REGISTERED CHARITY UmBER. 199534 REPORT OF THE TRUSTEES ANI) UNAUDITED FINAThCIAL STATEMEYI TS FOR THE YEAR ENDF.D 31ST OCTOBER 2025 FOR EXBURY GARDEIYS TRUST Martin and Company 25 Si Thom&s Streei Winchesier Hampshire S023 9HJ
F.XBURY GARDEN TRUST COTr+TENTS OF THE FINANCIAL.STATF.MENTS FOR THF. YEAR EI%DED.IIST OCTOFITr".R 2025 Page Report of the Trnstee5 Inilependent Examiner's R¢port Staternent of FRnantial Activities Balance Sheet Notcs to the Financial Stat¢Tnent5 7 to 12 l)etasled StateTnent of Financial Activitie5 13 to 14
EXBLRY GARDENS TR RF.PORT OF THE TRUSTEES FOR THE YEAR ETr4DED 315T OCTOBTr.R 2 25 Thc trustees pSent their report th the financial 5tatcm¢nL% of the charity for thc yeaT ended 315t Ociober 2025 Thc Iru5te¢s have adopted the provisions of Accounting and Reporting by ChaTities.' Statment of Recomm¢nded Praciice applicable lo chdTiiies prepann¥ their accounts in accordaiicc with the Financial Reporting Standard applicable in the UK aTLd Republic ofireland IFRS 102) {effc¢iiv¢ l January 2019). OBJECTIVES AND ACTivrrtES Status and Objectives ofthe Charkty The objeciives or the Trnt are.. Ihe mainien2nce, improvemeni, development and preservalion of Exbury Gardens: the upeningj of these gardens to the public,. Ihe advanLe¥tienl vf hurtlLuliurdl SLILllLL, knuwlLdgL ILamin¥) dtsd the prvvisiun uldunatiuns lor suLh chdritdblL purposcs in any part ot the world. at such time or t1111¢5. and in Such manner as the TTU5tee.4 %hall, In theii absolut¢ diEcrction. think fil. Public Bencfit Thc Trusiccs havc paid due rcgord lo thc Chariiy Commib&iun's bwidanL¢ UD public benefit In iheiT diTe¢iion of the Ttust's aLiiviiies. The Trust provides a public bcncfit in thc forni of charitable donations as outlined above. ACIIIEVLMENTS AND PERFORMANCE Charitabl¢ drtlvkties The Tnjsl bTeneraled nel expendiLure belore any &Tains on invesimenls vf £254,095 12024: inbum¢' £20,789). Chaniablc dunatiort% amounting to £?54.720 {?024 £1 ¥9,0001 were made to Exbury Cjardens Limited and The Society of Ho1¢al Art%. The iMvcstsnuil% incrcased In value by £411.701 1?024.. £793.1501 and tnvc%tmcnts si)Id rcaliscd gains of £90,12112024.. £49.7971 during the year. Foreign exchange gains in the year amollnied io £10,502 12024-. £187.205). FINAPICIAL REVIEW Princip¥l funding 50urce5 Thc charitdblL aetii'itics are ti]nded by the investtnent portlolio which has sufficiertt value w support ¢ontJnued grani making. Inyestrnent policy and objectives The Inve8tment objeciive is to obtain growEh by the way of non-taxable appreciation aDd to generat in¢ome for charitable dc)n&iians. The return on invesLments continue io provide these resources. The trustccs manage the risks associated with managemenl of inve51rn¢ni funds by using thc inv¢stmcni advisory services of Roihschild Wealih Manabpemcnl (UK} Limilcd. Res¢rvts ptslity It is the policy of the Trusi ro maintain ILS free reserves at a level which maintains ihe capital base of the ponfolio and also generaies sufficient income to cover managemeni, administration and suppori cosis. Ai 31 Ociober 2025 the Trust has funds of £1 I,118,34312024.. £10,835,114). Golng eoncern The Tn]site% have sati%fied Ihemselves that rhe trust is a gOIg conccm and has adequa resaur¢e.% t() coniinue in operdiional cxistcnce lor ihe foreseeabl¢ futurc. In fomiing this view the trustccs made appropriaic cnquiric5 snto the rjnancial po%ilion of and rcsource5 available to ihe Irusi. The TrusLee5 have resolved to provide on-going financial suppon Lo Exbury Gardens Limited. having reviewed the ¢hallenge5 fdting Ihe business for ihe next Nelve months and in the longer tenn. Tht irubl¢¢b Loniinue to monitor closely all aspects of the buSln¢bb thtvugh rcguliir mc¢tings ihc directors of the company. Adequate funds will continuc to bc madc available to support I,xbury Garden5 Limited during the n¢xt twelve months. In addition. thc company ha5 prcviously sc¢ur¢d a loan of £650.0(M against the TTUSI'S endowThent wth a option of obtaining a filrther £IOO.000 ifand when required. FUTURE PLANS The trustees do noi plan any ch2n8es to the Current objectives or how these are to be achieved. Page I
F.XBL'RY GAROENS TRVST REPORT OF THE TRU%TF.F.S FOR THE YE.4R Ei¥4DED 31ST UCTOIIER 2025 5TRIJCTURE, GOVERNANCE AYD MATr4AGEMENT Governlng documtnt The Trust i% contTolled by its governing docurncnl. a Dced of Tn]st dated 2 Novcmber 1987 and tkcd of Amcndmeni dated l June 19x9, and constitutes an unincorporated charity. Rttrultment and &ppolntm¢nt of n¢w tru$t¢es New trustees Fnay be appointed by thc existing tsusiees. The governing document requires iheTe ts) be a minimurtl of 3 trustees with no maximum. Organa5ational structure Thc insitcs &rc r&%pun%ihl¢ fur the g¢neTal control and Fnanagernent of the Trust. The trustees give their time freely and receive llo remuncraiion or oiher financial bencfits. The trustes meet on a biannual basis lo progress the aitll5 of the charity. REFERENCE AND ADMIliISTRATIVE DETAILS Registered Charit). number 299534 Principal addrc55 E%lalc F.xbury Southampton ampshire S045 IAZ Trustees D L dc Rothschild Baroness K de Koenigswarter R J Hvwtll S J L Linnett L J de Rothschild M Aspcy S O'Brien Independent F.yamlD¢r L Dixon FCA i anin and Company 25 Si Thomas Street Winchester I lampshire SD23 9HJ Bankers HSBC Bank Pl¢ 55 Aknve Bar Street Souihampton S014 7DZ Inve5trnent Manager Rothschild & Co Wealth Management IUKI Limited New Court St Swithin's tane London EC4N 8AL Page 2
b:XBURY GARDENS TR ST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST C)CTOBF.R 2025 Approvcd by older of the board of tyust¢es on .. nd signed on its behalf by.. D L de Ro¢hschild - TTusiee Page 3
INDEPF.NDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXBLRY ARDENS TRUST Independent cx*miner'5 report to th¢ trnstees of Exbury Gy4rd¢N5 Trust I iepurt lo the charity tru5t¢¢s on my examination of the accuunis of Exb.ury Ciardens Trusi Iihe Trust) for the yfdr ended 315t Octob¢r 2025. Rcsponslbklitie5 and basis of report As Ihe chaTily trusiccs of thc frust you are Tesponsible for the preparation of the &ccounts in accordance with the requiremenis ofthe Charities Act 2011 I'thc Act). I repori in Tespecl of my ex&mination of the Trusi's accounts carried out nd¢r Sectith 1111)f the Jtci and ihknrryikng. my examinaiion I have followed all applicable Directions given by Ihe Chariiy Commjbsion under Section 1451Sllbl of the Act. Independent txamintr's 5tattrnent I have completed my cxaminaiion. I confirni that no material mattcrs have comc to my attention in connecLl011 With the examinaiion giving me cause io believe that in any marerial respeci.. accounting records were not kcpt in respeci of the Tnjst as required by Secuon 130 of the Act- or the deci)unts do not dccord with those records: or the account5 do not comply with th¢ applicablc r¢quiretnenls concerning the foTrn and coDten¢ of accounts Sei out in the Charities IAccounts and Report5} Eiegulalions 2008 other than any requiremeni that the accounts give a ttuc and faiT view which Js noi a mziter eonsJdcrLd as parl oran independenl examination. I h&ve no conccrns and have come across no othcr matters in connection with th¢ examination to whi¢h attcniion should he drawn in thi% rep()rt in order io tnablc a propcr undcrstartding ofthe acctsunLS to be reached. L Dixon FCA Martin and Coinpany 25 St Thom&s Strect Winchester Hampshire S023 9HJ Dat¢.. Page 4
EXBL'RY GARDEYS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THF. YF.AR F.NDF.D 31ST OCTOBER 1025 2025 Lnre5tri¢ted fuvds 2024 Total fun(ts Notes INCOME AND F.T+lDOWMF.Tr4TS FROM Don&tions and legacies 175,000 Investment income 127.977 133,049 Total 127.977 308,049 EXPENDITURE ON Raising llds 109.795 76.492 Charitable activities Chari&ble Activities 27Z,277 210.768 Total 3¥2,1172 287.260 Net gain5 on iDvestnient5 512,324 1.030.134 ET INCOME Other retogni5ed gainsll105sesl Gain5 OM revaluaLii)n of fixed 258,229 1,050,923 25,000 283,229 1.05U,923 RECONCILIATION OF FUNDS Total fiinds brought forward 10,835.1 14 9,784,191 TOTAL FUYDS CARRIED FORWARD 11,118J43 to.835.114 The notes form part of these fiDancial statement5 Page 5
EXBLRY GARDEYS TRUST B.4LANCF. SHEET 31ST OCTOBF,R 2025 2025 Unrestritted fund5 2024 Totsl funds Notes FIXF.D ASSETS Tangible asseis Invcstmcnts 10 2,52U,1100 8,232.411 2,495.000 7.875,4?4 10,752.411 10,370,424 CLRkF.NT ASSF.TS Cash di bank 375.531 469,302 CREDITORS Amount5 talling due wthin one year 12 19,599) 14,6121 ET CURRET44T ASSETS 365,932 464.690 TOT.4L ASSETS LE.SS C.URREYT LIABILITIES 11.118,343 10.835,114 YET ASSETS 11,118,343 10,835,114 FUNDS Unrestricted funds 11,118J43 10.835,114 TOTAL FUNDS 11,1 l¥J43 10,835,114 The fi ncial stateTnents' were approved by the Board of Trustees and authorised for issue were signed on its behalf by.. on D L dc Rothschild - Trustcc Th¢ notes forn pan of these financial stalements Page 6
F.XBL'RY GARDENS TRUST NOTES TO THE FifsANC.IAL STATF.MENTS FOR TIIE YE.4R ENI)ED 31%T ()CTOBER 2025 A(.-COUTrITING POLICIES Ba515 ofpreparin£ th¢ firtancial statcments The financial sialemenls of Ihe Charity, which is a public benefii eniiiy under FRS 102. have been prepared in ac¢ordancc wilh the Chariiie5 SORP IFRS 102) 'AcLuunLingi iin(J Reportink by l-haritie%.' Siatemellt of ReLI)mmended Practicc applicable to charitie5 prepaTing their accounts in aLLordanLe wilh the Financial Reporting Standard appliciible in ihe UK and RepubliL of Ireland IFRS 1021 leiTective l January ?0191', Financial ReportinL Standard 102 The Financial Reporting Siandard applicable in the UK and Republic of IrelatLd' and the Charili¢S Aci 2011. The findncial stsiemenLs' have beetl prepared under the hislorical cost conveiilion, with the eKC¢Ption of inve51nKnts which are included al market value, a5 modificd by the revaluation of ccrtain a55cts. The financial statements have been prepared on a going concern l)asis. The trusiees consider Ihat there are no m&l¢ndl unL¢rtainties aTrx)ui the Tru%i's abiliiy io coniinue as a goin¥ ctsn¢em. The tinanci81 siatcments have been Prepared to give a 'tTue and taiy, vtew and have departed from the Charities {Account& and Rcwrt%l Regulations 2008 only io thc exitni requircd io provid¢ d 'trll¢ and fair view. This departure has involved followin¥ the Accountin¥ and Reportiiig by Cliarilies." St2iemeni of Re¢tsmmended Praciicc applicable io charities prcparing their accounis in accordance with the Financial Reporting Standard applicable in thc IJK and Rcpublic ol Ircland IFRS 1021 i.%%ucd on 16 July 2014 raihcr ihan thc Accouniing and Reporting by Chari(ie5'. Sthtcment of Recommended Practice effeciivc from l April 2005 wthich has since bcen thdrawn. All InLomL Ib rLLogrnisL in tlie Statement ot Financial Activities oncc the charity has ¢ntitlem¢nt to the funds, it Ig PTob2blc thai thc income will bc rcceived and thc amouni can bc mcasured rcliably. Expcnditure Liabilities are recoLFnised as expendilure a5 soon as there is a legyal or consiructive obligralion Lomti]ilting the ¢hdrily tv thdt expenditure, it is probable Ihat a irdnstcr ot. economiL bcnctiis will be required in seitlenKnt dnd the amount of thc obligatiort can be mcasured rclidbly. Expenditure ts atcollrtted lor on an a¢LnlS basis and has been classified under headings that aggTcgalc all co.st rclatcd to the cat¢gary. WhcTC cO.ts cannot bc dirccily aiiribuicd to particular headings thcy have been allocatcd to activitie5 on a basis consistent wth ihe u5¢ of re.source5. Gr2nis offcred subject to condiiions which have not been tnet at the year end date are noted as a commiiment but not a¢¢tued as expenditure. T&ngRble fixed asset5 Tangible li¥ed assets are slated at Cost and are not dcpreciaied on the grounds that such depreciation would be immatcridl. It l8 thc policy of the tru%te&%. on lh¢ ground% of ¢ix%t, noi io rcvi¢w Ihc asseis for impaimicnl at each year end llnles% there is clear evidencc of diminution in value. T&x&tion Th¥ Lharity is exempi from tsx on its charitable activities. Fund Attounting Unrestrict¢d funds can b¢ u5¢d in accordance with the charitable obj¢ctkVeS at the discreiion of Ihe Irusiees. Foreign currcncie5 A%.sets and liabilitics in forcign currencies arc translated into sterling at the Tates of exchange Tvling ai ihe balance she¢1 date. Tranyctitsns in forei8n currencies are translated inio sterling ai ihe Tale of exchange ruling at the dat£ oftransaction. Exchange differences are taken ioto a¢COUlll in arrivittg at Ihe operating result. Pag¢ 7 continued...
F.XBLRY GARDENS TRUST )OTESTO THE FIliANC.IAL STATEMENTS- continued FOR THE YEAR ENDF.I).I 1ST OCTUBER 2024 ACCOUNT]NC POLICIES- ¢ontinu¢d Snvtsiment5 Inve5tmenlS are slated at market valut. Profits or losses on the realisauon ofinvestmcnts and unrealised changc itl mark¢l valu¢ di¢ shown in the Slatcmcnt of Financial Activities in accordance with the S¢atement of Recommended Pra¢iice for Chdllties. DVINA TIONS AND LEGACIES 2025 2024 Oth donaliorts 175.0(MJ INvTmENT IPICOME 2025 2024 Rents. TeLeived Investtneni portfolTO 24,398 103,579 26,098 106,951 127,977 133,049 RAIsifiG FUISDS Jnv¢stmeni man¥gemeni costs 2025 2024 Portfolio nunagTein¢iit fee Property rnanagcmerti fee Propcrty Tepairs and l1¢Ton¢¢ 67,IIU7 5,754 37.034 61,768 5,168 9.556 1119.795 76,492 CHARITABLE ACTIVITIES COSTS Grant fvnding of Support costs (see note 7) {sce txolc 61 Tota15 Charitable Aciivities 254,720 17,557 272,277 Page 8 continued...
EXBbRY GARDENS TR ST TES TO THE FIrriANCIAL STATEMENTS- coniln FOR THE yE.R ENDED 31ST nCT(IBTr".R 2025 GRAriTS PAI'ABLE 2025 2024 Charitable Activities 254,7211 189.0(N) Thc total gtants paid tu ill5titulions duiing the ycar was as follows.. 2025 2024 Exbury Cjardens Limited The Society of BO117¢1 Artis 253,2211 1,500 189,OIM) 254,720 189.01)0 SUPPORT COSTS Gov¢Tnance ¢osts Management Tota15 Charitsble ActlVLtie5 14,677 2,8811 17.557 Support costs, included in the aboye, are as follows.. Management 2025 Charilable Activities 2024 Tolal 1,734 2,111 3.768 1,841 2,035 1.853 3,133 6.300 Insuranc¢ Sllndries Mandg%¢menL f¢¢ Professional fees 3,420 14,677 15.162 GoverDanee costs 2025 Lharilable Activilics 2024 Total a¢iivities Independent examinees fees t£gal fees 2.880 2,784 3,822 2.8160 6,606 Pagc 9 continued...
EXBURY GARDTr:NS TRUST OI'ES TO THE FINAN'CIAI. STATF.MF.NTS- continued FOR THE YE.IR Ef*DED 31ST OCTOBER 21125 TRUSTEES, RF.MUYERATION AYD BENEFITS There were no Inisiees, iernwierdiion or oiher benefits for the y¢ar ended 3 Isi October 2025 nor for the year ended 3 Isi OL'luber 2024. Tru5tee5' expense5 Expense5 atnountTng to £1.022 were reimbursed to two tyusrees irt the year in respect of travel expenses on behalf of the chariry l?024.. £1.315 10 two (rusiees). STAFF COSTS No employee5 recesved emoluments in exee&% of £60.IX)0 {2023.. nil). io. TANGIBLE FIXED ASSETS Freehold PTOPCrty Long leasehold Totals COST OR VALUATION Ai Ibl Nov¢mlKr 2024 Rrvalualions 2,405,UUO 25,1100 90,000 2,495,000 25,000 At 31 si October 20?5 2.430,000 90.01)0 2,520,1100 P4EI' BOOK VALUE A(3 1st October 2025 2,430,000 90,IKIO 252U,000 At 31 st October 20?4 ?.405.0(K) 90,000 2.495.000 Cost or valuation at 31si October 2025 is repre5¢nted by". Freehold prthperty Lon% lea5chpld TotAIs Valuation in 2021 Valuation in 2025 Cost 370,0011 25.000 2.035.000 370,000 25,1100 2.125,000 90,000 2,430,1)00 90,01)0 2,520.0011 ltsLluded within freehold PTop¢riy thc Exbury Gardens land a5 WCII as thrcc residential prop¢rtie%. Thcse prop¢rt1¢5 aTe ai acquisition c05t OT the markct value ai transfcr where they have bccn (Tansf¢t tu ihe Chariry, plus revaluation. Of the value showi above £1,000,000 is attnbutable to the Exbury Ciardens land. Page 10 ¢onLinued...
EXBLIRY GARDF.NS TRU OTESTO THE FINANCIAL STATEMENTS- contlnutd FOR THE YEAR EDED 315T OCTI)BF.R 21125 FIXED ASSET IfiVESTMENTS Listed invesim¢nts lJnlistcd inve5ttnenL8 Totals MARKET VALL,E At Isi Novcmbcr 2024 Additions Disposals Revaluations 7,871,743 ,291,090 (I J46.404) 411,701 3.681 7J75,424 1391,690 (IJ40.4U41 411,701 Al 3 1st October 2025 8,2211,7311 3.681 IlJ32,411 NET BOOK AI.L'E Ai 31 %1 OLI()hcr 2025 8,22N,730 3.681 8.232,411 At 3 Isi Oclobcr 2024 7.871.743 3.681 7,875,424 The valuation of listed investments aL 3 1st OcLobeT 2025 is in accordance with a formal valuation by Rothschild & Co W¢dlth mag¢Men1 ILK) Limit¢d. Thc historical cost of investmcnts at 31 Ociober 2025 was £6,006.6Y7 and at 31 October 2024 L6,023,107. 12. CREDITORS: AMOUN'TS FALLING DUE WITHIN OP4E YEAR 2025 2024 Trade credit(Irs ALL2]S and deterrcd incomt 3,446 6,153 445 4,167 9599 4,612 13. MOVEMEPIT IN4 FUNDS Nei movement in ndS At At 31.10.25 Unrestritted funds Gcncral fund 10.835.114 2113,229 11.llllJ43 TOTAL FUNDS 10,835,114 283,229 11,118J43 Nei movcmcnl in fisnds, included in the above are as follows.. Incoming r¢sourc¢s Resources expcndcd Gains and losscs Movement in fun(ts Unrestrlcted funds General fund 127.977 (382,0721 537,324 283,229 TOTAL FUNDS 127,977 {382,0721 537,324 283,229 Pagc 11 continued...
EXBL'R Y GARDF.Y I'RUST )OTESTO THE FINANCIAL STATEMEf+iTS- Continued FOR THF. YF.AR EN4DEI).IIST OC.TOIJF.R 2025 13. MOVEMEfiT IN FUP4DS- continued Comparatives for movernent in funds Net mavemeni in fvnds Ai Ai 31.10.24 Unrestricted funds General tund 9.784.191 1,050.923 10.835.114 TOTAL FUNDS 9,784.191 1,050.923 10,835,114 CompaTauve net movement in funds. included in rhe above are as follows.. Incomin resourc¢5 Resources expcnded Gains and losses Movetnent in fuE)ds Unrestricted funds General fund 308.049 1287,260) 1.030,134 1,050.923 TOTAL FUNDS 308,049 1287,2601 1.030.134 1.050.923 14. RELATED PARTY DISCLOSURES The Trnsi made cash donaiions 01 £253.220 to Exbury Gardens Limited {2024.. £189,000). Exbury Gardens Limitcd OCCUPILS IhL Gardcns uwnLd by ihe TnLSt on paynent of an annual rent of £1. Exbury Gardens Limited was given a loan of 00,000 from Roihschild Bank on 18 November 2014 and a fvrther £150.000 un 9 November 2016 of which £IOO.OIK) was rcpaid in Nowcmbcr 2022. This loan is guaraHieed by the TNst. Pa8c 12
EXBLRY GARDF,YS TRUST DETAILED STATF.MENT OF FIYANCIAL ACTIVITIES FOR THE YEAR ETr+DED.IIST C)CT()RF.R 2025 2025 2024 P4COME AND ENDOWMENTS DonAtions &nd legacies Othcr donation5 175.000 Ini'estment incon]e Rents received Inveslmcnt ponfolio 24,398 1113,579 26.098 106.951 127.977 133.049 Total incoming re50urce5 127.977 308.049 EXPENDITURE Inve5trnenl ThnageThEnt to$ts Portfoliv mandgtmeni fee Properry managyeineiil fee Pruptrty tcpairs mainienancc 67,007 5,754 37,034 61,768 5,168 9,556 109,795 76.492 Charitablt #etlvltles Granis tu 111SlLtutioi 254.720 189,000 Support cost5 Management Wag¢5 Insurance Sundries Managcmenl fee ProfesRJonal fees 1.734 2.111 3.768 3.644 3.420 2,035 1,853 3,133 6.300 14.677 15.162 Covernance c05t5 Indtpcndcnt examin&$ fees LLgal fees 2.880 2.784 3,822 2,880 6,606 Total resources expended 382,072 287,260 Net (exptnditure)lin¢on heftsrt gain5 ltssses {254,•951 20.789 This page does noi forni part of the s¢aiuiory financi sta*tn¢nts Page 13
EXBURY GARDENS TRUST DETAILED STATEMTr.YT OF FI)TANC.IAL ACTIVITIES FOR THE YEAR F.liDF.D 31ST OC.TOBER 2025 2025 2024 Recognlsed gains #nd 105se¥ Nei realised and unrealised gainslllos5esl on fjxed assti inve51menLs Forci&rn exchange uJainlllo55) 5111.822 10,502 842,929 187.205 Net iNCOTnt 258,229 1,050.923 Thi5 pag¢ do¢s nol fomj parl ofthe slalutory fjnancial statements Pagc 14