The Chelsea Physic Garden Company la o)mpany l•riled by guarantee) Report and Consolrtlated Financial Statements Year Ended 31 December 2025 Company Number 01690871 Charity Nun*er 286513 The Chelsea Physic Garden Company (a company k'mrted by guarantee) Roport and financial Stat￿nents for the year ended 31 C)ecember 2025 Contents Page: Tnjstees, Annual Rewrt 11- 12 Trustees, res￿nsIbIlIt￿$ stalemènl 13- 16 Independonl auditorfs rgwrt Consolwjated statement of financial acawrt 18 ConsolKlaled balance sheet 19 Charity balance sheet 20 Statement of consolidated cash IICMS 21- 41 Notes forming part of the financial stslements The Chelsea Physic Garden Company la corrpany limrted by guarant8e} Trust￿. report for the year endèd 31 December 2025 The Trustees, who are also d1￿clOr8 for the wrpose of company law. present their report together wth the audited financial slatemenls for Ihe year ended 31 December 2025 wh￿h are also prepared to meet the requirements for a Director's report and accounts for Companies Act WlP)5es. Statu8 and Constitution Charity Name.. Chelsea phys￿ Garden Company (The} Charity registration number". 286513 Company registraty'on number: 01690871 Registered Offi￿ and 66 Royal Hospital Road operational address= Lon¢Jon svirJ 4HS The chanty is consliluleil as a company limited by guarantee. The charity k8 govemed by ils Articles of Association dated 17 May 2019. The company was inCor￿rated to act as a trustee of the tharity krbuwn as The Chelsea Physic Gardpn (Charity registration number 2865131 to advance public educati￿ and to promote the study of botany and related sciences. Dlrectorn and momborn of the Board The Trustees and mertiers of the Board (wtKJ dso act as Trustees for the charitable aclivities of The Chelsea Physic Garden C¢ynpany) who served during the year. and up tt) the date these financial statements have been suned, aTe'. Ms Sarah FlannwJan Mr And￿W IAk)odward Mr Mfill Kenney Prof Jane Andef50n Dr Helen Charman Ms Lucy Clark Mf Alan Dempsey Mr Tony Kifkham Mr Simon Major Mr David Mathers Ms Bernadette O'suuivan Mr Matthew Pottage Dr Philippa Simpson Ms Anna Val Ms Jennie YourvJfrr (Chair of the Board - appointed 26 February 2025 lappoinled Deputy Chair on 13 May 202SI lappoinled Hon.Treasurer from 01 January 20251 {appointed 26 February 20251 [ap￿inted 22 Juty 2025) (resigned 26 February 20251 (r&red 31 D￿ernber 20251 (aFwnted 22 Juty 20251 {appointed 22 Juty 20251 (appointed 22 Juty 20251 {appointed 13 May 2025} Sonlor L￿dershIP Toam The Director and Company Secretary Development Direclor Commercial Director Deputy Director Ivisrtor Exper*ncel Finance Director Finance Director Head of Pknt Colleth'ons Head of Learning & PublK Engagement Head of Learning & Public Engagement Execulive Assistant Project Manajer Project Director Vtsitor ExpeT*nce Direct Mrs Susan Medway MBE Ms Joanna Wells Mrs Danielle Sargent Ms Frances Sampayo {matemty leave) Mr Da￿d Strange (to 30 May 20251 Mrs Ishwant Basra (from 2 June 2¢r25) Ms Emity Hazell Ms Katy Parry Mr Thabo Stuck Imaternty cover) Ms Rita Bhatia Mrs B[￿get McGee Ilo 31 July 20251 Ms Laura Ferguson {from 27 Augvsl 2025)) Ms Katy Pary (matemty SeL0Th*￿t) The Chelsea Physic Garden Company {a company limrted by gyarantee) Trustees. report forth• y•ar end•d 31 Dxember 2025 (¢onilnued) PrOf￿$lOnal advisors Bank.. National IAÈstminster Bank p 55 Kensington H￿h Street London WS SEQ Solritors.. Farrer & Co 66 Lincoln5' Inn Fields London 104C2A 3LH Auditor. Moore Kingston Smith LLP 9 Street Lond¢)n EC2A 2AP Fund Managers: Sarasin & Partners LLP Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Organls•tion and Structure Appoinlments lo the Board are for an inrfi* pewd d three years after *thich Tru$lee$ can seek re-election, serving tsvo addTtional tems each d three years. These provisions also appty lo apFY)intsnenls lo the Board of CPG EnleTpri$e$ Limited, C￿nMittee arKI crther tr*)¥d $L￿￿￿lliees. There is proMsKJn to exterKI the appointment of a director or Twstee for a limTled period where the experience or organisational knovAedge of Ihal Trustee Supports an important or ts"m* adivty. Alan Dempsey Steppts￿ down from the Board in February in order to foeus on nèw work secured by his architectural practice. Mr Tony ￿rkhaM retired from the Board at the erwj of DeC￿tser having served his maximum term of office and has accepted a role as one of the Garden's Amba$5a(hN¥. Ms Sarah Flann￿an was •p￿inted Chair on 26 February 2025. Through¢yJt the year a number of new Trustees h8ve joined Ihe Board inclLKling Professor Jane Anderson, Ms Lucy Ckrk. Mr DavKI Mathers. Ms Bemadette O'SuUNan. Mr Matt Pottage and M5 Jennie Younger. The Truslees detemiine the cverall strategy and pol￿e$ ol the charity. The delNery Lrf the Garden's strategic pkns, fundraising and external prdessK•nal relali¢)ns together with day-to-day management are delegated lo the Garden's Director. Mrs Susan Med￿dY. vtho is also appointed as Company Secretary. The Director takes a lead on major project actNity as the most senior executive cl the chwity. She is wjpported by a small tean cl sen*)r managers and stsff. Charity Govemance Code The Board is committed to good govemanee and to rts iywn and the chanty's continuous improvement i) delivering ils wrposes most effectivety for public benefft. The Trustees are min(lul of the Charity c￿late Govemance Code and considering whgther to implemerbl any hanges in response. The Chelsea Physic Garden Company la conyny limrted by 9uaTantee) Trustees, report for the year ended 31 D•¢ember 2025 (contsnuedj Recrnltment and Appolntment of the Board I members of the Board gwe their lime voluntarity and rgceive rK• benefrts from the charity. Any expenses reclaimed from the charity are set out in Note 10 to the f￿￿ncra1 Statern￿. The NOminat￿ns, Aw)oinlmenls & Reward Committee 1$ charged wilh setting and regLblarty rgVi8wing Ihe requisite skills and competencies for board members and members of commtheeslpaneb, undertaking recruitment searches and r￿0MMendIng appointrnents as required to ensure there is an appropriate mix of skills. They review and recommend to the Board any reward and rewnilicffi for staff and wlL5nteers. Trusto9 Inductlon and Training New Trustees are encouraged to attend the Garden to famdrarw themsefves with the charty and the context within whKh it (yjerales, including meebng with senKY management and lakirrfJ tours wilh the volunteer GuKles. They are invrted lo attend the annual main Spring bnefing and briefed quarterty on the activities of the charity and trading subsidiary. Newly appointed Trustees spend a period sh￿l￿1¥1n9 an 8XiSting Trustee. Throughout their term of offi￿, they are offered apwwiale traiNng in tr*ir role as chanty Tfustees. The principal departments and senior roles are: The Deputy Director (Visitor Experien￿) is responsible for the w￿lcOme W0￿ed to vistors and for management of the building$ and their Se￿ices. Through the learning and public Progr￿Me le￿ they have oversight of all learning actNity and the publ￿ prc*Jr*nme, as wel as ￿lUnte￿$. In the see￿d hair of 2025 the poslholder has been on malemity leave and an alternalNe role of Visrtor ExFtrience Director apwinled inlemally to cover the principal responsibilities of the role whilst focu￿n9 on ccrfnmiss•JniThJ audien￿ research. driving vi*lor income. and preparing for a new Leafning Strategy. The Ccmmercial th'rector responsible for all CCm￿rc7al aciryity induding retail. venue hire and commercial partn8rships,' they also manage the rdab"onship with the catering partner as w811 as a small number of commercial conlrads. They are resp)nsl)le for the Fr￿d$. scheme.. through their tewft they undertake all PR, marketing and communications. The Development Director is respOns￿le for Sup[￿lIng seniorfundraising volunteers as well as direct fundraising for both specffj￿ caprtal projects and to support the charity's horticultural and leaming prcgTammes. The Finan￿ Diredor 1$ re$p¢)nsibbe for all ffinar￿ xtivilw for the charty and the whglty ¢)wned Iradng subsidiary CPG Enterpri5e5 Limited. Through the department they also UJrrent￿ oversee the financial matters of the Chelsea Heritage Quarter (charity number 1215016). The Head of Plant Collections is responsib￿￿ for the horI￿rtural management of the garden and ils plant collections l¢gelher with the herbarium and seed bank. They ensure delivery of the h0rtKul￿ral training programmes. The Project Director leads on ccKJrdinaling the Projed Board. the Project Team, the caprtal design team and supporting colleagues lo aCh￿ve prcgress C￿ all funded capitsl and Pfogramme activsties including plans towards the Gardens building refurbishment programme. The Executive Assistant supports the Board, its sulKommillees and senicff staff. They tske minutes for all meetings including the Board and rts subcommrttees as well as the Prqect Board and proj&t meetings. They suFport with human ￿sOUrce administrat￿fi. The Deputy Chair led a review of the number and responsibiltlies of the charity's sub committees and amalgamated these inlo a smaller number of committee$_ The principal changes are thal Finance & Oporations now includes Audit and Nominations & Appointments has resp¢)nsibilty for overall organisats.onal reward and recogniiion. The Finance Operations & Audit Committee Tn￿t wtlh senKJr management quarterfy to rwiew the perfornance and financ¢a slabilty cl the charity and its subshJHry. They I￿nItOr and review key perf0m)a￿e indulors. all major inccme and expendrture and avaiL4ble cash balarw to ensure that the charity and trading subsidiary can meet their liabilities and continue to trade on a 90ing concem basis. They oversee the annual Audit and preparation of the Financial Stslement. Relatèd parti08 and co￿•14t[on wlth othor organlsatlons None of the Trustees receNe remuneration or other benefts their woth wth the tharity. Any connection bewn a Trustee or senh?r manager d the chanty wilh another Organisat￿n. another charity or an indivbjual that t charity may encounter. while pursuing its 0￿.e¢l￿eS must be disck)sed to the full board of Trustees in the same way as any other contraclual relationship wth a related paty. The charity's vknlly owmed yJbsKliary. CPG Enierprtses Lmnited. was estst4ished on 20 December 1995 {company number 31400041. It is resFon&ble for (Nerseeing ccmmercia aXNities. relal. calering, venue hire and any licensing for ￿Mmerc￿￿1 purposes of Ihe charity's trajemark CPG Enterprises Limited has a licence frLyn the harity to occupy the Shop Premises. and gift aids its p[L￿ts lo the charity {see note 13b to the financial slalemenls}. The c81ering operalton is contracted out wrth an agreed per¢entage of nel lurn¢)ver Pa￿ to CPG Enterpri$8s Limited. Most of the venue hire bookings are fulfilled out￿"de cl the v¢￿tor opening pe￿d$. The charity has wortng rela￿)nSh￿￿$ and manlws neh¥ork$ wih numerous organisab.ons al a local. nats.onal and international thl. As a small independent charity these are important lo wse and maintain its profile, to promote its diverse work and lo thare information and best practKe. The charity maintsins membership of the Botanic Gardens Education Nefv40rk, Botanic Gardens COnservat￿n Intemationej. the AsscKiation d Independent Museums. Plant Heritage, The Heritage Alian¢e ond The NalKsnal Council for Voluntary Organisalions. The Garden is a member of Histor￿ Houses Ass(Kialion IHHAI and the Garden offers Iheir members ftee admisSkin receiving a credit from the HHA for each member vistt. Close ne￿rYk5 gxtst bets￿en a number of nalK>nal internat￿nal t(JIan￿ gardens. The G8￿n also mantains g¢)od Jrking reLeb"onships wlh staff at the Royal 8crtan￿Gardèn$. Kew," c￿nbr￿9eand Oxford BolanicGard&ns". Edinburgh and Bristol Botsnic Gardens and ￿ Natsnal Botan￿ Garden Of%￿leS. The Royal Horbculbjral Society and Kew support the Garden with technul ath￿e, experh.se and plant material. The Garden ha5 reciprocated with similar exchanges of expertise and hosted visrts from h0rticuMur￿ trai￿ fron many crf these Gardens. There is an established netjvork through the charty's outreach prOgr￿rne wrth organisalions such as the Octsvia Foundation. Chelsea Academy. Kings. College (CIV￿ Leadershi) Academy) and Social Fams and Gardens. At a local levd the charity engages wilh xtivit*s in the Royal Borough of Kengngton and Chglsea. and parti¢ukaTty in Chelsea and Kings Road area. The Garden engages wlh aetiVTbes re￿ts￿j to tourism. educatson and community initiatives. Garden represenlalives attend meetings and Ic￿1 netJ¥orking events mdL*Jw¥J The Chelsea Society and Cheyne Wak TrLtst. Ttrw V4Drk wlh the Royal Hosprt81, Chdsea. the National Amy Museum and are SUFfJOrted by Cadogan and thg organisalions have formalised a bng-stsnding arrangement into a separate charity registered as Chelsea Heritage Quarter112150161. collaborating to generate inteiest and dfwe visits to Royal Hospitsl Road as a deslinalion. The Direclor and the Commercial Director of Chelsea PhysK Garden are Trustees of Chelsea Herrtage Quarter The Director i¥ a Trustee of The London Gardens Sctiety and the Gardening wrth Disabiltties Tnjst, a Liveryman and Court Assistant crfthe Worshipful CLYnpany of Gardeners and a Fellow of the Linnean Society. She was awarded an MBE foT services to hortulture arKI charty in the New Year's Honours LL8t receiving her award from the GaTden's Palion. His Majesty the King in June 2025. Alms and ObloCtIv8s Purposo and princlpal artiviti•¥ The charity's mission is to'd8mon$trate the medicinal. economi¢. cultural and environmental Importance of plants lo the survival and wel￿being of humankind.. Ils viS￿n is to inspire wonder. wellbeing. and discovery by unrting people with plants that heal. Chelsea Physic Garden caffies out this charitable purFM)se for Ihe publK benefrt by.. providing programmes of learning actrvities. publvtions and events.. maintsining documented ￿ant collect￿nS in label￿d and interpreted displays in an historic Botsnic Garden. defflonslraling the development of the Scien￿ and Practice of hortrullure, bolany and related disciplines thrO￿h the histori￿1 rolg of the garden: and promoting the ifflportance of the ConServa￿n of plant5 and the natural envinnment. The Chelsea Physic Garden Company {a company limite(I by guarantee) Trustees. report for the year •nded 31 D•c•mber 2025 (contlnued) En8urlng the GardM'8 work dellver8 Its alms for publlc benefft In late 2025 the Board approved an ambrtious ten year strategic plan. The goals are organised under five headings.. Champi¢)n horticuliural innovation Create enriching exper*nces Culh'vate cu[￿SIty and hfelong learning Reimagine our enwronment Ensure a suStair￿b1e future A detailed Iwo year programme and investment plan has teen agreed whilst further prcgress ot the Garden's capital- built maslerplan is devew. The princ¢pal Ferfofmance ind￿alOrS in the Flan I￿lUde.. Total footfall., Number of Voluntee Number of FrEnds reuuited Pro9￿sS of the Leamin9 Strategy stakehohder Engagement Environmenlavsustainabilty bas81ine Collect•)ns careleonservation prcMJress The Impact Rewt ts available to view at wMv.chelsea rden.co.uk Key hi9hlights include.. The Garden was fornialty accredited as a Botanic Garden by 8otanic Gardens Conservation International IBGCII. recognising the charity's commitment lo best wact￿e in plant conservalKJn, collections Ca￿ and public engagement. The accreditat￿n marks an important Thment in th8 Garden's continued evolutk)n as a modern botanic garden and reflects sustained work aeross the organisakn.on lo strengthen collections care. embed b*)security and plant records best practice and also devek)p a dearer conservation focus. 2025 also saw an audit of the Garden's biodiversty, and a survey of the important and dNerse tRe C￿lleCts.0n. The major woiect 'Pathways lo knowledge, was eompleted, wh￿h resulled in resurfw'ng existing gravel paths with a more accessible materk41. A programme of new visitor inlerpreL*ion was cc*nmissioned to sUPPOrt this prqect and as part of the w*Jer roll-out of new signage. Public benefit 8tatemont The eharty Tnjslees consider that they have coffolied with their duty in seCt￿n 17 of the Charities Act 201110 have due regard lo Public Benefrf( guKJance published by the Charity Commission and that the benefits that the charity provhles are not unreasonabty restr￿ted. The Trustees ensure the charty delNers public benefft by: admitting the public to the Garden on payn￿1 of an admission charge maintaining 8 Fr￿ndS scheme providing a range of leaming and public piogrammes on and off-site working with partner organisalK)ns to idenbfy groups thal would benefft from communty membership access site and collections inlerpretab.on publutions and digital res¢)urces provKling guided tours, visitor services and onvline access The Chelsea Physic Garden Company {a company Ibmrted by guarantee) Trustee¥. report for the year ended 31 Decembor 2025 (Mntlnued) Activltles The chaity's aim is lo demonslrate horticultural and t￿)tan￿al excellence in the presentstion crf the Garden, vthilst interprebng il in an inlergsting and way. The gardening tsam works lo refresh hOrt￿￿lIUraI displays and, whilst the layout of the Garden remains largefy unchanged, wKler actiwlies ensure that visitors and learners are engaged throughout the year through seasonal planting, exhibiiK)ns. and collaknbons Ihat seek lo share Ihe collection$ in n8w ways. Maintenarbce and redeCorat￿n work continues annualty, particulaty in the short pèriod of cbsuTe in earty January. ensuring that we maintain standards of preSentat￿n pending any major refurbishment. The Garden has been open to vislor5 eleven months of the year. six days a ￿￿k, it rnaintains longer opening hours 111 am- 5pm) bety￿en April arsd Oclober and has evening openings in Juty and August. Saturdays are exclusively rese￿ed for private hire although this will change in 2027 when Saturdays will become a publ￿ o￿n day. In 21T25 the Gar(len wekclngd 60.830 visilor$143.499 in 20241 and an overall fooffall total of 74.605 vi5ilors12024.' 56.268) including day visitors and attendees of vksitor enhancement events such as the Chelsea History Festival. Chnstmas Fair and Lates. The nwnber d Friends membershps at 31 December was 5.90516.094 in 2024). Income from ccffimercial lettings foms a significant part of the charity's income. Infom)ation reLating lo privats hire and to the Garden's PltbI￿ programme of actNrties t5 F*)sted on the website and is promoted via the monthty e- newsletter. Venue hire and a range of public pwramme activil*s have tsken Pla￿ throughoul the year. The agreement Octopus Publishing conts'nues to devdop product under the Garden's lrndemark. The additional benefit added lo the Fr￿ndS scheme with reciprccal complimentary access be￿een the gardens of the Royal Botanic Garden5 Edinburgh and Chelsea Physic Garden is proving popukr. The Garden has continued lo deliver leaming both onsrte, offsite and onh"ne. There ha5 been an increase in the delivery of activities through a programme of communty partnerships. The lotsl number of schools. lertiary and ommunity participants for the year was 5.33012024.. 4.1601. In additK•n, we welcomed a further 9,62512024.. 7.145} partieipanls lo one of oui public programme activities throughout the year. which include summer outdoor music. inleraclive thealre. a family ach.vty day or a workshop on chocolate making or herbal remed￿$. This gave us a total of 14.955 attendees during 2025 (2024. 11.305}. A marketing campaign to drive visits frtjn the UK has been beneficial and seen as contribulirvj to the increase in vists offsetbng what remains a Ch￿￿ngIng overseas touT￿t markeL The Chelsea Heritage Quarter. the initiative telween Ihe Royal Hosytsl. Chelsea. the Nattinal Army Museum, Cadogan Eslales and the Garden has been fomalised into a separatety wislered charity. Each party conlribules funds. and there is a separate Director and Programme Manager appointed to lead on cA￿rdinating the activity for the quarter. Volunts•ws The Garden's team of volunteers prCN￿es irNauable support across the chanty. and the Garden conlinualty looks lo diversfy the xtivr¢ies in which volunteers are invofved. Work has been ongoing lo diversify how volunteers are reciuiled and ensure the ongoing training and support for existing and new volunteers. Of the 196 regislered volunteers 132 were xlive over the year. conlributsng 6.639 hours of volunteered time. The fomRr Youth Panel have evolved lo become 'Young Producers. and are conlritMJb"ng lo the Leaming team's efforts to attr&t young audiences producing conlenl for the websrte antl socpl channels. The Chelsea Physic Garden Company (a company limrted by guafanteel Trustè•8' report for the year ended 31 December 2025 (continued) Fundraising Statement Section 162a of Ihe Charilvs Act 2011 requires charities to make a statement regarding fundraising actwilies. Aithough we do not currently undertake WKlespread fundraising from the general public. the legislalion defines fundraising as"501￿lI1￿g or otherwise procuring money or other propety for Charitab￿ purposes." We have an on-line donation page for the public to make ¢S)nations lo suFwrt the Garden fundraising appeals. At 31 December 2025 £5,929 12024.. £8551 had teen recwved from website dOnat￿nS. Such amounts received are presented in our accounts as"voluntary income. and can indude legacies and grants. In reLglion lo the above it is confinned that all solictstions are managed intemalty. with¢￿t involvement of commercial participators, profeswonal fvndfai8ers. or third parties. The day-l￿1aY management of all In￿Me generation is delegated to the senw management team. who are accountable to the Trustee5. The charity is registered with the Fundraising Regulalor which govems all its frJndraKsing ¥tivty in addition lo folbwing The Code of Fundrwsing PTactKe. The charity has receNed no foimal complaints in relation lo fundraising acb'vities in 2025. The charity monitors the activit￿$ of ils empbyees. including those resWns￿le for fundraising. through wular reports.ng lo Trustees. Prln¢ipal Funding Sour¢ Income is principalty gengTatwJ by the charity throu9h philanthropy and fundraising aclrvities, charging visitors admission lo enter the Garden. from annual subsuiplions frThn Friends of the Garden and frrjn the public programme. In addrtion. the C(￿Mera￿ acb'vities of CPG Enterprises Limii&J make a ggnifKanl contribution to the funding of thg harity. The Charity hokls long-lem invesknents in the fomi dan ErK4Ch￿ent Fund. This fund was eslabltshed bgtwe8n 1983- 87 fr￿n a fvndraisiry appeal vthich attraded thsnations frcth individuaL8 and charitable trusts. The Trustees have determined that the fund is expendable %Mth both wital and incoff* teing available to use al the Twstees, discretion in support of Ihe Charty's As al 31 De￿ber 2025 the en(19%￿ent fund value was £4.159,783 {£4.091,245 in 20241. Trusts and Major Donorn X125 The Garden is fortunate lo have Ihe supwl of a number of charitable trusts and foundations together with ir￿1VIdual5 who make donations SUFPOrting capital works and charitable activities. In 2025 notable gfanls and donations wer& received fr(Mn. General Ancasler Trust Brilwell Trust Craig Swick Prof Dianne Ethvards James and Shirley Sherwood Foundation John Armitage ChaTilable Trust John and Diana Kemp-welch Charilable Trust Joseph Rochford Gaidens Limrted The Maslei CharitatAe Trust Christin& and Slefan Ri8senfek Riverslone Living Le$1￿ Rogers Sh)ane Stsnley Tesco Bags of He¥) And Chelsea Physic Garden Patrons The Chelsea Physic Garden Company (a company ￿"Mrted by gLbaranleel Trustees, report for the year end￿ 31 Oecember 2025 (continued) Trusts and Major Donor4 2025 (continued) Hortlculture. Horticulthral Tralnees and Garden Projects Barbara Whalmore Charitabk Trust ERANDA Rothschild Foundation Rick Mather David Scrase Foundation Dr Martin Schoernig 8lodlvorslty Audtt Catherine Afmitsge Eddie Dinshaw Foundats'¢)n Grelna Charitable Trust And everyone who gave lo our Green Horrzons appeal Learning and Engag•m•nt Proi•cts BAND TTUSt The D'oyly Carte Charitable Trust Natsorbal Lottery Community Fund The Royal Borough of Kensington and Chelsea R.U.B. While Charitabbe Trust Sir James Scoll And everyone who gave to our bc*)k conseNation appeal Capltal Works Julia Rausing Trust And all our donors who wish lo remain anonymous. Invostment Policy The Inveslff*nl policy tthes into consideratw)n Charity Commtssion Guidance CC14. The polw addresses the haiity's endowment funds and unrestricted reserves including cash and short-lemi investments. It delegates investment Strategy lo the Finance, Operations & Audrt Commthee (FinOp51. A specialist Inve51menl Fund Manager IIFMI. Sarasin & Partnefs LLP, is ￿sponSIb￿ for the invests))enl of the chanty's endowment fund in accordance with an investment mandate set by Finops. The inveslment mandale is lo provide a level of annual income lo help support the running of the charity. whilst also kd(ing lo achieve long-lerm captsl growth of the funds. All investments are monrtored by n￿inated memters of Finops and all banks. IFM$ dep)wt a￿UnIS are revivwed annually. Towards the end of 2025 a revw was undertaken ofthe provisK)n of professional adv￿ and serv￿$ ofth8 $pe¢iali$t Investment Fund Manager for the charity and invttalions for the provision of the service invited from suitable alternative fund management servw. From early 2026 the charity has appointed Cazenove Capital to manage its investsnent fLTrnds. Finan¢l•l review The results for 2025 show a net deficitof £385.033 before gains on investments, Ihis compares lo a deficit of £148,752 in 2024. A rÈt deficit during 2025 (after unreali5ed gairbs) of £316,495 cc¥npared wtth a surplus of £182,614 in 2024 The Garden's trading subsidnry. CPG Enterwises Limited. shry*ed a pre-tax profil 01 £444,857 (2024.. £462.773}. before a donation under deed of covenant was made to the Garden. Total unrestricted incwie is £2,053.455 {2024.. £2.049.528). Income from unrestricted donab'ons was £162.227 12024.. £225.430). restr￿ed irtome was £189,9C6 {2024 £430,451). legaryes t¢)tsling £0 were recgive(l in 202512024.. £26.WOI. The Chelsea Physic Garden Company (a company limited by guarantee) Trustees. report for the year ended 31 December 202S (￿ntInued) Flnanclal Revlew (confinued) Income freffl letting rts)ms. extemal events in the Garden Commiss￿rt on the café is £552,92412024." £590,644). vhich is 25% 12024 - 24%) of total income. Income frryn the Frie￿18 annual subscriptK)ns was £302,373 12024.. £302,831). Total expendrture in 2025 was £2.628.394 (2024 - £2.628.731). Spendng 15 constallt￿ reviewed to align wth the Garden's needs and obj'ectives. ReseNtrs Total frjnds at the year*nd amount to £7.720,65012024.- £8,037.1451 of which £2,370,48612024-. £2.772,1231 can onty be used for restrthtl purwses as stipulated by the donors. The assets and liabilities attributable to the various funds are shown in not￿ 18 and 19 to the financial Statements Wh￿ akn describe the varHJu5 funds of the charity. Unrgslricte(I funds amount to £5.350.164 (2024.. £5,265.022}. of vjhith £272,264 (2024- £221,529) are free reserves as the Trustees Cons￿er the elldowment funds of £4,159,78312024." £4,091,245) lo be available only in exceptional circumstances. The Charty relies on the income generated from Ihe$e long-term inve$tmenls land from its ¢)wn activiliesl for the day-t￿aY upkeep of the Garden and for capital growih lo ensure continued income generation in fulure years. Other funds amtyjnting lo £488.76412024." £591.3101 have been desKJnated by the Trustees for Specif￿ pury￿Se5. These funds are deswjnated for caprtal reJJeveloFrfnent and Specif￿ rnaintenan￿ works. Th8 Trustees maintain a iisk-based reserves p)Iw. The four key risks with the potential lo impact the charity's reserve5 were identified arKI their 1&ke￿ financial impact assessed. Cyber-attaGk, phys￿81 damage lo the G8rden, business inlerwplion owing lo a natural or man-mwje disastrous event and loss of key staff were the risks identified and the likely cost assessed. Based on a review of the charty's sources of Ir￿ome the Trustees are salisf*d that there is suificient diversity that the risk of income being impacted swJnificanty by exlemal factors is k)w erKJugh that no a¢Jditional reserves need to be allccated for this. Seasonal fluctuat￿n3 in operatKJnal cash in- and out-flows also need to be considered and cashflow forecasls confimi the recommendation in the reserves policy that free reserves of be￿en £200,000 and £300.000 should be set aside for this purpose. Free reserves al the year-end are Q72,264 which is within the range of the free reserves policy recommendation and Trustees are satisfied with this position. Risk Management The Trustee5 activety review the major risks which the Charity might face, in particular those relating lo governance, reputstion, operations and finan￿. As part of the risk montloring infraslfuclure the charity maintains an aclNe risk [￿l$ler. busin8s$ continuity and disaster plan. These are regulaty reviv•4ed lo ensure relevance. The charity annually iews its insurance PTOViSK)n including the type of cover and overall levels of cover. The Trustees believe that maintaining adequate free reserves combined with regular revie•VS of the controL8 over key fi'nancial systems provKles SUff￿￿ent prolecbon for the charty in the event of adverse opgratrng conditions. rnngst the most serious risks listed in the current risk register we". Cyb8r attack This might resull in kiss of access tr) vital IT syslems. crmpr(Mnise of Ihe personal data of Friends, visrtors and others or financial105s a5 a resutt of virus or ransc*rbware attad(. Our response is to review our IT security conlinuousty. to ensure safeguards and staff trainitvJ are up to date. To the extent that cyber risks can be insured against we have that cover. The Chelsea Physic Garden Company (a company Iimrted by guaranleel Trustee5' report lor the y•ar ended 31 Docember 2025 (contlnuedj Risk Management {conlinued) Unauthori8ed ac¢es8 to the Garden and Iwlldlng8 by Intrudevs for the purposes of theft or v*nd4lism Our response to this includes physul aThJ monitored securty systems. e￿ctroniC access controls and CCTV. We are insured against the ￿tentIal finanoal loss that ctyjkj result from such an event. An unfor•s•on disastrous evont Thi5 myht tske the form of a natural di8aster or an %t of temrism. for example. The Garden has a Business Continuity P￿n which would enable key personnel lo continue lo wcwk offsite with access lo bad(ed up systems. Full records of the living collec￿nS are maintained shoukl necessary to recreate them. Impact of climat• chang• on the living collection This is largely outside our conlrol but a¢lions can be taken, and we have commissioned a report on sustainability to Klentfy how we can achieve"earton neutralty" and by when. We review our plant eolleelions to ensure we can maintain a ¢olk%lM)n in line wilh our mission as an organisation but that rJ more resilient lo a changing clwnate. Golng concern In assessing any lasting impact of finanual pressures brtyjghl about by rising inflation and consequent price ine￿ase$ on The Chelsea Phy$K Garden Company group, lh8 Trustees have ￿nSIdered all Ihe matters de$crib8d in the Trustees. Report. including the group'5 operakn"ons, the impact on subscript￿n$. donations, and other trading actm'lies. as well as the impact on the group's invesknent portfolio. lrt part￿VIar, to support the Trustees, assessmenl of the sU51aina￿.Ity of the group'5 activities, mana3emenl continues lo prepare quarterly cash-flow forecasts based on assumptions. through to the end of 2026. The major revenue and experbditure budgets are tracked on a monlh-by- morbth basi5 to check actual against bud9eL which is used to adjust the forward assumptions for incorne and expenditure up lo 12 months from the signing of these ￿nIs. The analysis undertaken shows that the group remains cash positive Ihroyghoul withoul need lo 14uvJale any of the chanty's investrnenl portfo￿.0. CPG Enterprises Ltd, the wholty owned subsKliary which undertakes certain comme￿Ial trading activities of the group, has been subjected lo a separate stress test for a penod whth extends forward to the end of 2026. Prov￿ed that trading activities ordinarily undertaken by CPG Enlerprises Ltd can be und&rtaken. Ihe stress test demonstrates that, Ihroughoul. the trading company remains an independent company. At the dale of syning these financial statements, forecasts indicate that the Group will be ab￿ lo maintain liquidity for a period of al least one yeaf following the dale of signin9 of these financial statements and will therefore be able lo continue lo trade as a going corbcern. The Trustees therefore consthr that no materral uncertainty exis15 in reLalion to going concern for the Group. Plans for Future Perlod8 The Trustees continue to develop and refine plans for a phased approach lo an archrtectural maslerplan to improve and refurbish visitor, hOrticu￿￿ra1. and leaming f￿￿￿eS and infrastructure. as well as lo enhance overall accessibility and experience for visilors. The ten-year strategy 12025-2035) fcuses on the Gar(len's role to thampion horticultural innovatKJn. horticultural craft and the Garden'5 role lo safeguard biodiversty. 11 recognises the opportunity the Garden has lo create enriching experienc8$ and to wekome a greater diversity of people. enabling them to find wellbeing in the natural workl. It acknowledges our longstanding role to cultNate curiosrty and inspire Irfe￿￿9 leamirrfJ by conn&ting people with nature. The strategy wll be enabled by us reimaging our natural. built and d￿rtaI environment and regenerating our eslale to enhan￿, protect and sustain our green space and through this ensuring that we are sustainable in future. environmentally socially and financialty. In February 2026 the Board approved the first Iwo years of seed funding from designated funds arml reserves to advance thes8 plans. 10 The Chelsea Physic Garden Company (a company limited by guaranteel Truste•s' r•port for the year onded 31 December 2025 (contlnuedj Plans for Future P•rlods I¢￿1￿e￿) Architects. and a small number of specialist consultants have teen commissioned to support the work expected to bg develop*d throughout 2026 and beyond. Other capital tvojetas are Trmxlesl in nature arKI only commence when full cost funding is in place. Carfoon Footprlnt A Suslainabilty Framework is being deveknped which wll cover accessibility, biodNersity, energy, waler, materials. wasle and pollution to provide a benchmark by whth the Garden can track. redu￿ and miloate its environmental footprint. Pay policy of sollior staff The Appointments, N(yninalions & Reward Committee is responsible for annually reviewing the pay and conditions of staff including volunteer reward and reccgnf(ion. Benchmarking is undertaken within the relevant sector of all vacant roles prior lo re-&Jvertising. Tru8tO•8' r•spOn8lbllltl￿ statem￿t The Truslees are responsibl8 for preparing the Trust8es' reFMyt and the financial statem8nts in accordance with applicable Law and regulation5. Company and charity requires the directors to prepare financial statements for each financial year in accordance with United Kingdcxn Generalty Accepted Accounting Practice {Unrted Kingdom Accounting Standards and applicable l. Under company and charity taw the Trustees mu51 not approve the financial statements unless they a￿ satisfied that they give a true and fair view of the stste of the affairs of the group and parenl charity and of the incoming resources and application of resour￿. including lis income and expenditure. ol the group for the year. In praparing those financial statements. the directors are required to" sekcl surt*k ￿cOUnt￿9 pokw and then appty thwn consistenlty. make judgements and accounts"n9 ¥kn"mates that are reasonable and prudenc and prepare the financial stslements on the ￿ng ccfflcem basis unths it i8 inaFpropnate lo wesume that the charity will continue in business. The Trustees are iespon&ble for keeping adequate accounting rec(ffds that a￿ sufficient lo show and explain th8 charity'$ transactions and discbse with reasonabk accuracy al any lime the financral position of the group and parent charity and enable them to ensure that the financial 51alements eompty the Charities Act 2011 and Companies Act 20¢%. They are also respty)sible for safeguar(ling the assets of the group and parenl ¢harty and hence for taking reasonable steps for the prevertt￿n and deleetKJn of fraud and other i￿gularItIes. Provision of Information to audbtov¥ Each of the persons are Trus19es at the time when ihe Directrys. report is approved has ￿nfIrmed Ihal.. so far as that Trustee is aware, there is no relevant audrt inf0m￿li0n of wh￿h the charity's auditor is unaware,. and that the Trustee has taken all the steps that ought lo have tttn taken a5 a Tru51ee in order lo be aware of any information needed by the charty's auditor in conneclr)n ￿th preparing their report and lo establish that the chaTily's auditQT is aware of that informatKJn. The Chelsea Physic Garden Company (a company limited by guarantee) Trustegs. report for th• y•ar •fided 31 December 202S (continued) Audllors Moore Kingston Smth LLP ￿11 be proposed for re-appointrnent in accordance with section 485 of the Companies Act 2006. Small company exemplion This report has been prepared in a￿ordanCe Wbth the special Provisions of Part 15 of the Companies Act 2006 relating lo small compan*s. This rèport was appTovgJ by Ihe Board on 12 May 2026 and signed cffl bts behaw by.. Sarah Flannigan Trust 11 Kenney Trnstee 12 The Chelsea Physic Garden Company la company limited by guarantee) Ind•pendent auditorfs report To the Directors of The Chelsea Physlc Ganlen Company for the year ended 31 Decombor 2025 Oplnlon We have audited Ihe financial slalemenls of Chelsea phys￿ Garden C¢)mpany (the 'parenl charilable company, for the year ended 31 December 2025 which comprise the Group Ststement of Financial Activities, the Group Summary Income and Expenditure Accounl. the Group and Parent Charilable Company Balance Sheets, the Group Cash Fbw Slalemenl and notes lo the financral sL*ements, including signrficant accounting policies. The financial reporting framework that has been aFvled in their preparation is aPplUb￿ and United Kingdom Accounting Standards, induding FRS 102 'The Fina￿101 Reporting Standard Applicabl8 in the UK and Republic of Ireland. (Unrted Kingdom Generalty Aecepted Aceounling Prath"ts). In our opinion the financial slatements-. give a true and fair view of the state of the group and the parent charitable c(ynpany s affairs as al 31 De￿rnber 202S and of the group's incoming resources and applicatK)n ol resources, including Ils income and expenditure. for the year then ended., have been propety prepared in accordance with United Kingdom Generally Accepled Accounting P￿IKe., and have been prepared in accordance with Ihe requiremenls of the Companies Act 2¢X6 and the Charities A 2011. 8*818 for opinion We conducted our audit in accordance with InlematbJnal Standards on A￿lling (UK) {ISAs {UKI} and appI￿ab￿ law. Our responsibilities under those stsndards a￿ further descr￿ in the Auditor's Responsibilities for the audit of the rinancial statements section of our report. We are independent of the charitable cornpany in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilitr.es in accordance with these requirements. We believe that the audit evidence we have obtsined is su￿lent and appropriate to provide a basis for our opinion. Conclusions rnlating to going concthi In auditing the financial stalernents. we have concluded that the trustees. use of the going concem basis of accounting in the preparalK)n of Ihe financial slalements is aPpropr￿le. Based on the work we have perfonned, we have not Klenlrf*d any material uncertainlw re￿Ing lo evenls or condith)ns that. indivhlually or collectivety. may ca51 sunrficant doubt on the group and parent charitable company's ability to eonlinue as a going corKern for a pernd of at ￿89t twefve months from when the financial stalemenls are aulhorised for rssue. Ovr responsibilities and the resWns￿ltltles of Ihe trustees with rest*¢t to g￿r￿j ￿Cern are described in the relevant sections of this report. Oth•r infomiation The other Infomiat￿￿ comprises the infOrMat￿n included in the annual le￿rt, other than the financial statements and our auditorfs report Ihereon. Ttre trustees are responsib￿ for the other infofm8tK)n contsine(I within the annual report. Our opinion on the financial statemenls does not cover the other information and. except to Ihe extent otherwise explicitly stsled In our report, we do not expres5 any form of assurance conclushM thereon. Our responsibilty is lo read the other inf0m￿tiOn and, in doing so. consider whether the other information is materially inconsislenl with the financial stslemenls or our knowWJe obtained in Ihe course of the audit or otherwise appears lo b8 materially misstated. If we identfy such material inconsistenc￿S or apparent malwial misstalernents, we are required to determine whether there is a material misstslemenl in the financial statements themselves. If, based on the work we have performed. we C￿Clude Ihal there 1$ a material misstatem8nt of this other information, we are required lo rewrt that f 13 The Chelsea Physic Garden Company (a company limrted by guarantee} Ind8p•ndant audito￿5 rnport (continu￿) To the Directors of The Chelsea Physlc Garden Company for the year ended 31 D•¢•mber 2026 We have nothing lo rewrt in this regard. Oplnlon8 on olher matters pre8crfbod by the Companlgs Act 2006 In cmjr opinion. based on the work undertaken in the COU￿ of the audit.. the Informal￿n given in the trusieg5' annual report lor the financ￿1 year for wh￿h the financkil statements a prepared is consislenl ￿th the financial stalements. and the twstees, annual report has b8en prepared in a￿da￿e with appluble kgal requirements. Matters on whlch we are requlrgd to report by ox¢eptlon In the light of Ihe knowledge and understsnding of the group and parent charitsble company and their environment obtained in the course of the audrt. we have not thntrfied material misslalements in the trustees, annual report. We have nothing to re￿rt in resF*rt of Ihe foltowing matters where Ihe Companies Act 20Cfj and the Charities Act 2011 require us to report to you if. in our opinion-. the parent charitable company has not kept adequate and SUff￿lent accounting recorts. or returns adequale for our audit have not been receN9(I from branches not visrted by us.. or the parent charitable company's financHI statements ¥e not in agreement wÉth the accountirvJ records and returns.. or certain disclosures of trustees. remuneratK>n Lqw are not made" or we have not receNed all the inf0m￿tK)n and explanations we require for our audit., or the trustees were not entitled lo piepare the firkinc￿l statements in accordance with the small companies ime and tske advantage of the small companies exempti￿ in preparing the Twslees, Annual Report and from preparing a $trategic reporL Rosponslbllltlgs ol tni8tO08 As explained more fully in the trustees, responsibilths statement set out on page 11 the trustees (who are also the directors of the charitable company for the purposes of company lawl are resp￿￿b￿ for the preparation of the financial statements and for being satisfied that th8y gtve a true and fair view, and for such internal control as the Iruslees delemine is necessary to enable the preparation of financol stslemenls that are free from material misstatement, whether due to fraud 01 e￿0[. In preparing the financpl slalements, the trustees are responsible for assessing the group and parent charitable company'5 ability to continue as a grjing COn￿r￿, dBclosing. as applicable. matters rekqled lo going concern and using the going concern basis of accounting unless the trustees either inlend to liquidate the group or parent charitable ompany or to cease operatKJns. or have no realisbc alternative but to do so. Audltorfs R•sponsibiliti•$ for th• audit of th• financlal stst•m•nts We have been appointed as audrtor under the compan￿ Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those fv£ts. Our objectives are to obtain reasonable assuran￿ abotrt whether the financial statements as a whole are free from materhql misststemenl, whether due lo fraud or error. and lo issue an auditor's rewrt that includes our opin*)n. Reasonable assurance is a high level of assurance but is nol a guaranlee Ihal an audit conducted in accordance with ISAS IUKI will a￿VayS detect a material misstatement when il exists. Misstalemenls cari arise from fraud or error and are conS￿ere￿ material rf, indNidually or in aggregate, they could reasonabty be expethd lo influence the Konomi decisions of usef5 taken on the basis of these financial statements. 14 The Chelsea Physic Garden Company (a company Imnrted by guarantee) Ind•p¢nd•nt auditorf¥ report (￿ntinued) To the Dire¢tor5 of The Chelsea Physic Garden Company for the year ended 31 December 2025 As part of an audit in accordance with ISAS (UK) we exercise professK)nal judgement and maintain professional sceplicism throughout the audit. We aL80.' Ident￿ and assess the risks of malerial misslalement of Ihe financial statements, whether due lo fraud or error. desgn and perfom 3udtt pr¢)cédures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The rrsk of not detecting a material misstalemenl resulting from fraud vs h￿her than for one resulb.ng from error. as fraud may invofve collusion. fotgèry, tentK)nal omissions. misrepresentations, or the override of inlernal control. Obtain an undersLinding of internal control relevant to the audit in order to design audit procedu￿5 that are appropriate in the urcumslances, bul not for the purposes of expressing an opinion on the effe¢liv8no$s of the group and parent charrtable company's intemal control. Evaluate the appfopriateness of accounting poI￿leS used and the reasonab18n8$s of ¥counting estimates and related dis¢k)sure5 made by the trustees. Conclude on the aFpropriateness of the tnJstees' use of the going coneem basis of actounling and, based on the audit evidence obtained. whelhei a mateiBI uncertainty exists relaled to events or Conditions that may cast synrficant doubl on the group and parent charrtab￿ company's ability lo continue as a going concern. If we conclude that a material uncertainty exists. we are required lo draw attention in our auditor's report lo the related disdosures in the financial statements or. rf such disdosures are inadequate. lo modify our opinion. Our conclusions are based on the audrt evNJence ¢)blained up lo the date of our auditor's rep)rt. However, future events or conditions may cause Ihe group or parentcharitabk company lo cease to continue as a going concern. Evaluate the overall presentation. Strudure and content of the financial statements, inclLKling the disckjsures, and whether the financial statements represent the undeitying transactions and events in a manner that a¢h￿V&S fair presentalw. Obtain Suff￿lent appiopriale audit evKlence regarding the financial Informal￿Tr of tho enlities or business actwities wilhin the group to express an opIn￿n on the consolidated financkal stalemenls. We are responsible for the direction, supeNsp)n and perfomance of the group audit. rèmain solely responsible for our audit report. We communule with those charged wilh govemance regarding. among other matter5, the planned scope and liming of thè audit and signrficanl audit findings. inc*Jding any signrfKant der￿lenCieS in intemal control Ihatwe identrfy during our audit. Explanauon as lo what frxtont tho audlt was consldered ¢4pabh of d•txting irr•gulariti•s, including fraud Irregularities. including fraud, are instances of non-ccmplonce with laws and regulations. We design procedures in line with our r8sponsibilitie$. oullined above. to detect material misstatements in respect of Irregularit￿$. including fraud. The extent to whKh our prCtedU￿S are eap*te of detecting irregularitres. including fraud is detailed below. The objectives of our audit in respect of fraud. are," to hYentfy and assess the risks of material misststemenl of thg financial statements due to ftaud., lo obtain sufficwt appropriate audit evhlence regarding the assessed risks of material misstatement due lo fraud. through designing and implementing appropriate responses lo those assessed risks," and to respond approprialety lo instances of fraud oi sus￿¢ted fraud Klenlified during the audit. However, the primary responsibility for the pfeventKJn and deteCt￿n ol fraud Tests with both management and those charged with governance of the charrtable cx)mpany. 15 The Chelsea Physic Garden Company (a conwany limrted by guarantee) Independent audilovs report (¢ontinugdJ To the Oirectorn of Thè Chelsea Physlc Garden Company forthe year ended 31 Docombor 2025 Our approach was as fdlows.. We ci)tained an understsnding ofthe legal and ￿ulatOry requirements appl￿ble to the Charitab￿ company and considered that the most synificanl are the Cofflpanies Act 2006, the CharitEs Act 2011. the Charity SORP, and UK financial reporting stsndards as issued by the Financial Reporting Council. obtained an understanding of how the charitable company ￿MPlieS with these requiremgnls by discussions with management and th)se charged with govemance. 1Ole assessed the risk of material mt5Statement of the financial statements. including the risk of material misstatement due to fraud and htY4V il might occur. by hokling discussions with management and those charged with governance. inqui￿d of management and those charged wilh govemance as lo any kn¢xn instances of non- compliance or suspected nor1llcompl￿n￿ wrth laws and rogulatKJrts. Based on this understanding. we deggned specffic appropriate audit procedures lo identify instances of non- complkgnce with ￿w$ and regulatsons. This Ir￿￿ded making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit w￿lU￿S described above. are ￿ like￿ to become aware of instance5 of non-ccffj￿iance wrth laws and regulations that are notcbsety related to events and transactions reflected in the financial ststemenls. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate ￿ncealment by, for example. forgery or intentional misre￿Senta1I)n5. or through collusMM. Use of our report This report is made solety to the charitabk company's members. as a body. in accordanee with Chapter 3 of Part 16 of the Companies Act 2006 and. in respect of the consolidated financial ststements, lo the charity's Irustees, as a body, in accordance wrth Chapter 3 of Part 8 of the CharIt￿S Act 2011. Our audit worf( has been undertaken so that we might state to the charitable Cfxnpany's members and trustees those matters which we are required lo slate to them in an audrtorfs report and for no other purpose. To the fullest exlenl pemiitted by law. we do not a¢¢ept or assume restK)nsibilily to any party other than the Charitab￿ company. the d)aritab￿ company's members, as a body. and the charity's trustees, as a bc*ly, for our audit work. for Ihis report, or for th8 opIn￿n have formed. oor& IziOaS kn £.,k4 LLP Samir Chandoo IS•n•or Ststutory Auditor) for and on behalf of m￿)re Kingston Smith LLP. Sialutory Audrtc Dale.. 27 May 2026 6th Floor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligble to xt as auditor in t8ms of Sedion 1212 of the Companies kl 2￿6. 16 The Chelsea Physic Garden Company (a company h"mrted by guarantee) Consolidalod ststern?nt of financlal a¢tl¥itlos lincluding consolidatod income and expenditurn account) for the year ended 31 December 2025 Note Unrestrlcted Endowmont Restrtclod Funds Funds Funds Total 2025 Total 2024 Income from . t)onations and legacies Other trading actNities Challlable aetivities Other income Investments 162,227 1,079.860 671.806 2,569 136.993 189,9C6 352.133 1,079,860 671,8C6 2,￿9 136,993 655,881 1.061,353 594,798 225 167,722 Total income 2.053.455 189.9( 2.243,361 2,479.979 Ex￿ndIt￿re On: Charitable activit￿8 Raising funds 1.586.568 450,283 591.543 2.178.111 450.283 2,175.101 453,630 Total Exponditur• 2.036,851 591,543 2,628.394 2,628,731 Not l•xp•nditurell In¢om• before gains, lo¥¥¢¥ arHI transfor8 16.604 1401.6371 {385.033) (148,7521 Net gains on inve$tmenl$ 13 68,538 68.538 331,366 N•t surplu￿(d￿iCIt) before transfers Transfers be￿een fvnds 16.604 68,538 (401.637) 1316,4951 182.614 18 N•1 movfrment In lund8 16.604 68.S38 (401.637) (316.495) 182,614 Reconciliation of funds Total funds brought fO￿ard al 1 January 2025 18 1,173.777 4.091.245 2.772.123 8.037.145 7.854,531 Total fvnd$ carried forward at 31 Docember 2025 18 1.190.381 4,159.783 2.370.486 7.720.650 8.037.145 All results are defNed from continuing activities. The group has no olh8r recognised gains and losses other than Ihose stated above. The notes on pages 2110 41 form part of these ￿anCIal Ststements. 17 The Chelsea Physic Garden Company la company limrted by guarantee) ConsolSdat•d balaTrce sheet at 31 December 2025 Comp•ny numb8rO1690871 2025 2025 2024 2024 Note Fix•d as$•ts Tangible assets Investments 12 13 2.414,798 4.159,783 2,284,057 4,091,245 6.574.581 6,375,302 Cuirent as8ets Stocks Debtors Cash al bank and in hand 14 15 21 23.837 93.640 1.531.654 22.901 81,913 1.956,628 1.649.131 2,061,442 Cr•ditors: arnounts falling du• within one year 16 {503.￿2> 1399.S991 Net eurrent a8set* 1.146,C69 1.661.843 Total assets les8 current Ilabllltl•8 7.720.650 8.037.145 Net assets 19 7,720.650 8,037.145 Funds Unrestricted Genèral Designated Endowment funds Restricted funds 18 18 18 18 701.617 488,764 4.159,783 2,370,486 582,467 591,310 4.091,245 2,772,123 Total funds 18 7.720.650 8.037.145 These finanoal statements have been prepa￿ in accordance with Ihe provisions applicab￿ to companies subject lo the small companies regime wrthin Part 15 of the Compan￿$ Act 20￿ and wrth the FinancHI Reporting Standard FRS 102 SORP. The financial stalefflents were approved arKI authorised lor i$5ue ty the Board on 12 May 2026 Sarah Flannigan Trustse 11 Kenney Trust•è The notes on pages 21 to 41 fom) part of these ffinancial statanents. 18 The Chelsea Physic Garden Company (a company limit8d by guarantee) Charlty b•lanc• sho•t at 31 DKember 2025 Company numllar 01690871 2025 2025 2024 2024 Not• Fixed a880ts Tangible assets Investments 12 13 2.376.127 4.159.883 2,232.494 4,091,345 6.536.010 6.323.839 Current a88ets Debtors Cash al bank and in hand 15 21 60.310 1.470,595 151,252 1,850.965 1.530.￿15 2,002.217 cr￿lt016. amounts falllng duo wlthln ong year 16 (350.938) 1293.589) Net ¢urront ass•ts 1,179.967 1,708.628 Total as8•ts l•¥s curr•nt liabillties 7.715.9TT 8,032.467 Nèt assets 19 7.715.977 8.032,467 Funds Unrestricted General DeS￿nated EndowTnent fu￿lS Restricted funds 18 18 18 18 696,943 488,764 4.159.783 2.370,487 577,789 591,310 4,091.245 2,772,123 Total fund8 18 7.71 S.977 8,032,467 As pemiitled by seclion 408 of the Companies Act 20C6, the Parent Charitable CoMpan￿S profil and loss account has not been included in these financial statements. The d8ficit for the year was £316,49512024.. £182,614). Th&s6 financial ststements have been prepared in ￿ance with the provisions applicab￿ to companies subject to the small companies regime bwthin Part 15 of the companies Act 2006 and wrih the Financial Reporting St8ndard FRS 102 SORP. I slalements were approved and authorised for issue by the Board on 12 May 2026 Sarah Flannigan Truste• 11 Kenney Trustèo The notes on pages 2110 41 fomi part of these financial ststements. 19 The Chelsea Physic Garden Company a company limiled by guarantee} Statement of ¢on8olldated flows al 31 Decembor 2025 2025 2024 Note Reconcilialion of net Income to Ilows from operating actlviti•8 Net movement in funds IGainl1105s on investments Investment income Depreciaton LossllProfrtl on disposal of assels Ilncrease}Idecrease in debtors IDecieaseKincrease in credtto Increase)Idecreaso in St￿kS 18 13a 1316,4951 168,538) 1136,9931 165,462 222 156.8711 148,606 19361 182,614 {331,3661 {167,7221 133.814 57,621 (140.382} 3.789 Cash Ilows from opeTats'ng adiviltes {265.5431 (261,632) Cash Ilows from investing activit Inveslmefit income Purchase of propety, plant and equipment 136,993 1296,4251 167.722 1210,2171 12 1159,432) 142,495) Decrease in ¢a$h for the year 1424.974) 1304.127) Cash al beginning of year 1.956,628 2,260,755 Cash al end of year 21r22 1.531,654 1,956.628 The notes on pages 21 to 41 form part of these financial statements. 20 The Chelsea Physic Garden Company (a company limrted by 9Lbarantee) Notes lorming part of th• financial statèments for the year ended 31 December 2025 Accounting poli¢ie* The Chelsea Physic Garden C¢)mpany is a regISte￿d charity and incorFof8ted in England 8nd Wales under the Companies Act 20C6. It is a ccmpany limited by guarantee. The address of the registered office is given on page 1 of the Directors, report. The principal accounling policies ajcpted. iu(53ernents arKI key sourGe$ of estimation oi uncertainty in the preparation of the financial statements are as folknvs." Basls of preparation The financial Slalements have been prepared on a historic cost basis except for the ￿ValUation of nvestrnenls. The financial ststements have been prepared in accordance Accounting and Reporting by Charities". Statement of Recommended Pracbce applicable to charrt￿S preparin9 their accounts in accordance w¢th the Financial Reporting Stsndard applicable in the UK and Republ￿ of Ireland IFRS 1021 (effective 1 January 20191 Charities SORP. Edition IFRS 10211. the Financial Reporting Standard applicab￿ in the UK and Republic of Ireland (FRS 102) and the Compan*s Act 20(E. The charty conskn'lutes a pukAic benefft entrty as deffined by FRS 102. The financial statements are p￿pared in sterling. whth the functional currency of the group. Monetary 8mcAJnts in these financial statements are rounded to the nearest £. Exemptions ftir quallfylng entlll•s under FRS 102 The parent charitable company has taken the folk)wing disclosure eXeMp￿n$. from preparing a slalement of cash Ilows on the basis Ihal it is a qualfying enbty and the group cash flow ststemenl induded within these fina￿la1 statements. include the company s cash flows., and from the financial inslruments disck)sures. required under FRS 102 para 11.40 to 11.48A and para 12.26 10 12.29. a5 the information is provKled in the Group financ￿1 disctosures. Golng In assessing the impact of the cost-of-INing crtsis, inflalK)nary piessures and the recovery of tourism the Trustees have considered all the matters described in the Trustees. Report. including the group's operalions, the irnpael on subscript￿n$, donations, and other tr￿Ing activities, as well as the tynpacl on the group's investment portfolio. To suFprxi the Trustees. assessment of the sustainability of the group's aelivilies. management continues to prepare cash-Ih)w forecasts based on assumptM)n$. through to the end of 2026. The major revenue and expenditure budgets are trac*ed on a month-by-monlh basis lo cheek actual against budget. which 15 used lo adjust the lorward assumptions for income and expendI￿re. The analysis undertaken shows that the group remains cash positive throughout without need to liquidate any of the charity's investment rtfolio. CPG Enterprises Ltd, the wholty uwned subsidiary which undertakes ortain commercial Irading aclivilies of th8 group, has been subjected to a separate stress lesl for a period wh￿h extends lorward to the end of 2026. Provided that trading activities ordinarily undertaken by CPG Enterprises Ltd Can be undertaken. the stress test demonstrates that the trading company remains an independent wng concem Ihroughout. Al the date of S￿nIng these financial statements. the Trustees. for&asls indute thal the Group will be able to maintain liqu￿lIty for a peri(MY of at least one year following the dale of swJning of these financial 51atemenls and will therefore be able to continue to trade as a going concern. The Trustees the￿fore consider that no material uncertainty exists in rela￿n lo going ￿nCern for the Group. 21 The Chelsea Physic Garden Company la conyany limrted by guarantoe} Not•s forniing part of the financial sL*•monts for the year ended 31 December 2025 (contlnuedj Accounting policieg (continued) Basis of ton￿lIdation These finanaa5 statements consolidate the results of the charity and rt5 wholfy owned subsidiary of CPG Enterprises Limited on a line-by4ine basis. A sepmrale Stslemenl of Financial Aclivilies, or income and expenditure account for the charitable company itseff. is not presented in these accounts because Ihe charbtable ¢ompany ha$ tsken advantage of the exemptions offered by Section 408 of the Companies Act 20C6. I￿Orne Donations. grants and hgaei•s Cash (knnalwLs and grfls are In¢￿ded in the Statement of Financial ktivities when ￿nditionS for Iheir re¢gipt have been met. When donors SFecify that donations given to the charty must be used in future aecounting periods. the income is deferred until those periods. For legacies, entitlement is taken as the eadier of the date on which either.. the charity is aware Ihal probate has been granted, the estate has been finalised. and notrfution ha$ been made by the executor{s) lo the Trust that di51rtiulion will be made, or when a di5tri)ution 15 receNed from the eslale. Receipt of a legacy. in whole or ifi part, is only cOns￿ered IVKety when the amount can be measured reliably, and the charity has been nolrfied of the executors intention to make a distributs"on. there legacies have been notified lo the charity, or the charity 1$ aware of the grantrng of probate, and the criteria for income reC￿3n1t￿3n have noi been met. then the legacy is treated as a contingent asset arKI dt5cknsed rf material. Govemmentgrants Govemment grants are rwnised as duè when there is reasonable assurance that." the tharity will compty wlh ￿ condibons allached lo the payments. and the grants will be received Grants recsved for wh￿h condrtions have Tr)1 been satisfied arg tsrrièd in the Balancè Shèèt as crèditors. Comm•rcial trading operation$ Shcp income comprises revenug recognised by the wnpany in respect of goods supplbed, exclusive of Value Added Tax and trade diseounls. Lettings income comprises revenue recognised by the company in relation lo the lettings of Ihe grounds and ass(Kialed facilrty fees. Income from fundraising events is included in the financial stslements in the period in which Ihe fundraising event L￿eS place. Income from royalties cc*nprises of revenue frcth th8 sale and p￿liCat￿ of botani￿1 books. GiftAid The charty owns the whole of the issued Sha￿ capital of CPG Enlerprises Limited. Each year CPG Enterprises Limited pays to the charity. urnjer the proviwns related to Gift A￿. a sum based on the taxable profits of the company. The payment of Grfi is subj.ect to the rv6erves policy of the grfting entity. and the approval of the charity. Gift Aid is recognised on the accruals basis in line with the d*d of covenanL 22 The Chelsea Physic Garden Company la company Iimiied by guarantee) Notes fomlng part of the flnancial Statements for the year ended 31 Oec•mb•r 2025 (contlnuod) A¢countlng policies (conlinuedj Inve8tm•nt In￿ffle DivKlends are included in the Statement of F￿anCIal h£tivities when they are declared. Inlefest 15 induded when receivatje by Ihe group. Income from ¢h•ritsbh activities Admissions are recowised when ￿eNed by the gfOUP. Friends. subscriptr'ons are recognised over the period to which they relate, any relating to future per￿$ is deferr￿1. Lrfe Subscriptions are recognised as Ihey are reeeived. Expenditure Expenditure 15 reeognised on an accwals basis in the penod in which it is incurred. Costs of raisng funds for commerc￿1 trading operalic￿S cornF￿e the costs associated with the ￿tting of grounds and goods supplied. Charitable expendItij￿ comprises those costs incurred by the charty in the delivery of ils aclNities and service5 for its beneficiaries. It includes both costs that can be alk)cated dire￿ to suth activth'es and those costs of an indirect nature necessary to support t￿m. All ￿$t$ including govemance costs *e akKated between the expenditure cate9ories of the charity on a basis despjned to reflect the use of the resource. Costs relating to a particular actNty are charged direclty, others are apPOrt￿ned on an appropriate basis. Fund xcountlng Unrestrlctod funds can bè used in accordance with the Charitab￿ objective$ at the discretion of the Trustees. These include the assets of the trading c¢ynpany. The Trustees use part of the unreslricled funds from time lo time for specrfic pfqects and set up desunaled frjnds lo rellecl this. The Endowm•nt Fund is an expendab￿ Endowment and represents investments and cash whih continue to be used by the Trustees in the best Inte￿1$ of the charity. The endowment fund was established betr4eon 1983- 87 from a lundraising appeal whrh attwted donat￿nS from a number of sources. The Truslees have determined that the fund is expendable wth both eapitsl and incc*ne being availabk lo use at the Trustees, discretion in SUPPOrt of the charity's work. R¢s¢rictsd fund5 can onty be used for the pa￿'cUlar reStr￿d PUr[￿seS wrthin the objectives of the charity. RestfLt￿ns are imwsed by the donor or when funds are raised for specrf*d restr￿ted purposes. The notes lo the financial statements provwje further details. Tanglble fixed assets Generalty, tsngibk fixed assets are capitalised rf they can be used fcy more than one year and cost at 18ast £2,500. They are valued al cost. The charrty does not have a policy on revaluation. a nominal value of £1 is put on the main buiklings and gardens. The freehold of the land and buildings are vwned by the tharty with a Deed of Coven￿1 in place which restricts its use. 23 The Chelsea Physic Garden Company (a company limrted by guafanleel Notes forniing part of the financlal 8tstwnents for the year ended 310ecember 2025 (continued) Ac¢ountiThg policios (conlinued) Tanglble fix8d assets (￿ntinued} Depreciation of fixed as5et5 ￿ charpj at rates estimated to write off their costs over the expected useful lives. The Tates used are as follows.. Buildings Improvements Office fixtures and equipment Horticultural equipment Computer equipment 2% of cosl 10%-20% of cosl 20% of cost 20% of cost 20% of eost Stoc Stock is induded at the lower of o)st and nel realISab￿ value and consists of goods for resale. InvoStm•nts Listed investments are stated at cknsing market value at the ba￿nce sheet date. Unrealised gain or loss is caleulaled as the difference btheen opening and closing market value. as adjusted for a(Idilions and disposals in the year. Investments hekl in subsidiary companies are reeo)nised at cosl. Debtors Trade and other debtors are recognised at the seltlement amount due after any trade discount offered. Prepayments a￿ valu&l at the amount prepakl nel of any trade dtscounts due. Cash at bank and In hand Cash and cash equNalgnls inclLKle cash in hand: (￿$￿5 held at call wth banks and other short-temi liquid investments with orvJinal maturities of 100 days or less. Credltors andptDvlslons CTeditors and provisb)ns are recc#Jnised where thg charity has a present obl¥Jation resulling from a past event that will probabty resuli in the transfer of funds to a third party and the amount due lo sellle the obligation can be measured or eslimaled reliabty. Creditors and provis￿n5 are normally recognised at their selll&mgnl amount after allowing for any trade discounts due. Flnanclal In$trum•nts The gr(￿p only has financral assets and financwl Ikibilit￿5 of a kind that qualty as basic financial instrumenls. Basic financial instr4bments are inltk3l￿ recognised al tranSact￿n value and subsequentty measured al Iheir settlement value. 24 The Chelsea Physic Garden Company la company limrted by guaranleel Note8 forn>lng part of th? financial statements for the year •nded 31 De¢ernber 2025 (continuedj Accounllng poll¢l•s (conb'nued) Leased assets The group has operating kases. Their annual rentaLs are charged to the Statement of Financk41 Acbvilies on a slraight-line basis over the term of the lease. Penslon scheme confrfbutlon The charity does not orefale its own pen%on scheme. Pension costs relate to payments made by the group lo a group personal pension scheme *lminL%tertsl independentty. Estlmates andjudgm•nts There are not considered to be any sMJnificanl estmates and judgements involved in the preparation of the financial statements. Those estsmates and judgements made. whKh we not considered lo be significanL are covered by the other accounting pOI￿leS. Income from donatlons. grants and1ggaGles Unrnstrktsd funds Restrlclod funds 2025 Donalijns and *&ies 162,227 189.906 352,133 162,227 189.906 352,133 Unfest￿ted fvnd5 Restricted fund5 2024 DonalTons and kgacies 225.430 430,451 655.881 225.430 430.451 655.881 25 The Chelsea Physic Garden Company (a company limrted by guarantee) Nots8 fomiing part of the financlal stataments for Ih? year ond•d 31 D•cMnber 2025 (continued) Income from oth•rtrnding a¢tiviti•s 2025 2024 Commissions and18tting of r(xYns Shop income Fundraising events 552,924 204,201 322,735 s￿,644 174,776 295,933 1.079,860 1,061.353 Al income from trading &tivitses was unrestricted in the curwl arnl pr￿e￿Ing year. Income from chafltablo actlvllles 2025 2024 AdMissic￿S Friends, subscrptws 369,430 302,373 291,967 302.831 671.803 594.798 All income from eharrtabie activities was unrestitted in the current and precajing yèar. Investment Income 2025 2024 Income from fixed asset dislribLrtb)n unit funds 136.993 167.722 136.993 167,722 Income Irom investments was unrestricted in the cwrent and preceding year. Nét Income 2025 2024 Net income for the year 15 sLited after charging: Audilorfs remuneration Auditor's remuneralh)n - prnr Feriods Corporation tax services Other a¢countan¢y ser¥￿e$ Depreciation of tangible fixed assets 27.240 26,000 2,674 2,915 9,329 133,814 3.780 7.fXIO 165.462 26 The Chelsea Physic Garden Company la company limrted by guarantee) No1•8 forn)Ing part of th• financlal ¥tat•meTrts for th¢ year ended 31 Dec8mb8r 2025 (contlnued) Total expenditur• Staff Promls8s costs Oeprnclallon Other costs Total 2025 Charitable acliviltes (note 81 Raising ftjnds (note 9) 1.182.739 227.834 148,901 618,637 2,178,111 246.828 3.191 16,554 183,709 450,283 1,429,567 231.025 16S.455 802,346 2.628,394 Other costs Total 2024 Costs Costs Deproclallon cttaritab￿ actwities (note 81 Raising funds (note 9) 1.124.741 233,221 177.299 3.031 116.052 17.762 757,009 199.618 2.175,101 453.632 1.357,962 180.330 133.814 956.627 2,628.733 Exp•ndituro on charitable actl¥lli•s Direet Support Total 2025 Science and horticulture Edu&qtional programmes Other projects 849,457 141,119 956.567 849,457 141,119 1.187.535 230,96B 1,947.143 230.968 2.178.111 Dlrect Support Total 2024 Science and horticulture 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 27 The Chelsea Physic Garden Company la company limrted by guaranl8e} Nots8 lomilng part of the fin•nclal statwnents for the year gnded 31 December 2025 (conttnued) Exp•nditur• on charitable activities (continued) Anatysis of dir•ct costs Total 2025 Totsl 2024 Wages and salaries Depreciation IAaterials Equipment Repairs. maintenanee & deaning Security Advertising ar￿ marketing Education costs Recruilmenl Rent, rates. water. heat & Irght Travel, subsistence & entertaining Insurance Printing, postage & stationary Telephone and internet Tickel commissions ProfessK)nal fees Other costs 1,040.760 142.741 66.495 15.132 183.$64 12.253 44,594 5,045 13,495 28,538 23.038 38.902 31.317 8.313 26.029 115.290 161.638 994,198 110,906 44.911 7.414 136.668 8,143 31,894 5.203 25,55S 29.284 17,065 36,810 27.100 6,376 16.088 227,666 204.458 1.947,143 1.929,739 Analysls of support costs Total 2025 Total 2024 es and salaries Deprècialhjn Security Advertising and markets"n9 Recrurtmenl Rent. rates. water. heat & light Travel. subsistence & entertaining Printing, postage & stationery Telephone and internet PrOfeSs￿nal fees Other costs Governance costs 141.979 5,146 1.045 3.805 1.151 130,543 5,146 697 2,731 2,188 2.507 1.264 2,313 $46 17,685 16,050 63,692 1.694 350 709 6.617 12.077 61.961 230.968 245.362 Any ¢osl that ¢an be di￿¢tty attribubj to Ihe charitable activities are albcaled before any apportionment of osl$. Govemance costs relale lo audit and accountary fees, *al fees and finance charges. 28 The Chelsea Physic Garden Company la company ￿"mrted by guarantee} Notes forniing part of the financial statements for the year ended 31 December 2025 (contlnuedj Expenditure on raising funds 2025 2024 Wages and salaries Expendi(ure of CPG Enterprises linduding deprtuation) Fundraising costs of charty Costs incurrgd on fundraising fair 246.828 117.546 33,945 51,963 233,221 111,467 48.361 60,581 450.282 453,630 10 TrustO8s and employ095 Group 2Q25 Group 2024 Wages and salaries Social security costs Pension costs Temporary stsff 1.169.261 116.312 141,365 2.629 1,129.949 101.581 126.432 1.429.$67 1.357,962 The charity (kies not operate tts (h¥n pension scheme. PensK)n cosls relate to payments made by the group to a group personal pension seheme administered independenty. Average number of employees as a headGount: Group 2025 Group 2024 Charitable Administration Fundraising 35 42 The group was helped by a substanlral number of volunteers. approximatety 132 {2024.' 135) throughout the year. The key man3gemgnt personnel of the group. inc￿de a number of senior rnanagers aeross the group who togelhef have authority and reswnsibilrty for planning, directs'ng at)d controlling the activit￿$ of the group. The total employment benefrts paid to key managwnent personnel of th8 group wgrg £623.47612024.. £570.0581. Salary range for employtts eamlng £60.000 p.a. or morn 2025 2024 £60.000 - £69.999 £80,000 - £89,999 Pension contribubons paid lo the above amounted to £28.41412024 - £47,758). 29 The Chelsea Physic Garden Company {a company limited by guarantee) Notgs forniing part of ihe financial statements for the year ènded 31 Dècember 2025 (contlnuedj 10 Trustees and employees (continued) Redundancy, restructuring a￿1 tern1nat￿n costs relatiThJ to a number of ern￿)yees were £nil (2024". £nill. Trustee8' remunoTatlon and expons None12024 - none) of the Trustees recerved any remuneratKJn. During the year 3 Trustee5 (2024 - fv401 had expenses reimbursed of £899 {2024 - £2691. No Trustee ieceNed entertainment during the year {2024- £911. 11 Taxation The company is a charity within the meaning of Para 1 Sthedule 6 Finance Act 2010. Accordingly. the charity is potenlialty exempl from taxalK)n in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporat￿n Tax Act 2010 or Sectbjn 256 of the T&xalKJn of Chargeabbe Gains Act 1992. to the extent that such income or gains are applied exdusNety to charitable purposes. Chelsea Physic Gaiden Company is a registered charty and has no liabilty to taXat￿n on ils income for the year. Tax recovered from voluntary income reeeNed under grft aid is recognised when the related ir￿rne is receivab￿ and 15 all(xated lo th8 income cate9)ry lo which the income relates. No tax charges arose in the Pe￿d. The subsidiary company makes a qualfying thnalion of all tsxable profit to The Chelsea Physic Garden. No corporation lax liabilty on the subsidiary arises in the accounts. 12 Tanglble a88ets Group Bulldlng8 •nd lrnpro¥•m•nts Hous•s flxtur•s and equipment Horll¢ylturnl Comput•r •qulpm•nt •qulwnwrt Totsl Cost At 1 January Z)25 Additions Disposals Transfers At D•C•m￿r 312025 855.661 281,173 15551 2.016.¢￿1 1.722 149.165 25.984 27.OC6 13,530 3.073.877 296,425 15551 1 13Q279 2.017.783 149.165 40.S36 3 369 747 D•prKlarfon At l January 2025 Disposals Charge for Ihe year At D•c•mb•r 312025 564.216 13331 92.943 94.275 14,392 23.994 789.820 13331 165 462 954,949 637.915 163.079 107.166 19.336 27.453 Not b(￿k value At 31 Dèeemb•r 2025 498 364 1854 704 2 414 798 At 31 D•¢¢mb•r 2024 1923118 2 284 057 30 The Chelsea Physic Garden Company la company limrted by guarantee) Notes fornilng part of the flnanclal statements for thè year ond•d 31 Doc•mb•r 2025 (eontinuedj 12 Tanglble as8èt8 (continued) Charity Buiklings and Gla￿- Horticultural Impmvements Houses flxthres and •qulwnent equiprnent Comput•r qulwwnt Totsl Cost Al 1 January 2025 AthJition¥ Disposals At Oecember 31 X125 855.626 2.016.(61 281.208 1.722 555 80.128 25.984 27.C( 13,530 3.004,805 296.4fj0 555 3 300 710 Depreclatlon At 1 January 2025 Disposals Charge lor the year At December 312025 ,216 13331 74 032 2,943 76,750 14,392 23,994 772.312 13331 163.112 19.336 924 583 Net book value At 310ecember 20 498 361 1854 671 13083 2376 127 At 31 Oecember 2024 291 10 1923118 2 232 494 As a ￿nditIon ol the funding receNed from the Nabonal Lottery Herits98 Fund for the Glasshouse Rgsloration project. The National Heritsge Memrial Fund hokls a charge over the freehold property of the charity. 13 Flxod Asset Invostments 13a Listod investments 2025 2024 Market value at 1 January 2025 Additions Gain in the year 4.091,245 3,759.879 68.538 331,368 Market valL* at 31 December 2025 4.159.783 4,091.245 Investrnents are held in listed fttnds managed by Sarasbn & Partners LLP. The historical cost of the listed investment at 31 December 2025 was £3.900.521 12024- £3,906,950). 31 The Chelsea Physic Garden Company la company limrted by guarantee) Notes forn)ing part of the financial statements for thg year ended 31 Docwnbgr 2025 (continuedj 13 Flxod Assot Invoslm•nts (conbnued) 13b Investments In subsldlarles 2025 2024 Shares in CPG Enterprises Lwnited at ¢ost 100 100 Group 2025 Chartty 2025 Group 2024 Charity 2024 Total Fixed Asset Invesknents 4.159.783 4.159.883 4.091,245 4,091,245 The wholty owned trad￿9 subsidiary. CPG Ent￿riSeS Limiled1031400041. is registered in the United Kingdom. The wincipal aetNity of CPG Enterprises Limrted L% the running of the Garden and the letting of the grounds of the chanty. CPG Enlefprises Limited is exempt from an audit undef S479A of Ihe CoMpan￿S Act. At 31 December 2025 the income of CPG Enterprises was £759,37512024 - £765,420) and expenditure was £314,51812024 - £302,647}. The nel assets of CPG Enterprises Limrted were £4,77812024.. £4,778) and the retained profrt to that date was £4,678 {2024-. £4.6781. after payment lo Chelsea Phys￿ Garden Company under qualifying charitable donabon of £444.85712024 - £462.7731. 14 Stocks Group 2025 Charity 2025 Group 2024 Charrty 2024 Gcods for resale 23.837 22,901 There is no Mater￿ d￿erence btheen what 15 stated above and the r￿o¥erab￿ amount. 15 Dobtors Group 202S Ch•rtty 2025 Group 2024 Charty 2024 Amounts falllng duo withln yoar. Trade debtors Amounts owed byrto subsidiary Prepayments and accrued income Other debtors 34.683 7.867 19.265 3,602 90,443 56,247 960 58.931 27 52.443 61.688 960 93.641 60.310 81,913 151,252 32 The Chelsea Physic Garden Company (a company limited by guarantee) Not¢$ forniing part of the financial stat8mgnt$ for the year ended 31 December 2025 (continuedj 16 Creditor8: Amount8 fallinp due within one year Group 2025 Chartty 2025 Group 2024 Chaiity 2024 Trade creditors Amounts owed to subsidiary Other creditois Olh&r taxal￿n and soc￿1 s￿￿Tty Accfuals Deferred irKome 33.039 26,557 45,143 12.531 62,709 64.$00 139.498 19,721 14,128 69.140 65.063 124.4S9 211.361 33,112 56,374 80,220 210,172 10,625 53,971 70,844 144.021 503.062 350.938 399.599 293.589 Included within other credrtors are amounts v*ing to the pension stheme of £12.530.9912024- £10,625). 17 Def*rr￿ ineome rn¢oneilialion Group 2025 Charity 2025 Group 2024 Charty 2024 Balance al 1 January Amount released lo income eamed from chafitable ath'vil￿$ Amount deferred in the year 210.172 144.021 251.571 152,508 1210.172) 211.361 1144,021 139,498 1251,571 210,172 1152,508) 144,021 Balance at 31 Clecember 211.361 139.498 210.172 144.021 Deferred income relates Main￿ to the income recewed from membefships in relation lo the next financial period. Other amounts reL4te to inccwng receNed in advancg of events boL*ed for Ihe next fina￿la1 period. The Chelsea Physic Garden Company la company limited by guarantee) Notes fomilng part of th• financlal statements for th8 year ended 31 December 2025 (continued) 18 Analysls of charltsbl? funds Group- Gurrnnt yoar At 1 January 202S At Tvan•f•rs Not galn on 31 Dgcombof v•stm•nts 2025 In¢¢)Av4 EXp•n￿￿￿1* Unrestrfctedhmds General lun Capital R¥JeNek)twnent- Desgmted lund 302,137 OesvJnated mèintenanc8 fvnd 259,740 tlesNJnated f1w￿- Jil Hoc#J Legacy 29A33 $82M7 2￿5).452 (IJ34.3021 701,617 {43.0271 154,0111 15,508} 259.110 205.T29 23.925 Total unrnstrkt•d fvnds 1,173.TTT 2.053A$2 12.036.84J) 1,190,381 EThdoMn•nt luThl 4m1245 68.530 4.159.783 Reslrfcted funds Hortl￿J￿ural & Learning trainees Horticuttural Irainees Fkjr1￿gI￿rn SOc￿ty Fund Gaiden Restricted C*nalions R.U.B Wnite CharIta￿e Trust Communty c￿treach Glasshouses Restorab"wlLe9acy The National Lotttry Communrty FL￿d H(xlrultural Thwapy Pfogramme John Sw¥e 1989 Charrtabkn Trust Ints￿relat￿n Rdkout Youth Photography Ja￿5 & Shirky Sherwood Fund LeamiryJ & EngagenRnl ¢Wr￿￿atOr Ccrfnposling facilites BiodNetsity SuNey Pathways to Knowwe BotsnKa in Bbom Collèctions Fund Volunleer Unrform Fund Tree Succ8SSK)n Eranda Rolhschld 17N13 149.5041 14,9481 112.0001 12,7991 11.7011 10.052 3,121 7,281 15,000 15.121 4,872 7.142 2h02.574 4.755 16.6321 1138.2901 18.3681 2,264,284 12,322 1.877 240 19270 20.450 120.4501 713 4,734 128M77 15.4461 1122,7731 11.7001 6.104 200 1.900 SMS9 15,1451 17131 24.353 156.218 28.582 10.IJOO 17.773 3MOO 3AOO 6ASO 44.228 {39.$061 116fj.2181 {17.7731 11AOOI 12,47n 13.429 1,$00 1.023 1.500 44,228 Total M•trl¢lbd lurtd• 2,771123 189.906 1591,5431 2.370A87 Tot•1 fuTrd• lJ)37.145 2243J58 (2*28.3911 68,S38 7.720,650 The Chelsea Physic Garden Company la company limiled by guarantee) Notes fomilng part of the financlal statements for th? y*ar end8d 31 08eember 2025 (continu8d) 18 Analysis of charitablo funds Group- provlous y•ar At 1 J•Du•ry At In¢(Th• Exp•ndllwrn Tran•f•r$ 14•tg¥ln on 31 Dg¢•rnb?r iTrvo¥tTrnta 2024 UJY•strkt•dfvnds General fund Caprtal Rede¥ek)rment- Desiguted fvnd DeswJnat•d maintsnants fvnd DesvJnated fvnd- Jil Hoc#J Legacy Desgnated fund-Vdunteer5 fj08271 2.1M9￿28 11075J321 682,467 435,590 317,549 50.057 {133A591 1571091 120.6241 16S61 302.137 2S9.740 29,433 Totsl unr•8tri¢t•d lund• 12.ZB7.UO} 1.173.777 Endov4Tn•nt fund 3.759J79 331,366 4.091,245 Restiicted fvnds Horticultural Irairnes Fkjrilegium SOc￿ty Fund DwJiti5alicfi Project Ga￿en Restricted o￿allOnS R.U.B lthrte Choitsbk TnBt Communty (kIt￿a¢h Glasshouse$ Re$toratKffi Fund Legacy Flogei Monks HortKullur8- Slud8n15 TFa¥ HortLUI￿ra1 Thèrapy PrograrM)e John Swiw 1989 charitab￿ Tr￿￿1 Inte￿rela￿n RdlQut James & Shwby Sherwcod FuTrJ 24000 Leaming & Engagen￿nt ¢￿￿￿OtOr 21.362 Composting laolil*$ 3,87T Biodwersity Survey Palhways to Know 13,318 17 134,0321 15701 {411 14.7261 I7,￿? 15,121 14.347 11.6751 1,788 1.716 3.661 4,149 4.872 7.002 2A79.501 14.9201 1222.1111 7.142 2A02.574 411 2,054 10,000 14181 11,9541 15,2661 122.8151 1113281 117.6341 111 114.1471 4A70 4.570 4,734 128,877 2500 3S,782 112.6721 2.131 5159 13.7881 3BAOO 190,000 24.J53 158,218 133.7821 Tolal r•stsictsd fvnd• 2.682.$23 430.4S1 1340,8S11 2.772.123 T<>tsl iunds 7J54,531 1479.979 {1628,7311 331,366 8.037,145 The Chelsea Physic Garden Company la company limrted by guarantee) Notes f¢ymiing part of the financial statements for the year ended 31 Dt¢ember 2025 {continuedJ 18 Analy$l8 of charitable fund8 (t￿lInUed) Charlty- currnnt year At 1 January At Tfanslols Net 9•ln on 31 D¢¢¢mbor In¥e8trnents 2024 In¢tyM Exp•nditsrn General l￿d Capital R•Jthpknwn•nt- 085VWt8d hjnd Designated buibjing maintenan Desrgn8ted fund- Jill Hoc#J Le9acy Desynatsd funtl- Volunteers 577.7119 1M35.U66 (1.716.712) 696.943 302,137 2S9.740 29A33 143,0271 154.0111 1S.SOBI 259,110 205,729 23.925 Tolal unmtwkted funds 1.169099 11119.2581 1.185.T07 End¢)*in•rttlund 4,091345 61,538 4.15•,7J3 Restricted fvnd5 HortKultural & Learnir¥J Irair*85 HOrt￿Ul1￿ral traIr￿e8 Florilegium Fund thJil6gtion Prqect Garden Reslrirted R.U 8 Choitsbbg Trust Communty GLH5shou5e5 Restoratv>n Fund The Na￿.0#al Lottery Crmmunty HortKultural Therapy Programrne John Swr8 1989 charitab￿ Tntst Interprelalion Rdl-out Youth Photography James & Shirfey Sherwwd F￿j Learning & Engage[￿1 co￿din8 Composling fauk"l*$ 8￿1ve￿ity Suryfy Pathway$ lo Know Botanra In Bhjom colkCt￿￿S Fund Voluntser Unilorm Furwj Tree SU￿SS￿)n Era￿0 Rothth&J 17103 {49.5041 14,9481 Itiooo 11,7011 10.052 3.121 15.(KIO 1&121 4A172 12.799 7.281 7.142 2A02%74 4,755 18,6321 11342901 1•.3881 528$ 2264,284 12.322 1￿77 20.450 120.4501 713 4.670 4,734 128.877 19,270 15.4461 1122.7731 11.7001 6.104 200 15.1 1713 24W3 1563111 20.582 10.000 17.773 3.000 139.5061 1166.2181 117,7731 13A29 1,500 f,023 IU771 14.9SOI 6ASO 44321 Tot*1 r•stri¢tsd 2.772,123 119,906 IS91.5431 2.370A87 Totsl funds .032A67 2,025.772 (2.410.801) 6B.538 7.715.9n The Chelsea Physic Garden Company la company limited by guarantee) Notes forming part of the financlal staternents for the yttar tnded 31 December 202S (contlnued) 18 Anatysls of ch4rltable funds (continued) Charity - pr•viou8 yfrar At 1 January 2024 At Tramfern Net 9aln on 31 December Investments 2024 Ineom• Exp•ndiiu Unreslricled lunds General lund Capital Red8vekynent. Cwnated fund Desgnaknl buljing mantenar De$wJnated fvnd- Jill HooJ Legacy De5yn•teil lund- Vduotews 103.593 1M37.069 11,802.8731 S77.7Bg 435,596 317.549 SO,OS7 650 1133.4591 IS7.8091 120,6241 16561 302.137 259.740 29,433 Totsl Unr￿tricted funds 1A07,451 1,837,06• 12M75,421} 1.169.099 Endo¥mwnt fvnd 3.7$9.879 331,366 4M91,245 R•stri¢t•dfunds Horticuiwral trair*s Fbr*iurn sO￿ty Fun Dwjitsation Prqect G8rdeTr Resiricted Cbjnalions R.U.B White Charitable Trust Community Outreach Glasshouse$ Re$toralTh Fund Legacy Roger •Aefvin Monk8 H0rtK3JNU￿- st￿yents Travel HcrtKulbJrnl Therapy Programme John Swir6 1989 Charitabb Tr￿1 Inte￿relatiOn Rolkout James & Shw* Sherwcod FuTrJ 25.000 Leaming & Engagement c0-ord￿8t0f 21J62 Composting facil'l*s 3.677 Biodiversity Survey Pathways to Knowledge 13,318 38A17 140321 15701 17,803 15,121 14347 11.67SI 1.788 1.716 3,661 {4.7261 4.B72 7,062 2A79.$01 5,000 14S.184 14.9201 7.142 2A02.574 411 14181 11.9541 ($2861 122A1SI 112A281 117.6341 111 4N70 4,570 4,734 128I77 10.IJIM) 3*782 112&721 2.131 5I59 {3.7881 24.353 156,218 190.000 133.782} Totsl r•stsictsd fund# 2W2,523 430N51 1340.151} 2,772.123 Totsl fvnd* 7149.853 2.267A20 12A162721 331,366 ,031467 37 The Chelsea Physic Garden Company la conwany limited by 9uaianleel Notes forniSng part of the financial 8tat•ments for the year end•d 31 D¢¢•mber 2025 (continu•dJ 18 Analysls of charitabl• fvnds (continued) Rostricted funds have baen •stablished to provid• fmancial support for speeifie profvcts a8 below: Horkncultural and LeamirwJ Trainee - A training prc¥3ramme peop￿ interested in pursuing a career in environmental education. Horticullural Trainees A training prograrn￿￿ for people Interest￿ in pursuin9 a rareer in hOrt￿ul1Ure. The FIoTi*l￿7 Society Fund A fund to supp)rt the devehwment and conservation of the collection of tolanKal art from the Chelsea phys￿ Garden Florilegium Society. Garden Fund Reslricled Donations Funds raised to supwrt ad hoc hortwmural projects. R.U.B Whrte Charitable Trust Communty Outreach A grant to support learning and enga98ment actNitses. Glasshouses RestoralKJn Fund Restoration of Ihe Glasshouses together with supporting activity programmes. rtrinterpretalion and p&nl collections revithv. Residual fvnds have been dNided be￿een a maintenance fund and a legacy lund. wh￿h is drawn down via an internal application process. The fund will remain open as the Glasshouses d8weciale. Glasshouses fund Gksshouses- Legacy fund Maintenance A designated fund lo support the maintenance of the Glasshouses, over an initial fNe*year period. An intemal fund awarded lo ￿gaCY projects of the Glasshouse Resthtbon Fund an apPlbCat￿n and assessment process. The National Lottery Communty Fund D'oyty Carte Programming John Swire 1989 Charitable Trust A grant to SUFPOrt our social and therapeut￿ horticulture programme. Ccrfnmunty A grant to support indNiduals and community groups lo access the Garden, including through social prescribing. A grant to supwrt leaming arKI engag&menl programme. Intgrprelalion Roll-out A fvnd lo suppori Ihe research. deveknpment. and instsllab'on of new interprelalK)n. Youth Photography VVorkshcs)s A Communty LTving Lrtal Life grant from RBKC to support young people to take part in nature photography workshops. Leaming Coordinator B*)diversity Surv and Engagement A fund to support the costs of a part-time Coordinalry to help administer and deliver Leaming and Enga9èment Programmes. A fund to support an audit of the Garden's ecosystem, a publication of the findings, and free 'bicKliversrty assemblies, for schools. Palhways to KnO￿edge A grant to replac8 existing gravel palhway$ to wnprove a¢eessibility and lo replace and add interprelalion. 38 The Chelsea Physic Garden Company (a company Iwnbted by guatanlee) Notos formlng part of the financial statemènts for tho yoar onded 31 D•c•mbfrr 2025 (Contlnued) 18 An#ty8i8 of ¢haritable funds (witinued) Botantca in Bknm A grant to support a botanical art exh￿1t￿n. Colkth'ons Fund A to support the conser¥atw)n. care. and devekpment of our 'noTrthliving' colleckns. induding a library and archive. Volunteer Uniform Fund A fvnd lo support the purchase of protedive clothing and equipment for volunteers to ath)w for attessible opportunil*s. Tree Succession Plan A fund lo support the development and delrvery of a tree succession plan for the Garden. to future pr￿f our tree canopy. Restrlcted funds whlch wern c108ed In the prlory•ar. Acoustic Panels Project A pvqect to introduce acous￿ panels ah)ng Embankment, r￿UcIng traffic noise suptxjrted by Patrons Funds remaining have been transferred to a fund designated for maintenance prc4ects. Funds raised for the educatK)n programme including the Sheif-Lile project and outreach programme with Watham Forest Young Ollenders. A donation to fund the purchase of te￿Olla plant pols EdUcat￿n and Outreach Project Judith Bronkhursl Donation Friends. Scheme Review A review of the Friends scheme including questionnaires to Friends, benchmarking and proposals for improv9menls. Unrestricted funds are used in accordance wrth the Chantab￿ obJ"eetives al the discretion ofthe Tnjslees. The Trustees use part of the unrestricted funds from time to time for speuft projects and sel up designated fund5 to reflect this. The End¢)wment Fund is an expendable Endowment and represents investments and cash which continug lo be used by the Tru51ee5 in the best intere51s of the charity. The endowment fund was eslaL4ished be￿een 1983-87 from a fundraising appeal which attrxled dona￿n$ from a number of sources. The Trustees have delermined that the fvnd is expendable with both capital and inccrfne teing availab181o use at the Tru5tees' discretion irb SUPPOrt of the Charty's work. 39 The Chelsea Physic Garden Company (a conyany limited by guaranleel Notss fomiiThg part of the financial stalemonts for thè year ènded 31 Decèmber 2025 (continued) 19 Anaty818 of net assets between funds Tanglble Flx¢d assets Investments Currnnt assfrts Credltors Total Group- Curr•nt Year General funds Des*3nated funds Endowment funds Resliicled funds 429.3S3 768.860 488.764 1496.5961 701.617 488.764 4,159,783 2.370.487 4,159,783 1.854.704 567.392 (51.609 Total 2.284.057 4.1S9.783 1.825.01 S IS48.205) 7.720,650 Group- Prevlous Year General funds Designated funds Endowment funds RestrKted funds 360,938 606,135 591.310 (384,606) 582,467 591,310 4.091,245 2.772.123 4.091.245 1.923.119 863.997 (14.993) Total 2.284.057 4.091.245 2.061.442 1399.S99 8.037.145 Charity- Current Year Geneial funds Oesonated lunds End¢)wmenl funds Reslricled funds 377,87J 11)0 669.958 488.764 1350,938) 69S,943 488.764 4.159,783 2.370,487 4,159,783 1.854,671 515,816 Total 2.232,494 4.159.883 1.674.$37 (350.938) 7.715,977 Charlty- Provlous Year General funds Desi9naled funds Endowment funds Restricted funds 309,375 100 561.903 591.310 1293,5891 577,789 591,310 4,091.245 2,772.123 4.091.245 1.923.119 849.004 Total 2.232.494 4.091.345 2.002.217 {293,S89) 8.032.467 20 Liablllty to the members Every mgmber of the compwy undertakes to contribule an amount not exceeding £1 to th9 assets of the charitable company in the event of the company bwng wound up while he 1$ a member. or within one yeaf after he ceases to be a member. This contribuknn is for the payrnent of the debts and liabilities of the charitable company contracted before he ceases to be a member and of costs of winding up. 40 The Chelsea Physic Garden Company (a company limrted by guarantee) Notes fonnlng part of the financlal $tatgm•nts for the year gnded 31 December 2025 (continued) 21 Analyslg of ca8h and cash wulv•lent8 Group 2025 Charlty 2025 Group 2024 Charty 2024 Cash at bank and in hand 1.531.654 1.470.595 1,956,628 1,850,965 22 AnalysSs of net debt At 310ecember 2025 Ihe group armj charity had no loans claSSrf￿ as debt. 23 Commltments under operating le•8es Al 31 December 2025 the group and charity had future minimum lease payments under non-cancellable operating leases as folk)ws'. 2025 2024 No later than 1 year Later than 1 year and no later Ihan 5 years 3,230 16.160 3,237 19.380 3,237 24 Related party trnnu¢tionts There are no related party transxlions in 2025 c￿ 2024 other than those detailed li note 10. 41