board (who also &t as truste8s for Ihe tharitab￿ aclivili8s of The Chelsea Physic Garden Coffwny) serv&J during the yearwer8: Mrs Cathy knold Mr c￿1n CINshdm Mr AL4n Dempsey Mr Paul Martin Gray Mrs Sukne Hemming Dr Helen Chamian Ms Anna Jobs Mr Tony lQ'rkham Lady ￿abella LenrK)xkn Mr Sirnon Malc Mr Michad mCGon￿e Mr Quoc-Nghi Nguya) Mr Michad Prideaux Dr Philippa Simps( Mrs Sarah Speller Mr Andrew Woodward Mrs Susan m￿jwaY (reggned ￿ 22 July 2021) (H￿. T￿a￿rer, Finance & Cwations C(mmitt8el {appc¥nled 22 Juty 2021) (Finance & Cwations C(rntite8) (appoinled 4 Fetwry 2021) (Chaw ofAth*iSCry Ccrnitte8) (appowitod 4 2021} (FinarKe & Opwations Ccrnilteel {Chaim)an cl the Board, Finance & operat￿ Ccfflmittee) (appointed 22 Juty 20211 (Finan(x & Op8rations Cmniitee} (appcinted 22 Juty 20211 (C(¥npany S&¥etsryl S•nlor Loadorshlp Toam Director tknlopmenl CirectLY C(¥nmercaal Director Deputy Director {Vlsitor ExperientÈ) Head of Finance Head of Plant Cdl8dions Head of Leaming & Public Eng&Jement Exe¢utNe Assist￿1 Project Manager Mrs Susan Ms Joanna Wdls Mr T(¥)) Gilliford Ms Fran￿$ Sarr¢)ayo Mr Paul Ryan Ms Nell JLY*S Ms Katy Parry Ms Gill Mathias Mrs Sve Swlle (fr(m W 2021) The Chelsea Physic Garden Company la company limited by bisarantee) Dlroctors. r•port for tho yw •nd•d 31 Doc8mber 2021 (continuodj Profosslonal ad¥lsors Ba￿.. Nati￿al W85tminster Bank pk Kings Rowj SW3 SEB Solicit￿$.. Farrer & 66 Lincdns. Inn F Lond Audil(r. BDO LLP 2 City Place West Suwx OPA Managers: Sarasn & Partntrs LLP 1c￿ St Paul's Churthyard EC4M 8BU Registered and ￿ncIpal offi 66 Royal HOs￿tal Ro*1 L(￿¢￿ SW3 4HS ganlsallon •d Structurn Appointments to Ihe Board we an iThti81 otthre& years aftw th dIr￿￿S can seek r9-￿￿tiOn. ￿e￿Ing Iv*0 addil*)nal tems each of three yeaT& These provi5iLTh also ath to appoInkn￿ts to the Board of CPG Enterprises Umrted. the Athrgjry Ccfm)ittee and other tM)ard txThnNttees. T￿ is provison to exiend the appointment of a difecl(Y for a limited P￿Ic￿j ￿t￿re the eyienct or ¢xganisalional knowledge d that diredor supports an imp(ytsnt or b'rw ￿)VIty. Fow new directors have been appcintsd tojoin the Boar(I dwr¥J tho year and win wryk aknngside existing directtxs os a period of handover prior to ther retirement ai the c(XKausKffi of th8f terni of oifKe. The diredors detemine th& ov8rall strategy and pdKies of the cunpany. The delivery (rf th& Garden's Strateg￿ plans. fundraisng and extemal profesgcmal relations tcgether Imth day to day managenwt we delegated lo the Dir￿tor. Mrs Susan Medway. is also app(¥nted as Ccrfnpany Seryetary. The [*TeCt￿ takes a18ad ￿ major project actywty as the most senior exec#Jtive crf the c(¥npany. ￿ r& SUFV(*W by a snall tè*n d managèrs and staff. The Chelsea Physic Garden Company {a wmpany limited by guarantee) Dlrectors. report for th• year end￿ 31 DK•mber 2021 (conwnued) ganlsatlon Strucluro (c￿l￿N￿d) The principal departments and senp)r roles We: The Deputy Llrector {Vigtor EXPer￿nCe) is res[K￿$ble for the welcome wtded lo viglcys and for management of the buildings and their S￿l¢eS. Through the learning and put￿￿ progr￿Me team they have oversight of mlng ￿Ll￿ty and the put4ic programm& The Dewty DtsXor dewtises for the Cireclor in thar absence. The Commeroal cirect￿ is rewi&ble all c(Knrnercial acbvity including retail. venue hire and c¢ynmercial partnerships, they also manage the rdationship *ith Ihe cal￿1ng partnw. They are responsible the FrieThJs' heme; throu￿ Ihar te￿ they undertake al PR. martetiNJ arKI ￿nmunicatiOnS indudiThJ di&¥tal. The Devd0pm￿l tlrecttx is r8$[￿￿sible ￿ supprKtsrvJ senirx fuThlraising voluntw as well as dir￿1 fundraisng for both Spea￿ capital woiects aThl also to SUPF#)rt the charity's educaticn and18aming prcgrammes. Notable is the prcyecl to restore the Garden's glasshouses wthic41 has received a R(MJnd 2 delivwy grant frc#n th& Nation81 Lottery H8rilage Fund and for vthich a successful cawtsl aFfJeal has taken place. The Head of Finarte is reSpOn￿b￿ for all finance acts¥iks for the cunpany and the vtholty owned trading sjbsidiary CPG Enterprises Limiled. The Head of Plant Collects'ons is resP￿sIble forth& hrffticullural managament of the garden and ils plant Coll￿tionS t(yJ8ther with the herbarium and se&J bank. They ensure delivery of the hortKullural training prcgrammes. The Prcieca Managw ￿ad$ C￿ (xxydinating the pro1￿1 Board, the p￿48Cl team, the capital design team and suppL¥ts'ng c￿lea￿eS to achieve prLyJr8S5 on all capital and prografflme activi118S required for the Glasshouse ￿le¢1 and PIar￿ towards tho Gardens tyjilding refvrbishment programme as part of its 350 anniversary celebrations in 2023. The Executive Assistanl supports the Board, its sub-commiltees and senior SL￿. They lake minutes for all meelirvJs ¥Kluding th8 Board. th&r sub-committees as well as th8 Project Board and project meetings. Related paruos and ctropwatkn wlth other organlsatlons None of the directors recetve remuneration C￿ other b8nefits fr(xn therr ¥￿￿k with the charTty. Any connerAion betr￿een a director or senior manager ol the charity *ith another organisaticm, another charity ￿ an individual that the charity may ccme into conlaGX ￿￿th wi the ccMJrse of pur9Jing its (i)jectwes musl be disdo*g lo the full board of trustees in th& same way as any other LX¥)tractua relationship w7th a relatèj party. Thè charily'swholly o￿led bsidiary. CPG Enlerprises Lir￿ted. e￿ab11th￿ on 20 Decemb8r 1995 (company number 3140004). It is rgsponsible for ovgrseeing (￿Mmer￿a aclivibes. retal. catering venu8 hire and any lic￿sIng for commeraal purposes of th8 charity's traknark. CPG Enterprises Limited has a frThn the charity lo ¢xupy the thop premises and gifts its pr¢￿1$ to the chanty (see note 13b lo the financial Stat￿eThI5). The ￿tering operation is contracted out with an agreed percentage of net tumcver paid to CPG Enterprises Limited. The vast majority of venue hire bookings are fulfilled wtgde of the vigtor Op￿ing periods. The charity has WC￿kIng relalionsttips and maintains netr￿rkS with a nunber of ￿anISati￿S at a I￿al. na￿nal aThJ inlemational levd. As a small dependent charty these are imFK*lanl to rase and maintsin its prth￿, to promole its diverse work and to share fomiation and best KKactice. The Chelsea Physic Garden Company la company limit￿ by grarnnteel Dlr¢¢tors' roport for th• yw On￿ 31 Docombw 2021 {•￿tinued) The th8nty m&nt&ns m￿b8thp d th8 Bclwyc G¥￿S Edwatwjn Net*Yxk. 8otsnK Gar￿$ Conservation Inlemalinal, th8 Asscoation d Indepwtht MUs￿n& the ￿lon81 c￿j￿1 ftx the Conservatw d Plants and Garllens, aThJ Tho Hwilage AliarK8. Close ne￿YOrkS exist beknheen a large nurnber crflntem8t￿al gardens nolatrAy throu￿ the Index s￿l￿jM, the inlemational seed exthange prcgTamm& The Gankn alw M￿l￿nS *vkirvJ rdationships V*ilh staff at the ROY￿ BotanicGardens. Kthy. c￿1)rI{b39 aTrJ CIKfoTd Botanic Gard￿s. E(*nbuigh and Brisld Botsryc Gardens. The Royal frk¥ticultur81 Society and Kew stspwl ￿ Garden ￿1th techni&4 athce. expertise and plant material. The Garden has reciprocatwj *fjth ssmiL9r exchanges of expert￿ al￿ host&J wsils frt¥n horficullural trairws frcm many d the￿ Gardèns. Tr*e is a devdoping netslryk thrry￿h the charity's outreach programme wlh c*ganisations such as the octs￿O FCMJndat￿Tr. Chdsea Acayffj. ￿ng5' College (CN￿ Leadership A￿deMY) and S¢xial Farn￿ aThJ Garde￿. Al a local levd the charity wth is 9iTrJ on ¥*ithn the bc*(yJgh of Ka)siUon and Chelsea. arKI partiCLdady ￿￿thin the environs Lrf (1￿8ea and Kings Road. The Garden pays attention lo activities rdaling lo tourism. education and community iniiiabves Ihat it wcffjctivdy sup1K￿ts. Represenlativeg from the charity attend meetings and nelvKxkiru events d the Rcéd Bugness Fonjm The Chelsea knety and theym wth Ihe Royal Hospital, Chelsea and the Nati￿￿ Am)y Museum. The Ciredor sits on the Cc￿n￿1ttee of Lond( Gardens Ne￿ryk. vthose aim isto SUFWt arKI devekwthe skills and ¢1)p￿￿nities for prrAessional gardeners. Sh& is a Trustee of The L￿d(m Gard8ns Sc(aety. a thanty wl)ose is to stimulate piide ￿ London especially by ¢￿tiVating flo￿T$ and home gardens. She is a LIV￿nan of the w£￿thIp￿￿ Company of Gardeners arKI &ts c All intra.group transacthjns have tak￿ rAace in the nfyma cour4e d Iwsin855. Th8re are no other related paty tr￿s0¢t10ns r￿ulTing di￿Osure. ms and Objectlv•s Puryxb80 and prlndpal aclmtlos The thar1￿9 purposg ￿ Cknj'￿tp￿S of the cknarity are to der￿strate ts mwlicinal, econcrfnic. cultural and bvirLJ)menta of Frf￿ts to the sur¥ryva aThJ Th￿￿Ing d hJmankiNJ. CheLsea phys￿ Garden (2rries cmjt this charith purFK*e f(y Wb1￿ tenefil ty: maintsining dccumenled plant CcdleclK￿ In labelled and interweknj di4lays in an histcit botanic garden.. demonslraling the deyek)pM￿t of the Scien￿ and of hryt10￿1￿r0. botany aml rdaled disciplines through the historical role of the gwden,. arKI tKomotmg the inFxXta￿ dthg crKwvalim of plants arwj the natural en￿r￿menL The Chelsea Physic Garden Company (a company limited by guarantee) Dlrodors. roport for th• year ended 310Kemb•r 2021 Icontlnued) Ensuring our work d•livws our aims for lh• p￿11¢ b•n•fft The aims ￿ activities of the company as 8 charity we revithved each year. Public ￿gagement and the ns8rvalion and care of Chelsea PhyBic Garden's oJlthtKms are at the core rAthe tharivs ￿t￿lties. The annual review loL*s al %thal has been achiev&J and theoulcorro and impactof that th in th8 previous 12 months against the key performance indicatcKs m￿ltOred thr￿￿o￿t Ihe year. The principal perfomiance inthcalors relate to: ¢)verall nwnbgr of MsitOTS tr) the Garden and a(knissions incomw. total number d School LeaThrs: totsl number cl Leamers ￿ (krtreach and CcMnrThJnty Engag￿￿nI participants., number of partiapanls on Public Fryrammesand athty days., the numbef of Friends (rf the Gar￿. retail revenue: venue hire revenu8,' %￿bsite ant1 social rn￿￿a actrty. and fundraistrng aC￿￿ty to operatiNJ and ￿pital prc￿. Public b•nefit stat•m•nt The charity Trustees QMSKler that they have comtdiwj wilh their duty in s￿n 17 of Ihe Charities ACL 2011 to hove dug regard to PU￿1C Benefit guidance published by the C￿lty CLNnmiss1c￿ and that the benefits that tt)8 arity provides are not UnreaSona￿Y restridod. Th9 dire¢lgrs ensure Ihe charity delNers publr benefrt by: admilbng the public lo th8 Gard￿ on paYrn￿t of a mtsJ¢st admiS5w￿ ¢hargo: maintaining a Friends sdwie: providing a range of ￿arning and public programmes ￿ and off-&le'. working with pather organisalions lo identify groups that w(￿Id benefrt community membership access.. le and collections interpretati￿. publ￿allonS and digilal r8swrces", and providing guided Iwrs. vis1￿ semces and on-fine a(*￿. Our activities We aim to dem¢)nStr￿e horticultural and trmxanul excelerKe in the pre￿tstion of Ihe Garden, lthilst providing inleresting and accessible interpretalic￿. Wc*k ￿nI1￿je5 to maintain interest in the horticultural displays arbd ilsl the layout (rf the Garden largety unchanged. seas)nal Fdanting is introduL%d in order to interpret the collections and exterKI the seaw. main￿anCe and rgjecorali¢￿ wk ￿ntinueS. parti￿￿rty shcrt period of dosure in early Januwy. ￿￿ring that maintain #andards of prew)tsll￿} pending m?ior rdurbishmenl. NO￿lIhstandIng the conlirnmng impact of the COVIt>19 gkthl pa￿l￿1C vthith is detaled Lqter in thi8 report. the Garden has been abl8 to remain ￿en to vigtors 11 months of the year. six days a v*ek. altHt visit ￿￿elS are not al pre-pandefnic18vels. The Garden maintsins bngw openirvJ hwrs111am- 6pm} bets￿ April and Oclober and has evening openings Tuesdays arKI WednesAJays in July and AwJust staying Op￿ until 10pm. Saturdays are exdusvely reS￿d [￿vate lire. In 2021 the Garden Mekomed 55.335 visitors (35.583 in 20￿). The nunber d Fiiends al 31 t)ecemb8r was 6,639 an, increase of 110A on 2020. Income fr(fjn commwcial lettings fomis a ggnfficanl part of ihe charivs incLyne. lrfomMticm rdating lo private hire and lo the Garden's publ ic programme cl ath.ties 15 POSt&J on the ¥￿¥Site and is prcvnoled via the montNy nevtsl8tter. Venue hire and a range of Wb5￿ pro3ramme actsvIt￿ have taken place in line with the Govemmenl restrictions prevailiThJ Ihrwghout the year. The Chelsea Physic Garden Company (a company limjted by guarantsel DirKtors' report for the yaar •nd•J 31 D￿effib￿ 2021 (confjnued) Our •ctlvltl￿ (c(￿tinued) Th& Collab￿tiOn *fjth Beefeater Gin through the Lanth￿ GaNJen Gin [￿J(￿l and their charitatle donaticffl to the G8rden continued n 2021. The ￿reement vAth Octw Publshin9 o)ntinues and a second t￿￿ has bgen published undér the Garden's trajema The City Bridge Trust and the John Ly<￿,5 Chaiity h￿e con1*)￿] their wppcffl ts our leamiThJ outreach and engageM￿t prownmes and VR are grateful for their ￿￿tinU￿1 aThl vital SUFWL The Garden has ContiN￿l trj delivar kning ￿site. (rffsito and 0￿1n8. The￿ has been an increase in the ddiw of aclivilies through a Pr0￿me ofc£rnuiuty paTlnerships. The totsl number of sch(KA and community particApanl$ the year was 3,074. In a(kIiii￿ we welcomed a further 5.039 participants to c*+e of our public programme activitbes throug1￿t the year. ￿1¢h may have bewi anything from sunmer Outd￿ music ￿ the lawn, lo a family actimty day. a we(kthp on dM)Lxlate ma￿ThJ (Y a herbd remedies cwrse. Future vlsk•n As part of the preparation ¢debrat￿nS of the 3￿} anniversary of the Gard￿ in 2023. woth continues ¢ 8chieving the owall (knjecbves of updating the Garden's hc*tK>Jltural aThJ ￿MI￿j facilit￿$ and infrastructure 8nd to improve and enhance the overall accessikmty and fc* visit(￿. The first phase of this 1$ restwat1￿ and reurterpretats)n of the Garfen's VKtonan Glasshouses. In March 2021 the National Lottery Hwilage Fund (NLHFI awarded a Rc￿rKI Two DelNery Grant of £680,700. Detail prepaTatic*ts have been COM￿eted. contracts awarded to SFwalist ccmtractors arKI woths Lwin on site in January 2022. All the necessary funthrsing for the full ￿$1 of the proiKt {£2.8m) has been comFlel&J and the caiital and compreh￿1Ve actmty plans are also fuly furKl&J. Cov1￿19 The Garden has Contin￿ to owate and open in line wih gLIdar￿ thr￿￿￿( and il has not been necessary to ck>se Ihe Gafden lo wstors al any st&Je during Ihe ￿r. tlw6 r￿InS conshjerable caution Ihe IJ( and ovwseas {￿jri￿ marf(et R8strNXKYts have been li ptacs for muth ￿ th8 year on overseas travel which has affwaad the Nmber ￿ ￿sItC￿S. nclabty C(￿stra￿li￿j ￿lts. The nM)ve ol the RHS Chelsea FI¢xEr Show to S8Ptamtw (tr￿ May) did sw4e a Later seasLY) LKX)St to Gard￿ visits and venue hy&. Venue hye aclNity has continued to be aff￿t￿ because of reslrictions in plac£ cn numbers of guests. wal distanang etc. and this has aff￿led r￿me and l•J to canc&led and rearrang8d bc￿ng$. A larger number of smallw bookings have been accept￿ in crfder to g￿￿rat8 inLxrfng. The Garden's Caterr￿ partnersCH & Co. ramal)￿] lknblein resp￿)ding to thedifferentchangesin leg'dation relating lo f(x)d and drink venues and aNemalivdy clTer&J takeaway a￿1 Se￿￿. Trir trading perfoman¢* and cfmwquenty the Inc￿le by the Garden has twi aff￿￿ed. A 8oard and senhx Manag￿1&￿ l*-nKmttty lo tho p￿frn￿c8 aThJ finanaal stabllity of the company aKI its Ira(ling subgdiary. They the key perf0rnan￿ inthcators, all Ma1￿ income and eXp￿.tUre and mnitLYed dosely cath fltrw to that Ihe crAnpany and tradng subsdiary are able to meet their liabilili&s arKI can ￿￿t￿lue lo trade ¢ffi a bx¥ng bass. Volunleern The Gard￿'S team dvc4untews, pThdes in￿uatIO gjpport a¢mstr* tharity and we continualty l(Kik to (ffiver￿fy the activitw in they are invclved. In ￿21 8 Volunteer Davdwment Manager was aprKAnted, SUPF*Xt&J by the NLHF. They wll work *ith us to rfNer&fy cw r￿LI1￿ dv￿nIterS and ensure we t*lter train and support existirwJ arKI new volunteers. The Chelsea Physic Garden Company (a company limit&J by guarantee) Dlroctors. report for tho yw endod 31 Decwnber 2021 {conlinuedJ Fundralslng statement Section 1628 of the char￿8$ 2011 requires d)ariti8s to make a statement regarding fundraising &tivities. Although we do not current￿ undertake tmdespread furmlraising from the general public, the legislation defines lundraising as.soliciling or otherwise procuring mcney ￿ other property IC￿ chariiable purp)ses." We have an on- line donation page for the general public to make d(￿al￿$ to fvndrai&rvJ appeals. induding the 'Holhouse Challenge, for the Glasshouses wiect. At 31 December 2021 £36.471 had been received fcrf this and clher rrfc4ecls via the web%le. Suth amounts r&aved are presented in our accounts as knluntary ir*come" and include legaues and grants. In relation to the above we confimi that all solicitations are managed int8malty, wilhcmjt invclvement of commercial P8ttcipalors. wofessiC￿al fur￿-raISers. ￿ third parties. Th8 day lo day managem8nl of all income generation is delegated lo the senior rnana￿e￿t team. are ac£ounlabl8 10 the Trustees. The charity is not bouThJ by any undertak11￿ to any T￿lat￿ scheme huHever the tharity voluntarity fdlows The Ccth of Fundraising Practi￿. Th8 charity has receNed no complaints in We￿￿0￿ to fLndraising activities. Tha charity monrtors the actiwties of its ployees including those respons1￿e for fuThJraigng 4wth regular reports Fwared for Trustee& Prlnclpal Fundkng Sources In¢(￿e is principally generat￿ by the chaiity frun dwging VI￿tors, admission to enter th8 Garden. frL¥n annual subxriptions frL¥n Friends of the Garden and frcffi the public prDJramme. In addition, the cC￿merCIal activities of CPG Enterprises timited make a sNJnrficant contribut￿￿ lo the furKling of the charity. The charity also hcAds long- temi investments in the form of an End0vm￿l Fund. This end(A•Anent fund was established between 198>87 fr¢Jn a fvndraising appeal 8ttraded frc¥m a of scNJrces. The Trustees have detemiined that the fund is experKlable wth ￿th c4xlal and incL¥ne b￿"ng available to US8 at the Trustee's di8cre11L￿ in support ofthe Charity's Al 31 De¢￿T 2021 the furKI value vms £4.049.456. Trust Major Donors 2021 The Garden is fortunate lo have the SUPPLVt of a numbw of Charitable Trusts and Foundations together wth many indimduals who make d￿ationS 5upporb.ng cawtal Wc￿kS and the tharity as a whole. In 2021 syants were received from the fLllowng gen8rous donors= Gen8ral Cadogan Charity Culture Recovery Fund Drapers, Company Garden House School John Lewis Partnership Joseph Rochford Gardens Ltd Pamela Matthews Charitable Trust Peter Slorrnonlh Darkng Charitable Trust Slonewall Park CharIta￿e Trust Tanner Tnjst Horticultural Education Horticul Barbara Whalmofe Charitable Tntrst The Ironmongers, Trust Ctynpany The Finnis Scott F￿ndation Lord Levefhulme's Charitsble Trust Stanley Smith IUKI HortKullural Trust ral Train The Chelsea Physic Garden Company {a ￿Y limited by guarantee) Dir•¢tors' voport for tho yew end￿1 31 December 2021 (conllnued) Trust Major Dor￿T3 2021 {¢ontinu•d) Learn City Bridge Trusl D'oyly Carte Charitable T￿￿1 John Lyon'$ Charity Kusuma Trust John Swre 1989 Chwitable TTh￿t R U 8 White Charitable Tn hou • Restoration Pro'4¢t National Lottery Heritage FLW Garfield Weston Foundation John Armitage Charitable Trust John Balgon Legacy Esmée Fairbaim FoundatK With speclal Ihanks lo Th• John BrrMm• Charit*l• Tntst and the 2021 Hothouse Challenge Donors Including: Sir Richard and Lady Aikws Amanda Bishc Brihvell Trust BroU￿tOn Famdy Charit8tde Trust Flthard Broyd OBE Mr Colin Chisholm Ann Clc4(e Mrs V Coral Ms J Coussmaker Lord Lady Davies of Abetsoth Profes￿ Dianne Edwards Anita Fairbaim Mr Peter Gregory Sir H8nry and the Laty Kewryc* 'chard Mansdl-Jones Nghi Nguyen Dr Stefan Paelke Sir Simon Robey Leslie and Walter Rogws Paul Roy Lord and Lady Sa5S0C Mr Martin Schoemig Lulu arKI Ed SiskirKJ Sloano Stanley LLP FM)na Squire and Gwff Squire 08E Lady Henrietta St. George Debcffah Swall(fftw Ken Watters and Robin wil￿r￿On James and Sarah Williaffls And all our dcn(XS Vlffio *rysh to r￿ain *￿Y11￿xts. The Chelsea Physic Garden Company la coMp￿Y limrt&J by gu8ranl8e> Directors. roport for tho y•¥ •nd•d 31 D•c•mb•r 2021 (contsnu•d) Inv•stm•nt Policy The directors have congdwed the mosl apprcyiate pcAicy for managing ts charit￿$ endThwrn￿t ftjnds and Unrestrict￿ reserves. They have dele9aled management of these funds to a SKwialisl fund manager, S8r8sw) & Partners LLP. The investment mandat8 Set fLY the furbj marbager is to provhje a b8vd of annual to support the nJnning of the tharily. whilst also koking lo xhieve b)ng temi gr￿ of the furKIs. Reserv Total funds al the year-end amount to £7.099.0881))Xl: £4.981.3861 of £1,926.696 (2020: £479,789} can only be used for parti￿lar restrided purposes as stiwlaled by the dcmors. Tr assets and liabilitigs attributable to the various fvnds are shown n notes 18 and 19 to the ffinan(i* statements which aso describe the various funds of the charity. Unrestricted funds arnount to £5.172.392 12020.. £4,501,597), of £509,606 (2020 - £950.8001 is freely availabl8 as the i*r8Ctors consKler the EThJy*menl furnjs of £4.049.456 {2020: £3.300.797) to available only in exceptional circumstsnces. The charity rdies the inf3)me g￿￿ated Ir£￿ these long temi investments land also from its own activities) the day lo day upkeep of the Garden and fcf Ca￿ts1 grovAh to ensure eonb.nued income generation in future years. The diredtys revtww annudly thg reserves poliw aThl have sot ￿ tsrgellgvd of froe reserves at the gauivalent of operational expenditure over the next three months whth ￿Vate$ to £528.493. The freely available reserves of £509,6C6 equate to a little under3 mcmthsof expendrture reseNe and are therefore broadly in line with this reserves policy. The dir￿torS wll be undertaking a revi&v of the chaws reserves pcdw in 2022. Financial rnvi•w The results for Ihe year show net sury4us (rf £1,869,043 before gains on investrnents, compared with a net deficit of £40,724 in 2020 and a nel su￿uS {after unreali5ed gains) of £2,117.702 compared with £124.616 in 2020.After a year of uncertainty ￿ause of the impact of COVID-19. the batance sheet shuws a p05ilNe position. in all the arcumstances. in part due lo grant applications and a wccessful business inlerruptK)n insurance daim. The Garden's trading subshliary. CPG Enterprises Limited. sh(Thved a pre-tax pr(￿t of £95.144 {2020.' £15.1691. before a donab.on under deed of Cov￿ant was made lo the Garden. Income from ￿ttir￿j rrx)ms arnl exlemal evenls in the Ga￿en is £308,97212020: £64.745} whth is 14% {2020 - 4D/ol of totsl income. The income received the Friends relat￿ to the renewal of annual subscriptions to the FrierKls' scheme and the makir@ of new Friends clthe Garden genPAal￿ an bncome of£385,82212020'. £272,030). Total expenditure of £1.681,338 decreased by 6.plty (2020 - £1.801.9)4}. The ¢JgThises were in horticultural. emises. professional fees and administral1c￿S cos The Chelsea Physic Garden Company {a ccrfnpany limited by guarantee} DSw•ctoTr' report for th• yw •nd•d 310￿9Mber 2021 (continu•d) Golng COn￿M In assessing the inpa(* d COVitk19 The Chdsea Gard￿ Company ￿0up. the D￿￿torS have considered all the matt&s desLYiW in the DirecloTS' ReporL indudThJ the group's operalK)ns. the impact on subscriptions. dc￿all￿S. and other trading actiwtses. as well as the impact cm the group's ￿Yestrn￿t portfolio. In particular. in order to supwt the Directijrs. a5sessnent of the suslathialylity c* fhe group's activbties. managem￿1 continues lo prepare quart* Cash-fiow forecasts b8*J ffi actual ￿￿￿rManCe against budggt fc￿ the 2022 and to make assUmptir￿S through lo the erKI of 2023 that rdlect possible scenarios based on current perfomiance and Ma￿et pr￿liCI￿n$. Th& analysis urKlertaken shows that the syL￿p remawis cash FM)sitive thrcughout wth(yJl need to liquidate any of the charty's Invest￿ prXMo￿o. CPG Entry1￿ Ltd. is the 0￿ed gJbswJiary whith utNJwtakes r*rtain c(Mnmwoal trading &11￿1￿$ of the p. In asseswng th8 orMJoing impact of COVIt>19. the Drna￿S have revi￿￿j the likely levels of actiwties over the next 12 months. 2022 venue hire booking are at the maximum capaaty the Garden can fulfil wlhin the annual calendar and retail and Cater1￿ all FWI0￿Ing l￿dty in li￿ with bUd￿t5. The directors are therefore confident of future trading cMditic*)s. A separate monlhty caSh-IkMtf￿￿ast continues to be prepared lo reflect actual against budget which shows a pO￿live ￿5h IkMI ￿Ing f￿81￿. Prwded that trading xtivtties ￿lina￿tY ￿dertaken by CPG Enterprises Ltd continue the tradir¥J company ranains a uK)ing Ix)nc*m throughoul. At the dale of signing of these financial statern￿ts. Ihe directors. forecasts indute thal Ihe Grrwp will be at48 10 maintain liquidty for a Peri(￿ of at ￿ast (Th year the date of signing of th8se finarKial statemgnts and will therefore be abl8 to continue lo trade as a ging c£rfwn. The directws thwefrye consider that no material uncertwnty exists in relats'c￿ to going con(xn for the Group. Charlty Gov•rnanc• Cod• The Board of Trustees is conNnitled to g)vwce a￿1 to lis WKI the d￿rity's conllnuous Improv￿ent deliverir4J its purposes most eff8thely for th8 pubk b￿fil The charty is in the prccess rA the C*arity c￿[￿te Governa￿e Code aThJ is ￿lSid￿1n9 bthether lo implemnt any changes n resp￿Se. Plans for Futurn Pwlods In anticipation of the Garden's 350 annIve￿ry n J)23 the charity cArtinues work on the devebprn￿t of the proie¢l's aims lo aCh￿e imwovem*ts lo ar)d refurtithmenl of the visitor. hort1￿ltUral and leaming facilities and Infrdslruc*Jre aThJ to imwO￿ aTrJ the overal rniblty and eXper1w￿ fcr wsit(¥s. Th8 ftst ph8s8 of trms prLiec* is the reslotatKm arKI rwnlerwetation of the Glassh￿Se5 al cost of £2.8m. The Naticfflal Lottery H*e Fund have awar￿ a Defivw Grant of up to £680,700 ltyvards the overall ¢x)sl. The total amount raised or p18dged the Glassh(yJse pr(l￿t w)duding the delivery of the capital and actiwty Fwrammes is £2.739.￿2 (£100.Cth of thbs was r￿￿¥￿ed after 31 2021). Ther8 has been no long tenn impact of COVIc￿l9 (m future plans as m051 of th8 V￿￿k either has already been achieved cff the capitsl w(xk$ are yet to 5LIrt cffi *te. Oiher capital wr4ecls we mcthst in nature and only (￿MM￿ TAI)8n all pla￿ to mget the full cost of the 8(*vity. Cart)on Footprlnl During the devdopmenl ￿88 of Ihe Glasshwso wo1￿1 the Garden devehjwl a Sustsinability FTames Ihrough ￿1¢h it evaluated the delivernbles the repair iMprovem￿ts to the Glasshouses. It Is proposed Ihal this Sustainabilty Framthtvk whth covws ac￿$￿)11ity. wergy. 4fdter. mal8riaL8, waste and pC41utiC￿ t* further developgj to provth a by vthith the Gafden can tracK reduce and rr￿tigate its environmental fcrf)Iprint. 10 The Chelsea Physic Garden Company la u)mpany limited by waranle&> Oir•ctors' report tor thg y•ar Mded 31 DKombw 2021 (witsnuqd) Recruitment and Appointm•nt of the Board All members of the Board give tt￿1r ts.me vohjntarity recave beneffts from Ihe chartty. Any expenses reclaimed from Ihe chanty are sel oul in Note 9 lo the fi￿ar￿la1 slalements. The Nominations and Appjinlmwts C(xnmittee is tharged wth settiThJ and regularly reviewing Ihg requisite skills and ￿mpetencIeS for board members and members of committeegjpanels. undertaknng rowitment searches and recommending appointments as requirgd lo ensur& Ihere is an appropriate mix of skills. Fryjr new dir8¢lors hav8 been appoinled lo the Boafd in the course of this year and a pr(Less lo idenlrfy the skills r&Juired was undertaken beforehand as they will replace directors who slarwj dcvm in the course of the next iwo years. Skills idenltfied as being necessary included major capital project management. legal and charity goveman(x exwience. as well as thgital and marketing skills. In additKm. r￿e ne4V director has been apwnted lo the Board of CPG Ent￿￿15¢$ Limited. Trustee Induction and Trainir¥J New Trustees are invited and encouraged lo attend al the Garden to familiarise Ihemsdves with tha charity and the conlexl within %thich il Lyerales. inclLKJing meelirffj with senior management and takirrfJ tours with the volunteer Guides. An induction day was carried out newly aFwnled directors. They are inwled lo attend the main Spring brieling 8fKI the subsequent quarterfy staff and volunteer briefing sessions. Pay poli￿ of senior stsff The Remunerati￿ cL¥nmItt￿, is resp(￿sible fLY annualty revi&wing the pay and c(KKJitions of stsff and volunteer expense remuneration. Benchmarking is undertaken within the relevant sector of all vacant Toles prior to re- advertising. A bi-annual benchmarking pr￿3Mme is undertaken for all roles wlhin the horticullural seclor lo ensure that Ihe Garden's pay and conditions a￿ Ni line wilh comparat4e organtsations. Risk Managèment The directors aclively wew Ihe major risks which th& tharity nwghl face. in parb'cxjlar those rdating to govemance. reputation. operati￿$ and finance. As part of the risk MOnrtc￿ftg infrastructure the charity maintsins an active risk register, busines5 continuity and disaster ￿an. The charity annualty reviews ils insura￿* provision indLbding th8 type of ￿Ver and overall levds of cov￿. The Board puts great emphasis ¢)n aclive rrwiit¢ying of the financial risks for bcth the charity and its subsidiary induding the liquid ftjnds lo settle (Jebls as they fall due. the active management of trade debtors and creditr balances and ￿SUring sufliuent w(*king capitsl is available to the charity and ils Sub￿diary company. The directors bel￿e Ihat maintaining free reserves at Ihe levds slated above, ccKnbined wlh regular reviews of Ihe controls over key financial systems. wll prowde suff￿ent prOteCiK￿ for the charity in Ihe event of adverse operats'ng conditions. The risk ass(￿lated vAth Ihe impacls of COVltk19 Pand￿1C have been ￿thI10red closely by management and reported regularty to Trustees. induding the effect chty's abilty to ddiver ils Publ￿ benefil agenda and up lo dale information ￿ the cash fk)w position. The d1￿clOrS h8ve ¢on&dered wthere there are any risk5 as5cciated wlh the ￿gOIng crisis in Ukraine and wll ts)nlinue lo monitor and miligale the limited impacl this may on Ihe Garden's operations induding but not limited to supply chain. infial￿nary pressure and cybw security. 11 The Chelsea Physic Garden Company (a ￿￿panY limited by guarantee} Directots. rèport lor the yw 31 D￿￿ber 2021 (continu￿) Provision of inforrnati￿ to auditors Eath of the persons are direCtc￿S at the th'me the Dir&tcts' report iy apwrowj has confim)ed that: so far as that direct￿ ts aware. there is relevant audit infcKmation of the compan￿$ audilor is unaware: and that the director has taken all the steps Ihal ought to have been taken as a director in order lo be aware of any fomiation needed by the companls auditor in wilh preparing h"s repL¥t arKI lo establish that the companVs auditor is aware of that inf¢ymalK)n. This report. induding the stralegc re￿1. was approved by the Board on gned ils behaff by.. Izmrt 2022 and n.tJ. Michad Prideaux Director Cc4in Chishc4m Dlrector 12 The Chelsea Physic Garden Company {a ¢x)mpany bmited by guarantee) Directors. responslblllties statemont for th• y•ar Ind￿ 31 DK•mb•r 2021 The dIreCt￿S are respon￿ble for preparing the Directm. reF*Yt and ￿ financid statements in ac￿dance with applicable law regulations. Company and charity law requires the directors lo prepare fina￿la1 statements for e&h financial year in accordanc* with Unl￿1 KingJ(Kn Gen8ralty Aceeple(J ACC￿n1•ng Practice (United Kingdom Accounting Standards and applicabl8 lawl. UrKler company and tharity law ￿ diwlors musl nol approve the finanoal statements unless they are satisfigd that Ih8y give a Inje arKI fair view of the state of the affairs of the group and parent charity and of the incoming resources and apFAic2tiC￿ of resources, indLkYing its inccme and exFwditure, of the group for the year. In preparing those financaal statements. the di￿a￿S are Nuired to." makeju(l3￿&ts and &I￿ntir13 edimates that are r￿nable aryl pnNkn( aNI prepare the ￿n0￿1￿ sta￿entS(￿ SKir4J twis ￿18Ss it is irkwrowiale lo presume Ihal the charity will c(mtinue ￿ business. The dimtors are respc￿sIble for keepKwJ adequate accountry reGor(ls that are wfficxent to show ewain the tharitYs IransacthJns and disclose with reasonatAe accuracy at any time the finanoal position of the group and parent charity aThJ enable them lo ensure that the finanaal slalements (a)m￿Y ￿￿th the Charities Act 2011 and Companies Act 2006. They are also resph￿Sible safeguardiThJ the assets of the group arKI parent charity h￿ce for tsking reasonable steps fcf the pre￿ts.0n and detection offr￿d aTrJ other irrylarities. 13 The Chelsea Physic Garden Company {a ￿rnp￿Y limit￿1 by guarantee) To the Dlrectors of The Cholsea Physk Ganlon Company for th• y•ar ended 31 Decombw 2021 Oplnlon on th• flnancid statom•nts In our opinion. the ffinartial statements. gNe a true ￿ fw'r 4ryf4V of the state of the Gr0￿'S the Parent Charitable CoMp￿Y'S affairs as at 31 December 2021 and of the GroLV'S incomiry re5c￿￿e5 and appl￿81￿ of resources for the year then ended: have be￿ wcyly prep*èJ in acxc*dance *lth Unit&J KingJThn Gemerally Awept&J A(xounllng Practice: We have audrted the finanrAal stalanents of The ￿￿1$ea Phw Garden Company I'the Parent Charitat4e Company") and its subsKliary fthe Groupl for the yearend8d 31 December 2021 whith cOrr￿rIse the consolidated aNJ charity parent balance sheet. the ststefflent of consolidated cash flows and notes forrThng part of the finarrial statements. induthng a summay crf significant ac£ounting pc4icies. The financial repcrtirvJ framework that has been epplied in their prepar81K￿ is applicab￿ law and United KIn￿)rn A(xx)unting Standards, induding Financial Rep(xtiThJ Standard 102 Th8 Financial RefiK¥trng Standwd a[￿Kable in the UK and RewblK of IrelaTrl {Uniled KiThJdom Gweralty Accepted Acc(￿ntIr￿j Prac*ce). Basls for opinion We Conduct￿ wr audit in wxdance Intemal￿al Standards ￿ A￿lIting (UK) IISAS {UKII and applicable law. Our responsibfiities under Ihosg stand￿S are further described in the Aucllorfs resp)nsibililies for the audit of the financial slalements sectth of wr reFxxL We believe Ihal the autht evwjence have obtained is Su￿leftt appropriate to provide a basis for ow Independ•nc• We ra))ain iThJependenl ofthe Gr(wp arKI Pwent Chari18ble Company in ac￿anr￿ the ethical requirements that are relevant to our audr( cl th8 financk41 statements in the UK W￿lu(￿n9 the FRC'S Elhical Standard. arKI we have fulfilled our othw elhic8J respc¥)&biliti8s in ￿>d￿0 ihese requiremènts. Conclu$lons rglatfjd to going conc4m In audrting the finarKial stat￿￿nIS. we Iwe conduded that the Tntstees. use of the gciThJ corKem basis of accounting in Ihe preparation cl the finanoal Statwn￿ts is appropriale. B8s8d on the wcrt we have perforrnaj. havè not Kjenlifi￿I any malerial un¢ertainlie5 relating to events OT conditions that. individualty or c￿e¢l1ve￿. may cast SW￿lf￿ant d￿bI the Group and Ihe PaMt Charitable Companls aknlity to continue as a concem a p￿1(X1 crf at least mc￿th$ fr(Kn when the finanual slalem8nts are authorisay for is%Je. Our reS￿sibIlItieS and the resp(miL¥frtias of the Tr￿leeS with resped to sring ¢CAK¢m are d&scit)ed in the relevant ￿tiOnS of ths reFMrt 14 The Chelsea Physic Garden Company la ccffipany limrt&J by guarantee) xlewndenl audltor's report (contlnued) for the y•ar ended 31 December 2021 Oth¢r Inforniatlon Th8 Trustees are resp(msibl8 for th8 other inftyma1l￿. The other inf0mia1i￿ u)mprises the information included in the Consolidated Report. other than the financ￿ statements arKI our audrtorfs report thereon. The other information comprises.. the Directors, ReporL Our lyn￿ on the financial statements ¢kns not eover the other information and, excepl lo the extent othep*ise expl￿tty slaled in our repcrt. we do not express any form of assurance condUsic￿ th￿e(￿. Our resFonsibility is to reay the other Inf￿1￿)￿ and. in doing so. rA)nsider whether the other infomiation is malefi￿lY In¢)￿$1$lenI with thefin8ncial stslements knovledge obtsined in the Course of the audit, orothewse 8ppe8fs lo be Material￿ misststed. Ifwe identify such material inconsislenues or apparent material misstslements. we are requir￿1 lo del&mine vthether this gves rise to a material misststwnenl in the financial stslements themselves. If. based on the work we have performed. we Ly￿Ude that there is a material misstatement of llis olher InfO￿nation. we are required lo r￿)￿ that fact. We have rnthing lo repKYt in this r￿J￿d. other Companiw Act 2006 r•porting In our opinion, based ￿ the work undertaken in the cC￿T58 of the audit.. the infomiation gr4en in the Trustees, Report. which includes the D1￿ctors. Rerort and the Strategic report pr8pared for the purposes of Company Law. for the finanaal year for whtth thé financial statements are prepared is ¢￿S15t￿l with the financial Stat￿n￿ts. the strateg￿ report and the Directors, Report. whth are Ind￿ in the Trustees, reprKt, have been prepared in accordance Vlith arp1v￿e b3al requirements. In Ihe light of the knovledge and understsnding of the Grwp and th& Parent Charitsble Company and its environment obtained in the cwrse of the audiL have not Klentif*d material misstalemenl in the Stratss•c report or the Trustee's rewrt. We have nothing lo rewt in res￿ ofthe fcAlcA¥ing matters in rdation to whith the Companies Act 2006 requires us to rwt to you rf, in o￿nI￿,. adequate accounting r￿ordS have Tr)t kept by Parent Charitable G)mpany. or retums adequate for r audit hav8 not been ￿1V￿j from brand￿ fK)t viglwl by us: rx the Parent Charitable Company ffinarKial statements are not in agreement V•ith the accounlirrfj records and retums" or certawi disclosures of Directors. remuneratic￿ SPec￿d by law are Th)t mad?.. or we have not receNed all the inf0M￿tK)n and explanations require for cmr audit. Responslbllltlos of Trustees As explainod moro fully in th• Dir•ctorn' rospon$ibilities 8tatem•n( the TnKtoeB {who arn a160 tho directors ol th• tharitablg cornpany for th• purpow of company law) are r8spon$iblg lor th• proparation of the financial statements and for being satisfi•d that they giv• a true and fair view. and for such int¢mal control as the Trusteey detemilnes Is necessary to enable the preP￿tIon of fln•Klal statements that are freè from materlal mlsstatement. whether due to fraud or error. In preparing the financial Statements, Ihe Trustoes ar8 responsibl8 for assessing the Group's and the Parent Charitabk Company's ability to ¢￿tinUe as a gryng concem. discb)sirrfJ, as •plicable, matters reLAled to going concem and using the going concern basrs of accounthg unless the Trustees either intend to liquidate the Group or the Parent Charilable Company or to cease operaticms. or have no realistic altemative but to do s 15 The Chelsea Physic Garden Company {a c4xrwany limil&J by guarantee) IrMl•pendont audltor's T¢￿rt (continu for th• y•ar *nd￿ 31 D￿emb￿ 2021 Audltorfs r•spon$lblIi¢i￿ ft>r th• audit of th• finan¢i•l ¥t*t•mMts We have begn appcinted as wJdit(Y urthr the Ccffnpanies Act 2006 and rekKYt in ￿¥danc$ th8 kt and rd8vant regulations made or having effect therwnder. Ourotiectives are to obtain reasonable asgjrance at#xrtv*hethwthe fin￿claI statem￿ts as a are fr89 from malarial misstatement. ￿ether thJ8 to fraud or error. and lo Is$￿ an auditc¢s reFQrt that includes our cflinic￿. Reas(mabl8 asswance is o hi￿ 18vel of assuran￿. but is not a waranlee that an a￿111 ¢C￿d￿cted in accordance with ISAS {UKI will ahvays deled a material rrwsstatement when il &￿SIs. Misstatements can arise fr(￿ fraud or emr and we considered Mat￿la1 rf. individudty or in the aggregate. they r6af4)nabty be ewled to influence the 8CCK￿l￿1C deci&ons of users laken on the basis of Ihese finarKaal statements. Exten¢ to T*thich th• audit wa¥ capa>h of drtectlng Irregularllles. Includlng frwd Irregularities, ￿￿ling fraud. are rnstances crf nen-(xffipliance V•ith l&vs and reg￿atIonS. We design procedures in line ourreswnsibilities. ¢yJdinaJ at(Ive, to detect material misststements in respèct of irregularities. ind￿lIng frajd. The extent to wthlL* wr w￿lureS are capable (rf detethrvJ irrwJularibe5. induding fraud is dgtailed below.. Based on our undwslanding of the charitabl8 company and the sectcy in r( operates. we ifjentffied Ihal the principal laws and regulakns that diredty affect thè financaal $tstem￿ts. We assessed the extent cl compliance wth these laws and regulat￿ as part of wr pr￿&JUre5 the relal&J finaniia statement items. We ccmsidwgd the charitable company's aSSessrb￿t of the risks that irregulariti8s may (KxyJr as a resuli of fraud or err￿. We also Con￿dered the risks of nCTrc￿p1lance wlh other requ￿nents impowj by th8 Companies H￿se aNJ Charity Commission. arKI consdered the exla)t to *t4ch nc4Trcompliance might have a material effect on Ihe financial statements. In addition. the charitable company is ￿bJ￿1 lo many laws arKI regulat￿$ wl)ere tha C￿SequenCeS of ncffl- mpliance could have a malerral eff&a IM amounts or thscbsures in the financAal stat￿tS. for instance through Ihe imposition of fine5 or litsgathjn. We identified the areas as Ihose mosl likety to hav8 suth an effect". employment law, fun(Jraisng regulat￿. data proteckn and heaNh and safety legislation. Auditing standards limit Ihe required au¢Jil procedures Io nor1-￿￿p1lan￿ wlh these laws and regulations to enquiry of the Trustees othw and In￿tir￿ of rVIat￿ aThJ bwjal (￿reS￿rth￿ce rf arw. We urKlerstood h¢yw the ¢tharitab￿ company is txffiptying *ith those legal arKI regulatory fraMthvc￿ by making uiries to manag￿￿ent and tIM)se resFrfmSitAe for W and prc¢edures. We ccfftib￿ted c4Jr erwuiries throu￿ ¢JJr revivw of minutes and caxlespcK￿ ￿￿th HMRC and the various tsity regulators. Jr tests induded ageeiro the finwKi81 statwnwl digknire5 to S￿)ort￿￿ dr￿uM￿talk)n, enquiries of the Audit Committee and rnanag￿enI, and a review of minutes of meetings of those tharged govemance. We made enquiries regarthng any matter5 Klenknfied as a Seritws Inci(lenl as rep￿abl& to the Charity Commi￿On of England and Wales. We also wlormed analy￿￿1 W&￿UreS to hyentify any unusual or unexpected relationships that may indKate risks d mknial misstatement due to fr•A. We thd not ickntfy any matters Telating to r￿ularl￿¥. indLKling fraLbJ. As in all cl our a￿￿rts. we also addressed the risk of manag￿ent ovwride IA inlemal control& indudir¥J testing I￿rnal$ indudiNJ those vthith potentially impact remuneralion and ¢)ts F*f￿manCe targds and evakJatiThJ whether there was evidenee of bias by management or the Board that ryjresenbj a risk crf matwial misstatement due lo fraud. Our audlt prC￿dureS were designwj to respryKI trj risks of material rnis51alement in the financrdl statements, recognising that the risk of not detect•)g a matwial misstalem￿I (Kjo tofraud is higher than the risk of not dete(*'ng one resultsng frcrfn error. as fraud may invdve dditaate ccWxlm￿I ty, eXaM￿e. f￿y. misrepresentatitins or through collusion. There are inherent limitations in the audit w￿￿JureS perf0m￿l and the further Temoved non- (£¥npliance %*ilh laws and rgwlat￿s is fr(xn Ihe e¥￿ts arml transactions reflecbj in the fIn￿Cial statements. Ihg less &kely we are lo b￿￿ne awwe (rf IL 16 The Chelsea Physic Garden Company (a company ￿'M1￿ by warantael Independent audltor's report (continued) for the y￿r onded 31 Dècèmber 2021 A further description of our respMsibilitw f(Y ts a￿JIt of the fmancial Staton￿1$ is at the Financial Reporting Counul's f'FRC'sl website al: hl -fic. . This dexn"ptKJn forms of our aL*JIt￿.$ report. Use of our rnport This report is made sO￿ty to chai11￿le c(mpan￿S m￿nber$. as a tKrt*. in accordance ¥￿th Chapter 3 of Part 16 of the Companies Act 2006. Our audit wcrfk has t*en undertsken so that we might stsl8 lo the Charitable Company's membeTS those matterswe are Tequired to stale to them in an auditor's report and for no other purpose. To the fullestextenl pemiitted by law. we do notaccopl or assume responsibililylo anyone other than the Charitable Company and the Charitable Company's members as a boty, for our authl work, for Ihis report. or for the opinh￿s we have formed. D￿U¥￿3n•d by.. 8C8Ct5A11E97446 Fiona Condron (Senior Statutory Audilor) For and on bghalf of 8DO LLP. slalLrtcwy auditor London, United lQngd(¥n Dale: 15 June 2022 BDO LLP is a limited liabilty partnersl¥p rei¥stwed in England and Wales (with wstered number OC305127). 17 The Chelsea Physic Garden Company la CoMp￿Y lirNted by guarantee) Consolidated stateffl￿t of fintin¢i•l actlvllles (Includiry consolidated incom• aKI expendlture account for the yew 31 tlecemb•r 2021 Total 2021 Total 2020 funds Incom• from: tkThtKJns arKI IyKies Other trading activili8S Charitable activities Other inc(Kne Investments .S75 643.838 621.914 175,336 123.115 1.203,653 1,986,228 643.838 621.914 175.336 123,115 977.222 200.685 403,538 47.752 131.983 Tolal Income 2,346,778 1.2016S3 1550.431 1,761,180 Exp•ndilur• on: Charltsble activities Raising funds 1.154.078 295.110 .746 1,360.824 320,564 1.S04.099 297.805 25.454 Total •xp•nditure 1A49.188 2￿746 1,681.3BB 1.801.904 Not incomellexpendlture before galns. losses and transf•rs (25.454) 9K907 1.869.043 140,724} N81 gain on investffthts 13 248.659 248.659 165.340 Net surplusl(defldl) t)￿1￿ transfers 223.205 996,907 2,117,702 124.616 Transfers bel*wn fvnds 18 {775.454) 525.454 2￿.[MN) Not movement In furMIs 122.136 748.659 1,2K907 2,117,702 124.616 R•conclllatlon of lunds Total fund5 br(MJ￿1 fornvard at 1 January 2021 18 1.2(M),8(Xl 3.YJO.797 479.789 4,9B1.386 4.856.770 Total funds carrled forward at 31 Dacèmb•r 2021 18 1.322.9 4.049,456 1.726,696 7,1)99.088 4.981.386 I resu￿$ are derived frLYn L?mtin￿rQ ￿b￿l￿e& The group has olhw rwiswj gains and b)sses ott)er than thc6e slated above. The notes ￿ pages 22 to 44 fcrfrn part of these finanoal statem8nt& 18 The Chelsea Physic Garden Company (a ¢x¥npany limit&J by guarantee) Consolidated balance Sheol at 31 00￿mb￿r 2021 Company number 01690871 2021 2021 2020 2020 Fixed assets Tangible assets Investments 12 13 249.605 3.300.797 4.049,456 4.353.886 3,550,402 Current assets Stocks t)eblofS Cash al bank and in h￿d 14 15 23 29,990 76,344 3.068.775 22.575 52,041 1.831.333 3.175.109 1,905.949 Crgditors.. amounts falliry d within one year 16 (429.907) 474.9651 Nfrt current assets 2,745.202 1.430.984 Net assets 19 7.099.088 4,981,386 Funds unr8striclwJ-. Gen8ral Designated Endowment funds ReStr￿ted funds 18 18 18 18 7S9,606 563,330 4.049,456 1.726.696 950.800 250,000 3.300,797 479.789 Total funds 18 7.099.088 4,981,386 The fin8nci81 statements were approved and authorised issue by th8 Board and ￿thoriSed for issue on 11 NA 2021 Michael Prideaux Director Colin ChishcAm Dlrector The notes on page$ 22 to 44 fomi part of these finanoal Stat￿ents. 19 The Chelsea Physic Garden Company (a wrnpany limited by guar8nl&l Charity balance sheet at 31 December 2021 Companynumber 01690871 2021 2020 2020 Fixed assets TangitA8 assets Investments 12 13 302.644 4.049.556 247,372 3,300,897 4.352.200 3,548,269 Current assets Debtors Cash at bank in hand 82.601 2.902.75S 25,339 1.758,117 23 2.985.356 1,783,456 Creditors". amounts falling due within one year 16 1243.146) {355.017) ￿rr•Trt assets 2.742.210 1.428.439 Net assets 19 7.09£410 4,976,708 Funds Unrestricted: General De￿gnated Endowment funds ReStr￿ted fvnds 18 18 18 18 754.928 563.330 4.049.456 1,726,696 946.122 250.000 3.XIO,797 479.789 Total funds 18 7.094,410 4,976.708 As pemiitted by section 408 of the Companies Act 20￿. the Parent Charitable Company's profil and k)ss account has not been included in these financial StsleM￿ts. ￿ surplus for the year was £2.117.70212020.' £124.616). The finanrAal staterr￿ts were a￿V0¥&I authc¥ised issue by th& Board and authon.sed for issue on G).Ii 11 MAY 2011 Michael Pridoaux Dlrector Cdin Cknithokn Dir•ctor The notes on pages 22 to 44 form part of these finarmial StateM￿ts. The Chelsea Physic Garden Company la ccrfnpany ￿MIled by guarantee) Slatemtht of cons011dat￿ cash flows at 31 Docember 2021 2021 2020 Not• Reconciliation of net incom• to cash flovra from OFwallng acliviti•s Nel movemenl in funds Gain on investments Inveslmenl inccyne t)epreciakn'on Ilncreaseydecrease in debtc (Decreaseyincrease in creditors Ilnc¥easeydecrease in slc 2.117.702 1248.659) 1123,115) 25,346 1243031 145.0581 (7.41S) 124.616 {16S.3401 {131.9831 28.985 69.734 115.376 21.536 Cash Ilow¥ from op•rating activltl•s 1.694.498 62.924 Cash flows from Invègtlng actlvltle8 Investrnenl income Purchase of investrnents Disp0$81 of investment5 Purchase of Fwty. plant and equipm￿1 123,115 1500,000) 131,983 13 13 12 500,C(10 (80.171) (457,056) 631,983 Increase In cash for the yur 1.237.442 694.￿7 Cash at ￿InnIng of year 1,831,333 1.136,426 Cash at •nd of yvr 21,22 1068.775 1,831,&33 The notes on pages 22 to 44 fcrfm part ofthese fin￿lJI ststwnents. 21 The Chelsea Physic Garden Company {a company ￿"n￿t￿j by guarantee) Notes fornilTrJ part of the financlal sLit•m•nts for th• y•ar ended 31 Decemb•r 2021 Accoulrtlng polkles Tho Cthelsea phy￿ Garden is a rwistwed arKI inDyrtted in EngL8nd arKi W818s under the C(Mnpanies Act 2￿6. It is a luniled by guafanlee. Th8 a(klr8ss of the Tegistered office is given page 1 of the Directcrfs. reF¥ The prin(apal accounling psicies adopted. judg￿nents scrn of es11matw￿ (ff uncertainty in the prepara11L￿ of the financial StateM￿ts are as folknws.. The fThn¢ial statements ha￿ been prep3rad on a tMstLViC ¢))sl basis exceptforth8revaluation of investments. The finaniial ststemenls haNE twn Fryared in aC£Ordan￿ with AccoJnting aThJ Repth'ng by Charibes: Stalgment of R￿0￿mended Pr￿ti￿ applicable to (tsriti&s preparir4J accounts in attc*dance Mlh th& Fina￿31 RepcAting Standard aOicable in UK Re￿bI￿ crf Irdand IFRS 1021 leffective 1 January 2019) - {Ch￿Ille$ SORP. * Edition IFRS 1021). the Fma￿l81 Rwrtir¥J SlaTrJard applicablg in tho UK 8MI Republ￿ of Ireland (FRS 102) and the Ccffipanigs Ad 2tK6. The chwity rJ)nstitutes a wb&c brfrt wtity as defingj ty FRS 102. finanrial statements are prepar￿1 in sterling, is the functiwl ¢wrrwKy of the grtsJp. M¢Jwtary amounls in these financial statements are rounded to the nearest £. EXryti￿¥S lor quallfykng enttll•s ￿rf•rFRs 102 The parent chariL* ccrfnpary has taken the folkMiThJ digjosure exemplions.. from preparing a statem￿1 ofcash fiows on the basis Ihat it 15 8 qualfy'ng entity aThJ the group cash flcml slalement inclLthd wtrwn lh￿ financial slatwnents. irK4ude the company's cash and fr(Mn the financi￿ instruments disclosu￿. required undw FRS 102 para 11.40 to 11.48A and wa 12.26 to 12.29, as the inf￿￿ is pro¥ided in the Grcrt4) financial dI￿jr&s. In assessi￿ the impact of COVltk19 ￿ The Chelsea ph￿ Ga￿en C(¥npany gIC￿p, the Directors have consid￿ed all the matters de9XIb￿ in the Diredrys, ReFth. induding the group's (perati(r¢s, Ihe impact on subs¢riplions. donatic￿$. and other trading ￿ti￿lieS. as as the Nnpact on th6 gioLP'S investment )rtfolio. In parbcular. in order lo suw)ort the Direct(xs' assesgnent of ts sustainabilty of th8 group's actmties. managemwt conlinues to prepare rrThthly c*sh-Ikrw forecasts based cm assumplions. through to the of 2023 that rellecl p)swble scenarios ari%ng frcrfn the impact d COVILk19. The major revenue and exp￿ilUre budgets are tracked a monlh by month basi5 to actual &Jainst budw, is uwj to adjust the foTh¥afd aSsuMptic￿S for incrxne exp￿ditUre throW 2022 up to DeC￿ber 2023. The anatysis undertaken sh(x¥s that the r￿naN￿ c*1 positive thr￿)ut without need lo liquidate any of tho charity's invgslm8nt CPG Enterprises Lld, the whc4ly wbsiduary *thich undertakes certain commercial trading acbwties of the gr(MJP. has had separ*e cashkn for￿aSts prwared lo rellecl actual against bud￿ %thich shows a posibve L8sh flow ging forvrdrd. Provid•J that trading actNi￿S C￿dInari1Y undertsken by CPG Enterprises Ltd continue the trad￿￿ tsjnwny rttnains a c4yKwn ItwrAWt. Al the date of signing of these fina￿1￿ statements. directors. fwasts tndicale that the will be able to maintain I1￿￿d￿ a ￿riC￿l of at knt one year fc4lMng tr*e dale of svJning of these finan(xal stat￿￿ts and w￿1 therefore be aiAe to contirvje to trade as a ￿rtng concwn. Th8 rfireca(Ms therefore con￿06r that no matwial exists in rdalK￿ b) gcing fcy the Group. The Chelsea Physic Garden Company (a (x)mpany limilgj by guarantee) Plotes fornilng part of the financlal statements for th• year onded 31 Docomber 2021 (￿nIlnU Accounting policieB (GontNNMd) Basis of consolidalh These finanaal gtstements ￿nsdIdate the results of the tharity and its vthoHy owned subsidiary of CPG Enterprises Limited on a line by line baws. A separate Sialemeni of Financial Activities, or income and gxpendilure account fry the charilabl8 c(Mnpany ilselt, is not prewled in these aco)unls because the charitable company has taken a(fvantage of the exerytions offered by Wion 408 of th8 Companies Act 2006. Incorne Don•tlons. grants •ndlegades Cash donations and gifts are induded in the Statement of Fina￿la[ Actilritios when conditions for their receipt have been met. When donors that donatM)ns gwen lo the tharity musl be used in fijlure accounting pericrtts. the ncome is defer￿j until those Fericrfjs. For legaryes, ￿tIlleMent is taken as the earfier of the date on whith either. the charity is 8Wdre that probate has been granted, the estste has been finalised aNJ nolification has been made by the executor(51 lo the Trust that 8 distrityJtion wll be made, c* when a distributic￿ is received from the e51ate. R￿1p1 of a legacy. in whde or in part. is considered likely ¥then the amount can b8 m8asured reliably aThJ th8 chatity has b8en nolrfied of the eX￿Ul0￿S inlenlw to make a dislribulion. Where ￿ClaS have been notified lo the charity. or ihe charity is aNYare ofthe granting of tffcknate. and the criteria for inc¢xne recognition have not been met, then the legacy is Irealed as a Contui￿t asset arKI di5ck)5&J if material. Gov•mn7•nt grants Payments received from the g)vemment for lurkW*d emK4oyees are a fLvm (rf grant. This grant money is receivable as compensation for expenses already ir￿rr&I. and where this is rnt in resp9cI of future rdateij costs, is reu)gnised in Inc(￿ in the pericxl in rt becomes receivable and the related expense is incurred. Commerclal tradlng operntlons Shop ir￿OMe ccfflprises revenue rwiised by thé cc¥npany in rospga ofp)ds supplied. exclusive of Value Added Tax arKI trade dI$￿￿nts. Lettings inp)me ccryxises revenue rKognised by tt18 company in relalic to the lettj'ngs of the grounds and associated facility fees. Income from fundrai%ng events is in the f￿￿cIal statements in the wiod in ￿1th the fundraisirvJ event takes pla￿. Income from royalties ccrfnwises ol r￿￿u9 fr(xn ts Sa￿ and publication of botanKal bcM*s. 23 The Chelsea Physic Garden Company (a ￿Mparty h"fTMbJ by guarantae) Not•s forniing part of the financlal statements for th? year end￿1 31 Docomber 2021 fcontinu•d) Accounfjng pol6d¢s (GOntvx￿dj GIftAld The chty the vknole of i$￿ed share cawd of CPG Entwwises Limit&l. Each year CPG Enterprises pays to the L*arity. ur¥Jw the p￿￿SiC￿8 relal&J lo Gift Aid. a sum based C￿ the tsXab￿ profits of the curpany. The pa￿t of Grft is to the reserves pclicy of the gifting entity, and the approval ol the tharity. Gift Aid is recc*Jnised on the acc￿￿$ basis in wih ts deed of rJ)venwt. InvestnJ•nt InGonye Diwdends are included in the Statement of FmarKial Actsvits8s )Ath8n ttrw are dthed at an amunL wh¢ch indudes the tsx credit re(J)verable from th8 H M Revenu8 * Custcrfns. Interest is i￿lud￿l recwatrAe by the Admissions are recL>JniwJ wthen received bythegroup. Friends subsCriptior￿ are recognised overthe period lo vthich ttrw relate. any relating to future pericmjs is d￿eTr￿J. Life subsfflptr)rbS are r￿￿nised as thay are r￿1v￿1. Expenditure is rwrmsed C￿ an acuuals bass ￿ th8 p￿1 in it is irKurred. Costs of raising funds Mm￿al trading opwatic￿5 CL¥ryise the costs aSS￿lated with the lettin9 d grwnds arKI goods supplied. Se￿￿es for ils b￿ri￿a￿es. It include5 both costs that can be alk￿led threcty lo such aclivrtw and those costs of an indirect nature necessary to surTJort them. AN cost5 incI￿￿1n9 govwnance L))sts are alk￿ated the expendi￿re categ￿leS of th& tharity on a basis des*3ned to refl￿1 the use of the resou￿. Costs relating lo a part￿￿lar actiwty are tharged direC￿Y. others are apporticThd on an apprcyiate basis. Unreslrfct¢d funds us&J in acCC￿d￿ with the dwilable obJ￿￿￿S at discretic￿ ofthg d￿￿1r$. These i￿ude th8 assets of the trading fxxmpany. The diwltxs use part of th& Unrestr1Gt￿ funds from time to time for spfjcafic projects arKI set up desig)8ted funds lo rell8ct ttus. The Endowment Fund is an expwKlable End(h￿ne￿I and represents investrnents and cash whth conlwiue to be uwj by the dIreCt￿S in the best interesls of Ihe tharity. Thg erKIu4•mbenl fund was estatAished behveen 198&87 from a fundraising appeal Ithich attract￿1 d(￿ationS frC￿ a number of Sour￿5. The Trustees have dete￿Ined that the lurKI is expendable with toth capital and wKome bang available to use at the Twsl88S' discretion in support of the Charity's wor Restrlcted furKls can only be used for the partiujlar restrKted purposes wtlin ￿ objedives ￿ the ch*ity. Restrrli￿s are impo*J by the dc¥)￿ ￿ when fvnds •e raised wified restrict￿ wrpose& The notes to the financial slalgmenls prowde frjrthgr details. 24 The Chelsea Physic Garden Company {a company lim5ted by guarantee) Notgs fornilng part of the financlal statam8Thts for tho y•ar end¢d 31 December 2021 (¢onUnued) Accounting poll¢igs (Gonbn¢ T•ngible fixed assets Generalty. tangl￿e fixed assets are caW15ed rf they t¢ uwl tr more than year and cost al least t2.5￿. They are valued at cost. The ¢h¥ty does Tr)1 have a on revaluat￿, a rKyninal value of £1 is wt on the main buiklings and gard￿S which are ￿Sed in perpetuity for a ￿nt of £5 a year. Depreciation ol fiwj assets is tharged at rales e*irna￿ to write CAI Iheir costs expected useful lives. The rates used we as Ic41¢7￿.. Buildings Assets Under ￿￿strUCIl0n Improvements Office fixtures and equipm￿1 Horti(JJltural ￿UIpMent Compuler equipm￿1 YA of c£tst Not deprecaaled of cost 2￿￿ of t￿)$1 of ￿)st Stock is Incl￿ al the lower of ¢x6t and nel realisable vahJ8 and CC￿SiSts of for resale. Investments Listed investments are stsled al clwng market value al the balance sheet dal8. Unrealised gain or loss is calcvlaled as the difference beWI 0￿ing and clogng market vahje. as adjusted for additions and disposals in the year. Investments hehj in ￿b$Idi8ry companies ￿e rwi5ed at cost Trade and other debt(￿ are recognised at the setilemenl amount due after any trade dI￿unt offered. Prepayments are valued al the amount prepahl net of any traje discounts due. Cash •t bank and In h￿d Cash at bank and cash in hand indude5 cash and sh(Yl lerm hi￿ty fiquKI investments with a short maturity of three months or18ss from the date of acquisibon or opening of Ihe dwosit or similar account. Cr•ditors andpmvisions Creditors and proVi￿onS ar8 recognised where the charity has a present obligation resulting from a past event that wll probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estÉmaled reliably. Credit(￿ and prov1&c￿$ ¥e ncrfmalty rec£onl￿1 at their setuemenl amount after allowng for any trade discounts due. Flnancial instrum The group only has finarrial assets and financA81 liabilities of a kind that qualify as basic financial inslTuinenls. Basic fina￿la1 inslnwnenls are initially r￿nISed at transaGtiw ￿￿e and subsequently measured at their settlement value. 25 The Chelsea Physic Garden Company (a company limiled by warantee) Notss fomilNJ part of the Ilnanclal statements for tha year onded 31 Decomb•r 2021 (confjn(ffjdJ unting policios (ccvrtw The group has (wating feases. Ther ann￿1 wtsl$ a￿ dwrged to the sts1￿￿nt of Finanaal Actiwties on a slraight line ba￿S over the term of the lease. The charity ¢kns r￿1 werate its (Nm pwS1(￿ schwne. costs relate to payM￿ts made by th8 group to the persona pension Fdans of *￿40Yees. Ther8 are not (￿sid￿red lo be ary ￿lficant estimates arKI ju(*wents nvdved in th& preparati)n of the finaroal stalemenls. Those e5b'mates and judgeM￿ts made. which are not ccMisid8red to be signifunt. are covergJ by the other ac£wnting prAicges. Income froffl grants and 1ggaGIos funds funds 2021 t)onations legaoes Govgrnmenl grants 378.049 404,520 1.203.653 1.581.702 404.526 781575 1,203.653 1,986.228 Govemment grants crf £404.526 12020 - £214.1001 rdates lo grant inc4Jme Teceivèl the Culture R￿0Very Fund sd*me athiirNslered by the National Lottery Heritage Fund to swort small Scale capital expenditure and conlriiKJll￿ to cc*e costs WK4uding staff wa98s. fvnds funds 2020 Cknations and legaaes Govemment grants 128.667 214.1rJ) 634,455 763.122 214.100 342,767 634.455 977.222 The Chelsea Physic Garden Company la company limil&J by guarantee) Not•s forming part of the financial $tatsments for the y•ar endod 31 D•cemb•r 2021 (rnntinuedj Income from other tradlng actlvili•s 2021 2020 Commissions and lelling of rc￿ Shop income Fundrai￿ng events Royalties 297.354 103.953 230.920 11.611 64,74S 84,049 49.724 2,167 Comfflercial trading cperalKr 200,685 All income from trading &tivtlies was unfe￿rthd in the and p￿dIng year. Income from charltable actMlle8 2021 2020 Admissicffls Friends subscriptions Art in the Garden 236.092 385.822 131,407 272.030 101 621.914 403.538 All inccme from charilth acliwtiey was unrestricted m the t￿rrent and w&eding year. S Inv8stm•nt incom• 2021 2020 IncLKne Ir￿ fixed assel thstrthtion unil funds 123.115 131,983 Inc(me from investrnents was uweslficted in ts omnt and weceding y￿. 27 The Chelsea Physic Garden Company la company limi￿ by guarant￿} Notss fornilro part of th• financial statthnents for the year endod 31 December 2021 (continued) 6 Net Income 2020 Net inccme for Ihg year is staw aftw tharwj". Auditorfs ranunerati Accountancy semces DepreGiation of tangible fixed assets 23.829 800 25.346 24.500 4,800 28,985 Tolal expendituv• Staff PremlrAs Other Tolal 2021 Depreclatlon Charitable activit￿ (nole 8) Raising funds Inole 9> 800,624 178.175 156.824 2.195 23.228 2.118 380.148 138.076 1.360,824 320.564 159.019 25,346 518.224 1.681.338 Othor Total 2020 Ihw•Glatl¢)n Charitable acttvibes Inole 81 Raising fvnds IfM)te 9) 2.563 173.248 142.786 2.J)S 532.216 119.801 1.￿4.099 297.805 2.451 975.811 145.091 652.017 1.801. Totd exp8ndibJre the year was £1.681,338 (2020.. £1.801.9)4) of whth £206.746 was restricled (2020: £436.349}. £1.154.078 was ￿restrict￿j (2020: £1,340,983} aNJ £25.454 {2020.. £24.572) related lo endowment fvnds. The Chelsea Physic Garden Company (a c¢)mpany limit￿ by guarantee) Notes fornilng part of the financial statemonts for the year ended 31 Decembw 2021 (¢onllnued) Exponditurn on tharitablo xtivltlos Dlrect Support Total 2021 Science and hYb￿lture Educati￿al programmes Other pr(4ecls 545,092 109,887 706.045 109,687 542.048 163,997 1.196.827 163,997 1.360.824 Dir•ct Support Total 2020 Scienc8 and horbcultufe Educational programm95 Other prqecls 453,119 122.537 687.354 453.119 122.537 928.443 241.089 1.263.010 241.089 1.504.099 Expenditure on charitabfe actNilies in the year wa$ £1.360.824 {2Q20.. £1.SM.5191 of whith £206,746 was restrict￿1 {2020'. £436,349). £1.154.078 was unrestrKted (2020.. £1,067.7501 and £Nil was relating to endowment funds12020.' £Nil). Anatysis of dirnct costs Total 2021 Total 2020 Wages arKI Sa18ries DePr￿lat￿ Materials Equipment Repairs. maintenance & dearwng Security Advgrtising and marketing Educati￿ costs Recnjitmenl Rent, rates, walef. I￿1 & lthl Travel. subsistence & enl8rtainw Insurance Printing. post•Je & Stal￿ary Tel￿one and inlemet Ticket C¢Jmmissions Professional fees Oihw cosls 713,557 21,553 3.965 3.215 126,367 7.870 13.737 10.353 8.719 20.392 6.189 29.327 35.296 4,487 22.322 22.945 146.533 665.293 24,981 7,166 1.949 111.658 6,066 44,304 23.954 16,330 23.240 5,093 30,938 39,293 4,614 8,247 19S,546 54.338 Total 1,196.827 1,263.010 The Chelsea Physic Garden Company la comwy Smit&J by guaranl&l Notss fornilno w of tho lIna￿l41 slatemenls for the yoar ended 31 Dec•mber 2021 (cononuod) Expondlturn on charIts￿O acllvltles [￿l￿N￿d) Analysls of wpport colts Totttl 2021 Tolal 2020 W&J8s ￿ Salaries Depreciation R￿airS. maintenano & dearir¥J s￿rity Athertiwg and marketing R￿lIment Rent. rates. Water. heat & li￿1 Travel. subgslence & 8nlertairMng Printing. wtag& & statio Telephone and intemel Professional fees Other costs 87,067 1.675 137.270 1.553 611 1,066 677 377 2.754 1.015 1.445 201 2.415 287 11.752 2.938 79.082 291 978 6,605 62,196 Totsl 163,997 241,089 Support CAJsts are allctated on an aFpyt#)nwil basis as fL4bws'. 2020 Totsl employees Support slaff % fcy apwriKfflment 6.WA Any c05t that can te dira* altrl1xrt￿ to the (Iwilth acbvihes are allccabj bef￿e any apF(wtionmenl of costs. Gov￿￿8 c£6ts rdale to aLKlit accountsrry fg8s. IW fees and ffin8r￿ charges. Tho Chelsea Physic Garden Company (a ￿mpanY linNl&J by guarant88) Notes forming part of the financial statements for the year end￿ 31 D•cemb8r 2021 (continuod) Expendlture on raislng funds 2021 2020 Wages and salaries Expenditure of CPG Enterprise5 {YKluthng d8prerA"ation> Fundrai%ng costs of charity Irbveslment manager fees Costs incurred on fundraising fair 178.175 54.154 14,732 25.454 48,049 173,248 60,641 31.309 24.572 8.035 320,564 297.805 Expenditure rai￿n9 funds for the year wa5 £320.56412020.. £297,805) of which £25.45412020.' £24.5721 related to endowment funds and £295.110 {2020: £273.2331 rdated to unrestricted funds. Tcrtal dIr￿t costs of raising vohmtsry induded withi) dir&t costs *e £131.962 whKh represenl 11.0% of all direct costs (2020-£119.111 represents 9.4% of direct costs). Other than those costs that wh(Aty rdato to fUndraiSY￿ ¢osts all other expenditure on raising funds is based an awtionmont basis as lollows.. 2021 2020 Tclal employees Fundraigng staff /0 for apportionment 6.7% 6.wo 10 Dlrectors and •mployees Group 2021 Group 2020 Wage5 and salaries Social security costs Pension costs Temporary Staff 840.262 71.962 65.157 1.418 860.152 66.572 47,467 1,620 978,799 975.811 The group does not operate ils pension schwne. Pension costs relate to payments made by the group to the pefsonal pension plans of employees. 31 The Chelsea Physic Garden Company la company limrted by guarantee) Notss forn￿n9 part of the finandal Statemonts for tho y￿r end￿1 31 Decomber 2021 (c<)ntinuod) 10 0lrKtors and ¢m￿oYeeS {O￿tin￿d) Average numbw of &nployees as a headox￿t. Grow Group 2020 Numbor Numbfrr 25 Administration and gjppc Fundraising The group was helpgj by a substantia numbw (rf vol￿teerS. aFW)ximatety 120 {2020: 1351 throU￿oUt tha The key managemenl pws(MThl rA thg group. Incl￿ a number of senitr managers a¢xsss the group who tC4Jelhw have auttKYity and resP￿￿tIlty for FAanning. dirttting aTrJ c4Jntrdling the activiti8s of the grow. The total employTnart b8neffts paid to key of IhB group were £498.715 {2020'. £455.8611. Salary range for wnpl0￿5 eaming £60.¢￿) p.a or 2021 2020 £60,CN)0 - £69.999 £70,iKSO - £79,999 £80.1]00 - £89.999 £90.rth - £99.999 Rtrjundarw. restr￿tUring aThJ twminatirm cr)sts to 2 ryloyoes (2020 - 2} were £4.528 12020: £8.415). Govemment grants relaling to furlOugl￿d slaff V•Ere r￿e1￿1 of £2.365 (3)20.. £46.7231. The furfough daim is inctuded vAthin Ofv IrK>Jm& Dlrectors. remweratlon and •xp•n e12020- ncmel cl the directc*s rtt8vwJ any ren￿￿erat1C￿. t￿ring th8 year one drector12020- c￿&) received £3.762 expense reiml)ursement (2020-£127 exp￿88 reimburs&J}. 11 Taxatlon The company is a charity wthin the meaning of Para 1 Sch*jU￿ 6 Finanr* Ad 2010. Accttdingly the company is potentially exempt frcffn laxalion in respeca of incA)me ￿c8￿1 gains vmhin categories covered by Chapter 3 of Part 11 of the Tax Acl 2010 or Sec*cn 256 of the Taxation of Charg&atrAe Gains Act 1992, to the extent thal such I￿orne (Y gains are appJifyJ exdusively lo tharitable purposes. No tax charge arose in the p￿0d. The subs(Jiary coryany makes a qual￿'n9 dC￿tiC￿ of all taxable to The Chelsea Ffftysic Garden. No Cffj)Orati￿ lax liabibly on the subsidiary Wises ￿ the atxowts. The Chelsea Physic Garden Company (a company limrt&J by gua￿tee) Notss formlng part of th¢ financial statements lor the ygar •nd•d 31 D•wnb•r 2021 (continued) 12 Tanglbl• ass8ts Group Buildin and der Ilxlw•s and Ilortlcultur* Computer knpmbYrn•nts c(wtr￿lIQn eqwpment equiwnent twlpment Total Al 1 January 2021 Addilicffls 695.457 15.167 111.691 1.032.001 80.171 80.171 A131 DecemL 2021 195,457 15.167 111.691 1.112.172 DeryrtiatK)n Al 1 January 2021 Charge for the 477.255 183.107 15.167 106.867 782.396 12.226 8.472 4,648 24346 At31 Decemb9r 2021 489.481 191.579 1S167 807,742 Nef 13ook value At31 2021 205.976 80.171 18.107 176 304.430 At31 2020 218,202 26,579 4,824 249,605 The Chelsea Physic Garden Company (a company limited by guarnntee) Notes fonnin9 part of the Ilnanclal statèments for the year ended 31 Decemb•r 2021 (conunuedj 12 TangIb￿ assets Char B￿ldIng$ and unthr fixture¥ aNI HOrtIc￿￿T￿ Compthr Total At 1 Januwy 3)21 Additirms 695.457 201.573 15.167 111,691 1.023.888 80.171 .171 At 31 D9￿b¢r 2021 80.171 201.5n 15.167 111.691 1,104,059 tWecMfK)n At 1 January ￿21 Charge for the year 477.255 177.227 15.167 106,867 776,516 12.226 8,025 4.648 24.899 At 31 t)ecanber 2021 489.481 80.171 185252 14167 801,415 Net book value At 31 December 2021 205.976 80.171 16.321 176 302,644 At 31 Dgwnbgr 2020 218.202 24.346 4.824 247,372 13 Flxad a88et Investmen18 13a Llstod Investmgnts 2021 2020 Mth8t value at 1 January 2021 Additions Disposals Inv8Stmenl m8nw fees Gain in the year 3.300.797 525.454 3.635.457 24.572 (500,000) 124.572) 165.340 (21454) M*kei value at 31 D&xnber 2021 4,049.456 3.300.797 Investmenls are hdd n listed fun(ts manw by Sarasrtr & Parts￿5 LLP. The historicd cost of the lisl&J at 31 2021 Yras £3,376,63) {2020- £2.876.071). The Chelsea Physic Garden Company (a ￿mpanY limitgj by warantee) Noles lornilng part of th• financlal statomonts for the yoar endod 31 DK•mber 2021 (continued) 13b Inveslments In subsldlarles Charlty 2021 Charlty 2020 Shares in CPG Enwrises Limited at (x 100 100 Group 2021 Charity 2021 Group 2020 Charfty 2020 Tol81 fixed asset investrn 41)49.456 41H9.556 3.300,797 3.3)0.897 The thly o￿led trading subsidiary. CPG Ent￿pIl$e5 Llniled (03140004). is reG•slered in th8 United Kingdom. The principal activity of CPG ErbleTprises L•ntl8d is Ihe running of Iha at The Chelsea Phys Garden and the letting of the grwnds of the charity. Al 31 December 2021 the incom8 of CPG Ent8fprises was £412.94312020.. £151.0071 and eXP￿KIl1ure was £317.79912020: £135,838) The ngt assets of CPG Enterwises Limrted We￿ £4.77812020'. £4,778) and the retsined Pfofft to that date was £4.678 {2020.. £4.6781. after pa￿tt to Chdsea Physic Garden C￿mpanY under qualifying charitsble donation of £95.144 {2020- £15.169). 14 Stocks Group 2021 Charlty 2021 Group 2020 Charlty 2020 Goc*J$ for resale 22,575 There is Th) malerbal drfftren￿ tetween 7*that is stated above and the r￿V&able amtrJnt. 15 Debto Grow> 2021 Charity Group 2020 Charlty 2020 AmO￿ts falllng duo vAthln one yoar.. Trade debtors Amounts OW￿ by subsidiary Prepayments and aCcrl￿d ￿coMe Oiher debtors 39,278 412 29.458 2.756 31.951 &115 31.951 4.174 16,735 16.735 5.848 76.344 82.601 52,041 25,339 The Chelsea Physic Garden Company (a company limiled by warantO8) Notes fomilng ofthe flnanclal statements for the year ond•d 31 December 2021 (condnued) 16 Credltors: amounts fall*y dufr ￿1n on• yw Gmup Group 2020 Char 2020 Trade creditors Amcmjnts OW￿ to S￿sidiary Other uedil¢xs Other taxat￿￿ and ￿la1 s￿lIty Arnals Defeffwj inccxne 21.897 21,878 26.155 21.636 15.422 5.000 31152 48.057 322,801 sooo 813 41.057 1&2.398 22.813 46,027 379.970 15.040 39.027 263,892 243.146 474. 355.017 17 tlef¢fred Incomo r•concMlatlon Group Ch¥lty 2021 Group 2020 Charity 2020 Balance as at 1 jar￿￿ry 2021 AThyJnl released to ThK)me 6amed from charitsb￿ actiwt Anmxjnl deferrwl in the year 379,970 240.277 163. (379.9701 322,801 (263.8921 152.398 (240,277) 379.970 (163.3041 263,892 Bdance al 31 Oecamber 2021 322,801 152,39B 379.970 263.892 Deferred ir￿ome rdales mainty lo ts inc(￿ weiv&J Irom meMb￿lp$ in relat￿ to the next financial peric#1. Other amounts relate to i￿Y￿e adwarKe of events fLY thg n8Xt fina￿al period. The Chelsea Physic Garden Company {a company ￿'MIted by guarantee) Notss formlng part of the financial statements for th• ￿ar end¢d 31 December 2021 (coniinued) 18 Analysls of charltable lunds Group- currgnt y 1 January 2021 ExpMdllw• Nét gaon on Tran￿•11 lTh¥•Btments 31 D•¢•mb•r 2021 Unr85trkt•d fimds Genernl fijnd Designat*J pwoj8cts lthjs Oeygna18d l￿d- Ca<5ogan estates 950.￿ 2.146.778 250.CO) I1.449.1￿) 1888.7841 {250.0001 759,106 200.IXIO 363,330 3.330 nd Total urntfScted l￿d& 1.200.BOD 2.W778 {775.4541 1,322,936 EndowThnt fund 3.3110.797 125A541 525A54 248.659 4.049.45fj R¢stri¢i¢dftmds Horticuttwal Tra￿e65 Glasshcrtjse Florilegium Anfjiver5ary P DigibSalw)n ProiKt Jcth L￿8 EdU(xIA￿ (￿tre Admin?slralion Col*dinalor AcoUs￿"C Panels Horticuliwal edvc4ticffial. Trainees Band Trust Educabon arvj Oulreach Tumlrsg P￿nt Gardening (>(w Edu¢aDon aNJ ¢￿treath Proiecl City Brhdg8 Twsl Educalknn *)d Outreach Garden RÈSknGt￿j EbnatKJns Judith 8ronkhursl DonatM)n R.U.8 lthile charilab￿ TrLL5t COMM￿lty Outreach Oak Foundation EducalTr Outreach EdUCa￿on & (hItreat*￿ Yowva Offende The Art & Hea¥ng P¢Mr ol Plants Gla$$lw)u5e5 Res#JralvJn5 Fundirvj Frièn¢J5 Sthern* R￿W Legaw Roger lle1￿ Klonks HorticJJltwe SILthls Trav John Lyons Charty- F8mity AciTriity Days Tamefs Trust D'oyly Carte Help U5 Grow John Svlre 1989 Charita￿$ T￿t Stsnley Smith UK Hort T￿$1 KanluNJar> Trust Chelsea Academy 18.107 24.342 1.7( 9.554 19.613 {16.164) 21.943 24.3421 1.700 9.390 11,7591 11581 {21,￿) {1.825) 3,213 2.139 12.1391 I3￿)> 12S,9441 35 2S,853 52,797 2.066 141 13.8281 11.236 3.155 11,5871 1.017 {1.0171 3.034 {3.0341 377M19 11235031 274J42 1.604.7SS 1.076.897 267 418 11281 13 1.2 {991 3.4rKI 15701 12.0381 2.830 062 25.000 5,000 25.DJO 4.470 11.5261 7.000 Total r•8trlct•d funds 479.789 1.203.053 1206.746} 250.OIX* 1,728,896 Total fund 4.981.380 3.550N31 11.881.3BII 248,659 7,099.088 The Chelsea Physic Garden Company (a cowny limit&J by guarafttee) N¢>tss fomilng part of the flnanclal statements for the yo¥ ended 31 Dec•mbor 2021 (¢onOnued) 18 Analysls of charltsble funds Group- wwk>u$ yo•r 1 Janu 31 D•c•mb•r 2020 2020 G8neral D8shJa1￿ fund5 2.W 1.126.725 250.( 11.340.983) 472,194 950.800 250.000 Total unmtrtcted fvnds 942.884 1.12&725 (1.340.983) 472.194 1,200,8￿) d￿ment fund 3.635.457 124.5721 1475.4281 165.340 3.300.797 HortKuthl Tra* Hlsk)ri¢ ryassfKxtse orilegium Swety ￿n{b￿Sary Proiecl C4J6Isatk)n Prc4e¢t John Lym'$ Edu¢Jtir Outreath iusb"c Panels Prc* BaNJ Tiust EduolK)n ¢Jtho•* Sowing The SÈ8ds Of tXswverylOaniel ￿nts) Turning Poinl Garden (>oL EdLKatson C*Jtr&a¢h CJty 8ridge Tru51 Garden Fwd Rastric*d t*Jnab'ons Bronkhurst tksnalwjn R.U.B. thite cthanta￿e Tr￿st (xnmunity Outreach Oak Foundation Eduralw fkneach Edu(2lon ar¥J ￿tre￿￿O￿l•3 OffeTrJE The Art & Healng Po*w of Plants 11.678 24.342 116A711 18.107 24.342 2.214 15081 1.706 9,554 118.WSI (4.585} 19,613 5,088 2,139 5.819 105.(IXI (1082341 3.234 523 21,8&5 11881 I26.￿0> 335 4.565 2.666 141 141 {6841 9,862 3.515 13601 3.155 I1.6￿) 1.017 4.e01 11,8271 3.034 NLHF Funding Frfends, Sc**me Re¥lew Meditinal Hants Researth L8gary Rogw Mell￿￿ Kknks HortioJI￿re Slthts Trav John Lyon'8 Famity 155.340 267 478.405 12S6.7261 3r7.019 267 {eooi 418 418 1,260 Tolal rnslrkt•d 278,449 1436.3491 3234 479,789 T￿•1 fvnd• 4.8¥77Q 1.761.180 {1.801.tyMI 165.340 4.981,386 The Chelsea Physic Garden Company (a ￿MpanY limited by guarantee) Noles lornilng part of the flnanclal statements for th• y•ar ond•d 31 D•cemb•r 2021 (rnnllnued) 18 Analysls of chaTltable fvnds [C￿tin￿d) Charity- CUrr￿t y 1 January 2021 Net 98lns on Income Expnthtw• Translers Investm•nts 31 D•¢•mber 2021 General fijnd De$ignaied proie¢ts fvrrffs DeS￿nated IwKI-Cadogan 851aies Desvjnated bJkJtr)g maln*narwx fun(1 946.122 2.029.898 250.0(KI {1.332.W81 1888.7841 1250.0001 754.928 200,000 363.330 363.330 Total unrestrict•d l￿d8 1.19B.122 2329,89B {1.332.3081 1775A541 1.318.258 Endovm*nt fund 125.4541 525A54 248,6S9 4.049.456 Hortt(xJllural Tra￿e5 Historic aasshrmtsse orilegium Annlversary FWefA DpJib5ation Proje¢1 John Ly¢￿S Educalicfi <￿tre￿ ministrati￿ C￿c￿1ndlor A¢oustr Parn1$ Band Trust Educab"on and Outrea¢h Tuming P￿1 G3rderMng Group Edu(3￿￿ aTrY Outreach ProJ8Ct City Bridge Trust EdurAl*￿ Outreach Garden Restr￿led Donab)ns Judith Bronthjrst Oonalon R.U.B White Charilable Tn Community Oulreath Oak Foundation Edufalion Outreach Educalpjn & ￿trea(￿yo￿lj Off￿derS The M & Healing of Planls GL4sshouses ResIor3i￿rns Funding Friends Scheme Remew Ltgaw Roger Monks HorboJlbJr8 Sttyaents Trav John Lycffjs Charity Famty Ltivtty Days Tanners Tru5l yty Cart8 Hdp Us Grow John S%*tre 1989 ChaiiiaNe Trust Slanley Snmlh UK Hort TNst Konlungan Trust ChgL$6a Academy 18.107 24,342 1,7( 9.554 19.613 20.(￿¥j 116.1641 21,943 124,3421 1.700 9,396 11.7591 11581 {1.8251 12.1391 2.139 1661 13001 {25.9441 35 26.853 52.797 141 13.6261 11,236 3,155 {1.5871 1.568 1,017 {1,0171 3.034 13.0341 377.019 1123.5031 274342 1,604,755 1.07&897 267 418 1128} 139 418 I.2￿• {1,161} 3.4ts) 1570} 12.038} 2.8 902 25,000 s.000 2,944 25.￿10 4.470 11.526} Total r•s¢rlcted lunds 470.789 1.2D3.653 I206.7￿) 250.000 1.726.696 Total funth 4.976.70B 3.433.551 11.564.508} 24B.659 7.094.410 The Chelsea Physic Garden Company 18 1))mpany limited by gu*anteel Notes formin9 part of the financial ststomonts for the year end￿ 31 Decemb•r 2021 (continued) 18 Analysis of charit•blo funds (C(¥th￿ Charity- prnvious y￿r Ins 31 D8cernbor 2020 2020 General knd Oesignated prrye¢ls ￿r¥)$ 688.186 993.936 I1208.1￿) 250,rfJXJ 472.194 946.122 250,OtKI 938.186 993.936 472.194 1.196,122 End￿￿ort fund 3.635.457 124.5721 1475,4281 165,340 3.300.797 Horbcullural Trainees Histort¢ fjasshwse Fksi4egium Sodety Mr*rtsary Project OKJlllsaUoTh ￿0J￿1 John Lyon'$ EduL¥knI 11.678 24,342 23.lYJ] 116.5711 18,107 24,342 2,214 {5081 1,706 9,554 20, 14.5651 19.613 5,088 2,139 A￿UstIC Panets Prwi 8and Trust Edu(xtion (>Jtreath So**y The Seeds C Ch"scoverylDarN81 Pin Tuming Paknt Garden EducatH)n I￿rtreal￿ Qty ￿ge Trnsl Garden FuThY R851ri( Oonabo Judith 8ronkl¥Jrsl Dmati R.U.8. Ithlte Charit*e Tru51 ommunlty (hjlrea Oak Foundalb￿ EdKaiion Chjtreach Education aTrJ l)Jtr8xNYowwJ ONendÉrs The M & Heaknj P(thwof ants ryasshw$ Restwath)ns NLHF Funding Frlends. Scheme Review Medldnal Plants Researth 5,819 105.CrfXJ 11082341 3234 523 21.8&5 11881 126.9)01 335 4,565 141 141 16841 3.515 13001 3.155 11.6661 1.017 4.861 11.827) 3.034 155,340 267 478.405 {256.7261 377.019 267 Hor￿C￿ttUre st￿18nts Trav Johfi Lyon's Famrfy A¢*￿ty 418 418 1,260 T￿*1 rtstri¢l*dfi•vJ* 278,449 634.455 1436.3491 3.234 479.789 T￿1 knd• 4,852.092 1,62&391 I1.￿.115) 165.340 4.976,708 The Chelsea Physic Garden Company {a corwy ￿MIted by guarantee) Notes fomiing part of the financial statements for th8 year ended 31 Decwnbgr 2021 (contin￿d) 18 Analysls of Charllable fvnds (conti￿) Restri¢led ftjnds have establishwj to wo¥iJe finaThaal Supp￿ spwfic prCI￿ as belcvi: Hortic#Jltur￿ Trainees A cole year training progr8mm8 for stUd￿ts inl8regt8d in pursuing reer in hrytiwllure. The replacement of (me of th8 rang8 of Foster & Pearson clearspan glasshcwses (wK•nalfy constructed between 1901-07. The slnjcture 11 provth greater space for grThving tender plants and an additional educalirmal facility. A to fuTrJ &Y￿allOn outreach i￿￿ding employing an (￿tre&h Offiw to 7rtryth SclKx4 and ￿)mmunrtY projects in tsrgel London borou￿ indLKling Hammersmith & Fulham. Kensington & Chelsea. City ofWeSlminst￿. f)ty. Camden. Brent Ealing. Harrow and 8amet. An 8xhibWI d original artw(xk from mwnbers of the Florilegium Swety at the Ph￿IC Garden ￿ring A￿Ust 2015 wih assouated markeb.ng and publicity. A wciect to start d￿ltiSing the PhysK Garden's arthive of books, papws and Ihe Flcxilesium's (￿ginal arbHork i￿ludIng purchase of hi- res￿￿￿n ￿anner aThY ass(Lialed soffvlare. A PT(4ect lo complete th8 intr(KJuclion of acousb"c panels along Embankment reducing the impad of traffr noise along this boundary. Gorwous d(￿all￿$ V*pre received from Grandiflora Palrons enabling th8 panels lo be inlrcKYuced and subsequentty the planting in this area to is being aU&￿ted and improved. on￿¥ng annual fundraising lo support the ￿rtICultUral traine8 pr(wJramme, Ihe intem arKI the VL4unteer training and development programme. It ndudes travet and training, specific skills development and suppryts inlems with modest Iravd and subsistence allowances. Funds raised to support the ￿uCat￿)n progfamme including for spwAic initiatives induding the Shelf Lif8 ￿￿e¢l and the outreach programmo wth Waltham F(￿￿$t Young offenders instiluta together vthh the cmgoing proJramme of (￿-￿te and off-gte and web-based leaching and Interacti￿ with ￿hc￿$, colleges and community groups. A grant to lund an Education (hJtreach Officer to further the Gardens sthods and ccrfnmunity oulreath. A dorialion to ena￿e the Garden to continue working with the Waltham Fcfesl Young offenders and edu￿tion and outreach. Dcfflati¢￿s to I￿XI eIjL￿allOn aKI ¢￿treach ackn'vity for three years lo AU￿51 X)21. A donati￿ f¢y the developmwt of an ed￿tion garden aThJ the running of a g¥dening wp for ￿lurtS in r8cov8ry. Dc￿atIons. induding in me￿rIaM donations. [￿￿ed Sp￿ifiCallY for th8 Garden h￿1]cUlture activiti8S. A dOna1K￿ to fvnd the purchase of terracotta plant wts. A dc*batiM lo suroort the community C￿eaCh wramme. Historic Glasshouse John Lyons Charity EdLKati Outreach Th¢ Fltylegiwn Soc4ety annivgrsary gxhitqtion DI￿ti$811￿ Project Acoustic Paneis P￿lect Hc￿t￿ul1Ural Educati(￿, Trainees and Inlems Educati￿ arKI Outreath Pr(4ect Cty Bridge Tnjst Educati(￿ and Outreactrrfyc￿￿j Offenders Band Trust Educati￿ Oulreach Tuming Point Gard￿ GTOUP Garden Fund Restri(aed Donation Judith Bronkhursl Donation R.U.B Whi18 Charitable Trust Community Outreach Oak Foundation Educati Outreach The Art & Healing Pos￿ of P18nls A to swcvt educational outreach initiattves. A I￿￿labOratIOn belween the charity and the NHS Royal BromptL Hospital to stagg an exhilmtion of arNvork al the Garden and hosF41al antl undertake acttwties vrith patients und8rwing long lemi 41 The Chelsea Physic Garden Company (a company linvted by guaranlge) Not•s fomilng Wt ofthe finan¢lal statements the year ended 31 December 2021 (contlnued) 18 Analysi# of dwltable funds (t￿1￿ NLHF F￿￿11r￿j together Vlith suppKYting aCtI￿"ty programmes. inlerpretslion and plant collec￿n$ £250.Crf)O has been transfer￿ from desgnatgj funds into the Glasshouse Rest(Yation fund as the tharity's ¢￿tribUt￿ lo the overall costs ofdeliveriryj the proje¢L A paMJ intem undortoth a reviv4V of the Friends sd)eme including questionnaires to Friends. benchmarknTrJ arKI proposals for Friends Sd*me Revw Legw R(w Mdvin m(￿kS Horti()Jlture Students TTavd A legacy frcwn Rw M. Mcr&s to assist needy overseas stLKlgnts to puw St￿ at the GaTd8n by SUPE￿Ing travel co*. A grant frc4n the John Lyon's Ch￿ty lo provide free plx8s fcy low income familfft Farni￿ kntsvity Days and free enty to the Garth for Sunday Fundays. Improvwywts to fr(mt of hw. induding disp*¥ and wayfind￿g gna John Lyons Charity Famty Activity Days TaM8r5 Trust LY0Y￿ Carte- Us Grtr A wl to wpimxl the delivery of and therapeuti¢ hortitsjture, Jthn Swire 1989 Chwitob Trust A wl to Corrthunity Outreath. pwt dvthich has been Stsrky Smith UK HcYt &Jpwbng the hcfflK￿￿l train88 wogramm8 for 112112022 Kusama Trusi. A grant to suprxNI a with Kanlungan. b sup￿1 Fill[￿n0 miuyants Kusama Trust. Chdsea A gant to sup￿1 the de&v￿Y of a greening pw4ecl at Ctslsea Acadwny. w0￿1n9 with teachers and thd￿ts UnreStrKt￿j luNJs are used n ac(¥xdance with Ihe charitsb￿ obierlives at the discretic￿ of the directors. The dIreCt￿S use part ofthe ￿reStrIct￿ fundsfrom time to tim8 Sp￿1￿ projw* and sgt up designated funds to reffl&t this. Afurth8r£363.330 of genèral funds has been ¢*naled to address buihjing repairs maintenance and backk*J. The C8d(yn Esl8tss Dawled Fwd reprowts a ￿an¢ to support the ￿jere81XIal devekipment of the tharity. Th8 Endowmwl Fund is an expwbjable ErbJ(Yrnt and represents H)vestsnenls and cash vthich continue to b8 by the d￿ecte¥S li the best intwests of the dwnty. The end(AW￿t fund Vfds estsblished between 198￿7 fr(m a fundraisir¥J appeal wh￿h attr￿ted dc￿allOnS fvom a number of scuces. The Trustees have delem)thied that the fund ￿ expendabk wilh tth ctyal and income bèmg available to use at the Trustee's discretion in SUPF(Jrt of fv Charity's work. Flaasa see note 13a for mLYe information ￿ the transfers into (2020-out OO I￿jS. 42 The Chelsea Physic Garden Company la company limited by guarantee) Notss fornilng part of tho financlal stat•ments for the yw ond•d 31 Dwibw 2021 (Gontinuod) 19 Analysls ol not assots beiwoen funds Group- curr￿1 year Taftglble fixed Curr•rt IlabSlltlo8 Total G8neral fvnds Designated fijnds Endowment furmjs Restricted funds 885,083 563.33) 1429.907) 759.606 563.330 4.049,456 1,726,696 4.049.456 1.726.696 304.430 4.049.456 3.175.109 (429.907) 7,099.088 Group- prevlous ye T￿lts￿l Ibx•d Currènt Current liabilities rotal General funds Designated funds Endowment funds Restricted lunds 249.605 1.176,160 250.(M)O {474.965) 950.800 250,000 3,300,797 479.789 3.S)0.797 479.789 249.e￿5 3,SJ),797 1,9)5,949 (474.965) 4,981,386 Charlty- current ye Tthwlbl• fixed Current Current Ilabllttlgs Totsl Ganeral funds Designated funds Endowment funds Restricted funds 100 695.33) 563,330 (243.1461 754.928 563.330 4.049.456 1,72Q6g6 4.049.456 1.726.696 302.644 4.049.556 2,985.356 (243.146) 7.094.410 The Chelsea Physic Garden Company la CoM￿Y ￿rnIt￿ by waranteel Notes fOrn￿ng part of the Ilnandal sLitements for the year •nd¢d 31 Decembor 2021 (conllnu•d) 19 Analys18 of not ass•ts between funds T•ngllle fixed IlabllMI•s Total G￿er31 f¢JNJs tles*?nated lurvjs 247.3T2 100 1,053.￿7 250.OCrf) 1355.0171 946.122 250,000 3.300.797 479.789 3.3(Kl.797 Restri1￿ luy 479.789 247.372 3.3LMJ.897 1.783,456 1355.0171 4.976.708 20 Li4)Ility to th• m•mb•rs Every memter of ts C￿panY undertakes to eontnT>ute an aMo￿t ncrt ex￿dIr￿j £1 to the assets of the tharilable company in the event of the c4Jmpany being wound up wtule he is a member. ￿ within on8 year after he e8ases to be a member. This c￿trIbU1￿ is fc* Ihe payment of the debts and liabilities of the thariloble ccrfnpany cnntracted belc￿ he Lwses to be a nwntw and ol of winding up. 21 Analy81s of cash and cash equlvthnts Chaiity 2021 Group 2020 Charfty 2020 2021 Cash at bank aTrJ in haTrJ 1068.775 1901755 1.831.333 1,758.117 22 Analysis of n•t dobt At 31 D￿ntsr 2021 Ihe group and d￿rity had no I￿$ daSsI￿ as dabt. 23 Financial comnthents An amount c1£1.357.212 has been contrxted lo pay for the capitsl refurbishmentof the Glasshouses in 2022- 23. This wll be funded cl the restril￿ fuThJ GIasStrN￿￿ RestoratK)n NLHF FuTrJing. 24 Commhm•nts undw opwallTrJ 1oas•s At 31 December 2021 the gr￿p ar￿ (*aiity hal futW8 minimum bease payM￿ts undw rKm-cancdlable OP8ratir¥J leases as fdLVthB'. 2021 2020 No later 1 year Later than 1 year and no lattr than S years 3.236 9,700 1,279 12.945