The Kew Guild
A Charitable Incorporated Organisation (CIO)
Trustees Report and Financial Statements
Year Ended 31 December 2022
Charity number: 1174033
The Kew Guild Trustees’ Report and Financial Statements For the Year Ended 31 December 2022
| Contents | Page |
|---|---|
| Reference and Administrative Information | 1 |
| Trustees’ Report | 2 |
| Report of the Independent Examiner | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes Forming Part of the Financial Statements | 10 |
The Kew Guild Trustees’ Report For the Year Ended 31 December 2022
Reference and Administrative Information
Governing Document :
Charity Number :
Members of The Board of Trustees : President and Trustee: President Elect and Trustee: Immediate Past President and Trustee: Vice President and Trustee: Award Scheme Chair and Trustee: Trustee: Trustee: Trustee: Trustee: Trustee:
Constitution and Byelaws
1174033
1 January – 9 September 10 September – 31 December Chris David Andrew Kidd Harold Graham Heywood Harold Graham Heywood Richard Barley David Alan Simpson Chris David Andrew Kidd Jonathan Harvey Stephens Robert Brett Chris David Andrew Kidd Chris David Andrew Kidd Maxine Jane Briggs Maxine Jane Briggs Richard Barley Gordon Fraser Robert Brett Colin Hindmarch Sylvia Phillips Silke Strickrodt Brita von Schoenaich Brita von Schoenaich
Advisors and Board Supporters
Advisors:
Voluntary Treasurer: Treasurer: Editor: Archives Officer: Voluntary Events Co-ordinator: Annual Dinner Organiser: Principal School of Horticulture: News of Kewites Officer: Kew Guild Medal: Communications Officer & Acting Secretary: Kew Gardens Representative:
| Voluntary Treasurer: | ||
|---|---|---|
| Treasurer: | Timothy William Woodcock | Timothy William Woodcock |
| Editor: | Sparkle Ward | Rosalind Whistance |
| Archives Officer: | Christina McCulloch | Vacant |
| Voluntary Events Co-ordinator: | Brian Phillips | Vacant |
| Annual Dinner Organiser: | Frederick Anthony Overland | Sara Arnold |
| Principal School of Horticulture: | Tim Hughes | Tim Hughes |
| News of Kewites Officer: | Pamela Holt | Pamela Holt |
| Kew Guild Medal: | Chris David Andrew Kidd | Chris David Andrew Kidd |
| Communications Officer & Acting Secretary: | Sara Arnold | Sara Arnold |
| Kew Gardens Representative: | Richard Barley | Richard Barley |
| Administrative Office: | Royal Botanic Gardens Kew | |
| Kew Green | ||
| Richmond | ||
| Surrey TW9 3AB | ||
| Principal Bankers: | Barclays Bank Plc | |
| 8 Calverley Road | ||
| Tunbridge Wells | ||
| Kent TN1 2TB | ||
| Investment Managers: | Charities Official Investment Fund | |
| One Angel Lane | ||
| London | ||
| EC4R 3AB | ||
| Independent Examiner: | Simon Johnston MA FCA | |
| Mackenzies Chartered Accountants | ||
| 1 Langley Court, Pyle St, Newport PO30 1LA |
1
The Kew Guild Trustees’ Report For the Year Ended 31 December 2022
The Board of The Kew Guild is pleased to present its report together with the examined financial statements for the year ended 31 December 2022.
The reference and administrative information set out on page 1 forms part of this report.
The Trustees confirm that the financial statements comply with the requirements of the Charities Act 2011, the constitution and byelaws, and the Statement of Recommended Practice – “Accounting and Reporting by Charities” (revised 2015).
Objectives and activities
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s objectives and activities and in planning future activities.
Objects
The Guild has three main objects as follows:
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The advancement of horticultural, mycological and botanical knowledge for the benefit of the public, particularly (without limitation) in connection with the work of the Royal Botanic Gardens, Kew.
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The encouragement and advancement of horticultural and botanical education for the benefit of the public, in particular at the Royal Botanic Gardens, Kew, including (without limitation) by the provision of awards, prizes and grants to schools and students.
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To promote the improvement, preservation and sound management for the benefit of the public of places of natural beauty, gardens and lands of ecological, horticultural, mycological or botanical importance or interest.
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Activities undertaken to achieve the objects:
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Arranging events and trips to various places of horticultural, mycological or botanical interest.
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Provision of Diploma and Science Prizes.
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Arranging and promoting of the Annual Dinner and an AGM Soiree.
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Managing the Award Scheme, publicising the availability of these funds and making awards.
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Collating suitable articles and information for the Journal and arranging for its publication.
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Awarding of Honorary Fellowships and the Kew Guild Medal.
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Provision of a website to disseminate the historical record of the Kew Guild Journal to members and the wider public for research and other purposes. For use as a vehicle for communication amongst members.
Grant making policy
The object of the Award Scheme is to help people further their education or widen their interest in botany, mycology and horticulture. The applications are assessed and approved by the Kew Guild Award Committee and successful awards are allocated from the appropriate fund.
The Award Committee reports on a regular basis to the Trustees Board. Awardees report on the receipt of an award by writing an article for the Journal.
2
The Kew Guild Trustees’ Report For the Year Ended 31 December 2022
Graham Heywood
The sudden death in early 2023 of the Guild’s President, Graham Heywood, was a great shock and a great loss to the Guild, his many friends at the Guild, and above all to his wife Eira and his family. Graham’s funeral at St Paul’s Church in Bolton on 20 February was attended by representatives of the Guild, and Past President Tony Overland paid tribute to Graham’s kindness, extensive charity work, and dedication to achieving the Guild’s objectives. He will be sorely missed.
Achievements and performance
Since mid-March 2020, the Covid-19 pandemic has impacted on many of the Guild’s activities and events, and the activities of its current and potential grant recipients; happily the Guild was able to operate under more favourable conditions as 2022 progressed.
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The Annual Dinner was held in May 2022, when we were honoured by the presence of our Patron, HRH Princess Alexandra. The Dinner, with Richard Deverill, Director, Royal Botanic Gardens, Kew as Guest Speaker, was a great success. The Dinner enabled attendees to renew old friendships, make new ones, and meet current Kew Diploma Students and Guild Committee members.
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The Award Scheme Committee met in early March and mid July 2022 and was pleased to make 14 awards totalling £12,800. Previous awards amounting to £2,000 were written back during the year, resulting in net awards of £10,800.
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The Kew Guild was very grateful to receive a donation of £1,500 from Colin Jones.
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The Journal of the Kew Guild, Volume 18 Number 126, was published in May 2022 and was distributed to all members. The Journal continues to be of the highest quality, as always it included a great deal of information about the activities of the Guild and the Royal Botanic Gardens, Kew, notes on new Committee Members, reports by Award winners, news of Kewites and obituaries. This is the last journal with the Ward Family as editors. The Ward Family was awarded The Kew Guild Medal in recognition of a generation of service to the Guild.
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The Guild has developed the Kew Guild Medal; it will be presented to those who are deemed to be of outstanding merit in the fields of plant and fungal science conservation or horticulture. In 2022 the Medal was awarded to Allan Hart and, as noted above, to the Ward Family.
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The George Brown Memorial Medal was awarded to Bill Bessler in 2022.
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Dr John David has been nominated for, and has accepted, a Fellowship of the Kew Guild.
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The Kew Guild website is a useful source to access past journals (initially produced by the unincorporated Kew Guild charity – 306064) enabling historical and research information to be more widely available to members and the wider public. Considerable time, effort and financial resource was expended during the year on upgrading the Guild’s online presence. A new website was developed to further promote the Guild’s charitable aims and objectives, including improvements in reporting activities, the dissemination of information, and the facilitation of membership applications.
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At the AGM held at Kew in September 2022 it was decided to increase Standard Membership subscriptions to £30, while Kew Diploma students & other Kew students will remain at £15. An Affiliate category of membership was agreed which will allow free membership of the Guild for 1 year to Kew staff and volunteers.
Financial review
Income and expenditure for the year ended 31 December 2022 included the following:
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Income totalled £65,480. This included £8,140 from subscriptions, £20,272 from the Guild’s investments, the donation of £1,500 referred to above, and £363 from sundry unrestricted donations. The unincorporated Kew Guild charity donated the investment income of £4,975 that it received from the four permanent endowment funds; this has been accounted for under restricted donations.
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Expenditure on the website was £54,804. Expenditure on the Journal was £5,098, which was produced to an excellent standard; this included the cost for additional copies to distribute to the affiliate members.
There were unrealised losses and realised losses on the Guild’s investments of £82,327 and £5,152 respectively.
.
£124,420 in restricted funds, £452,253 in designated funds and £162,737 in the unrestricted general fund have been carried forward to 2023.
3
The Kew Guild Trustees’ Report For the Year Ended 31 December 2022
Financial Review (continued)
Investment policy and performance
The Kew Guild invests its funds in the CCLA’s Charities Official Investment Fund. The Board considers that for the value of the funds they have to invest this gives sufficient diversification to spread their risk and provide a reliable return. Losses were made during 2022. As the funds are invested for the long term the Board continues to believe that no change to the policy is required.
Reserves policy
The Board has set a reserves policy, which requires:
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Reserves to be maintained at a level which ensures that The Kew Guild’s core activity could continue during a period of unforeseen difficulty. This level should cover two years of running costs of the organisation.
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This proportion of reserves should be maintained in a readily realisable form.
Post Balance Sheet Legacy
The Guild was extremely grateful to receive a legacy of £30,000 from the estate of the late Peter Thomas Bridgman in early 2023. This legacy is to be used for the provision of bursaries to Students and Workers in the Gardens. The legacy will be accounted for in the Guild’s financial statements for the year ending 31 December 2023.
Structure, governance and management
Governing document
The Kew Guild is a charitable incorporated organisation (CIO), number 1174033, which is governed by a Constitution and Byelaws registered with the Charity Commission of England and Wales on the 31[st] July 2017. This Constitution and Byelaws set out the conditions for membership of the Guild and the structure by which the Guild should be managed by the Committee. The Constitution allow the Guild to invest in such shares, stocks, funds, securities, investments and property in any part of the world and upon such terms and conditions as the Board thinks fit.
Appointment and recruitment of trustees
The business of The Guild is conducted by a Board of Trustees “The Board” consisting of not less than nine and not more than twelve elected Trustees. The Board will be supported by a Committee of ex officio, invited or co-opted members. The Board will elect from within its number a President, Two Vice Presidents, (each serving two years; one being appointed in each calendar year) a President Elect and an Award Scheme Chairperson. The position of Immediate Past President will follow the election of a new President.
The Board will elect from within its number a Membership Secretary, Treasurer, Editor, Events Officer and a Communications Secretary or failing any nominations may make external appointments to the Committee along with any other support to perform Guild functions.
The Board will also invite as ex officio members to the Committee the Principal of The School of Horticulture plus three Kew Diploma Students Representatives, one from each diploma year, to speak on behalf of the School and the student body.
The Board may appoint to the Committee Advisors including a Gardens Representative whose function will be to bring to the Board special expertise and experience in respect of Guild matters. Advisors may or may not be members of The Guild.
At every annual general meeting of the members of the CIO, one-third of the charity trustees shall retire from office. If the number of charity trustees is not three or a multiple of three, then the number nearest to one-third shall retire from office, but if there is only one charity trustee, he or she shall retire. The charity trustees to retire by rotation shall be those who have been longest in office since their last appointment or reappointment. If any trustees were last appointed or reappointed on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. The vacancies so arising may be filled by the decision of the members at the annual general meeting; any vacancies not filled at the annual general meeting may be filled as provided for in the paragraph below.
4
The Kew Guild Trustees’ Report For the Year Ended 31 December 2022
Structure, governance and management (continued)
Appointment and recruitment of trustees (continued)
The members of the charity trustees may at any time decide to appoint a new charity trustee, whether in place of a charity trustee who has retired or been removed in accordance with clause [15] (Retirement and removal of charity trustees) of the Constitution, or as an additional charity trustee, provided that the limit, specified in clause [12(3)] of the Constitution on the number of charity trustees would not as a result be exceeded.
A person so appointed by the members of the CIO shall retire in accordance with the provisions of sub-clauses (2) and (3) of clause 13 of the Constitution. A person so appointed by the charity trustees shall retire at the conclusion of the next annual general meeting after the date of his or her appointment, and shall not be counted for the purpose of determining which of the charity trustees is to retire by rotation at that meeting.
The details of persons standing for election or re-election to the Board will be included in the notice for the Annual General Meeting.
Trustee induction and training
Trustees are appointed from a list of potential candidates whose skills meet those required by the Board. Trustees receive the booklet entitled “The Essential Trustee – what you need to know”, other relevant charity documents, a copy of the Kew Guild Constitution and Byelaw, along with other relevant Guild procedures. Reference is made to the Kew Journal which contains the financial statements of the Guild.
Organisational structure
The business of the charity is conducted by the Board who delegate day to day operations to the Honorary/Voluntary Treasurer, Communicating Officer & Acting Secretary, Honorary Membership Secretary and Award Scheme sub-committee.
The Kew Guild charity (charity number 306064) has transferred its assets (apart from the four endowment funds), its liabilities and operations to a successor charity, the newly constituted Charitable Incorporated Organisation known as the Kew Guild CIO Charity (charity number 1174033) with effect from the 16[th] August 2018. The Kew Guild charity (306064) will continue in existence so as to safeguard any legacies left to the charity and to hold “on Trust” the permanent endowment funds. From the 7[th] October 2019 the Kew Guild charity (306064) appointed the Kew Guild CIO charity (1174033) as their sole corporate trustee.
Risk management
The Board has reviewed the main risks that it considers the Kew Guild is exposed to and drawn up a Risk Register, identifying where necessary actions needed to reduce those risks.
Plans for the future
The 5-year plan adopted at the 2021 AGM sets out programme areas linked to the Guild’s priorities. Supporting educational initiatives, continuing to encourage membership of the Guild, expanding on the current successful Award Scheme and ensuring the sharing of horticultural, mycological and botanical knowledge to a wide audience.
Statement of The Board’s responsibilities
Charity law requires The Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing those financial statements, The Board should follow best practice and are required to:
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select suitable accounting policies and then apply them consistently,
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observe the methods and principles of the Charities SORP,
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make judgements and estimates that are reasonable and prudent,
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue on that basis.
5
The Kew Guild
Trustees’ Report For the Year Ended 31 December 2022
Structure, governance and management (continued)
Statement of The Board’s responsibilities (continued)
The Board is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Board is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
A resolution to appoint an Independent Examiner was approved at the Annual General Meeting.
By order of The Board of Trustees
Robert Brett
Acting President
6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KEW GUILD
Independent examiner's report to the trustees of THE KEW GUILD ('the Charity')
I report to the charity trustees on my examination of the accounts of the Charitable Incorporated Organisation for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Simon Johnston BA FCA Mackenzies Chartered Accountants 1 Langley Court Pyle Street Newport Isle of Wight PO30 1LA
11 August 2023
Page 7
THE KEW GUILD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 2021 Unrestricted funds Restricted fund Endowment fund Total funds Total funds Notes £ £ £ £ £ INCOME FROM Incoming resources from generated funds Donations & Legacies 2 363 - - 363 1,935 Income from Investments Investment Income and deposit interest 3 17,033 3,239 - 20,272 19,462 Income from charitable activities Advancement of horticultural and botanical knowledge Events and other membership activities: Membership subscriptions 8,140 - - 8,140 8,895 Annual Dinner 4,245 - - 4,245 - AGM Soiree - - - - - Other events and income 25,985 - - 25,985 90 Encouragement of horticultural and botanical education Awards and prizes: Donations and Legacies 4 - 6,475 - 6,475 4,877 Total income and endowments 55,766 9,714 - 65,480 35,259 EXPENDITURE ON Expenditure on Charitable activities Advancement of horticultural and botanical knowledge Events and membership activities: Website 54,804 - - 54,804 901 Journal of the Kew Guild 5,098 - - 5,098 7,699 Annual Dinner 4,984 - - 4,984 - AGM Soiree - - - - - Newsletter - - - - 187 Presidents’ name bars - - - - - Presidents’ medals - - - - - Archivist - - - - - Other events and membership activities 25,985 - - 25,985 - Encouragement of horticultural and botanical education Award Making: Awards 5 - 10,800 - 10,800 6,563 Prizes 5 375 25 - 400 725 Student fellowship - - - - - Kew Guild Medal 917 - - 917 441 Grants to institutions 5 (1,000) - - (1,000) 32,405 Other Expenditure Membership database 43 - - 43 - Administrative Costs 8,100 - - 8,100 5,316 Other expenditure - - - - - Total expenditure 6 99,306 10,825 - 110,131 54,237 Net Income / (Expenditure) before investment gains/(losses) (43,540) (1,111) (44,651) (18,978) Net gains/(losses) on investments: Unrealised movements on investment assets 8 (68,109) (14,218) - (82,327) 92,136 Realised movements on investment assets (5,152) (5,152) Net income/(expenditure) (116,801) (15,329) - (132,130) 73,158 Transfer between funds - - - - - Net movements in funds for the year (116,801) (15,329) - (132,130) 73,158 Reconciliation of funds Total funds brought forward as restated 12 731,791 139,749 - 871,540 798,382 Total funds carried forward 12 614,990 124,420 - 739,410 871,540 |
2022 2021 Unrestricted funds Restricted fund Endowment fund Total funds Total funds Notes £ £ £ £ £ INCOME FROM Incoming resources from generated funds Donations & Legacies 2 363 - - 363 1,935 Income from Investments Investment Income and deposit interest 3 17,033 3,239 - 20,272 19,462 Income from charitable activities Advancement of horticultural and botanical knowledge Events and other membership activities: Membership subscriptions 8,140 - - 8,140 8,895 Annual Dinner 4,245 - - 4,245 - AGM Soiree - - - - - Other events and income 25,985 - - 25,985 90 Encouragement of horticultural and botanical education Awards and prizes: Donations and Legacies 4 - 6,475 - 6,475 4,877 Total income and endowments 55,766 9,714 - 65,480 35,259 EXPENDITURE ON Expenditure on Charitable activities Advancement of horticultural and botanical knowledge Events and membership activities: Website 54,804 - - 54,804 901 Journal of the Kew Guild 5,098 - - 5,098 7,699 Annual Dinner 4,984 - - 4,984 - AGM Soiree - - - - - Newsletter - - - - 187 Presidents’ name bars - - - - - Presidents’ medals - - - - - Archivist - - - - - Other events and membership activities 25,985 - - 25,985 - Encouragement of horticultural and botanical education Award Making: Awards 5 - 10,800 - 10,800 6,563 Prizes 5 375 25 - 400 725 Student fellowship - - - - - Kew Guild Medal 917 - - 917 441 Grants to institutions 5 (1,000) - - (1,000) 32,405 Other Expenditure Membership database 43 - - 43 - Administrative Costs 8,100 - - 8,100 5,316 Other expenditure - - - - - Total expenditure 6 99,306 10,825 - 110,131 54,237 Net Income / (Expenditure) before investment gains/(losses) (43,540) (1,111) (44,651) (18,978) Net gains/(losses) on investments: Unrealised movements on investment assets 8 (68,109) (14,218) - (82,327) 92,136 Realised movements on investment assets (5,152) (5,152) Net income/(expenditure) (116,801) (15,329) - (132,130) 73,158 Transfer between funds - - - - - Net movements in funds for the year (116,801) (15,329) - (132,130) 73,158 Reconciliation of funds Total funds brought forward as restated 12 731,791 139,749 - 871,540 798,382 Total funds carried forward 12 614,990 124,420 - 739,410 871,540 |
2022 2021 Unrestricted funds Restricted fund Endowment fund Total funds Total funds Notes £ £ £ £ £ INCOME FROM Incoming resources from generated funds Donations & Legacies 2 363 - - 363 1,935 Income from Investments Investment Income and deposit interest 3 17,033 3,239 - 20,272 19,462 Income from charitable activities Advancement of horticultural and botanical knowledge Events and other membership activities: Membership subscriptions 8,140 - - 8,140 8,895 Annual Dinner 4,245 - - 4,245 - AGM Soiree - - - - - Other events and income 25,985 - - 25,985 90 Encouragement of horticultural and botanical education Awards and prizes: Donations and Legacies 4 - 6,475 - 6,475 4,877 Total income and endowments 55,766 9,714 - 65,480 35,259 EXPENDITURE ON Expenditure on Charitable activities Advancement of horticultural and botanical knowledge Events and membership activities: Website 54,804 - - 54,804 901 Journal of the Kew Guild 5,098 - - 5,098 7,699 Annual Dinner 4,984 - - 4,984 - AGM Soiree - - - - - Newsletter - - - - 187 Presidents’ name bars - - - - - Presidents’ medals - - - - - Archivist - - - - - Other events and membership activities 25,985 - - 25,985 - Encouragement of horticultural and botanical education Award Making: Awards 5 - 10,800 - 10,800 6,563 Prizes 5 375 25 - 400 725 Student fellowship - - - - - Kew Guild Medal 917 - - 917 441 Grants to institutions 5 (1,000) - - (1,000) 32,405 Other Expenditure Membership database 43 - - 43 - Administrative Costs 8,100 - - 8,100 5,316 Other expenditure - - - - - Total expenditure 6 99,306 10,825 - 110,131 54,237 Net Income / (Expenditure) before investment gains/(losses) (43,540) (1,111) (44,651) (18,978) Net gains/(losses) on investments: Unrealised movements on investment assets 8 (68,109) (14,218) - (82,327) 92,136 Realised movements on investment assets (5,152) (5,152) Net income/(expenditure) (116,801) (15,329) - (132,130) 73,158 Transfer between funds - - - - - Net movements in funds for the year (116,801) (15,329) - (132,130) 73,158 Reconciliation of funds Total funds brought forward as restated 12 731,791 139,749 - 871,540 798,382 Total funds carried forward 12 614,990 124,420 - 739,410 871,540 |
|---|---|---|
| 55,766 9,714 - 65,480 35,259 |
||
| 54,804 - - 54,804 901 5,098 - - 5,098 7,699 4,984 - - 4,984 - - - - - - - - - - 187 - - - - - - - - - - - - - - - 25,985 - - 25,985 - - 10,800 - 10,800 6,563 375 25 - 400 725 - - - - - 917 - - 917 441 (1,000) - - (1,000) 32,405 43 - - 43 - 8,100 - - 8,100 5,316 - - - - - |
||
| 99,306 10,825 - 110,131 54,237 |
||
| (43,540) (1,111) (44,651) (18,978) (68,109) (14,218) - (82,327) 92,136 (5,152) (5,152) |
||
| (116,801) (15,329) - (132,130) 73,158 - - - - - |
||
| (116,801) (15,329) - (132,130) 73,158 731,791 139,749 - 871,540 798,382 |
||
| 614,990 124,420 - 739,410 871,540 |
The notes form part of these financial statements Page 8
THE KEW GUILD BALANCE SHEET AT 31 DECEMBER 2022
Notes FIXED ASSETS Investments 8 CURRENT ASSETS Stock of Kew Guild medals Debtors 9 Cash in hand 10 LIABILITIES Creditors: amounts falling due within one year 11 Net current assets of liabilities Net current assets or liabilities The Funds of the Charity: Restricted funds 12 Unrestricted general funds 12 Unrestricted designated funds 12 Total unrestricted funds Total Charity funds |
2022 £ 2,205 6,189 145,098 |
£ 625,671 113,739 739,410 124,420 614,990 739,410 |
2021 £ £ 758,443 3,087 8,740 144,562 156,389 (43,292) 113,097 871,540 139,749 225,356 506,435 731,791 871,540 |
2021 £ £ 758,443 3,087 8,740 144,562 156,389 (43,292) 113,097 871,540 139,749 225,356 506,435 731,791 871,540 |
|---|---|---|---|---|
| 153,492 (39,753) |
156,389 (43,292) |
|||
| 162,737 452,253 |
225,356 506,435 |
|||
| 871,540 | ||||
| 139,749 731,791 |
||||
| 871,540 |
The financial statements were approved by the Trustees on ............................................. and were signed on its behalf by:
Rob Brett Acting President
.............................................
The accompanying notes are an integral part of this balance sheet.
The notes form part of these financial statements Page 9
THE KEW GUILD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently in dealing with items considered material in relation to the financial statements.
Basis of accounting
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, in accordance with applicable accounting standards and follow the recommendations in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2015) and FRS 102.
Fund accounting
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of The Committee in furtherance of the charitable objectives of the Guild.
Designated funds comprise funds set aside by The Committee out of unrestricted funds for specific future purposes or projects.
Restricted funds comprise monies raised for, and their use restricted to, a specific purpose, or donations subject to conditions imposed by the donor or through the terms of an appeal.
Endowment funds comprise monies which must indefinitely be held as capital. The income therefrom can only be used for restricted purposes and is credited directly to restricted funds.
Income and Endowments
All income and endowments are included in the Statement of Financial Activities when the charity is legally entitled to the income, it is certain that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of donations, legacies and membership subscriptions and is included in full in the Statement of Financial Activities.
Income from charitable activities are received by way of events, membership activities and donations and are included in full in the Statement of Financial Activities.
Investment income generated by the four permanent endowment funds that are currently held by the Kew Guild unincorporated charity are treated as restricted donations (awards and prizes) in line with the original endowment purposes.
Investment income and deposit interest receivable is fully accrued at the balance sheet date.
Expenditure
Expenditure is recognised on an accruals basis when a liability is incurred, as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure includes any VAT, which cannot be recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Awards and prizes payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such awards being recognised as expenditure when the conditions attaching to the awards are fulfilled. Award related support costs comprise office costs.
Governance costs include those costs primarily associated with meeting the constitutional and statutory requirements of the charity and include the costs linked to the charity’s compliance with regulation and good practice.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to particular activity are allocated directly to those activities. Page 10
THE KEW GUILD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
2. Donations and Legacies – Voluntary Income
| Philip & Granville Charitable Trust Legacy from the Estate of the late Kenwyn Pearson Other donations and legacies Unrestricted 2022 - £363 (2021 £1935), Restricted 2022 £0 (2021: £0) 3. Investment income and interest COIF Charities Deposit Fund COIF Charities Investment Fund Income Units Unrestricted 2022 - £17,033 (2021: £16,287). Restricted 2022 £3,239 (2021: £3,175) 4. Donations and Legacies – Awards and Prizes Kew Guild Unincorporated Charity (306064) Other donations 5. Awards and Prizes Awards and prizes payable in the year comprise: 14 awards to individuals less commitments – written back 6 prizes award to horticultural students less commitments – written back 0 prizes award to Science students less commitments – written back 3 grants awarded to institutions Tree Register – Vicky Schilling Bursary Royal Botanic Gardens Kew Perennial Arboriculture, Forestry, Horticulture and Landscape Trailblazer Group Royal Parks – Discovery Day less commitments - written back Reconciliation of awards and prizes payable: Commitments at 1 January 2022 Commitments made in the year Commitments written back Awards and prizes payable for the year Awards and prizes paid during the year Commitments at 31 December 2022 payable within one year (note 11) |
Philip & Granville Charitable Trust Legacy from the Estate of the late Kenwyn Pearson Other donations and legacies Unrestricted 2022 - £363 (2021 £1935), Restricted 2022 £0 (2021: £0) 3. Investment income and interest COIF Charities Deposit Fund COIF Charities Investment Fund Income Units Unrestricted 2022 - £17,033 (2021: £16,287). Restricted 2022 £3,239 (2021: £3,175) 4. Donations and Legacies – Awards and Prizes Kew Guild Unincorporated Charity (306064) Other donations 5. Awards and Prizes Awards and prizes payable in the year comprise: 14 awards to individuals less commitments – written back 6 prizes award to horticultural students less commitments – written back 0 prizes award to Science students less commitments – written back 3 grants awarded to institutions Tree Register – Vicky Schilling Bursary Royal Botanic Gardens Kew Perennial Arboriculture, Forestry, Horticulture and Landscape Trailblazer Group Royal Parks – Discovery Day less commitments - written back Reconciliation of awards and prizes payable: Commitments at 1 January 2022 Commitments made in the year Commitments written back Awards and prizes payable for the year Awards and prizes paid during the year Commitments at 31 December 2022 payable within one year (note 11) |
2022 £ - - 363 363 2022 £ 741 19,531 20,272 2022 £ 4,975 1,500 6,475 2022 £ 12,800 (2,000) 400 - - - - - - - - (1,000) 10,200 42,255 13,200 (3,000) 52,455 (13,850) 38,605 |
|
|---|---|---|---|
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THE KEW GUILD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
6.
Total resources expended Events and membership activities Award making Other expenditure Secretarial Services Printing, postage, stationery and other costs Membership database Volunteer Treasurer expenses Legal costs Other Admin costs |
Awards and Prizes £ - 10,200 - - 10,200 |
Direct costs £ 90,871 917 - - 91,788 |
Support costs £ - - 8,143 8,143 2022 £ 2,033 342 43 2,577 1,835 1,313 8,143 |
Total costs £ 90,871 11,117 8,143 110,131 2021 £ 4,672 64 - 31 - 549 5,316 |
|---|---|---|---|---|
Support costs are allocated directly to activities. The Guild does not employ any staff.
7. Remuneration and reimbursement of expenses
No members of the Board received any emoluments for their services during the year (2022: £nil).
8. Fixed assets investments
| Market value at 1 January Additions at cost Adjustment Unrealised (losses) / gains Realised (losses) / gains Disposals Market value at 31 December |
2022 £ 758,443 - - (82,327) (5,152) (45,293) 625,671 |
2021 £ 631,345 34,961 1 92,136 - - |
|---|---|---|
| 758,443 |
Investments are represented by COIF Charities Investment Fund Income Units.
9. Debtors
| Accrued income and prepayments Other debtors |
2022 £ 155 6,034 6,189 |
2021 £ 6,221 2,519 8,740 |
|---|---|---|
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THE KEW GUILD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
10. Cash at bank and in hand
| Cash at bank and in hand | ||
|---|---|---|
| COIF Charities Deposit Funds Bank current account PayPal account Postage float Creditors: amounts falling due within one year Commitments for awards and prizes (note 5) Accruals |
2022 £ 60,350 83,423 1,225 100 145,098 2022 £ 38,605 1,148 39,753 |
2021 £ 60,350 83,088 974 150 |
| 144,562 | ||
| 2021 £ 42,255 1,037 |
||
| 43,292 |
11. Creditors: amounts falling due within one year
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THE KEW GUILD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
12. STATEMENT OF FUNDS NOTE
| Unrestricted funds General funds Gen funds – SRC DC & PB Valentine Tynan Legacy Designated funds: Stella Ross-Craig Fund SRC Education Fund Legacies James Harold Turner Fund Joseph Robert Sealy Fund Thomas Lothian Prize Fund Restricted Funds General Award Scheme Ian Leese Travel Scholarship James and Edna Memorial Fund William Dallimore Memorial Funds Tom Arnold Bursary Fund Tom Reynolds Award fund John Woodhams Award Prize Donation |
Brought Forward Incoming Resources Resources Expended Transfers between funds Investment gains/(losses) Carried Forward £ £ £ £ £ 130,314 53,476 (43,991) (2,085) (9,878) 127,836 56,770 777 (54,480) 2,085 (5,152) - 38,272 994 - (4,365) 34,901 443,630 - - (51,586) 392,044 40,488 - 1,000 - 41,488 1,935 - (1,835) - 100 17,863 472 - (2,072) 16,263 2,169 47 - (208) 2,008 350 - - - 350 |
|---|---|
| 731,791 55,766 (99,306) - (73,261) 614,990 |
|
| 105,988 2,670 (3,000) - (11,720) 93,938 22,139 569 (1,200) - (2,498) 19,010 3,447 3,140 (4,600) - 1,987 885 1,487 (2,000) - 372 247 330 (500) - 77 43 18 (25) - - 36 7,000 500 - 7,500 - 1,500 - - 1,500 |
|
| 139,749 9,714 (10,825) - (14,218)124,420 |
|
| Total funds | 871,540 65,480 (110,131) - (87,479) 739,410 |
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THE KEW GUILD CIO NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022
12. STATEMENT OF FUNDS NOTE (continued)
Stella Ross-Craig Fund
This unrestricted legacy was left to the Guild by the estate of the late Stella Ross-Craig. The Committee has taken the prudent decision to split this fund & has created the Stella Ross-Craig Education Fund & the Stella Ross-Craig Development of Communications & Public Benefit fund. The dividend interest on this original fund will be used to support the running costs of the Guild. The fund has no restrictions on the use of the income.
Stella Ross-Craig Development of Communication & Public Benefit Fund.
This is an unrestricted fund from the legacy of the late Stella Ross -Craig. The Committee has set this money aside to use for the development of Communications & Public Benefit.
Valentine Tynan Legacy Fund
This fund left to the Guild by the estate of Valentine Tynan. The initial legacy was received by the Kew Guild charity (306064) and passed to the Kew Guild charity (1174033) as a donation. The fund has no restrictions on the use of the income.
Stella Ross-Craig Education Fund
This is an unrestricted fund from the legacy of the late Stella Ross -Craig. The Committee has designated this to be used for specific educational purposes.
Legacies Fund
This fund has been designated to be used for educational purposes.
James Harold Turner Fund
This fund represents a legacy left to the Guild by the estate of the late James Harold Turner. The legacy had no restrictions, but the Guild has determined that the income from this fund will be used to make an annual award in the name of James Harold Turner.
Joseph Robert Sealy Fund
This fund was left to the Guild by the estate of Joseph Robert Sealy. This fund has no restrictions on use. The Guild has agreed that the income will be used to meet the cost of updating the Presidents' and Major Donors' Board.
Thomas Lothian Prize Fund
This fund was left to the Guild by the estate of Thomas Robert Noel Lothian. This fund has no restrictions but has been designated for prize giving.
James & Edna Redman Memorial Fund
This fund was left to the Guild by the estates of James and Edna Redman. This fund makes awards to assist with the travel costs for appropriate projects.
William Dallimore Memorial Fund
This fund was left to the Guild by the estate of Edith Annie Dallimore. This fund makes awards to students to pursue studies in arboriculture and silviculture.
Tom Arnold Bursary Fund
This fund was left to the Guild by the estate of Thomas Arthur Arnold. This fund makes awards to assist with student nursery work.
Tom Reynolds Award Fund
This fund was established through a donation from Tom Reynolds. This fund is to be used to award a prize to the best Kew Diploma student in Plant Physiology and Biochemistry.
General Award Scheme
This fund was established through donations. This fund makes awards under the award making policy of the Guild.
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THE KEW GUILD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021
12. STATEMENT OF FUNDS NOTE (continued )
Ian Leese Travel Scholarship Fund
This fund has been established through donations. This fund is to make awards for travel scholarships.
John Woodhams Award
This fund has been established through a donation from Joan Woodhams in memory of her late husband John Woodhams. This fund is to be used to make awards for the study of plants in the tropics.
Donation Prize
This fund was established through a donation. This fund is to be used to award a prize.
| 13. Analysis of net assets between funds Fund balances as at 31 December 2022 are represented by: Fixed Asset investments Net Current Assets |
Unrestricted Restricted Endowment General Fund Funds Funds £ £ £ 517,615 108,056 - 97,375 16,364 - 614,990 124,420 - |
Total £ 625,671 113,739 |
|---|---|---|
| 739,410 |
14.
Financial Commitments
As at 31 December 2022 the charity had no annual commitments under non-cancellable leases.
15.
Taxation
The Kew Guild is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.
16.
Related Party transactions
The Kew Guild charitable incorporated organisation (CIO) is a registered charity (number 1174033) and is established to be the successor charity to the unincorporated Kew Guild charity (number 306064). The unincorporated Kew Guild charity (306064) agreed to transfer its assets, liabilities and operations apart from its permanent endowments to the Kew Guild (CIO) charity (1174033) with effect from the 16th August 2018.
The CIO and the unincorporated charity signed a transfer agreement (dated 16 August 2018) in which it agreed warranties and indemnities in respect of applying the Assets in pursuance of the Charitable objects; apply all Assets which are subject to Special conditions in accordance with such Special conditions; liabilities; contracts and software rights and other such matters.
The unincorporated Kew Guild charity (306064) made a donation to the Kew Guild charitable incorporated organisation (CIO) of £4,975 (2021: £4,877). This amount was in respect of the investment income generated by the four permanent endowment funds that are currently held by the unincorporated charity and were received by them during the year ended 31 December 2022 (for 2021: in respect of the period 1[st] January to 31 December 2021). This is shown in the statement of financial activities as restricted donation income for awards and prizes and will be used by the CIO in alignment with the original endowments.
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