REGISTERED COMPANY TrIUMBER: 2331440 (England and Wales) REGISTERED CHAIUTY NUMBER: 801349 REPORT OF THE DIRECTORS AND FINAf4CIAL STATEMENTS riOR TFIE YEAR ENDKD 31ST OCTOBER 2025 FOR EXBURY GARDENS LIMITED Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor 25 St Thomas Street Winchester Hampshire S023 9HJ EXBURY GARDFNS LIMITED CONTLN'I'S OF'fiiE FINANCIAL STATEMENTS l*OlI'fiiL Yb.AR 31ST OCTOBER 2025 Page Report Df the Dlrector8 I to 5 Report of the Independent Audltor$ 6 to 8 Statement of FIDinclal Actlvitie5 Bal*nce Sheet io Calh FloTrv Statement Notes to the Caih Flow Ststement 12 Notes to the Flnandal Statements 13 to 26 F.¥BLtR Y riA T.IMTTF.D IiI' ()F THL DIRECI"()H F'UR TIIF. YF.AR F.YDb.l) 31ST UCTOBF.R 2025 The diT¢ciors who ulw tsustees of ihc charity fDr thr purpos¢s of the Charitics AGI 2011. prcs¢nt tbeir report wittJ Ihe financial siaiemenis of the Company for the yeaT ended 3 Ibt O¢tober 2025 The direliurs have adopLed the PTOVI.sions of AccouThllrtg and Reporting by ChariliGs. Siaicmcnt of RecammcThdcd Practice applicabl¢ to ch&TItiES prtparing their occounts in acwrdun¢¥ with th¢ Financigl Reponinb Siatwiard applJL'dble ill the UK and Rrpubli¢ ofIrelaRd IFRS 102) leffcctivc l January 20191. OWECTIVES AYD ACTIVITIES Oble¢tlYes 2nd actlvitie5 IOT the publle benefit Thc obje¢tivcs of EGL. as sei, Br¢ l. To mainthin, improve, d¢velop and presejwe for lh¢ pyblic bengfii and ￿ open lo the public. Exbury Cyard¢n$ in Hampshire. 2. To advance horliculttLTal SCben¢4 knowledge and l¢amin8 for ihe public b¢nefil. 3. To promote such other objee15 or putFY)5e& which ar¢ exclusively chatitsblt actoriiin8 to currenl 1¢8151lltioTh in EnglatttL For the year Ihc rnain objectivcs werc to out ihc ab(kve, witb cottiirtued fl￿￿$ oll mailllairting th¢ visiior experign and horticulturnl ¢xcellence within lh¢ gardens. Aihlevements Porformance and plAni ftsy the future Thc 2024125 Sc2s()rt demonstrawd ib¢ ability of Exbury Garden5 and ilb exeeuiive team lo rope with exireme weathcr conditiOn%. In 2022ll3 conditions liad bccn very dry and 2023124 WJS v¢ry we(. The season undeT review con￿lned even moTe difficult condiliotis.. It saw a puntshin¥ drouglil dnd several hcatwaves wheTC th¢ i¢mpcrnrnre appTOAched 40 d¢gTees. Notwith￿18ndlll8 Ihcsc challcngm vi8iiation ￿ath¢d & record of 139233 comwdr¢d with 123.340 lh¢ previous ycar. This p¢rfonnance was knelp¢d by 8 go(Kl early btart in April alld May whcn att¢nd&nce lev¢ls wcr¢ 17Q/4 ahovc l￿d￿tI. Th¢ Lhr1simos scllson was also disrupted by in¢lement w¢ather, with th¢ becond weekend havittg th be po%iponrd by a week Improvernenls lo thc dtsi¥n ol. the fair and an incrcLqe in the Durnb¢r of $t&llholdets Tesult¢d in a rxovery in perfonnanc¢ to th¢ levels of two years previously. The resilieni OUiCOTnE foT lh¢ season was aided by TnaDy fac￿r$ includin¥ a ncw website,. the offciiDg of a IOQ/o gnline booking discount and the introduction of farnily ti¢k¢is- tnore (amily craft and creaie wortbhops., a grealEr numb¢r o( events durin8 the s¢ason', a new bu5 advcrt along the %ouih coast rouic fmm Lymington 10 Bournemouih: th¢ 71hh annivcr4ry of thc GaTdcDs op¢nitJg io the publir fvT the fjrst lirDe', and itsfluencer campaign to ruise rh¢ Cjardcns, ullline proCIle. RellecliDg all thi5 aciivity and an itnproved l¢vcl of custOmCT servi¢¢, EGL r¢ttived a TripAdvisor TTavell¢rs' Choice Award fi)r 2025 which r¢cwises busillesbcb ihat earn consi%lenily ¥r¢ai TCYlCW%. Wc also wcrc awRrdcd a Tare Visit England (told A¢¢olad¢ cclthr&tiTJg cx¢ell¢n¢¢ wiihin ih¢ vi51101 attTrclivn 8edor. The pwiud under review saw inve5LmeiiE acro55 the IlTganisaiiDn'_ . New websit¢ New deer-proof fencing ¢rectd along Ihc tiardcns, bordcr% with Gilbury Lan¢ R¢8urfacing of a nutnber of paths . Cl¢aDillg dnd repair ora nuinber uf diaitLS and dikhcs Rcfurbishmcnt oftwo a¢¢¢ssibl¢ toilets Railway WOTk%hop tODling amd Crane wptx)rt 'rhis laller Invc4thient involved thc inqt&ll8tion of a fully Operation￿ machinB shop with crane. Th¢ f¥cility is now self-suffici¢nl formosi tn8ineeTinA #eeds. ThB finan¢i•l r¢sulLS for the peTiod yielded an operalin8 profit of £266.153 ¢omparcd with an op¢rniillg 1055 tsf £37.580 the pr¢vious yt8r. P8gc I EXBURY GARDENS LIMVI'Tr'.D HEPORI. UTr I'llk Dllil,.. T()R,4 TrOR TTIF. VF.AR F.%Db.l) JIST OCTOIIER 2O2S OBJEcfivES AND ACI'IVITIES Publir benefit The Dir¢ctors Confirm thai they hav¢ paid thjc regard kn Scction 4 of the Ch8ri1ic5 Act 2011 and the Chariiy Commission'5 8uidance on public benefit in deciding wliat aciiviiie5 Ilie Charity should und¢nake. FtNANCIAL REVJFW Fln*ncl&l Tevlew Th¢ diredot5 confjrm that the ac¢outtt5 romply with th¢ requircrncnts ol'ihe Memordndwn and Articles of A550ciatioTh. Ai Ili¢ end of the yesT unr¢wicied funds Carried fonv8rd werc £2,357.47612024. £2.091.3231 aftd the restricted fund carried forward for Ihc year were Lnil 12024.. £ntll. During Ihe yeur ended 31si Oclokr 2023. the Chaim)an agrccd Terms of Busine¥5 betwe¢n Exbury Gardens Limikd and Exbury Gard¢n5 Trust in which provid¢d for the principle thai Exbury GaTden% Trust would donal¢ £2(M).O(M) per aThnum. subject EO review after Lhr¢e years froTll ihe agr¢emenL The d()natiort a5si&l& with working capital and capital projects. The budgets. in prior year5, hav¢ bcen set an ent¢rpri5e and evetti ￿lS to ¢ngblc accurate analy.%i% of eaeh Cle￿ent of ihe business 10 Assisiwith thtur¢ managemcnl. General rtstrvè¥ pollty Th¢ gcncral unt¢stricted fvnd is hcld io support admini%ituliI￿ and overhead L'OSIS. The inlelllion is thai thLS 8hvuld bE grown and m&intain¥d in surplus. Such unr¢slricled inwme is available to bc spent at th¢ discrction of dircctors in Ih furth¢rance of ihc objects of the company And rnay be used 10 finance both workiTh¥ capiial and capilal invesimvnL Other funds are reslricted ti? specific prujec15. The dire¢lur& acknowl￿ge ihai further ur￿eStnCtrd Incomc is desirablc in LTrtdeT IO tnaintsuj Eeoeyal reserv¢s at the Icvel requircd lo support th¢ s￿er&I adrninistratiurt ajjd OVEThead5 of ihe company. The ￿su118 of th¢ winpaDy for the y¢ar are set out on pagc 9. The net income for the year of th¢ company was £266.153 12024. net exprndittire of £17,580) and has b¢en Iransf¢rred io resetves. CurT¢nt y¢4r irt¢otnc include% £70,000 Teversal vf itnpaittnenl of Inv¢5tm¢nis and £50,000 pn)p¢fty rcvaltsation. The directors are sarisfied thBi th¢ Company's fullds ar¢ avgilablc Und adequatc to fi]Ifil its obligations. Going concern The Jireclors hav¢ satisfie41 thems¢lv¢s that the company 15 a going conccrn and has adequate r&50urc¢s to continue i opeTational txlslcncc for Ihc foreseeable fuillre. In forrning Ihis view Ihv dIr￿IDT5 made appropriate enquiries into th¢ rindncidl posiiion of and resourcES available to ihe ￿mpally including those PTovidcd by rclBt¢d panir6. Thc dire¢ioTS have resolved th¢ rcquiremenl foi'working capiral in the bu$in¢55 having agreed IcTms of ￿n801n8 %upport from Exbury Gard￿S Trusi as sei out abov¢. From discussions with lh¢ Tn￿*¢3 of this charity th¢ dire¢ivrb believe that ad¢qua* fisndb will continue io b¢ made availablc to support the wmpany dwing Ihc n¢KI ttvelve months. Tn addiiion, the company has pr¢viously seturcd a loan of £650,000 againsi th¢ Tmbt's cndowmeTht with an opiion or obthlrting a lurther LIOO.000 if and when rryuired. This loan hds been reduc¢d to £550.(X)O outstanding in prior yeatS. Th¢ dir¢ciors are gr&tefi]I forunTe&lrictcd donattons ¥ivcn during the year tu thc sum uf £253,220 from Exbury Gardens TnLtsI. Thcse and Ihe above fomul und¥rtaking 8iv¢ the ditXTOTS confid¢n¢¢ in th¢ ongoing support to the totnpany by th￿ charity. As the Gompany is a not for profit organ15atioll and is run for publi¢ b￿rrit the director4 hawc added Curther ways lo increBsc public involvemeni. In particular, they continue io d¢v¢lop the volunteer programme in the ggrd¢ns its allow memb¢rs of Ihe public mor¢ hands-on involvern¢nt in ihe hotti¢ulturRI activitics. The dirrrloT5 wnlinue io monitor Closely all Rspects of the business through r¢gul¥J me￿￿rIg£ with Ihc senior managcmeni of th¢ company and catry out reEular it)iernal rcviews ol'lhc siwcturc and governance of the company. Theiefor¢ the direLlois continue to adopi Ihe going conccrn basis in preparing the financial 51alements. The fLnaneial siatem¢nis do not include any adju&imcnl that would result from the withdrawal of sutwn from Exbury Gardens Tn]st. rurthei deldils iegar(Jing) the dduptioD ofthe going corttcrn basis can ￿ found in Notc l ￿ ihc financial S￿leMents. P4ge 2 EXBURY GARDF.Nq LIMITED REPORT OF THTr. DTRFf.TORS R TEIE YEAR ENDED 31ST OCT BER 2025 FINANCIAV. RF.VIF.W CoftDeeied Ch4rltles Thc company is ¢onnectcd lo.. The Exbury Gatdclls Trus¢ of Th¢ Estatc OffiG¢, Exbury. SouthHmplon, Hampshir¢. S045 IAZ Ihal was fvund¥d by the lat£ Mr I.e<)pold de Roih5child 10 5uppDri thai ¢hgrity at Ihe discretion of ils lrnSt¢¢s which has in rcccnl years b¢¢n in the fomi of a&sisiing the company Lll lts IK)trowing requir¢mentsb providin8 woikinB cupital support and funding cHpiial During thc year ih¢ Trust donated £253,22012024..£189,(X)O}. Ddw15 Of traDsa¢tions wid) conne￿¢d £hBrilies and other relatrd parli￿ ar¢ brjv¥n in note 22 to Ehe accounts.. STRUCTURE, GOVF.RNANCF. AND MAf4AGF.MFNT Sttutiurt? govtrnanee and rnanagemeni Exbury Gardens Litnitrd ILCJLI is con5tikn]ted and govemed by the Mcrnorandum an(5 Anicl¢¥ of Asso¢iaiion incorporawd on 29 De¢¢rnbpT 1988 as amended by sp¢cial iesoluiion on 22 March 1989 to be run as a limiied company. "reciors are sppointed un Ihe basi& of ctyniideralion of Ihe skills rcquir¢d by Ihc Company. Potcniial candidates arc gcnerally Id¢ntified through as50¢iations wilh pr¢5ent dir¢cLors and appointsD¢nts made for the candida¢'% experience, Xperij￿t and Lommitrnenl that they arc ablr ¢0 bring to ihc Cornpany. Whil¢ ad(yted dircctors are noi fomwlly trailled or inductcd. OT Lhe tff¢ctivcntS5 of the BoaTd r¥viewed in a formal way, WE, the dire¢iur4 review the achicvctn¢nis of Ibe Company and any individual mattcrs are addTesscd. The diTccIDf.S Df Lxbury Gardens Limitcd tnanag¢ th¢ busin¢55 by way of lornial quarterly rne¢tinbrS to disL'Iiss lil&tt£TS incliidift8 rh¢ settin8 of policies and stratCSiL obj¢ctives. Thc itnplem¢n¢ation of thcsc politics is d¢l¢gated to k marsagemcni COTnTnii¢e¢ thai meets on a wnonihly busis. alld ai preseni twv Jirectors sil un Ehis LvTnrnillcc vn a core bgsis. Ddy-tu.day mana8uynLnl of non-strategic mailers is dclcgat¢d lo the H¢ad of Op¢Taiion8 Finonee Manag¢r, ManaginE Agent and He&d Gar¢JeneT, suppon¢d by ihe Assislani Head of Operatiuiis. In addition, thc company has intrOdu￿d u Sir81¢8y Day, to coincide wilh one of Exb￿ GaTdett8 Tn￿l'S two meeEinU5 d y¢ar, for direcloTS of th¢ garderLS Irusiees uf th¢ Lnjsi Io TTre¢t and dib¢USS overall slrale8y. The dir￿10[$ mahage iheir nsks through Ihc llbo￿ structUTC and rcgularly rev5¢w th¢K. whether finan¢ial, hedlth aThd 8afc¢y. ¢mployrn¢nt 01 oihei nsks to wbich th¢ C￿￿paI)Y may be ¢xwsed. The syst¢m5 of mar￿Se[￿rnI are revicwcd and procedur&4 establishcd lo managc iho%c risks. Director5 The metnbership of th¢ bosrd IS DUI on pa8¢ 4. All dir￿￿r5 servcd throu8houi theycar. Th¢ method ofappoinLmcnl ofthe board is as follow5. A director PTOV)&¢s a mcmhcr to sit oll the b￿rd and PTW5al Thusi be approved by the ¢￿dIreCtOrS_ proposal ￿ trwle dl bvard me¢LillgS and I¢c4)Tdwl in Iht mittuies. No diTttt(>ts had, durin¥ the yeaT, any materi•l inteT¢sI in a contsact wh¢¢h w&% significant in rclatioD to th¢ COmPAtty'8 busillEss. Key managernettt rtmuThtr*tSon Tlie salaric5 and uthcr tem15 of employtncttt of thc kcy managcmcni p¢r80J)nel are r¢vi¢wed Jnnually by th¢ Ditects)Is. Sal3TieS are b#s"¢il benchmarking againsl similar wles within other Organi￿110nS and inflation 1$ taku intn account when Tcvicwing5&1ari(*. Key managuKent duting thc y¢ar include Dthbi¢ Burrows, Tom Clarke Robin Savill. RETrEREliCE AYD ADMINISTRATIVE DETAILS Reglstered Compiny nurDb¢r 2331440 (England and Wales) Pag¢ 3 EXBURY GARDENS I,IMITED REPORT OF THE DIRECTORS FOR THE YEAR F.NI)F.D 31ST OCTOBF.R 2025 Reglslertd Charfry nymb¢T 801349 Rtgistered offlce Esiaic OtTice Exbury Southampton Hampshir¢ S045 1 AZ Directors MAPAgius C H de Rt>th5¢hild M_L E A8illS N D dc Rothschild K J Agius R G Dever¢ll C E J Bubcar Company Sttrel*ry W Sleeman Auditors Shaw Gibbs (Audil) Litlliled Chartered C¢Trified A¢countsnts Siaiulory Audiiur 25 Si Thoma5 Str¢¢i Winchcstcr Hampshtre S023 YHJ BankcTS HSBC Bank PIC 55 Abuve Bar StT¢¢I Soulharnpton S014 7DZ Soll¢l¢oYs Irwin Mit¢bell B¢lTllOnt Ilouse Staiion Way Crawley RS110 IJA The cDmpany is r¢gi$ter¢d as a chaTiIy? llumb¢r 801349. atrj is litllil¢d by guaraniee. number 2331440. Thc goveming body of the company i8 the Board of Dir¢ciors and its governing documrnts aTC the memorBndum arti¢lcs uf a&Bo¢iaiion. Thcr¢ aTC no restriclitbns upnn Iht way the company can operate or utK)n the investtneni powers of the STATEMENT OF DIRECTORS. RESPONSIBILITIFS Th¢ Directo￿ (who are also thc Trnsr¢cs of Exbury Garden% Limii¢d foT the putP05es of ¢hariiy lawl are r¢stx)Dsibl¢ for prrp8rin8 thr Report of the Dir¢¢tors and the finan¢i8] S￿lements in 4CGQTdaDc¢ with applicable l&w and United KingdoTn Accounting 5tsThdards (United KIngdom Gencrdlty A¢c¢ptrd A￿Ountin8 PracliGEI- P4e4 EXBURY GARf)Tr".NS I.IMTTF.D REP()RT OF I'HE DIRECTORS FOR THF. YF.AR F.NDED 31.ST OCTOBF.R 2025 STA TF.MF.NT OF DIRF.CTORS' RESPON.SJBVI.ITIF.S- Continued Company law r¢quir¢s th¢ directOT5 10 piepare findllLldl st&t¥menis for each fitsdllLial y¢ar. Under EhaL law, Ihe direclu have ¢le¢t¢d io prepaTe the financial statcments in accordance with UniEcd Kingdom Genetally Ac¢¢ptrd Accounting Practice (United Kingdom Accouniing Standards and applicable lawl. Under compatry law the direLiors Must noi appi'ove Lhe fina￿1&1 stat¢mcnl5 unlcss they arc satisficd that they give a tnjc and fsir view of the stAie of Affairs of th¢ chariiable ¢omp8ny and of the incomin¥ re￿￿ree$ and application of resources, ￿cLuding the incomc and cKpcnditure, of thc charitsble company lor tha( pcriod. Sn preparing thosc fjnancial s&t¢m¢nls. th¢ dir¢¢tors TeqUiT¢d kn) select suitable accounLillg puliLi¥s and Ihen apply th¢m cunsi5tEnily', obse￿¢ Ihc m¢thods and principlcs in thc Charities SORP.. make judgemenrs and esiimdt¢b Ihai are reasonable and prudent: prcpare the rJR￿cial stalctllcnls on the going conccrn basis UDicsg it IS illaPPlUPTith ty Ptesume that the charitable cornpany will c1￿(1￿￿e in busi￿¢55. Thc dircctOTS are re5ponsiblc foT kccping propcr accoL2nting records which di$¢108e Wilh r¢asonRble accurary at any iitne ihe fin2nciRI posiiiuTh ufihe Lharilabl¢ cotnpdrty and io enable them lo ensurc Ihal the financial statements comply wilh th¢ Comp8ni¢s Act 2006. They are a150 r¢sTrvnsibl¢ for safe8uaTding ihe ass¢ts of thc cliariiable cornpAny and henre foT tsking Ica%onabl¢ sieps for the prevention and dctciiion of traud and other irrcBuiarities. In so faT a3 thc dircctor% arc Awa￿.. thcrc 15 no Tclcvani audii inlomiation of which the ch#titable company's auditors are unawaT¢, Iht dirt¢tOTS have taken All steps that Ihcy ought ￿ havc Mkcn to makc Ihc]nselves aware of any r¢l¢vRnt audit infoThn&tion ind to e81ablith ihai ihe allditors are awaTe ofLhdi infomyation. AUDITORS Thc audits)rs, Shaw Gibbs (Audit) Limited. will be proposed for Te-gppoinbn¢ni ai Ihe fi)rthcomin8 Annual Genyral Meeting. This rtrp￿ has been Preydred in acGordanr¢ wth thc speci&l provisions of Part 15 of the Compantes Act 2006 Ttlatsn8 10 smsll compani¢$. AppTDved by orderof thr board of dinytors on................- igned oll iL% bvhalf by.. M A P Agius- Dircclor Page 5 REPORT OF THE VNDEPENDEPIT AUDITORS TO THE MEMBERS O XBUR Y CYARDENS LJMITED plnlo W¥ hay¢ dudilgd the financial stAtemeTrES of Exbury Litniled (the 'charilable cornpany) for th¢ y¢ar ¢nd¢d 31st ()¢tober 2025 which comprise the Statement of FinaNcial Aclivilic%, thc tlalance 5hee¢ thc Cash Flow Siaicm¢nt alld notes to the findncial slalemenLS. including a summary of signifilalll accouDliJJg poli¢ies. Th¢ financial rerM)rtiti¥ fr￿eWork thRt has b¢¢n appli¢d in th¢ir preparation is 8pplicabl¢ and UDii¢d Klngdom A¢c4)unling Stalldards (United Kingdom GBncrally Accepted Accounting Pr2¢1icel. In our opin￿n ih¢ finan¢i&l Slatcrnc￿18'. 8iv¢ a Irue and fair vi¢w of th¢ state of the ¢h*tiiable tomp9n￿S affairs as at 31si O¢tobcr 2025 and of its incomillg resources and application of rc50urcc5. including lig incotne aDd expenditure, for the year then ¢nd¢d, have beu pruperly prepared in a¢LUrd￿Ce wilh Uniled Kingdotn Gen¢rally Accepted Ac¢wrtling Pra¢ii¢e', and have been prepar￿ in Accordanc¢ with Eh¢ requircm¢nis of (he Companies Act 2￿6. B8815 for uplulou We conducicd our audit tn accotdancc With Inl¢rngtioDal Standard5 on Auditing IUKI IISA5 IUKII and applicable law. Our responsibililie5 under those sialldards are furtheT described in th¢ Auditors, reSp￿SIbilItIeS for the audii of thc rinancial statemcnts scction of our rcpoTI. We arc ind¢p¢ndent vf Ihc rharilable curnpdlly in accord￿¢t wilh (he cihical requirements thai att r¢lcvant 10 our audit of the fin?tt¢ial siaiements in the UK, including th¢ FRC'S Ethical Stsndard, 3nd we hav¢ fuifill¢d our other cihical restM)nsibilitittg in a¢¢ordancc willi these TcquiremeNts. W¢ bclicvc thai Ihc audit eviden¢¢ we havc obiaincd is sufficienl and apprt>priaLe to provide a b￿1% for ouropiniw. Contlll%ions rtlitlng 10 golng CODcern In audiling Ihe financial stalemen￿, w¥ have ¢orJClUd￿ that Ihe d¢rector8' use ofthe going ¢on¢cm ba8is of ￿¢0￿￿ting irt th¢ pr¢pgrnnon of th¢ financial statcrncnts is appropr￿1¢. Based oll Ihe workwe have performcd, wc have not idcnlifjed any malcrial utsccrfainlic5 relalinB to events or Londitions thai individually or cnllwtively. may cast &ignifi¢an¢ doubt Ojb Ilie charitable cornpany's abiliiy to conlillu¢ 95 a going concem fvr a peiiod of al I￿[ twelve months from when the financial stst¢m¢nts are uuthoriscd for i￿lle. Our responsibilities and th¢ rtsponsibilitic¥ of the directors with resp¢¢t 10 goin8 Concem ar¢ d¢s¢ribed in th¢ relevant 8e¢iions ofthis T¢POn. Other inlorma￿0n Thc dir￿lorS ar¢ T&spollsible tor the other informati￿￿. The oih¢r info￿AllOn cornprises ihe infotma11￿ included in the Annual Rtpvrt, L)thei Ehan the fjnancial ststem¢nu8 and OUT Report gf th¢ Ind¢p¢nd¢ni Audilots Ib¢reon. Our opinion on the financial siatemenig does noi cover Ehe other infoTmativn and. except lo the ¢xt¢nt othe￿15¢ explibiily staled ID our r¢p)rL wc dts noi cxpress any form of aFsurnn¢c conclusion IhcTCOn. In Conn￿.110n with our audiL Df the financial siat¢ment& our responsibility 1$ to read th¢ other infornation and, in doing so, considcr whether Ihc other inform&tion is matcrially jncon8iste￿I with the linancial Si4lemeni8 OT uur knowl¢d¥¢ Ob￿Ined in the audil OT oth¢rwib¢ app¢ars io be tnaletially rni55tai¢d. If we identify such material illcon%i.4t¢nctcs or apparcnt material misstatemttnts, WC &TC TCqUiTed dctennine whdhcr this gives risc io a m3teTial mi551aicmenl in the linaiicial Statements th¢mKlves. If, based on the work we have perfvrm¥d, WB con¢lud¢ ihai there 18 a maieri&l misswi¢m¢ni of ihis other ittlormktion, w¢ 8r¢ requiT¢d 10 r4>0rt that facL We have noihing 10 report this regard. Oplnlons on oth¥r matter5 pre5¢rlb¢d by ihe Companles A¢t 20116 In our opinion, b&scd on th¢ WQTk und¢rtakcn in the cour5¢ of the audil". the infornL*tiott givej in the REPOrt of the thr¢¢tors for Ihe finAn¢i*l yeaT for whicb th¢ financial stai¢ment5 aTC prepared is CODSi%tent with tb¢ fLnan¢ial 8tatcmcnts', and the Report of the Dir¢¢tors has been prepared ￿ accordaace with applicable legol r¢quir¢m¢nts. Pagc 6 RF.PORT ()F THE VNDF.PF.ryI)F.NT EXBURY GARDENS LIMITF.D TOTFIF. MEMBER Matiers on whlrh ve •r¢ TequlT¢d to report by txeeptlon In Ihc light of the knowledg¢ and undcrsthnding of the chariiable ¢ompany and its environm¢nt obtained in the Lvurse ofihe audit. we Iiave llot IdenLified tnatcrial mis*Latements in Ehe Report of Ihc Dirrctots. W¢ have nothing lo rwrt in r¢specl of thc followJnB maiicvs whcrc the Cornpanics A¢1 2U06 rcquiTCS US to rep)rt to you if, in our opinion-. Ad¢quaie accountin¥ record5 havc not b¢ett k¢pt or returns adequaw for our #udit have Doi b¢¢rL received froL] branch¢s wi visil¢d by us. ur thc financial statements arc not it) x8reem¢ntwiih the accounling Tecords srtd reDJrnS' or certain dis¢lu¥ures uf directors, tetnun¥ratiott $p¢¥irl￿ by law aTe noi made., or wc have not receiv¢d all the infonnaiion and explanations we require for our wdit.. or the dircGlOts Wtre not eThtiiled to lake advaniagc ol'ihc small companio% exernptiott from th¢ r¢ouir¢m¢nt to prep&Te SlralBgi¢ Report or in preparing the RerMIrt of Lhe DI[￿(uT$. Responslbllilles of dlrector5 A$ cxplaittcd more flllly in the Slatetnenl of D￿e¢lor8, R¢8pon$ibilities, thE ditectots Iwho ¥re also the trusiee5 uf the hariiable f onipany fur th# purpob¢¥ i)f Lhariiy lawl are r¢5POnbiblc fvr Ihe prcparalion of thc financial glatcmenl& and tot being saiisti¢d that they give a true and fair vi¢w, and lor such internal conwol as the direcwrs deiermillt i to enable the pr£pdTalion or rinancial siatements that arc t￿¢ from m8l¢rial rni5StateTnenl, wheth¢r due to fTaud or error, In preparing the fiDallLial statetnBnlb. thr dir¢¢iors are re5POn5iblc for assessing the charilublc company¥ ability lo continuc as a going ¢onc¢rn. disclosinB, a5 applicabl¢. mauers r¢latrd lo goin¥ concern and usiiig the gUillB concrTn bA414 of Bccouniing unles5 tlic dire¢tor5 ¢iih¢r intend lo liquidate th¢ charitshle company or 10 ¢¢as¢ OP¢T8tions, orhave no rcalistir alternative but ts) du su. Our re%ponslbllitle5 fur ihe Audlt of Ihe Iln4nclal $taiemÈnls Our objeciives Are to obtain Tcasohahlc &*surnn¢e aboui wheth¢i' the finallciBI stateTnents as a whule are free frum maierial niisstatrinelli, wlieilier dur lu fraud or ernir. and io i3suc a Report of Lhc Indcpend¢nt Auditor5 that includes our opinion. K¢asonable assurance is ts high level of assurance, bul is not & guarantee thal an audii ¢onducied in accDrduncc With TSA$ (UK) will always dEte¢i & maierial MI￿ta￿ment wh¢n it exis15. Misslat¢Tn¥Mts can a27se friwn frdud or ¢rrvr ar¢ Considered rnal¥Tial if, individually or in Ihe aggrc¥al¢, Ih¢y could reasonably bc expected lo intlurncc the economic dccisions of users iaken on the basis olthese finanbidil sthi¢ments. Bccause ofihc inherent limiLati0tt8 of an audii. Ih¢r¢ i5 a risk that we will not detect all itregulariii¢s, including those leading to a maicrial misstatement in thc finaneial siaicm¢nts or non-compliancc with r¢gulalion. This risk in¢r¢a5¢5 the moTe thai ¢omplian¢e with a law OT Te¥ulaliuu is removed froTll the events and iran%aitions rellected in thc fitsancial StslemcNls, as w¢ will bc l¢s4 likely lo bc¢ornc aware of instsnces of nott-bomplian¢¢. The risk is also ¥r¢ater regarding irr¢gularit1t￿ occurring duc ￿ fraud raiher ihan error, ￿ fraud involvtss intentional con¢ealmcnL foTg¢ry, collusion, DmiSSiOll ormisr¢ptts¢ntsiion. Irr¢gulariiie5, including fr8u& are insLlnC¢5 of non-compliallce with laws and regulatio￿8. Wc d¢sign Proccdures in lille with OUT Tcspon5ibiliiics. ouilined abovc. to dctcct matrrial misstatcmethts ID respert of irreglllaTitie5, including fraud. The Exient tu wthich Qui. proL'eduTes are Lapdbl¢ ofde¢itin8 1￿C8￿7a¥1tIcs. including fraud is dct&iled below.. We obtained undcrslanding of Ihc l¢gal and rcgulatory fram¢work applicllblc to th¢ company via discussions with the dir¢¢tors and OUT PTBViOU& knowledg¢ of ihe cornpatty. This ideniified that the Tnosl s18nifi¢ani laws and Tegulalion% relatE to Ihc for￿ and contcnl of thc financial 8iaicmcnts 4uch &5 thc Ch*iiiCS Act 201 I, Cofflpani¢& Act 2006. th¢ Chariti¢s SORP IFRS 102) and Financial Repurtin8 Standard 102. The COTnpany ¢omplic5 wirh thcsc 18ws and rc8ulaiions by using appropriately qualified profc&sioThals to prepare the ftnancial 8iatem¢nts. A.% pArt of our pl4￿ning wYc&s w¢ assessed sus¢¢ptibility of ih¢ COM￿nY.5 finan¢ial Jiaiements kn maieri&l mibstaiements, including how fraud miBht ￿¢ur by making an awssmcnt of the kcy iisk8. Thc k¢y risks idenhfied i Tupect of Exbury G￿d￿n5 LImi￿d ar¢ reve]LU¥ fELogniiion and inanagemenl ovcrti(k. Thc dir¢clois confiTtned no lual, bU4>¢cied or all¢g¢d cascs of fraud. Page 7 REPORT OF THE VNDEPEliDENT AUDITORS TO THE MEMBERS OF EXBURY GARt)ENS LIMITED Based this ass¢$smeni WE d¢5iwed our Audit ￿'0(¢dur¢S io addrc&% th¢sc key risk llycas with emphasis on testing conirols in piacc iIi Tt5pccI of salc5 and ihosc arc&% susceplibl£ lu tnana8¢menl iiverride io¢ludiDg les1ill8 tD3llual journals and rnRking ¢nquiries of maJ)a¥emenl. A lijrlher deSLrip￿0tt of our r¢¥tM>nsibililies for th¢ audii of tlJ# financial st&iem¢nls is locat¢d ort the FittanGial Re￿[LIng Council¥ websiie at www.ffC.org.uklauditorsr¢5w)nsibiliiies. This dtscriplion forni% pgrl of R¢port of thr Indcpcndcnl Auditors. Uie of OTJr rttM)rt This report is rnad¢ solely to the charitable company's rnemkrs, as a body, in acrordgnce with CThapier 3 of Part 16 of th¢ Compani¢$ Art 2006. Our Budit work becn u[￿ertaken 50 Ehat we mi8hi 51ale lo the charitabl¢ company's mcmbers those mallers we ar¢ requiTed lu slale lo them in an audiiots, Teport and for no oth¢r puryx)se. To th¢ fullest ¢xtrni perniiiied by18w. we do not acccpt or assume rcspTrTLsihility to gnyonc oihcr th&Th th¢ charllable company and Ilie charitsble companys mcTnbcrs ￿ a body. tor our Audii work, for Ihis T¢wrl. or for the opillions w¢ have fonne(L Makeda Watkittsun FCA Iscnior Siattjtory Audilorl for and on behalf of Shaw Gibbs (Audit) Limited Chan¢rcd Certificd Accauntants Siathlory Auditor 25 Si Thotna5 Street Winchc51er Hdrrjpshire S023 911J Dale". Page 8 EXBURY GARDENS LtMrrED STATEMENT OF FINAiYCIAL ACI'IVII'IES FOR THE YEAR EIDED 31STOCTORF.R 2025 2025 Tolal funds 2024 Total Unrcslricted fund Res¢ri¢red lund Noks INCOME AND ENDOWMENTS FROM Donations and Ic8acics 53@444 530A44 399.514 ChArlt#blt A¢tlvltle8 Ch3ILtable Activities R&ising Funds.. CJencra¢ed funds 1.087A36 1.187,436 945.9116 451,692 4SI,692 395,721 Investment incDIti 102,235 102,239 87.116 Total 2.177007 2.177.807 1.828,337 EXPEYDITVRE OF4 Chatrltable ietlvltles Charitable Aciiviiies Govcrnance costs Bank Charges and interesl 1.967.OlQ 24.545 40,059 1.967.020 24.545 40,089 1.800.190 22.616 R¢ver5al of impairment I￿ subsidiary 71J,l)O 1,961h54 1.961.654 18CI5.917 R¢v4lll&tiott of inve8tment property NET INCOMEI(EXPENDtTUREI 266,153 266J53 137J801 RECONCILIATION OF FUNDS Totsl fvnds brought forward LoyiJ 2,091 J23 2.128,9Y)3 TOTAL FUNDS CARRIED FORWARIJ 57.476 2 357 476 2.091.323 Thc notes fortTr partof IheK financial &ta¢¢mrnis EXBURY RDEF4S LIMfTE BALANCE SHEET 31ST OCTOBER 2025 2025 2024 No*8 FIXED ASSETS Tangiblc asser8 Invtstmcnts 1,408.249 ,401,865 12 13 li0,￿0 1,245.1100 40.0 1 195.000 InvestrncThtPTopcrty L763.249 2.636,865 CURRENT ASSETS Sto¢ks Debtor8 Casb at bank 48,456 201,902 269,769 41,950 168,786 125 654 15 520.127 336,390 CREDITORS Amounts f811iJJ8 due withinon¢yEar 16 (925.gYIO) 1881,9321 FTCURRENT ASSETS 545 TOTAL ￿E75 LESS CURRENT LIABILITIFS 2J57A76 2.091,323 NET ￿ET$ 2091,323 FUNDS Unrestrirt¢d funds 2.091 J23 TOTAL FUNDS 2a57.476 1091 J23 Th¢s¢ fiu8n¢iaJ bive been pr￿￿ in a¢¢orthe wi¢h the provisions Bppli¢ablt to ¢h8riiable tompBnic5 subjecttothe 5m411 comp￿leS re￿Me. Thc financial stai¢m¢nts #pptovrA by the Board of D￿r￿torS and authoris¢d for issue o 15.4b..&￿1..￿Lty3ÉandWÈr< signed on its bthalfby: M A P Agiu8- Director The tLDtCs forni pHrt of these financial S￿*￿)ents Page io EXBURY GARDENS LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED3IST OCTOTIFR2025 2025 2024 Not¢5 Cash flo￿ from operltlng Atllwllle8 Cash 8eneTated froni opmiions Illwre￿ paid 345,886 185.339 Net ¢ashprovid¢d by operttl￿ activities C4ib Iiow5 from Investln¥ 4ctlTAtles Purchasc of tan¥iblc fixcd Asscts Inier¢bL r¢ceiv¢ 43.968 164,514 (2,4321 43.111 (5.0011 6.542 16.185 Net tasb provld¢d by operAtloni 345,886 185,339 ANALYSIS OF CHAf4GES IN IYET DEwr Atl.11.24 CdL flow At 31.10.25 Nrt cash Cash 4¢ bwik 12$654 144,115 269 769 12S654 269.769 D¢bt Debtsfalling ducwithin l y 550 000 550.0( 550,0001 Totsi 4Z 46 144,115 280231 The notes fomi partof th¢3e fin8ncial 5tht¢meftts Page 12 EXBURY CARDENS LVMTTED NOTES TO THE FIYANCT AL STATEMENTS FOR THF. YFAR F.NDF.D 31STOCTOBER 2Q25 ACCOUNTINC. Pnl.ICIF.S BA115 of prep8vinE tht fin*n¢tg1 stAteMents Th¢ finanEial 5tal¢mcn15 of Ihc charilablc company. whi¢h is a publi¢ benefit entity undtT FRS 102. have bctn prepar&4 iD accordance with th¢ Chariu¢s SQRP IFRS 102)'Acwunung and Reporknng by Charities.. 5taEemcrLt of RecomTnended Practice applicable EO charities preparillg Iheir accounis in accordance with the ￿l￿anCIal R¥purting Sianddni oppliiable in the UK Republi¢ of Ireland IFRS 1021 l¥ffecuve l January 20191., FinaThcial Rcporting SLindard 102 'Thc Financial Rcporting SiandaTd appliEablr in Ihc UK and Republi¢ of Irelgnd, and Elie Companies Aci 2006. The fillancial ststernenL% have been prepaTed under lh¢ hi&iurical Lvsl convention with the exeepiion of inveiimeni pmpertie.i ttnd fTeehold prop¢rii¢s which arc includcd ai mark¢t value. The finhncial siatcrnenrs have been prepared on & 801Th8 concern basis. The company 1% dcpcndcnl on conijnued suppori from Exb1￿ fjardeDS Trust. From discussion5 with the diiECtOTS of this ciimpdny lh¥ dir¢ciors bcliev¢ that adcquatc funds will continu¢ to bc m3d¢ availablc lo.%upport the compally during Ihc ncxt twelve months. On this basis, the diTector5 CQllBider it aPPTopriale to prepare Ihe financial 51ai¢menis on ili¢ going conccrn basis. Thc linancial giatemenLS do noi include any adjusimcri thai would result fNim a wiihdrnwal of suprA)rt frorn Exbury tiardens T￿￿1. buTiher discussion can bc found in Ihc dirc¥turs' rrport. The si¥nificanl a￿Dunting policiTh applicd in thc prrparalion uf f¢n&nciBI slatcments Bre sel out below. Th¢s¢ poli¢i¢s havE bBen cons￿le￿ilY applied lo all years pretsenled unle¥s uiherwise 5th1¢d. Preparatlon ofconsolldyled fiw*ntlAI $t*temenis The financial 5L31emenis contain inforniation about Exbury GardeDS Limit¢d as an itsdividuai company and do noi coniain consolidaled financial infonnalion as thc parcTrl of a group. Tli¢ company Is cx¢mpt under Scclion 39912AI of Ihe Companies Aci 2(K16 from the requirements EO prepBre consolidated financial std¢mEnlS. Ctlrleal 4¢¢oun￿￿￿1U￿Reme￿Is and kry source5 of e511matlon uncertainty Thc e$timates and &%%Utnrniotts which have a significant risk causing a maienal adjustment 10 th¢ ¢4rying Inuunl of assets 2nd liabiliiieg are as fullows.. lal Valuaiivn of fre¢hold and invcslment pr(JPCTty Land and buildinbr5 ar¥ noi professionally valued ¢very y¢3r and are included on the balanL¥ she¥1 based on ihe dircctnrs c%tim&tc ofr thc markrt value at the balanct shcd darc. Thc direcroTS e5rimatr Is made u%ing availabl¢ prop¢rty matl(¢t data Bnd review of Tecent sales of similar propertiE& All income Is Tccognised in the sts*ment of Financial Activlties once the company has ¢niJtlemeni to the fun&, IL is probable Ehai the incotnc will br rcccivcd and thc a￿Oll￿1 can bc tntrasurcd r¢Ji3bty. il Incomc from ¢haTitsblc aclivitlQ4 T4)r&qents the net amounr ch￿ECd to VigilOTS for garden ¢ntranc¢. annual m¢mb¢rshipJ railway mthility scooter use, shop iThcome and evenls inGOtnE Ir35 any di5cuunts. ¢Krluding value addcd tu. ill Dortaiioos and legacies thclude doLaliotts frojn Exbury fjaTden5 TnJs(, vih¢r on¢ off dollatiuns attd gift aid claimed on visiior iTKOm¢. iiil Invcslmcnt incorn¢ is earned through holding a55Cts foT inVCStmcnt purp08es such as propw. Ji in¢lud¢6 initresi and reni. Rcni#l in¢ome is recognised as ihe company's righi tu r￿e1Ve payment Is ¢s￿blished. P8g¢ 13 continued.. VABURY CARDENS LIMITED NOTES TO THE FIYANCVAL STATEMENTS- rondnutd FOR THF. YF.AR F.NDF.D 31ST OCTOBF.R 2015 ACCOUNTif4G POLICIES- ¢ontlnued ExpcJJdltUTt l.i&biliiics are rc¢oBniscd ¢xp¢ndimr¢ as as Ihcrc is a lcgal or cfrnsiruciivc obligation committin8 th otnpllny io that ¢xpendiiur¢, ji is probable thai a transfer of economic benefJt5 will be required th s¥iil¥m¢ni and the amount of th¢ obligaiion ¢an be measurcd rcliably. Lxpcndimrc ig accounlcd for on an a￿rual5 bLsis and has bevn classified under heddings IhaE ag8re8ate all c(YAt relatrd to the ca(e80ry. MThere costs cannot be directly attrib￿tcd lo particular heading4 Ih¢y hav¢ been 8Jlocthd w activities on & b8515 consiSt￿L with thc u5C of resttur¢e%. Charitable activiti¢5 Dir¢¢t chariiable ¢KpendiDJre Is considered 10 be expenditure which enables the company 10 firther its objcciivcs. Ovcrhead expendittjre is tyjporlioncd bctwccn dirccl charilablc cxpendituTe and oiher eX￿nd1￿]re on thtt besi esilmatr of managtm¢JJi. R￿e1r￿h CD5ts in ronncElion with plant cataloguing are constdeTed lo relate to the furthernnce of the obieciivcs of ih¢ company RTe therefore includd in direct charitable ¢xp¢ndiiur¢. Governance costs Compriscs tht costs of gOvcr[￿](C aJrangernents. which rclalc to the gcncrnl running ofthe Company AlloclltioN &nd apportiomment of costs Where costs cannoi he directly Attributed ￿ particular heAdin8S they have bern allDcaled ts) aclivilies a basis c(￿sl￿1¢￿t wiib th¢ u8e of resourtts Tanglble flxed as$Èls D¢pr￿latIOn is provided at the following an￿al ratcs in ordcr to writc off each asset over ILS cstimaod us¢ful t￿llE l¢as¢hold buildlngs and ¢mprov¢m¢n15 4.20% pcr annutn Stra￿h1 line Plant and machin¢ry- 20.330/0 per annum reducing balan¢e Fixknres and fittin&% - 2(k33¥• pcrannum straighi litte Mosor vehicle l(k250A p¢r annum reducing balattce Railway- 5.200/0 pcr innum siraighi lin¢ Railway Tvllin8 ilock 5Vi pcrannuTn straight line Tangibl¢ fix￿ ass¢is arc 51aied ai eo%1 l•r d¢cmcd CD5tI or valuation Ics& accumulated deprEciatiDn Bnd a¢iumulaltd i[npai￿nEnl los￿5. Cost includes COBts directly attribut&ble to making th¢ asset capable of opcraiing as iniended. Th¢ f￿hold property i& included thi revalued cost and not depr¢ciai¢(L Th¢ dir¢¢iors ¢onsid¢r th1¢ th¢ life of th¢K ass¢15 arc so long. and the residual values are so hi8h. Eh31 Iheir depreciation is insi8nifT¢dnt. Any pertnanenE diniinulion iti the value of such proptny 15 ¢harged to the llaiement of finan¢i#l #¢tlVTtie$ as Bppmpriate. IhVt¥tmtnt PrnP¢Tty Investment properly ts shown ai ihc most recent valuation. Any d￿regate surylus OT deficit arising from ¢1￿18e8 in fair valu¢ ts rccDgnigcd in unrc%trtcted Ihrollgh thc Statcmcnt olFinaJJci81 Activities. Stocks Stocks are vBlu¢d at th¢ low¢r of cost and nrl rrbliwbl¢ valuc, 4ftrr rnakins dur allDwance for obwlele a￿1 511 moviKs itetns. Cost ittcludEs all cusls uf purGh&'e, cosLs of ¢onv¢rsiun and other Cosis incurr¢d in bringittg Slv¢k lu its Pre￿￿L location and Condiiion. Cost is ¢alculalcd usillg Ihc first-in. fIrSt￿￿t formula. Provision is mad¢ for damage obsolete and &low-moviJb8 sio¢k where appropriate. Page 14 continued... EXBURY GARDENS LIMITED NOTES TO THE FINANCIAL STATEMENTS- contSnued Tr'OR THE ITAR EIDEI) 31ST ocfoRF.R 2025 ACCOUNTVYG POLICILS- continued The cumpany is exempt from COTporBtion E&X on its charitable acliviuES. Fund accoun*lnR Unr¢8tyi¢t¢41 fundg b¢ used in accordan¢¢ with ihe charitabl¢ obj¢¢tivcs ai th¢ dis¢r¢iion of thc director& RO {2024.. £42,0￿)). Year cnd bal4rtces ari5in8 from thesc transactions.. 2025 2024 In debtOT3 Inotc I Sl Dir¢Glors 4,519 4J97 Page 25 conynud... EXBURY GARDENS LIMITED OTtr..% T() 1"11Tr. FINANC'IAI. ST.4TF.NIF.NT%- ¢onlln FOR THE YEAR ENDED 31ST OCTOBER 2025 ZL RELATKD PARTY D18CLOSURE8- ￿nI1￿￿ed CtLttected CI￿ltieS Subsidiarirs Otherrei8tedparti¢6 42 42,135 4.985 $2,796 7A83 212S 2024 In Cr￿li0r$.. the wlhin oneyeAT (note 16) Direc￿rS Other r¢latd p8rtiE5 2,935 2,935 5.012 5,013 Dlliing the y¢ar ￿ded 31st Cklobcr 2023. a historical Collection of approximately 30.000 Nerin¢ bu]bOplallts wer¢ donated by ND and DL de Rotlis¢hild. We caTJDOt reliably a8certain the value of th¢ bulbslplant6 doD2i¢d aud thETth. IJ afjCord￿c¢ with the ¢hariti¢8 SORP. the income frnm the doJJatcd buIbslpl&nts IE Teco8ni5ed wh¢n ihcy atz sold. In the currcnt year thi5 in￿[￿< tolalled £322012024= £7.066) atKI is included in Bundry incon 23. LEGAL STATUS Th¢ compjny is limit¢d by guaraDI¢¢ 8Dd docs noi hAvr any stw¢ Gapitsl. Thc at¢ present diwBftOT5 of the company. Each director is liable up w a maxinwn of £1. The compatty was re8iq*r&J as a charity. number 801349, on 24 April 1989. P88e 26