2024-12-31-accounts

The Chelsea Physlc Garden Company (a company limited by suarantee) Year End￿1 31 D￿eM1￿ 2024 Company Number 0169)871 Chty Number 286513

The Chel￿a Physlc Garden Company (a ¢(xnpany limited by for th• y•v •nd•d 31 Dwib•r 2024 Contont• Pag•: Trustees, Annual Rewt Trustees, resp(wibilities Statement 12 IrKlependent audit(￿5 repl￿1 16 17 Consolidatsd bala￿ sheet 18 Charty baan¢e sheet 19 Statement of corodidaled cash11 Notes formlng of fin￿•81 Slatffi￿

Tho Chelsea Physlc Garden Company la uNnpany linbtod The Trustees. who are aso direclors lor the rAwfM)se of company Lqw rwesenl they rerM)rt tofftr with the audited financial statements for th8 year ended 31 Decembef 2024 thi¢h we also wepwed to meet the requtrements for Dlrector's report and a¢cA)unts for Companies WfPOSeS. Statu• and Con•thutlon Charity Name: Chelsea Gwden cOmp￿Y (Th8} Charity registration Nmber.. 286513 Company registration number: 0169)871 Registered office and oporalional addre5S: SW3 4HS The Charity is conslituled as a CLYnPry limited ty The chAy is by Is ArtKle8 of Assoclation dated 17 May 2019. The ¢ompany was inworated lo act as a Trustee (rf dwty kThym a5 The c￿lS6a phys￿ Garden (Charity reglslrallon number 286513) arn1 to advart8 Wtlic ethKatth and in ptthl to Fyomote the study of botany and related sden¢es. Dlr•¢tov• •nd m￿b•¢• of th• Bowd The Trustees and members of Ihe Board (who also act as Trustees for ts ¢haritsble of The Chelsea Physlc Garden Company) who served during the lo ts dale these financi sLqtemenls have been signed. are: Prof Jane Armlerson Mr Colin Chisholm Mr Alan Dempsey Dr Helen Charman Ms Sarah Flannigan Ms Anna Jobson Mr Will Kenney Mr Tony Kirkham Mr Todd Longslaffe-Gwan Mr Sirnon Major Dr Philippa Simp50n Dr Paul Thompson Ms Anna Valle Mr Andrew Woodward Ms J Younger (appoknted 26 2025 (frk)n. Tr&qsurer. fetred 31 De(￿ber 2024) (resyd 28 Fetswy 2025) {ChaK of the Board- appointed 26 February 2025) (resy￿d 15 October 20241 {appointed 01 January 2024. Hon. Trnasurer from 01 January 20251 (Chair ofAdvw Committee) (reswd 25 March 2024) {Clw of the Bowd. resy￿j 18 Awl. 2024) (￿￿ted 13 May 2025) Senlor L•adership T•n The Director and Company S Development Director Commerual Director Deputy Director Ivisrtor Exper￿) Finance Director Head of Plant Collect￿$ Head of Plant cd1eci￿S Head of LearnNw & Public Erwment ExeculNe Assistant Project Man4er Mrs Susan Meaway M5 Joanna Wells Mrs Dan￿le Sarwt M5 Frar￿S Sampayo r Dav￿ Strange Ms Nell Jone5 (to 26 May 2024) Ms Emily Hazell (frrxn 27 ALWSt 2024) Ms Katy Pry Ms Rita Bhalia Mrs Br¥Jget McGee

The Chelsea Physic Garden Company (a comparry Iwniled by ￿￿¥￿ee) for th• y•ar •nd•d 31 D•c•mlJ•r 2tr241C￿ti￿u• Prof•sslonal adVI￿r• Bank: Nationd Wesknirrstef Bank SS Kensrylon Street W5 SEQ Sollcitors: Farrer & Co 66 LYMy)kn8' Inn Fie LoThJon WC2A 3LH Auditor: 9 AppM)Id Street EC2A 2AP Fund Manays: Juxon Hwse 11MI St P￿1,5 c￿r¢y•￿ L(wthn EC4M 8BU Organlgatlon and Structure Appointments lo Ihe Board an irili Per￿￿1 cl three yws after Trustees can seek re4eCth￿, serving two additional tem$ each rf th￿e years. These provigon$ 4s0 apF4y lo appoirthients to Board d CPG Enterprise$ Llmiled, ts Ath4w C(mmthe arnl cts lwd )<xxNnltees. Thtre is to extend the appointment of a declor or Trustee for a limited Thtre or (garMsational knoledge d that Trusiee supwrts an important or timdy ivty. Dr Paul Thompson (Chair of the Board) fesJned in Awl. 2024. Mr ATrJrew Wood¥wd and Ms Anna Jobson acted as interim Co-chairs afterwards. On 26 Fetxuary 2025 Ms Swah FLinnigan was appoTrnled as a Trustee and Chair of Ihe Board. Mr Colin Chishdm retired on 31 December 2024. Mr Wll Kenry took ty th8 Hon. Treasurer in plxe from 1 January 2025. The Tnjstees delemine the ￿￿all strategy and pclKies of the chwity. The delr¥ery cl the Garden's stralegc Flans. fundraising and external wdessional relalions together vrith day-lTrday manag8ment we delegated lo the Garden'5 Director, Mrs Susan Med￿dy. is also apwnled as Company s￿￿. The Director takes a lead ￿ major project activty as the rmsl senNy exeoJlNe d the thwity. She is 5UPF*yled by a small tean crf senior managers arvj staff. Recrultment and Appolntrn•nt of the Board Ail membws of the Board give time Vdun1￿ WKI recer￿ ￿ benefits from the charity. ￿ expervs r?￿aimed from the ch￿ty We set out in Note 10 to the finar￿￿ StateM￿ts. The Nominations & Appointments Committee is ctrw￿l with setting aThJ rewlaty rvrfvwsr¥J Ihe rg4UiSite skI15 and ompetencies for board members arwj of Committe￿Pa￿ls, uThJertakin9 recruitrnent Se￿ and recommending appointments as required lo ensure th¥e is ￿ apFryriale mix cl skdls.

The Chelsea Physlc Garden Company {a company limited by waranlee) Tru•to• Inductlon and Tralnlng New Trustees are inviled and e￿uraged lo atteThJ the Garden lo famliwise Ihemsefves with tharity WKI Ihe context within which it op8rales, i￿luding meeting with senior marragement an(J ta￿ng tows with the volunteer Guides. They are inviled lo attend the annual main spr¥￿ brEfing and the subsequent quwterly staff and volunteer briefing sessions. N￿Y appointed Truslees spend a P￿￿Al shadtrwirKJ an existiry Tntstee. ThI￿h(￿rt ther term of office. they are offered approwiate trainYKJ fole as thity Tntstees. The prlndpal deparbnents and s￿l0r rdes •e: The Deputy Dyector (v￿ltOr Experi￿) is reSp￿￿e for the d(x¥ne to visitWS WKI managwrwt of the buildings and their servKes. Thr￿ the leaming WKI wogrJnrr team they hwle (Nws￿ht of all learning actNity and th8 publK prog￿m0 &stth￿ as v(aX￿e￿5. The Oewty DiTwAor dewJtW5 for Ihe tlirectw in ther absence. The Commeraal Director is resp1￿1￿ al C(￿n￿¢la1 xthvity ¢rnknliThJ r1, verw h￿e and ￿lMerry partnerships: they aso manage the rdatN)nship wth the Cat￿n9 partw a5 wdl as the small number of commercial onlracls that exist. They are responsible fry the FrwK15' %heme; tkwh ther Itw UTMkrtake ai PR. markelin9 and communicaions YKluding digla. The Devdopment Drector is re¥For￿Ible ts ¥upKxNtiThJ wiryfuthi5iTrJ volunteers as as dyect f￿r￿raIsing for both ￿pital proF¢t$ arKI lo suppryt the ￿rI￿￿ttur4 and lenirKJ wowa))mes. The Finan( Director is fesFMMsible for all finarte &Xivils for the &wity and the KAly (wned tradi￿ subsid1￿Y CPG Enterprises Limited. The Head of Plant Colleclrons is reSp(￿S￿ for the hoflhxthral m￿￿em￿l (rf the garden WKI its plaTrt coll￿tIonS together wilh the herbar￿ffl and seed bank. Tlw ertsure delivery of the hm￿ltural trainiThJ wogammes. The Project Manager leads on coordinating the Project Board, th8 Propd Team. deS￿n team arKI supporting colleagues lo achieve progress on all luThJed Ca￿al a￿1 prO￿arnMe IVit￿ incknbing plans l(ward5 the Gardens bvilding refurbishment progamme. The Executive Assistant supports the Board. its sub-committees a￿1 senic staff. Ttrw take mirArtes for all meetirss including the Board and its Sub¢￿nMitteeS as well as the Project Bowd arKI project meetiNJs. The Finance & Operations Committee meet with senirff Mana￿￿1 ￿￿t￿lO￿le￿lhe ￿fornIa￿e and fina￿la1 stability of the charity and ils trading subsid1￿. Tlw montlor and rLM4iew key perf0m￿nCe inthcalors. all major income and expenth.ture and Cash flow lo ertsu¢e that ar￿ tradww subsidiary &qn meet their liabdities and Continue to trade on a wng concern basis. Related partles and cO￿Peration wlth olhw organisations None of the Trustees receNe r￿uneratiOn or otkw berfrts fr(Yn the vLKk ￿1th the charity. Any c1)nneL#￿n between a Trustee or senior marwgèr of the charity ￿1th aft0t￿ {￿an1s8t10n. another chanty or ￿ indN1dU￿ that the harity may encounter. while pursufftg 11$ obi&tsves musl be disdosed to the board of Trustees in the same way as any other ¢onlra¢lua rdalionship ¥Ath a rted paty. The charlty's wholly owned ￿Jb￿d1ary. CPG Erterprises Limited. TKas est*ished on 20 December 1995 (company number 314(M)04). 11 is reswnsible for (Nerseeing L￿)M￿cla a(aivities. retail. cateriry, vewe hire and any licensing for commercia purposes of th8 CPG Enlerwses Limited has a I￿r￿e fri¥n the charty to occupy the shop premises and gft ads its to the Ch￿ (see nole 13b to the financia Stat￿nts). The catering operation is contracted Lmrt ¥4ith an ageed pwcentage of nel bJm(Ner pahd to CPG Enterwises Limited. Most of the venue h¥e bookings are fLifilled 0￿Side cl the vi%tor openirvJ p8fKMts.

The Chelsea Physlc Garden Company (a company Iwnited by ￿arantee) for th• y••r •nd•d 31 D•cwnb•r 2(r24 {Gondnu•d) Rdat•d partl•8 and ¢OwOP•rntlon TAth oth•r orgwl8atloM (¢mbn￿d) The charity ha8 rela¢￿shIpS mainLim numerous (Yganisatiffis at a ktal, naKnal and inlemationd level. As a small independent charity thèse we imrAylanl to aThl mairtain its wofibe. lo womole ils diverse aThJ to share irformalion and t￿l prth. The chanty maintains membership Botanic Gardens Edu¢alion Nelwork. Botan￿ Gardens Conservation Int￿allOna1. the Association of Independent Museums. the National Council fcf the Consep4ation d Flanls and Gardens. The Fleritage Alliance and The National Council for Voluntary Organi$alion$. Th¢ Gardén ha$ Join￿ the Hist(￿ Houses AssoCiat￿n (HHAI. The Garden offers thelr members free 8dmi$8b)n receiving a credit from the HHA for each member visit. Close netsvorksexisl t￿￿en a wmberof nalM)nal and international botan￿ wdens. The Garden also mankns pod Y￿rking relationships wlh staff al the Royal BotanicGardens. Kew. C￿bridge and Oxford Botan￿GardenS. Edinburgh and Bristol Botanic Gard8ns arKI Nat￿￿￿1 B{￿a￿G3th (rfwales. The ROY￿ Heyt￿ltUra Scoety arKI Kew $uppryt the Garden wlh teGhnicl ao%tice, expertise and plant material. The Garden ha5 recipro&ed with similar exchanges of expertise and hosted visrts hortic(Itura trair￿S frcrfn many d these Gardens. There an e$tabli$hed netsmyk through the tharity's outreach Fwamme oTgarisalion5 such as the Oclavia Foundation, Chelsea Academy. Klngs, Colleg8 {Civic Leadership Academy> and Social Fms and Garder. Al a l0¢4 I￿e4 the ¢harity engages 7Mlh a¢tr4tties In the Royal Borwgh d Kensingtfyi arKI Chelsea. and part￿m￿lY In Chelsea and Kings Road area. The Garden engag8s with xtivities relalirg lo tourism, education and C￿Munity initiatives. Garden rewesentalNes attend meetings and thal nets￿1k￿g elents The Chelsea Society and Ctrw WdkTrusl. TwV+￿1k wlh th8 Royal Hospital, Chelsea and th8 NatK)na Amiy Museum taking part in the annual Chelsea History Festival, collaborating lo generate interest and drive visi15 to Royal Hospital Road a$ a destination. The Oirector is a Twstee CA London Gardens Society and the Gardening with Disabilities Trust, a Liv¢ryman and Court Asslslant ol the Worshipftl Company d Gwdenors and 8 ol the Lknrwn Socw. Alrns and ObJectlv•s Purpos• and prlnclpal aCtI￿tI The charllable purpose and objeclive$ of the ¢harty are lo 'demonstrate the medlclnal. econom, cultural and envlronmental Importance of plants to the survival and well-being of humankind,. Chelsea Physlc Garden ¢arrles oul Ihls charltable purpose the publlc benefft by.. providing programme5 of learning aclivilies. publicaliws and events., maintaining do¢umonlod Fdant coll6clion$ in labelled arKI inlerpreled displays In an hlslorlc Bolank Garden: demonslraling the development of the science and praclKe of h(*t￿lture, botany aThJ related disciplines Ihrouoh the historical role of the garden., and promoting the importance of the conservatK)n of plants aTrJ the natural environmont. En8urlng th• Gard•n'8 VmTk d•llv•v¥ Its alm• for publlc b•n•ftt In May 2024 the Garden's Board and Executives embarked on a revw of actfvlties towards the development of a len year strategy. The charity works lo engage the public ils botanic Collect￿n$. the conservation and care of vhuch18 al the Core of Ils aclivilies. The Impa¢1 Reptyt illustralos the charity's achievements of the prevws 12 months ag8ln$l key performance, montlored throughout the year. The prlrKlpal performance irKlicalofs relale lo: overdl number of vlsllors to the Gwden and a(knisslons kwme: total number d School Leamers: totsl number cl Learners on Outreach vig11s and Ccmnwnty Erwment p¥k4)ants:

Tho Chelsea Physlc Garden Company (a company limited by 9J¥antee Emuflng th• Gard•n'• work d•11￿￿8 Il• akns for publlc b•n•fft (c£￿￿K￿ number Lrf participants on public aThJ laT adNrty the number d FrieThls of the &vden: tail revenue venue hire revenue; bslle and Socid meda aclfvlty fundr4$lng xtlvlty to supwl orArathy The Impxt Report K8 available to ¥1￿ at Key hlghllgh18 I￿ude. A detailed audit of the Inner LI￿ con8Ction the help and experttse of a vdunteer histixian and archlvisl. The launch of new online re%)urces lo supp(xt dassnx)m texl¥ng. de¥ek)￿ in cffisultal￿n wlh lo%hers. The wejb resources fomi part of our GlasshouSe￿nded acbvity to teac1￿5 in sclwx4s' pywammo. A pilot series of dernentla.frM￿1y evenls. 'F￿-M&￿￿'. dosyn￿l in (X)n￿￿tatI)n with p￿& 7hith early4lag dèmentia and their carers. Publ1¢ b•n•fit •tst•m• The ¢harity Trust￿8 ¢ffi$id¢r that Ilw have ctynplied with Sec1￿ 17 of the Chafilies Act 201110 have due regard lo Benèfit widance publ6hed by the Ch•ty C<xnnMssion arKI that the benafrts thal the ¢harlty provlde$ are not unreasonaLty restrtted. The Trustees ensuro Iho charity delivers wblic berfrt ty. admilling the public lo the Gth on payment of an admi5siJn charge maintaining a Friends scheme oviding a range of learning and on and off-site working wlh pwiner organiSat￿nS lo idenlfy ￿ that ￿Uld benefrt from community membership access Slte and collections inleryxetalion publications and digitsl resources provhjing guided tours. visitor servi¢rt arnl ￿$$ Actlvltl•• The charity's aim is lo (lemonslrate hort#1￿ and Ixjtanical e¥cellenc• in Ihe wesentation of Ihe Garden, vth1151 inlerpreling il in an inleresling and accessibl8 way. The gwdenirvJ team w(xks to refresh horticullural displays and, whilst the layoul of the Garden remairts L4rgely u￿al￿o. wider aclivities ensure that Visitors and learners are engaged throughout the year Ihrougtt seasonal F4anliThJ. exhitNtK￿. and cdlatwxaliorts Ihal seek lo share the colleclions in new ways. Maintenance and red￿cKel￿n c£mMues annualty, partKularfy in the short period of 105UT8 in earty Jarwary. ensur¥w that we Mainta￿ staTh&vd5 cl py85￿lakn any mapr refurbishment. The Garden has been open to Visitors eleven rnon1￿ of the ypar, six days a il mairl'n$ lorw opening hours {11am. 5pm) bet¥￿en a￿1 Oclober aThJ has eveTrrwJ opeMvJ5 ￿ Juty arwj Auwst. Saturdays aro exdusively reserved fw pTivale hire. In 2024 the Garden ￿e1CC￿ned 43,499 vi5ilcYs146,280 in 2023) ¥KS an ovwall loollal total of 56.340 vl$itors Induding day visllors and attendees of vi$iior enhan¢ement events s￿h as the Chelsea Hisl(Ky Festival. Christmas Far and Lales. The nwnb8r L Friends memtvshlps at 31 Decanbw￿s 6.094 {8.￿1 in 2023). Income from commercial 18ttirgs f(Kms a siwrfKant ￿ of ￿ c￿1￿$ ir)come. Inf(Thiation relating lo wivale hire and lo the Garden's wblK pnyamme of xbvitss is w)sled on Ihe websrte and is w(Knoted via the monthly e newsletter. Venue hire and a range of wblic wr•Jamme have taken place thrWout the year.

The Chelsea Physlc Garden Company {a CA)mpany limited by waranlee) for th• y•Ar •nd•d 31 D•c•mb•r 20241conllnu•d) Actlvltkn (conlinued) The cdlaboration ￿1th Be8leater Gin through th8 Gwden Gin woduct arKI ther tharitatle donation lo the Garden vR5 th5GOlltinued in 2024. The a￿ment ith Odows Publ￿h1ng continues lo develop product under the Garden's trademark. From January 2025 additional ben8fft will be added to the Fr￿rKIS scheme with reciprocal ¢omFAimenlary accrf$ between Ihe gardens of the Royal Bolanic Gard￿8 EdIn￿h and Chelsea PhysK Garth. The Garden has continwl lo ddlver le￿Ity bolh ¢)nsile. offsite aThY ordin. There has boen an wi¢rease wi the dellvery of activities Ihfouuth a programme of communty wlnwships. Tr total Thjmber of schools and Gommunity participants for the yèar was 4.160. In a￿di￿n. ¥El¢omed a fLn1her 7.145 partiCApanls to one of our public programme activities throughout the year. whith may have been anythin9 from summw outdoor musi¢, InleraGtive Ihealre, a famty ¥tivty day or a c￿￿¢01018 makry or tr￿rba rwnedies. There was a minor uptum ofvisil¢Ns from the USA and no swh recov￿ has been ev#Jent from China aThJ the Fer Ea81. Domestic visilcff numbers deixeased in 2024 with mary vr6itors cost of Iwiry we5sure in swvey responses. Venue hire aclTriity was higher than the preV￿uS year hires were restrrled by the implemented lawn poIIGy and activities lo recognise the 35l￿ annpiersary. In 2024 we le￿1 that improved scheduling enabled more events lo be used wlhoul a huge irKrease in M￿u88S used. The lawn ¥ra¥ Lwl damag8d to extent it had been in 2023. The Initiative befv￿en the Royal Hospital. Chelsea, the Nal#Jnal Army Museum, Cadogan Estates a￿j the Garden lo form the Chelsea Heritage Quarter. continued Ihis year. Eath party contributes funds, In￿￿71￿ managed by CPG Enlerpri$e$ Ltd. A BUSI￿$5 Development Manager vras sU￿COntraC1edtO Scope the opprytunilies lo create a Heritage Quarter in the part of Chelsea where our three inslilulions are localed. potential fty ijint ￿￿arnm1ng. licketinp and other initialiv6$ 10 onwurage visitors and buld aWare￿s5 of ¥ea as a dNers6 cultural experience was felt worthwhiFo, and tho intention is to Sel up a separate charilable bryjy duriw 2025. Voluntmrn The Garden's team ol vdunleefs. prov￿aS IrNauable support ac¥oss charity and the Garden conlinuamy lookg 10 dlverslfy the activities in which volunteers are involved. Work has been ongoing lo dNersrfy how vcAunleers are recruited and ensure the ongoing IrainirKJ and support for extslin9 ar￿ new volunteers. Of the 188 registered volunteers 135 were aclive over the year. conln'buling 5.078 hours of volunteered lime. The former Youth Panel have evolved lo b8come"Young Producers" and are conlribuling lo the LeamirrfJ team's efforts lo attract young audiences. The group ran a "takeover day" with a number of events and pr(yammes they had created. Fundral8lng ¥tat•m•nt Section 162a of the Charilies Acl 2011 requires tharities lo make a slalemenl re9arding fundraising aclivilies. Although we do not currently uThJertake widestKead fundraisirvJ from the ger￿al public. Ihe legislation define3 fundraising as.soliciling or otherwise procuring money or olher pyoperty for charitable purp0585.' We have an on4ir donation page for the public lo make donations lo support Ihe G￿n fvndraising app8als. At 31 December 2024 £855 {2023'. £4,883> Ikid been received from website donalN)ns. S￿h am￿j￿¢S received *• ￿￿esented in our accounts as "voluntary income" and can i￿lUde legacies afmj ￿an18. In relation to the above il 15 confirmed Ihal all solkitations are m8nag8d inlemalty, Wryth￿J1 Invofvemenl of commercial parli¢ipalors, professional fundraisors, or third parties. The day-to-day managemenl of all income generalw)n Is delegated lo the sen￿r managomonl team. are accountable to the TNsto88. The Charity is ￿1stered Nmth tho Fundrai5iThJ RegJlat0rvrt￿h wverns all its funthaising a¢tNity wi addition to following The Code of Fundrabsing Practi¢6. The charty has received no formal ¢omrAainls in relat￿n to fundraising a¢tivitie$ in 2024. The Charity monrtors the activllies of Its employees. including those resp￿sible fcrf fundraisin9, throu￿ regular re￿lIng lo Trustees.

Tho Chelsea Physlc Garden Company (a CA)mpany limited ty gJwanlee} Prlnclpal Fundlng Sourc•8 Inc(Mne is W1n￿pallY general￿ by the chwity tlYW and lunthai5iryJ activities, dwgiryJ visitors admission to enter the Garden. fr(¥n annual subsuws FiieThJs of the Garden arKI th6 public programme. In addttion, the C￿M￿ClaI actbvities (rf CPG Entwpws Limit•J mako a sy¥fi¢ant ¢￿trI￿tion to funding of charity. Pago 718 The charity ￿k13 lOnte￿ Thie8trnwts in llym dan Fw¥J. TIMS fuThJ os establish8(I bet¥on 198& 87 from a fundraising appeal attraded fr<xn irJriKlu arwj ¢hbtatde tsusts. The Trustoes have determined that Ihe fund is expendable ith both c41ita arKJ inc£Th beiro alab16 to use at the Trustees, dis￿lI0Th in support d Iho Ch•ty's As al 31 Decanbw 2024 fvrKI v4ue was £4.091.245 (£3,759,879 In 2023). Trusts and Major Dortorn 2024 The Garden Is fortunate ¢0 have the surwl ofa rrtmber cAcwitablo trusts and f￿nd￿l0￿ top1￿ wilh indNKluals who make donatlorffj supporung capltsl wks rwltth ￿11¥11￿. In 2024 r#)latA8 Grants and donatM)ns were recelved from: G•n•ral Ancasler Trust Auriens The Eslale of Peter Barclay Belmond Management Limited Centurion Managemenl Limited cra￿ Swick Prof Dianne Edwards John and D4ana Kempwelch Chitabk Twsl The Eslale of Jane Langley Ri¢hard Mansell Jones The Pamela Mallhews Chaiitable Trust Peter Slormonlh Darlir4J Charilable Trust Christine and Slefan Riesenfdd Leslle Rogers Sloane Stanley And Chelsea Phy8K Garden Palror Hortlculture, Hortlcultural Traln•e• and Gard•n Proj• Lord Leverhulme's Charitat￿e Trust New lo Nature IGrounthNork UK) Rick Mather David Scrase Foundalion S18nley Smith (UK) Horithiural Trnsl Blodlv•rnlty Audlt Eddie Dinshaw Foundation The Golden Botme Trust Th8 John Armitage ch￿taL48 Trust Joseph Rochford Gwdens Ltd Dr Martin Schoernig L•arnlng and Engag•m•nt ProJKI• The D'oyly Carte Charitable Trust The Royal Borou￿ of Ken8irW and Chdsea R.U.B. While Charitable Trust

The Chelsea Physlc Garden Company (a company limi￿1 by wwantee) Trusts and Malor Donor• 2024 (c(wthMd) Capltal Works Julia Rausing Trust National Lollwy Herit4 FUNJ And all our donors wl)o wish to renwi •￿ynx￿. Inv••tm•nl Polley The Tru$lee$ •p￿yO¥e￿ an investrment In JarKwy 2024. takry into corffjKleratM)n Chty Commls8k)n Guidance CC14. The poll¢y addrnsses Ihe ¢hariV$ frJrMls and urnstricted reserves indudiry cash and short temi Investments. 11 delegates investmenl $tralegy lo the & opWat￿ Committee (Finops). A sp8clalist Investment Fund Manager (IFMI. Sarasli & P¥In￿ LLP. is resrKrftsibbe for the investment ofthe charity's endowment fvnd In a¢¢ordartt wilh an inveslmenl m¥thte set by FrK)ps. The inestsment mandate is lo Pl￿￿e a lev81 of annual income lo help Sup￿ the runnir¥J of the chty. also lookiry lo lon&Fterm capital growlh of the fvnds. All investments are monitored ty nomlnated mambern FmOp3 and al bth, IFMS and dop)sit ace£wnts are reviewed annualty. Flnanclal r•vlv Th8 results for th8 year Sh￿ net dthil of £148.754 bef(Ye gairys on vNest￿ent$. this o)mpare$ to a $urplu$ of £3g,808 in 2023 and a r￿1 surplus {after uNealtseAJ gawrs) (rf £182.612 c4Jmpwed th £242.186 in 2023. The balan¢e sheet shows a positive positwi. The Garden's trading subsidiary, CPG EnlerpYBes Limited. SIV￿1 a wofit of £462.773 (2023.. £331,973). before a donation uThder deed of covenwl was made lo ts Garden. Total unreslricted income 15 £2,049.528 (2023.. £1.W2.320). Income from unrestricted dOnat￿rts arKI legaw ￿ £225.430 (2023.. £382.498}. Legacies totalling £26,000 were received in 2024 {2023.. £nil). Income from letting rooms. exlemal events in the Gaftlen and cA)mmissK￿ on the café is £5￿.644 (2023.. £440,759) which is 24% 12023 - 17%) of lot21 i[￿ome. Im)me fffmn the Fr￿￿S anwal subscriptions was £302,831 (2023: £318.322) altho￿ total number of frnds inrxeased slwtsth dwirvJ the ye Total expenditure of £2.628.733 irtreased by 3% (2023 - £2.545.2011. The iruease was of course driven by inflationary pressure speNliThJ is (￿tstanty revith¥ed n ￿der to all￿ with Garden's needs and objectives. Reserves Total funds al the yearThJ amount to £8.037.145 (2023: £7.854.531) of whth £2.772.123 (2023.. £2.682.5231 can only be used for part￿laT restrKted Wr[￿ as slipulat￿j by ￿ dorKKS. The assets and liabilit attrlbu1at￿e lo the various funds are shown in ￿leS 18 aThJ 19 to ￿ fina￿la1 statements whith also desryibe the various funds of the charity. Unreslricled funds lo £5,265.022 (2023.. £5.172.(K)8>. of whth £350.579 (2023- £350.579) are free reswves as the Trustees consider the end(yrnl fuThts of £4.091.245 (2023: £3.759.879) to be available only in exceptional circumstances. The chwity relies ￿ the wKome generated fr(xn these inVeSth￿nts (aThl also from ils own activit￿s) for Ihe day to day upkeep of the Garden and fty capilal to ensu￿ ¢￿tinUed income generation in future years. Other fvnd$ amounting lo £591.310 {2023: £803.858) have been dwnated by the Tntstees for sp8cthc wrpDse8. Theso funds a￿ listed in note 18 armj desuibed M paGe 38.

The Chelsea Physlc Garden Company {a company Ilmiled by guarantee) for the y•ar •nd•d 31 December 2024 (Gontlnu•d) RM•rv•8 fconthued) The Trustees approved a new risk.based reseples in July 2023. The fw key rths the potential to impact the charity's reserves were tdentffd and they likely ffinwKial impxl assessed. Cyber attack. Ftysul damage to the Garden, business interruption owing to a natural or man-made disaslT(ws event loss of key staff Ihe risks idenlrfied and the likely cost assess•J. In with asses5￿nI vrns uThJwlaken at Ihe ￿￿ond concluding that £1WJ,(MX) of reserves s1b￿ld be atocated to risks. Based on a wow of the charivs ¥owces of irKomo Trusle8s • satisw Ihat ttrwe is sufftierf diversity that Ihe risk of income being impxted signifKanty by external f&1￿¥ 15 enwgh that no a(klitk)nd reserves need to be allo&iled for this. Seasonal fluclUatY￿ in operatwal cash Ir￿ atKI ou141tyws a150 rd lo be considered arml ¢a$hflow forecasts confirm the recommendaliw in the reS￿￿S that f￿e rewes of beiween £200.0(M) and £300,000 should bfr set aside for this purm. Free reserves al the yearrnl we £404.747 which is than the reser¥es rx)Iw rec￿mMenda￿ IKyAwer th8 Trustees we satisfd this posi11(￿. Golng con￿rn In assesslng any lastiry impact offfinarKi81 rKes8ures W alKArt by risiThJ Wrflatl(￿ aThJ con5wnt incrga58S on The Chelsea phys￿ Garden Company wp. the Trustees have conSm￿ al th8 matters descred in the Tnjstees. Report. indLKliNJ the wup's operations. Ihe IM￿ on SubsulplN￿. donations. and 0￿r trading actNitses. as well as the impact on the wup's investmenl In wl%lar, in (Yder to supp(yt ￿ Trustee5' assessment of the sustaina￿litY of the sroup's ￿tIVitIes. Mana￿ment continue5 to prepwe quarlety ca5h-llow forecasts based on assumptions. through lo the end of 2026. The ma￿ revewe and exp8rNJiture budgets we trxked on a monlh-by- month basis lo check actual agair61 ￿d98t. whth is used lo wjiusl the fcTh7rd aSsUmpt￿n$ for income and experKlilure up to 12 monlhs fr(Nn the swirwJ of tw xcounts. The anaw urKlertaken shows that the wp remains cash positive throu￿QuI wthoul Deed lo IK4uidale any of the charl￿S investment wrtfolio. CPG Enterprises Ltd, Ihe ￿Tred Subsidi￿v￿1Ch urKlertakes certain eommereial tradiNJ activities oflhe group. has been subjected lo a separale stress lesl for a whth exteThJs fcffward to the end of 2026. Provided that trading a¢tivilie5 ordinaTily uTrJertaken by CPG Enterpn5es Ltd can be undertaken Ihe stress tesl demonstrates that the trading company remains an indeperKlenl wng concem thr￿ph￿rt. At the dale of signing of these financial stalements. fore&ists indute Ihal the Group will be atle to mainlain liquidrfy for a period of al least one year foHowNJ the dale of syiiNJ of these financaal statements and will therefore be able lo continue lo trade as a going COr￿e￿. The Trustees therefore ts)nsider that ￿ material u￿rtalnty exists ￿ relation lo going concern for the Group. Charlty Governance Code The Board is committed lo good GM)vemance lo its and the {￿lI￿oU5 imrKovement in delr¥eriry ils poses most effectwdy for th8 publK benefft. The Trusle8s are mindful of the Chwity C￿ale Govern￿ C(Kle arnl c(Thideriry whethw to Nnploment any changes in response. Plans for Future P•rk•d• Progress on a¢h￿VIng the overal obigaive lo uwlate ts Gwden's Imirt￿lIuraI and learning laclitie8 and inlraslruclure," lo imFYove and erthance the owall ￿1b￿￿ WKI expwvtt ¥i*kns ca)n11r￿. Restoration and reinlerFKelation of the Garden's historic GL•sst¥xtses. suprM)rted by a NatK)nal Lottery Herila9e wt of £924,100 was completed in 2023, the accompanyw adivty rwmes ￿ in 2024.

The ChoI￿a Physlc Garden Company (a company limited by w¥￿tee) for lh• y•ar •nd•d 31 D•c•mb•r 2024 (condnu•dJ Plan• for Futuro Perlod• (cont￿u0d} The Trustees are conllnulng lo develop and refine plans for a phased appyoach to ￿ ar¢hiteclural mastorplan lo improve and refurbish visitor. horticullurd and leaMW￿ facilities and infraStr￿tur8. as well as to enhan￿ the overall accessibility and experience for visitors. Fundraising consultsnts, business plannirrfJ consullants. survey(Ys and archrtecls have been commissioned lo suppori ￿ wfxk expected lo be dovtloped througlb)ut 202S aThJ beyond. Other capild projects are modest w) nature and cofftm￿ t￿t￿n fvll c4)St funding is in pla¢e. Carbon Footprlnt During the dovelopmenl phase of Iho Glasshouses woiect tr Garden cealed a Sugtainats'lty Framework Ilyough which il evaluated the delNerables fc* repa￿ and imwovemenl$ lo the Glasshouses. It is proposed that Sustainability FTam6work which Covers accessibility, biodiv¢rsty. energy. water. materials. waste and FX)Ilut￿n be further developed lo provide a bendvnark by whth Ihe Garden can track. reduce and miligale its environmental footpTinl. A Premises Manager was apwnled fty a fixed lemi of years to fUrt￿r thro work. Pay pollcy of s•nlor •t•ff The charity is commitled to the Lormlon LiviNJ Wage. iThSthdirwJ Trainee Th￿e$. The Reward & Recognition Committee is responsible for annual￿ reviewing the pay and c4)ndilions of staff and volunleer expense ramunwat￿. Benchmarking is undertaken within the r￿e¥￿t sector of am vacant roles prior lo re-adverttsing. Rl•k Management The Trustees activety review the maior risks which charity mthl face, in particular those relaliThJ to governance. reputation, operalKtrns and fInar￿e. As part of the risk moniloriw irrfrnstructure the charity mainlains an active risk regisler, business conlinuily and disaster plan. These are rewlwly revmved lo ensure rde¥an￿. chaTity annualty reviews ils insurance provision incIudrf￿ the type of Cover arKI overall lovd$ of cover. The Trustees believe that maintaining adequate free reserves combined with regular feviews of the controls over key finawal systems. provides SUff￿lent proteclion for the in ts evgnl of adverse operating conditions. Amongsl th¢ most Ser￿￿$ risks listed in Ihe ¢urrent risk register are . Cybor attack This mvJht result in loss of acce5S to vital IT systems. rmpromi5e of the personal dats of Friends. visitors and others or finanGial105s as a resutt of vwu5 or ransomvrdre attack. ()Jr response is lo review our rr security continuously, lo ensure safeguard5 and staff traini￿ are up lo dale. To the exlent that cyber risks can be insured against we have thal cover. Vnauthorlsgd aGCeSS to tho Garden and building$ by intrudtrrs for the purposes of thèft or vandallsm Our response lo Ihi$ indudes physKal and monitored securty systems. electronic access controls and CCTV. We are insured against the potential fina￿181 lo$$ that could resuli from such an evenl. An unforesoon dlsastrous w•nt This might lake Ihe form of a natural duster or an act of terrorism. for example. The Garden has a Business Continuity Plan which would er￿ble key personnel to tonlinue to work offsf(e ￿th access lo backed up systems. Full records of the living colledions are maintained s￿)UkI il be necessary to recreate them. Impact of cllmale change on the Ilvlng collectlon This is largely oulside cyjr contrd but actions can be taken aThl have commissioned a rewl on sustainability lo identify how we can achieve "call￿n neutralty" by 2030. We review our plant tollèctions to ensure we can maintain a colleclion ￿ line with our mission as an wJanisation twt that is miyo resilient lo a changiro climal8. 10

The Chelsea Physic Garden Company {a company liniled by gwantee) for th• y•ar •nd•d 31 D•cwnb•r 2024 {conttnu•• Trustees, responsibiliti•s stat•m•nt The Trustees we responsitk for wepaTing the Trustees, repryl arKI the fin￿￿las statements in wilh applKable law and reg￿ationS. Company and charity I￿ requires the directors to wepare finar#ial statements fc* each financial year in accordance with United Kingdom Generalty Accepted AcctyJnting Pract￿ Iunited KKud(>m Acttrjnting Standards and apFAicable law). Under company and thanty law the Trustees must Thjl approve the finarKial statements unless they are satisfied that they give a true and faw view of ts state of the affairs of the group and parent chanty and of the incoming rèsources and application of resour￿. induding ils inc<Th and éxpenditwe, of the for the y&v. In weparing those financial slalements. the directors are rewir&J lo: select suitable accountiThJ pdvies tt￿1 ap￿ (￿S￿tenty. make judgements and estimates that we reasonth aThJ mthnt: ar epare the fInar￿￿1 statements on the g)¥w basis unless il is inapwowFate to wesume that the charity 11 continue in busine5S. The Truslees are responsible for keeping adequate acc£MJnting records that are suff￿1ent lo show and explain Ihe charilvs transactions and disclose with reasonable accuracy at any time the finarKkql ￿SIt￿1n of the group and parent charity ar￿ enable them to ensure that the financial statements C￿n[￿Y with the Ch￿tieS Act 2011 afKI Companies Act 2006. They are also responsible safeguarding the assets of the grwp aThJ pwent charty arKI hence for taknng reasonable steps for the wevenlion arml detect￿n of fraud a￿1 other I￿egUlarl¢￿e5. Provislon of infomiation lo audltorJ Each of the person$ who are T￿￿tee3 al the time when the DirectlY5' rewt is approved has Conf￿ that: so far as that Trustee is aware, there is no relevant autjit inlorniation of whth the charity's audrtQY is unaware: and Ihal the Trustee has taken all Ihe steps that ought lo have been taken as a T￿￿tee in order to be aware of any information needed by the charity's auditor in connect¥)n with Fyewing Ihew rewt and to establish that the charity's auditor is aware of that information. Audltorn Moore Kingston Smith LLP ￿11 be proFowI for rwppointment in acCrydar￿ with section 48S of the Companies Act 2006. Small company ex•mptlon Thls report has been prepared In accordanc￿ wilh the spe(xal of Part 1 S of the Cornpan￿ Act 2006 relating to small Companies. This report was approved by the Board on 13 May 202S and sIg￿d on its behalf by: Sarah Flannigan Tru•ta• Kenney 11

The Chelsea Physlc Garden Company (a c<ffipany limit￿ ty sw¥antee) To th• Olr•¢torn of Th• Ch•lw Physk Gard•n Comp•ny Oplnlon We have audited the financial slatements of Chelsea Ph￿￿ Gwden Company (the 'parenl chartlabte company.) for the year ended 31 Decembw 2024 Tthth fA)mwtse <¥oup Statement of Financial Activit$, the Group Summary Income aThJ Expenditure AcC￿nI. Grwp arml Parent Charitth Company Balance She8ts. the Group Cash Flow Stalement and notes to the financial statements. indud1￿ si9Th￿an1 ￿unting Fdicies. The financial reporting framework that has been applied in ther weparh)n is applKable law and United Kiwom Accounting Standards, induding FRS 102 The FThncial ReFMWtirwJ Siandard AprArable in Ihe and Republic of Ireland. Iunlted Kingdom Generally Puepted AC¥￿nI1￿j PfaciKe). In our opinion the ffiancial sLitemerts: gwe a true and fair view of Ihe state of the wp's the pent caritabl8 company's affairs as at 31 December 2024 of the wp's reS0w￿ ap￿iCM)n ofreSoW￿. YKluding ils income and expenditure, for the yw then ended; and 2011. Basls for opinio We conducted our audit in ￿C(￿d￿ with InteMaNN￿ SlaTrJwts Auditw (UK) (ISAS (UK)) and applicable law. Our responsibilit￿ Under those standwts are fvrlher (le￿bed Audit(<s Reswjnsibilities for the audit of the finanryal statements section of our repcfft. We are indeFer#knt of Ihe chwilable company in accordance wilh th8 ethical requirements that we relevanl to our wdil of the finarKia stalemenls in Ihe UK, 1rKI￿1n9 the FRC'S Ethical Stsndard. and we have fulfilled our other eth￿ re¥￿nSIbIlitIeS in Xc1Kdar￿ V•rylh these requirements. We believe that the audrt evidence we have Obtair￿ is SLrffryil arwj approwiate to ￿lde a basis for wr opinion. Concluslons rolating lo going conc8m In auditing the financial statements. have cOr￿lUded that the lJustees' use Of￿ COnc￿n basis of a¢wunting in the preparation of the finarthql ststements is apwOw￿1e. Based on the work we have perf0M￿d. have not Klenttfied any material uncertanlies relating to events or condilions Ihal. indNhdually or cc4lecbvdy. may cast sKJrMf￿nI dtrjbt on the wp's and parent charitable company's ability lo continue as a going concem fLY a of at knt I4￿e month5 from Tl￿n the finanaal statements are aulhorised for issue. Our responsibilities aThY the responsibiities of the tntslees with respect to ￿lThJ corKem are described in the relevant sections of this repc¥l. Other Inforniation The other infomiation C￿priseS the wrf(YmalK)n indwJ&l n th8 anThJal re￿fft, other than th8 fina￿la1 slalemenls and our auditorfs report Ihereon. The trustees are resp(xssitde the other InfC￿￿1(￿ conlained within the annual report. Our opinion on the finanryal statements ry)t cover th8 olher information a￿1, except to the extent otherwise explicitly stated in our Tep(Yt. ￿ do not exwess ￿ 1￿M d assur￿ condusion thpTh)n. Our responsibilty is to read the other Inf(￿￿￿ aThJ. w) doiryJ so. cOnsKj￿ wlEther the Oth￿ inf(xmation is materially inttnsislenl ￿th the finarKial slalements or our k￿Medge obta.￿d in the cwrse of the audrt or oth￿$Se appears to be materially misstated. If s￿h maknal inconsislenci8S apparent material misstatements, we are required to delemiine tlve 15 a mal¥HI misslatemenl in the fina￿la1 statements themselves. If, based on the work we have performed. ￿ cryKILKJe that tlve 15 a malwial Misstat￿nt of this other information. we are required lo rer*Xt that fxt. 12

The Chelsea Physlc Garden Company (a company limiled by gU￿ntee) To th• Dlrectoffs of The Chel••a Physic Gard•n Ctynwy for the y•ar end￿ 31 D•Gwnbw 2024 We have nothing to report in this regwd. Oplnlon• on oth•r matters pr•scrlb•d by th• CIXnp￿l•S A¢t 2006 In our opinion, based on the work urKlertaken in Ihe of the ￿dfjt the information given in the truslees. arwal reFXYt f(Y finarKi4 year the finartial statements a pyepared is consislenl v•th ffina￿l￿ statements: and the trustees. annual rerMNI has been prewed in ￿)Id￿ wilh applKable leg4 requinnents. In the light of the kn￿edge and Understandi￿ crf the wp and pwent c011￿e LX)mpary aThJ their envyonment obtained in the cwrse of the wdil. have not identsfied n￿r￿1 missLqtements in the trustees. annual reFKKI. We have nothing lo rewi in resp&t of the folthviry matters Ttre the Companies Act 2[￿ aThJ the Charilies Act 2011 require us to rewt to Y¢￿ rf. in c•inth.' the parent tharitable company ha5 not kept adg]uate sufficient aru￿ntir￿￿ recxxds. ￿ retums thquate for our audit have r￿t been received from not visrted by us.. or the parent charitable company's finanryal slatements We Tr)t in •Jeen￿l wilh the reca)rds arml lurns.. or certain disdoswes of trustees, remurerat•)n speufied ty law ￿ not m: or we have not recerved all the informatKJn aNI explanations ￿ requre fw wr audit" or the trustees were not entitled lo prepare the finarKial stalements in accordan￿ wilh the sman companies regime and take advantage of the smdl crffipanies exemption in Fwring the Trustees. Annual Repxt and from weparing a SIrateg￿ re[￿L Rgsponsibiliti8s of trustees As explained more fully in the trustees. responskn'lbts statement sel (MJI on page 11 the Ifuslees (W￿ we also 11 directors of the charitable company for the purposes of t￿MpanY law) are responsible for the preparation of ttr rinanu81 statements and for b￿.n9 satisfied that they gNe a true and fair view. and for such intemal control as Ihe Iruslees determine Is necessary to enable the preparation of financial statements that ￿e free from material mlsstalement. whether due lo fr￿d cy error. In preparing the fInar￿la1 statements. the Iruslees are respO￿ble f(Y assessirvJ Ihe goup and parent chwitable company's abilily lo continue as a going concem. disclosing. as ap[4N￿tIe. matters related lo wing concern and vsing the going concern basis of accounliTr3 unless Ihe tnJslees eilhef intend lo liquTrdale the group or parent charitaNe company or to cease operations. or have no realis￿ altematr¥e bjl lo do so. Audltor's Responslbllltles lor the audll of the financlal statements We have been appointed as auditor uThJer the Companies Act 2(KJ6 and sectK)n 151 of the Charities kt 2011 and report in accordance wlh those Acts. Our objectives are to obtain reasonabk asstwartt atxxjl WI￿1￿ ￿ fintial statements as a vthole are free from material misstatement, whether due lo fraud or error. WKI to issue an audrtor's rewt that indudes our opinion. ReasOna￿e assurance is a high level of assurance ixrt is not a guarantee that an audrt ¢orKluded in a￿tyd8n¢e with ISAS (UK) will ah¥ays delect a material misslatement it exists. Misstalernents can arise from fr￿d or error and are considered material rf. irnlrvidually IK in ag￿egate. Ihey could reasrythy be expded to rfuence the e¢onomk decissons of users taken on the basis of financia slatwnents. 13

The Chelsea Physlc Garden Company (a C￿P￿Y Ivnrted ty wwanteo) To th• Dlr•¢torn of Th• Ch•ls•a Physlc Gard•n Comwy for th• y•¥ 31 tl•c•mb•r 2024 As part of an audit in xc¢xdaThx wilh ESAS {UK) we exeff15e WOfess￿ jwent and maintsin professiona scepliasm thrwghout the audrt. We also: Identrfy and assess the risks al maieria misstatement d Ihe financaal slalements. I18tt￿ (￿e to fraud or error. desiqn and perfonn a￿11 W￿jure$ resp￿ts1￿ to tt¥)se risks. aThJ obtain audit evidence that is sufficient and approwiale lo provmle a basis for orxnKJn. The risk of detectirvJ a material misstalemenl resulting from fraud is than fof one resullirKJ from as fraud may involve collusion. forgery, Obtsin an urthrstarmling of iitemal CA)ntrol relewrt to Ihe ￿￿111 in (ffder to desiw audit wocedures that are approwiate in the cmimsLKx. bjt not fc¥ the Fmffposes crf exweswg an opinK)n on the effectbvene5s of the ￿0Up and parent charitable compa￿$ inlml contrd. Evaluate the approw￿teneSS of ￿xt￿nting used aThl the reaSon￿S ( accounting estimates and related disdoswes made by the tNslees. Condude on the apwopieness ofthe trustees. use ofthe CO￿ basis (l￿nting and, based on the audit evidence obtsined. Whett￿ a material U￿ertaInty exists related to events (Y conditions that may cast signrficant (knbl on the goup aThJ parent charilth compa￿5 ablty to as a gyng concern. If conclude Ihat a matefial uncertainty exists, we ￿e rw4uy￿I to (traw attwtI￿ in our audrtorfs report lo the related disclosures in tt)e fina￿#al statements (Y, rf such dlsrknW￿ are inadequate. to modify ￿r opinion. r condusions we based on the audil e¥#J￿e oblained up to the dale of our audili)rfs report. However. future events conditi￿5 may cwse the goup C￿ ￿ent charitatrAe company lo cease to continue as a going concem. Evaluate the overal wesentatM. str￿1￿8 aThJ conknt of ts finwKial statements. induding the disdosure5, and whelher the f￿ar￿la1 State￿nts represent u￿j￿tyln9 transxkns and ev￿ In a rnanner that ac￿eyeS faw F￿esentat￿Jn. Oblain Suff￿lent apwowk4le au(kl evidwKe regardirvJ the finarKJal 1nfrxMat￿n of the entities or bu$ine$s activities within the group to exF￿$ an opinion con501Klaled fina￿la1 $tatement$. We are re$ponsible for the dire¢tw)n, sUper¥ts￿ KI [￿r￿¢ of the wp audil. We remain solely responsible for our audil We ¢ommunuto vith Ihoso char￿d govwnarte rog¥dirKJ. amoNJ ottw matters. the planned scope and limiThJ of the audit and signifKanl audil finduy. any swwifKant defKrties in intwnal LY)ntrol that we identify during our audit. Explanatlon 88 to what •xl•nl th• wdlt was consld•r•d capable of d•toctlng Irr•gularltles. Includlng fraud Irregularflles, Including fraud. are Instartts ol nonvcompliance with la••S and regulations. We design procedures In Ilne with our responsibilrties. ouilined above. lo detect matend misstatements in resp￿1 ol irregularities. including fraud. extent to which our arn Capab￿ of ¥rewlwitss, includwvJ fraud is detaled below. The obj'ectives of our audit in respecl of fraMI. are.. to identfy and assess lh8 risks cl material misslalement of the financial slalemenls due lo fraud: lo obtsin suftienl apwotffiale audit evide￿8 regarding the assessed risks of material misslatemenl due lo frajd. thr(wh d￿￿1r￿j and impkn)enliThJ appro[w￿l8 responses lo those assessed risks.. and lo respond aprKoprialely lo inslances of fraud or suspected fraKI Klentrf￿d dwng the audit. However, the prlmary responsibility for the [ffeventK￿ and d8te(kn ol frwd fests with both manwa8menl and those charged wilh govemance of the charilaL￿e comp￿. 14

Th• ChelpAa Physlc Garden Company (a CAimpany linrted by swwantee) To th• Dlr•clor• of Th• Chd••a Phy•lc Gaffd•n Comp for th• y•nr •nd•d 31 D•c•rnb•r 2tr24 Our approach was as follows.. We obtained an understanding of the legal and rngAalory rw4uirements ap￿￿Kal￿e to the tharitsble company and considered that the most SI￿rf￿ant ¥e the Compani85 Act 21th. Ch￿.110$ kl 2011. the Charity SORP. and UK financial standards as iMu8d FinarKial R6p>1ivJ C￿￿1. We obtalned an understarKliTrJ of the chwitable compwry cY)mp118S With those requirements by di8oJssions wrfh management aThl 11x￿ clwggd ith fflisslalemenl due lo fraud and h(M it nwJht oc(wr, by I￿ld￿Va discussm with mw98ment aThJ th088 charged governance. We inquired of management and those chwged 5x)vema￿e as to any knchm trlan￿$ ol n(Tr compliance or suspecled norFc0mpliar￿e with laws and rewlatm. Based on thls understanding. ￿ deS1￿￿d spelth appriyiate wdit woc4th5 to Klenlfy instances of non compliance wilh L7￿ and reWatvJns. This iThJLKJed mng orAuries of manawment arKI Ihose charged Thare are inhwant limitations ￿ the auJ•t ￿￿edureS destriw abD¥e. Wo are less Ilkdy lo become aware of Instances of non<ompliance with Im anLI rewlat￿nS that ￿ not dosy rdaled lo events and transactions rellected In the flnanclal $lalemenl$. Also. the risk of rnl dele¢ting a material misstatement due to tr￿d is hwier than the risk of not dele¢llng one ￿Su111n9 from error, as fraud may wi¥(4e deliberale cOr￿almont ty. examFle. forg8ry or Intenlional mis￿￿8$¢nIaIJ￿, or through ¢ollus)n. U8• of our r•port Thls report 18 made solely lo the tharitable c4Jmpany's members. as 8 boty, in ￿1xdan￿ with Ch¥ter 3 of P1 16 of the Companies Act 2Crf)6 and. in respect of the consdidaled fina￿181 stalemenls, lo the charily's truslees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our aKlil work has been urKlertaken so that we mighl slate lo Ihe charilable company's members arKI trustee5 tl¥)se matters which we we requ￿ed lo stale lo them in an auditor's report aThJ for no olher purwse. To the fulthl exlenl permitted by law, do not accept or assume responsibility lo any party 01￿1 than the chan'table CoMp￿y, charitaL4e company's mem￿1$. as a body. the charity's trustees, as a body. for our a￿11¢ for this rert or have ffffi￿d. oorL LLP s￿Ir Ch￿￿¢￿ (S•nlor Ststutory Auditor) fty and on behalf of Mwre Kingston Smrth LLP. Statutcyy thilor Dale: 15.may 2025. 64 Fbx 9 Appold Stre&t EC2A W Mocxe Kinplon Smilh LLP is oligtAo as &NJilor in Im of So¢lN)n 1212 oftr Compwk*s PA 2006. 15

The Chelsea Physic Gardon Company (a compony Iwnited by ww)tee) (Includln9 con¥ol•d•d In￿me WKI exp•ndftur• account) for the yw ondod 31 2024 Not• Unr••trl¢t•d Endowm•nt RMtrl¢t•d Fund• Fund• Fund• Total 2024 Tolal 2023 Incom• from . Oonatlons ond legacles Other tradlng 8clivitles Charltable a¢tivllles Other income Investmen18 225,430 1.061.353 694,798 225 167.722 430,4S1 055.881 1.061.353 594,798 225 167.722 975.188 865,418 599,180 7,171 138.053 Total Incorn• I049,$28 430.451 2M79.979 2.585.010 Expendlturo On: Charitable activitios Raising funds 1,834.250 340,851 2,175.101 2,124.468 420.733 Totsl Expondltur• 2,287.880 340,851 2,628,731 2,545.201 Nèt {0xp￿ditureY In¢om• b￿Or& gains, 10¥¥8s and trnnsl#is (238,352) (148,752) 39.809 Net gains on investments 13 331,366 331.366 202.377 Net surplusl(deficlt) before transfers Transfers be￿een funds (238,352) 331,366 182.614 242.186 18 Not movement in funds (238.352) 331.366 182.614 242.186 Reconciliation of funds Total funds brought forward al 1 January 2024 18 1.412,129 3,759,879 2,682,523 7,854,531 7,612.345 Total funds carried lo￿ard at 31 Docernber 2024 18 1.173,777 4,091,245 2.772,123 8,037,145 7.854.$31 The notes on pages 20 to 40 1(*m M of Itwo ffirwcaal statements. 16

The Chelsea Physic Garden Company (a company limited by warantee) at 31 D•c•mb•r 2024 Company numbw 01690871 2024 2023 2023 Flxed a880ts Tangible assets Investments 12 13 2284.057 4.091.245 2.207,654 3,759,879 37&302 5.967.533 Current aM•ts Stocks Debtors Cash al bank ar¥J in harKI 14 15 21 22,901 81,913 1,9¥628 26,6 139,534 2,260,755 1081,442 2,426.979 Cr•dltors: amounls falllng du• wlthln on• y•ar 18 (399,599) {539,981) Not ¢urr•nl ass•ts 1,661,843 1.886.998 Total 998•t8 IM8 curr•nt Ilabllltles 8,037.145 7.854,531 Net assets 19 .037.145 7.854.531 Funds u￿eStrIcted General Designaled Endowment funds Restricted funds 18 18 18 18 5B2.467 591,310 4.091.245 2.772.123 608,271 803,858 3.759,879 2,682,523 Total funds 18 8,037,145 7.854,531 These financial statements have been p￿pared in a¢¢tytsn¢e with the provisions applUb￿ to companies subject lo the small companies regime within Part 15 of the Companies A¢t 20C6 and with the Finan(4al Reporting Standard FRS 102 SORP. The finanrial slalements We￿ apwoved and athorised i8$ue by the Bo¥d on 13 May 2025 Sarah Flannlgan Trust Will Kenney Trust¢• The notes on pages 20 to 40 fomi part of these finanraal stalements. 17

The Chelsea Physlc Garden Company (a C￿panY INnited by gjawtee) at 31 D•wnb•r 2024 Compony number 01690871 2023 2023 Nolo Flxed aM•ts Tangible assets Imieslments 12 13 2.232.494 4.091.345 2.179.671 3.759.979 34839 5.939.650 Current as••ts Debtors Cash al bank and in hand 15 21 151.252 1.850.965 111,403 2.138,703 1001217 2,250.106 Cr•dltors: amounts falllng du• wlthln on• y•ar 16 {293,589) {339.903) Not ¢urr•nt assets 1.708.628 1,910.203 Total as••ts l•ss curr•nt Ilabllltl•• 8.032,487 7,849.8S3 Net assets 19 8,032,467 7.849.8S3 Funds Unreslricled General Designated E￿loWMent funds Restricted funds 18 18 18 18 $77.789 591.310 4091.245 2.772.123 603.593 803.858 3.759.879 2,682.523 Total fund¥ 18 8.032.467 7,849.853 As permitted by section 408 of Ihe Companies Act 2006. the Parent Charilalje CoMpan￿S F￿offt and loss account has not been induded in Ihese finanoal statements. surplus yoar was £182,614 {2023: £242,186). These financlal statements have been prepwed in accwdance with the FYovi8Ior￿ lo companies subje¢l to the small ¢ompanEs regime wilhin Part 15 of the c¢)mpanies 2006 and with ￿ Finanryal Reporting Standard FRS 102 SORP. The Ilnancial statements were apwoved arKI ￿th￿Sed ts issue by 8o¥d M 13 May 2025 Sarah Flann Trust Will Kenr The notes on pages 20 to 40 forni pwt of these finarthl stslements. 18

The Chelsoa Physic Garden Company (a c(Mnpary linite4J ty ￿￿antee) •131 D•t￿b•r 2024 2024 2023 R•conclllatlon of n•1 In¢om• to c••h flow• from op•ratlng a¢tlvlth• Nel movement In lund$ (Galnyloss on Inveslments Investment In¢ome Depreclallon Ilncreaseydecrease n debl(xs IDecreasey{increasel in creditors Ilncr8aseydecrease in stcKks 18 13a 182,614 (331.366) 1167.722) 133.814 57.621 1140.382) 3.789 242.188 1202.3771 (138.0531 52.006 188.593) 157.578 6.297 Cash flow8 from opwallro activitss {261.632) 29.044 Cash flows from *wesliThJ athit Investment irKome Purchase of property. plant arnl aqw 167.722 (210.217 138,053 {978,635) 12 142,49S) {838,5821 DeL¥ea¥e in cash ye¥ (304,127) 1809,5381 Cash al boginnlNJ ol year 2,260,75S 3,070.293 Cash at end of year 21122 1.956.628 2.260.755 19

The Chelsea Physic Garden Company (a company limited by waranlee) for th• y••r •nd•d 31 D•¢nbw 2024 A¢¢ounllng polkl•• The Chelsea Phys Gwden Company is a registered ch¥ity arKI irKwated kn EThJlaThJ and Wales urthr the Companles Act 2006.11 b a ¢omp•ry Ilmlled by Lxwantee. Tr ad(tr￿ of the offth Is on pago 1 of the Directors. report. The prlncipal accounting poli￿8 adopted. ludg8m8nts key 8QWCa8 of estimallon or uncertalnty In t preparation of the finarti81 stalemenls are as follovts: 8asls of pr•p•rath Tho financlal slatements I￿e been wepwed ￿ a histork cost b98is ex( for the re￿lUatIon of inv8Stments. The financlal statements have been prepwed in a(x1xts￿ wth A(xwntiTrJ and Rep(xting by Charities: Sklemenl of Recommended PractKe applKable to chwities weparirwJ they ￿(￿nts in accordance with the Financial Reporting Standard apF4Kabl8 in the UK and RepublK of Ireland (FRS 102) (effectNe 1 Janu￿ 2019) - (Charities SORP, V Edilion IFRS 1021), the Finia R6wtiNJ stan￿d applicable in ts UK and Rewblic of Ireland IFRS 102) arKI the compar￿ Acl 21>06. The Charity constitutes a benefft entity as defined by FRS 102. The financial slalements are in sterlirKJ. whith is the fvrm#1(K￿ ￿ller￿ of ltr wp. fv•metsry amounts In these fman¢ial $tstem¢nts roundwj to rwest £. Exempllon$ for quallfylng •nllti•$ undwFRS 102 The parent thwilable company has token the ft4kxing dwJoswe ex￿lptiOr'. from preparing a statement of cash Iltr￿ on the basis that rt is a qualrfywy entty and the wp cash Ilow $talement induded within Ihese finanoal $talements, in¢lude the company's cash fl¢vHs.' and from the finanaal instruments disdosures, required urKler FRS 102 para 11.40 10 11.48A and p¥a 12.26 10 12.29, as the infomialion is provided in Group finaTh￿ disdosures. Going concern In assessing the impact of the cost-of4Niry cJi%is afMI the recovery of tourism in afterniath of the Pandern￿ the Trustees have cons#Ywed all Ihe matters describe(l in ￿ Tnjslees. ReF#yi, includirwJ the group's operations, the impact on subscriplh)ns. donations. aThJ other trading activities, as ¥vell as the impacl w the group's inveslmenl portfol￿. To supwrt the Truslees. assessmwt of the sustainab￿ty of the group's aclNilies, managemenl continues lo prepare cash-llow forecasls based on aSsumpt￿)n5, ttrwwgh to the eTrJ of 2026. The major revenue arKI expenditure budgets we tracked on a month-by-month basis lo ¢he¢k ¥iual against budget. which is used lo adjusl Ihe forwwd assumptK)ns Ir￿ne arKJ experKliture. The anaty5is undertaken shows Ihal the group remains cash FQSitive withwl need to INuKlale any ol the tharitls investment Ftholio. CPG Enterpri3e$ Ltd. the wholty (r•4ned subsidiary urKlertakes certain commercia trwJin9 activities of the group. has been subjected to a separate stress test fw a Fer)d whKh exteThJs f0Th4ard lo the erKI of 2026. Provided that trading activities ￿lIna￿lY urKlertaken by CPG EnterprbSe5 Ltd can be undertaken the stress test demonstrales Ihal the trading ￿1p￿Y wemains ￿ Ir￿nt goirwJ ttrwlKxrt. At the dale of siwirwJ these finarKial slalements. the Tw5tee5' forecasts i￿11¢31e that Ihe Group will be able to maintain liquidity for a per)d of at least one year follchMrvJ the date of wjning of these financial stslements and will therefore be able to continue lo trade as a ￿Ing concem. The Trustees ttr￿ref￿e Consider that no material urtertainty exists in felation to ￿1r￿d concern for the Gr￿p.

Th• Chels•a Physlc Garden Company (a o)mpary limiled by Jwantee} forth• y•nr •nd•d 31 D•c•mlxr 2tr24 (conUnu•d) Accountlng pollcl•8 8asls olwnsolldadon These financial 81atements c(Ywlidaie Tesults chity aml wlM)ly subsidiary of CPG Enlerwses Limited on a lif￿41￿ bas￿. A separate Statement of Finanu4 h£tNitw. ty in¢ome and expenditure account for the dwrtable comparry itsell. is ￿t wesent•J in those a¢c(wnts bewse Ihe dwilable company has taken advantage of the exemptwJrKs dlered by Sec1v￿ 408 of Companies PLt 2006. In¢om• Cash donations and grfts a￿ IrKI￿ in Statement of Finartol Aclr¥itS TAthen condilions for thew receipt have been met. When dorm speofy that d¢natAM lo Ihe chity must be used in Arture x(¥Junli periods. the inctsne is defefred unll those ￿Kmts. For legacies. entilthent is taken as the e￿Itt of the date on either. (tharity is that wobale has been granted. the estate has been finalised notfftation has been maje by th8 exwAJlix(s) lo the Trust that a distritmjtion will be made. ( then a distrt¥JliM is ￿1ved from the estate. Receipt d a legacy, in whole or in part. is only considered likely when the a)K￿nI can be measured rdialty. and th8 th¥ity has been nolff￿1 of the executorfs intention to m&%e a distr￿￿J11¢￿. ￿ leg￿ have been no11fi￿J to charity, or the tharity is aware of the ￿an1rKj of wobale, the uitwia irKome have been meL then the legacy is treated as a contingent asset ￿ disclosed rf matwd. GovernnMnt grnnts the charity will compty with ￿ c(WKthIKJr6 att￿ lo pa￿ts.. and the grants will be receNed Grants received for which corKli1￿$ have Th)t been sat￿fE￿ we wied in Ihe Balance Sheet as tredilors. Commercial trading opwations Shop income Compr￿ reVerK￿ recwtsed try Ihe coffpany in resp&X ￿ g)ods SUPF4ied. exthsNe of Value Added Tax and trade discounts. Lettings IT￿ comtXi5e5 revenue recwised by the company in relat￿n to the lettin95 of Ihe grounds arKI aSs0(￿t&￿ fajlty fees. Income from fundraisirKJ events is wKluded in the staemenls in the in Ihe fundraising event lakes place. Glft Ald The charity owns the whole ol the tssued stwe cawta (rf CPG Enlwwises Limited. Eth year CPG Enlefprw Limited pays to the (knity. reled to Gft AKt, a sum based on the taxable profrts of the company. The paYn￿rt of Gift Aid is subi8L# lo th8 reserves polry of the gifting entty. and the approvd ol the charrty. Grft Aid is recognised on the ac(¥uals basis in lin ith the d88d d Cove￿￿. 21

The Chelsea Physic Garden Company (a company linNted by gw¥antee) for th• yw •nd•d 31 DKarnb•r W24 {Gonlinu•d) AGGounling policies (¢￿tin¢￿) InvestmertlnGom• Drvidends are induded in the stateffle￿ of FinarrAal dpiilies dedwed. Interest is induded when re¢er￿lIe by the wp. Admissions are recognised lhthen recer•ed by the wp. Friends subsLYlPtM￿ we rwnwj over the to which they relate. any relating to fulwe pwKMJs is delerred. Lrfe subsuykn we re(wnised as th8y are recewed. Expendltur• Expendrture is recognised on an accruals basis in the perK)d ￿ wlith it 15 incurred. Costs of raising funds I commercial trading operattons comprise the costs associated with Ihe lettvig of ￿0urVJS arKI gcrfxls suppl￿. Charitable experKliture comprises those costs in(yJrred by the chwty in the delpiery of its actr4il•e¥ and services for its beneficiaries. 11 indudes both costs that can be alkKated dwecty to such aclp4ities and those rA>sts of an irKlwe¢t nature ne¢ossary lo $upport tlwn. All ¢0$15 ir￿ding governance ￿$ts we akKated betwi exp8ThJiture ¢ategtyts of Ihe <tslty ￿ a basis designed to reflect thè use of the resoLY¢O. Costs relatirYJ to a wthwl¥ xtNIty ￿ cwg8d dlr•. 01￿￿5 are apportioned on an apwopriate basis. Fund accountlng Unrastrlct•d funds can be used in accordance with the charttatle objectives at th8 discretion of the Trustees. These include the assets of the IradiTr3 company. The Truslees use pwt of the unrestricled funds Irom tim8 to lime for specrfic projects and sel up desynaled funds to rellect this. The Endowm•nt Fun(i is an 8xpendabl8 End(MTrenl and rewesents Thiestrnenls arKI cash thich continue lo be used by the Trustees in the best inlerests of the charty. The end￿￿Ient furKI was e5tablish8d belween 198& 87 from a fundraising appe which attracted donatKJns from a number of sources. The TnJstee5 have delemiined that the fund is expendable with IM)th caprtal and in0Y￿ b8irvJ availatAe to use al th8 Trustees. discretion in support of the charity's 7hrrk. R•$trl¢t•d funds can onty ￿ used for the pt￿laT restr￿ted purp)ses oblectpies of the tharrty. R8slri¢lion$ are imposed by the dormy or tthen fund5 are raised for spetsfied restricted pwposes. The r#)les to the financial statements WOVKle lurther delal5. T•nglbl• Ilx•d 4$$•ts Generally, langibte fixed assets e capitalis•d rf trwy can bo used fty mtye Ihan orn yew wrfl cost al kna81 £2.$00. They a￿ valued at ￿$1. The ¢harlty does not have a polw on revaluat￿, a nominal Val￿ of£1 b wt maln ￿lIdlIVJs and g¥dero. The freehold ol the larKI arKI bJIldin￿ are by the ¢hty with a Deed of Covenant in place whth restricts Ils use.

Tho Chelsea Physlc Garden Company (a compgry linfted Accountlng pollclu (ctvthmd) ranqlble fixed assets (conUnu• Depreciation of fixed assets is clwged at rnles estimthd to wite off costs ovw the exp8¢ted useful lives. The rates u8ed ￿ as folkYw5". Buildings Improvements Office fixtures and equiwent Horticultural equipment Computer equipment 2% of cost 10%-Th rrf c05t rrf cost of ¢osl Stock is In¢luded * the kw rf cost and net realisable value a￿1 (￿Ists of resale. Inv•slments Listed investrnenls ¥e stated at (kniThJ m￿ke1 vatue al the b￿r￿ S￿ date. Urwlised gain or k)ss calculated as the difference betwi openirvJ arwj ckjsiro mwkel value. as aiiusted f(Y addilions arKI disposals in the year. Inveslments held in substsjb￿ ca)M￿&￿ ￿e rwise(l at (x)sL Dgb¢ors Trade and other debtors we Tec(wised al settl￿￿rt amount due any trade dIsC￿nI offered. Prepayments a￿ valued al the anwnt prepaid r￿1 of any tr ￿￿￿nIS due. Cash at bank andln hand Cash and cash equlvaknls wude eash wi hand. deposils at Cal wilh bars and other short4em) liquid Inv6slments wilh 0￿Inal maturilies of 1CKI da>s ( less. Credltoys andpmvlslons Creditors and provisions are recognised where the chty has a Fesenl 0￿19allOn resulting from a past event that will kyobably result in the transfef of funds to a thyd pty and the amount due to $8llle Ihe (￿l￿allOn can be measured or estimated reliably. Credilors arml F¥ovisions are recogni5ed al ther selllemenl amount 8fter alk)wfjng f(x any trade discounts due. Flnancl•l Instruffl•nts The group only has financ￿1 assets and fina￿1￿ liablilies of a that qualty as basic finanGial inslrumenls. Basic financial instruments we initially recogni8ed at tran&￿ value Subsery￿rfY measwed at thotr settlement value. 23

The Chelsea Physlc Garden Company (a company limited ty ￿arantee) Nol•• fornilng part of th• flTrancl￿ •tat•mffits lor th• y•ar •nd•d 31 D￿•mbar 2024 (¢ondnu•d) A¢counllng poll¢l•• (con11￿) Lws•d •M•ts Tho ha8 Operatry leases. Their annual rentsh are chwged lo the Stalement of Flnanclal A¢tlvltles on a stsght line basi8 over the Iwm of the lease. Tho chty does MI t)perate Its (yn Pensi￿ sdme. Pensim costs relate to payments made ty the bVOUP to a group pwsonal p8nsion scheme administered indep•￿nI1Y. Esdm•t•s •ndludgm•nts There are not considered to b8 ary $W￿lf￿ant estimates and judgements Involved in the preparation of the fnancial statements. Those estbmale5 and jud9emenls made. which are not consKlered lo be Signif￿an1, ar6 covwed by the ottv accounting polrns. Unr•strlGt•d funds R¥trfct•d fund• 2024 Donat*M and legao'e$ 225,430 430,451 6SS,881 225.430 430.451 655,881 2023 382.498 592. 975.188 382.498 592.69) 975.188 24

The Chelsea Physlc Garden Company {a C(￿panY limited by gwantee) Notm fomilng part of th• ¥tst•m•nts for th• ywr •nd•d 31 D•¢•nb•r 2024 (¢onllmMdJ Incom¢ from oth¢r tradlng a¢tlvltl¢8 2024 2023 Commissions and letbng of rooms Shop income Fundraising events 440.759 158,265 266.394 174.776 295.933 1.061.353 865.418 All income from trading ￿tivitS was v￿estI￿ted in the current aThJ we(ding year. Incomo from charftable actlvltl•s 2024 2023 Adrnissior Ffi8fKls' subs¢dpllons 291,967 302,831 280,858 318.322 594,798 599.180 All Irthm8 from charitth athities t*a8 urfeslrthd wrrent and preceding year. Inv••tmort Incom• 2024 2023 from r￿ed asset distri1mrti￿ unit furKIs 107,722 138.053 167,733 138,053 2024 2023 Auditorfs rem￿eratiOn A￿li10r.S remuneration- c￿Orat￿)n tsx serv 26.000 2,674 2,915 9,329 133,814 25,470 7.718 4.32S 2.046 52.006 Detnaation ol langible frxed assets 25

The Chelsea Physic Garden Company (a ¢(¥npany limrted by wan1881 Not•s fomilng part of th• flnanclal •t4twnwfi• for th• y•w •nd•d 31 D•¢•nbw 2024 (conllnu•dJ Total 2024 Cost• ¢o•ts Inote 8) Raising fur#ls (nole 9) 1.124.741 233.221 1Tf.299 3.031 116,052 17,762 757,009 199,618 2,175.101 453,632 1J57.962 180,330 133,814 2.628.733 oth•r costs 2023 Charilablo actriil {note 8) R&slng funds lnote 9} 1.126.077 226.587 207.340 50,420 740,831 189,696 2.124.468 420.733 1.352.664 210.204 52,006 930,327 2.545.201 Expondlture on charltable actlv6tl85 Dlrect Support Total 2024 Science and hortr¢ultu Educational programmes Other projects 707.118 134.058 1.088.563 707,118 134,058 1,333,925 245,362 1.929.739 245,362 2,175,101 Direct Support Total 2023 Science aThJ horticulture Educalional rwammes Other rKoiects 69).278 121,686 1.088.922 690,278 121,686 1,312.$05 223.583 1,900,885 223.583 2,124.468

The Chelsea Physic Garden Company (a company limited by War￿tee) N(rt•• foTmlng part d th• financlal •tat•m•nt• for th• y•ar ond•d 31 IYeK•mb•r 2024 (contlnu•dJ Exp•ndltur• on charltabh actlvlom AMly•l• of dlr•ct ¢ol• Trt•l 2024 Total 2023 Wages and sal¥ Depreclion Materials Equipment Repairs. maknlenance & deanlTrJ Securty Advertislng and marketlr Education costs Recruilmenl Rent. rates. water. heal & light Travel. subsistence & entertain* Insurance Printlng, postage & statlonary Telephone and inlemet Ticket commissions Professional fees Other costs 994198 110.906 44.911 7.414 136.688 8.143 31.894 5.203 25.555 29.284 17,065 810 27.100 376 1.(K13.312 48,899 41.894 169,028 11,839 8.034 14,850 23,727 34,542 35,434 35,224 6,342 11 1Q08B 227,666 204,458 14.842 197.279 209.751 1.929,739 1.￿0.885 ADaly818 of •upport ¢08ts T(rtal 2024 Trrtal 3)23 Wages and Salaries Oeprecialion Security Advertisin9 and marketw RecDJitment Rent. rates. water. heat & Iyht Travel. subsistence & enlertairmng Printing, postage & stationery Telephone and inlemel Professional fees Other costs Govemance costs 130,543 5,146 122.765 1.521 914 2.852 1.146 1.832 2,531 2,597 2.731 2.188 2.507 1.264 2.313 17,685 16,050 63.692 12.698 15,002 59,236 r23.583 27

The Chelsea Physic Garden Company (a company Iwnited by Glwanlee) N(kns fomiing part of th• finaDGial statwnents for th• y•ar •nd•d 31 D•cwnbw 2024 (G¢)ntinu•d) Expondilurn on raising funds 2024 2023 233.221 111.467 48,361 60.581 226.587 86.069 43.383 64,694 Expendrture of CPG Enter￿￿ dwttialion) Fundrai5¥u costs of d￿rity Costs irwred on fundraisiThJ fa 453.630 420.733 10 Group 2024 Group 2023 Wages and sal 1,129.949 101,581 126,432 1.149,501 103,304 98,627 1,232 PensM)n costs Temp￿ary SL 1,357,962 1,352.664 The d￿rity (k)es ￿t owale ts penSW￿ scherne. Penswjn costs r¢lale lo payments made by the group to a svoup pvsonal pensK)n s￿￿rne administered independenty. Avorag¢ number of èmploytts as a h￿d¢O￿nI. Group 2024 Group 2023 Chitable Admintstration FuThlraisirvJ 42 The goup was helped by a SubStw￿ number rA ¥okKews. 4yoximately 188 (2023: 158) thr(wghout the The key managemert pers￿￿￿ of goup. ifKlude a wmber of senKY manaws across Ihe wp who t¢)gett*r have arwj resp￿$t111ty frx planniry, dve¢ti'rvJ WKI ¢ontrc41ing the actP4ities ol the wp. The tolal employment beréfts paKJ lo key pw$(Y￿1 ol the wp £S70.058 (2023: £S77.957). Salary rw• for •mploy•M •amlng £60,000 or mor• 2024 2023 £60,￿) . £69.999 £80,0￿ . £89,999 P￿$1￿ ¢<mtrilxrtKmS pahj to tho abo¥• ￿l$d kn £47,758 (2ff23. £32.ts1).

The Chelsea Physic Garden Company (a compwry limited ty wwantee) for th• y••r •nd•d 31 D•c•nbw Wd4 (¢Mdnu•O 10 Tru8tea8 and •mployees (con1#￿) Redundancy. restructixtrKJ and terni1na1￿ c¥Ats rnlatiNJ to a of wwe £nd (2023: £nl). Trusl•e•' remuneratlon and •xp•ns•• None {2023- none) of Ihe Tntstees r￿1Ved femuneratA)n. [￿rir￿j the yew Tn￿le8S (2023- had expenses reimbursed of £269 (2023 - £3081. One Trustee r￿1ved entertainment lo the Value of £91 {2023 - rK)ne). 11 Taxatlon The company is a ch￿ty the meaniry of Pwa 1 s(l￿d￿ 6 Acl 2010. A(X￿In￿ the chty is polenlially exempl from laxation in reSp￿t of i￿e or caFXta gains calew￿5 covered by Chapter 3 of Part 11 of the C￿[m￿at￿)n Tax 2010 or Seclion 256 Taxatw of Ch¥geabbe Gains Act 1992. 10 tt18 exlenl that such income or applied exdusivdy to chaxitai* purpo￿. CWa Physic Garden Company is a registerwj charity ￿ has no liability lo taxatK)n on its income year. Tax recovwed from voluntary income received urKler aKI 15 recognised the related i￿Orne 15 receivable arvj is allocated lo the income ¢alegJry lo whth ￿ I￿ome rdates. No tax Ch￿eS arose in the FWM)d. The subsidiary eompary makes a qualfying donalK)n crf all taxade lo Tr Chelsea Physic Gth. No corporation lax liability on the subsrdiary arises in the actwnts. 12 Tangible asset• Group Bulldln and und•f co Impro¥•ment Structl Gl•ss- fixturts ¢ulturnl Ctynput•r houms wipm•nt •q¥lprMnt •qulwn•nl Cost At 1 January 2024 Addltlon• 729.931 126.688 1995) 27.913 1.972.769 43.J3 101158 36,471 117,4061 24914 23.235 1882.010 3.765 210.217 {18A01) Transf•TS 127.983) At Decmnl￿r 312024 855.624 2.016.062 149.206 249M 27.000 3.073076 Deprecladon At 1 Janvwy 2024 Dl$posal$ Ch•rg• for th? year 521,043 19951 43,593 97.273 117M06) 14.388 23335 674.406 70.136 753 133.814 At D•eèmbgr 31 3024 5S4,U1 91943 94255 1{392 23.988 789.819 Net book value At 31 D•unkn 2024 291.383 1923.119 S(951 3.012 2284,057 At 31 D•c•mb•r 2023 208288 27.913 1.949.962 4•85 1q536 1207.054

The Chelsea Physlc Garden Company {a company limit8J by W￿le8 12 Tanglble Msots (conbnuedj Charlty 8ulldh Im￿0¥•￿￿nI Tirt Cost At l January 2024 Add5tlon¥ Dl•po•al• n9,931 126,088 1&72.7&1 97.5M a9Jl 21235 2.849M3 3.765 173.746 118,401) At Docomb•r 312024 855.024 101¢1)62 80.1JB 2%9M 27.1)00 3,004. At 1 January 2014 Dl8po8al• Ch•rg• forth• y•w 521.643 I￿5) 23.235 069.792 {18.401) 120.923 (17.408) 1.497 71,136 753 At O•¢•mb•r 312024 5MJ1 91943 7&750 143W2 23.988 771314 N•t book valu• At 31 D•c•mb•r 2024 291J83 1.923.119 11.592 1012 1232AM At 31 December 2023 208288 1W.962 16.S36 2.179.671 As a cormlition of the furKJing [￿e1¥￿$ from the Nath>￿ Lottery H￿lIage FurMI for GlaSSh￿Se RestoratK)n 13 13a Usted Investments 2023 Market value at 1 JaThwy 2024 Addilions Gain in lh8 3,759,879 3.557,502 331,366 202,377 Mwket value at 31 D￿ernI￿ 2024 4,091245 3,759,879 Investments ae held in listed fvTrJs by LLP. The hislorKal cost of the listed inves1Th￿ at 31 D￿fflber 2024 was £3,9)6,950 {202& £3,378,111) due lo an irwJea5e in cash account WKI a Svbryith of WNestments to Ihe Sarasin Climate Active Endowmenl$ Fund In

The Chelsea Physlc Garden Company la cornpany limited by gu¥anlo0) NotM fomiln9 Part of th• fln￿￿•1 •tat•m• for th• y•w •nd•d 31 o•C￿b￿ 2024 {contlnu•dJ 13 Flx•d A$8•t Inv••lm•nts (continwd) 13b Inv••trn•nts In •ub8ldlarf 2023 Shares In CPG EnterFvtses Llmlted at cost 11x1 100 Group 2023 Tota Fix&1 Asset InvestffleNs 4.091245 4,09134S 3.759.879 3.759.879 The owned Iradiry sub5Kliary, CPG EnterFxtses Limited (0314(KNM). is fegsler&J in the Uniled Kngjom. The priropa xtivty of CPG EnterFYBes Limited is Ihe ruming of the Gth and Ihe lelling of Ihe grouThls of the charity. CPG Ent￿￿￿ Lwnited is exempt frtrfn an amlit uThJer S479A of the ComwM85 At 31 Decembw 2024 tt Mxxmne (rf CPG was £76S.420 (2023: £599.024) arml expenditwe was £302.647 {2023.. £267.051). The net assets of CPG Enlwwises Limited £4,77812023: £4,778) and tho retained to that dale was £4.678 (2023.. £4.6781. after payment to Physic Company und qualfying chitable donal)n of £462.773 (2023- £331.973I. 14 Sthcks Group 2024 Charfty 2024 Char 2023 2023 26.6 15 Group 2024 Charty 2023 2024 2023 Amounts falling due within on8 year. Trade debtor5 Amounts ¢)¥Ed by subsidiary Prepayments and ac*Jued incomè 19365 59,839 41,247 4,773 61.688 43,230 72.795 81.913 151.252 139,534 111,403 31

The Chelsoa Physic Garden Company (a company lThited ty wwantee) 16 Cr•dltorn . Amounls falllng du• wlthln on• y•¥ Group 2024 Grnup 2023 Chwity 2023 2024 Trade ¢redlt¢ys Other Creditors Other tsxatlon and sodal 6￿ul1ty Awuals Deferred income 19.721 33.112 86.374 80.220 210.172 14.128 10.625 53.971 70.844 144.021 57,117 135.223 19.￿) 76.780 2S1.571 42,530 16.914 73.385 152,508 539.981 339.9)3 Included within Othef creditors to sdvne of £10.625 {2023- £8.711). 17 D•l•rr•d In￿m• r•¢on¢lll Gff)UP 2024 Charity 2023 2023 Balance 8t l JarK Amount released lo in¢ome earrnd from ¢￿ta￿￿e activities Amount deferred in the 251,571 152.508 239.339 167,951 (251.571) 210.172 (152.508) 144.021 (234,040) 246,272 (187,652) 152,209 Balance 8131 December 210.172 144.021 251.571 152,508 amounts rle lo rnceIV￿ in of events b(￿d f( Ihe nexl finarwl perknd. 32

The Chelsea Physlc Garden Company (a c(ryny limited ty gJ¥rtee) for th• yw •Yl•d 31 D•¢•nbw 2024 (¢onfinu•O Analys1$ of ¢harltabh funds Group- curr•nt y 2024 General lund 1133.459) (S7￿￿} 120.624) 302.137 259,740 317.549 DesvJnal&J fvnd- Jil Legw 50,05T 1A12.129 1049.SJ R2•7WI 1.173.777 3.7￿￿ 331.366 4091245 HortKxJliura trainees Fh)rilewm SCO [hgthSal￿n P[r￿￿t 11318 517 (M0321 15fOI 17.e03 14121 14347 {1.675) 1.718 1.716 14nsi U72 R.U.B While Charitable T￿t Commurmty ()Jtre& a55hous8s Re51oTrtTh F￿1 7.142 2JOI574 79.5 1221111} Hort￿tture- Slwknts Tr￿1 41• HortKtsttural Ther4)y 1054 John S%%ire 1989 Charilak Tr￿1 10.000 Intefwelath)n Rc4k(Jt 113,410 Ja￿￿5 & Shirley Fw 2S.( Leaming & EngageTh￿l 21.362 Ctsmposting fwithtie5 Biodiversity Sur¥ey Pathways to Krn¥A 14181 I1￿4} 152661 1218151 112.6281 117.634) 4,$70 4.734 128,871 35.782 {12.6721 1131 13.7 (1414n 24.353 156218 190.000 133.782) 2.682,523 4XIN51 1340.8511 17Y1123 Total fund• 7.854.531 2.479.979 12,628.n11 331.366 .037.t45 33

The Chelsea Physic Garden Company (a C￿mpanY limileil by guwantee) Nolu fomilng part of th• Ilnan¢lal slat•m lor th• yw ￿d•d 31 D•¢￿b•1 2024 {¢<￿01nu¢rfJ 18 Analy81s of charitabl• funds Group- pr•vious y•ar 1 J•nu¥y Incom• Expwth TT•ffjr• N•t oaln on 31 D•c•mb•r 2023 Inv••lm•nl• 2023 Genwal furHI 127.rn 1.7•1320 12m1I191 100271 fund {lormety Dosh3natwJ FuThl- C8¢Yogan Estates 1129.8061 {111601 I•￿) 435,596 317.S4• 50.057 327,408 Dwnated fund- Jdl Hood LWJW 1110.000 D¢svJnated fund- Volwlews Total unrn8trlct•d lund• 1.6213J6 1m320 12303,n81 1N12.129 Endowm•ntlund 2VA.3TI 1759,•7• R•$trkt•dlunds HortKulbJral trane Fknrilegium Souety FWKI Db'lisalkjn Propd 11310 1.706 .Mo) 1.711 2.301 P.301) Education and (Xrtreach Proj￿1 Garden Reslraed Ctyal¥y Judtth Bronkhurst Oonal R.U.8 White Charitvknl8 T￿ Comunty l)Areach GlaJ¥hou80¥ Resloraticffi Frlends Sth8me R8vi6W Lagacy RL￿r Melvin Monk3 HortbJlture- Students Tr￿￿ HortKJJltural Therapy Pmgran John Swsre 1989 Chanlablo Tnmt Inlerpretatvn Rdl-cxrt James & Shirfey Shw*r(¥1 Fmj 30.913 129A901 11231 18 3.¢61 140221 121118•1 2250.649 442.031 2,479.501 418 2.054 10,000 113A10 25,000 21,362 3,677 11.909} 11l150} 1Q970) 13.486 10.IJOO 25,000 21700 10.099 115272) 16A22) CompostlrKJ Total r•strlcted lund• 2.433.807 $91890 1341.473) {2.3011 2.682.523 Toial fund• 7.012.345 2.585.010 12.545.201) 202.377 7J54.531

The Chelsea Physic Garden Company (a c(¥w limiled ty swrntee) Notes fonning part of thg financial sl•n•nts for tho year •nd•d 31 D•¢wnbw 2024 (Gontinu•d) Inve•¢rn￿Ity 2024 577.719 113J.4591 {57.8091 PO,6241 302,137 259,740 29.433 08signa￿ frJrKJ- Ja L•Jxy 50,1157 1M07A51 1m7m• 11075A21) I.1￿,099 331J 4.091.245 13.318 3¢517 134.034 1570) 17.003 15.121 14347 (1.675) 1.711 414b 4872 R.U.B Whle TnM¢ 7,142 2,402,574 Hortukn- Slthls Tfa¥ 11,9541 15.2 122,8151 112.3J) 117,634) 111 114.147) 4.570 4,734 128.877 1Q,ODO 113A10 IS.￿0 35.712 112,6721 2.131 5.859 3.677 13.7M) ¥500 190.IIOD 24.353 156,218 133.7821 2.Stt52J 439A51 IJ40.1511 2,772,123 7W.153 2367.$20 PA10372) 331,3fj6 8.032.487

Tho chel￿a Physlc Gardon Company (a compaTri liniknl by Analys18 of ¢harltabl• lund• Charfty- prnvlous y•ar At 2023 823.11•2 1.•11J10 1lm1A09) 001￿3 C•pltsl Rwlevdoprwl. fund Ilomty O•wJn•J FWKI. C Estates 1129,1081 435,596 317,549 50.057 Desynated fuThl- J41 Lw 11x1,000 14•,•4J} 1.11•.$51 1A11J10 025￿8> 1h07,461 2OU77 Hort1￿lI￿r￿ tr•1 11.01• 1.700 13,318 .••o) 1.718 Acous1￿ Pw Edu￿11￿ arKI PffjiKa P.>)11 {51 •13 3,061 Judith 8ffjnkhwsi tJn#tbJn R.U.B Wh4e ChwftJlèTnMI Communlty (hrtreoth G185sIKyJses RestV8tkn 2250.64• Frlertds Scheme Rèviw Legacy Roger ￿(￿1 Hortthllvr8- slud￿1$ Trml HortwllUr￿ Thorapy PWPJM John Swrè 1989 Chwitobltr Inlwprelatw R0￿()Jt Jvrn & Shw Sh•wod FWKI 11231 15.0221 7.062 2,479.501 442.03B 11391 411 418 2,054 10.000 113,41 25,IXIO 21.302 3,677 13.U6 10.000 {111501 110J70} 11.3361 2&000 24700 10.009 115372) Tothi r••trkt•d lund• 1431 $91MO 1341,473) (2.JOiI 2,8B2,523 Tot•1 T,￿7,1567 1404,100 12,J84.791) 202,377 7,84•,8S3

The Chelsoa Physlc Gardon Company (a company l#nite(I by Notm formlng PArt of th• flnanclal •tat•m•nt• for th• y•w •nd•d 31 D•c•mb•r 2024 Icontlnu•d) 18 An•ly•l• ol ¢harltabl• fund• (C(¥Ki￿) R••lrlct•d fund8 h•v• b••n ••tabllsh•d to provld• flnwKlal sUp￿rt for •pocllk pvol•cl• a• bdow: Hortlcultur81 Tralrffj A ontr￿ trairdrKJ Kvowamme wopbo intornsl8d In pur8Ui Thè Florlle9lum Society Fund An exhibitN?n of original of CPG Florilegium sO￿ty members suprAyled by mwk6tiThJ and wblKIty. Dlgllisallon ￿01aCt A d￿rtiS8110n project of Garden bcA)ks. paper$ ￿ artth 8UPPOrted by the purchase of a l￿-re$dU1￿n s¢anner and solwe. Garden Reslrlcted Donations FurKl$ ralsed to $upp(t ad hNtixthKal woiects R.U.B Illhbte Cwlable Tru$1 CommunNy Outreach A donation to supwt ￿treach to kKal o)mmuni1188. Glasshou8e8 Restcyallon Fund Rost(iM of the Glasshou$69 togethw Imth supporting activity prwamme$. ro•interwelation aThJ plant collections review. Fundèd livrfl￿ ¢ontinwJ inlo 2024. Ttr fund will remain open as th8 Glasshouses dewecaale. Legacy Roger Melvin Monks Hortkullure Students Travel A legacy to supp¢KI travel ¢osls of over￿$ Sludenls lo study al tho Garden John Swlr¢ 1989 Charilabla Trusl Inlerprelallon Roll-(krt A &Yanl lo supp(xi leamlThJ and engag￿1 wogramme. A furwj lo supwt the research. development. and inslallallon of nv inlerprelath)n . A fund lo support an(1 developmnt of rK)Trliving c(4lections. Spectslty botanteal t. James & Shlrfey Sherwc)d Fund Learning and Engagement Coordinator A fund 10 8UPPOrt the ¢o$ts of a p3rt.lime Cc*ydinatOf lo help admlnblw and delfvw Learnlng and Engapmenl Programmes. Compostlng facilllies A fund lo supwt the rnpay of c4)mposting faciliti83. Biodiversity Survey A fund lo suppNt an audll of Garden wildlrfe and habitats. Ovw 40 surveys will be conducted by mMI-2025 in order lo urKrfersland the environment surrwrKliNJ our Imng plant co1￿¢1￿4n. Pathways lo Kno1￿9dg6 A dOnal￿n to replace exisliThJ ￿aVe1 palhways lo imrrn accessibibty and lo rep￿ and add inlerpretats'on. 37

The Chelsea Physlc Garden Company (a t(￿panY limrted by warantee) Noi•# fomilng yrt of th• fln¥KW Stat•m￿t• for th• y•ar •nd￿ 31 D•umbw 2024 (Gonlinu 18 Analy8ls of charllabh funds Restrlcted funds whlch closed In th• wlor yw: Acoustic Panels Proje( A wqed to IrrfrLK1￿ acou5ts Pa￿1$ Ert>ankment. reduciTrJ trafk nC￿e SUp￿ed by Patron5 Fund5 remaining have been Educatlon and Outrea¢h Fkniect Furxls rai5e(S ts the ￿j￿alKIn i￿ludirvj th8 SheW-Lrfe Judith Bronkhursl Donal A dona1K￿ to lu￿1 of twra¢otta P￿nI pots Friends. Scheme Rev A revvw ol the Frnnds sctrwne I￿aUding qu8st#)nnakos lo Frfonds, Unrestr￿led funds are used in aCC￿d￿ ilh the thwilaL4e ofyeclNes al the discrelK)n of t￿ Trustees. The Trustees uso wl of Ihe urrestrthd fv￿5 frqyn twne to twne sp￿r￿ wojects and sel up d85wJnaled lunds to refiecl this. The FuThJ is an exp￿dable Elxlty￿ arnl rew8s•)ts in¥osIm￿t9 aThY cath wlmch ¢onlinu6 lo be used by the Trustees in the best inltrests of the eharty. The erKloYnent fund vrds established bèlween 198& 87 from a fundraising appeal whth attraded donat￿lS from a number ofsources. The Trustees have determined that the fund is exp￿￿ble both ca￿tal and income teirs aVailaL￿e to use at the Trustees. di5crelitin in supKth of the Charl￿5 w(Kk.

The Chelsea Physic Garden C¢)mpany (a ¢￿P￿ry limitwj ty wrntee} Not•s fomiing of th• finwcial sta1wn￿lS for th• ￿ ond•d 31 D•Gnbw 2ty24 {¢¢wrtinu•dJ 19 Anaty818 of nat a8s8ts b•tsrt•n funds Twibl• Cr•dilors Group- Currenl Year General funds Designated fijnds Endowment funds ReStr￿ted funds 606.135 591.310 13M60 $91,310 4.091,245 2.772.123 4091245 1.923.119 863.997 114.993) Totsl 2284.057 4091245 1061.442 1399.599) 8.037.145 Group- Pr•vlous Y•ar General funds D&slgnated furKIs End¢)wment funds Reslrl¢t¢d funds 257.wd {447,288) 608,271 803,858 3,759,879 2,682,523 803,850 3.759m l.Hg,962 82&254 (92,ts3) Total 2,207,654 3.7S9,879 2,426,979 (539,981) 7,8S4,$31 Charlty- Curr•nl Y•ar General funds Designated funds Endowment funds Reslricled funds 309.375 100 $61,903 $91,310 1293.589) 591,310 4.091,245 2.772,123 4.091245 1,923.119 Total 2.232.494 4.091.345 2.002217 1293.589) 8.032.467 Ch•rfty- Pr•vlou• Y•ar General fund5 Designated funds Endowment funds Restricted funds 229,709 100 713,687 803.858 {339.903) 603.593 803.858 3.769.879 2.682.523 3.759.879 1,949.962 732.561 Tolol 2,179,671 3.759,979 2250,106 (339,903) 7,849,853 20 Liability to the mgmb Every member of the company uTrJertakes lo Contrilxrte an amount not exceedirwJ £1 to the assets of the charitable conwany in the event of the ccffipany bw'rwJ Vbwnd up )ile he 15 a rnember. or within one year after he ceases to be a mernter. Thbs contn.bulK￿ 15 for ￿ payment of the debts and liablities of the ¢htde

The Chelsoa Physlc Gardon Company (a r￿Mpo￿ limi￿1 by wThtee) Not•• formlng part of th• Ilnanclal •tat•ment• for th• y•#r •nd•d 31 O•c•mb•r 2024 (conilnu•d) 21 Analy•l• of ca•h ¢a•h •qulval•nt• Group 2024 Charlty 2024 Group 2023 Charity 2023 Cash at bank and in hand 1,956,628 1,850.965 3.070,293 2.￿.795 At 31 D￿rnber 2024 Ihe wp •xl ctwity had rn lo￿ d8ssifd as debt. At 31 Decernber 2024 the wp aThl had fvttme mlnknNJm1oa60 paYrn￿ts urnJ8r ThTr¢artdlable 2024 2023 No later than 1 year Latsr than 1 year arKI no later than 5 years 3.237 3.236 3.237 3237 6.473 24 Related party tyansacilons Thwe are no related pwty tr￿(￿K￿ li 2024 ty 2023 ollw than those doladed In notè 10.