2023-12-31-accounts

The Chelsea Physic Garden Company {a company ￿'MIted by guarantee) Rep￿t and Consdidated FInar￿la1 Statements 31 Decembw 2023 Company Number 01690871 Charity Number 286513

The Chelsea Physic Garden Company (a company linited by guarantee) Report and financlal statements r tho ygar gnd•d 31 Decgmbor 2023 Cont•Trts Pag•: TDJstee5' Annual Re￿￿¥t Trustees. respowbililies slalement 12 Inckpend￿t au(litorfs reK*Xt 16 Consolidated statement of financial ￿l￿tieS 17 Consolidatgd bala￿ sheet 18 Charity b818nce $￿t 19 Statemenl of consolidated cash fk)ws 20 Noles fcKming part of the finanual ststements

The Chelsea Physic Garden Company {a ￿MpanY limileAI by guarantee) Trustaes. roport for tho year 31 DO￿￿b•r 2023 The trustees, who are also directrys for the purp)se of company18w present their rep(Ml together with the 8udited ffinanual statements for the year ended 31 December 2023 Wh￿ are also prepared lo meet the requirements for directorfs report accounts for Companies Act purposes. Status and ConstltutloTh Charity Name.. Chdsea Physic Garden Company (The) Charity registration number". 286513 Company registration number. 016￿871 Regislere(J office and 66 Royal HospIt￿ Road operational address.. London SW3 4HS The charity is constituted as a company limited by warantee. The charity is governed by its Micles of Assoaation dated 17 May 2019. The company was incorporated lo act as a Tnjstee of the charity knov*n as The Chelsea Physic Garden (Charity registration number 286513) and to a¢fvar￿ publK ed￿ation aThJ in parti￿lar lo promotg the study of botany and related scIe￿es. Dlrnctors and members ol the Board The Iru51ees and members of the Board Ivtho also ad as trustees for the charitable activities of The Chelsea Physic Garden Company) served during the year were: Mr Colin Clmsholm Mr Alan Dempsey Dr Helen Charrnan M5 Anna Jobson Mr Will Kenney Mr Tony Kirkham Mr Todd Longslaffe-Gowan Mr Simon Major Mr Michael McGonigle Dr Philippa Simpson Dr Paul Thompson Ms Anna Valle Mr Andrew Wwdward (Hon. Treasw. Finance & Operalions Committee) lapwinted 01 January 20241 (Chair of A(fvisory Commrtteel (resigned 25 March 2024) (retired 31 December 2023) (Cha¥ of the BoaTd- resigned 18 April 20241 Senior Leadership Team The Dire¢lor and Company Setyetary Development Director Commercial Direclor Commercial Direclor Deputy DI￿￿or (Wi￿lor Experience) Finan￿ Director Head of Aant Collections Head of Learning & Public Engagement Executive Assistant Executive Assistant Project Manager MTS Susan Methy Ms Joanna Wells Mr Tom Gilliford {10 4 Apil 2023} Mrs Danielle Sargent (from 9 May 2023} Ms Frdnce5 Sampayo Mr Damd Strange Ms Nell Jones Ms Katy Parry Ms Gill Mathias Ilo 16 April 20231 M5 ￿ta Bhats'a (from 17 April 20231 Mrs Bridget McGee

The Chelsea Physic Garden Company la company fimiW by guarantee) Truste•s' rnport for t￿ year ondod 31 D•cember 2023 (continued) Profosslonal advlsors Bank: National We51minster Bank plc 18 Cromwell Place London SW7 2LB Solicilor5'. Fa￿er & Co 66 Lincolns. Inn Fiekls London WC2A 3LH Auditor: Moore Sfjngston Smith LLP 9 Appold Street London Fund Managers: Sarasin & Partnets LLP Juxon HcMJ5e 1W St Paul's Chwchyard London EC4M 88U Reg6slered and pri￿1paI Off￿: 66 Royal Ho4NtsI Road London SW3 4HS Oryanisation and Structure Appointments lo the Board arefor an initial period ￿th￿e years after%¥hich trustees can seek re-election. serving additional terms each of three years. These [￿VI￿On$ also apply to appoirthients to the Board of CPG Enterprises Limiled, thè Advisory Ccxnmittee and other board c(xnmittees. Thère is provision to extend the appointment of a (l"￿¢tor or trustee lor a IiTniled wiod wl)ere Ihe eXperie￿e or organisational kno￿edge of Ihat trustee supports an important or timely activity. Al the end of 2023 Mr Michad McGonigle retired at Ihe Cor￿luSIOn of his tarn) of off￿e which had been extended by one year to ensure continuily uniil the end of Ihe gLosshouse restorab'on capital prciect. The trustees delemine Ihe overall strategy and of the charity. The dèlivery of the Garden's strategic pbans, fundraising and exlemal prolessional relations togelher N%ilh day-lo-day managemenl are delegated to the Garden's Diieclor. Mrs Susan Medway. vtho is also appointed as Company Secreiary. The tirecloT takes a lead on major project aclwity as the mosl senior exe¢utive ￿ the charity. She is supported by a small leam of senior managers and staff. Recruitment and Appointment of ihe Board All members of the Board give their lime Volunlarily and receive no benefits fr(Mn Ihe charity. Any 8XPgnses reclaimed from the charity are set oul in Note 10 to the financial 51alements. The Nominations & Appointments Committee is charged with selting and regularfy ￿vie￿ng the requisite skills and compelencies for toard members and members of committee￿pane1S. undertaking recnjitment searches and recommending appointrnenls as required lo ensure there is an appropriate mix of skills.

The Chelsea Physic Garden Company la company limited by guarantee) Trnstees. reP￿t for th yoar onded 31 Decembor 2023 (continued) Trusleo Inductlon and Tralnlng New tnjstees are inmted and encouraged to attend al Garden to familiarise themsefves vthh the charity and the context wthin which it operates. including meeb.ng sen￿r m8n8yement an¢J tsknng tours with the volunteer Guides. They a￿ invitsd to allend the annual main Spring briefing and the subsequent quartedy slaff and volunteer briefin9 sessions. N￿Y appointed Iru51ee5 spend a pertod shlowng an existing tfustsg. Throughoul Ih&ir term of office they are offered appropnale training in their rde as charity trustee5. The prinapal departments and serior Toles are: The Deputy Director IIAstor Experience) is respon&ble for the Melcome provided to vislors and for management of Ihe buildings and their seThices. Through Ihe ￿MIng and Publ￿ progr￿￿Me leam they have oversght of all leaming actfvity and the public programm< as ￿￿￿teets. The Deputy ￿'rethr depub'ses forthe D￿tori￿ th￿r The Ccfflmeraal Director is reSpOn￿￿e for all ￿￿MerCial activity induding retail. venue hire and cornmercAal partneTships', they also manage th8 relationship VAth the catertng parther as wdl as the small number of commercial contracts that exist. They are respongble for the Fiiends. xheme., through their le￿ they undertake 815 PR, marketing arKI communications induding digt81. The Development Director is resp￿SIble for supporting senior fundraising volunleers as well as dired fundraising for both specific capital projects and to support the ¢harty's edu￿tion and leaming programmes. The FinarLC8 Director is responsible for an finance bvities for the charty and the wholty owrd trading subsidiary CPG Enterprises Limited. The Head of Plant Collections is responSi￿e for Ihe horliculiural managemenl of the garden and its plant Gollecltons togethw wilh the herbarium and seed bank. They ensvre delNery ot ￿ horficultural training programmes. The Projed Manager leads on coordinating the Project Board. the project team, the capital design team and supporting colleague5 to achieve progres5 on all capital and programme activities required for the Glasshouse project and plans towards the Gardens building refurbishmenl programme. The Executive Assistant supwrts Ihe Bo¥d. its sub-committees and senior staff. They take minutes for all meetings cluding the Board and its sub-committeÈs as well as the Proiect Board and pmject meetsngs. The Finance & Operation5 Committee meet ¥ith seniormanagementquartedy lo reviewtheperfomance and financial stability crf the charity and its tradin9 sUb￿dIary. They monitor and review key perf0rrna￿e indicators. all major incrme and expen(titure and cash flow lo ensure that the charity and trading sub&diary can meet their liabilities and continue to trade on a going concern basis. Related parties and Cowoperation with oth•T organisations None of the trustees receive remuneration or other berefits frixn their thith the charity. Any connection bet￿￿en a Iruslee or senior mana9er of the charity vllh another or9anis8tion, another charity or an individu81 that the charity may come into contact %%ilh, in the course of purgjing its objeclives must be disclosed to the full board of trustees in the same Nfdy as any other contractua relationship a rdaled paty. The chanty's vtholly 0VA￿d subsidiary. CPG Enterprises Limited. vras ests￿l$hed on 20 De¢ember 1995 (company number 31400041. 11 is resrThsible for overseeFng o)mmercid acbvibes, rel•l, c*ering. venue hire 8nd any licensing for c(thmercial purFK)ses of the charity's Ir&lemark. CPG Enterprises Limited has a licence Irom the charity to occupy the shop premises and gift ￿dS its p[C￿lS lo the charity (see note 13b to the financial 5tatementsl. The catering operation is contracted ¢)ut an agreed percentage of net tumover paid to CPG Enlerprises Limilod. The majority of venue hire b(K)kings are fiAfiJled othde of the vigtor opening periods.

The Chelsea Physic Garden Company (a company limile(I by guarantee) Trust¢•s' report for the year ondod 31 D•cemb•r 2023 (continuedj Related part19s and ¢wperation wlth other oryanlsatlons {cty)linued) The charity has vK)rking rdationships and mantans nefvhjrks ¥%ith numerous organisations at a local. nalional and intemational level. As a small independent charity these are important to rse and maintain its profile. to promote its diverse w)rk and to share irrfomab.on and lst pr8dice. The charity mantsins membership of the Botanic Gardens EducatKn Nets¥ork. Botanic Gardens ConseNation Inlemationa, theA%so(iation of IrTrdependent Museums. the National Council fcf the Conservation crf Hants and Gardens. The Heritage Allan￿ and The National Council for Voluntary Organssations. Close nelwork5 exist be￿￿en a n￿berof national and intemational bolanic gardens. The Garden also mainlairbs good vKirking relationships wth staff atlhe Royal Bo&nicGardens. Kew. ¢￿bridge and Oxford Botsnic Gardens.. Edinburgh and Bristol Botani¢ Gar(lens arKI tr NalK)nal B￿r￿¢ Gden ofwa￿. The Royal H¢ylicultural So¢iety and Kew supyort the Garden wth technica athce. expth.se and ￿an1 maten"al. The Garden has reuprocaled with similar exchanges of expertise and also hosted viyls frcffi horb"cdtural IrairEes from many of these Gardens. There is a developing network through the tharity's outreach progrwnme fjth organisations gJch as the Octavia Foundation. Chelsea Academy. K#igs' Col￿ge (CIV￿ Leadership P£aJemyl and Social Famis and Gardens. At a local levd the charity engages wth bthat is goiThJ on Ihe Roya l Borou9h ol Kensington and Chelsea, 8fKI particulady wthin the environs of Chelsea and Kings Road. Th8 Garden pays attention to activities relatiro lo tourism. education and c(Ammunty iniliab.ves that il can support and pr(wnote eTther aclNdy or pa55ively. RepresentatNes fr(￿ the charity attend meetings and net¥thing events The Chelsea Society and Che￿￿waI( Tnst T1wYK)rk￿lth the Royal Hospital. Chelsea and the Nationa[ Army Museum taking part in the annual Ch&lsea History Fests'val but also lo generate interest and drive visits lo Royal H05Pital Road and the three heritage attractions grouped dose by. The Director is a trustee d The London Gardens Society and the Gardening with Disabilities Trust. a Livefyinan and Court Assistant of the Worshipful Company of Gardeners and a Fellow of the Linnean Sw"ety. Alms and Obj¢¢tives Purpose and principal activitie5 The charitable purpose and objeclNes of Ihe charity are to demonslr8le the med(un81, economic, cultural and environmental importance of FAanls to the survival and ￿￿11-being of humankin¢J. Chelse8 Physic Garden carries out ihis tharitat4e purpose for the public benefft by". prowding programmes of education￿ actM"ties. public81ions and events: maintaining do¢umenled plant colleclions in labelled and interpreted displays in an hisloric botanic garden.. demonstratin9 the development of the science and praCt￿e of horticulture. botany and related disciplines through the historical role of the gafden.. 8nd promoting the importance of the [￿nSerVation of pL3nts and the natural environment. Ensuring tho Garden's work dellvers Its aim$ for publ1¢ bgndlt The aims and acliMties of the company as a charity are rewewed each year. Public engagemenl and the conservation and Ca￿ of Chelsea Physic Garden's Collect￿￿5 are at the core of the th￿ty'S activities. The annual remew looks al what has been achieved and the oulcome and impact of that work in the previous 12 months against the key performan￿ indicators monitored Ihroughout year. Tr wincipal Perf￿an¢4 indicators rdale to: cverall number of wsilors to the Garden and a(knissions incom total nLThber of Sthool Leamers; total number of Leamers on Outreach visits and C(*nmunity Engagement participants: number of parb'upants on Public Progr￿Me$ 8fKI F￿llY actsvtty days the number cl Friwds of the G8r(len: retail ￿venue

The Chelsea Physic Garden Company (a tsjwny h'mited by guarantee) Tru$ttts' report fr•r tho y￿r ended 31 December 2023 (¢tsntinuedJ Ensuring the Garden's worft d•liv•rs its alms for publ1¢ bwbefft (c￿￿nU venue hire revenue.. website and sctial media actiwty. and fundrasing activity to support operating and capital proiads. The resulls of many of Ihese pwbmance indKator5 are Fthlished in the annual Impact Statement which is available lo wew at -chelsea arden.eo.uk. Publi¢ b•nth statorn•nt The charity trustees consider that they have complied V•ith their duty in seclion 17 of lh8 Charit￿S Act 2011 to have due regard lo Public Benefit guIdar￿e published by the Charity Commission and that th& beneffits that the charity provides a￿ not unre85c￿abIY restricted. The trustees ensure the charity delNers public b￿efft by: 8dmitling the public to the Garden on payment of a modest admissbon charge.. maintaining a Friends thme" providing a range of leaming and publt prc*Jrammes on and off-site: working wth partner organisations to hdentity groLPS that WOLdd benefit from c(xnmunity membership access sile and collections interpretalion- publications 8fKI digital resources,. arKI providing guided tours. visitor services and on4ine ￿Cess. Activities The ehanty'5 aim is to demonstrate horti¢uliuial and iM)lanKal excdlenGe in the presentstion of the Garden. whilst interp￿tIng It in an interesting and 8¢Ce￿ble manner. Work continues lo maintain inteiest in the horticultura thsplays and vthilsl the18yout of the Garden remains largety unchanged. seasonal planting and interpretation is introduced in order to inlerpret the ¢ollecb"ons and extend the Sea￿n. maintenan￿ and redecoration ¥wrk Continues annually, paTtiwlady in the short dosed peric￿ in eaty January. ensuring thal ￿ maintsin slandards of presentation pending major refurtishment. The Garden has been open lo wsitors 11 months of the year. six days a week. albeil visrtation levels a￿ not 8t pre- pandemic leve15,' il maintains longer opening hours (11am- 5pm) bet￿ten ￿.1 and October and has eveiNng opening5 on Tuesdays and wedr￿SdaYs in July and AugusL Saturdays are exdusivdy reseNed private hire. In 2023 the Garden welccxned 46.280 visilots {￿,919 in 2022). The nunber ol Friends memEersh'ps at 31 December was 6.001 16.262 in 20221. Income from commwcid lettings forms a significant part clihe chariWs ￿￿t￿ne. Infomiation relab'ng to private hire and to the Garden's public programme of acti¥itie5 IS FK)sled on Ihe V￿bsite and is promoted via the monthly e- newsletter. Venue hire and a range ol public pTogramme actJ"vilies have taken place throughout the year. The collaboration Bedeater Gin through the Lonthn Garden Gin product and their charita￿e donation to the Garden conlinve¢J in 2023. The agreement with Octopus Publishing continues lo devekjp product under the Garden's trademath. The Garden has continued to delNer leamiNJ both onsite, offsite and online. There has been an increase in the delivery of acb'vities through a programme of community partnerships. The total number of schoc4s and community participants for the year was 5.038. In addition. wè welcomed a further 6.680 p8rbcipants to one of our public programme ￿tivitieS throughout the year. may have been anything from summer outdoor music. interactive theatre. a famity ocbvity day or a wr)thsfrw on chocoL8le making or a herbal remedies course.

The Chelsea Physic Garden Company {8 company Inntted by guarantee) Trust08S' rnport for the ygar Ond￿ 31 Ih¢gmber 2023 {￿lI1nU•d) Actlvltles (cLyJtinuedJ There was a minor uptum of ￿$[tOrS frcth Ihe U.S.A bul ts have not yet reathed pre-p2ndeM￿ levels and no such recovery has been evident from China and the Far East. tkjmesir numbers de(xe8sed on 2022 wth cost of living essure uled in survey resFMJnses as a rea$￿ Ihat more dhj not retum. Venue hire actmty was bwer than the previou5 year when a backng of delayed events from th8 pandemic years made it busier than we would like. A lawn rdicy Wds imEAemented Iwniting the frequency of events on the main lawn for reasons of sustainability. c￿LaL￿alon the Royal Hospit4. Chelsea. the Natronal Amiy Museum and Cadogan Estates a project called Ihe Chelsea Heritage Quarter was begun during the year. party contributed some funds. initially being managed by CPG Enterprises Ltd and a Busines5 Devebpmenl Manager was SUb￿ntr￿1ed to scope the opportunilies to creats 8 Heritage Quarter in the part of Chdsea where our three instiluti￿s are located. The w)lenlial forjoinl programming. ticketing and other initiatives lo erKovrage ￿￿torS and Ixjikl awareness of the area as a (h'verse cultural experience is Considered by all Ihe parties to be pUrSu￿g aThJ it is likety that a separate charbtable body will be created in order to take thal forward during 2024. Volunteers The Garden's team of vdunteers. provides invaluable suppx)rt across the charity and the Garden continually kM)ks lo diversify the ¥tiwties th81 vdunlews are involved in. In Ihe year work has been ongoing to diversify who arKJ where recruitment of vcAunleer5 took place. as well as ensuring the ongoing training and supp¢xt for exi51ing and new volunteers. The Youth Panel (aged 1&24 years) continued to contribute lo the Leaming le8m'$ efforts to allract young audiences and ran S'lakeover daf with a number of events and prcsrammes they had created. Fundraising slatemenl Section 1628 of the Charitie5 Act 2011 requires charities to make a statement warding fundraising acliwtie5. Although we do not currently undertake ￿des￿ad fundraising from the general public, the legislation defines lundr8i5ing as.501iciling or otherwise procuring money or other property for chaiitable purposes.. We have an on-line donat￿￿ page for the general publ￿ to make donations to suppori the Garden fLÈndraising appeals. At 31 December 2023 £4.883 had been received from web511e donations. Such amounts received are presanled in our accounts as "voluntary incomè. and can include legaaes and grants. In rel81ion lo Ihe above it is confirmed ihat all Sol￿tatiOnS are managed intemaly. without invotvemenl of commercial participators, professional fundraisers. ￿ thsrd parties. The day-io-day managemenl of all income 9enèralion is delegated to the senior management team, are accountable to the tfustees. The charity is not bound by any undertaking to any regulatory scheme however the charity voluntarily follows The Code of Fundraising Praclice. The charity has received no complaints in relation lo fU￿1raIsing aclivilies. The charity monitors the activities of its employees including Ih05e Tesponsible for fundraising ￿th regular ￿pOrtS prepared for Iruslees_ Principal Fundlng Sources Income is principalty gerwaled by Ihe chwity fr(Th fu￿1raising a¢tsvity. charging admission lo enter the Garden. from annual 5ub5criptions from Friends of the Garden and fr(Mn the public progrnme. In addition. the commercAal activities of CPG Enlerprises Limited make a sigiwficant corth"bution to the funding of the charity. Page 718 The charity holds lonlenn investrnenls in the fo￿ cl an Endownent Fund. This fund was established betr￿en 1983- 87 frc¥n a fundraising appeal vthich altr¥t8d thjnations frlyn a n￿)ber of sources. The trustees have detemiined Ihal the fund is expendable V*7th both c4)it31 and inccme being aValab￿ to use at the trustee's discretion in supp)rt ofthe Charty's I￿rk. At 310ecember 2023 the endowThent fund value ￿d5 £3.759.8791£3.557.502 in 2022).

The Chelsea Physic Garden Company (o ccffipany limited by guarante8) Trusl••s' roport for tho year wyled 31 DKomber 2023 (Continued) Trusts and Major Donors 2023 The Garden is fortun8te to have the support of a number of Charilable Trusts and FourKlations together with m￿Y individuals who make donalions supporling capital aTrJ Ihe charity os a wthole. In 2023 grants and donations were received Irom.. G•neral Auriens The Cadogan Charity Mr Craig Swick Mr Peter Cadbury Mr Jonathan Drori Professor Dianne Edwwds J Paul Getty Jr Charitable Trust John and Diana Kemp-welch Charitable Trust The Lohr Family DAF Peter Stormonth Darling Chariiable Trusl Mrs Christine and Mr Stefan R￿Senfeld Sloane Stanley The Slon6w811 Park Charits￿e Tnjst Mr Nicholas Wwd Horticultur•. Hortlcultural Tralnws and Garden ProJKts Mrs Catherine Amiitage The Barbara Whatmore Charitable Trust The Ironmongers, Trust Company Mf Michael McGonigle New to Nature Programffle Rick Malher David Scrase FourKlation And all Ihose who gave to our Composl Ywd PToiecl for G￿lThJ Tuesday Collo¢tlon8 The John Armilage Charitable Trust Learning and Engag•m•nt ProJo¢ts RUB White Charitablè Trust Joseph Rochfords G8rdens Ltd John Swre 1989 Charitable Trust Glasshouse Restoratlon ProlgGI National Lollery Heritage And 811 our donors who wsh to remain an¢Nwous.

The Chelsea Physic Garden Company (a company limited by warantee) for th? year ended 31 D•cgfflb•r 2023 (conllnuod) Investment Po15cy The trustees approved an investment px)Iw in January 2024. takiThJ into conshderation Charity Commission Guidance CC14. The policy addresses the charity's en&)%￿Trent funds and unresmed reserves includirkg cash and short temi inveslmenls. 11 delegates investment strategy lo Finance & 0￿ratIOnS Committee IFinOpsl. A specialist Investment Fund Manager {IFMI, Sarasin & Partners LLP. is ￿sponsible for the investment of the charity's endownenl fund in accordance with an investment m8nd8te set by Finops. The investrnent mandate is lo provhle a level of annual income to help support the running of the charity. whiL%l also looking to aoieve long-term capital growth of the funds. AJI inve5tmen15 are monitored by nominated members ol Finops army ail banks. IFMS and deposit accounts are reviewed annually. Flnan¢lal re¥ltht The results for the year show net SU￿luS of £39.808 before gains on investments. this compares to a surplus of £998,198 in 2022 and a netsurplus (after unrealised gains) of £242.185 compared with £513.257 in 2022. The balance sheet shows a positive w$it￿. The Garden's trading subsidiary. CPG Enterprises knmited. showed a pre-tax profit of £331.973 (2022: £219.3Y21. before a donation under deed of ￿venant was made to the Gwden. Totsl unrestricted income is £1.992.32012022.. £2.106,7611. Income Irom unresiricted donations and legaoes was £382,49812022: £402.9751. No ￿3CleS were received in 2023 12022.. £100,OWI bul re¢laim5 of grft aid relatsng to Ihe prior period meani the Year￿n-year reduction of income from donations and leg8¢ies w85 only 4%. Incoffle from letting rooms. exterrkil events in the Garden and (￿mMiSsion on the café is £440.75912022.. £611.6461 which is 179/012022- 20%) ol total income. The ￿anned reduction was because a backlog of events delayed by Covid was cleared in 2022. Income from the FrierKls annu￿ subscriplK)ns wa5 £318.322 (2022.. £307.2801 although total number of friends declined slightly during the year Totsl expenditure of £2,545.201 increased by 23% (2022 - £2.063.1991. The increases were in salary Costs, partly owing lo additional lixed term heads related to Ihe 350 anniversary. 8150 in horticultural marketing cos15 and professional fees related to consideration and plannin9 the futu￿ development ol the G8fden to follow the refurbishment of the histori¢ glasshouse5.. Reser408 Total funds at the yearond amount to £7,854.531 {2022.. £7.612.3451 of which £2.682,52312022.. £2,433.6071 can only be used lor particular restricted purrM)5es as s¢iwlaled by the dollors. The assets and liabilities attributable lo the various funds are shovm in note$ 18 and 19 to the financial statements which also describe the various funds of the charity. Unrestricted funds amount to £5,172.008 {2022.' £5,178,738). of byhich £3Y),579 (2022- £585,017) are f￿e reserve5 as the trustees consider the endowment funds of £3,759.87912022.. £3.557.5021 to be available only in exceptional ircumstances. The charity relies on the income generated from these long-term inveslmenls land also from its own a¢tiMtiesl for the day lo day upkeep of the Garden and for capital growth to ensure ￿ntinUed income generation in future years. Other funds amounting to £803.858 {2022.. £793,466) have been desb3nated by the trustees for specific purwjses. These fvnds are listed in note 18 and describ￿ on pa9e 38. The Iruslees approved a new riskthsed reserves rx)licy in July 2023. The four key risks with the potential lo impact the chanty's reserves were identified their likdy finanL?al impact assessed. Cyber attack. physical damage lo the Garden. business interruption owng to a natur81 or man-made disastr￿$ event and loss of key staff were the risks identified and the likely cost assessed. In line the a further assessment was undertaken at the year-end concluding Ih8t £190.IJ)O of reserves should be allocaled to these risks.

The Chelsea Physic Garden Company (a company limited by guarantee) Trustees. report for the year endod 31 D￿affiber 2023 (contlnu8d) Rosor¥os (conlinued) Based on a review of the Chan"t￿S sources of income the Trustees are satisfied that there is sufficrent diversity Ihat the risk of income being impacted signfficanty by exlemal faciors is low enough that no additional reserves need to be allocated for this. Seasonal Iluctuations in operational cash in- out-llows also need lo be considered cashflow forecasts wnfirm the recommendatK)n ￿ the reserves wlicy that free reserves of between £200,000 and £300,000 should be set asi¢Je for this purpose. Free reserves at the yearaend are £350.579 is higher Ihan the reserves poliw recommendation however th8 trustees are sab'sfied wth I￿S tM)sition. Golng ¢onc•m In assessing any lasling impact offinancial pressures brw3ht about by rising inflation consequent price increases on The Chelsea Physic Garden Company group, Ihe truslees have considered all the matters describod in the Trustees, Report. Inc1￿j1n9 the group's 0￿rationS. the impacl on subwptions. th)nal￿onS. and other trading actiMti8s. as well as the impact on the group's inveslment 5xyttolio. In particu18r. in (Kder to support the trustees. assessment of the sustsinability of the group's actmlies. management continues to prepare quartedy cash-flow forecasts based on assumptions, through lo the end of 2025. The major revenue and expendilure budgels are tracked on a Mont￿bY- month basis to check actual against budget. wknich 1$ used lo adjust the forward assumptions for incomo and expenditure through 2024 up to De¢ember 2025. The ansis undertaken shows that thfr group remains Cash positive throughout without need to liquidate any of the Charit￿$ investment p￿￿0110. CPG Enlefprises Ltd, the wholly th¥[￿d subsidiary which undertakes certain Commercial trwjing acliwlies ofthe group, has been subjected to a separale stress test for a period whth extends forward to the end of 2025. Provided Ihat trading activilies ordinarily undertaken by CPG Enlerprises Ltd ran be undertaken the Stress lest dgmonslrales Ihal the trading company remains an independent going ¢on¢em throughoul. Al the dale of signing of these finwKial stslements. forecasts W￿l¢Ste that the Group will be able lo maintain liquldity for a period of al least one year following the date of signing of these finan￿al statements and wll therefore be able lo continue to trade as a going COn￿rn. The truslees Iherefore considei thal no material uncertainty exisls in rela(ion to going concern for the Group. Charty Govomanco Cod• The Board is committed to gLK)d governan￿ and to its own and the charty'5 continuous improvement in delivering its purposes most effectivety for the public benefii. The truslees are mindful of the Charity Corpotale Govemance c￿le lo considering whether to impsewnenl any changes in response. Plans for Future Periods Progress on achiewng the overall ot¥ective to update the Garden's h0￿c￿lI￿ra1 learning facililies and infrastructure". to improve and enhan￿ the over811 accessibility aThJ experience for wsitors contin￿. Restorion and reinterpretation of the Garden's Victorian Gksshouses, suppLYted by a Nats"onal Lottery Heritsge Grant of £924.100 was completed with only aceLJmpanying aclivity [￿(￿3ramme5 to cA>ntinue into 2024. The Ifustees a￿ continuing to devekjp and refine P￿￿S for a phased approach lo a Masterplan which will achieve impmvements to and refurbishment of the visitor. ￿¥tiCultUrnI and leamirKJ f8¢ilities and inlrastruclure and improve 8nd enhance the overall acressl￿.11ty and experience for visitors. Fundraising consultants. business planning consultant5, surveyor5 and archIt￿tS are 5upwbrg Ihis work which expected to be developed throughout 2024 and beyond.

The Chelsea Physic Garden Company (a company limited by guarantee) Tntste8s' report for tho y•ar end￿ 310ocombor 2023 (contlnuad) Plan$ for Futurn hrlods (L))niinuedJ Olher capitsl projects are modest in nature aThJ onty commence vhen all frJrKling is n place to meet the full cost of the activity. Carbon Footprlnt During Ihe development phase of the Glasshouse prciect the Garden crealed a Sustainability Framework through which il evaluated the deliverables for the repair and improvements lo the Glasshouses. It is proposed that a Sustainability Framework which covers accessibility. try0d￿r$1ty. W￿rgY. water. materials. waste and pollution be further (Jevelr4)ed to pro￿de a benchmark by which the Garden can track. reduce and mitigate its environmentsl footprint. A premises manager has been appointed for a fixed lerni of 2 year5 who will tske a key role in this work. Pay policy of senior staff The charity is committed to Ihe London Liwng Wage. induding traFnee roles. The Remuneration Committee, is responsible for annually reviewng the pay and condrtsons of stsff and volunteer expense remuneration. Benchm8rking is undertaken within the relevant sector of all vacant roles prior to re-advertising. Risk Management The trustees actively remew the majw risks tMch the tharity mwJht face, in parti¢ul8r those relatirvJ to govemance, repulation. operations and finan￿. As part of the risk monitoring infrastructure the charity mainl8ins an active risk reglster, business continuity and disaster plan. These are regularfy Tewewed to ensure Televance. The charity annually reviews Ils insurdr￿e wowsion indudiThJ the type of cover and overall levels of cover. The trustees believe that maintaining adèquale free ￿elveS combined viith regular rowews of the conlrols over key financial systems. will prowde sufficient wotection for the charity event of adverse 0￿ratsng conditions. Amongst the most Serious ri5k5 listed in the L￿Vrent risk regi51er are '. Cyber attack This might resull in loss of access lo wtal IT systems, Compromise of Ihe person81 da¢8 Df Friends, visitors and others or financial Ioss as a re5uII of wrus or ransomware attack. Our response 15 to review our IT Security eonlinuousty. lo ensure safeguards and staff training are up to date. To the exlenl that cyber risks can be insured against we have that cover. Unauthorlsed a¢¢ess to the Garden and buildings by intruders for the purposes of theft or vandallsm Our resp￿Se lo this includes physical and wnonitoreil security systems. electronic access controls and CCTV. We 8re insured again51 the w)lenlial finan￿al loss that could result from such an event. An unforgsaen dlsa$trous ¢v•nt This might lake the fomi of a naluTal disaster or an act of terrorism. for examp￿. The Garden has a Business Continuity Plan wlmch would enable key personnel to ¢onbnue lo work offsite wth access lo backed up systems. Full records of the li￿ng collections are maintained in the event that they needed to be recreated to the extent possible. Impact of climate change on the Ilving colloctlon This is largely outside ￿r control but a￿1￿$ can be tsken and we have commissioned a report on sustainatH'lity to identfy how we can &hwe "carbon neutrahty. by 2030. We review our plant collections to ensure we can maintsin a colleclion in line V*ith our Miss￿)n as an organisation bLbt that ts more reslient to changing climate. 10

The Chelsea Physic Garden Company la Company limit&J by guarantee) Trustws. report for the yoar ended 31 December 2023 (confinued) Trust•es' r•sponsibiliti•s stat•m•nl The trustees a￿ ￿$pongbI8 for preparing the Trustees. rep(*t and the finanual statements in accordènce with applicable law and regUlab.￿S. Company arKI charity law requires ihe directors to prepare fina￿la1 statements for eath financial year in a￿ordanCe Ih United Kingdom Generally Accepted Accounting Practice (Uniled Kingdom kcounting Standards and applicable 18wI. Under company and charity Lqw the trustees must not approve the financial ststements unless they are satisfied that they give a true fair view of the state of the affairs of the group and parent charity and of the incoming resources and application of resources. including its income and expenditure. of the group for the year. In preparing those financial statements. the directors are required to: Select suitable aCC￿nI￿￿ [dic￿S and then ath them consistently. ma(e I￿JeMentS and accounting estimates thal rea$C￿able and W￿1@n( and prepare the finanual statements on the gciry concem bas￿ unless it is ￿apprOPriate to presume that the charity 11 continue in business. The trustees are responsible for keeryng adequate aC￿ntit￿j records that are gArffi(#ent to stw)w and explain Ihe chariws transactions and disck)se wth reasonable accurncy al any time the financkgl position of the group 8nd parent charity and onable them lo ensure that the finanad 51alements compty wth the Charities Act 2011 and Companie5 Act 2006. They are also ￿Sp(￿51ble for safeguarding the assets of the group and parent charity and hence for taking reaSonal￿e steps for the prevention and detection of fraud and other irregulanbes. Provlslon of Inforniation tv audbtors Each of the persons who are trustee5 at the lime when the Directors. report is approved has confimied that.. so far as that trustee is awwe, there is no relevant audit infomi8l￿n of which the ch&¢ly's auditor Is unaware. and Ihal the Iwslee ha5 tsken all the steps that ought to have beerb taken as a trustee in order lo be aware of any informalion needed by the charity's auditor in connec11￿ with preparing his report and lo establish Ihal the charity's aLKlilor is aware of thal infomiation. Audltors Moore lfjngslon Smith LLP will be proposed for re-appointrnenl in aC￿rd￿Ce with seclion 485 of the Compan￿$ Act 2006. Small compony exemptlon This report has been prepared in wJr(lance ¥￿th Ihe special wtrvish)ns of Part 15 of the Companies Act 2006 relating lo small companies. This report was approved by the Board on 14 May 2024 and sig￿1 on ils ￿half by: Andrew Woo(Iward Trn$tee Colin Chisholm Trustee

The Chelsea Physic Garden Company (a company IKnited by guarantee} Ind•pwd•nt audltor's report To th• Dir•ctor5 of The Cholsea Physic Garden Company for th• y•ar ended 31 Dec•mb•r 2023 Opinion We have a￿lited the fInar￿la1 statements of the Chelsea phys￿ Garden C¢Myany lthe'parent charitable company'} for the year ended 31 De￿mber 2023 which comprise the Group Statement of Finanoal Acti￿ties. the Group Summary Income and Exp8nditure Ac￿￿n( the Group and Parent Charilable Company Balance Sheets, the Group Cash Flow Slalement and notes lo the financial statements. including significant accountin9 policies. The financial reporbng framework that h85 been appl￿d in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102'The Financial Reporting Standard Appluble in the UK anil Republic of Ireland. {Uniled KiThJdom Generally A￿pIed Accounling Plac￿1. In our opinion the finanual stsI￿￿nts.. gwe a true and fair vivw of the state of the group's and Ihe parent charitabl8 Cry￿any.$ affairs as al 31 December 2023 and of the group's inwming resource5 and apPI￿at￿n of resources. including ts income and expenditure. for the year Ihen ended: have been propedy prepared in aCcOrda￿e with United Kingdom Generalty Accepted Accounting Practice. and have been prepared n accordance *ith the requirements of the Companies Act 2006 and the Charities Act 2011. Ba$1$ for oplnlon We conducted 0￿ audit in accordance vAth Intematicffial Stsndar(Is on A￿lIting (UK) (ISAS IUKII and appli¢8ble law. Our responsibilities undef those slandards are furthei described in the Auditorfs ResponsibiifLies for the audit of the financial statements section of our ￿p£￿t. We a￿ independent of the charitable company in accordance the ethical requirements that are relevant to OUT audrt of the financial slalements in the UK, including the FRC'S Ethical Standard, and we h8ve fulfilled cMJr other ethical reSponsi￿litieS in accordance with these requirements. We believe Ihat the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Con¢luslon$ rglating to going Concern In auditing the financial ststemenls. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the ffinan￿aI statemenls is appropriate. Based on the work we have perfomed. we have not identified any material uncertainlie5 relating to events or conditK)ns that, indivKlualty or collectrv￿. may cast swJnifunt doubl on the group's and parent charitable Company's 8bility lo continue as a going corwn lor a period of at least tsyefve months from %then the financial statements are 8Uthorised for issue. Our responsibilities and the respOn￿billI1es of the trustees respect to going ¢xKicem are described in the relevant se¢lions of this report. Other information The other informaiion comprises the infomiation included in ihe annual report, other than the financial statements and our au¢Jrtorfs report thereon. The trustees are responsible for the other infoTmalion contained within the annual report. r opinion on the finanaal slatements does not ￿Ver the olher informalK)n and, except to the extsnt olhewse explicity stated in our report. ￿ do not express any fomi of assurance conclusion thereon. Our resrx)nsibilty is lo re8d the other information and. in doing so. conshderNthetherthe other infomiation is materially Inconsistent with the financ481 statements or our kno%￿edge obtained in the course of Ihe audit or otherwise appears to be materially misstated. If we identify such material inc(msistenoes or apparent material misststements, we are quired lo determine whether thwe is a material misststement in the financial ststemenls thern5elves. If. based on the work we have perffxmed, we ￿ndUde that there 15 a material mt5ststement of this other information. w6 are rewired lo reKKJrt that f&1. 12

The Chelsea Physic Garden Company la company limited by guarantee} Indop•ndènt auditor's roport (¢ontinu6d) To the Dir•ctors of Tho Chelsea Physic Garden Company lor the year ondod 31 Docamb•r 2023 We have nothing lo report in this regard. Oplnlon$ on other matters prescrlbed by Iho Comp•)les Act 21)06 h our OFinion, based on the work undertaken in the course of the a￿lIt the infomiation given in the trustees. annual report for the finarKial year for which the h'nanck?I statements are p￿pared is consislenl with the finantial stslements". and the trustees. annual report has been prepared in &cordance with appltsble legal requirements. Matters on vthlch vm aro requlred to report by exc•plk•n k) the light of the knowie¢Jge and urKlerstsrnling of the gn)up arKJ pawt charilable ￿MpanY and their 8nvironment obtained in the course of the audrt. we have not bjenlified Mat￿la1 misslalements in the trustees. annual report. We have nolhing to reFYi in respecl of the folloviThJ matters t•4here the CcKnpanies Act 2￿6 and the Ch8ri1ies Act 2011 requlre us to report lo you if, in our OFir¥M: the parent charilable ￿MpanY has not kept adequate aThJ sufficient accounting rec(￿th. or retums adequate for our audit have not been received from branches not vtsited by us.. or the pa￿nI charitable company's financial stslements are not in agreement with the accounting records and relums., or certain disckisufes of Iruslees. remuneration specified by Law are not made,. or we have not received all the infom)ation and explanations we requi￿ for our audit,. c the trustees were not entitled to prepare the finarrial slatemenls in accordan￿ wth the small companies regime and lake advantage of the small eompanEs exemptv)n in preparin9 the TTUStees' Annual Report and Irom preparing a stralegic report. Re5pon5ibilities of trustee5 As explained more fully in the trustees. responsibilrties statement sel out on page 11 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the rinancial statements and for being satisfied that they give a true and fair view. and for such intemal control as Ihe Iruslees deteirrhine is necessary lo enable the pieparabon of financial slalewnenls that are free from material misststemenl, whether due lo Iraud or error. In preparing the financial statements. Ihe truslees are responsible for assessing the group and parent charitable ¢ompany's ability to continue as a going concem. drscktrsing, as applicable. matters related lo going concern and using the going concern basis of accounting unles5 the trustees either intend lo liquidate the group or p8renl charitabl8 company or lo cease operdtions. or have no realistsc allemalive tmjt lo do so. Audltorfs Responslbllltles for the audh of the financlal statements We have been appointed as al￿rtOr under the Crxnpanies Act 2(K16 and section 151 of the Ch8ri1ies Act 2011 and report in accordance with those Acts. Our objectives are to obtain ￿0$onable assurance about whether the financial slatemenis as a whole are free from maerial missiatement. whether due to fraud or error, and to wue an auditorfs report that includes our opinion. Reasonable 8ssurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aknys delect a material misstalement when it exists. Misstatements arise from fraud or error and are considered material if. individualty or in aggregate. they could reasonabty be expected to influence the economic eci&ons of users taken on the basis of these fin*)cial stslements. 13

The Chelsea Physic Garden Company (a company limit￿ by guarantee) Independent audltor's report (contlnuedj To thg Dlrgctors of The Chéls￿ Physlc Garden Company for tho year ended 3100¢omber 2023 As part of an audit in acCOrda￿e wrlh ISAS (UK) we exerase pyofeswnal judgement and maintain professional scepticism throughcyJl the audit. We also: klentfy and assess the risks of material misstatement of the finanaal stalemenls. whether due to fraud or error. design and perforni aLvJit prOo￿vreS responsive to those risks. and obtain audit evidence that is suffiaent and appropriate to provide a ba￿S for wr opinion. The risk of not detecting a material misstatement resulting fr(ym fraud is higher than for one ￿$￿I￿n9 from errw. as fraud may invrjve collusm, forgery, intentional omissions, MIs￿presentatiOns, or Ihe override of inlemal control. Obtain an Ur￿erstar￿Ii￿9 of intemal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the gmup arKI p￿1 charitawe company's internal ¢￿tr¢￿. Evaluate the appropriatenes5 of accounting policies used and the rea50nableness of accounting eslimales and reled disclosures made by the twstees. Condude on the appropriatene$s ofthe trustees. use of Ihe going concem basis ot accounting and, based on the audit wdence obtained, vthether a material uncertainty e￿sts related lo events or conditions that may cast signfficanl doubl on the 9roup and parent charitable ￿MpanY'S ability to continue as a going Concern. If we conclude that a material Un￿rtaInty exists, we are required to draw altent)n in our audrtor's report to the related disclosures in the finanaal statements or. rf such disdosures are inadequate. to modify our opinion. Our conclusions ore based on the audit eVIder￿ obtained up lo the date of our auditorf$ report. However, future events or COfKlilions rnay cause the group or paTentcharitable company lo cease lo continue as a going concem. Evaluate the overall presentalion. structure and content ofthe financial statements. including the disclosures. and whether the financial ststements represent the undewlyi)g tr8ns8clK)ns and events in a manner that achieves fair presentalion. Obtain sufficjent appropriate audit evidence regarding the financial information of the enlities or business activities within Ihe group to express an ¢Jpinion on the consolidaled fina￿la1 statements. We are responsible for the direction. superwsion and perf0mlan￿ of Ihe grow) audtl. We remain solely responsible for our audit report. We communicate with those charged wth 9ovemance regarding. among other matters. the planned scope and timing of the audit and significant audit findings. induding any Signif￿an1 defIc￿n￿e$ in inlemal control that we identrfy during our audit. Explanatlon a$ to vthat extent the audit wa5 considered capable of detecting irregularities, including fraud Irregularities. induding fraud. are inslances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities. outlined above. to delecl material misslalements in respect of irregularities, including fraud. Tho exlenl lo which our pKKedures are capable of delecting irregularities, induding fraud is detsiled below. The objectives of our audit in respect of fraud. are., lo identrfy and assess the risks of material misslatemenl of the financial slalements due to Iraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses lo those assessed risks: and to respond approprialety lo inst8rKes of fraud or suspected fraud vjentified during the audit. However, the primary responsibilty for the preventK)n and detection of fraud rests with both management and those charged with governance of Ihe charitable company. 14

The Chelsea Physic Garden Company (a company Iwnited by guarantee) Indopend•nt audltor's r•port {¢ontInu￿) To the Dir￿t015 of Tho Chol￿￿ Physic Garden Company for th• year •nded 31 D•cfrmber 2023 Our approach was as folk)ws'. We obtained an understanding of the legal and regulatory requirements applicable to the charitsble company and considered that Ihe most signthcant are the Companies Act 2006. the Charities Act 2011. the Charity SORP. and UK financk41 reporting staThlards as issued by the Fin￿claI Reporbng CO￿¢11. We obtained an understanding of how the charitable company complie5 these requirements by discussions wilh managemenl and those charged govemance. We assessed the risk of materi81 misststement of the financial slalements, incluthng the risk of material misstatement due lo fraud and how it might occur. by holdiro discussions with management and those tharged govern￿te. We inquired of management and those ¢h8rged with g0veMa￿ as to any knovh) instsnces of non- compliance ￿ suspected nM-compliance wth laws regulations. Based on Ihis understanding. we deggned Specif￿ appropriate atKlit W0￿ureS to identify instances of non- compliance wllh laws aTrJ regulations. This included making gnquiries of management and those char98d th govemance and obtaining a(kJitional ¢wob￿ative ewdence as rgquired. There are inherent limitalions in the a￿11 wocedures described above. We are less likety lo become 8ware of instances of non-compliance with laws and re9ulalh)ns Ihat are not dosety relat￿ to events and transactions reflected in the financial stalemenls. Ajso. the risk of not delecting a material missiatement due to fraud is higher than the risk of not detecting one resulting from error. as fratjd may involve delibwate c(MKealment by, for example. forgery or intentional Mis￿PresentstIOns. or through colusion. Use of our report This report is made solety lo the charitable company's members. as a body. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 201JS and, in respect of the consolidated financial statements, lo the charity's trustees, as a body. in a¢¢ord8n¢e with Chapter 3 01 Part 8 01 the ch8rib.es Act 2011. Our audrt work h8s been undertaken so that we might stale to the charitable cofflpany's members and ITuslees those mallers wh￿h we are requiTed lo slate to them in an audrtorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo any party other than the charitable company. the charilabie company's members, as a body. and the charity's trustees. as a bcdy. for our audf( work, for this report, or for Ihe opinw)n we have fomi8d. Ilort k+. LLF Dale.. 15 May.2024 Andrew Stickland {Senior Statutory Auditor) for and on behalf of ￿re lfjngston Smith LLP. Statutory Nuditor 6fft Floor 9 @)pold Street London EC2A 2AP Moore Kirosknn Smith LLP is digbi le to ￿1 as auditcff in lemis of Secth)n 1212 of the Companies Act 2006. 15

The Chelsea Physic Garden Company la c(wnpany limited by guarantee) Consolidat•d sL•m•nt of financial activiti•s {including consolidated ibKome and exp•nditur• accounti for th• year ended 31 December 2023 Note Unrestrict•d Endov•Tn8nt Restrict•d Funds Funds Funds Total 2023 Total 2022 Income from . Donations and legacie5 Other trading activttses Charitable actiwties Other income Investments 382,498 865.418 599.180 7.171 13B.053 592.6 975.188 865.418 599.180 7.171 138.053 1.357.593 1,040,407 551,223 3,677 108.497 Totsl Income 1.992J20 592. 2.585.010 3,C61.397 Expenditure On: Charitable actiwties Raising funds 1,782.995 420.733 341.473 2.124.468 420.733 1,708.038 355,161 Total Expenditure 2.203.728 341.473 2,545,201 2.C63.199 Net incomel{expenditur•) before gains, losses and transfer$ 1211.408) 251.217 39.809 998.198 Net11055ygain on investments 13 202.377 202,377 {484,9411 Net surplusl{deli¢it) before transfer5 Translers between funds 1211.408) 1301 202.3TI 251.217 12,301} 242.186 513.257 18 Net movement in funds (209.107) 202.377 248.916 242.186 513.257 R￿On¢l11atl0n of fund$ To¢81 lund5 bToughl forvrard al 1 January 2023 18 1,621.236 3,557,502 2,433,607 7,612,345 7,099,088 Total funds carried forward at 31 De¢emb•r 2023 18 1.412.129 3.759.879 2.682.523 7,854.531 7,612.345 All results are derived fr(n continuirrfJ 8clivits. The group has no other recognised gains and10s5es olher than thos8 ststed sove. The notes on pages 20 to 40 fomi part of these finanoal ststements. 18

The Chelsea Physic Garden Company {a ojmpany limited by guarantee) Consolldated balanc• shoot at 31 Decembor 2023 Companynumbw01690871 2023 2023 2022 2022 Flxed ossets TarvJible assets knvestmenls 12 13 2.207.654 3.759.879 1.283.025 3,557,502 5.967,533 4.840.527 Current assets Stocks Debtors Cash al bank and in hand 14 15 21 26.690 139.$34 1260.755 32.987 J,941 3.070,293 1426,979 3.154.221 Credltors: amounts f•llSng duo wlthln one year 16a (539.981 (340.115) Net currnnt assets 1.886.998 2,814,106 Total a$sets1838 ciirr•nt liabilities 7.854,531 7.654.633 CreditOTS". amounts falling due after mora than one yèar 16b 1539,9811 142.2881 Net o$s¢ts 19 7.854,531 7.612.345 Funds Unrestricted General Designated Endowment funds Restricted funds 18 18 18 18 60B.271 803.858 3.759.879 2.682.523 827.770 793.466 3.557.502 2.433.607 Total funds 18 7.854.531 7,612.345 These fmancial slalemenls have been prepared in accordance with the provisions applicable lo companies subject lo Ihe small companies regime wthin Pari 15 of the companies Act 2006 a￿1 with the Financial Reporling Standard FRS 102 SORP (effective January 2015). The fin8ncial ststements were approved 8n(l aUth￿l$e¢l for ISS￿ by the Board on 14 May 2024 Ltyj IJ ML Andrew Woodward Trustee COINI Chi$￿IM Trustee The note5 on pages 20 to 40 form part of Ihese financ4al statements. 17

The Chelsea Physic Garden Company (a company limited by guarantee) Charlty balance sh•gt at 31 Docembor 2023 Company number 01690871 2023 2023 2022 2022 Note Flxed assets Tangible assets Invesknents 12 13 2.179.671 3,759,979 1.283,025 3.557.602 5.939.650 4.840.627 Current assets Debtors Cash al aTrJ in harNI 15 21 111.403 1138.703 112.519 2.960.795 2250.106 3,073,314 Credltoys: amounts falllng due twlthin one year 1339.903) {263,9861 Nel Curr￿t a$sots 1,910,203 2.809.328 Total assets less current Ilabllitie$ 7.849.853 7,649,955 Credltors: amounts falling dug aft•r more than one year 16b 142,2881 Net assets 19 7,849,853 7.607,667 Funds Unrestricted General Designated Endowinenl fijnds Restricted funds 18 18 18 18 603.593 803,858 3.759.879 2.682.523 823,092 793,466 3,557,￿2 2.433,607 T¢)tal lunds 18 7.849.853 7,607,667 As permitted by section 408 of the Companies Acl 2006, the Parent Charitable Company'5 profit and loss account has not been included ￿ these finanaal statements. The surplus for the year was £242.18612022.. £513.2571. These financial statements have been prepared in accordance ihe provision5 ap￿iCable lo companie5 subject lo the small companies regime within Part 15 of the companies Act 2006 and wih the Fir¢ancial Reporting Standard FRS 102 SORP leffeclive January 2015). The finan￿al statements were approved and authcwised issue by the Board on 14 May 2024 Andrew Woothvard Trust90 Colin Chisholm Trusteo The notes on pages 20 to 40 fomi part of ihese finants81 ststements. 18

The Chelsea Physic Garden Company la Company limite¢J by guarantee) Slat•n*nt of consolldated fl¢p#s at 31 Docombor 2023 2023 2022 Note R•eonciliation of n•t incom• to cash Ilows from operatlng a¢tl¥ttles Nel movement in funds (Gainyloss on investments Investrnent income Depreciation L0551lprofill on disposal of assets Ilncreaseydecrease in debtors IDecreasey{increasel in ueditors Ilncreaseydecrease in stocks 18 13a 242.186 (202.3771 (138.053) 52,006 513,257 491,954 1108,4971 26.048 (2.3081 25.403 (47,504) {2,997} 188.593) 157.578 6.297 Cash flows from operating acbvibes 895.356 Cash flows from investing aCti￿lieS Investsnent income Purchase of property. plant equipment Proceeds from the sale of tsngible fixed assets 138,053 1976,6351 108.497 11.005.810) 3.475 12 (838.5821 (893,838) Increase in cash fLY ye 1809.5381 1.518 Cash al beginning of year 3,070,293 3.068,775 Cash al end of year 21r22 2.260.755 3,070,293 The noles on pages 20 to 40 form part of these fbnancial statements. 19

The Chelsea Physic Garden Company 18 ￿MpanY limited by guarantee} Not•s foTmlng part of the financlal ststoments for th• y•ar ended 31 Docember 2023 Accountlng polkl Th@ Chdsea Physic Garden Company is a registered chafity and incorporated in England and Wal8s under the C(mpanies Act 2006. It is a company limited by guarantee. The address of the registered office is given on page 1 of the Dwectors. report. The princpal accounting policies adopted, judgemw)ts and key sources of estimation or ￿￿rtaInty in Ihe proparation of the financial ststem8nts are as folh)ws.' Basls of preparadon The financial statements have been prepared ￿ a historic o)st basis except for the revalualion of inv8stmentS. Th8 financial ststsments have been PTeped n accordan￿ V•ith Accounting and Reprxting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financi81 Rep(KtTrng Stsndard aw11￿ble in the UK and Republbc ol Ireland IFRS 1021 (effective 1 January 20191 (Charities SORP. Tr Edits"on (FRS 1021}, Ihe Finanoal Reporting Standard aprAicable in the UK and Republic of Ireland IFRS 102) and Ihe Companies Acl 20(￿. The charity consliiutes a public beneffit entity as defined by FRS 102. The financial statements are ￿epa￿d in steding. whith is the funclional currency of the group. Monetary amounts in these th"nancial ststemenls e rounded to the nearest £. Exemptions forqualifying entllles undarFRS 102 The parent charitable company has tsken tr* following disdoswe exemptions: from preparing a statement of cash on the that il is a qualifw'ng entity and the group cash flow slatemenl included wihin these financial stalemenls. include the company's cash flows.. and from the financral in5trumen15 disdosure5, required undef FRS 102 para 11.40 to 11.48A and para 12.26 to 12.29, as the informalion is prowded in the Group financial disdosures. Going concern In assessing the impact of the cost-of4iving crisis and the slow recovery ol tourism in the aftermath ol the pandemic the trustees have considered all the matters described in the Trustees. Report. induding the group's operations. the impact on subscn"ptions, donation5, and other trading 8cliwties. as well as the impact on the group's inveslment porffolh). To support the Irustees, assessment of the sustsinabilily of the group's aclivities, management continues to prepare ca5h-flow forecasts based on assumptions. through lo the end of 2025. The major revenue and expendit4Jre budgels are Iracked or¢ a Mont￿by+M0￿lh basis lo check aclual 8g8insl budget, which is used lo adjust the foThtsrd assumptions income and expenditure. The anatysis undertaken shows that the group reman5 cash POSbti¥e thr(whou¢ wilhout need to liquidate any of ￿ charit￿$ investment portfolio. CPG Enterprises Ltd, Ihe wholly owned subshliary which undertakes certain commercial trading aclivilie5 of the group, has been subjected lo a separate stress tesl for a period wh￿h exiends forward lo the end of 2025. Prowde(I that trading activities ordrnarily undertaken by CPG Enterprises Ltd can be undertaken the stress test demonstrates that the trading company remains an independent going concem throughoLrt. At the dale of signing of these finanryal slalements. Ihe trustees. forecasts indicate that the Group will bè able to maintain liquidity for a period of at le85t year follo￿n9 the dale of signing of those financial statements and will therefc￿e be a￿e to conb.nue to trade as a going concem. The trustees ther8for8 consider that no Materi￿ uncertanty exists in rdation to going concem for the Group.

The Chelsea Physic Garden Company (a wnpany Iwnited by warantee) Notes fomilng part of tho financial stst•monts for the year ended 31 Decembor 2023 {¢ontinu6d) Accounllng poll¢les (C￿linU$d} Basis olc¢)nsolida¢ion These fina￿131 statements consolidale the results of the charity and its wholly owned subsidiary of CPG Enlerprises Limited on a line-by4ine basis. A separate Stslement of Finanaal Activities, or income and expenditure a¢counl lor the tharilaNe company itself, is not presented in these accounts because the charitable company has taken advanlage of the exemptions offered by Sectson 408 of the Companies Act 2006. Donations. grants and1ogaci•s Cash donations arKI gifts are induded in the Statement of Finanual Actswtie5 when conditions for Iheir ￿ceIpt have tr￿en mel. When donors specfy Ihat donations given tr) the tharity musl be used in future accounting periods. the irKome is deferred until those periods. For legarAes. enlillemenl is taken as the earfier of the date on which ￿ther.. the charity 15 aware that probate has been granted. the estate has been finalised and ￿￿ficatIOn has been made by the execulorlsl to the Trust that a distribulion VAII be made. or when a distribution is ￿￿1Ved from the estate. Receipl of a legacy, in whole or in part, is onty considered likdy when the amount can be measured reliably an(J the charity has been notified of the execulorfs intention to make a distritxjlion. Where lega(ies have been notified to the charity. or the charity is aware of the granting of probate, armj the criteiia for in(x)me rerJ)gnrt¥)n have been mel, then tho legaw is treated as a conts"ngenl asset and disclosed if material. Gowemment grants Govemment grants are re¢ognised as due when there is reas￿able a$sw￿¢e that.. thg ¢harity wll comply with the condiiions aitached to the payments" and the grants V•ill be received Gr8n15 received IOT hthich coThJilions have not been satssfied are c8rried ￿ the Balanc& Sheet as creditors. Commercial trading operations Shop income comprises wevenue recognised by the (x>mpany in respect of goods s￿)F￿led, exdusive of Value Added Tax and trade discounts. Lettings income compnses revenue reCO￿lSed by the company in relation to the leltings of the grounds and assoaated facility fees. Income from fvndraising events is induded in the fmancial ststements in the period in which the fundraising event tske5 place. Income from royalties comprises of revenue Irom the sale and publication of botanical books. Glft Ald The chwity 0￿S the vthole of the issued share ca￿tal of CPG Enterprises Limited. Each year CPG Enterprises Limited pays to the chartty. the provisk)ns reialed lo Gift Aid. a sum based on the taxable profi15 of the company. The paymeirt of Gfft Aid 15 Subject to the reserves policy of the gifting entity, and the approval of the charity. Gift Aid is recognised C￿ Ihe accruals basis in Ine *ryth Ihe deed of covenant. 21

The Chelsea Physic Garden Company {a company limited by guarantee} Notes fonnlng part of the flnanclal sL￿efftents for the gnd•d 31 Oecomb8r 2023 (contlnu8d) A¢¢ounting poli¢i6s (ccvkinued) Inv•stmant incom• Dividends are induded in the Statement of Finan0 Athbtses when they we dectared. Interest is included when reCeival￿e by the gr(MJP. Incomg from chartt•bl• acdvlues Admissions a￿ recognised vthen received by the Friends Substr￿>110ns are recognised over the period lo which they re￿Ie. any relating to future peTKwJ5 is deferred. Life Subscriptions are recognised as Ihey are received. Expendlture Expendlttjre is recognised on an 8¢xn￿lS basis in the period in which it is incU￿d. Costs of raising funds for commercial trading operations comprise the ￿sts as%)ciated wilh the letting of 9rounds and good5 Supplied. Charitable expgndilure comprises lfv)se ￿$ts incurred by the Charity in Ihe delivery of its activities and services for its trnefKiaries. 11 I￿ludeS both costs that fan be alkJ¢ated diredy lo $u¢h acttvilies and those costs of an indirect naturè necessary to SLtrPPOrt them. All costs including govemance wsls are allLfated bell￿ the expenditure Ixtegories of the charity on a basis designed to refiecl Ihe use of the resource. Costs rel*ing lo a particular activity are charged diredy. others are apportioned on an appropriate basis. Fund ￿COuntIng Unrestrlctod lurHJs can be used in accordance with the charitable objeciive5 al the discretion of the trustees. These include the assets of the trading company. The trustees use part of the unreslficted funds from time to time for Specif￿ projects and set up designated lunds to ￿fleCt this. The Endowment Fund is an expendable Endowment arKI ￿PreSents investrnents a￿1 cash whKh ￿ltinUe to be used by the Iru51ees Iri the best interests of the charity. The endow¥nenl fund was established between 1983- 87 from a fundraising appeal which attracled donalions from a number of sources. The truslees have (Setermined thal the fund is expendable ￿th both capitsl and income being available lo use at Ihe trustee's discretion in supwrt of the charity's work. RestTl¢ted lunds can only be used for the part￿￿lar restricted purposes within the objectives of the charity. Reslriclions are imposed by the donor or %then funds are raised for specified restricted purposes. The note5 to the financial statements provide further details. Tanglblé fixed assets Generally. tangib￿ fixed assets are capitalised rf Ihey can be used for more than one year and cost at least £2,5¢xI. They are valued * ¢osl. The charity does not have a on reValuat￿n, a nominal value of £1 is pul on the main buildings and gardens. The freehold of the land and kmjildings are owmed by the charity a Deed of Covenant in pla￿ whKh restricts its use.

The Chelsea Physic Garden Company {a wmpany limited by guarantee) Noto8 fomilng part of th• flnanclal stat•m•nts for tho yoar ended 31 Docember 2023 (continuod) A¢¢ountlng polklo$ (c<yVinued) Tangible fixed assets (¢ontinu6d) Depreciation of fixed assets is charged at rates estimated to VTile off Iheir costs over the expected useful lives. The rates used are as foliovS: Buildings Improvements Office fixtures and eq￿pment Horticultural equipment Computer equipment of c05t 1Wo-20Yo ol cost of cost of cost 20% of cost Stock Stock is induded at Ihe lower of cost and net realisable value and consists of goods for res8￿. Inv•stm•nts Listed investments are stated at dosing market value at the balance sheel date. Unrealised gain or loss is cakulaled as the difference betw￿ opening and dosing market value. as adjusted for additions and disposals in Ihe year. Investments held in subshdiary companies are reccgnised al cosl. Debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amounl prepaid nel of any trade discounts due. Cash at bank and in hand Cash and cash equivaients include cash in hand. deposits held at call banks and other sh￿-terrn liquid investments wlh original malurities 01100 days or less. Creditors andprt)visions Creditors and provisions are recognised where the charity has a presenl obligalion resulting from a pasl event that Mll probabty result in the transler of funds lo a third party and the amount due to selde Ihe oblig8tion ¢an be measU￿d or estimated ￿llabty- Creditors provisions are nonn811y ￿tr￿jnISed at their settlement 8mount after allowng for any trade discounts due. Finan¢lal instruments The group only has fin8ncial assets and financial liabilitie5 of a that qualfy as basic financial instruments. Basic financial instrumen15 are inilially recognised at transaction value and subsequentfy measured al their setllement value. 23

The Chelsea Physic Garden Company {a company limilgj by guarantee) N¢)tos fornilng part of the flnanclal ststwnonts for1￿ y￿r ondod 31 Decomber 2023 (continuedj A¢¢¢Juntlng poll¢le$ (cc¥7tinugd) Leased assets The group has operating leases. Their annual rentals are (tharged to the Statement of Financial Activities on a SIra￿h1 line basis over the temi of Ihe kase. Pension scheme contribution The charity does r￿t operate its own pension scheme. Pension costs relate lo payments made by the group lo o group personal pen￿on schem8 a(￿￿1Stered ￿￿￿ndenty. Estimates andjiments There are not considered to be 8ny signiknnt estimates and judg*ments involved in the preparatson of the financial stalements. Those estimates and juth3wents made. which are not considered lo be s￿nificant. are covered by the other accwntin9 polioes. Income from don•llons• grants and legacles Unrestrlcted funds Restrl¢ted funds 2023 Don81ions and legaues 382.498 $92.690 975.188 382.498 592.690 975.186 un￿stric1ed furKIs Reslricled fund5 2022 Donalions and legaaes 402.957 954.636 1.357.593 402.957 954.636 1,357,593 24

The Chelsea Physic Garden Company (a company limited by guaranle&l Notss fomilng part of thè financlal statements for the y•ar ended 31 December 2023 (continued) In￿me from 01￿1 tradlng aclivMI•s 2023 2022 Commissions and lelting of ro(Ths Shop income Fundraising events 440.759 158,265 611,646 170,282 258,479 865.418 1.040,407 All income from trading activilies was unrestitted in the ojrrent and pr￿ed￿￿ year. Incom• from charttable actlvltles 2023 2022 Admissions FrierK15' subsuiptions 280,858 318.322 243.943 307,280 599.180 551.223 All income from ch8ritsLle acliwtses was un￿$1￿cted in the eurreni and weceding year. Investment incom• 2023 2022 Income Irom fixed asset distribution vnil funds 138,053 108.497 138.053 108.497 Income from investments was unreslricled in the current weceding year. Net Income 2023 2022 Net income for the year is stated after charging: Auditorfs remuneration Auditor's remuneration- prior Other accountancy servi¢es Depreciation of tangible fixed assets 25.470 7,718 6,371 52.006 21.880 7.240 7,754 26.049 25

The Chelsea Physic Garden Company (a o)mpany limiled by guarantee) Notts fomiing of th• financlal stat¢monts for the y•ar ￿ded 31 December 2023 (continued) Total oxpondituT• Pr•mis Other Total 2023 Charitab￿ aclivil Inole 81 Raising fuThJs Inote 9) 1,126.077 226.587 207.340 1864 50,420 1,586 740.631 189,696 2,124,468 420,733 1.352.664 210.204 52.006 930.327 2.545,201 Staff Costs Premises sts Deprncl•tlon Oiher costs Total 2022 Charitsb￿ ￿11￿1￿$ (note 81 Raising funds {note 9) 982.325 199,134 186.396 2.462 24.149 I,￿0 515.168 151.665 1,708.038 355,161 1.181.459 188.858 26.049 666.833 2,063.199 Exponditur• on Charitable activities Dir• Support Total 2023 Science and horticullure Educational programmes Other projects 690.278 121.686 1,088.922 690.278 121,686 1.312,505 223.583 1,￿0.885 223,583 2,124,468 Direct Support Total 2022 So'ence and horticutiure Educational KKogrammes Other projects 565,143 133.948 844,331 565,143 133.948 1.008.947 164,616 1.543.422 164,616 1,708.038

The Chelsea Physic Garden Company (a cornpany limited by guarantee) Not￿ fomiing part of th• finan¢ial statements for the y¢ar end•d 31 December 2023 {¢ontinued) Expendlture on ¢harllablo actlvltles (¢onbnued) Analysls of dlrect costs Total 2023 Totsl 2022 Wages and sala Dgpreciation Materials Equipment Repairs. Maintenan￿ & thaning Security Advertising and marketing Education costs Recruitment Rent. rates. water. heat & light Travel. subsistence & entertaining Insurance Printing. postage & stationary Telephone and intemel Ticket commissions Profession￿ fees Other costs 1.1)03.312 48.899 41.894 8,940 169,028 11,839 36.94B 8,034 14,850 23.727 34.542 35,434 35,224 6.342 14.842 197.279 209.751 889.466 22,761 13.680 8.015 139.924 6.395 34,671 7.550 25.754 37,405 19.731 38,724 27,794 5.213 13,900 65,705 186,734 1.900.885 1,543.422 Analysls of support costs Totsl 2023 Totsl 2022 Wages and salaries Depreciation Security Advertisng and marketing Recruitment Rent. rates. water. heal & light Travel, subsistence & enlert8ining Printing. postage & stationery Telephone and inlemel Professional fees Olher Costs Governance costs 122,765 1.521 914 2,852 1.146 1,832 2,531 2,597 92,859 1.387 2.114 1,571 2,282 1.061 787 318 3,154 9,209 49,484 12.698 15,002 59.236 223.583 164,616 Any cost that can be dwecoy allribuled to Ihe charilable activities a￿ all￿ated before any apportionment of costs. Govemance costs relate lo a￿11 and accountsncy fees. legal fees and ffinance Ch￿es. 27

The Chelsea Physic Garden Company (a company Iwnited by guarantee) Notes fomiing part of th? financial statemonts for the year ended 31 Decemb•r 2023 (continued) Expendlture ¢)n ralslng funds 2023 2022 Wages and salaries Expenditu￿ of CPG Enterprises finduding depreu'ationl Fundraising costs of charity Investment manager fees Costs incurred on fundraising tsir 226.587 86.069 43.383 199.134 78,563 20,528 7.013 49.923 420.733 355.161 10 Truste69 and employeas Group 2023 Group 2022 Wages and salaries Soaal security costs Pension costs T¢mporary slaff 1.149,501 103,304 98.627 1.232 1.013.712 87.073 80.674 1.352.664 1.181,459 The charity does not operate its ovm pensk)n scheme. Pension costs relate to payments made by the group lo a group personal pengon scheme administered independently. Avefage number of employees as a headcount: Group 2023 Group 2022 CharTlable Administralii Fundraising 36 42 40 The group was helped by a substsntial number of volunteers. approximately 15812022: 1351 throughout the year. The key management persorfftl of the group. indude a number of senior managers across the group who together have authority and reSPon￿billty for planning, directing and controllbng the activilies of the group. The total employment benefits paKJ lo key management personnel of the group were £577.957 {2022.. £513.849}. Salary range for •mploy•es earning £60.000 p.a. or fflore 2023 2022 £60,000- £69,999 £80,000- £89,999 Pension contributions paid to the above amounted lo £32.691 {2022 - £22.023). 28

The Chelsea Physic Garden Company (8 company Iwnited by guarantee) Not•5 f¢wmlng part of th• financlal Stat￿n•￿ts for the y•ar •ndod 31 D•cembor 2023 {continuod) 10 Trust••s and •mploy••s (conlinued) Redundarw, reslnKturing and tgnninalw costs ring to a nwnber of employees were £nil {2022'. £nil). Tru$tsos' rnmuneratlon and expens8s None {2022 - none) of the Iruslees receNed any ren￿neratiOn. During the year tsvo truslees12022- one) had expenses relmbu￿ed of £30812022- £62). Taxation The company is a chity ryihin the meaning of Para 1 Schedule 6 Financ8 Act 2010. Accordingly the charity potentially exempl from taxation in respect of irKome OT capital gain5 Swthin c8tegorw covered by Chapter 3 of Part 11 of the CorpOrat￿n Tax A£t 2010 or Section 2% of the TaxalH)n of chargeab￿ Gains Act 1992, to tho exlenl Ihal such income or gains are applied exdusively to charitable purposes. Chelsea Physic Garden Company is 8 regisl￿d charity 8nd has rn liability to taxation on its income for the year. Tax recovered from voluntary income received under gtft aid is recogni5ed the ￿lated income is receivable and is allocated to the inwrne category lo vthich the income relates. No tsx charges arose in the P￿10d. The subsidiary company makes a qualilw'ng donation of all taXa￿e profit to The Chelsea Physic Garden. No corporation lax liability on the subsidiary arises in Ihe aLXX)unts. 12 Tanglble assets Group 8ulldlngS Assets and under con- Improvement stru¢tlon Hortl- Glas$- fiX￿reS and cultural Computer houses equlpnnt eqvlpmerrt equlpment Total Cost Al 1 January 2023 Addltlon$ 714,601 15.330 1,040.272 932,497 102.158 25.159 825 23.235 1.905.425 976.635 27,983 At 0¢￿mber 312023 729.931 27.983 1.971769 101158 25.984 23.235 2.B82.060 Depreciation At 1 January 2023 Charg¢ for th¢ year 502.790 18.853 93.492 3.781 2.883 6.565 23.235 622.400 52.006 22.807 At Dec8mb8r 31 2023 521.643 22.807 97.273 9,44B 23,235 674,406 Net book valuo At 310•c¢mb•r 2023 208.288 27.983 1.WJ.962 4.885 16,536 2,207.654 At 31 Decernbpr 2022 211,811 1.040.272 22,276 1,283,025

The Chelsea Physic Garden Company {a coryany limited by guarantee) Not￿ fomiing part of the finan¢ial statoments for the year ended 31 December 2023 (continued) 12 TangSble assets (contsnued) Charlty Bulldlngs Hortl- and under con- Glassa fixtures and ¢ulturnl Comwer Improv•mont tructhJn 8qulpnnt •qulpmnt •qulpm•nt Total Cost At 1 January 2023 Addltkn• 714.fj01 15,330 1.040.272 931497 97.514 25.159 825 23,235 1.900M11 948,652 Al December 31 2023 729.931 1.9717 97.544 25.984 23,235 2.849A63 Depre¢lallon At 1 January 2023 Charge for the ￿•r 502.790 18.853 88.879 3.781 2.883 6.565 23,235 617.786 52.006 22.807 At 08cember 31 2023 521.643 22.807 92.659 23.235 669.792 At 31 D•¢•mbgr 21123 208288 1,949.962 4.88S 16,536 2,179,671 At 31 Decomber 2022 211,811 1.040272 22.276 1,283.025 As a condition of the fvnding received trom the National Lottery Heritage Fund for the Glasshouse Restoration project. The National Heritage Memorial Fund hokls a charge over the freehold property of the charity. 13 Frxed Asset Investments 13a List￿ investments 2023 2022 Market value al 1 January 2023 Additions Investment manager fees Gainllloss) n the year 3.557.502 4.049.456 17.013} {484,9411 202,377 Ma¥kel value al 31 December 2023 3.759.879 3,557,502 Inveslments are held in listed funds managed by Sarasin & Partners LLP. The historical cost of the list￿ inveslment al 31 December 2023 was £3.378.111 {2022- £3.377.5481 due to an increase in Ihe cash account.

The Chelsea Physic Garden Company {a company limited by guarantee) Nt)tos foming part of the financlal statement$ for the year ended 31 December 2023 (¢¢>ntlnued) 13 Flxed Asset Investments (ccrfthnu8d) 13b Investments In subsldlarfes 2023 2022 Sharés in CPG Enterwises Limtted at ￿¥t 100 100 Group 2023 Charity 2023 Group 2022 Charity 2022 Total Fixed Asset Inveslments 3.759.879 1759.979 3,557,502 3,557.602 The wholly owned trading subsidiary. CPG Enkrpri$es Limited {03140004). is registered in lh8 United Kingdom. The principal acliwty of CPG Entwwise5 Limited is the of the Gartlen and the letting of the grounds of the charity. At 31 De￿mber 2023 the inccyne of CPG Errterprises was £599.02412022.. £781.8661 and expenditure was £278,95612022: £562.$44) The net assets of CPG Enterprises Limited were £4,77812022.' £4,778) and the retained profit to that date was £4.67812022". £4.6781. after payment to Chelsea Physic Garden Company under qualrfw.ng charitable donation of £320.06812022 - £219.3221. 14 Stocks Group 2023 Charity 2023 Group 2022 Charity 2022 Go(K15 for resale 26.690 32,987 There is no material differen￿ belween ￿31 is stated above and the recoverable amount. 15 Debtors Group 2023 Charlty 2023 Group 2022 Charily 2022 Amounts falling due within ono year: Trade debtors Amounts owwj by subsidiary Prepayments and accrued income Other debtors 23.509 25,481 16,945 71,985 20,839 2.750 59.839 41.247 4,773 43.230 72,795 22,710 2.750 139.534 111.403 50,941 112.519 31

The Chelsea Physic Garden Company (a conyny limited by guar8nt88) Noto5 fomiing part of thè financlal statgmonts for tho year onded 31 Docamb•r 2023 (contlnugd) Cr•ditors . Amounts falllng wlthin on• y•ar Group 2023 Chartty 2023 Group 2022 Charity 2022 Trade creditors Other creditofs Other lax8tion and social se¢1 Accruals Deferred income 51.117 135,223 19,290 76.780 251.571 34.524 8.425 14,017 43.810 Z39.339 32.19) 8,425 12,583 42.837 167.951 42,530 16.914 73.385 152.508 539.981 339.903 340.115 263.986 Included within Other creditC￿S are aThwnts to the pensIC￿ scheme of £8,711 12022- £8.2431 16b Credltors . Amounts falling du• aft•r rnor• than on• yoar Group 2023 Charlty 2023 Group 2022 Charity 2022 Other creditor5 42,288 42.288 42.288 42,288 17 Deferred Income reconciliation Group 2023 Charity 2023 Group 2022 Charity 2022 8alance at 1 January Amount released to income eamed from charitable aclivilie5 Amount deferred in the year 239.339 167.951 322.801 152,398 1234,040) 246.272 {167.6521 152,209 1322,5021 239,040 1152,099} 167,652 Balance at 31 December 251.571 152.508 239.339 167,951 Deferred income relates mainly lo the income ￿ceived from memberships in relation lo the next financial period. Other amounts relate to inctyne received in advance of events booked lor the next financial period.

The Chelsea Physic Garden Company {8 conyny limited by guar￿) Not•s forniing part of the financial statements for tho yw orrt1￿ 31 Doumbor 2023 {￿ntInU 18 Analysis of Charitable funds Group- current ye 1 Ja￿UY 2023 Inci¥Trt Expenditure Trnnafor¥ Net g•in on 31 Deetmber Investments 2023 Unrn$trld¢d fvnds Genwal fvTh Capital Redwdopmnt. 085b3natJ lutKt Iforrrvty D8ygnaisd FuThJ- c￿098n Eslates Desunat6I mainten8r￿ fijnd fijnd-jil Hc#Jd L DesvJJwW fvtrKI- Wunlew5 827.770 1.791320 I1011￿1¥} 608,271 365A92 327AO8 100mO 1129M) 435.596 317.549 50,057 656 2.301 I49.￿3} Total unmtrlcl¢d fvrtds 1.621236 1J92.320 11203.7281 1301 1,412,129 Endowmonl fvnd 15S7.$02 202.377 3.750.879 HortthbJral traines Fl¢xlèJwJm AnnNersary PrLya DIgi￿SatA)n ProiK¢ Acousb"c Panels Educalion aTrJ Outreach Pr Garden RestyKle¢J tk>naknis j￿Illh Br(Mikhurs1 tk)nat R.U.B While CharilalAe Tntst CommLtnity Oulreach G￿551K)useS ReStrK8l￿n Fwd Friends S¢hgne Review Legacy Rryer MC￿kS HortKullure- Students Travel HortuAlural Therapy Program John S*Ye 1989 Chaii¢atAe Tfttsl 13NB6 InterpretalK>n Roll-(hJt 94.380 James S Shwiey she￿￿￿￿ 25.000 Leaming & Engage￿tt C￿L￿dI￿￿)r 11.S93 cOm￿sti￿ facili￿$ 11.046 1.706 138.6681 13621 (7.6801 13.318 1.716 2.301 12,3011 30.913 129,4901 11231 3,661 141 1181 15.0221 1213.1861 11391 7.062 2A79,501 2350.649 139 441038 418 418 2,054 10,000 113,410 25.000 21,362 3,677 11,9891 112.1501 10.9701 10,000 11.3381 23,700 10,099 115.2721 16,4221 Total re$trktÈd fund$ 1433.607 592,690 1341.4731 12,3011 2,682,523 Total funds 7,612.345 2.585.010 12.5452011 202.377 7,854.531

The Chelsea Physic Garden Company (a company lni¢ed by guarantee) Notes forming part of the financial stat•mer for the yeai ended 31 Decembor 2023 (continu8dJ 18 Analysls of charhable funds (¢onbnuedJ Group- prevlous year At Inc(bm• Exp•n41tur• Tr•nsf•rs N•t galn on 310oeomber Inv•slm4nts 21122 1 Janu 2022 Unrnstrkted funds General ftw 759. 1.8C6,761 tleskJrMted fund- Cadogan Estsie$ 21K).rKo 21K),(KX D8skJrBled bullding Maint￿ DesvJrHted bJnd- Jll Legacy De$vJn3ted fvrn1- Voknntws 11.736.4241 134.5981 135.9221 {2,1731 827.770 365,402 327,408 100.000 656 19UI Total unre$tri¢td lunds 1.3rd.936 2.1C6.761 11.K$7,8881 15731 1.621.236 Endrthvmant fund 4.049.456 17.0131 1484,9411 3.557.502 R¢$triGt¢d fvnds Horttultural traknees Fk)rlegum AnnNersary Proiecl D￿lli￿l￿n Proi&t John Lyons Edu¢akn ￿1188 ACrJSl￿ P8nds Educatvn and ChJlreach Proj￿1 ly Bridge Trusi Eéu¢xt arKI Oulrea Garden R8strK18d Conatb)ns Ju¢Silh Bronkhur51 [knna1￿￿ R.U.B Vvhite Clwiitablp TR￿1 Community Outreach Oak Four￿1>￿ Ed￿at￿n Chjtreach Glasshouses Re5t0raI￿ FuTrJ Frnds Scheme Revitr Legacy Roger Mthin M(xs HorlKultur8- Sludents Travel Tarwws Tru$1 Horithlknral Tlwaw Pr(jtam￿. formerty D'oyty Carte He Us (>ow John Swre 1989 Charitat4e Trust Inlerwetalion Rdl-ChJt. fornErty Starfy Smth UK Fh)rl Trusi Ka￿￿Traan Pwi- Kusuma Twsl Chelsea N£ademy Jarne5 & sh￿￿Y She￿r#Jd Fur¥J Lear￿￿r￿j & E{w[r￿1 Ctrordin> 21,943 1.7C6 115.8971 11.046 1,7( {1,7591 3.263 121.lJ951 19621 2.301 127,2541 12,0461 401 2,220 141 11.236 19.1521 11,8081 1140,2291 7.084 240 1.604,755 139 786,123 2,250,649 139 418 418 12.8Y)I 3.7CQ {6191 111.5141 4.043 13.486 2S.(iKS 94.620 15.2401 13.1561 16.4661 94.380 212 11.1341 25,CIIO 11.593 25.COJ 11.593 Total restrieted funds 1.726. 954.636 1248.2981 573 2.433.607 Total funds 7,099.088 3,(*7,397 {2.[￿3.199) 1484,9411 7.612,345

The Chelsea Physic Garden Company (8 company limtled by waranlee) Not•s fomiing part of th• financlal statements for the yoor ended 31 Docember 2023 (¢¢>ntinu6d) 18 Analysis of Charitab￿ ￿Thd8 (conlinued) Charlty- curront year At IncoTh Exp•n¢Niur• T¥an8fer8 N•t galn on 31 December inslmÈnts 2023 1 Janu•ry 2023 Unr•5tr1ct8d fund5 Gener81 lund Cawtsl RaJ￿eky￿rt. lurnl ltsmerfy Deswabj Fw¥J- Cadcwjan Estates DeskJn8t&l trtrik2irKJ Mainl￿￿ Desynat•J fiJnd-Jil L DesyTh3t•J ￿Thj- Vdunteers 823m2 1.611J10 11A31.4091 603.593 {129W61 112,1601 435,598 317,549 50.057 8S6 327.408 100.QOO 2.301 Totsl unrstri¢ted fund 1,616558 11023.3181 1301 1.407A51 Endowment furd JW7.502 2013TI 3.759,879 HO￿0J1￿Jfa tra￿￿e$ Rorl•3ium AnnNersary Pw¢X D￿lt15all￿ Proi8GI Acoustic PaneL Educaknn Outreath Prup# Garden Rest￿ D)n8thJns Judilh ￿onkhur5I Donal R.U.B While CharitsiAe Trust Community ChJtreach GL9SSh￿seS Restuai¥Jn F￿d FrIe￿IS Sdwe Review LegaLy Row Mdvin Horti(xJlture- Students Travel Hortiwltural Therapy Pcogramme John Swire 1989 Cloritaljts 13,486 Int￿relat￿)n Roll-(hJl 94,380 James & Shmley SI￿￿r￿MI Furn1 25.000 Learnw & Engage￿￿nIco￿￿aknr 11.593 ComkK)5)rvJ faulites 13,318 1.706 9,396 1301 13621 (7.6801 1,716 {2,3011 30J13 12YA901 11231 18 {1B} 3.881 15.0221 1213.1861 11391 1250.649 139 44038 2A79.501 418 418 2.054 10.00 113.410 25.00 21.362 3.677 11.9891 112.1S01 110.9701 10,000 11.3361 23.700 10.099 115.2721 (Q4221 1.341 Total restricted funds 1433,607 $92,690 1341A731 12.3011 2.682.523 Total funds 7.607.667 2A04.600 12,364,791) 202,377 7.049,853

The Chelsea Physic Garden Company (a company limited by guarantee) Nolas formlng part of th• flnancSal sLitOrngnts for th• yoar •ndad 31 Do¢gfflbgr 2023 (wntlnu8d) 18 Analysis of charitable funds (continued) Charity- provious year At In¢om• EXpendIt￿ Tran¥fgrs N•1 galn on 31 Dgcembor In¥e8kn•nts 2022 l January 202Z Unr•slrlcte41 fvnds General lurn1 754,928 Desynated bJnd- CJcgan Eslales 2ty).( D¢S¥rWt￿ rnainlerwrKe De$￿TrateJd Lwjacy Desh3￿￿ lund- Wuntws 1,654.327 {1.5&3.9￿) 134,5981 135,9221 12,1731 823,092 36S,402 327.408 100.000 056 {9441 Total unrn8trlcted fub)d8 1.318258 1.954J27 11.e55.4541 15731 1.616,558 4.049.456 17.0131 1484,941 3,557,502 strIc1￿1 funds HorticjJl￿1al trainEs F)rlegium AnnN¥sary Propd DvJthatN)n Proi&i John LY￿lS Educathjn Acwsuc Par￿lS EducaiK>D aTrJ (Jtreach F¥opcl CNY Brfdgè Tru$i Eduiafj() and Chjtreath Garden R8slrK¢ed [k$nat￿S J￿Illh Bronkhursl Eknat R.U.B White CharitaNe Tw$¢ Cornmunlty Oulreach Oak FouTrJ8t#)n EduCal￿n Ojtre Gbsshwses Re51orali)n Furvj Frlends Scheme Rev Legacy Roger Melvin K) HortiryJfture- SbJdenls Travel Tsrnnews TrLL%I Hortsoll￿raI Thwapy Prog[a[nr￿. fonrrty O'oyty Carte Help Us Grrrtv John Swire 1989 Charitst4e Tntsl I￿l￿eta￿n Roll(MJt, fom Slanley Smllh UK Htyi Trust K8nluNJan Prc4ect-Kusum8 Trust Chelsea Ac2demy Jarne5 & ShIr￿Y Sh￿￿ FuTrJ 8 Eng8ge￿WI th-LYdinalor 21.943 1.7( {1S.897) 11,046 1.706 9.396 11.759} 121.0951 121 854 2.301 26.853 1272541 12.0461 401 2.220 141 11236 19,1521 11,W81 1140,2291 240 1.604.755 139 786.123 2.250.649 139 418 418 12,8301 3.7r•) 16191 111.5141 4.043 13,486 25.C(Kl 94.620 (5,2401 13.1561 (6.4661 94.380 212 {1,1341 25,000 11.593 11,593 Total r•strkted lunds 1,726.696 954.636 1248.2981 573 2.433.607 Total lund8 7.094,410 2.￿8.983 11.910.7651 1484,9411 7,e07.687

The Chelsea Physic Garden Company {a company limited by guar8ntee} Notes fonnlng part of the Ilnanclal statemonts for ihg ygar ondgd 31 D•comber 2023 (continued) 18 Analysls of charltablo fund8 (con11n￿l) Ro$trf¢tod funds hav• bwi •stablish•d to provide financial support for specllk proJK¢s as below: Hor1icultural Trainees A (￿￿year training programme for students interested In pursuing a career in horbwlture. The Florilegium Anniversary Project kn exhibiti.on of original arfvdod( members of the Florilegium Society at the Physic G8rden wth ass¢xkqted m8rketing and publicity. Digitisation Prolect A proied to start dhJitising the phys￿ Garden's archive of books. papers and the Florikgium's orNJinal artwork including purchase of a hirfesolution scanner anrj 8ssocialed sofiwar8. A project lo introduce acoustic panels abng Embankment, reducing traffic noise. Gener￿S donalions were received from Grandfflora Patrons enabling the Pa￿lS to be intrOdU￿d and subsequently the anting in Ihis area Trs being augmenled and improved. Funds remainiTrJ have been transferrpd to a fund designated for maintenance projects. Funds raised to support the education wogrnmme induding for spec#fic inibatives including the Shelf-Lrfe project and the outreach gramme vrilh Wallham Forest Young offenders inslitule. Furhds r8ised to sup[￿ special horiicvltural projects in the environs of the Garden. A donatK)n to fund Ihe purchase of lerrdcotta plant pK)Is. A donalion to support the community outreach progrnmme. Acoustic Panels Prqect Education ￿ Outreach Project Garden Restricted Donalions Judith Bronkhursl Donation R.U.B White Charitable Trust Communty Outreach Glasshouse5 Restoration Furvj Resloralion of the Garden's glasshouses logether with supportiThJ acliwty programmes. re4nlerprelalion and plant Golle¢lion5 review. Funded acttrvities continue into 2024 and the fund will remain open as Ihe gL8sshouses dep￿CIate in value. A ￿VIeW of Ihe Frtends scheme inclLKJrng questionnaires to Friends. nChma￿1ng and proposals for improvements. A legacy from Roger M. Monks lo assist needy overseas students to pursue sludy at the Garder) by supporting travel cost5. A grant 10 5UPP(yt our leaming and engagemont prc*Jammg. Friends, Scheme Review Legacy Rogei Melvin Monks Horticulture Students Travel John Swire 1989 Charitable Trust Inleipretation Ro1￿ul A fund to support the research. devebopmenl. and instsllation of new inlerpretation across the Garden. A fund to support and development of our non-living colleclions, specjfically botanifal art. James & Shidey SheThwJod Fund Leaming and Engagement Coordinator A fund lo supporl the costs of a pari-time Coordinator lo help administer and delwer our Leamin9 and Engagemenl Programmes. Composting knlibes A fund to Sup￿1 the repair of our ccmnposting facilities. 37

The Chelsea Physic Garden Company la company limited by guarantee) Notes forming part of the financial stat•m•nts for th• y•ar ended 31 Doc•mb•r 2023 (continued) 18 Analysls of charltable funds (ct%irnfftl) R9strIct￿ fvnd$ whl¢h wern Clos￿ in tho prlor yo¥: City Bridge Trust- Education and Outreach A grant to furKI an Educalion Outreach Officer to further the Gardens schools and community outreach. Oak Foundation Edu(ation Outreach A don811c￿ to support edu¢aiK)nal outrexh initialiv8S. John Lyon's Charity Educa Oulreach A dtywtit)n to fund ed￿atIOn outreach induding ernploying an Outrea Officer to V*Y)rk Schwl and community projects in target London boroughs induding Hammersmith & Fulham. Kensington & Chelsea. Cty ofwestrninster. City, Camden, Brent Ealin9. Harrow and Barnet Improvements lo front of house. including displays and wa￿1nding signage. Tannors Trusl Kusuma TNst- Kanlungan Project A grant lo a Well￿ng wolecl vriih Kanlungan to supwt FillFlno mHJrants. Fund dosed in 2022. Kusum8 Trust- Chelsea Academy A ￿aTrt to support the delivery of a greening project al Chelsea Academy. working with teaCh￿S and students Unrestricted fvnds a￿ used in ac¢or¢Jan¢e wlh the ch8ntabte objectives al Ihe discrfK)n of Ihe Iruslees. The Iruslees use part of the Lsnrestllcled funds from tiffle lo b.me for Specif￿ projects and sel up designated funds lo reflecl this. Other funds have been designated by Ihe Irustees for a particular purpose. although these could be redesignated in future if ¢ir¢umslan¢es ¢h8nge. One of these lunds is from the Ca¢k)g8n Charity which has been designated for the futu￿ ¢apiial development of the buildings. The bala￿e on this fund al 31 December 2023 was £435.596 12022- £365.4021. The EndoYMent Fund is an expendable Endowment aThJ represents investh)enls and cash which continue to be used by the Iruslees in the best Inte￿$ts of the ¢hartty. The endowment fund was established between 1983-87 from a fundraising appeal which altracled donalions from a number of source5. The Iruslees have determined Ihal the fund is expendable wth both caFNtal and income being available lo use al the trustees, discretion in support of the Charty's work.

The Chelsea Physic Garden Company la company limited by swaran¢ee) Notos fomiing part of the flnanclal statomonts for tho y•ar Md•d 31 Doc•mbor 2023 (continu•dJ 19 Analysis ol not assets bolwwn funds Tangible Flxqd assets InV•St￿ Current assets Credltors Total GTOUP- Current Y•ar General funds Designated fvnds Endowmenl funds Reskncled funds 797,847 803,858 1447.2881 608,271 803.858 3,759.879 2,682,523 3.759,879 1.949.962 825.254 1918931 Total 2,207,654 3,759.879 2.426.979 (539.9811 7.854.531 Group- Prfrvlous Y•ar General funds Designated funds EThJowment fu￿￿$ Restricted funds 242.753 967,420 793.466 {382,403) 827,770 793.466 3.557.502 2.433.607 3.557.￿12 1,040,272 1,393.335 Totsl 1.283.025 3.557.￿2 3.154,221 {382,4031 7.612,345 Charlty- Current Year General fvnds Designated funds Er￿10￿ent funds Restricted funds 229.709 100 713.687 803.858 {339,9031 603,593 803,858 3.759,879 2.682.523 3.759.879 1.949.962 732.561 Total 2.179.671 3.759.979 2,250.106 1339.9031 7,849,853 Charty- Previous Year General funds Designaled fund5 Endovanenl furKIs Restricled funds 242.753 886.513 793.466 1306.274) 823.092 793,466 3.557,502 2.433,607 3.557.￿2 1.040.272 1.393.335 Total 1.283.025 3.557.fAJ2 3.073.314 306.274) 7.607,667 20 Llablllty to the members Every member of the company undertakes lo ¢onlribut8 an ar￿Unt not exceeding £1 to the as5els of the charitsble company in the event ol the company being wound up while he is a member. or ￿thIn one ygar after he cease5 to be a member. This contribution is for the payment of the debts and liabilities of ihe ch8ritsble company contracted before he ceases to be a member arKI of costs of*in(ting up. 39

The Chelsea Physic Garden Company la Company h'mited by guaranleel Notss forniing part of the financial statements f¢x the year ended 31 December 2023 (continuod) 21 Analysls of ¢ash and cash equlvalonts Group 2023 Charity 2023 Group 2022 Charity 2022 Cash al bank and in hand 2.260,755 2.138.703 3.070,293 2,960,795 22 Analysis of n¢t d¢bt Al 31 December 2023 the group and tharity had no loans das&fied as debL 23 Financial commitmwrts During the year 8 contract wa5 sig1￿￿ with OUT catering contractor whereby CPG Enterprise5 Ltd committed lo ontribule £189,590 for caprtal refrJrbi5hment of the café al the Chelsea Phys￿ Garden with the café contractor spending £141.333 on the prqect. At the balan￿ sheet date the company had paid pari of its contribution and the commitment remaining was £93,58512022- £nil). 24 Commltments tsnd￿ opornting lea$os At 31 December 2023 the group and charity had futsjre minimum lease payments under non<an¢ellable operating leases as follows: 2023 2022 No laler than 1 year Later than 1 year and no later Ihan 5 years 3,236 3.237 3.236 6,473 6.473 9.709