The Chelsea Physic Garden Company (a company limited by guarantee) Re￿￿1 and Consdidaled Financial Statements ye￿ Ermled 31 December 2022 Company Number 016W871 Charity Number 286513 The Chelsea Physic Garden Company (a company limtted by guarantee) Report and financlal statements for the year ended 31 Docembor 2022 Cont•nts Pag•: Trustees, Annual Re￿1 Trustees, responsibilities sLitement 12 Independent auditorfs report 16 Consolidated statement of financhql activities 17 ConSol￿aled balance sheet 18 Charity balance sheet 19 Statement of consolidated ￿sh flo 20 Notes forming part of the financial stalements The Chelsea Physic Garden Company (a company limited by guarantee) Trusle8s' roport for the year end￿ 31 Docambor 2022 The Iruslees, who ￿ also directors ICK the purpose of company law present their report together with the audrt8d financial statemen15 for the year ended 31 December 2022 which are ￿$0 prepaftd to meet the requirements for a director's report and a¢¢ounts for Companies Aca purposes. Status and Constitution Charity Name.. Chelsea Physic Garden Company (fhe) Charity registration number. 286513 Company registration numt¢r". 01690871 Registered office and 66 Royal Hospilal Road operational a(Jdress= London SW3 4HS The charity is con$t[￿ted as a company limited by ￿ararrtee. The tharity i8 9)vemed by its Artides of Asso¢iatlon dated 17 May 2019. The company was incorFMyaled lo act as a Trustee of the charity known as The Chelsea Physic Garden {Charity registration number 286513) and lo advance putAic education and in part￿ular to promote the study of botany and related sc￿nces. Dlrectors and members of the Board The trustees and members of the Board (who also act as Ifuslees for Ihe clwilable activities of The Chelsea Physlc Garden Company) who served during the year were: Mr Colin Ctmsholm Mr Alan Dempsey Mr Paul Martin Gray Mrs Sukie Hemming Dr Helen Chamian Ms Anna Jobson Mr Tony Kirkham Lady Arabella Lennox-Boyd Mr Todd LongslafffrGowan Mf Simon Major Mr Michael McGonigle Mr Quoc-Nghi Nguyen Mr Michael Prideaux Or Philippa Simpson Mrs Sarah Spdler Dr Paul Thompson Ms Anna Valle Mr Andrew Woodward (Hon. Treasurer, Finance & Operations Committee) {resigned 22 February 20221 (resigned 31 D￿ernber 2022) (Char of Advisory Committee) (resigned 31 December 2022) (appointed 14 July 20221 (FIna￿e & Operalions Committee) {resKJned 12 May 20221 {res4gned 31 t)ecember 2022 (Chair of the Boardll (resKJned 31 December 2022) (appointed 14 July 20221 Chair Eledll (appointed 1 January 2023) Sgnior L8adershlp Team The Director and Company Secre Development Director Commercial Director Deputy Director {Visf(or Experience) Head of Finance Finance Director Head of Plant Collections Head of Leaming & Public Enga9Emenl Executive Assistant Project Manager Mrs Susan Medway Ms Joanna Wells Mr Tom Gillrford (to 4 April 2023) Ms Frances Sampayo Mr Paul Ryan {to 30 June 20221 Mr David StrarrfJe (from 18 July 2022) Ms Nell Jones Ms Katy Parry Ms Gill Mathias Mrs Bridget McGee The Chelsea Physic Garden Company (a company limited by ￿￿antee) Truslees. report for th• y•ar ended 31 December 2022 (Mnbnuedj Professlonal advlsors Bank.. National Westminster Bank pl¢ 18 Cromwdl Fl London SW7 2L8 Solicitors: Farrer & Co 66 Lin￿Ins, Inn Fields London WC2A 3LH Auditor.. Mocffe Kingston Smith LLP 9 ApFold Sireel London EC2A 2AP FuThJ Managers.. Sarasin & Partners LLP Juxon House 100 St Paul's c￿lChyard London EC4M 88U RegiSte￿d and principal offTh: 66 Royal H05Pit4 Road London SW3 4HS Organisalion and Structure Appointments to the Board are for an inits'al period crf three years after vthich truslees can seek re-election, serving vo additional lems each rf three years. These provistons also apply lo appointments lo the Board of CPG Enterprises Limited, the A￿lSOry C￿rnittee and other b)ard committees. There is prOVi￿On to extend the appointment of a director ￿ trustee for a limited pertod t*lwe the experience or organtsational knty￿edge of that tr￿￿tee supports an important or timdy acb"vty. Two new trustees have been appointed to j¢in the Board during the year. Dr Paul Thompson as Chair Elect. who has worked alongside the existsng Chair and trustees, tsking over formally at the beginning of 2023. Dr Thompson has been appointed as a director of CPG Enterprises Limited. Mr Todd Longslaffe-Gowan was appointed in July 2023 to supwrt Ihe board and Advisory Committee gwen his notable h(wticullural experience. During the year trustees stood down because of other commitments. At the end of 2022 Mr Michael Prideaux (Chairl and three other trustees retired at the condusion of their temi of office. Mr Mich￿[ McGonigle has agreed to remain a trustee, serving on the board, the Finan￿ & Operations Committee and Project Board for a further period to ensure conlinuty until the end of the ojrrenl capital F￿jeCt. The trustees deternine the cwerall strategy and pdicies of the charity. The delNery d the Garden's strategic plan$, fvndraising and extemal professional relations together with day-to4ay management are delegated lo the Garden's Director, Mrs Susan Medway, Y*ho is also appointed as Company Secretary. The Director takes a lead on major project a¢tNity as the most senior execulNe of the cknrity. She is supported by a small team (rf senior managers and staff. The Chelsea Physic Garden Company {a cxjmpany limited by gu¥anteel Trustees. report for Ihe year ended 31 December 2022 (continued) Recruitmont and Appointment of the Board All members of the Board give their time vduntarily and recetve no benefrts frcrfn the Charity. Any expenses Tedaimed from the charity are set out in Note 10 to the financial statements. The Nominations & Appointments Commillee is charged with setbng and regularly reviewing the requisite skills and competencies for board members and members of committeeslpanels, undertaking recruitment searches and Tecommending appointments as required to ensure there is an appropriate mix of skills. After a process to idenlfy the skills required was undertaken tsvo newtruslees. Chair Elecl. Dr Paul Thompson and Mr Todd Longstaffe-Gowan were appoinled lo the Board in the course of the year. rep1￿ing trustees who retired at the end of December. TrustO0 Indu¢tion Tralnlng New trustees are invited and encouraged to attend at the Garden to familiarise themselves wth the charity and the conlexl within which it operates. induding meetirKJ ￿￿th senior management and taking tours with the volvnteer Guides. An induction day was carried out with nethy appointed trustees. They are invited to attend the annual main Spring briefing and the subsequent quarterty staff and volunteer ￿lefing sessions. N￿Y appointed trustees spend a period shadowing an existing twstee. Throughout their temi of offtt they are offered appropriate training in their role as charity Iruslees. The princ4pal departmenls and serllor roles ￿. The Deputy Director (w￿ltOr Experience} is reswnsibte for the lhelcome pr￿ided to viwtors and for management of the buildings and Iheir services. Through the leaming and public programme team they have oversight of all learning actwity arKI the publr wwanme. as knell as vohjrrteers. The Deputy Direct(Y deputises for the Director in their absence. The Commeraal DI￿lor is responsible for all commercial acttvity induding retail. venue hire and C(￿MerCIal partnerships,. they also manage the relationship ￿th the catering partner as well as the small number of ￿mMerCIal contracts that exist. They are respon￿LIe for the Fri￿ds. scheme,. through ther team they undertake ai PR, marketing 3fKI communi¢ation$ induding ditita. The Development Director is responsible for supporting senior fundraising volunteers as well as direct fundraising for both specifi¢ capital projects and lo Supp￿ the charity's education and learning programmes. The Finance DIT￿lOr is responsible for all finance activities for the tharity and the wholly owned trading subsidiary CPG Enteryises Limited. The Head of Plant Collect￿nS is responsible for the horti(xJltural management of the garden and its plant collections together with the herbarium and seetl bank. They ensure ddivery of the horti(yJllural training programmes. The Project Manager leads on coordinating the Project Board, the Project team. the Capital design team and supporting colleagues lo achieve kyogress on all capital and programme aclNfties required for the Glasshouse project and plans towards the Gardens trMJilding refurbishment Pro￿amme as part of its 350 annNersarycelebralions in 2023. The Executive Assistant SUPPK*ts the Board. its sub-committees and senior staff. TW lake minutes for all meetings including the Board and ils sub-commitiees as well as the Proje¢t Board arml project meetings. The Finance & Operations Committee meet vAlh senior manag￿ent quarterly to review the performance and financiJ stability ￿ the charity and its trading subsidiary. They monitor and rLwiew key performance indicators, all major income and expenditure and cash flow to ensure that the Chaiity and trading subsidiary can meet their liabilities and continue lo Irade on a going concem basis. The Chelsea Physic Garden Company (a company limit&J by guarantee) for the year end￿ 31 DeC￿ber 2022 {continued) Rélated parties and Co￿p￿ratIOn wlth oth¥Y organlsatlon8 None of the Iruslees receNe remuneratKJn or other benefrts frc¥n their v*)rk wth the charity. Any connection bets*en a trustee or senior manager d the charity another organisation, another charity or an individual that the eharity may come inlo conla(a 4th, in the course of pursuing its objectives must be disdosed to the full board of trustees in the same vrdy as any other contractual rdationship with a rdaled wty. The charity's wholly ovmed subwdiary. CPG Enterprises Limited. was established on 20 December 1995 {company number 31400041. It is responsible for overseeing ￿mmercia ac*vities, retail, catering, venue h're and any licensing for commeroal purFoses of the charity's trajemark. CPG Enterprises Limited ha5 a I￿Ence from the charity lo occupy the shop premises and grft ads its profits lo the charity (see note 13b lo the financid slalements). The catering operation is ￿)ntracted out vthh an agreed p￿Centage of net turnov¥ paid to CPG Enterprises Limited. The m240rity crf venue hire bookn'ngs are f￿r1[led outside of the visitor opening peric4Js. The charity has V+Drking relationships and m•ntains nelwths Vlith numerous organtsatv)n5 al a local, n¥t￿n81 and international level. As a small independent charity these are imp￿tant to raise and maintain its profile. to promote ils diverse and to share irlormation and best practti. The charity maintsins membership of the Botani Gardens Education Ne￿ork, 8otsnic Gardens Conservalion Intemalional, the Association of Independent Museums, the National Council for the ConseNation of Ptanl$ and Gardens. The Heritage Alliance and The National Council for Voluntary Organisations. Close networks exist be￿en a number of national and international botanic gardens. The Garden also maintains good thing relationships wth staff at the Royal Bctsnic Gardens. Kew. Cambridge and Oxford Botanic Gardens.. Edinburgh and Bristol Botanic Gardens and the National Botanr Garllen ofwales. The Royal Horticultural Society and Kew support the Garden with lethniea a(fvice. expertsse and plant material. The Garden has reciprocated wth similar exchanges of expertise and also hosted visits frc¥n hortl￿tUr￿ trair¢es from many rf these Gardens. There is a developing nefvth through the charity's cxjtreach programme with organisations such as the Octavia Foundation, Chelsea Academy. Kings. College (Civic Leadership Academy) and Social Farms and Gardens. At a local levd the charity engages wth what is going on vrithin the Royal Borough of Kensington and Chelsea, and particularly %*ithin the etwirons of Chelsea and Kings Road. The Garden pays attention lo activities relating lo tourism, education and CLJmmunty iniliatNes that il can support and prl￿01e ather activdy or passively. Representatives from the charity attend meetings and netswrknng Lwents iidudiThJ The Chelsea Society and Wak Trust TW W•￿Tk V￿th the Royal Hosprta. Chelsea and the National Army Museum taking part in the annual Chelsea History Festival bul also to generate interest and drive visits to Royal Hospital Road and the three heritage attractions grouped close by. The f*"rector sils on the Committee of London Garden5 Netsvork, whose aim is lo supwrt and develop the skills and opportunities for prclessional gardeners. She is a trustee of The London Gardens Soa'ety. a Liveryman arKI CoLrt Atssistant d the WorshiphA Company of Gardeners and a Fellow of the Linnean Society. Alms and Objectlvos Purpos• and prlnclpal actlvrtles The charitable purpose and obJ'ectNes of the tharty are lo demonstrate t￿ medunal, economic. cultural and enVir￿ments1 importance of plants to the survival and wellthing of humankind. Chelsea Phy5ir Garden carries this charrtalAe purpose for the Wb1￿ benefrt by: provKiing programmes of educationa ￿tI¥ll￿s, pUbl￿al￿)n$ and events: maintaining documented plant collections in labelkd and interpreted displays in an historic botanic garden.. demonslraling the development of the stience and F¥actice of h(thullure. botany a￿1 related discipli￿$ through the historical role of the garden.. and promoting the importance of the conservation of ￿ants and Ihe natural environfftht. The Chelsea Physic Garden Company (a company limited by guarantee) Trustees. rnport for th• y•ar •nd•d 31 December 2022 (continued) Ensurfng the Garden's Twork dollvern its alms for publlc b•n•fft The alms and activities of the company as a charity are revithved each year. Public engagement and the conservation and care of Chelsea Physic Garden's ¢dlections are at the core of the charity's activities. The annual review looks al what has been achieved and the outcome and imE)acl of that work in the previous 12 months against the key performance indicators monit(Ked through¢)ut the year. The principal perfornia￿e indicators relate to." overal number crf visitors to the Garden and admissions inco total number of School Leamers: total number of Leamers on Outreach viwls and Communty Engagement participants. number of parbcipanls on Publt programmes and Family activity days.. the number d Friends of the Garden.. retail revenue.. venue hire revenue., bsile and social med"a actNty: and fundraising activty lo support operating and capita projects. Publlc bengfft stalwn¢nt The charity Iruslees consider that they have Compl￿ with Ihwr duty in section 17 of the Charities Act 2011 to have due regard lo Public Benefrt guidance published by the Charty Commission and that the benefits that the charity provides are not unreasonably restricted. The Iruslees ensure the charity delNers publ￿ benefft by: admrtting the public to the Garden on payment of a modest admiss￿ charge,. maintaining a Friends scheme., providing a range of l&arning and publ￿ proyammes on aThJ off-site.. working wth partner organisati)ns to identify groups that woukl benefrt from ￿rnrnU￿ty membership access site and collections interpretation. publications and digitsl resources-. and providing guided tours, visitor SeN1￿ and on4ine access. Activities The charity's aim is to demortstrale hortiujltural and botanKal exC￿ence in the presentath)n of the Garden, ￿1181 interpreting il in an interesting and acce￿ble manner. Work continues to maintsin interest in the horticultural displays and sthilst the layoLrt (fj the Garden remains largely urtharyd. seasonal planting and inlerpretalion is introduced in order to interpret the collections and exlend the season. Mairrtenance ar￿ redecoration w￿rk continues annualty, partmxjlthy in the sF*yt dowl in ewty J￿L￿Y, ensuring Uwt V•e manLqn stantsds of presenlalion pending major refurtlshmenl. The Garden has been open to vi%ilors 11 months of the year. six days a week, albert visilalion levels are not at pre- pandemic levels,. it maintains longer opening hours (11am- 5pm) bett￿￿ 4Yil and October and has evening openlngs on Tuesdays and Wednesdays in July and Auwst. Saturdays aTr exdusr¥dy reseNed fcr rKivale hire. In 2022 the Garden welC￿led 50.919 visitors155.335 in 2021). The numberdFriends membwthips at 31 D8￿ber ds 6,748 {6,639 in 2021). Ir#￿ietrcffl c(*nmwaal lettingsfomis a sKJnrficanl part clthe thariW5 inc¢wne. Infomiation rdaling to private hire and lo the Garden's public wogramme d actNilies is posted on the s*bsrte and is promoted via the monthly newsletter. Venue hire and a range of put4ic programme actNtbes have taken place throughout the year. The Chelsea Physic Garden Company {a o)mpany limited by g￿antee) for th• y•ar ended 31 December 2022 (contlnu8d) Actlvltles (continued) The ¢dIa￿TatIon with Beefeater Gin through the Lonth)n Garden Gin woduct and their charitatle donation to the Garden continued in 2022. The agyeement Mfjth octop￿ Publishing continues ￿th a third publication produced during the year under the Garden's trademark. The Cty Bridge Trust and the John Lyon's Charity hwe Conkn'nwl theff support for our learnirwJ outreach and engagement programmes and we are grateful for their continued and vital support. Both these multi-year grant awards came to an end in 2022. The Garden has continued to deliver Eearning both onsf(e, offsrte and online. There has been an increase in the delivery of actNilies through a programme ofcommvnity partnerships. The total number of schools and community participants for the year was 7.632. In addition, we wekJ)med a fvrther 6.560 participants to one of our public programme actNlties throughout the year. which may have been anything from summer outdoor music. inleraclive theatre, a famity aclNlty day or a workshop on chocclate making or a hefbal remedies course. There have been no restrictions in place during 2022 and the Garden has continued lo operate throughout. There remains a bwer number of inbouTrJ louri5ts that before the paThlem￿ allhough some of thi8 can now be attributed to C•)St of living pressures. Venue hire actNity has been extrerth bJoyanl throughout the year as dients who had carried forward their L￿king5 from 2020 and 2021 held their events at the Garden. Voluntgers The Garden's team ofvdunteers, pr(wKles invaluable SUPFrtyt across the charity and the Garden continually looks to diversrfy the actsvtties that vdunteers are involved in. In the yearwork has been ongoing to diversfy who and where Tecruitmenl of volunteers look place, as well as ensuring the onwing training and support for existing and new volunteers. A Youth Panel (aged 16-24 years) has been reerurted and is working on tems of reference and with the Leaming team to C(￿create arKI supwt adivities. ensuring that these are publicised in ways that attract young audiences. Fundraising statement Section 162a of the Charities Act 2011 requires charities lo make a statement regardiThJ fvndraising activities. Although we do not currenuy undertake widespread fundraising from the general public, the legislation defines fundraising as 'soliciting or otherwise procuring money or other propety for charitsble purposes.. We have an on- line donation page for the general public to make donations lo fundraising appeals, including Ihe 'Holhouse Challenge, for the Glasshouses project. At 31 De￿mber 2022 £4.633 had been received for this and other projects via the website. Such amounts received are presented in our accounts as *oluntary income. and include legacies and grants. In relation lo the atove r( is confimied that all solicttations are managed internally, I•￿thOut involvement of commercial participators. professional fundraisers, or third parbes. The day-to-day management of all income generalson is delegated lo the senior management team. who are accountab￿ lo the trustees. The charity 1$ not bound by any uThJertaking lo any wulatory scheme howevex charity voluntsrily follows The Code of Fundraising Practice. The charity has re¢oived M cximplaints in relati￿ to fvndfaising acbvities. The charity monrtors the activities of its employees including th¢￿e responsible for furKlraising ￿th regular rep￿tS prepared for lJu$teeg. The Chelsea Physic Garden Company (a company limited by swwantee) fr•r the year ended 31 December 2022 {contlnuedJ Principal Funding Sources Income 15 principally generated by the charity fr￿n fundraising actNity, C￿rgIr0 visitors admisson lo enter the Garden, from annual 5ubscriplTrons frLNm Friends of the Garden and fr(Th the publ￿ progamme. In ad(Jilion, the cornm￿1a activities of CPG Enterprises Limited make a signrftsnt Contribjl￿n to the fijnding of the charity. The charity holds lortrtemi irNestments in the form of an Endowment Fund. This fund %Yas e$labli$hed betsveen 198347 frcTh a fuThJraising appeal vknich attr*ed th)nalM)ns from a number of sources. The Iruslees have delermined that the fvnd 15 wendable ¥￿th both c4)ita and ir￿e being available lo use al the trustee's discretion in support of the Charity's Mr*k. At 31 Decanber 2022 the endowment fvnd vaFue vtds £3,557,502 {£4,049,456 in 2021)- Trusts and Major Donorn 21J22 The Garden is fortunate to have the $UPF*Xt of a number of Charilable TNsts and Foundations together with many individuals who make donations supporb'rwJ capital I￿rkS and charity as a ¥￿￿7e. In 2022 Lyants and donations were received from: General Cadogan Charty Craig Swick David Laing Foundation The Drapers. Charitable Fu￿1 Esmée Fairbaim Foundation, TASK Fund The Estate of Jill Hood John and Diana Kemp-welch Charitable Trust John Lewis Partnership The Pamela Mallhews Charitable Trust Peter Cadbury R¢ck Mather and David Scrase Fwndalion Sloane Stanley LLP The Stonewall Park Charitable Trust Virginia F White Walter Lee and Leslie Welch RL HortlGuhurg, Horticultural Tralnees and Garden Projects The Finnis Scott FoundatKJn Dr Martin Schoern Learning and Engagement Projects Chelsea Physic Garden Florilegium Society City Bridge Trust Cocoa Runners Professor Diane E(Miards The D'oyly Carte Charitable Trust The Golden Bottle Charita)le Trust John Lyon's Charity Joseph Rochfords Gardens Ltd Loveday Charitable Trust Michael mcGOn￿le Michael and Sue Prideaux RUB While Charitable Trust Simon Eccles Steve Ed9e The Chelsea Physic Garden Company (a cA)mpany limited by guwantee) for the yeaw ended 31 Dec•mbgr 2022 (contlnuedj Trusts and Major Donors 2022 (conlinuedj Colloctlons James & Shirley Sherwood Foundation Dr Martin Schoemig Glasshouse Restoratlon ProJo¢t Band Trust Daniel and Marcela Pinto The Hobson Charity Ltd The John Armilage Charitable Trust The John Browne Charitable Trust Nation81 Lottery Heritage Fund The Olwen McPherson Tnjst And our donors who wish to remain anonymous. Investment Pollcy The trustees have considered the rnosl approwiate polw for managing the charity's eThJowmenl funds and unrestricted reserves. They have delegated management of these funds to a specialtst fund manager, Sarasin & Partners LLP. The investment mandate set for the fund manager is to provKle a level of annual income lo help support the running of the charity, whilst also looking to achieve long-temi capital growth of the funds. Financial revlew The results for the year show net surplu$ of £998.198 before losses on investments. this compares to a surplus of £1,869,043 in 2021 and a net surplus {after unrealised losses) of £513.257 compared with £2,117,702 in 2021. The balance sheet shows a positive posilK)n. The Garden's trading subsidiary. CPG Enleftvises Limited. showed a pre-tax profrt of £219.322 (2021.. £95.144). before a donation under deed of covenant was made to the Garden. Income from letting roorn5 and external events in the Garden is £611,646 (2021.. £297,354) which is 20Oh12021 80h) of total income. The income received from the Friends related lo the renewal of annual subscriptions to the Friends, scheme aThJ the making of new Friends of the Garden generated an income of £307.280 {2021.' £385.822). Total eXper￿ltUre of £2.063.199 inwsed by 23% {2021- £1,681,388). The intreases were In salary costs. partly owing to additional r￿e￿ terni heads rdated to the 350 annNersary, also in horticultural and marketing costs and professional fees. Reservos Totsl funds at the year*nd amount to £7.612,345 {2021.. £7,099.088) of whth £2.433.607 (2021: £1,726,696) can only be used for particular restricted purposes as stipulated by the donors. The assets and liabilities allributable to the various fvnds are shown in notes 18 and 19 to the financial statements which also describe the various funds of the charty. Un￿$tr￿led funds amount lo £5,178,73812021: £5.372.3921. ofwhich £827.770 (2021- £759.606) is freely available as the trustees consider the endowment funds of £3.557.9)212021.' £4,049,456) to be available only in exceptK)nal r¢umslances. The charity relies on the income generated from these long-lerm investments land also from ils own aGtivities) for the day to day upkeep of the G*den and for ca￿1 growth to ensure continued inry)me generation in future years. Other fvnds amunting to £793.466 {2021: £563,330 have been designated by the trustees for specific purposes. These funds are listed in note 18 and described on page 38. The Chelsea Physic Garden Company {a company limited by guarantee) Tn￿te0$. report for the year end￿ 31 Decwnber 2022 {con¢lnu•d) Reserves (continued) The trustees reV￿W annualty the reserves polw arml have sel the tsrget level of free reserves at the equivalent of operational expenditu￿ over the next three months which equates to £515.899. The freely available reserves of £585,017 equates lo a litue over three months of expendiiure reserve and are therefore broadly in line with this reserves policy. The trustees have committed to revthv and. rf ne￿Ssary, update their reserves policy in 2023. Golng concern In assessing any lasting impact of finanryal pressures ￿ht about by rising inftation and consequent price inc¥eases on The Chelsea Physic Garden Company group, the trustees have considered all the mall8rs described in the Trustees, Report, induding the group's operattons, the impact on subscripts'ons, donatp)ns, and other trading aclivilies, as wdl as the impa¢l on the group's investment portfdio. In particular, in order lo support the tru51ees' assessment of the sustainability of the wup's actNlties. management continues to prepare quarter￿ cash-llijw forecasts based on as5urnption$. through lo the end of 2024. The major revenue and expenditure budgets are tracked on a month-by-month basis to check actual against l￿dge( whKh is used to a(Jjusl the forward assumptions for income and expenditure through 2023 up to Decembw 2024. The analysis undertaken shows that the group remains cash positive throughout without need to liquidate any of the charl￿9 investment portfolio. CPG Enterprises Ltd. the wholly owned subsKliary which undertakes certain commercial trading activities of the group, ha5 been subjected to a separate St￿$$ lesl for a perKxl which extends forward to the end of 2024. ProvKled that trading actNil￿ ordinarily undertaken by CPG Enterprises Ltd can be undertaken the stress test demonstrates that the trading company remains an independent going concem throughout. At the date of signing of these finanual stalemenls. the, forecasts indicate that the Group will be able lo maintain liquidity for a period of al leasl one year following the date of S￿nIng of these financial statements and will therefore be able to continue lo trade as a going concem. The trustees therefore o)nsider that no material uncertainty exists in relation to going concern for the Group. Charlty Governance Code The Board is committed to g(￿1 govemartt and to its own and the chartty's (x)ntinuous improvement in delivering its purposes most effectNety for the publ￿ beneffl. The Iruslees are mindful of the ch￿ Corporate Govemance Code and to considering whether to implement any changes fvi response. Plans for Future Periods Progress on achieving the overall objective lo update the Garden's horti(yJllural and leaming facilits'es and infrastructure", lo improve and enhan￿ the overall accessibilty and experience for visitors continue. The first phase of this is resloralion and re1nteTpretat￿n of the Garden's Victorian Glasshouses whith is supported by a Nalirjnal Lottery Heritage Grant of £924.100. following a grant increase of £243,400. Progress on the ￿pital resloralion works. new inlerpretalion a5 well as an extensive a¢livty plan are all progressing. All the necessary furKlraising for the full cost of the project {£2.9m) has been undertaken and the capital and comprehensNe activity plans are funded. In anlicipalion of the Garden's 350 anniversary in 2023 the charity has a ￿an of activities in ptxe throughout this year which bring together communty local Stakeh￿ders, visitors and sUPPQrters to celebrate the work of the charity. The Glasshouses are scheduled for Comp￿tIOn and reopening towards late summw and this will be used as an opportunty lo reinforce the Garden's mandate as a Physic Garden for the Future. The Chelsea Physic Garden Company {a company limited by guarantee) Tru￿oes. report for the year ended 31 December 2022 (contlnued) Plans for Futurn P•riods (Cont￿￿ed} The Iruslees expect to be in a posibon to have agreed a phased approa¢h to a Mastwplan whth will aCh￿ve improvements lo and refvrbishment of thevisilor. horticJJltural and leamirKJ facilities and Infrastructu￿ arrfl to improve and enhance the overall accessibility and experience for visitors. Other capital projects we modest in natu￿ and onty c#)mmence when all funding is in place to meel the full cost of the activity. Carbon Footprint During the development phase of the Glasshwse project the Garden created a Sustainability Framework through which it evaluated the ddiveTables for the repair and improvemen1$ to the Glasshouses. It is proposed that a Sustsinability Framework which covers xcessilylity, biodiversity, energy. waler, materials, waste and pollution be further developed lo provide a benchmark by whith the Gwden can tracK reduce and mitigate ils environmental footprint. Pay policy of senior staff The charity is committed to the London Lrving Wage. induding for trainee roles. The Remuneration Committee, is responsible for annually revwing the pay and Conditions of sL8ff and volunteer expense remuneration. Benchmarking is undertaken within the relevant sector of all vacant roles prior to re-advertising. A subslantNe benchmarking exerase was urKlertaken during the year 60% of existing role profiles extemally benchmarked ilhin comparative sectors. A recommendation was Tnade and a¢eepted by the Board to address ary substanlrve variances in salary of affected posts. Risk Management The trustees actively review the major rth whtch charity might face. in particular those relating to governance, reputation, operations and finance. As part of the risk monitoring infrastructure the charty maintains an active risk register, business conlinuity ond disaster plan. These are regularly reviewed lo ensure relevance. The charity annually reviews 115 Insuran￿ provision induding the type of c4)ver ar￿ overall levels of cover. The trustees believe that maintaining adequate fre8 reserves combined with regular revvNS of the controls over key financial systems, will provide suffKienl proteclion for the charity in the event of a¢Jverse operating Conditions. Amongst the most serious risks listed in the current risk register a￿ ". Cyber attaek . This might ￿sU11 in loss of ￿cesS lo vital IT syslems. oynprorntse of Ihè pÈMnal data of FriÈnd$, visitors Ènd others or financial loss as a resutt ofwnjs or ranSoMwa￿ attack. Our respthstr is to rèvièw our IT sècurity ntinuou4y. to 8ngJr8 saf•Juards staff tra¥iirvJ are ￿t0 date. To the eXtentth8l¢y￿•r risks ￿ b8 insurad against we have that cover. Un#uthoriwl acc•ss lo th• Ganl•n and bulldlng5 lry hrtNders for tho purpo￿$ of th•ft or vandallsm . Our rèsponse to this includes physcal and monitored $￿vr[ty systems, ewrOn￿ access controls aThJ CCTV. We are insur811 against the po(ential financial ioss thal could ￿vIt frorn ￿ an ttv&￿. An unforeseen disagtrou8 event . mpjht t&ke the fomi of a natural disaster OT an of tsrrorism, for examplè. The Garden has a Business Contirwity Han %bl)ith V•Y)uhl enable key personnd lo continue to work offsite with a¢¢èss to backed up system$. F￿1 ofthe Imry cole4￿onS are rnaintsined in the event that needei11o be re￿ated to the extent Possible. Impact of cllmate change on the Ilvlng cdle¢llon .. This ts larg8ty outside ryJr control but actions Can bo tsktrn and have ¢ommissioned a report on sustsinabilty to i¢Jentsfy howwe can achieve'carbon neutralty- by 2030. Wo ra￿eW our plant eollectiorts to en$￿￿ can maintswi 8 cdle¢tiM in line *h%th our mi8sKJn as an OTganisation t)ut that 1$ morv rewlienl lo a thanyng dimate. 10 The Chelsea Physic Garden Company (a ￿MpanY limited by guarantee) for th• yèar ended 31 Decwnber 2022 (condnuedj Trnst•K' responsibilities ststomont The trustees are reswnsiNe for preparing the Tmstees, report and the financial statements in accordance with applicable law and regulations. Company and charity law requires the directors to prepare financial statements for each financial year in accordance with Unrted KIn￿10M Generally Accepted Acc(xJnting Practice {United Kingdom Accounting Stsndards and appluble law). Under company and charity law the tnjslees musl not approve the financial statements unless they are satisfied that they gwe a true and fair view of the state of the affairs of the group and parent charty and of the incoming resources and application of resources, induding its income and expenditure. of the group for the year. In preparing those financial statements, the directors are required to: select sUrtai￿e accLwnting kKI￿e$ and then apply them consistenty. make judgements arbj ac0)Untir￿ estwnales that are reasonab￿ and wuden( arKI prepare the financial ststements on ￿ ￿Irvj corKwn basis unless it is inapwotffiate lo presume thal the charity 11 continue in t￿lsineSS. The Iruslees are responsible for keeping adequate accounting records that are sufficient to show and explain the haritys transactions and disclose with reasonable a(*uracy at any lime the financial position of the group and parent charity and enable them to ensurt that the finanoal statements comply with the Charities AGI 2011 and Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provislon of Infomialion to audttors Each of Ihe persons wh) are trustees at Ihe time wthen the Directors. rewl ￿ approved ha5 ￿nfirrned that.. so far as that trustee aware, there is no relevant audr( 1rrf￿mation of vthich the charity$ auditor is unaware.. and that the trustee has taken aH the stsps that ougm lo have been taken as a trustee in order lo be aware of any infonnalion needed by the charity's auditor in connection with preparing his report and lo establish that the charity's auditor is aware of that informal¥)n. Auditors Moore Kingston Smith LLP were ap￿inted as audttors during the year and have indicated their willingness to continue in office. They are deemed lo be reappointed in accordance vAth section 487(2) of the Companies kl 2006. Small Gornpany •xemptlon This rewrt has been prepared in aCcOrdar￿ with the spwal provisions of Part 15 of the Companies knt 2ts)6 relatw to small companies. This report was apFYoved by Board on 11 May 2023 arKI s￿ned on its behaff by: Paul Thompson Trustee in Chisholm Trustee 11 The Chelsea Physic Garden Company {a company limited by guarantee) Independent audttorfs report To the DlrectoTs of The Chelsea Physlc Garden Company for the year endod 31 December 2022 Opinion We have audited the finanaal statements ofthe Chelsea Physic Garden Company {the 'parent charitsble company,) for the year ended 31 December 2022 which comwise the Group Statement of Financial Activities, the Group Summary In￿rne and E￿ndituTe Account. the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financiai statements. including signrficant accounting policw. The financial reporting framework that has been appl￿1 in their preparatK)n is applicable law and United Kingdom Accounting Standards. including FRS 102 'The Finawal Re￿ling Standard Applicable in the UK and Republic of Ireland, Iuniled Kingdom Gener￿lY Accepted Accounting Practsce). In our opinion the financi￿ statements". give a true and fair view of the slate of the group's and the parent charitable company's affairs as al 31 December 2022 and of the ￿0Up'S incoming resources WKI ap￿l￿tIOn of resources. including its income and expenditure, for the year then ended,. have been propety prepared in acCOrdar￿ ￿th United Kiwm Generally Accepted A¢￿￿nting practi￿.. and have been prepared in accord￿ with the requirements of the Companie5 Act 2006 and the Charf(ies Act 2011. Basis for opinion We conducted our audit in accordance ￿th Intemat￿naI Standards on Auditing {UKI {ISAs {UKI) and applicable law. Our responsibilities under those standards are fvrther described in the Auditor's Responsibilities for the audit of the financial statements section of our re￿1. We are indeperbdent of the charitable company in accordance with the elhieal requirements that are relevant to our audit of the financial stalefflents in the UK. including the FRC'S Ethical Standard. and we have fvjffilled our other eth￿al responsibilities in aCcOrdaTh￿ with these requirements. We believe that the audrt evidence we have obtsined is suffi¢ient and appropriate to provide a basis for oui opinion. Conclusions rnlating to going Con￿rn In au(Jiling the financial statemen15. we have concluded that the trustees, use of the going o)ncern basis of a¢¢ounliThJ in the preparation of the financial statements is ap[￿Opriat8. Based on the work we have perfornied, we have not identffied any material uncertainties relaling lo events or conditions th81. individually or collectivety, may cast signrf￿nI doubt on the group's and parent charitable company's abilrty to continue as a going concem for a period of at least ￿e1Ve months from when the financial statements are authorised for issue. Our responsibilities arKI the responsiblities of the trustees with resFeCtto going COn￿M are desuibgd in the relevant sections of this rewt. Other Inforniatlon The other infomialion comprises the irrformal￿n included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other information and, excepl to the exlent otherwise eXpl￿￿Y stsled in our rewrt, we do express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge Oblair￿ in the course of the audit or otherwise appears to be materially misstated. If we Klentify such material irKonsi$tencies or apparent material misstalements, we are required lo determine whelher there is a material misstatement in financial statements themselves. If, based on the work we have perfornied, we condude that there is a material misstatement of this other information, we are required to report that fact. 12 The Chelsea Physic Garden Company la compary limited by guarantee) Indewdent auditors report {continu•d) To the Dlrectors of The Chelsea Physic Garden Company for the year ended 31 December 2022 We have nothing to reF￿rt in thi$ reg¥d. Oplnlon8 on other m*lers prescrfbod by tho Companios Act 2006 In our opinion. based on the work undertaken in the course of the audit: the informat*)n given in the trustees. annual repNt for the finan¢rdl year for Wh￿ the financial stslements are prepared is consistent with the financial stalemenls,. and the Iruslees. annual ￿pOrt has been prepared in acCOrdar￿ with applKable legal requirements. Matters on whi¢h w• arn réqulred to report by excepilon In the light of the kno￿edge and understsnding of the group and parent Charitable company and their environment obtained in the course of the audit. ￿ have not identlfied material mwtslements in the trustees. annual report. We have nothing to report in resrect of the followng matters where Companies Act 2006 and the Charities Act 2011 require us to report to you rf. in iyjr opinbon.. the paTenl charitable Company has not kept &Jequale and SUff￿lent accountiThJ re￿rds, or ￿t￿m$ adequate for our audil have not been recetved from branches not visile(I by us., or the parent charitable company's financial statements are not in a￿ment wth the accounting records and returns,. or certain disclosures of trustees, reMunera￿n specified by law are not made", or we have not receN8d all the information and explanations we require f(K our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small ￿MPanieS exemption in preparing Ihe Trustees, Annual ReF)Ort and from preparing a strategic report. Responslbllltles of tru￿9Q5 As explained more fijlly in the trustees. responsibilities stslement set out on page 11 the trustees (who are also the directors of the charitable company for the purposes of wmparby law) are responsible for the preparation of the financial statements and for being satisfied Ihal they give a Irue and fair view, and for such internal control as th8 Iruslees determine is necessary to enable the preparakn.on of financial statements that are free from material misstatement. whether due to fraud or error. In p￿pari￿ Ihe financial statements. the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concErn. disdosing. as apFAicable, matters related lo going concern and using the going concern basis of aco)unting unless the trustees ef(her intend to liqu￿ale the group or parent ¢haritsble company or lo cease operations. or have no realistK altemalNe but to do so. Audltorfs Responsibilitios for the audlt of the financial statomènts We have been appointed as auditor under th8 Companies Ad 2LM)6 and section 151 of the Charities Act 2011 and report in accordancE with IIKJse Acts. Our objectNes are to obtsin reasonaEJe assuran￿ ab)ut the finar￿la1 statements as a whole ￿ free from malgrial misstatement, whelher due to fraud or wror. arml to issue an au(Jitor's report that indudes our opinion. Reasonable assurance is a high level of assuranee bul is rnl a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are ¢onsidered material rf, individually or in agyegate. they could reasonably be expected lo infiuence the economic decisions of users taken on the basis of these fina￿al statements. 13 The Chelsea Physic Garden Company {a company limited by ￿￿antee) Independenl auditorfs veport (continued) To th• Dlrectols of The Chelsea Physic Garden Company for the year ended 31 December 2022 As part of an audil in accordarKe with ISAS (UK) we exerw Wofession￿ jud9ement and maintsin professional scepticism throughout the audit. We also: Identrfy and assess the risks of material misstatement of the finarKial statements, Whett￿ due to fraud or error. design and perfom audil prctedures TesponsNe lo those risks, and obtain audit evKlenc£ that is suffiryent and appropriate lo provmje a basis for our opinion. The rksk of not detecting a material misstatement resulting from fraud is higher than for one resulliro from error, as fraud may involve collusion, forgèry, intentional omission5, misrepresentations. or the override of intemal cC￿trol. Obtsin an understanding of inlemal control rdevanl to the audit in order lo design audit procedures that a appropriate in the circumstances. bul not for the purwses of expressing an opinion on the effectNeness of the group and parent chaiitable companys inlemal contrcd. Evaluate the appropriateness of accounting used and the reasonableness of accounting estimates and related disdosures made by the trustees. Condude on the appropriateness of the trustees. use ol the g)ing concem basis of accounting and, based on the audit evidence oblained, whether a material uncertainty exists related to events or condilDns that may cast signrfiont d¢JJbt on the ￿0Up and parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disdosures in the financial statements or, if suth disdosure$ are inadequate, to mod our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditorfs report. However, fijlure events or conditions may cause the group or parent charitable company to cease to continue as a wng corwn. Evaluate the overall [￿esentatiOn. structure and content of the finan¢k41 statements, including the disclosures, and whether the financial ststements represent the undedying transa¢tion$ and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the fina￿la1 information of the enttties or business activities vthhin the group to express an opinion on the con5didata financial slalements. We are responsible for the direclion. supervision and Perf￿rnan¢e of the group audtt. We remain solely Tesponsible for our audit rep￿. We communicate with those charged with govemanee regarding. among other matters, the planned scope and liming of the audit and signif￿ant audit findiThJs, indudin9 any Signif￿nt deficiencies in internal control that we identrfy during our audit. Explanatlon as to what extent the audit was considered wjablo of detecting irr•gularltles. Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our reswnsibililies, outlined aLK)ve. lo detect material misstatements in respect of irregularities, including fra￿J. The extent to whith our procedures are capable of ￿e￿ing wregularities. including fraud is detailed below. The objeclNes of our audit in resFeCt of fraud, are.. lo identrfy and assess the rtsks of material misstatement of the financial slatemenls due to fraud- to obtain Suff￿lent appropriate audTt evKlence regarding the asses$ed risks of material misstatement due to fraud. through designing and implementing approFKiate responses to those assessed risks,. and to respond appropriately lo instartts of fraud or suspected fraud idenlrfied during the audit. However. the primary responsibility for the prevenbon and ￿e¢￿t￿ oftrdud rests wth both rnanagemenl and those charged wilh governance of the charitable company. 14 The Chelsea Physic Garden Company (a company limited by guarantee) Independont auditorfs r•port (eonts"nu•d) To the Direclors of Thg Chelsea Physic Garden C¢xnpany for the year ended 31 December 2022 Our approach was as follows.. We obtained an understanding of the legal arKI regulatory requirements applicable lo the charitable company and considered that the most significant are the Companies Act 2006, the Charilh8s Act 2011. the Charity SORP. and UK financial reFM)rting standards as issued by the Financial Reporting Council. We obtained an und¥starMling of how the c*aritable company comtAies with these reqU1￿MentS by discussion$ with management and th)se charged with governance. We assessed the risk of material misststement of the financial stalements, induding the risk of material misstatement due to fraud 8ThJ h(rw it might orAxJr, by FM)kJing discussiorts with management and those charged wth govemance. We inquired of management and those charged wth goveman¢e as to any known InStsr￿eS of non- compliance or suspected non-compliance with laws and regulation$. Based on this understsndiThJ, we designed Sp￿lf￿ appropriate audit procedures to identify instances of non-compliance vthh laws and rewlations. This induded making enquir￿$ of management and those charged ￿￿th g)vemance arwj obtainirvJ ajditional corrobtyalive evidence as required. There are inherent limrt*'on$ in the audit pr￿edureS described al￿. We are les$ likely to become aware of instances of non-complianee vthh laws and regulations that are not dosety related lo events and transactions reflected in the financial statements. Also. the risk of not detecting a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery or Intention￿ misrerrfesentatiorts. or through cdlusbjn. Use of our report This report is made solely to the charitable (￿MpanY'S members, as a body. in acwdan¢e with Chapter 3 of Part 16 of the Companies Act 2006 arKI. in respect of the consoltdaled financial statements, lo the charty's trustees. as a body. in accordance wlh Chapter 3 of Part 8 of the Charities Act 2011. Our audrt work has been undertaken so that we might state to the ¢haritable company's members and truslees those matters whKh we are required lo slate to Ihem in an auditor's report and for no other purpose. To the lullesl extent permitted by law. we do not accept or assume responsibilty to any paty other than the tharilable company, the chari18ble company's members, as a body. and the chariWs trustees, as a W. for our audit work. for this report. or for the opinion we have formed. Ilort k+. LCF Date.. 11 May. 2023 Andrèw Stsckland (Senior Statutory Auditor) for and on behalf of Moore Kingsion Smith LLP. Ststutory A￿JitOr Floor g Appold Street London EC2A W Moore Kingston Smlth LLP is eligible to act as auditor in temis of Section 1212 of the Companies Act 2(KJ6. 15 The Chelsea Physic Garden Company (a company limited by guarantee) Consolldaled st*ement of financial aclivlllos (indudlng consolldated Incomo and expendilure account) for the year ended 31 December 2022 Not• UnroStrict•d Endowm•nt Funds Funds Restrlcted Funds Total 2022 Total 2021 Income from . Donations and *ies Other trading activities Charitable activities Other income Investments 402,957 1,040.407 551,223 954.636 1.357.593 1.040,407 551,223 3,677 108.497 1,986,228 643,838 621,914 175,336 123,115 108,497 Tolal Income 2,10Q761 954,636 3,061.397 3.550.431 Expenditure On: Charitable activities Raising funds 1.459.740 348.148 248,298 1,708,038 355,161 1.360,824 320,564 7.013 Total Expendlture 1,807,888 7,013 248,298 2.063.199 1,681,388 Net incomel{expenditure) before galns. losses and transfers 298.873 17.013) 706,338 998,198 1.869.043 Nel {lossygain on investments 13 (484.941) 1484,941) 248.659 Net $urplusl{deficlt) bgfore transfers Transfers between funds 298.873 (5731 (491.954) 706.338 573 513,257 2,117,702 18 Net movement in funds (491.954) 706,911 513,257 2.117.702 Reconciliation of funds Total funds brought forward al 1 January 2022 18 1,322,936 4,049,456 1,726.696 7.099.088 4,981.386 Total funds carried forward at 31 December 2022 18 1,621,236 3.SS7.$02 2.433.607 7.612.345 7,099.088 All ffjsulls are derived from c#)ntinuirvJ xtivibes. The group ha$ no other rec4)gnised gains and l¢)sses ottrw than th¢)se sLqled above. Th& notes on pages 20 10 40 fomi part of th85e finanrial SL￿ernents. 16 The Chelsea Physic Garden Company (a company limited by warantee) Consolidated balance Sheet at 31 December 2022 Company number 01690871 2022 2022 2021 2021 Note Fixed assets Tangible assets Investments 12 13 1283.025 3.5S7.$02 304.430 4,049,456 4,840,527 4,353,886 Currènt assèts Slocks Debtors Cash at bank and ￿ hand 14 15 21 32,987 50,941 3.070,293 29.99) 76.344 3.068.775 3,154,221 3,175.109 Credltors: amounts falllng due within one year {429,907) Not currenl assets 2,814,106 2,745,202 Totsl assets I￿$ currant liabilities 7,654,633 7.099.088 Creditors: amounts falling due after more than one year 16b (42,288) Not assets 19 7.612.345 7.099.088 Funds Unrestricted General Designated Endowment fu￿lS Restr￿le(l funds 18 18 18 18 827,770 793.466 3,S57.$02 2,4J3.607 759.606 563.330 4.049.456 1.726.696 Total funds 18 7.612.345 7.099.088 These financial statements have been prepared in accordance wtih the provisions appI￿able lo companies subject to the small companies regime within Part 15 of the Compan￿ Act 2006 and with the Financial Reporting Standard FRS 102 SORP (effective January 2015). Th& finanGio1 sLitements were approved and wlhorised for issue by the Bo¥d on 11 May 2023 aul Thompson Trust Colin ChIS￿lIM Trustee The notes on pages 20 10 40 ftym part of these financiat sLqtements. 17 The Chelsea Physic Garden Company (a company limited by wararrteel at 31 December 2022 Company number 01690871 2021 2021 Flxed assets Tangible assets Investments 12 13 1.283.025 3.557.602 302,6H 4,049,556 4.840.627 4,352.200 Current assets Debtors Cash at bank and In hand 15 21 112.519 2,960,795 82.601 2.9)2.755 3.073,314 2.985.356 Credltors: amounts falllng due withln ono yèar 1263,986) (243,146) 2.809.328 2,742,210 Totsl assets less current liabilitlos 7.649.955 7.094,410 Cr•dltors: *nounts falling du• aftar more than one year 16b 142288) Nel assets 19 7,607,667 7.094,410 Funds Unrestricted General Designated Endowment funds Reslricled funds 18 18 18 18 823,092 793,466 3,557,502 2,433,607 754,928 563,330 4,049,456 1.726,696 Total fvnds 18 7.607.667 7,094,410 As pemitled by section 408 of the Compan*s Act 2006. the Parent Charitable Company's profil and loss account has not been induded in these financial statements. The surplus for the year vrds £513.257 {2021'. £2.117.7021. These financial statements have been prepared in aco)rdance wilh the provk%ions applicable to companies subject lo the small companies regime within Part 15 of the wnpanies Act 2006 and wth the Finanual Reporting Standard FRS 102 SORP {effective January 2015). The financial statements were approved ￿ authorised for issue by the Board on 11 May 2023 Paul Thompson Tntstee Colin Chisholm The notes on pages 20 to 40 fomi p*t of these finanoal statements. 18 The Chelsea Physic Garden Company {a company limited by guarantee) Siatement of consolldated cash flows at 31 December 2022 2022 2021 Note Reconclliation of net incomo to cash Ilows from operating *ivitiès Net movement in funds Gainl(lossl on investments Investment income Depreciation Lossllprofitl on dtsposal of assets (IncreaseYdec￿a$e in debtors (Decrease)l{in¢rease) in creditors (Inueaseydecrease in stocks 18 13a 513,257 491,954 (108,497) 26,048 12,308) 25,403 (47,504) 12,997) 2,117,702 (248,659) {123.115) 25,346 (24,303) (45,058) 17,415) Cash Iltrws from operating athities 895.356 1,694,498 Cash from investing activibes Investment income Purchase of investments Purchase of propety, plant and equipment Proceeds from the sale of tangible r￿e￿ assets 108.497 123,115 (500,000) (80,171) 12 {1,005,8101 3,475 (893,838) (4S7,0S61 Iruease in cash for the year 1.518 1,237,442 Cash at t￿InnIng of year 3,1)68.775 1,831.333 Cash al end of year 21122 3,070,293 3,068.775 The notes on pages 20 to 40 fomi part of these financial statements. 19 The Chelsea Physic Garden Company la company limited by guaranleel Notes formlng part of Ihe Ilnanclal statements for the year ondod 31 De¢￿ber 2022 A￿OUntIng pollcles The chel￿a phys￿ Garden Company is a registered charity and irwporaled in England and Wales under Companies Act 2LK6. It 5s a company limited by guarantee. The address of Ihe registered office is given on page 1 of the Directors. report. The principal accounting policies adopted, judgements and key sources of estimation or Un￿Inty in the preparation of the financial statements are as follows." Ba$is of pr•parath)n The financial statements have been p￿pared on a historic cost basis except the revaluation of investments. The finanual statemenls have been prepared in a¢￿dance V*ith Ac*ounting and Reporting by Charities.. Stalemenl of Recommended PractKe applKable to ¢hartties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelarKt IFRS 1021 (effective 1 January 20191 - {Charities SORP, 2r¢ Edition IFRS 102)). the Finartial Rewling Standard appl￿ble in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The charity constitutes a benefit entity as defined by FRS 102. The financial statements are prepared in sterling. which is the fiJn￿lonal currency of the group. Monetary amounts in these finan¢ial statements *e rounded to the nearest £. Exemptions for quali￿￿9 •ntltlé$ underFRS 102 The parent ¢haritsble company has taken Ihe fdlOWw￿ disdosure exemptions: from preparing a statement of cash Ilthws on the basis that it is a qualtyng entty and the group cash flow statement indu(Jed wthin these financial statements. indude the company's cash llows.. and from the financial instruments disdosures. required under FRS 102 para 11.40 to 11.48A and para 12.26 to 12.29. as the infomialion is provided in the Group financial disdosures. G￿"n9 concern In assessing the impact of the cost-of-living crisis and Ihe slow ￿eLlYery of tourism in the aftermath of the pandemic the trustees have considered all the matters described in the Trustees. Report. induding the group's operations. the impact on subscriptions. donations, and other trading a¢tNilies, as well as the impact on the group's investment portfolio. To support the trustees. assessment of the Sustainability of the group's activities. management continues lo prepare monthly cash-flow forecasts based on assumptions. through to the end of 2024. The major revenue and expenditure budgets are tracked on a month-by-monlh basis to check actual against budget. which is used to adjust the forward assumptions for income and expenditure. The analysis undertaken shows that the group remains cash positive throughout without need to liquidate any of the charivs investment p￿01￿). CPG Enterpris95 Ltd. the Whol￿ owned subsidiary whith undertakes certain commercial trading adivitie$ of the group, has been subjected lo a separate stress test for a period which extends foThvard lo the end of 2024. Provided that trading actiVTties ￿dinarilY un(lertaken by CPG Enterprises Ltd can be undertaken the stress test demonstrate5 that the trading company remains an independent concem throughout. At Ihe date of signing of these fmncial statements. th8 trustees, frye¢asts indute that the Group will be able to maintain IiquKlity for a period of al least one year following the dale of signing of these financial statements and will therefore be able to continue to trade as a going con¢em. The trustees therefore consider that no material uncertainty exists in relation to going concem the Group. The Chelsea Physic Garden Company {a company limited by guarantee) Notsg fomilng part of the financial slatomonts ft*r th• year end•d 31 December 2022 (continu￿0 Accounting poli¢i•s (conbnuedj Basis of ¢onsoJid•tion These financial statern￿ts consolidale the results of ehartty and its WI￿)1￿ owned subsidiary of CPG Enterprises Limited on a line-by4ine basis. A separate Statement of Financial Aclrvities. or income and expenditure account for the charitatAe company ilself, is not presented in these acc￿)untS because tt)8 charilable company has taken advanla9e of the exemptions offered by Section 408 of the Companies Act 2006. InGome Donatlons, gt3nts andlegacles Cash donations and gifts are included in the Statement of Financial Ath"vities when conditions for their receipt have been met. When donors S￿[fy that donations grwen to the chanty must be used in future accounting periods. the Ir￿ome is deferred until those pericds. For legaues. ent￿ement is tsken as the earlier of the date on which either: the charity is aware that probate has been granted. the eslale has been finalised and notification has been made by the execvtorfsl to the Trust that a distribution wll be made, or when a distribution is receiv￿ from the estate. R￿1p1 of a legacy, in whole or in part, is only considered likely when the amount Can be measured reliably and the charity has been notrfied of the executorfs intention to make a distn"buh"on. Where legacies have been notified to the charity. or the charity is aware of the granting of probate. and the criteria for Ir￿ome recognttton have not been mel. then the legacy is treated as a contingent asset and disclosed rf material. Govemmentgrants Govemmenl grants are re¢ognised as due when there is reasonable assurance that.. the charty will comply with the o)nditions attached to the payments,. and the grants wll be received Grants receNed for whith conditions have rK>t been satisfied are ￿rIed in the Balance S￿t a$ ¢redilors. Shop income comprises revenue reL￿gnISed by the company in resFe¢t of goods suppl*d. exclusNe of Value Added Tax and trade discounts. Lettings income comprises revenue recognised by the company in relation lo the lettings of the grounds and assocbaled facility fees. Ir￿me from fundraising events is included in the financial ststements in the period in which the fundraising event takes place. Income from royalties comprises of revenue from the sale and publKath)n of botanical books. GIftAld The charity oh￿S the whole of the issued share ca￿1 of CPG Enterprises Limited. Each year CPG Enterprises Limited pays to the charity, und¥ the provish)ns rdaled to Gift Aid, a sum based on the taxable profits of the cornpany. The payment of Gift Aid is subject to the reserves policy of the grfting entity, and the approval of the charity. Gift Aid is recognised on the accruals baws in line ￿￿th the deed of covenant. 21 The Chelsea Physic Garden Company {a company limrw by gu￿￿tee) Notos fomiing part of financial statamonts for Iho ygar ended 31 De¢qmb•r 2022 {continuodJ Accounting policies (continued) Inv•stment Income DNidends are induded in the Statement of Finanual Activrhes Wh￿ they are dedared. Interest is included when recewable by the group. Income Irom charltable actfvities Admissions are recognised when receNed by the group. Friends subscripkn'ons are recognised over the perh)d to which they relate, any relating to fvture wiods is deferred. Lrfe sUbsCript￿n5 are recogThsed as they are received. Expenditure Expenditure is recognised on an aceruals basi% in the period in wh￿h it is incurred. Costs of raising funds for commercial trading operations comprise the costs associated with the letting of grounds and goods supplied. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and servi￿$ for ils beneficiaries. 11 irKludes both costs that can be all(￿ated direcuy to such activities and those costs of an in(lirect nature n￿eSSary lo support them. All costs induding g)vemance costs are allocated between the expenditure categories of the charity on a basi$ designed to reflect the use of the resour¢e. Costs relating to a partiujlar actNty are charged directly, others are apwrtioned on an appropriate basis. Fund aGcountinq Unrostricted funds can be used in accordan￿ with the charitable objectives at the disuetKJn of the Iruslees. These inelude the assets of the trading company. The trustees use part of the unrestricted funds from time to time for specrfte projects and set up designated ￿ndS lo refiect this. The Endowmenl Fund is an expendable Endowment and represents investrnenls and cash which conlinue to be used by the trustees in the best interests of the charity. The endowment fund was established between 1983-87 from a fundraising appeal which attraclgj donations from a number of sources. The Iruslees have determined that the fund is expendable with both capital and income being available to use at the trustee's discretion in supwt of the charty's *DTk. Restricted funds can only be used for the part￿lar restrtcted purposes within the objecltves of the charity. Restriction5 are imposed by the donor or when funds are raised for specified restricted purposes. The notes to the financial statements provide further delails. Tangib￿ fixed assets Generalty. tsngible fixed assets are Capitslised rf they can be used for more than one year and ¢osl at least £2,500. They are valued at cost. The charity does not have a pdicy C￿ revaluation. a nominal value of £1 is put on the main buildings and gardens. The freehold of the land and Iwildings are by the charity a Deed of Covenanl in place whith ￿$triCt8 tts use. The Chelsea PhysiG Garden Company (a cornpany limrted by gu¥antee} Notes fonning part of th• fin￿¢la1 stst*n?nts for Ihe year ended 31 Dgwnbw 2022 {witinu¢d) Accounting poli¢ios (continued) Tangible fixedass•ts (c¢>ndnued) Depre¢iation Off￿ed assets is charged at rates estsmated to write off their ¢o$ts over the expected useful lives. The rates used are as follows: Buildings Improvements Office fixtures and equipment Horttcultural equipment Computer equipment of cost 10% of cost 20% of cost 20% of cost 20% of cost Stock Stock is induded at the lower of cost and net realL￿ble value and consists of goods for r￿le. Investments Listed investments are slated al closing market value at the balan(x sheet date. Unrealised gain or loss is calculated as the drfferen¢e belwwn opening and dosing market value, as adjusted for additions and disposals in the year. Investments held ￿ subswjiary companies are rec(¥Jnised at cosL Tiade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash at bank and in hand Cash at bank and cash in harml indudes cash and short term highly lffjuid investments with a short maturity of lfvee months or less from the date of acquisitKJn or opening of the deposit or similar account. Credltors andprovisions Creditors and provisions are recognised where the charity has a present oblytion resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at their settlement amount after allowng for any trade diseojnts due. Financial instruments The group only has financial assets and financkgl liabilities of a kind that qualrfy as basic finanual instruments. Basic financial instruments *e initialty recognised at transacthjn value and Subsequent￿ meaSU￿d at their setlement value. 23 The Chelsea Physic Garden Company la company limited by guarantee) Notes fonnlng part of thg financial stst8mgnts for the year endod 31 D￿9Mb8r 2(122 (Gontsnued) A¢¢ountlng pollcles (continued) L•a$ed •ss•ts The group ha$ owating leases. Their anwal rentsls are rt￿rged to the Statement of Financial Activities on a straight line basis over the tem of the lease. Pension scheme contributlon The charity does not operate rts ¢Mn PenS￿n scheme. Pension costs relate to payments made by the group lo a group personal pension scheme administered independenty. Esdmates andjudgments There are not considered to be any signfficant estimates and judgements involved in the preparation of the financial statements. Those estimates and judgements made, vknich are not considered lo be significant. are covered by the other accnunkn.ng policies. Income from donations. grants and legacles Unrestrictod funds RestrlGted funds 2022 t)onations arnl legacies 402.957 954,636 1,357,593 402,957 954,636 1,357,593 Unrestitted funds Restricted funds 2021 Donations and legacies Government grants 378.049 404,526 1.203.653 1,581,702 404,526 782.575 1,203,653 1.986.228 Government grants of £404.526 in 2021 related to grant income recLived under the Culture Recovery Fund scheme administered by the National Lottery Heritage Fund to sUp￿rt smal scale capital expenditure and contribution to core costs induding stsff wages. 24 The Chelsea Physic Garden Company (a Company limited by w*antee) Notos fgrming part of th• finandal s&*ements for th• year ¢nded 31 Dec•mb•r 2022 (contlnued) Incomo from olher trading activiti•s 2022 2021 Commissions and letting of rooms Shop income Fundraising events Royalties 611.646 170.282 258.479 297.354 103,953 230.920 11.611 1,040,407 643.838 Al irKome from tradw activities was unrestricted in the current and We￿ling year. Income from charitabl• actlvltles 2022 2021 Admiss￿￿nS Friends. subscriptions 243,943 307,280 236.092 385.822 S51,223 621.914 All income from charitable a¢tNtlies was unrestricted in the ojrrent arKI weceding year. Invostmgnt Inwne 2022 2021 Income from fixed asset dIstribut￿n unit funds 108.497 123,115 108.497 123,115 Income from investments was unrestricted in the (JJr￿n1 and preceding year. N•t Income 2022 2021 Net income for the year is stated after tharging: AUdit0￿S remuneralion Auditor's remuneration- prior per#)ds Other accountancy services Deprectation of tangible fixed assets 21.880 7.240 7.754 26.049 23.829 4.800 25,346 The Chelsea Physic Garden Company (a company limrted by guarantee) Notes fornlng part of tho financlal stat￿ents for the year gndgd 31 DoGwDb9r 2022 (contlnu8dJ Total 0X￿ndIture Other Total 2022 ChaTttable activlbes (note 8} Raising funds Inole 91 982,325 199,134 184396 24.149 515.168 151.665 1.708.038 355,181 1.181,459 188,858 2&049 666.833 2.063.199 Total 2021 costs Depreciation Charitable aclNities (r￿te 81 Raising funds Inole 9) 800.624 178.175 156.824 2.195 23.228 2.118 380,148 138,076 1,360,824 320,564 978,799 159.019 25.346 518,224 1,681,388 Expgndituro on charitable actlvltles Direct Support Total 2022 Scien¢e and horticulture Educational programmes Other projects 565.143 133.948 844331 565.143 133.948 1.008.947 164.616 1.543.422 164,616 1,708,038 Dlrtcl Support Total 2021 Science and hOrtl￿1t￿8 Educational programmes Other projects 545.092 109.687 542.048 545.092 109,687 706,045 163,997 1,196,827 163,997 1,360,824 The Chelsea Physic Garden Company (a company limited by guarantee) Notes fomiing part of the financial stat•m•nts for the year •nd•d 31 Docemb•T 2022 (Gontinu•dJ Expenditure on charllable actlvllles (continued) Analysis of dlrect Gosts Total 2022 Total 2021 Wages and salaries Depwialion Materials Equipment Repairs, maintenance & deaning Security Advertising and marketing Education costs Recruitment Rent. rates, water, heat & light Travel. subsistence & enlertaining Insurance Printing, postage & stationary Telephone and internet T￿ke1 commissions Professional fees Other costs 889.466 22.761 13.680 8.015 139.924 713,557 21.553 3.965 3.21 S 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 7.550 25.754 37.405 19.731 38.724 27,794 5.213 13.900 65.705 186.734 1,543,422 1,196,827 Analysis of support costs Total 2022 Total 2021 Wages and salaries Depreciation Security Advertising and marketing R￿rUIt￿ent Rent, rates. water, heal & light Travel. subsistence & entertaining Printing, postage & stationery Telephone and intemet Professional fees Other costs Govemance costs 92.859 1.387 390 2,114 1.571 2.282 1.061 787 318 3,154 9,209 49,484 87,067 1,675 611 677 291 978 6.605 62.196 164616 163.997 Any co$1 th* ¢an be direcdy attributed to Ihe tharrtatAe activities are allocated before any appjrtionmenl of costs. Goveman¢e ¢￿ts relate to audit and accounlancy fees. legal fees and ffinance charggs. 27 The Chelsea Physic Garden Company {a company limited by guarantee} Notes fomiing part of the flnancial statomonts for the yw end¢d 31 thcember 2022 (continued) Expendilurn on raising funds 2022 2021 Wages and salaries Expendilure of CPG Enterprises (Ir￿udIng deprnuabonl Fundraising costs of charity Investment manager fees Costs In￿rred on fvndraising fair 199,134 78,563 20,528 7,013 49,923 178.175 54.154 14.732 25,454 48,049 355,161 320.564 10 Trustees and ernployees Group 2022 Group 2021 Wages and salaries Social security costs Pension costs Temporary staff 1,013,712 87,073 80,674 840,262 71.962 65,157 1,418 1.181.459 978,799 The chanty does not operate its own pension scheme. Pension o)sts relate lo payments made by th8 group lo a group personal pensKsn scheme administered indet*ndenUy. Averagg numb•r of •mployets as a head￿unt. Group 2022 Group 2021 Charitable Administration Fundraising 36 26 30 The was helped by a subslantial number of volunteers, aprKoximalely 135 (2021.. 120) throughout the year. The key management personnel of the group. indude a number of senior managers auoss the group who together have aulhonty and responsibility for planning. directing and ￿ntrollIng the activities of the group. The total emFdoyment beneffts paNJ to key managemenl p￿Sor￿1 of the &Youp vwe £513.84912021: £498,715). Salary range for employees earnlng £60,1)00 p.a. or moro 2022 2021 £60,OIXI- £69,999 £80,Cth . £89,999 Pension contributions paid to the above amounted to £22.023 (2021- £20.779). 28 The Chelsea Physic Garden Company {a company limited by guarantee) Notes fornilng part of the financlal stat•nonts for the year ended 31 Dec•mbfjr 2022 (contlnuédj 10 T￿￿te8¥ and omployees (continued) Redundancy, re$lw¢turing and terniinatw)n costs relatsrwJ to a number of empkjyees were £nil {2021.. £4,528). In 2021 Government grants amounling to £2.365 wwe re(*ived relating lo furloughed staff. The furlough claim was included within Other Income. Trustees. remunoratlon and expgnsgs None12021- none) of the trustees received any remuneration. Ouring the year one trustee {2021 - one) had expenses reimbursed of £62 {2021- £3.762). A dinner was held al the Garden in December to recognise the retirement of the Chair and other long-servir4J trustees. This was also attended by some senior staff members and the cost was £5,962. 11 Taxatlon The company is a charity wthin the meaning of Para 1 Schedule 6 Finar￿8 A¢t 2010. Accordingly the charity is potentially exempl from laxalton in respect of income or capital gains within calepries covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, 10 the extent that such income or gains are applied exduswely to charitable purposes. Chelsea Physic Garden Company is a re9islered tharity and has no liability to tsxation on its incorne for the year. Tax recovered from voluntary income received under gift aid is recognised when th8 related ineome is receivable and is allocated to the income category lo whith the income relates. No lax charges arose in the peMd. The SubS￿lary company makes a qualfying donation of all taxable profrt lo The Chelsea Physic Garden. No corporation tax liability on the subsidiary arises in the accounts. 12 Tanglble assets Group Buildings and under fixtures arkd Hortlcultural CompLrter improv•ments construction equipment equipment equlpment Totsl Cost At 1 January 2022 Additions Disposals 695.457 21.813 (2.669) 80,171 960,101 209.686 15.167 23.896 [13.￿4} 111,691 1.112,172 1,005,810 188,4561 1212,557) (107,S28) At Decemt)er 31 2022 714.601 1,040,272 102.158 25.159 23.235 1.905,425 Depreciation At 1 January 2022 Di5POsals Charge for the year 489,481 12,669) 15,978 191.519 1106.3f2) 8275 15.167 (13.904) 1,620 111,515 807,742 188.4561 (211,391) 176 26,049 At December 31 2022 502,790 93,492 2.883 23,235 622.400 Net book value At 31 December2022 211.811 1.040.272 22276 1.283.025 At 31 December 2021 205,976 80.171 18,107 176 304.430 The Chelsea Physic Garden Company {a company limrted by guarantee) Notes fomiiTrg part of the financlal sLitements for the year ended 31 December 2022 (¢ontlnuedJ 12 Tanglble assets (conlinuedj Charlty Buildings under fixtures and Hort1￿ltUral Comput•r improv•m•nts constructlon equipment oquipmont equipment Total Cost At 1 January 2022 Additions Disposals 5.457 21,813 {2.669) 80,171 960,101 201.573 15.167 23.896 113.904) 111,691 1,104,059 1,005,810 (88,4561 {209,058) 1104.029) At December 312022 714,601 1,1)40,272 97.544 25,159 23,235 1,900,811 D•pt¥clatlon At 1 January 2022 Disposals Charge for the year 489.481 12.WJ) 15.978 185.252 (104,029) 7,655 1S,167 113.904) 1.620 111.515 801.415 (88.4561 {209.0581 176 25,429 Ai December 312022 502,790 88.878 23,235 617,786 Net book value At 31 December 2022 211,811 1.040.272 22,276 1,283,025 At 31 December 2021 205.976 80.171 16,321 176 302.644 As a condition of the funding received from the National Lottery Heritage Fund for the Glasshouse Restoration project. The National Heritage Memorial Fund holds a charge over the freehdd propety of the charity. 13 Fix•d Ass•t inv•stments 13a Usted Investm•nts 2022 2021 Market value at 1 JaThJary 2022 Additions Investment manager fees (Lossygain in the 4.049.456 3.300,797 525,454 {25,454) 248,659 (7.013) (484.941) Market value at 31 December 2022 3,557,502 4.049.456 Investments a￿ held in listed fijnds managed by Sarasin & Partners LLP. The historical cost of the lisle(l investrnent at 31 December 2022 vras £3,377,548 (2021 - £3.376.630) due lo an increase in the cash account. The Chelsea Physic Garden Company {a company limrted by warantee) Notes forniing part of th• financial statamants for the year ended 31 D•¢•nb•r 2022 (continuad) 13 Flxed Asset investments (coni?nuedJ 13b Investrnents In subsidiaries 2022 2021 Shares in CPG Enterprises Limited al cost 11KI Group 2022 Charity 2022 Group 2021 Charity 2021 Total Fixed Asset Investments 3,557.502 3.557,602 4,049,456 4,049,556 The wholly owned tradiwJ subsidiary. CPG Enterprises Limited 103140004). is registered in the United Kingdom. The wincipal activty of CPG Enterprises Limited is the running of the Garden and the lettin9 of the grounds of the charty. At 31 December 2022 the in¢LMne of CPG Enterprises was £781,866 {2021.. £412.943) and expenditure was £562,544 {2021: £317.799). The nel assets of CPG Enterprises Limited were £4.778 (2021: £4.778} and the retained profrt lo that date was £4.678 (2021: £4.6781. after payment to Chelsea Physic Garden Company under qualifying charitable donation of £219,322 (2021 - £95.144). 14 StoGk$ Group 2022 Charfty 2022 Group 2021 Charity 2021 Goods for resale 32.987 29,990 There is no material dIffe￿nCe between what is stated above and the recoverable amount. 15 Debtors Group 2022 Charity 2022 Group 2021 Charity 2021 Amounts falllng due within one y•ar. Trade debtors Amounts owed by subsidiary Prepayments and accrued inc*)me other debtors 25,481 16.945 71,985 20.839 2.750 39,278 412 46,064 31,951 4,174 22,710 2,750 31.951 5.115 50,941 112.519 76,344 82.601 31 The Chelsea Physic Garden Company la company limited by swaranlee> Not￿ fomiing part of the financial statgm8nts for the year ended 31 Deumb8r 2022{G¢￿tinuffd) Creditorn . Amounts falllng due wlthln one year Group 2022 Charity 2022 Gr(MJp 2021 Charity 2021 Trade creditors Other creditors Other taxation and social security Accruals Deferred in¢ome 34.524 8,425 14,017 43.810 239,339 32.190 8,425 12,$83 42,837 167,9S1 21.897 5.000 32.152 48.057 322.801 21.878 5.000 22.813 41.057 152.398 340,115 263,986 429.W7 243.146 Included withfft Other creditors are amounts Thvtng to the pension scheme of£8.243 {2021- £nill Creditors . Arnounts falling due after more than one y•ar Group 2022 Charity 2022 Grtyjp 2021 Charity 2021 Other creditors 42,288 42.288 42.288 42.288 17 Def•rr•d income reconclllation Group 2022 Chartty 2022 Group 2021 Charity 2021 Balance al 1 January Amount released lo income earned from charitable activities Amount deferred in the year 322.801 152.398 379,970 263.892 1322.502) 239,040 (152,099) 167.652 379.9701 322.801 {263.892) 152,398 Balance at 31 December 239.339 167,951 322.801 152,398 Defer￿d in¢ome ￿lateS mainty to the income recerved from memberships in relatK)n lo the next financial period. Other amounts relate to income receNwJ in advance of events twked for the next financial wiod. 32 The Chelsea Physic Garden Company (a company limited by guarantee) Notes fonnlng part of tho flnandal stat¢m¢nts for the year ended 31 December 2022 (contlnuodj 18 Analysls of tharitable funds Group- Gurrgnt yèar At 1 janu￿ In¢•m• Expeththrt Tr•nth Net galn on 31 December invostm•nts 2022 Unreslrict•dfunds Gener81 fund 759,606 ignaled lund- Cadogan Estste$ 21)0.000 DesignaloJ buikJirvJ rnwlwKe 363,330 Designaiwj frJnd- Jiu Hoc*J Le Designala fvnd- Voluntews 1.806.7fj1 11.73fjA241 134,5981 135,9221 12.173} 827,770 365A02 327.408 100.0th) 100.000 1.600 Total unrnstri¢t*d fvnds 1.322.936 1106.761 11,807.1881 15n) 1,621.236 Endowment fund 4049A56 (7.0131 1484.9411 3,557.502 R•strl¢f*dlunds HortioJRural trainees Fk)n'legium Annwsary Fkniecl Ehy1ttsat￿n PrO1￿t 21.943 1.706 (15.897) 11.046 1.706 {1.7591 {21.0951 19621 Aixyjstic Panels Edurabw and City Bridge Trust EducalK and Ojtreach Gard￿ Restr￿e￿ E4)nations j￿ilh Bronkhurst C4)natbJn R.U.B WThite Charitable Tr￿¢ Comrnunity Cxrtreath Oak FOUndath￿ Educ*n Glassh)uses Resto(at#￿ Fund Frie￿￿$ sd￿rne Review Legacy Roger MeMn Mc•ths Horticunure- StUd￿ts Trw Tannws Trust HOrtl￿ttu￿ Thtrapy Prowiw*. fOrn￿rIY Carte H* U5 tknv Jthn Swre 1989 chantab￿ Tn￿1 Interpretalion Fk)11-IlJt, forrnwty Stanley Smith UK HortTrust KanluThJan Pr(4ect- Kusurna TNst Chelsea Academy James & Shirley Sh￿r￿d FLnJ Learning & Engagemtnt Cthorthna 2.301 {272541 12.0461 141 141 11236 19.1521 11.a081 1140,2291 7.084 240 1,604,755 766.123 2.250.649 139 418 418 118301 3.700 16191 (11.5141 25.000 13,486 1S.2401 13.1561 16A661 212 11,1341 2&(#)0 11.593 2&(M)O 11.593 Total re$trkted fund• 1.72fj696 954.636 124i2981 573 2,433,8fj7 Tolal lunds 7.099.088 3J161J97 12,063,199) 1484.941) T.612,345 The Chelsea Physic Garden Company {a company limit•J by guarantee) Notes forming part of the financlal statem for the year ended 31 Dec4mber 2022 {contlnu•dJ 18 Analysis of charltable funds (continued) Group- prev5ous year At Transf•r* Net 9aln on 31 Decwnbgr in¥eskn¢nts 2021 1 Januvy 2021 Ineom• Expend￿ Unreslrfcte41 funds General fund Designal&Y hJnd- Cath?￿ E¥l*S D¢sigwled proj8cl lund5 950,8CQ 2.146.778 11.449,1881 1888.7841 759,6th3 200,OC 250.0 1250.CU)I Total unrtstrlcthd funds 1.2co.e( 2.346.778 11.449.188) 177S.4541 1.322,936 Endtrfftntl*xl 3.3(￿.797 (25.454) $25.454 248.659 4,049,456 Re5trKtsdlunds HortiDJnurd trainees Histor￿ Glasshouse Fk)rilagiurn Annwwsary Prr4ecl CigitisatK)n Pro1￿1 Jthn Lyons EdLKatron (lrtreath Aoxjstic Pane Band Tnjsl EdU￿￿on aTrJ Qjtréath TumiThJ P¢ynt Gadening Gr 18,107 24.342 1.7( 9.5S4 19,613 {16.164) 21,943 124.3421 1158) {21.960) 11.825) 12,139) 166) (3CQ) 11,7591 3.263 2,139 Qty Bridge Trust Educats"c and ¢JJtreath Gath Restr￿￿ t*nal*xs Judilh BTC￿khurst ttJnatK)n R.U.B Whrte Charitable Trust Comrnunity Ojtreach Oak Fovndab'on Ed￿￿ti￿ Qkrtreach 3.155 EdUCatil￿ & rjJtrea￿0uThJ Offenders 1.017 The Art & Healing Power of 3.034 GlasslK)uses Restorat￿ Fund 377.019 Frients Stherne Reviv 267 Legacy RLyr Mdvpi MC￿kS Horticulture- Students John Lyons Chanty- Farrity Aclthty O Tanners TrLL8t fY(*ly Carte Hdp U5 Grow Jthn S￿ire 1989 chari￿e T￿1 Stanley Smith UK Fksrt Trust Kanlungan Trust 52.797 {25.944) 26,853 141 141 13,626) 11.587) 11.0171 13.034) {123.503) (128) 11,236 1.076.897 274,342 1,604.755 139 418 418 1.260 199) (1.161) {570) 12.0381 2,830 25.C 25.0)0 4.470 11.5261 7.6C Total restrl¢t•d fvnd• 479.789 1.203.653 1206.7461 250.C( 1.726.696 Total funds 4,981,386 3.￿.431 {1.681.3881 248,659 7,093.088 The Chelsea Physic Garden Company (a company limited by guarantee) Notes forniing part of the flnanclal statements for tho year ended 31 Decembor 2022 (contlnued) 18 Analysls of charhable funds (C¥%￿nUed) Charity- current ygar At 1 janu￿ IncoTh Expendliur• TAnsl8rs gan on 31 D•¢em￿r 2022 inveslmonts 2022 General fund 754,928 Des¥Jnated fund- Ca(kgw Est*$ 200.0110 Designa￿ buikling nwntw4nce De5WJna￿a fund- Jill HCKKI Le Oes&3nated fiJnd- Volunie*s 1,6M327 11.583.990) {34.598) 135.9221 12.1731 823,092 36S.402 327,408 11)0.000 656 100.IJOO Iw) Totsl unrestricted funds 1.318358 1,954327 11,655A541 {5731 1,616.558 EndoThnt fund 4049N56 17.013) (4184,9411 3,557,502 Fk)rt￿ttUraI trainees FknrilegBJm AnnNWSary Prc¥e(# tXgib'sat*Jn Ftroi*t John Lw)ns E¢ucotion OJtr¢• Ac￿stic Pands Educalion and Ojtreath Prci8LI IW Bn'ilge Trust Educati( and (￿ltreath Garden RestrLted L>)natws Judrth Bronkhurst tl)nat R.U.8 White chWrtab￿ Tnjst Communty c￿treath Oak FouThJats"on E￿￿81￿)n QJtre¥ Glasshouses Restoration Fwtj Frienntinu•d) 18 Analysis of Gharitablo funds (continued) Restrlcted funds have bg•n ostabllshed to provlde financial support ft>r sp•¢ific proi0¢ts as b•low: Hortwltural Trainees A on&year training programme for students interested in pursuing a career in hoitulture. An exhibition of original arlwork from members of the Florilegium Society at the Phys￿ Garden with assockiled marketing and publicity. A project to start digitising the Physic Garden's archive of books, papers and the Flonlegium's (Kiginal artsvork induding purchase of a hi-resolub.on scanner and associated sothvare. A donalion to fund education outreach including employing an Outreach Officer to work with School arKt community projects in tsrgel London boroughs induding Hammersmith & Fulham, Kensington & Chdsea, Cty ofwestminsler. Cty. Camden. Brent Ealing. Harrow and Barnet. A project lo intrc*Juce acoustic panels along Embankmenl, reducing traffic noise. Generous donations were received from Grandfflora Patrons enabling the panels lo be introduce(J and subsequenuy the arrting in this area is being avgmented and improved. Funds raised lo support the education programme Including for specific inrtiaiwes including the Shelf-Lrfe project and the outreach programme with Waltham Forest Young offenders inslitule. A grant to fund an Education outre￿ Officer lo further the Gardens schocAs and (J)mmunity outreach. Ongoing annual fundraising to support the hort￿u11ural trainee programme. the inlem and the volunteer training and development programme. It includes travel and training. specific skills devalopment and Sup￿rtS interns with modest travel and 5ubsislence allowances. A donation lo fund the purchase of terracotta plant pots. A donation to support the community outreach programme. The Florilegium Anniverwy Project D1gitisat￿n Project John Lyon'5 Charity Education Outreach Acoustic Panels Project Education and Outreach Project City Bridge Trust- Education and Outreach Garden Restricted Donations Judith Br0nkh￿st DonatK)n R.U.B White Charitable Trust Community Oulreach Oak Foundation Educati Outreach Glasshouses Resltyation Fund A donat￿ to supp￿1 educational outreach ￿lIlaINes. Fund closed in 2022. Restoration of the Garden's glasshouses together wtth supporting actNity PTogTammes. ￿interpretalion and plant collection5 Teview. Funding has been r￿1Ved from a wide range of sources including the National Lottery Heritage Fund. A review of the Friends scheme induding questionnaires lo Friends, benchmarking and woposals for improvements. A legacy from Roger M. Monks to assist needy overseas students to pursue study at the Garden by supporting travel costs. Improvements to front of hcmjse. induding displays and waffinding Signage. Fund closed in 2022. Fomierfy known a5 D'oyty Carte - Help us Grow, thi5 began with a grant to support the delNery of social and Iherapeuti¢ horticulture. thr(MJgh our Help Us Grow programme. Addrt￿nal donalions are now being receNed from other sources. A ganl to supp)rt Community Outreach. part of which has been deswJnated to an internship programme. Fcffiierly known as Ihe Stanley Sffltth UK Hort Trust. Now supported by a number of donors. This fund supports the roll*OUt of new Inlerpretstion in the garden. Fr￿nds. Scheme Reviv Legacy Roger Melvin Monks Horticulture Students Travel Tanners Trust Horticultural Therapy Programme John Swwe 1989 Charitable Trust Interprelation Rdl-out 37 The Chelsea Physic Garden Company la company limited by guarantee) Notes fornilng part of the flnanclal slaternents for the year ended 31 Decembgr 2022 (conwnuedj 18 Anatysis of ¢haritabl• funds (contiTh￿d) Kusuma Trust- Ka￿Ungan Proje¢t Kusuma Tru$t- Chelsea Academy James and Shirley Sherwood Fur Learning and Engagement Coordinator A gvant to a wellbeing project with Kan￿n90n to support Flipino mtgrants. Fund dosed in 2022. A grant lo support the delrvery of a greening project at Chelsea Academy, wth teachers and students A fvnd lo support and development of our non4iviThJ collections. spec[r￿llY botanul art. A fvnd lo support the c£)sts of a part-time Coordinator to help administer arKI deliver our Leaming and Engagement Prowammes. RgStrict8d funds whlch were closed in th• prior year . The Art & Healing Power of Plants A collaboration with the NHS Royal Brompton Hospital to stsge an exhibFtion of ar￿lIk al the Garden arKI hospital and undertake tivtlies wth patients Under￿ing long leryn treatment. Education and OUtre￿hlYOUng Offenders Education and ChJtreachNoung Offenders Band Trust Education Outre&h Donations to fund education and outrea¢h actwity for three years lo August 2021. A donation for the devdoprt￿n1 of an education garden and the running of a gardening byoup for adults in recovery. A grant from the John Lyon's Charity lo provide free places for low income families on Family Activty Days and free entry lo Ihe Garden for Sunday Fundays. Turning Point Garden Grtyjp John Lyon's Charity Famity ActNity Days Unrestricted funds are used in accordance wth the charilable objective5 at the discretion of the trustees. The trustees use part of the unrestricted funds from time lo time for specffic projects and sel up designated funds to reflect this. Other furKls have been designated by the ITUStees for a p*ticular purpose. although these could be redesignated in future if circumstances change. One of these funds is from the Cadogan Charity which has been designated for the futu￿ capital development of the buildings. The balance on this fund al 31 December 2022 wa5 £365,402 (2021 - £200.000). Another rw desMJnaled fund was created for the legacy of £1¢YJ,000 re￿1Ve￿ from the estate of Jill Hood in December 2022. A proposal to expend part of this legacy is currently being considered by the Board. It is anticipated that these designated funds will be either spent or committed to projects Y￿h1n the next 24 ye￿s. The Endowment Fund is an expendable Endowment and represents investsnents and cash whith continue lo be used by the trustees in the best interests of the tharity. The endowment fund was established between 1983-87 from a fundraising appeal which aliracted donat￿n$ from a number of sources. The trustees have determined that the fvnd is eXpenda￿e both capital and in¢ome being available to use at the trustees, disuelion in support of the Charity's work. The Chelsea Physic Garden Company (a rJ)mpany limiled by guarantee) Noles formlng part of tho financial 8L*èmènts for the yoar ondod 31 D•camb•r 2022 (contsnu&d) 19 Analysls of nel assets between funds Tanglble Flxed assets Investments Curront Wots Creditors Total Group- Current Year General funds Designated funds Endowment funds Restricted funds 242.753 967,420 793,466 (382,403) 827,770 793,466 3,557,502 2.433.607 3.557.502 1,040,272 1,393.335 Total 1,283,025 3,$57,502 3,154,221 (382,403) 7,612,345 Group- Provious Year General funds Designated funds Endowment funds Restricted funils 224,259 965.254 563.330 (429.907) 759,606 563,330 4.049,456 1.726,696 4.049.456 80,171 1.646.525 Total 304.430 4.049.456 3.175.109 (429,907) 7,099,088 Charfty- Current Year General funds Designated funds Endowment furKIs Restricted funds 242,753 100 886.513 793.466 (306.274) 823,092 793,466 3,557,502 2,433,60T 3.557.502 1.040.272 1,393,335 Totsl 1,283.025 3.557.602 3,073,314 (306,274} 7,607,667 Charity- Prevlous Year General funds Designated funds End¢)wmenl funds Reslricled funds 222.473 1Crf) 775.501 (243.146) 754,928 563,330 4,049.456 1.726.696 4.049.456 80.171 1.646.525 Total 302,644 4.049.556 2.985.356 (243.146) 7,094,410 20 Liability to thè mèmbers Every member of company undertakes lo contribute an amount not exceeding £1 to the assets of the charitable company in the evenl of the cy)mpany beiThJ wound up while 15 a member. or within one year after he ceases lo be a member. Th￿ contributv)n is for the payment of the debts and liabilities of the charitable mpany contracted before he ceases to be a member arKI of costs of winding up. The Chelsea Physic Garden Company (a company limit￿ by guarantee) Notes fornilng part of Ihg financial statomonts lor the year end•d 31 Dgcwnbgr 2022 {confynuodJ 21 Analysis of cash and cash oqulvalents Group Charity Group 2021 Charity 2021 Cash al bank aThJ in hand 3.070.293 2.960.795 3,088,775 2.902.755 22 Analysis of net debt At 31 t)ecember 2022 the group arKI charity had no loans das5ffj￿d as debt. 23 Finan¢ial cornmitinents An amount of £495.51212021- £1,357,212) has been Contracted to pay for the capital refurbishment of the Glasshouses in 2022123. This resloralion is being funded out of the restricled fvnd for that purpose. 24 Colnmitments under operating Iwe* At 31 December 2022 the group and ¢h*ty had future minimum lease payments under non￿an￿lIable operating leases as follows: 2022 2021 No later than 1 year Later than 1 year and rKJ later than 5 years 3,236 6,473 3.236 9.709 9,709 12.945