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 D1￿ClOr5 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 $1 October 2023. Thc dirc¢tor5 havc adopted
thc provisions of Accouthting And R¢porting by Charities.. Statemcnt of Rccommcndcd Practice applicable to charities
preparing th¢ir ac¢owits in aLGurdanb¢ with the Financial Reporting Standard appIl￿bI¢ in th¢ UK and R¢publi¢ of
Ircland IFRS 1021 {effe¢¢ive l January 20191.
OWECTIVES AND ACTIVtTIES
Oblt¢tlv¢$ ¥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 pU￿oSe8 wbich are exclusively ciwitabLe acc4)rdill8 to cutreni legiSl￿10n 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 I￿￿C.*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 ￿l￿t 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 d1￿crcI10n 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¢Cliven￿S 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, sUp￿rted 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. e￿plOyMent or other risks to which the CoMp￿Y may be exposeiL The systems of n￿nag¢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 benchmar￿n8 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 d￿C¢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]i￿￿TED
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 A￿OUnti￿g 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 Ut￿Er 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 ethi￿1 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 d￿rib¢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 2￿6 requires w8 io report to
you if. in our opinion..
adequate a¢¢vuntiTLg record5 have not been kept or re￿rn5 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$ing, as applicable. matters reldted to going concern alld the going concern
basi5 of accounting unless the director% cithu intend to liquidale the charitable company or lo operations. or hav¢
no Tcalistic alternativ¢ bul to do so.
Our respon5ibilitie5 for the gudlt of the financlal statements
Our objeciivcs arc to r)htain reasonable assurance about whether the flnancial siatements as a whole are free from
tnatcrial mis8tatemcnt, whcthcr due ￿ frBud or crror, and to i%sue a Rq)ort of thc Indcpcndent Auditors that In¢ludes
our opinion. Re￿Onable Hk%UTance is a high level of assurancc, bllt 1$ 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)r￿lOr$ and vur pievious knowledge of thc company. This Ideniified that the most Si￿lfICant 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 fI￿a￿Cial 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.
P￿re 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 INCOMEj￿XPENDITURE)
(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 S￿lementS 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¢ e￿d 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 i￿vprOVided by ope￿11￿￿&
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
loo￿00
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$ist¢t]tly applicd to all ycars presented unle55 otherwise stated.
PrepAratio￿ of cunyolid&ted fLn*nclal statements
Th¢ rtnancial stalcmcnls conrain Inlormalion about Exbury G￿den$ 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 set11￿￿ent
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¢sea￿h 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 - 4-2￿fj 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 incU￿e￿ in bringittg &￿ck to 11$ pres¢nl
location and condition.
T*xation
The compatsy is rx¢mpt from corporation tax on its charitabl¢ acllVitLCS.
accountlng
Unre5triLled funds can be used acc¢)rdan¢e with lh¢ Charl￿ble 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 FIYAP*CIAI,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 opera￿S 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 L￿dertakin8S arc statcd al cost le55 provisron for pcmianent impalm￿ni.
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
3￿606
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 income1lexpendi￿rt) 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.mFa￿￿T
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 aVer￿C 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 eMploy￿s.
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 y￿r 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 r￿o￿nise 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
Valu￿lOn 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 Move￿ent 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
Unrestrlc￿d
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 ES￿te (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 ROth￿￿71d - 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 T￿￿t 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 Tr￿￿1
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 ¢vIl￿tIO[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 dOna￿d 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 direC￿r is liable up lo a rnaximum of £1. The compally wa5 registercd as a company.
number 801349, on 24 April 1989.
Pag¢ 27