REGISTERED COMPANY NUMBER: 2331440 (England and Wales) REGISTERED COMPANY NUMBER: 8111349 REPORT OF THE DIRECTORS AND FINANCIAL STATEMELYrs R THL YEAR ENDED T OCTOBER 2023 FOR F.XBURY GARDENS LIMITED Mortin and Company Audit Limited Charter¢d Accountants and Statutory Auditors 25 St Thomas Strect Winchester HatnP5hire S023 9HI
EXBURY GARDENS LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR Ef4DED 31ST OCTOBER 2023 Page Report of the Trugtees Report of the Independent AudiloT$ St#l¢mettt ofFlnanclal Aetlvltlts io Bal*llee Sheet Cash Flow Statement 12 Notej to the Cash Flow Statement 13 Noteg to the Flnanclal Statements 14 to 27
EXBURY GARDENS LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDF.D 31ST OCTOBER 2023 The D1ClOr5 who are also Trusiees of the Chariiy for the purposes of th¢ Charitie$ Ali 2011 b Pr¢&1 th¢iT r¢Trrt with the finartC121 statcmcnts of the ¢QTnpany amd charity (or thc year cDded 31 $1 October 2023. Thc dirc¢tor5 havc adopted thc provisions of Accouthting And R¢porting by Charities.. Statemcnt of Rccommcndcd Practice applicable to charities preparing th¢ir ac¢owits in aLGurdanb¢ with the Financial Reporting Standard appIlbI¢ in th¢ UK and R¢publi¢ of Ircland IFRS 1021 {effe¢¢ive l January 20191. OWECTIVES AND ACTIVtTIES Oblt¢tlv¢$ ¥ctlwliles (or the publlc beneflt The objeciives of EGL, as sei, are l. To maintain. improve. develop aTtd prescrve for thc public bcncfit and to opcn to the public, Exbury Gardcns in Hampshire. 2. To advance horticulwral s¢ict)c¢, knowlcdg¢ attd l¢arniDg for the public bcncflL 3. To promote Such other objects or pUoSe8 wbich are exclusively ciwitabLe acc4)rdill8 to cutreni legiSl10n in England. For th¢ YE th¢ main objecliv¢s were (o Ca Qui the alxbv4 with COTLtinu¢d fvrus on mainlJinin¥ th< visilvr EXp¢ri¥¢# and hortiLuliural excellence within the garden5. Achievements. Performanc¢ JtLd plan$ for ihe future Tradjng conditions in the 2023 Season w¢re dilTicult for a number ofreawns. FirsL thc scvcrc drought of the previous year had a ne8ative impact on many of the plants and trees in the Gardens. most of which derive from areas of the globe which enjoy heavy annual rainfall. In consequence. the number of blt)om% on display was reduced and the visllal display during the main flowcTillS season was le5S iTnpressive than nornial. Secondly, th¢ cost-of-living crssis affected ViSilOT nuTnbers and many of those who did come chose to bring refre5hrnents with rath thilTJ us¢ of our in-house catering faciliiies. Thirdly, high lev¢ls of inflation led th a substantial rhse in Ihe operdtional c05t base. L£onorni cundilions alw l¥d ts) dn ittcredst in the cost of fllmncing thc Lompany's outstanding debi. in respon5¢ to which a dcci5ion was takcTh carly in thc ycar to rcpay £IOO,000 of the outstatsding loan from Rothschild Batjk. D¢bpil¢ th¢ abvv¢ - dnd a r¢l&liv¢Ly w¥t $wntn¢r - d latg¢r probramme of events, and an increased number (hf daily attractions to cnhancc the visitor cxpcricnce for children, meant that numbers held up wcll and thc ycar fini5h¢d with 117,455 ViSiiOT5 to the Garden5, an I l /0 rcducLiOn on the prcviou5 ycals figurc of132.017. The resulting operating loss was £199,680 a5 opposed to a net inro]n¢ of£72,348 in the previous year. Jn Dccernber 2022 we slaged OUT first in-house Christmas Fair. In the past this had been sub-coniractcd out lo an Evcnls organising cornpany. In athlition to Tetail stalls in a marquce, the Fair also intllldcd Stcam Railway rides. i Father ChTlStmas F.xp¢rience and vRriou5 Caicring outlets. Whil¢ lessons were 1¢8rned for fiLIute imprDvemenLS. the fair prov¢d popul wth both liLdll hvldth and visitor4 eighL thousand of whom attended over two weekends. A numb¢r of new capital projcGls wGrc initialcd durithg th¢ 22123 Finattcial Year. lrt particular, a major cxcrcisc was undertaken to st¢m leaks in th¢ top pond so as to r¢m¢dy th¢ impa¢1 of future droughts. This was happily realised under budxei. Additions were also made lo improve the overall quality of the planting in the Garden5 aThd vi5ilor facilitie¥ in Ihc Rdilway Building wrrc upgradd. Thc opportunity also arosc to invcsl in the relocation of a Gold Med81 winning garden, Ihc Rare Space Garden from the Chelsea Flower Show to F.xbury Gardcn5. This 88rdcn had been d¢5igned to be enjoyed by people suffering from demelllia. Pag¢ I
EXBURY GARDENS I.IMI'r¥ i) REI'OII'I. ()r'i'iiE TRUS'I-14 1,:S oil 'riiTr: YEAR EYI)b.l) 31%'1- ()c'r()IlEII 2023 OBJF,C.TIVE.S AIYD ACTIVI'I'ILS A dcctsinn wa8 takeii lo acqiiire frorsi the l-_xbury Esiale owjiersliip and rebpoi]sibiliiy for Ilie woi-ld Cla8 colleciion ol. Nci'ine% and oilieT floweriiig bulbs origiiially assembled by Lionel de Roilischild. These plants liad previously bccn madc availablc for anniial display in the Five Am)ws (Tdlleiy. An CKpcriincnt was inilialed to inalce available ltsr hire Iwo mobility ¥cooteTS for use by phy.sically impaii'ed visitor%. 1-lio8¢ proved very popular, and plans wer¥ inade to iiici"edS¢ the nut)ibei' of vehicl¢8 availablc lo Ilirec f()r the ncxl C8%0JI. During Ilie year. r&%iiucliii'iiig.$ look place in both the gai'dei)ing and vi51toi' service¥ ieai)Ib de%igned lo iniprove Iheii. effccliveiie48 aiid cfficieiicy. Finally, li was decidcd In niake major new IC.tMcnl8 iii Iwo areas ol'er Ilie 23124 1-.inanci£il Yeoi.. the ¢0iisiruction of a iiew bojchale in Yard Wood to improve thc gardeDers' ability lo water all pailb uf ¢lie (iaL"deiis. The impdct ol- tlie previous year's dri)ughi l)ad undcrlincd the LInerab]litY of the previous an"aJ)geIi)ents. Alienialive plans lo pun)p waier fi'vm a i"cmole rc.%avoir were decmed impracticablo. Thc second will sce the size of Ilie reiail aita al the Visiior Services Ceiilre doublc in SiF.e. Tlic sLleclion of ilcnis on offcr have proved i)opular, bui coiigcslion arouiid Il)e exisiing iills has litniled purchases. The sums approvcd for these investmenL% wer¢ £70,000 and £65,000 rcspeclively. There were iio ¢at)g¢S lo Directoi's made in the year. Public beneflt Tlie Diieciors Loiifirni Iliat Ihey have paid due reL?ard to Se¢iion 4 of the Chai"ities Act 2011 and the Charity Commission's guidance oiJ pllL71ic bet)efit in deciding lt activitie.4 tlie Chariry should iindertake. FIfvANCIAL RF.VILW Fiii£111cial review The director8 confirni Iliat the accounts coinply with Ilie requiremei)is o( the Meniorandum and Arlicles of AssuLiation. At the end of the year 81r1cled funds carried lorward wei'e £2,128,903 12022.. £2.J28,583) aiid il)e resii'iGie(I luiids carricd forward for Ihc ycai. werL £nil 12022.. £nill. l)uring the prioi. yeai., the Chaiimaii agreed Temis tsf Bu.%iiiess bctween Fxbury Cjardetis Liinilcd and F.xbury Gardeiis I'ru51 llj wliicli pi'ovided lor the pi'iiiciple Ilial kxbury tiardeng T%1 would donatc £200,000 per aiiiium, %ubject lo review atter tliree yeais from ilie agi'eeineni. 'I'lie dojiaiioii d%si.41 with workTng capital aiid capital projects. The budgcL8, in prior years, have beeii %ci oil an ejiterprise and cvcni b&818 10 enable accurate analysis of eacli elemeiit of the busincss Lo assist willi futurc management. GeDL'r¥l ri'serves policy Tl)e gleneral unrestriLted fund is held to 8UPPOrt administration and ovei'head coqts. Thc intcntion I. Ilial thi8 should be growi) and maintained in &uq)lus. Such unrestricted inconie is available to be spent at the d1crcI10n of directors iii the furtlieiance of Ilie objects of the company and may be uged to fmance boih working capital and capital iiivcsltncllt. Oihei. funds are resiricied 10 bpeLifiL projects. The directors acknowledge Ihat further unt&%iriLled income 1% dc%iiable in order to mainidij) general reservts al the level required io suppori Ihe &Jeneral adtninistrAtion and overheads of the ompany. 'Ihe result of Ilie compaiiy for the year are set out on pagye l O. The nel expenditure for Ilie year of Ilie conipdny was £199,680 {2022.. iiet suiplu5 of £72,348) and has been li'an¥frrred io reserves. The directors are satisfied th31 the company's funds are available and adequate to fulfil ils obli8alioJis. Page 2
EXBURY GARDENS LIMITED REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31ST OCTOBER 2023 FINANCIAL REVIEW Golng concern The dircctors have satisfied thetnselves that the company is a 80in8 concern and has adequate rcsources to rontsnu¢ in operational existcnce for the foreseeable futur¢. In forniing this vicw thc dircctors rnade appropriate enquiri¢s into the rinancial position of and resources avaiEable tv the Lumpany including those provided by rdat¢d parti¢$. Thc directors have rcsolved Ihc requirement for working capital in the business having agreed ternis of ongoing supwtt froTr Exbury Gardens Trnst as sct out abovc. From dis¢u8sions with thc TnLSiCCS of thi% charity the director5 bclicvc that adequaie funds will ¢ontinue to be mad¢ avllilable t0 5UPPOrt the COTnpany during the next twelve months. In addition, the company ka5 previously secured a loan of £650.000 against the Trust's endowment with art Opiton or obtainitjg a rthcr £IOO,O(K) if and whets T¢quir¢d. As noted on pagc l this loan has bccn rcduced to £550.(KJO outstanding in the current year. Th¢ dir¢ctors aT¢ graiefiil for IIIiTe5tricted donatioD.% given during the year to the Sum of £201.000 from r.xbury Gardell5 TN8t. Thcsc and the above fomal undertaking give thc dircctOTS confidence In the on80ing 5UPPOrt to thc company by Lhis chariry. As thc ¢OTnpany is a not for profit OTgani%ation and i% run for public bcncflt thc diTCCtor8 havc addcd furthcr ways to increase public involvcmcni. In particular. thcy continu¢ to dcvelop ih¢ volunteer programme it) the gardens to allow m¢tnb¢r$ ufthe public nM)r¢ hands-on involV¢ent in the horlicultutal activities. The directors contittuc to monitoy cloxely all Lqpc¢ts of thc business throllgh rcgulkr mectings with the s¢nior manag¢m¢nt of th¢ wmp4ny attd c4try Qui r¢¥ular intml reviw5 Of th¢ btructll and gvv¢rnan¢¢ orth¢ ¢ompdny. Therefore the directors contlftllt to adopt the goin8 tonctrn basis ith preparing the financial siatemcnts. The financial sthtcments do not inclllde any adjusiment thai would resuli from the withdrawal of support from Exbury Gardens Trll5t. Further details regarding th¢ adoption of the goill8 concern basis can be found in Notc I to the fjnancial slai¢rnents. Conncctcd Charit1¢5 Th¢ ¢omp8ny 18 ¢onncct¢d 10: The Exbury Gardens Trnst of The Estate Office, Exbury, Sollthamplon, Hampshire, S045 IAZ that was founded by the lalc Mr Lcopold de Rothschild to suppori that charity at Ihc discrciion of lis trnsices which has in recent years been in the forni of as5i5ting the cornpaTLy in it5 borrowillg requirements, providing Working capital support and fimding Capital projects_ During the ycaT thc Trust donatcd £201,0 (2022..£200.0(M)). Dctails of transactions with connected charities and other Telakd paTti¢s arc giv iTJ note 21 to tlte accounts. Pagc 3
EXBURV GARDENS LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST OCTOBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Strutturey governgnte mill*gement Exbury GaTdcn.% Limilcd IIGL) is constitlli¢d w)d govemed by the Mernordndum and Articles of Association incorpordtcd on 29 Ik¢cmb¢r 1988 as amcnded by sp¢cial rcsolution on 22 March 1989 to be run as a limited company. Directors ar¢ appoitt¢¢d un thE ba5L5 of cotLsid¢ration of the skills required by the Company. Potential ¢andida¢s are generally identified through &ssociation5 with prcscnl direc¢or& and appoiThtrnen15 made for the candidate's experience, expertisc and commitment that they are able to bring to thc Company. While adopted director$ are noi formally trairtcd ¢Jr indu¢ie¢l or ¢hE ¢ff¢ClivenS of the Board reviewed in a fornul way. we. the directors. rcvicw thc achicvcmcnts of the Comparty and athy individual ma¢i¢rs aTe addrets5. The directors of Exbury Gardcns Limitcd mana8C thc business by way of forni&l quarterly meetings to discuss matters iticludillg the se¢ling of polici¢s and 5trai¢gic objectiVC5. The implementation of these policies is delegated to a managemeni cunjmiltee that meets on a monthly basis, and at pr¢5enl tw4) dir¢¢ioTS ¥ii on thi5 coiI)mit(e¢ a ¢or¢ basi5. Day-to-day managemcnt of non-stratcgic mattcrs is dclcgatcd to thc Hcad of Opcralions, Financc Managcr, Managing Agent and Head Gardener, sUprted by the Marketing Manager and Assistant Head of Operation5. In ddiliuffj lh¢ Company ha5 introduced a Strategy Day, to coincide with one of Exbury Gardell5 Ttust's two tneelKng5 a year. for directors of the gardcns and tNstccs ofthe trnst to mcel and discuss ovcrall stralc8y. Th¢ directors rnanage their risks through the above strllctllre and regularly review thcsc. whcthcr flnancial. hcalth and safety. eplOyMent or other risks to which the CoMpY may be exposeiL The systems of nnag¢M¢llt are reviewed and procedure% established to mana8e those ri%ks. Dlreetor5 The Tnernbership of the IM)ard is set out on page 5. All directors served throughout the year. The method of appointment of Ihc board is a8 follow5.- A director proposes a meTllber to 51t the board and this proposal must be approved by the co4irector5. The proposal L5 adE at board rneeiiIig5 atLd rEcurdYd in ihc minutcs. No dire¢(ors had, during the year, any material inieresr in a ¢ontr8¢1 which wa5 significant in relation to the cornpally, business. Key mlnogernent remuneration The salstics and other i¢mis of cmploymertt of the key management personnel are rcvicwcd annually by the directors. Salaries are based on benchmarn8 agaijjst sinJiLar roles within other organisation¥ and inflation is taken into account when reviewing salarie5. Key management include Debbie Burrows, Tom Clarke and Robin Savill. REFERENCE AND ADMINISTRATIVE DETAII Reglstered Company number 2331440 IF.ngland and Wales) R¢g15t¢red Company nvJNb¢r 801349 Reglstered offlee Estate OtYic¢ Exbury Southamptott Hamp8hire S045 1 AZ Pa¥¢ 4
EXBURY GARDENS LIMftED RF.PORI' Ob. I"HF. DIRECTORS FOR TIIE YF.AR ENDED 31ST OCTOBER 2023 Directors MAPAgius C 11 d¢ Roihschild M-L E Ayus N D de Ruthschild K J A8lUS R G Dcvcrcll C E l Bubcar CompAAy Se¢retary W Slccman Audilors Martin Cutnpany Audit Limited Chartered A¢countan¢s and Statutory Auditr>rq 25 St Thomas Str¢¥t Winchester Ilampshire S023 9HJ BanlEers IISBC Bank PIC 55 Abovc Bar Str¢¢t Southampton S0147D7. Soll¢ltors Itwin Miichell Belmonl Ilouse Station Way Crawlcy RHIO IJA Thc company is registered as a charity. number 801349. and is limitcd by guarantee, company nllrnber 2331440. The govemillg body of the company is the Board of dircciors and ils govcrning documcnt5 arc ihc memorandum alld article5 ofassuLLation. There are no restrictions upon the way th¢ company can operdte or upon the investment werS of the dircclors. STATEMENT OF DIRECTORS, RESPONSIBILITIES The directors Iwhu are also the of Exbury Gardens Limii¢d for the puwoses of charity lawl are responsible for preparing the Report of the Directors and the financial .%tatements in accordance with applicable law and United Kingdom Accouniing Stsndards (United Kingdom G¢rt¢rally A¢c¢ptcd A¢couthting Practi¢¢). Company law requires the directors to prepare financi21 $tat¢ment$ for e8¢h finatteial year which lVe a tNe and fair view of thc state uf affairs of thE charilablc cvmpany and of lh¢ itJGvming T¢svurG¢s and applicaiivn of rcsuurces, including the income and expendiwr¢, of th¢ charitabl¢ company lor that period. In Preparing those Iinancial siitements. the directors are rcquired to sclcct suitablc aLCOUtttits¥ liCIeS and then apply them cotisiStently> ob5crvc Ihc mcihods and principlcs in thc Charity SORP. make judgements and esiimates that are reasonable and prudent- pi¢pHre the financial 5talerllents otl the going concern ba8i5 unless Lt is inappropriate to pr¢5um¢ thai th¢ Gharitabl¢ cornpany will coniinuc in business. Pag¢ 5
EXBURY GARDEL¥S LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST OCTOBER 2023 STATEMENT OF DIRECTORS. RESPONSIBILITIES- contlnued The directors are responsible for keepin¥ prop¢r Mccounling Tecord5 which disclose with reasonable accuracy at any timc Ihc financial position of the chari(ablc company and to enable them to ensure thai the financial statements comply with the Companies Aci 2(]06. Th¢y ar¢ also responsible for safeguarding the assets ol the chatitable company and h¢n for tsking r¢asonable steps for the prevention 8nd dC¢tIOn of fraud and other irregularities. In 50 far &5 the directors are awa.. there is no relevant audit information of which the charitable company's auditors are unaware. and ¢h¢ dir¢ctOT5 have taken all step5 that they ought to have taken to make themselve5 aware of any relevant audit Information and to C51abli5h ihat th¢ auditors ar¢ aware of that information. AUDtTORS The audiiors. Martin and Company Audii LimiÉed. will be proposed for rc-aPPL)inlmenl ai the (orthLominb' Annudl Gcneral Meeting. This r¢port has been prepared in a¢¢4xdan¢e with th¢ sp¢¢ial provisioths of Part 15 of the Companies A¢t 2006 relating to STnall cornpani¢s. Approved by order of the board of directors on ........ . and sI¢d Oll Its behalf by.. P Agius- Director Page 6
REPORT OF THE INDEPENDELYT AUDITOR5 TO THE MEMBERS OF EXBURY GARDEf4s L]iTED Oplnlon We have &udited the finatycial statements of Exbury Gardens I.imiied (the 'charitable company,) for the year ended 3 l$t O¢tDb¢r 2023 which ¢OTnPri5¢ the Stalem¢nt of Financial Activitics. the Balancc Shcct, thc Cash Flow Stalement and notes to the financial statements.. including a sunun2ry of signifirallt a)unting poliri¢s. Th¢ financial Teporting framewod( that has becn applicd in thcir preparation is applicablc law and Unitcd Kingdom Accounting Slandards Iunitcd Kingdom G¢erallY Acccptcd Accounting Practice). In our opinion the financial stateinents.. ¥ive a Irue and fair view of ih¢ state of the charitable company's affairs as at 31st Ou'lober 2023 dnd of its incoming resources 8nd 8ppli¢aiion of rcsourc¢s, includirtg its income aTJd expenditure. for the year then ended,. have been properly prepared in accordance with Unitcd Kingdom Genefdlly Accep¢d AOUntig Pra¢ti¢e," and have bBcn prepared in accordance with the requiretnents of th¢ Companie5 Act 2TrJ6. B•8 foy oplnlo We condu¢(ed our audit in accoidance with IniEfTiational Standards on Auditing (UK) IISA5 (UK)) and applicable law. Our rcsJx)nsibililits UtEr thusc stattdards are furtheT d¢wrib¢d in the Auditors, rE5PQIisibilitie5 foT the audit of (he rinanri3151alemcnLg Section of our rcport. We arc indcpclldcnt of thc charitablc company in accordancc with ihe cthit*l requirements that are Telcvant to our audit of the flnancial statemcnL% in the UK. including the FRC'S Lthical Stsnddrd, iltld w¢ hav¢ fulfilled our oth¢T ethi1 responsibilities in acGordance with these requirements. We believe thai Ihe audii evid¢¢ we have obtained is 5UtTJcicnt and appropriate to provi(k a basis for our opinion. CoDclu51oDS reladng to golng concern In auditinbF the flnancial statements. we have concluded that the director5, use of the going COTLcern basis of accounting in the preparatson of the finunci stalernents is appropriate. Based on ihe work we have pcrfomjed, we have ideniifid Any materittl uttcert&inlies relating to evcnls or conditions that, indivtdually or wlle¢iively, may c&%t significani doubL on the charitable company's ability to Continue as a going cnncem for ¥ period of at Ica5t twelve month% from when the financial stat¢m¢nls are authorised for issu¢. Our responsibiliiies and the responsibilities of the directors with respeci io going ¢¢)n¢em gre drib¢d in th¢ rel¢vant secijons ofthis reporL Other information Thc directors arc Tcynsible for thc othcr information. Thc othcr inforniation comprises the infonnation included ITL the Annual Report, other than th¢ fmancial statement$ and our Report of the Ind¢pendent Auditors thereon. Our opinion on thc financial stht¢mcnrs docs not ¢ovu ihc other infomiatinn and, exccpt to thc extent otherwisc explicitly stated in our r¢rort, w¢ do not expres5 any forni of assurance ¢onclusioii Ihereon. In connection with our audit of the fillancial statement5. our responsibility is to read the other infonnation and, in doinB so, consider whether the other infornation is materially inconsistent with the financial stat¢mellLS or our knowledge obtained in the audit or othcrwise appear5 to be materially misslal¢d. If we identify such material in¢othsist¢ncics or appJr¢nt mat¢rial Tni5bli41¢rn¢n15, we T¢qUIT¢d to d¢l¢rmin¢ Wh¢th thi$ Miv¢s rise (o a material missiatemeni in the financial statements themselves. If. based on the work we have performed, conclude that there is a tnaterial mtS8latcmcnt of this oihcr infomiation, wc ar¢ r¢quircd to rcptsrt that fact. W¢ have thIng to report in this regard. Oplnions on other matters prestrlbed by the CompAnle5 Act 20110 In our opinion, bts¥d un thE work undertdkcD in the Lvurse ufthe audi(". th¢ infomiaiion giv¢n in th¢ Rcport of th¢ Dir¢¢lors for th¢ finan¢Lal y¢ar for whjch the fjngnciai statements are prcparcd is consistcnt with ihc financial statcmcnts,. and Ihe Reporl of Ihe Directors has been prepared in accordance with applicable legal requirem¢TLt5. Page 7
IiEPORT OF THE IIYDEPENDENT AUDITORS TO THE MEMBERS OF EXBURY GARDENS LIMrrED M&tttrs on which we are requlred to report by exeeptlon In the light of the kttowledge and understanding of the charitable company and its etsvironment obtained in the course of the audiL we have not idEtLlifi¢d Tnatcrial misstatements in thc Report of thc Directors. Wc have tjothing to rewrt in rcsPCCt of thc falliywing matl¢r5 Whe the Companie5 Act 26 requires w8 io report to you if. in our opinion.. adequate a¢¢vuntiTLg record5 have not been kept or rern5 adequate foy our audit not bccn rec¢iv¢d fYoTn branches not visited by u5., or thc financial stai¢ments are not in agreemenl wilh ihc accuunling records retums. or ¢eMain disclosures of dircctors, rcmuneration specified by law ar¢ not madc,. or we have no¢ receivd all the inforniation 8nd ¢xplanatlQlls we Tcquirc for our alldit,. or the directors We not entitled ts) take advathrage of ihe small companies exempiion from the requirement to prepare a Strdtegic Report or in prcparing the Rc]x)rt of thr Directors. Responsibllltles of direttors As explained more lully in the Slaiemenl of Direclvrs, R¢5ponsibililies. the directors (who alsv the dir¢ctor5 of the chariiablc company for thc purposes of company law) are spOnSible for the preparation ofthe financial slatements and for being saiisfied that they give a tn]c and fair view, at)d for wch int¢mal control as ihc dircctors determine i. neLe&sary 10 enabl¢ th¢ preparation of fillancial statem¢kntti that fi¢¢ fron] material E7Li&Stat¢mcnL whether due to fraud or ¢Tror. In preparillg the fuwi¢i41 s&trmenis, the dircclors ar¢ rcsponsible for 8SSCSSirtg th¢ ¢h>rit&ble Gompany's ability to ontinue as a goin8 conLern, dis¢lo$ing, as applicable. matters reldted to going concern alld the going concern basi5 of accounting unless the director% cithu intend to liquidale the charitable company or lo operations. or hav¢ no Tcalistic alternativ¢ bul to do so. Our respon5ibilitie5 for the gudlt of the financlal statements Our objeciivcs arc to r)htain reasonable assurance about whether the flnancial siatements as a whole are free from tnatcrial mis8tatemcnt, whcthcr due frBud or crror, and to i%sue a Rq)ort of thc Indcpcndent Auditors that In¢ludes our opinion. ReOnable Hk%UTance is a high level of assurancc, bllt 1$ not & guaraniee that an audit conducted in acLoidance with ISAS (UK} will always deie¢t a material mi&statement when it exists. Misstatements can arise from fTaud or crror and are considcred matLTial if, itmlividually Dr in th¢ aggr¢gal¢. they cuuld reasonably be expeLled ts) influencc the ctonomic decisions of u8cr5 takcn on the basis of thcse finattcial statemBnts. The extent to which our prucedures ar¢ Capable ofd¢t¢ciing irregularities. including fraud is deuiled b¢low'. We obthined an undeTStandin8 of the legal and rcgulatory framework appli¢ablc 10 ihc company via di5CU5sion5 wKth the d)rlOr$ and vur pievious knowledge of thc company. This Ideniified that the most SilfICant laws and rcgulations relate to the torm attd content of the r]niiDcial statements such as Ihe Charities Aci 2011, Compdlli¢S AGt 2{6. the Charities SORP (fRS 1021 and Pinatlcial Rcporting Standard 102. The cornpany compli¢5 with these laws and regulallons by usirt¥ appropri#¢ely qualified profcs5ion&ls 10 prepare the fIaCial statements. As part of our plannit]g pror¢s5 we asse55ed 5USCePtibility of ihe compdny's finan¢iAI stsi¢mrnts' (o material misstaternents. including how fraud migh¢ o¢¢ur by making an assessment of the key risks. The kcy risks idetttified in respecl of Exbury Gardcns Limited arc reycnue t¢cogThition and managcmcnt ovcrride. Th¢ directors ¢onfirn]cd no actual, 5uspecied or alleg¢d ¢as¢s of frilud. Bas¢d on this as5C55mcnt wc designcd our audit proccdurcs to addt¢ss these k¢y risk areas with an emphasis on tesling controls in placc in rL%pe¢t of salcs and those areas 5usccplible to management ov¢rridc including te%ting manual journals and making enquiri&s of manag¢m¢nL A rth¢r d¢s¢ription of our responsibilitie5 for thc audit of the financial 5tat¢Tn¢nts is located on the Financial Reporting Council's website at www.frc.or8.uklauditorsresponsibiliiics. This de*ription foms part of OUT Report of ¢h¢ Independent Auditrprs. Pre 8
REPORT OF THE INDEPENDENT AUDITORS TO TIIE MEMBERS OF EXBURY GARDENS LIMITED Use ofour report This report 1.% made solely to the charitable ¢ompY4ny'5 mcmbus. a body, in accordance with Chapter 3 of Part 16 of the Compani¢¥ Act 2006. Our audit work has been undertaken so that w¢ migh¢ state to thc charitablc company's Tn¢mbers those maners we are requircd to state to them in an auditors, rerK>rt and for no other PUTw>se. To the fullest extent pcrmitted by law. wc do not accept or assume responsibility to atLyone other than the charitable company and the chgxitabE¢ ¢ompany's m¢mber5 as a trK>dy. for our audit worL for IhL8 report, or for th¢ opinioTJ5 we have fonned. Makeda Watkinson ACA {S¢nior Statutory Auditor) fDr and on behalf ofmartin and Company Audit Limited Chart¢r¢d Ac¢ountanls and Statutory Auditors 25 Si Thomas Street Winchester Hampshir¢ S023 9HJ Pa8¢ 9
EXBURY GARDEf4s LIMITED STATF.MF.YT OP FINANCIAL ACTIVITIF.S FOR I'Flb: YEAR Kf*DED 31ST OCTOBb",R 2023 2023 Total fmnds 2022 Total funds Unrestricted fund Restricted fund Note5 INCOME AND F,NDOWMENTS FROM Donations and legacies 345.119 345.119 346,348 Charitxble o¢tlvlti¢S Charitable Activities Gencrat¢d funds 855,109 303,1187 855,109 363,087 1.009.511 328.312 Invegtmcni incotnc Other incom¢ 85,880 85,880 81,530 Totil 1,649.195 1649 195 1.763,539 EXPENI)ITURE ON Chsritable 4ctivitie5 CTharitablc Activities Governan¢¢ Go$t5 Bank Char8es 8nd interest 1028J68 23,901 3Q6116 1028,308 23,901 36.606 1.037,70R 30,309 23.174 Rever5a] of impairm¢nt in subsidiary 40,0001 40 0011) TotAI 1848 875 1848 875 NET INCOMEjXPENDITURE) (199.680) {199h80 72,348 RECONCILIATION OF FUNDS Total funds biuught forward 2J2&S83 2J2&583 2.256.235 TOTAL FUNDS CARRIED FORWARD 2,12¥.903 2 328 583 The notes forni part of the8¢ financial ststement5 Pa¥¢ 10
EXBURY GARDENS LIMITED BALAP4CE SHEET 31ST OCTOBER 2023 2023 2022 Not¢s FIXED ASSETS Tangiblc as5cts Investments Investments Inveslmeni prvperty 1373,677 1.333,586 12 40,1100 1,195,ODO 1.195,000 2,S08,677 2,528,586 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 14 15 36,949 175,328 273,696 38.587 2(M,741 513,870 485,973 757.198 CRF.DtTORS An]ounrs falling duc within one y¢ar 1865,74T) (957,2011 NF.T CURREf4T ASSF.TS TOTAL A88ETS LESS CURRENT LtABILITIES 2,128.Y13 2.328,583 NET AS.SETS 2,128,903 2,328.583 FUNDS Unrestricted llds 20 2.121,903 2.328.583 TOTAL FUNDS 2.12&903 2J28.583 finan¢ig1 SlementS have been Prepared in accordanc¢ with the provisions applicable 10 charitable ¢ompanies subject to ihe small companies regime. Th¢ fi nrial siatcmcnts wcrc approved by thc Board of Directors and authorised for issue on . and were signed on its bchalf by= BlU¥- Dircctor Thc note5 fomi part of these firtan¢iAI $ts*menis Pagell
EXBURY GARDE. LIMITED CASH FI.OW STATF.Mb,NT FOR THE YEAR Ef*DF.D 31ST OCTOBER 2023 21123 2022 No C15h flows from operatlnE actiwitles Cash gcnerated from op¢raiions Interest pa]d (3.191) 130,01)61 409,352 N¢t cash {used inyprovided by operating a¢uviti¢s 386 178 Cxsh flows from Inyestlng 4divitle$ Purchase of tangible fixed assets Sale of tangible fix2d assets Iniercst recciwed (110,516) (260,3411 4,250 4,313 10,139 Net cash uscd in investing a¢tiviti¢s loo 251.778) Cash flows frorn financing activities Loan repaymenLs irt year iuo 000) Nei cash Iu5ed inyprovided by financing actimties 100 ouo) Ch8nge In Cash And $h equivalents Sn the reportlng perlod Cash Y4nd t#8h equSYalents 9t the bcginnin% of the reporting perlod 1240,174) 134,400 513 8711 379.470 Cash and cash equlvalents at th¢ ed of the reportlnE perlod 273.696 513870 The notcs fom part of these financial Statements Pagc12
RY GARDEYS LIMITED OTTr:S TO"I'HF. CASH FI.OW STATKINIF.P4T FOR I'HE YEAR ETr4Db_D 31.ST OCTOBER 2Q23 RECONCILIATION OF NET (EXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATTNC ACTIVITIES 2023 2022 Net {exptnditurelllntornt for the reportlng period (as per the Stgt¢ment of Financial Activl¢le$) Adjustmettt5 for: Dcprcciation chargves Loss on dispo41 of fjxcd a55e¢s Interest rcceived Inkrtsl paid Reversal of itnpairnicnt Decrease in stocks Decrease in debtors Increag¢ Tn creditors {199.68lJ) 72,348 170,425 184,183 2,162 (4.3131 23.174 110.139) 3&606 (40.000) ,638 29.413 15,891 36,009 IYe¢ ¢*sh {used ivprOVided by ope11& ANALYSIS OF CHANGLS IN NET DEBT At 1.11.22 Cash tiow At 31.10.23 Net e8sh Cash at bank and ill hand 513 1170 240 174) 273.696 513 1170 240 174) 273 696 Debt Debts falling du¢ within l ycar 650.000) IDo.000 5511000 loo00 550,000 Tthtal 136 130 J40 174) 276 304} The notes fotin Pdff of these fJnanciAI sraterncnrs Pag¢ 13
EXBURY ARDENS LIMITED NOTV,b TO THF. TrIYANCJAJ,STATF.MENTS FOR TIIE YEAR F.NDEDJIST OCTOBER 2023 ACCOUt+4TING POI.ICIES Basls of prep8riDg the finantlal Statements financial stal¢m¢nls Of the charitable Company, which is a public benefit cntity undcr FRS 102, havc bee PT¢pard in accordance wth th¢ Charities SORP IFRS 102) 'A¢¥vunting and Rcp)rting by Charitics.. Statemcnt of Rccommcnded Pra¢tic¢ applicablc 10 charitie5 preparing their 4¢¢ounts ill accordan¢¢ wi¢h the Financial Repvdin¥ Standard applicable in the UK and R¢public of Ireland IFRS 1021 {eff¢ctive l January 20191.. inancial Reporting Stdndard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ircland, and th¢ Companic5 Act 2006. The financial statements have bcen prepared und¢r Ihe historical eost ¢onv¢ntion with the exctplion of investment properties and frecdold PTopertie$ which are included At Tnarket value. Thc financial SthiEments have becn prepared on a going concern ba¥i¥. The company is dependent on vnlinued 5UPPOrt from Exbury Gardcns Trnsi. From discussions with the directors of this company the directovi believe that adequatB fund5 will continu¢ to b¢ madc availabl¢ to support the company durin8 thc next twelve months. On this basts, the directors consider it appropridi¢ to prepare the finan¢ial statement8 on the going concern basis. The finahcial slatcmcnts do nul includr any adjubtment thdt would r¢¥uli from a thdrawal of support from Exbury Gardens Trnst. Furthcr di%u55ion can bc found in thc dir¢ctor5' rcport. Thc significant accounting poliGies applied in the prep3r41ion of these financRal stal¥m¢nts are set out below. These policies havc b) cthJ$ist¢t]tly applicd to all ycars presented unle55 otherwise stated. PrepAratio of cunyolid&ted fLn*nclal statements Th¢ rtnancial stalcmcnls conrain Inlormalion about Exbury Gden$ Limited a5 an individual company an(J do noi conrain cons01idat¢d financial inforniation as thc parent of a group. The eompany is exempt under Sectjo 39912A) of the Companies Act 2006 from the wuirements to prepare consolid&t¢d financial 5tstements. Crltlcal #ecounting judgements and IEry Sources ofe5timatlon uncertllnty The esiimatcs artd assumptions which have a significant risk causing a material adju5trnent to the carrying amuuni ofassets and liabiliiics are as follows.. (a) Valuation nf freehold property Land and builitings ai¢ TLOI piofes5ionally valued evcry year and arc included on th¢ balancr sheet based on the dirtctors ¢8timal¢ ot-the market Val at tlle baEallce th¢¢r date. Income All incorne i5 re¢ognis¢d in ihe Statanent of Fin8nci81 A¢tivitie5 Oncc thc compatty has ctJtttl¢m¢nt to the fimds, it is probable ihat the income will b¢ rec¢iv¢d and the amouni Can be measured relittbly. i) lllcome from charitable tIVItieS rcprcscnts th¢ nci atnounl charged to visitors for gdrdrn Cntrance. annual membership, rdilway and mobility scooter us¢, $hop income and events income les8 any discounts. aicludin8 value addrd tax. jil Donarions and legacics include dona¢ions froTn Exbury CJardcns TNst, other one off donations and gift aid claimed un visitor irt¢omE. iii) Jnvcsttn¢nt income is earned thTough holding assets for investment purpose5 such as property. It inrlud¢s inteTesi alld r¢nt. Rental income is recogniscd the compangs right to receiv¢ paym¢nt IS E5¢ablished. Expenditure Liabilitics are rccogniscd &% cxpcnditurc as soon as there is a legal or constrnetive obligaiion committing the cornpany to that expendityTe, it is probable that a transfer of cconomic benefils will be Tequired in set11ent and the amounl of the (Ipli¥alivn call be tneasured r¢li#bly. Expendithre is accounted for ots ah accrua15 basis and has bren classifi¢d under headings that aggregate all cosi related to th¢ category. Where costs cannot be directly attributed to partitular headings they have beert 8lloGat¢d to activities on a ba515 COI]sistent with the use ofr¢wurce5. Page 14 continu¢d...
EXBURY GARDEf4s LIMITED NOTES TO THE FIYANCIAL STA TEMENTS- continued FOR THE YEAR ENDF.D 31ST OCTOBER 2023 ACCOUNTING POLICIES- eontltsued Charltable activities Direci charitable eipcllditurc is considcrcd kn be expendityre which ¢rtables the cumpany to funh¢r ils objectives. Overhead pendItur¢ is apportiontd bctW¢eD dircct charitable expcnditurc 3tHI other expenditure on the be51 estimat¢ of manaBeTnenL R¢seah costs in conncction with plant caialoguiTJg are considered to relatc lo the furtheranEe of the objectives of the cot]Jpany And are therefore includL71 in direct charitabl¢ expenditure. Gthvernance cost Comprises the costs of governancc drrat)gemcnts, which rclate lo the 8encral nlnning of thc CompaTLy Allocatlon 2nd Apportlonment of eosts Wherc cosis cannot be directly allTibuted to particular headimgs they have been allocated to &ctiviiies on a basis consi8teni WLth the use of resources Tanglble fixed a5Xts Dcprcciation i.s provid¢d al th¢ following annual rates in ordcr write off each assct over its estimated useful Long leasehold buildings and improvements - 4-2fj per annum straight line Plani and machittery- 20-33 /0 per aftnum reducing balance Fixtur¢s and fittings 20.3]•/ per artnum straight line Motor vehicle5 10.25D/o per annum r¢du¢ing balance Railway. 5-2/0 per annum 5¢Taight line Railway rolling stock 5 /D pcr annum straight lin¢ Tangibl¢ fixed assets are staled ai ¢OSL {or deemed c05t) or valuation le55 accurnulated depreciation and accumulated itnpairm¢nt losse5. Cosl includes costs direLdy dttributdble io makill¥ ihe asset ¢2P2bl¥ of opcratin8 as intended. The freehold properly 1$ in¢lud¢d ai revdlu¥d Lu51 and not depreGiated. The directors consider that thc life of these assets are so long. and the residual valucs dre so high, that rheit depreciation is insignificant. Any pcrniancnt diminuiion in the value of such propcrty is chaT8ed to the statcmcnt of financial a¢tivities a5 appropriate. Invtstment Property Investment properry i.q $hown at thr m05t recent valuation. Any a8grc8ate rp1 or defi¢it arising fro ¢hang¢s in fair value is recogllised unre5trictcd filnds through the stsi¢m¢ni of Finattci21 Activitie5. Stotk$ Stocks are valucd at the lower of c051 and nct rcalis&ble value. afttt making duc allowancc for ob501¢le and slow moving iiems. Cost Éncludes all CDSts of puichase, costs of ronversion and othcr costs incUe in bringittg &ck to 11$ pres¢nl location and condition. Txation The compatsy is rx¢mpt from corporation tax on its charitabl¢ acllVitLCS. accountlng Unre5triLled funds can be used acc¢)rdan¢e with lh¢ Charlble objectives at the discr¢iion of the d]re¢r$. Restricted ftds can ortly be u%ed for particular re%trictcd purposes within the objecL8 tsf ¢h¢ company. Restrictiuns aris¢ when sp¢cifi¢d by th¢ dvllor or whtll fund5 arc rai$¢d for pani¢ular restricted pun)o8¢S. Pag¥ 15 continued...
EXBLIRY CARDE,YS LIMITED NOTF.SI-O THE FIYAPCIAI,STATEMENTS- continue R TIIF, YEAR ENDED 31ST OCTOBER 2023 ACCOUNTING POLICIES- Contlnued Fund 8Ctountlng urther eKplanation of the natur¢ and purpose of each fiu]d is included in thc notes to thc financial ststcmcnts. Flnanclal in5trumcnt$ The compdny only has fJnan¢ial 8S8ets and liabilities of a kind that qualify as basic financial in5trum¢nt8. Basi financial insLNments are initially recognised Ut transaction value 8nd subsequ¢nt]y mcasured at th¢ir settlcmcnt value. Hlre pur¢hase Dd le4slng commftments Rentals paid under operating leases are ¢haTged to the Statemenr of Financial Activities on a 8tr1ighi line basis ovcr the pcriod of the lease. Pen$lov rost5 and other po$t-r¢tirement benefiti Thc charitable rumpany operaS a defined contribution pension wheme. Contributions payablc to thc charitable company'5 pension s¢h¢m¢ arc charged to the StateTn¢nt of Financial Activities in Lhe p¢Tiod to which (hey rel&¢. Jnve5tments Investmcnts in subsidtary Ldertakin8S arc statcd al cost le55 provisron for pcmianent impalmni. DONATIONS AND LECACIES 21123 2022 Exbury Gard¢n6 Trnst Other donalions received Gift aid Grants 201,000 117,037 57,082 200,000 75,088 67,260 4,(rf)O 345.119 346 348 Grants received. includcd in the above, are as follows.. 2023 2022 Oth¢r grmt8 I[ESTMENT IficoME 2023 2022 Renis and concession f¢¢s received Deposit a¢¢ount interest Int¢TeSt from related paNi¢5 75,741 4.351 5,788 77,217 336 3,977 Pag¢ 16 continued...
EXBURY GARDEf4S LIMITED NOTES TO THE FILYAP4CIAL STATEMENTS- contlnued FOR THE YEAR EfiDED 31ST OCTOBER 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity Charitsblc Activities Charithble Aciiviti fjarden eniranc¢ fe&q Friends of Bxbury Railway and mobility scooter income Special Events Shup incotne Sundry income 675.979 179.1311 8L9.558 189.953 Generated fundx Gcncratcd funds GcTterated fvnd5 Gen¢Tated funds J64.041 125,606 15,359 185.759 65,371 37.055 40.127 1,218.196 1.337,823 CHARIT ABI.E ACTIVITIF.S COSTS Support costs (see note 61 Direci C05t5 Totals Charitable AciivLti¢s Govemattce costs Bank Chargcs and intcrtst 1.828J68 1028J68 23,901 3606 23,901 60 1888 875 SUPPORT COSTS Governance costs Manasement Totals Gov¢rnance costs Bank Charges and inier¢st 23,901 23,901 3&606 36,606 36,606 23,901 60,507 NET IF4COMEIIEXPEF4DITURE) Net income1lexpendirt) is stated after chargin81(crcditing)'. 2023 2022 Depreciation- owned assets Other operatillgi leases D¢ficit OD di5P05a] of flxed assets Audi¢0I5 T¢mun¢Tation . for th¢ audit of th¢ MpanY'S annual aceounts 170A25 50,961 184,183 52.809 2,162 i o,ooo io,ooo Page 17 continued...
EXBURY GARDENS LIMITED NOI'b..S I'O T14E FlIYAliCIAL TATF.mFaT rFIE YEAR F.NDF.D 31ST OCTOBER 2023 continu DIRECTORS, REMuf4ERATIOLY AND BENEFITS There were no dir¢ctors' remuneration or other bencfits for thc year ended 3 1st Oc(obcr 2023 nor for the year cndcd 31st (klober 2022. Dlrettor8' expenses There were no directijrs. expenses paid for the year ¢rtd¢d 31stOctob¢r2023 nor for the year ended 31st Octobcr 2022. STAFF COSTS 2023 2022 Wagcs and salaries Soctal security costs Other pension costs 739.475 56JOI 13.850 620,711 48.984 11,695 B09 626 681390 Th2 aVerC monthly rtumberof empl(pyees during th¢ yearwas as follow&'. 2023 2022 Sales alld marketing OpeTatiOD5 and mainle]]atKe Administfdtion 28 27 43 42 One employee receivd oluments in cxccss of £60,000 during 2023 {2022.' non¢l. A nllmbrr of the staff employed during the year are ullder part iitne ¢Olltracts. The fvll timc equivalcnt posiiions during thc year cndcd 31 st October 2023 were &s follows.. Sales marketing 3 12022.. 3). OPCTations and maintenance 18 (2022.. 14) at)d administration 612022.. 6). During the ycar rctnunerution for key mdtlagement p¢rsonnel tolallcd £154,408 {2022.. £149,011). Other pettbion c05t5 rclate to the pension contributions that Ihe company makes for the b¢nefit of eMploys. Th¢ lotal amount ¢XPell8ed in the year with rcgard to company pension contributions is £13,850 and the OUL%landing pension liability relating to ¢ompRny contributions at the yr end is £1.238. Pagc 18 continued...
EXBURY GAiU)ENS LIMITED **OTF.S I'O THF. FINANCIAI. STATF.MENI'S- contln cd FOR TIIE YF.AR EI%DF.I) 31ST O TOBF.R 2023 Ao. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Rcstrici¢d fund Total nd5 INCOME AND EI¥DOWMENfs FROM Donations and Icgacics 346,348 346,348 Charltable &ctivltle8 Charitabl¢ Activities Generdted fund5 1,009,511 328.312 1,009,511 328.312 Invesbnent ineome Other income 81,530 81,530 Ttstal 1763 539 1763.539 EXPEP4DJTURE ON ChArit&ble activiti Charitabl¢ Artivities Governance cos Bank Char8¢s and int¢re5t 1.637,708 30,309 23.174 1,637,708 30.309 Tot ,691.191 NET INCOME 72,348 72.348 RECONCILIATION OF FUNDS Totsl fund5 brou8hL forwwrd 2,256,235 2.256,235 TOTAL FUNDS CARRIED FORWARD 2 328.5¥3 P4e 19 continued..
EXBURY GARDE MITED N()'I'b.% I'O THTr-. FINANCIAI, STATEMF.NTS- tontln FOR THF. YEAR EIIDF.D 31ST OCTOBER 2023 ii. TANGIBLE FIXED ASSETS PlanL machinery, fixtures, fittill8S od motor vehicles L¢as¢hold builditt8S Freehold property improvemthts COST OR VALUATION At 1st Nov¢mb¢r 2022 Additions 740,000 2J04.354 77.930 471.029 31586 At 315t Ikiob¢r 2023 740.000 2 382 284 503,615 DEPRECIATION Ai 1st Now¢mber 2022 Charge for year 2.115,112 267,793 58,138 At 3 1st October 2023 2 199W57 325 931 NET BOOK VALUE At 31si Oetob¢r 2023 740 000 182.427 At 31 si October 2022 740,000 189.242 203,?36 ixtur¢s and ritiings Railway rolling stock Totals COST OR VALUATION At Isl November 2022 AddLtions 2.183.718 513J15 6.212,616 110,516 At 3 1st October 2023 2.183.718 513,515 DEPRECIATION At Isl Nuvcmber 2022 Charge for year 2,120,832 6,752 375.193 20.790 4079,030 1711,425 A(3 Isl Octaber 2023 2 127584 396.083 5 049 455 NF.T BOOK VALUE At 3 1st O¢tober 2023 56,134 117,432 1.273.677 At 31st October 2022 62,886 138.222 1,333.586 Page 20 continued...
EXBURY GARDENI S LIMITED NOTb.S I'l) TIIF. FINAficiAI, STATLMF.P4TS- tonilnued FOR TFIF. Y :AR F,P*DED 31ST OCTOIIER 21123 ij. TANCIBLF. FIXED ASSF.TS- continued C05t Dr valuation 8131st October 2023 is reprG8cnled by-. Plant, mgchlneryi Ilxture5. rittings attd motor vehlcles VJ¢aschold buildings Freehold property improvements Valuation in 2021 Cost 170.625 569J75 2 382 284 2 382384 503.615 Fixture5 and ritting5 rolling stock Totsls Valuation iu 2021 Cost 170,625 6 152,507 2 183,718 513.515 2 183 718 513,515 6,323 132 Thc frcehold prop¢rty was rcvalucd by Savills on 315t Octobcr 2021. 12. FIXED ASSET INVESTMENTS Shares in group undertaktw MARKET VALUE At 1st November 2022 and 31st October 2023 110,000 PROVISIONS At 1st November 2022 Revcrsal of impairtnents 110,000 4U.I)001 At 31 st O¢tobeT 2023 NET BOOK VALUE At 31st O¢tob¢r 2023 At 31 st Octobet 2022 There wcre no investment assets outside the UK. Th¢ company's investments at the balance sheet date in the share Capital of companies includc the followin8'. P8g¢21 ontinued...
EXBURY GAIID NS LIMITE NOTfr-.STO THb: blNAflCIAI. STATP.MF.P4TS-¢ OR THE YEAR ENDF.D 31 T OCTOBER 2023 nlinued Iz. FIXED ASSV.T INVLSTMENTS- tontlnued Exbury G4rde¥ Retall Limlted Registered ofTJ¢¢= Nature of busine55'. Retail Class of share.. Ordinary holdin loo 2023 2022 A¥w¢gate capital and r¢serves Profit for the year 43,415 20,776 22,639 22,639 Th¢ iTnpairnient of th¢ thar¢s in group ertakingS has been partly rcversed in the ycar to ronise that the company TS now trading and reflect the et 10 the wmp¥my. 13. INVESTMENT PROPERTY FAIR VAI.UF. At 1st November 2022 and 318¢ October 2023 1195 1111 NET BOOK VALUE At 315t Oclobcr 2023 l.J95,lJOO At 31st October 2022 1 195.0 Fair value at 315t October 2023 is r¢prt5ented by.. Valuation ill 2021 ValulOn in 20I8 Valuation in 2017 Valuation in 2016 Valuation in 2015 Cosi 130,000 250,0011 30,000 50,000 716.057 18W3 1,195.001 The investment properties were revalued by Savills on 31st October 2021. The directors do not considcr there to hav¢ been a significant change in valuation since ort0[ 2021. Page 22 continu¢d...
EXBURY GARDE)TS LII TED NU'fb.s TO TFIE F'INAficiAL STATF.MENTS- tontlnued OR THE YEAR ENDb.D 31ST OCTOBF.R 2023 14. STOCKS 2023 2022 Storks 36,949 38.5¥7 Is. DEwfoRS 2023 2022 Amounts falling dlle wthin one year.. Trade debiors Amounts owed by group undertakings Amouttts due from rclatcd parti¢$ Othcr debtors Prcpayment5 and accrned income 9,021 10,165 20,(46 11.588 11.242 $1,992 39,934 20.679 111739 Amounrs falling due after mDrc than one year= AmouTLts owed by group undcrtakings Aggregate amounts 175J28 204.741 16. CREDJTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Battk loans and ov¢rdTafts {see note 17) Trad¢ creditors Social security and oiher laxes VAT Amounts owcd to relalcd partie5 Other creditors AccJud15 and def¢rr¢d income 550,000 79,678 22,613 21,732 8J42 2.995 180J87 650,0(KI 79,330 19,231 40,402 12,114 3.699 152,425 865,747 957201 17. LOANS Ath analysis of ¢h¢ maturity of lo&ns 18 given below.. 2023 2022 All)ounlb- falling due wlhill one y¢ar on dernand.. Working Cilpital loan - Rothschild Bartk 550 ODD 650 000 Pdge 23 continue(L..
EXBURY GARDE.YS LIMITED NOTF.STO THb. Trl. ANCIAL STATEMENTS- continued OR TIIE YEAR EYDF.D 31ST OCTOBER 2023 SECURED DEBTS The follvwng secureddebts are includcd within creditors= 2023 2022 Bank loan$ 550.000 650.000 The overdraft is Secur by a mortgagc over freehold propety known as 4, 5. 6 & 7 ThE Crescent Cottages. Thc prop¢rty ha5 a pre$¢nt valu¢ well ex¢ess ufthe aEnount bom)wed. The company has i 108n fmm Rothschild Rank for the provi5ioTh of working capitsl. It i5 secured against investtnellts h¢ld by Exbury Gardens Ttust. a connccted company 5¢¢ page 3. 19. ANALYSI8 OF NET ASSF.TS BETWEEN FUNDS 2023 Total fund5 2022 Total nds Unr¢stricted fvnd R¢strirfed fund Fixr(J a5Kt5 Tnvestrnents Current assets Cuttent liabilitics 1273,677 1,235,000 485,973 1865.747) 1,273,677 1,235,00 485,Y73 865.747 lJ33,586 1,195,OIK> 757.198 957.201) 2,128,903 1,128,903 2 328.583 20. MOVEMENT IN FUNDS Nct rnovement in fund At L.11.22 At 31.10.23 Unre$trl¢ted fund5 Gcneral fund 2 J28J8J {199.680} 2.128,903 TOTAL FtTr4DS 199,680) 2 128,903 Net movemcnt in fvnd5. includcd in the abovc are as follows.. Incoming T¢sourccs R¢80ur¢es expend¢d Movement in funds Unre$trl¢tcd funds General tiind 1,649,195 11.84&8751 {199.680) TOTAL FUNDS 1649 195 Pa¥¢ 24 onlinued...
EXBURY GARDE.Y LIMITED OTb:,S TO I'HF. FIIYANCIAL STAI'b.MF.N'I'S- coiilln FOR THL Y AR EliDLD 31ST OCTOBER 2 23 MOVEMENT IN FUNDS- eontinwed Comp*r8tlves for movement In Iwnds Net At movement in funds Ai 31.10.22 Unrestricted Thnds General fund 2256.235 72.348 2.328,583 TOTAL Fuf+lDS 2 256 235 2.3211583 Comparative net mov¢mcnt in funds, Included in th6 Hbov¢ arc as follows.. lttcominÉ resouKts Resource8 cxpendcd Movement in fund% UnF¢strieted funds Gen¥ral fund 1,763,539 {1.691,191) 72.348 TOTAL FUNDS 1763.539 1091 1911 72,348 A current year 12 month5 and prior year 12 mot]th5 combined position is os follows.. N¢t movement in funds At At 31.10.23 Unr¢$trfcted funds GenerAI fund 2.256,235 1127,332) 2.128.903 TOTAL FUNDS 2,256.235 127,332) 2,128 903 A currcni year 12 morLth5 and prior year 12 months combined n¢1 Moveent in fwids. included in thc above are as folluw5.' Incoming resource5 Resollrce5 exp¢od¢d Movement in tunds Unrestrlcted fund5 Gcneral fitnd 3,412.734 (3.540.066) (127,332) TOTAL FUNDS 3412734 PaK¢ 25 onlin£{L..
EXBURY GAiiDENS LIMITED YUI'Tr".S TO THE FIYAP4CIAI. STA TF.MI:Nl'5- coniiNued FOR TIIE YLIAR EIYDED 31ST OCTQBF,R 2023 zi. REI.ATED PARTY DISCLOSURES During the year rhe company rcceived unrestrieied donations from the directors, thcir close family or or¥anisalion5 connecied to them as follows: Unrestrlcted Z023 Unrestrlcd 2022 Exbury G&rdens Trust Mr and Mrs M A P Agius {DircGtorl Miss C 11 de Roths¢hild (Dire¢ivr) D I. de Rothschild M-L E Agius {Dirc£torl 200.UOI 64.500 488 lJ49 2M,000 50,000 245 In addition incomc was Teceived by thc tompany for $tstT and office s¢rvice5 Supplied to thc dircetors. thcir clost family or or8ani5atiotis conn¢¢ted with thcm as follows.. 2023 2022 Exbury House TnLSt D L de Rothschild N D de Rothschild (fhrector) Exbury ESte (N D and D L d¢ Rothschild) fvliss C H dc Roih5child {Directorl Mr and Mrs M A P Agill {DiTecior) Exbury Gard¢n5 Tn]st Exbury Gardens Retail Limiied M-L b Agius IDirEctorl 12,062 5JSO 6.Z83 70,457 1,634 1,767 302 60,890 5,853 5,274 12.252 66,199 1.802 1.726 627 43.421 During ihe year, expcnditurc was made by the Company on invoiLes received from directors, their close family or organisation5 conn¢¢ted with thcm &8 follows.. 2023 2022 Exbury EsEaie IN D and D L de ROth71d - Director5) Exbury GaTdcns Rciail Lirnited Exbury House Trnsi Mi&8 C H de Rothschild 160,SOJ 168.205 1.675 136.071 182,615 The company is liablc lo pay £1 per annum tu Exbury &ardens Tt for rcnt of thc Ciardcns. In¥luded within thc aknve arc $¢rvice occllpatjcy lease costs fiDrn Exbury Esiate for thc following properti¢s'. 2023 2022 l The Bothy 2 The Bothy 13,200 11,400 13,21X) 11,4(K) P4e26 continued...
EXBURY GARDEYS LIMITKD YOTF.S TO THE FIYATr¥CIAL STATFMF.NI'S-£ontinu FOR TFIE VF.AR F.fiDED 31ST OCTOBER 2023 21. RELATED PARTY DISCLOSURES- contlnued 2 The Cr¢xent SIL¢pherds Cotia8¢ 10.200 7300 10.21X> 7.21M) Year cnd balancG% arising frDTn these transactions.. 2023 2022 In debtor5 (note 151 Exbury House Twst Exbury E5taie (N D and D L dc Rothschild) D L de Roths¢hild Mr and Mr% M A P Agius N D dc Rothschild Exbury Garden Tr1 Miss C H de Rothschild M-L E Agius Exbury GardeH5 Retail Limited l.S87 7,702 1,687 349 27 61 174 2,296 7,280 890 134 2.423 352 139 133 119,289 91.485 ID creditots.. due within one year Ino* 16) Exbury Lslatc (N D and D L de Roth5childl Exbury House TnLSt 667 1,675 12,114 During the year, a historical ¢vIltIO[L of approximatcly 30,IK)O Nrrinc bulbs were dOllat by ND and DL dE Rothschild. Wc cannot reliably ascertain the fair value of the bulbs dOnad and therefore. in accordance with the ¢hariti&s SORP. thc incomc from the donated bulbs will be recognised whert they are sold. In the year this illcom¢ totAlled £7,847 and LS Lncludcd in donations. 22. LEGAL STATUS The company is lirnit¢d by guarantee and does not havc any share capitsl. The guarantor5 arc present dircctors of the company. Each direCr is liable up lo a rnaximum of £1. The compally wa5 registercd as a company. number 801349, on 24 April 1989. Pag¢ 27