Registered number.. 01782339 Charity number.. 517234 HORTICAP IA company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 HORTICAP IA company Ilmlt#d by guarantee) CONTENTS Pa8e Reference and admlnlstratlve deta115 of the company. Its Trust•es and adv15ers Chalr's statemènt Trustees, report Indepèndent auditors, report on the flnanclal statements statement of financlal actlvltle$ 10-13 14 Balance sheet 15-16 Statemènt of cash flows 17 Notes to the finantlal statements 18-34 HORTICAP IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS FOR THE YEAR ENDED 305EPTEMBER 2025 Trustees Mr P Hornby, Chair Mr R A Bath, Deputy Chair Mrs W Donnan MrA D Garnett Msj LHall Mrs N D Harris Mr R J Marlow Mr R l D Wilkins (appointèd 2 October 20251 Company re8i5tered fiumber 01782339 Charlty r•8lstered numbèr 517234 Re8lstered offlce Bluecoat Wood Nurseries Ot1ey Road Beckwithshaw Harrogate HG3 IQL Key mona8èm¢nt personnel lan Bradbury Gilvray Qassim Mary Lloyd Indepèndent audltor5 Sumer Auditco Limited Chartered Accountants Rievaulx House I St Mary's Court Blossom Street York Y024 IAH Bankers HSBC PLC 7 Prospect Crescent Harro8ate HGI IRN Page I HORTICAP IA company lTrmited by 8uarantee) CHAIR'S STATEMENT FOR TNE YEAR ENDED 30SEpfEM8ER 2025 The Chair Pfesents his statement for the year. 2024125 has seen another successful year for Horticap. Whilst our core student seryices centre on horticulture we have been able to add additional acrivities through the increased use of our arts and crafts facilities. Our café and shop continue to be in strong demand Iccally and again provide customer focused experience for our students. In recent year5 we have embarked on a pro8ramme of. wher@ possible. replacing our petrol/ diesel powered equipment with electrically driven alternatives. Last year through the generosity ol one of our supporters we acquired our first battery powered ride on mower which has been well used in our external contracts. This year, through the amazing generosity of a consortium of donors. led by 83nks Homes and The HRH Group Ltd, we have acquired our first fully electric van which we bought in summer 2025. This replaced an agein8 diesel powered van and is now to be seen in the North Yorkshire area ferrying our Students and equipment to our contract clients. Our garden improvement plan has now been delivered with the fin81 stage of the dry stone wèlling and the kitchen 8arden areas now completed, again through the generous contributions made by our supporters. We have built a new polytunnel for the development of plants and seedlings, much of the work being done by staff and students. under supervision. Some of our on-site facilities are reaching the end of their useful lives. In particular tsur waste disposal facility stiuggles to keep up with the increased customer footfall in our café and shop, our student hygiene arrangements need upgrading and one of our 8lasshouses needs replacing on safety grounds. The increase In our reserves mean that we can commence work on these projects in the next couple of years albeit with the support of our donors and svpporter5. I would like to personally thank everyone who ha5 contributed to the continuing success of Hortlcap. Students, volunteers. staff and Trustee5 are all enthusiastic and dedicated to improving the life chances of our students. We are also well supported by local busrnesses ènd the cornmunity, without whom we could not provide the student support that e strive to elSver. Ho Chair Date.. 26 February 202 Pa8e 2 HORTICAP IA company IlmltÈd by 8uaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 30SEPTEMBER 2025 The Trustees present iheir annual report together with the audited financTral statements of the company for the I Oetober 2024 to 30 September 2025. The Annual report serves the purpose5 of both a Trustees. report and a director5, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current st3tutory requirements, the requirements of the charitable company's governing document and the provislons of the Statement of Recomrnended Pr3ctice ISORPI applicable to charities preparing their ounts in accordan¢e with the financial Reportin8 Standard applicable in the UK and Republic of Ireland IFR51021 (effective l January 20191. 51nce the company qualilies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 Istrategic Report and DirectOTS' Report) Regulations 2013 has been omilted. Objertlves ond ortfvitles a. Pollcles and objectlwes The charity'5 Qbjective, as stated In the Memorandum & Articles of Associatlon, is thè relief of persons who are physically handlcapped or mentally handlcapped. In settlng objectives and planning for activities, the Trustees have 8i¥en due consideration to general guidante published by the Charlty Commission relating to public benefit, including the guid3llce 'Public benefit.. running a charlty IP821'. Our policy framework covers governance and management, operational risk, financial risk, environmentall external factor5 and compliance risk. In each of these areas the potential risk impact is continually reviewed together with the steps to mitigate risk. The policy tramework and issues arising are reviewed at everyTrustee meeting. It is the polity of the Board to manage Horticap to minimise all risks to our people and our busines5. This includes prlmarily occupational risks such as Health. Safety and Security and we will take into account our students. volunteers. staff, customers. visitor5 and anyone else likely to be affected by our activities. We recognise our students have individual needs and require our particular support and attÈntion. We also recognise that children may be among our guests and visitors and they too need special consideration. The Board also manages the operations of Horticap to best protect the organisation from avoidable losses or damage to its reputation. This is partlcularly important because. as a registered charity. we are the custodians of money donated bv the public and other organi5ations and they have a right to expect diligent management of their donations. The Board 15 also aware of how important Hortitap is in the lives of its Students and what impact lailure of the business would have on thern. Peter Hornby, the Chair has overall fesponsibility foi risk management but de518nates a Trustee Director. Nicky Harris, to take delegated responsibility for oveTall co-ordinatlon of Risk Management within Hortlcap. The designated Health and Safety Officer is lan Bradbury, Chief Operating Officer,. the staff representative ol the Risk Sub Committee ts Dan Williams. l employee5 and volU￿teerS have the responsibility to cooperaie with the Chief Operating officer to follow safe systems of WDrk,. to take reasonable care of thernselves and others. partlcular all the students on the premlses. Whenever an employee or volunteer notites a health and safety problem, which they are not able to put right they must immediately notlfy the appropriate person. Page 3 HORTICAP IA company Ilmtted by8uaranteel TRVSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Oblertlves and actlvitle5 Icontinuedl b. Publlt benefft Our main activities include instructing adults with learning disabilities in horticulture, 8arden maintenance. woodwork, cr8fts and allied skills. Our aim is to Improve the life skills of these students to enhance their quality of life and in 50 doing inte8rate them more fully into the community in which they live. We provide free public access to our 8ardens. nature trail and children's play areas which inclitde educational information regèrding horticulture, environmental and other matters. c. Actlvltles undertaken to achleve obiectlve5 Our 4-atre site comprises greenhouses, polytunnels, a workshoplrecycling facilities. mess loom, tool store. edutation block, 3 café and shop along with a show garden, pond, bird hide and wildlife trail. The site is run by a Chief Qperatin8 Officer, a part-time Administration Manager and a part-time Accounts Manager, along with 8 full time and 24 part time staff. They are supported by over 20 volunteers and a board of between five and nine Directors/Trustees. The students receive such trainin8 as their varying èbilitles allow and also help wlth 311 the tasks associated with running a nursery/8arden centre. Whilst carrying Out these tasks. they are also learning spatial awareness, hand to eye coordination and are benefiting from interaction with others. The trained instructors are supported by a team of volunteers to give each student the help needed. The produce from the nursery is sold through the shop. at the Harrogate Flower show, the Great Yorkshire Show and at other events. A newsletter is produced four times per year for students, carers and members of the public. Information about the organlsation is also available on the website Iwww.horticap.orgl. 3nd on social media (Facebook, Instagram, X nd Linkedin). Achleweménts andperformonce . A¢hle¥ements and pertormance Demand foi studeni places ha5 a8aln been steady throughout the year and we have operated at around oijr maximum tapacity. Intome frorn student fundlng, which comes rnainly via the self directed care scheme operated by North Yorkshire and other councils has moved from £425,103 (eighteen month period) in 2023124 to £314,108 in 2024125 Iiwelve month period). We are extremely gratefvl for the continved support of our local government partners. Donations Ivoluntary income) weie £109,630 for the year12024.. £118,101 for the eighteen month period). Our donors were extremely generous to Horttscap. As always. we are extremely grateful for the continued support of the local community and charitable trusts in the North Yorkshire re8ion and beyond. Together with our own social enterprise earnin8s we 8enerated a surplus of É89.37212023124.. £96.2161 in year ended 30 September 2025. Our underpinning of charitable and commercial performance remains strong. Page 4 HORTICAP IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 AchiÈvements and pertormancè Icontinuedl The review of staffing levels is an on8oing activity in Horticap to ensure we have the appropriate levels of stspport and supervision for our students. A11 staff have their training updated throughout the year, completing a wide range of ppropriate courses. We also have a team of deditated and enthusiastic volunteeis arsd we are supported by local businesses and the local Community for which we ère extremely grateful. Flnonclpl revlew a. Going Concern After makin8 appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statement5. Further details regarding the adoption of the going concern basis can be found in the accountin8 policles. b. Reser¥e5 pollry Trustees aim to maint3in a sensible level ol unrestricted net current assets to enable them to reart tg major reduction5 in funding levels from exis1in8 sources. The current level of free reserves at 30 September 2025 are £369,045 12024.. £343.3801. l. Purposé of the Pollcy This policy set5 OlJt Horticap's approach to holding and managing reserve5. in line with the Charity Commission's guldance ICC191. It ensures transparency forTrustees. donors. and stakeholders. and supports the charity's long-term 511stain3bility. 2. Deftnltlon of Reserves For the purposes ol this policy, "reserves" are unrestyicted funds that are freely available for the charitVs general purposes, excludin8'. Restricted funds Fixed assets held for charity use Designated funds set a5Tde for specific projects Capital commltments 3. Why We Hold Reserves We hold reserves to.. Maintain financial 5tablllty dvring fluctuations in inctrme or expenditure Cover unexpected tosts or emergencies Support planned investment in strategic priorities Ensure continuity of 5ervice5 in the event ot funding delays 4. Target Levèl of Re5eryes The Trustees have agreed that the target level of reserves should be 6 months of core operating costs, currently estimated at £200,000. This level is considered sufficient to.. Cover essential running Costs for a Llefined perlod Allow tlme to secure alternatwe funding if income streams are disrupted 5. Monltprln8 and Revlèw Reserves will be revlewed 4Varterly by the Trustees as part of financial reporting This policy will be re￿eWed annu311y, or sooner if circumstafjces change significantly Page S HORTIG4P IA eompany Ilmlted by luaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 305EPTEMBER 2025 6. Use of Rèseryes Any use ol reserves outside the agreed budget must be approved by the 8oard of Trusteès and documented in meeting minutes, includin8 the ratlonale and repayment plan lif applicable). e. Investments StrateBY Horticap'5 investment strategy restricts investment of Surplus funds to risk free investments subject to forecast surplus funds bein8 less than £250.000 over a five-year review period. In the event of a £250,000 surplus bein8 available for more than 5 years, Other financial instruments would be considered subject to profession31 advite. The position is reviewed annually and presently the Trtsstees do not consider other financial instruments to be appropriate. During the year, surplus funds were held in fixed interest deposit accounts, (restricted to £120.000 being the FSCS banking protection limitl. Funds with our bankers. HSBC, exceeded that level durin8 the year and the Trtsstees maintain a periodi review of banking related risks. d. Prlnclpal rl$ks and uncertaSntles The Trustees hawe considered the risks, uncertainties. impacts aJ)d mitl8atlon approaches coverin8 governance and management, operational risk, financlal risk. envlionrnentall external factors and compliance risk. We consider the prit)cipal risks and uncertainties to b&.. Student fundlng arrangements with local authorities Iprincipally North Yorkshire Countill. subje￿ to satlsfactory compllance (which we manage) the contract with NYC Is In place until 30 November 2027 and Ss eKtendable by the Council for two subsequent 12 month periods. Health and safetv Tisks. The broad range of actiwties that we conduct on and off site coupled with our students primarlly bein8 adults with learning disabilities treates the potential for health and safety incidents. Our mitigation is through a comprehensive approach io risk assessment and capability trainin8 coupled wlth the reporting of every incident and outcome to the Trustee board. Management resource and capability. We have a long semng, highly experienced management team who are supported by a tearn of Instructors and support stsff. We enjoy a low level of staff turnover but we are activelv engaged in successlon plannlng and the development of our people to become our management team of the future. Strurture. governonce ondmon¢Ygement . Constitutlon Hortlcap is re815tered as a charitable company limlted by guarantee. The charity is governed by the Memorandum & Articles of Association incorporated 2 December 1983 as amended by Special Resolutions dated 22 April 198S. Pa8e 6 HORTICAP IA company Ilmlted by 8uaranteel TRUSTEES, REPORT ICONTINUEOI FOR THE YEAR ENDED 30SEPTEMBER 2025 strudurei iovernan¢e and management Icontinuedl b. Method5 of appolntment or eledlon of Trustees Initially, potential Trustees (who are also the direclors of Horticap for the purposes of company lawl are identified from the local community using the knowledge of existing Board members and other as50ciared with Horticap who have an extensive network of contacts. WÈ have also used specialist recruiiment sources where specific ski115 or backgrounds have been identified. Durln8 the year the 8oard continued with its poliLV that. other than in exceptional cirtumstan¢es, the maximum tenure of Trustees should be nine years and that Trustees shoold be subject to re-election every three year5. Thi5 is in line with the latest guldance from the Charities Commission and will serve to refresh the talent available to Horticap Limited at Trustee level and will Sn consequence see a number of appointments and retirements in the years to come as current Trustees reach their maximum tenure period. Robert john Darley Wilkins was appolnted as a new Trustee. L Pollnale behind significant oi unusual transactions. In response to the rlsk of irregularities and non tompliance with laws and regulations, we designed procedures whlch included, but were not limlted to.. 38reeing financial statement disclosures to underlying SUPPOrting documentation- reading the minutes of meetings of those charged wlth governance,. enqulrlng of mana8ement as to actual and potentlal litigation and claims. Pège 12 HORTICAP IA company Ilmltèd by 8uarante•l INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF HORTICAP ICONTINUEDI Because of the inherent limitations ol an audit, there is a risk that we will not deteet all iriegularitles, includlng those leadtng to a material missiatement in the financial statements or non-compliance with fe8ulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware ol instances of non-compliance. The risk is also greater regardin8 irregularities occurring due to fraud rather than error, as fratsd involves intentional con¢ealment, forgery, collusion, omission or misrepresentatlon. A further description of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting Council's wèbslte at.. w .or ibillties. Thls description forms part of our Auditor5, report. Use ot our rèport Thls Teport Is made 501ely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibillty to anyone other than the charitable company and its members, as 8 body, for our audit work, for this report. or for the oplnions we have formed. Laura Masheder Isenior statutory audbtorl lor and on behalf of Sumer Audltto Llmlted Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York Y024 IAH Date.. Pa8e 13 HORTICAP IA tompany Ilmlted by 8uarantèel STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 305EPTEMBER 2025 Total funds period 2024 Unrèstricted fultds 2025 R*strirted funds 2025 Total nds 2025 Note It)¢ome from.. Donations and grants Charitable activities Othe¥ trading activities.. Fundralsing events Other trading activitles Investments 81.130 314,108 28.500 109.630 314,108 118.101 425,103 1.216 881,344 2,125 1,216 881.344 2,125 1,266,105 4,132 Total Income 1,279,923 28,5110 1.308A23 1,813.441 Expenditure on: Raisin8 funds Charitable 8¢tivities 687,403 531.648 687,403 531,648 1.047.133 670,092 Total eJ(pèndltur• 1,219.051 1.219,051 1.717,225 Net Sncome 60.872 28,826 18,500 128.8261 89.372 96,216 Transfers between funds 17 Net movement Sn fvnds 89,698 13261 89.372 96,216 Rewnclliation of funds: Total funds brought forward Net movement In funds 1,352.665 89,698 5.485 13261 1.358,150 89.372 1.261,934 96.216 Total funds ￿rrIed forward 17 1.442,363 5.159 1,447,522 1,358,150 All income and expendlture derives from continuing activitles. The Statement of financlal activltTres complies with the requirement5 for an income and expenditure account undei the Companies Act 2006 and includes all gains and losses recognised in the year. Page 14 HORTICAP IA Company Ilmlted by guarantee) REGISTERED NUMBER.. 01782339 BALANCE SH£ÉT AS A T30 SEPTEMBER 2025 2025 2024 Note Flxed assets Tangible assets 13 1.003.318 I,￿9.285 I,￿3,318 1,009,285 Current asset5 Stocks 14 109.027 51,207 381,008 88,239 49,079 308,920 Debtors 15 Cash at bank and in hand 541,242 446,238 Current Ilabllltles Credltors.. amounts falling due withtn one year 16 197,0381 197,3731 Nèt current 35s•ts 444,204 348,865 Total assets le55 current Ilabllltles 1,447.522 1,358.150 Total net assets 1,447.522 1,358,ISO Charlty funds Restricted funds Unrestricted funds 17 5,IS9 5.485 Designated funds General funds 17 I￿73,318 369,045 1.009,285 343,380 17 Total unrestricted fund5 17 IA42,363 1.352,665 Total funds 1,447,522 1,358,150 Page 15 HORTICAP IA tompany limlted by #Uaranteel REGISTERED NUMBER: 01782339 BALANCE SHEET ICONTINUEDI ASAf305EPTEMBER 2025 The Trustees acknowledge their responsibilltie5 for complysng with thè requirements of the Act wlth respect to accounting records and preparatton of financial statements. The financial statements have been piepared in atcordance with the provisions applicable to entities subject to the small companles re8ime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf bv.. r P Hornby Chair Date.. 26 February 2026 The notes on page5 18 to 34 form part of these financial statements. Page 16 HORTICAP {A company Ilmlted by guaranteè} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 305EPTEMBFR 2025 2025 2024 Note Cash Ilows from operatln6 a¢ll¥ltles Net cash provided by operating activlties 20 107,771 206.690 Cash flows from investln8 Jttlvltles Interest received Proceeds from the sale of tangible fixed assèts Purchase gf tan8ible fixed assets 2,125 4,132 1.122 143,0681 137,8081 Net cash usèd In InvestlnB actlvltlÈs 135.6831 137.8141 Change In cash akid cash equlvalents In the year Cash and cash equlvalents at the beginnlng of the year n,088 168.876 308,920 140,044 Cash and cash equlvalènts at thè end ol the yE#r 21 381,008 308,920 Page 17 HORTICAP IA ￿mp3ft¥ limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2025 General rntormatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a re8jStered charlty in England and Wales. The address of the re815tered office 15 Blue¢oat Wood Nurseries, Olley Road, 8eckwlthshaw, Harrogate, HG3 IQL. Actountln8 polldes 2.1 8¢751s oAprepurotion olflnfjnclolstutements The financial statpments have been prepared In accordance with the Chèrilies SORP IFRS 1021 Accountsrng and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 lettective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Aci 2006. Horticap meets the deftnltion of a publlc benetit entity under FRS 102. A55ets and liabilities are initlally recogni5ed at historical tost or tiansaction value unle5S Otherwise stated in the relevant accounting policy. The financlal statements are prepared in sterling, whith is the functionèl currenty of the entity. The comparatSve fi8trres were for an 18 month period so are not entirety comparable wSth the cu¥rent year. The company is limited by guarantee of up to £5 per member. 2.2 Gothg tancern The finantlal statements are prepared On a going concern basis. At the time of approvin8 the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue n operatlonal existence for the foreseeable future. For thi5 reason. they continue to adopt the going concern basis of accountin8 in preparing the financtal statements. 2.3 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation lo investment intome Is recognised at the time the investment income Is recelvable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a thlrd party, it is probable thal a transfer of economic benefits will be required in settlement and the amount of the obligation can be mea5Ufed reliably. Expenditure is classified by activity. The costs of each activity are made up ol the total of direct costs and shafed costs, includin8 support costs involved in undertakin8 each actlvlty. Direct costs attributable to a 5inele activity are alloc3ted directly to that activity. Shared costs which contribute to more than ofte activlty and support costs which are not attributable to a single activity are apportioned between those activities ors a basi5 con51Stent with the use of resources. Central staff costs are allotated on the basis of tlme spent. and depreciation charges allocated on the portion of the 3sset's use. Page 18 HORTICAP {Acompany Ilmlted by guarantéè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30SEPTEMBER 2025 Attounting pollcles Itontlnuedl 2.4 Expendlture Icontlnuedl Expenditure on raisin8 lunds includes èll expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company s objectives. as well as any associated support costs. All expendlture is inclusive of irrecoverable VAT. 2.S lrtertst recelvable Interest on funds held on deposit is induded when recelvable and the amount can be measured reliably by the company,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 T4nqibleJlxed 17uets depreclatlon Tangible fixed assets Costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliablv. Tangible fixed assets are initially reco8nised at cost. After recognition, under the cost model, tangible fixed assets are measured at tost less accumulated depreciation and any accumulated impairment10sses. All c05tS incurred to bring a tang*ble fixed asset inlo its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tan8ible flxed assets le5S their residual value over their estimated useful live5. Depreciation is provided on the following bases.. Freehold buildings Plant and machinery Motor vehicles Office equipment Polytunnels 2%- 10% straight line 5%- 20% straight line 25% redtscinB balance 25%- 33% straight line 25% stral8ht line Freehold land is not depreclated. 2.7 Stocks Nursery stock is valued at the lower of ctsst and net realisable value. Cost is calculated by taking the original cost of the plaHt together with additional inputs to brin8 It lo its condition at the year end. Café stock Is valued at the lower of cost and net realisable value. after making due con51deration for obsolete and slow moving stock5. Page 19 HORTICAP IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 counting pollcles (con￿n￿ed) 2.8 DebtOfS Trade and other debtors are recognised at the settlement amount after any trade distount offered. Prepayments are val¢Jed at the amount prepaid net of any trade discounts due. 2.9 Cqsh utbankandln hond Cash at bank and in hand includes tash and short-term highly Ilquid investments with a short maturity of three months or less from the date of acqulsition or opening of the deposit or similar account. 2.10 Lklbllldes andprovtslons Liabilitie5 are recognised when there is an obligation at the 8alance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliablv. Liabillti@5 are recogr*ised ai the amo¢Jnt that the company anticipates It will pay tg Settle the debt or the amount it has received as advanced payments foi the 8oods or seNites it must provide. Provislons are measured at the best estimate of the amounts required to settle the obli8atlon. Where the effect of the time value of money is material. the provislon is based on the present value ol those amounts, dtscounted at the pre-tax discount rate that reflects the risks Specific to the liability. The unwinding of the discount Is reco8nised in the Statement of financlal artivities as a finance cost. 2.11 Flnon¢lallnstruments The tompany only has financsal 355ets and financial liabilitieg of a kind that qualify as basic financial Instruments. Basie financial instruments are initl8lly retognised at transaction value and subsequently measured at their settlement value with the eX￿ptiOn of bank loans which are subsequently measured at amortlsed cost U5in8 the effective interest method. 2.12 Employee benellts When employees have rended service5 to the charlty, short term employee benefits to which employees are entitled are recognised as the undis¢ounted amount expected to be paid in exchange for that service. Dofined contrlbutlon penslon xheme The company contibutes to a defined contribution pension scheme for ihe benefit of its employees. The pension costs charged against net sncoming resources are the contributions payable to the scheme in respect of the accounting period in accordance with FRSIO2. 2.13 Fund occountlng General fur)ds are unrestricted funds which are available for use at the discietson ol the Trustees in furtherance of the 8eneral objectives of the company and which have not been designated for other purposes. Page 20 HORTICAP IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR fHE YEAR ENDED 305EPTEM8ER 2025 Accountln8 policles Icontinued} 2.13 Fund ttccountln9 fcontlnuedl Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purpose5. The aim and use of each designated fund is set out In the notes to the financial statements. Restricted funds are funds which are to be used in accordan¢e with 5pe¢ific restriction5 imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administertng such funds are charged against the specific fund. The aim and use ol each restricted fuAd is set out in the notes to the financial statements. Crltlcal ?ctountlni estlmate5 and area5 of lud8mènt Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectatlons of luture events thal ale believed to be reasonable under the circumstances. Critical accounting estimates and a55umptions'. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of fu￿re events that are believed to be reasonable ufider the circumstances. Valuation of nursery stock The nursery stock valuation Is based on the total c05t of input5 required to bring It to its condition at the year end. This includes an estimaie of the proportion ol total overheads input. Income Irom donatlons and grants Unrestrtrted funds 2025 Re51rlded funds 2025 Total funds 2025 Total funds 2024 Donations and grants 81,130 28,500 109,630 118,101 Total 2024 103,101 15,(X)O 118,101 Pa8e 21 HORTICAP IA company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YSAR ENDED 30SEPTEMBER 2025 Income from tharltable artlvltlÈs ijnrestrlcted funds 2025 Total funds 2025 Total funds 2024 Student funding 314.108 314.108 425.103 Total 2024 425.103 425,103 Income from othw tradln8 actlvltles Income from fundralslng events Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Fundralsin8 events 1,216 1216 11,024 Total 2024 11,024 11,024 Income from non charltable tradln8 èctivitles Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Retail sales. café, contract work and events 881,344 881,344 1,255.081 Total 2024 1,255,081 1.255,081 Page 22 HORTICAP IA company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2Q25 Investment Income Unrestrirted funds 2025 Total fvnds 2025 Total funds 2024 Bank interest r￿e1Vable 2,125 2,IZ5 4.132 Total 2024 4,132 4,132 Expendlture on ralsln8 funds Costs oAother trodlng Ortlvities Unrestrirted lunds 2025 Toial funds 2025 Total funds 2024 Horticultural costs Light and heat Repair5 and maintenance Molor vehicle expenses Sundrie5 377,648 18,735 6,615 10,452 504 377,648 18,735 6,615 IOB52 595,993 30.578 8,744 21.594 858 Advertisin8 Wages and salaries 891 891 544 272.558 272,558 388,822 687,403 687A03 1,047.133 Total 2024 1,047,133 1.047,133 Page 23 HORTICAP IA company Ilmlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2025 Anafysls of expendlture on charltsble artlvltles Summory bylund typè Unrestrlcted funds 2025 Total 2025 Total 2024 Charitable activities 531,648 531,648 670,092 Total 2024 670,092 670,092 Analysls of expendltur? by actlvitie5 Actlvltl8s undertaken directly Support Costs 2025 2025 Total funds 2025 Total funds 2024 Charitsble activit*es 489,049 42.599 531,648 670.092 Total 2024 638,701 31.391 670,092 Pa8e 24 HORTICAP {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2025 io. Analysls of eJtpendSture by actlvltles Icontinuedl Analysls of dlrèct COSt5 Totsl funds 2025 Total fund5 2024 staff costs 328,694 15095 31,836 17,965 3,871 31,757 43,425 14,311 945 425.840 23,157 36.630 24,442 4,886 32,104 67.819 20,263 1,945 1.615 Pension costs Repairs and maintenance Insurance Telephone Other office costs Depreciation Bank char8es Newsletter costs L05s on dlsposal gf fixed assets 350 489,049 638,701 Analysls of 5UPPOrt costs Total fvnds 2025 Total lunds 2024 Governance costs- professional fees 42,599 31.391 Page 25 HORTICAP IA tompany Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30SEpfEM8ER 2025 ii. Net incornellexpendSture) This is stated after charÈin8.' 2025 2024 Depreciation of tangible fixed asset5'. owned by the charity Auditor's remuneration -audit Auditor's remuneration- preparatlon of the financial statements Auditor's rernuneration- other service5 43,425 12,880 2,470 67,819 13,150 2,4QX) 12,OLKI 12. Staff costs 2025 2024 Wages and 5alarie5 Social security costs Penslon costs 552,008 49,244 15,895 760,788 53,874 23,157 617,147 837,819 Included within wages and s&13ries are non-statutory termination payments of £nil12024.. £1.0001. The average number of persons employed by the company durin8 the year was as follows.. 2025 No. 2024 No. Employees 33 30 No employee received remuneration amountShg to more than £60.000 in either year. No remuneration oi other beneflts fiom employment with the charity or a related entity wefe received by the Trustees. There were no TfU5tee expenses In either year. The key management personnel of the charity are those listed on page l of these financial statements. The ggregate employment benefits, including employer's national insurance and pension contributions of the key management personnel of the charity were Elll,756 for the 12 months12024.' £149,965, 18 mollthsl. Page 26 HORTICAP (Acompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Tangible flxed assets land and buildings Planl ènd Ma£hlnery Motor Offi¢e 74ehlde5 Equipment Pol*tunnels Total Cost or vuluutlon At l October 2024 1.260,644 7.347 57M3 425 47.971 29.316 26,776 1,635 {2,6401 120,7101 11.6401 17,181 1,625 1.412.595 37008 124.990} Addition5 Disposals At 30 September 2025 1.267,991 $5,268 54,037 29.311 18,8[ 1,425,413 Oepreclatlon At l October 2024 Char8e for the year On disposals 280,794 32.969 44,524 39,952 25,528 3.173 3.L%6 2,576 {1,6401 120,4921 11,5081 12,512 1,641 403,310 43.425 124,6401 At 30 September 2025 313,763 45,057 22,526 26.596 14,153 422.095 Net book volue At 30 September 2025 954.228 10.211 31.511 2,715 4.653 I,(Ki3.318 At 30 September 2024 979.850 12,959 8,019 3.788 4,669 I,cxJ9,285 Freehold land with a value of £11,65212024.. £11,652) is not depreciated. 14. Stocks 2025 2024 Raw materials and consumables 109,027 88.239 Page 27 HORTICAP IA tompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30SEpfEM8ER 2025 Is. Debtors 202S 2024 Trade debtors 32.701 18,506 31,469 17.610 Prepayments and accrLred income 51,207 49,079 16. Ctedttors: Amounts fallln8 due wlthln one year 2025 2024 Trade creditors Other tayation and social security Other creditors Accruals and deferred income 32,663 21,354 5,489 37,532 22.782 28,501 3.569 42,521 97,038 97,373 2025 2024 Deferred income at l October 2025 Income deferred durtng ihe yeai Amounts released Irom previous persods 18,296 18,148 118.2961 8.S14 18,296 18,5141 18.148 18,296 At the period end. contracted training Income wa5 recognised in deferred income in relation to services which wlll be delivered in a futitre finèncial year. Page 28 HORTICAP IA company limbted by iuaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEpfEM8ER 2025 17. ststement of funds Statemerbt of funds- current year Balancea¢ 30 September 2025 #lance at I Ortober 2024 Transfer$ Inlout Intome Expendlture UnrestrlrtedAunds Deslgftotedfvnds Fixed asset fund Sepilc tank replacement 1,009.285 143,7751 37,808 70,ODO I,¢YJ3,318 70.1 1.009.285 143,7751 107,808 1,073,318 Generolfvnds General funds 343.380 1.279,923 11.175,2761 178,9821 369,045 Totsl Unrestrirtedfvnds 1.352,665 1,279,923 11,219,051) 28.826 1.442,363 Restrlrted Jund5 Pizza oven and polytunnels fund Electric mower fund Van fund 4,443 1,042 11,6251 1425) 126,7761 2,818 1.617 724 I,LYg0 27,500 5.485 28,YJO 128.8261 5,159 Totol olfvnds 1,358,150 1,308.423 11.219.051> 1.447,522 Page 29 HORTICAP IA comparry Ilmlted by 8tsaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 17. ststement of tunds Icontinuedl Statemènt of funds- prlor Year Balance at Transfefs 30 September in/out 2024 Balance at l April 2023 Income Expenditure Unre5trfctedlunds Deslqnt7tsdAunds Fixed asset fund 1,009,285 1,009,285 Generttlfvnds General fund5 1,127,167 1.798,441 11,717,225) 1865.0031 343.380 rotol un￿$trictedfvnd5 1,127.167 1,798,441 11.717,2251 IH,282 1,3S2.665 Restrirtedfvnds Fixed assets fvnd 134.767 1134,7671 15,557 13,9581 PI2za oven and polytunnels fund Electric mower fund 10,000 5,000 4,443 1,042 134,767 15,000 1144,2821 S.485 Totaloffvnds 1,261,934 1.813,441 11.717,2251 1.358,150 Restrlcted funds represent amounts donated for the acquisition of specific fixed assets. Transfers to unrestricted funds are made when the terms of the donations have bee￿ met. A transfer of £37,808 has been made in the year to designated fund5 to represent additlon5 and disposals of the tangible fixed assets. A transfer of £70,OC4J has been made to desigllated funds to cover the experted cost of replacing the septic tank. Page 30 HORTICAP IA company Ilmlttd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30SEPTEMBER 2025 Summary of lund5 Summ¥ry of funds- current year alance a130 September 2025 Balance at I Odober 2024 Tr•nsfer5 come Expendii¥re Designated funds General funds Restricted funds 1.009,285 343.3BO 5,485 143,7751 11,1753761 107,808 178,9821 {28,8261 1.073.318 369,045 5.IS9 1279,923 28.500 1,358,150 1,308,423 11.219,0511 1,447,522 Summary of fund5. prfor year Balance at Transfers 30 September inlout 2024 83lance at l April 2023 Income Expendlture Designated funds General funds Restricted fund5 1,009,285 1865,0031 1144,2821 1.009,285 343.380 5,485 1,127,167 134.767 1,798,441 Is,000 11,717.2251 1,261,934 1.813,441 11.717.225) 1.358,150 19. Analysis of net assets between lunds Anaty5is ol net assets between funds- current year Unrestrfrt•d funds 2025 Restricted funds 2025 Total funds 2025 Tansible fixed assets Cufrent assets Creditors due within one year i.ryJ3,318 536,083 197,0381 I,(*)3.318 541.242 197.0381 5,159 rotol 1,442,363 5,159 1.447.522 Unrestrtcted lunds includes designated fixed assets of £1.073,318. Page 31 HORTICAP IA company lirnlted by8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEM8ER 2025 19. Analysls of net assets between funds Icontinuedl Analysls of net assets between fvnds. prlor year Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due wlthin one year 1.009,285 440,753 197,3731 1,009.285 446,238 197,3731 5.485 Totol 1,352,665 5,485 1,358,150 20. Reconclllatlon of net movement funds to net cash flow from opratin8 activllles 2025 2024 Net income for the year las per Statement of FinancSal Artivltlesl 89￿71 96,216 Adlu5tmentsfvr.' Depreciation charges Interest received Loss on the disposal of fixed assets Ilncreaselldecrease in stocks Increase in debtors IDecreasellincrease in creditors 43,425 12,1251 350 67.819 14,1321 (20,7881 12,1281 13351 21,646 129,2951 54.436 NettU5h provided byoperutlng octlvltles 107,771 206,690 Page 32 HORTICAP IA tompaDy Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30SEPTEMBER 202S 21. Analy$15 of cash and cash equlvalents 2025 2024 Cash in hand 381,¢Y)8 308.920 Totol cash and cush èqulvolents 381,008 308,920 Analysls of chan￿$ In net debt At30 Septtmber 2025 At i October 2024 Cash flows Cash at bank and in hand 308,920 72.088 381.c￿￿ 308,920 72,088 381.￿8 The charitable company had no debt in the current year or previous period. 23. Ca￿tal commltments The charitable company had no capltal commitments in the ¢urrent year or previous period. 24. Operatln8 lease tommltments At 30 September 2025 the company had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2025 2024 1,613 377 1,508 1,885 Not later than I year Later than l year and not later than 5 years 1,990 3,393 Page 33 HORTICAP IA tompany limlted by 8uar4nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YSAR ENDSD 305EpfEMBER 2025 25. Related party transactlons In 2025, there were donatlons to the charity totallin8 £21512024: E1401 from the Trustees. There were no other related party transactions in the ¢urrent year or previous period. Page 34