Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB Charity number: 261925 STANLEY SMITH (UK) HORTICULTURAL TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY sMrrH {UKI HORTICULTURAL TRUST CONTENTS Page Reference and Administratlve Details of th• Charlty, its TA1005 and Advisérs Trustees. Report Independent Examinorfs Report statement of Financlal Actlvltles Balance Shegt 10 Notes to the Financial Ststements
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH {UKI HORTICULTURAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023 Tntstses AOeBrye P R Sykes E N Ree(I J Dawd S G Knees T Upson J Watkins Charity registsred number 261925 Principal office Royal Botan Garden Inverferth Row Edinburgh EH3 5LR Independent EXamirS Mrs K Bretherick FCA Peters Eh*Jrthy & Moore Chartered A¢countsnts Salisbury House station Road Cambridge C812LA Bankers Lh)yds Bank PLC 48 High Street Newmarket Sufft)Ik C88 8LF Sollcito Macfarlanes LLP 20 Cursitor Street London EC4A 1LT Investment Advisors Rathtre Investsnent Management 1 CuTzon Street London W1J 5FB Page 1
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKJ HORTICULTURAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2023 The Trustees present their annual rewrt together the financial statements of the Charity for the 6 April 2022 to 5 April 2023. The Trustees confirm that the Annual Report and the financial statements of the charity ¢omply with the current statLrtory requirements. the reqU1MentS of the charivs goveming document and the provisions of the Statement of Recommended Practice ISORPI. applicable to charib.es preparing Iheir accounts in accordance the Finarrial Repong Standard applicab in the UK and Republic of Ireland {FRS 1021 {Send edition of the Chath"es SORP {FRS1021 October 2019. Effective 1 January 20191. 08JECTIVE AND ACTIVMES . POUCIES AND OWECTIVES The Trustees hokl both caprtal and in¢ome upon trust for SLth ¢ttarrtable objectr¥es for the advancement of education in the lence of horttcurture in the UnTted Kingdom and, far as rt is charitable. outside the United Kingdom as the Trustees in their absolute dISlI0n think fit ObJ8ctiv•s Tl)e objectives of the Trust are.. . to promote horti¢ulture', . to promote the conservation of the ph1&71 and natural enwronment ty promoting bK)logical diversity", • lo promote the creation, deveMent, preseNalion and Maintenare of gardens a¢¢essibkt to the public. and . the advancement of horticuttural education. Grants for projqcts The Trust achieves rts obje¢tive$ by making grants lo individuals. organisations and institutions carrying out projects of sl9nffi¢ar to.. hofbculture. gardening., or . botany wth a strong horticultural element. The follovAng is a nonvexhaustwe list of typical projects.. ' gardeners, training s¢hemes run by appropriate organisati¢)ns". restoring gardens of hssloric interest.. . developing new gardens for public access enjoyment: ' exhibitions. book publicatiOn5, research and educational programme5 relating to horticulture., • expediknons lo collect and protect plants of suentific and horb"cultural value" and . sludy-visits by horticutiurists or bolanists wth strong hortlrtUral links. The Trustees confimi that they have feThed to Ihe Charity Commission's guhjance on Public Berte)It vthen reviewng the Charivs aims and objectives. in planning future and setknng the grant making poli¢y for the year. b. GRANT MAKING CYCLE Grants are normally adrded fvite a year VAlh the deathine for applications as follows.. . April Trustees, meeting 15 February . Octobef Truslee$' meeting 15 August Only one grant is usualty made for each propct but it 1$ po$$itre for subsequent grdnls lo be made over or Page 2
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY sMrrH IUKI HORTICULTURAL TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 OBJECThIE AND ACTMTIES ICONTINUEDI three years. 11 is a ndIt[on of the award of a grant that grants not used &thIn Six months {or other agreed period) are to be retumed to the Trust. It is also a condibon that successfijl applicants report back to the Trust on the use of the grant. ACHIEVEMENTS AND PERFORMANCE . REVIEW OF AcnvmES The Stanley Smith {UK) Horticuttural Trust was set up in 1970 vAth the express purpose of furthering the development of the art and suen¢e of hO.¢ItuTe by means of grants pa out of the dividends from the investment of the inth.al money PFuvide<J by the founder {Mrs Barbara de Brye vkno Vfd5 the daughter of Stanley Smith). The intention of these grants, as defined by the Founder and the first Director. Sir George Taylor FRS, was to improve the qualty of hortKuliure in all possible vrays. Behind this stands the idea of improving horticulture for the public generally, and this was and continues to be the main guiding prinaple of the Trusfs adivrties. The Trust's procedures Vre laid down at the beginning.. the Director remews grant applications received before the fv40 annual deadlines {15 February and 15 August) and presents the details of el¢gible applicatsons in a report lo the Trustees. The Trustees then apportion grants according to the views of the Director las modthed by the Trustees, as approprialel. and the cash available at the time. The Trust also awards Iwo traineeships a year and the Procedu for thKs is that the D1ctor investigale$ six potential host gardens from whi¢h Trustees select tsvo based on the inforniation promded. The Director also deals wth the daY-tdaY running of the Trust, and provides horticuftural advice to applicants, potential applicants and members of the public generalty. Since 1970 grants amounting lo £3.487.797 {granls and traineeships) have beert made. mostly to projects in Britain. but some lo proje¢ts abroad. The September 2022 round induded a grant to the Director of Gibraltar Botanic Garden to undertake fiel¢)knrk in Jamaica and the Cayman Islands bLrt the grant was paid into his British bank account and a grant to a British charity. Fauna and Flora Intemalional (FFII - also paid into a British bank account for a project in Tajikistan. The March 2023 round induded a grant to a British Kew sludenl to undertake fieldwork in Boliwa-, grants to four British gardeners to take part in a plant study trip to Nepal." and also a grant to enable the Di¢tOr of Ethiopia's Botanic Gar¢Jen to undertake a study tour of Bribsh botanic gardens and in this case the grant %fdS paid to, and administered by, the Royal Botanic Garden Edinburgh. of these grants and other activities have been made directty for the Publ benefit. The public generally benefits in terms of improved horticultural farilities and amenitt.es available lo them (such as the resloratson of historic gardens and the development of new gardens), education Ilraining and employment of per50nnell and the publication of research and other infomalion a direct relevance to horti¢uliure. This year the activiknes of the Trust have largety follo*ed the kjnwstablished pattern described above. The Trustees held meelings126 September 2022 and 7 March 20231 to discuss the awarding of grants. At these meeting5 the Trustees had in mind the adwce of the Charty Commission Nwth regard to public benefit. Al the September 2022 meeb.ng (Report 103) 22 applications for grants We Conside123 in 2021, Report 1011 and 10 grants were made (g in 20211. At the March 2023 meeting {Report 104) 24 applications were considered124 in 2022, Report 1021 and 12 grants were arded {13 in 20221. The total value of grants {excluding the traineeship grants) awarded during the year was £66.976 1£71.350 in 2021r2022) making an average award £3,0441£3.243 in 20212). Thirteen grants were gNen for the ueation. restoration or development of gardens {including the Purchase of plants and equipment), four for travel costs. tsvo for publications and interpretation, and three for research or conservation. Seventeen of the grants were for projects in the UK and fve Vre for work or travel overseas or to the UK. Detailed proposals for Iraineeship grants were tabled by the 01ctor at the September 2021 meeting and. as usual, six surtable CipIent gardens were put forward for the Trustees to SeCt The proposed gardens were Page 3
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY sMH (UK) HORTICULTURAL TRUST TRUSTEES. REPORT ICONTIMUEDI FOR THE YEAR ENOED 5 APRIL 2023 ACHIEVEUENTS AND PERFORIAANCE {coimNUED} thg UnNersty of Bristol Botanic Garden. Working for Gardeners Assoaation (WFGAI, Historic and Botanic Gardens Training Programme (HBGTP), Osbome House, Ie of Wight. The Sir Harrold Hillier Garden5, Romsey, Birmingham Botanical Gardens and Nabonal Trust for Scoljand. Inve Garden. After considerable debate and di%ussion Trustees conduded that all six were rthY of 5UPPOrt and decided that should be offered each year for the next three years as foNovo: Bimiingham and Inverewe for 2022. Bristol and WFGA for 2023 and HBGTP and Hilliers for 2024. At the September 2022 meekn.ng an inveslment portfolo presenlation was gNen Rathbones, the Trusvs investment managers. Despite continuing corKem about the state of the economy and the possibility that income was likety to contract, portfolio perfom?ance was not as badty affected as anticipated and, due partly lo the Trusvs healthy bank deposrts. grant4Jiving vras broadty in line with prewous years1£66,976 as opposed to £71.350 in 2021r2022 and £65.950 in 2020r2021). At their investment portfolio psentatiOn mentKJned above Rathbones ¥ae¢l the portfolio al £3.901,054 and estimated annual income to be £136,419 forthe end of year 20223. In the year ahead the Trust wll continue to support rounds of grants amounb.ng to about £30,000 e7 and traineeship$ of £15,000 each. As is customary the Trust will Testrid the number and amount of grants gNen lo match income already received. It is pleasing to note that applicab.ons for fore travel have started rising again in the wake of COVID restrictions but. apart frorn that, the Trust antiapates the types of grant gNen to be much the same as in premous years. At the March 2023 meeting Tnjstees reviewEd the Trust'$ 'Polbues and Procedures, document which ¢tsnlains within one document all infomiation required to administer the Tru (eg banking. insurance, payroll and grant giving procedures) and policies {eg ESG, GDPR, Grant making. Reserves etcl. Trustees proposed that statement on Safeguarding shoukl also be induded. FIMANCIAL REVIEW a. REVIEW OF FINANCIAL PERFORMANCE AND posmN Totsl income amounted to £142,899 (2022". £170.4351, of 1c £2.848 was from donations {2022'. £31,457), £6 12022.. £454) was from charitable acb"wbes, £139,412 12022." £138.524) vrds from listed investments and £3512022.. £nill was from other income. Total expendf(ure amounted to £164.158 12022". £192.678}. of vthich £27,461 12022.. £30,492} was investment management fees, £96,976 {2022.' £96,350) vrJ$ grants lo indiwduals and institutions and £39.721 {2022'. £65,836) was support and govemance $ts. The investment portfolhj generated a loss of £306,368 during the year (2022.. £148,170 gain). Overall, the Trust suffered a £327.627 defi¢it12022= £125.927 surplus), largety due to the lo$$ on invesbnents. Al the year-end, the unrestn.cted fvnd amounted lo £3,978,577 {2022' £4,306,204). of which £3.880,635 had been deSnated for speciffic purposes {2022.. £4.244.463}, leawng £97,94212022." £61,741) freely available for other uses. The Ttusl has no restrthd fijnds. b. RESERVE POUCY Details of the Trnst's reserves a given in note 18 to the finarrial statements. The Capital Fund promdes income lo fvffil the Trust's charitsble obiectNe5 whth are to provide for future grants and traineeships. Funds are designated to a Traineeeship Fund and an Approved Grants Fund Irf deemed appropriatel in respe¢t of traineeships, training awards and grants to be paid in the ¢uffent year or subsequent years. The Trustees. policy is to allocate all income generated each year by VAY of charilable expendtbJre. To this end "¢e yea Page 4
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH (UK) NORncuLTURAL TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 projections of available income are prepared to establish avaiLable resoUe5 for charitable expenditure. On occash)n, approved grant appl¢cations may resuh in a temporary defficit of general income resources. Larger grant requirements have been supported by a release of capitsl funds. The Trustees aim lo maintain free reseNes equivalent lo approximatety six months of unrestricted charItae expenditure, which the Tru51ees consider is a tevel that wll prowde suffiaent funds to respond to applications for grants and ensure that support and governance costs are covered. This equates to approximately £80,000. At the year end the Trust had general reserves of £97,94212022." £61.7411, which is bfoadty consistent vthh the target level of free reserves. Therefore, the general reseNes balance 15 5Lthaent to enable the Trustees to cover any shortfall in inveslmenl income and to continue to make fvrther designations for tra"neeships or exceptional grant awards in the fvture. c. GOING CONCERN After making appropriate enquiries. the Trustees have a reasonable expecth.on that the Charity has adequate resources to continue in operational existence for the foreseeable firtu. For this reason, they continue lo adopt the going concem basis in preparing the financial statements. Further details regarding the adopb.on of the going concem basis ¢an be found in the aco)unling policies. STRUCTURE. GOVERNAIICE AND PAANAGEMENT . CONSTITUTION stanley Smrth IUKI Horbcuttural Trust 1$ an unIrporated tharrty al was established by deed on 7 October 1970 in memory of Stanley Smith 11907-1968}. an Australian businessman a keen interest in gardening, cultivats.ng orchid5 and supporting horticuliural projects across the world. b. METHOD OF APPOIMTMENT OR ELECTION OF TRUSTEES The Trustees are responsible for the operation of the Trust, the election of the Trustees and they decide whether to award grants to applicants. The boar¢J of Trustees endeavour lo appoint Tnle&S that will prowde valuable and prdctical sknlls for the Trust. The follong were Trustees during the financial year. ADeBrye P R Sykes ENReed J David S G Knees T Upson J Watkins c. ORGANISATIONAL STRUCTURE AND DECISION MAKING Day lo d8y management is ordinarily delegated to the Direclor, Itho is Dr Oawd Rae OBE FRSE SHM. The day to day affairs include a wide range of activit of %thich the follow.ng are the most important.. Advising potential applicants about the el1b11 and pSent3.0n of their applications, which invofves ¢onsiderab5e correspondence and may result in suggestiThJ that the applunt appty lo other, more levanl gran14Jiwng bodies or modify the applrAlion to suit grant criteria. - Monitoring premousty avrarded grants to ensure that they have been used for the purposes intended by the Trustees. - Reporting to Trustee$ vAth his ¢0MMerOn$ for grant applicats"on5 receNed by the Trust. Page 5
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SIIITH IUK) HORTICULTURAL TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 STRUCTURE. GOVERNANCE AND NAGEIJjENT (CONTINUED - Providing advisory assistan as appropriate. d. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Potenti and new Trustees are ath.sed of the Charitys obiectTves, its xtiviéies arKI the publi¢ benefft requirement and support 15 available to them from fellow Trustees. Other infomation regarding their duties as Trustees is available from the Charrty Commission. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees are sponSible preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kwigdom AccInting Stsndards {Unrted Kingjom Generalty Attepled Accounting Pra¢ticel. The law applicable to charib.es in Engnd & Waks requires the TnJslees lo prepare financial slalemenls for each ffinancial %thich give a trt and fair leW of the stste of affair5 of the Charity and of it5 incoming resoUe$ and application of resources, including rt5 income and expenditure. for that period. In preparing these financial statements, the Tnjstees are required to." select surtable accounting policies and then appty them consistenty: observe the methods and prinuples of the Chartbes SORP IFRS 1021", make judgements and accounting estimates that a reasonab and prudent; state vthether appli¢able UK Accounting Stsndafds IFRS 102) have been followed, subject lo any material departures disdosed and explained in the financjal stslements., prepare the financial ststements on Ihe going concern basis unless it is inappropriate to presume th the Charity TrMII continue in business. The Trustees are re5POrtsible for keeping adequate accounting records that are suffient to show and explain the Charitys transactions and disdose wsonable accuracy al any bme the financial position of the Charity and enable them to ensure that the ffinancial statements ciynpty wth the charib.es Act 2011, the Charity (Accounts and Reports) Regulakn"ons 2008 and the prowsK)n$ of the Trust deed. They are also responsible for safeguarding the assets of the Charity and herKe for laking reasonable steFB for the pvention and detection of fraud and other irregularilies. ApprovecS by order of the members of the t4)ard of Trustee$ and svJned on their behalf ty. ENRttd Trust88 li.o? £0 Date.. Page 6
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY sMrrH (UK) HORTICULTURAL TRUST IMOEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STANLEY SMITH IUKI HORTICULTURAL TRUST {Iho Charity) I report to the charrty Trustees on my eXaMinan ofthe accounts ofthe Chanty fN the year ended 5 April 2023. RESPONSIBIUTIES AND BASIS OF REPORT As the Tnjslees of the Chanty you are responsible for the preparation of the accounts in accordance with the requirements of the Chariti'es Act 2011 (the 2011 A¢V). I report in respect of my examination of the Charivs a¢¢oun15 Caled out Ltnder section 145 of the 2011 Act and in carrying out my examination I have the appli¢able Directions given by the Charity CommissKJn under section 145{51{bl of Ihe 2011 Act. INDEPENDENT EXAMINER'S STATEPAENT Your attention is dravm lo the fact that the Charty has prepared the accounts in accordance wth Accounting and Reporting by Chanbe$'. Statement of Recommended PrartiGe app14cable to charities preparing their accounts in accordance vrtth the Financial Repothng StaThJard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Repo.n9 by Chanties.. Ststement of Recommended Practice issued on 1 April 2005 which 15 releed to in the extant regulatnS tHJt has been lthdra¥. l understand that Ihis has been done in order for Ihe accounts to prowde a Irue arnl fair view in accordance the Generalty Accepted Accounting PraCce effectNe for reportir4J peric*Js beginning on or after 1 January 2015. I have completed my examination. I confirn) that no matters have come to my attentiLM in Connection Trmlh the examinats.on giving me rause to believe that in any material respe(a= accounting records Vre not kept in respect of the Charity as Uired by section 130 of the 2011 Actr, or the accounts do nol accord those records.. or the accounts do not Mpty th the applicab quirementS conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view is not a matter considered as part of an independent examinatton. I have no concems and have come across other matters in connection vAth the examination to vthich attention should be dravm in this report in orderto enable a proper understanding of the accounts to be reached. Page 7
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH (UK) HORncuLTURAL TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUED} FOR THE YEAR ENDED 5 APRIL 2023 This report is made soiety to the Chari$ Trustees. as a body, in accordance Part 4 of the Charrties (Accnunts and Report51 Regulations 2008. My vKJrk has been undertaken so that I might state to the Charitls Trustees those matters l am required to stsle to Ihem in an Independent Examine¢s Report and for no other purpose. To the fullest extent pemiitted by law. I do not accept or assume re5ponsibilty to anyone other than the Charty and the ChariVs Trustees as a body, for my Wrk or for this rewrt. Signed". MRS K BRETHERICK bdlg Dated.. 01 DetErnber 2023 FCA PEfERS ELWORTHY & MOORE Charted Accountants Salisbury House Station Road Cambridge CB1 2LA Page 8
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKTr HORTICULTURAL TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestrl¢ted fvnds 2023 Totsl funds 2023 Total funds 2022 INCOME FROM: Donations Charitsljle aclivTrlie5 Investments Other income 31,457 454 138,524 606 139.412 35 606 139.412 35 TOTAL INCOME 142.899 142,899 170,435 EXPENDITURE ON: Raising funds Charitable actmties 27.461 136,697 27.461 136.697 30,492 162,186 TOTAL EXPENDITURE 164.158 164.158 192.678 Net (bs5esllgains on invesbnents 14 {306.3681 1306.368) 148.170 NET MOVEMENT IN FUNDS {327.6271 1327.6271 125.927 RECONCILIATIOP4 OF FUNDS: Total funds brought forward Nel movement in ndS 4.306.204 {327,627} 4.306.204 (327.627) 4.180.277 125,927 TOTAL FUNDS CARRIED FORWARD 3.978.577 3.978.577 4,306.204 The Statement of FinancAal Activities includes all gains and losses recognised in the year. The notes on pages 1110 26 fonn part of these financial statements. Page 9
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKI HORTICULTURAL TRUST BALANCE SHE AS AT 5 APRIL 2023 2023 2022 Nolo FIXED ASSETS Investments 14 3,126 4.097,718 3.S54,126 4.097,718 CURRENT ASSETS Debtors 15 3.054 322,631 147.266 Investments Cash at bank and in har 16 112,762 149,920 472,951 262.682 Creditors.. amounts falling due vthhin one year 17 148.5001 154.1961 NET CURRENT ASSETS 424.451 208,486 TOTAL NET ASSETS 3,978.$77 4,306,204 CHARITY FUNDS Unrestricted fvnds 18 3.978.577 4,306,204 TOTAL FUNDS 3.978.577 4,306,204 The financial ststements were approved and authorised for issue by the Trustees and sKJned on their behalf by.. P R Sykes ENR88d J David S G l(no0s T Upson J Watkln$ Date.. The notes on pages 11 to 26 forni part of these fiTrancl slatements. Page 10
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SllJtTH {UKI HORTICULTURAL TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2Q23 GENERAL INFORMATION Stanley SmTth IUKI HortiCUural Trust is an unincorpoTrted chanty registered Imth the Charity Commission Iregislratitin number 261925}. The principal office address and olher administrative details are induded on page1. ACCOUMTING POUCIES 2.1 BASIS OF PREPARATION OF THE FINACIAL STATEMENTS The financial slalements have been pPared in attordance the Ch8nties SORP (FRS 102) - Accounts"ng and Reporting by Charib"e$" Stslemenl of Recommended Prnctice applicable lo charities pparing their accounts in xcordance the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republ of Ireland (FRS 102) and the Charities Act 2011. The financial ststements have been prepared to gNe a Yrue and fai¢ Mew and have departed from the Charihes (Accounts and Reports) ReguLations 2008 onty to the extent required to prowde a Irue and fairf view. This departufe has involved followng the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charikn"es'. Statement of Recommended Practice effective from 1 April 2005 whTrch has SI been wthdrawn. Stsnley Smith (UK) Hortrculiural Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initialty recogni3ed at historical cost or transaction value unless olhermse slated in the relevant a¢c¢xJntsng po&¢y. There were no significant estsmates or judgements made by management in preparing these finanaal statements except the valuab.on of investments a5 ol¢ulated by Rathbones Inve5tsnenl Management. 2.2 GOING CONCERN The Trustee5 have rewewEd the financial posth.on of Ihe Tnjst, and have a reasonable expectation that the Tw5t has adequate resources lo conb.nue in operab.onal existence for the fvlure. Accordingly. the financial ststements ¢ontinue to be pPared on the going concem basis. There are no material uncertainties in relation to going concem. 2.3 FUND ACCOUNTIMG General fvnds a UnstrICted fund$ vknich a available for use at the discretion of the Trustees in furtherance of Ihe general obpctives of the Charity and vknich have not been designated for other purposes. Designated funds comprise Ljnreslricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the finanaal statements. Investmelll income. gains and kjsses are alto¢ated to the appropriate fvnd. Page 11
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STAMLEY SPAITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 ACCOUNTING POUCIES {COMTINUED) 2.4 INCOIIE All income is recognised once the Charity has entTtlement to the income, f( is probable that the income wll be re¢eived and the amount of irKome ¢eNable can be measured reliabty. Donated seMces or facilthes a rec(>Jnised lthen the Charity has control over the item, any conditions assoaated with the donated ttem have been mel, the receipt of economic benefil from the use of the Charity of the rtem is prc4>able and that economic beneffit can be measured reliably. On re¢eipt, donated professional services and fracilib.es are recognised on the basis of the value of the grft to the Charity, is the amfxjnt it would have been willing lo pay to obtsin setvices or fa¢ilthes of equivalent ecKJnomic benefft orb the open market; a coffesponding amount 1$ then recognised in expenditure in the penod of receipt. Income lax recoverable in relation to d(N)ations receNed under Gift A¥J or dee<ls of covenant is recognised al the kn.me of the dona.. Dividends a recc4Jnised once the dividend has been dedared and notification has been received of the dÉvidend due. 2.5 EXpENDuRE Expenditure is recognised once the is a legal or constructNe OtIga"0n to transfer economi¢ benefit to a third party, it is probable that a transfer of economic benefits will be quired in settlement and the amount of the obligation can be measured rek"ably. Support sts are those cost5 incurred dire¢ty in support of expendrtUTe on the objectives of the Charity, being the awarding of grants and traineeships. Goveman¢e costs are those incurred in connection compliance wth constituthjnal and statutory requirements. Costs of raising funds represent irwestrnent management costs charged by Rathbones Investment Management. Grants payable are Charged in the year when the offer is made except in those cases vthere the offer is ¢¢nditional. such grants being recognised as expendilure vthen the conditions attaching are fulfilled_ Grants offered sub3ect lo condth.ons 1¢h have not been rnel al the year end are nole¢J as a commitment. but not accrued as expenditure. Traineeships are COgnISed in the year in which the training opportunty commences, vthich is usually in September. If funds have been designated for this Purpose in anticjpation of an award being made, the expendibjre is met from those designated fvnds. Ail expenditure b3 incJusNe of irrecoveratjle VAT. Support costs are allated to c*aritable activibes in proportw)n to the value of grants made towards those aclivitres. 2.6 INTEREST RECEIVABLE Interest on fuThJs held on deposrt induded en recENable and the amount can be measured reliabty by the CharTty,' this is nomialty un notsfica0n of the interest paid or payable by the institution wrth vthom the funds are deposited. Page 12
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMtTH {UKI HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENOED 5 APRIL 2023 ACCOUNTING POUCIES (CONTINUED) 2.7 INVESTIIENTS Fixed asset investments are a fom of financial Knstrument and a initially recognised at their transaction st and subsequenuy measure11 at fair value al the Balance Sheet date, unless the value cannot be measured relk4bty irt whlch ¢ase rt is Measu al cost less impaimient. Investment gains and 105ses, vknether realiseil or unrealised. are combined and presented as 'Gainsl{Lossesl on inveslmenls, in the Statement of Financial Acbvibes. Currenl asset investrnents represent cash held on depostt a maturity date of less than one year which is being hekl for inveslment purposes rather than to meet short lem cash commitments as they fall due. 2.8 DEBTORS Trade and other debtors are recognised at the setuement amour5t after any trade discount offerek1. Prepayments are valued at the amount ppaid net of any trade discounts due. 19 CASH AT BANK AND AT HAND Cash at bank and in haFvJ indudes cash and 5hort-lerm highty liquid investrnents a short maturity of three months or less from the date of a¢quis"0n or opening of the deposit or similar account. 2.10 UABILrriES AND PROVISIONS Liabilities are recognised when there 15 an obligabon at the Balance Sheet date as a resutt of a past event, il is probable that a transfer of e¢0M1C benefit wll be required in settlement. and the amount of the setUement can be estimated reliabty. Liabilities are recognised at the amount that the Charity an{"pate$ rt will pay lo settle the debt or the amount f( has received as advanced payments for the goods or seNi¢es it must provide. 2.11 FINANCIAL INSTRUMENTS The Charity onty has financial assets and financ4al liabilrb.es of a kind that qualify as basic financial instruments. Basic financial instruments are inth.alty re¢ognised al transaction value and subsequently measured at their 5ethement value hth the exceptK)n of bank loans which are subsequently measured at amorb.sed cost using the effective interest method. 2.12 PENSIONS The Charity operates a defined conlribulion pension scheme and the pension charge represents the amounts payab by the Chanty lo the fund in Spect ofthe year. Page 13
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 INCOME FROM tNATIoNs Unrestricted fun(ts 2023 Totsl funds 2023 Totsl futMIs 2022 Donations 2,846 2,846 31,4S7 TOTAL 2022 31,457 31,457 INVESTMENT INCOME Unrestrictsd fund$ 2023 Total funds 2023 Total funds 2022 Dmdends Bank interest 127.408 136 127.408 136 126.464 Bond interest 11.868 11.868 12,054 139.412 139,412 138,524 TOTAL 2022 138,524 138,524 INCOME FROM CHARITABLE ACTMTIES Unrestrictsd funds 2023 Total funds 2023 Total funds 2022 Publication income 606 454 TOTAL 2022 454 454 Page 14
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDED 5 APRIL 2023 OTHER INCOMING RESOURCES Unrestricted fund$ 2023 Total funds 2023 Total funds 2022 Bank charges reftjnd 35 35 INVESTMENT MANAGEMENT COSTS Unr¢stri¢t•d funds 2023 Total funds 2023 Totsl funds 2022 Investment management fees 27.461 27,461 30,492 TOTAL 2022 30,492 30.492 ANALYSIS OF EXPENDrruRE ON CHARITABLE ACllVITIES Unr8strictsd funds 2023 Totsl 2023 Totsl 2022 Promoting horbculiure Promoting Creation and maintenance of public gardens Advancing horttUral edu¢ation Promoting biolog1 conserwation and dNersity 4.190 57.331 70,086 5.090 4.190 S7,331 70.086 5.090 2,817 100.319 59.050 136,697 136,697 162,186 TOTAL 2022 162.186 162,186 Page 15
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKI HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 ANALYSIS OF ExPENDVRE BY ACTMTIES Grnnt ndlng of activities 2023 Support eosts 2023 Total funds 2023 Total nds 2022 Promoting horticulture Promoting creation and MaIntefnCe of puts¢ gardens Advanang horticuRural education Promots"ng biological nservatiOn and dNersity 3.0¢)0 1.190 4.190 2,817 40.648 49.828 16.683 20.258 57.331 70.086 100,319 59,050 3.51XJ 1,590 S,090 96,976 39.721 136,697 162,186 TOTAL 2022 96.350 65.836 162.186 Page 16
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH {UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 5 APRIL 2023 ANALYSIS OF EXPENDITURE BY ACMVrnES (CONTINUED) ANALYSIS OF SUPPORT COSTS Promoting crnation and Promotlng maintenanc8 Advancing biological of public hOrticura1 conseplation gardens oducation and diversity 2023 2023 2023 Promoting horticulture 2023 Total funds 2023 Total funds 2022 D1CtO$ remuneration Office rent Legal fees Websf(e and IT Insurance Accountancy Independent examinerfs fee Postage and Stationery Payroll processing Travel and meetings 942 13.188 630 16,014 765 1.256 31AOO 1.500 31,295 1,500 22,206 4.560 823 3,539 45 60 262 1.634 73 318 1,984 144 623 3,890 18 116 25 156 18 252 24 600 551 39 48 76 39 552 670 53 1.314 1.159 80 156 327 1.190 16,683 20,258 1,$90 39,721 65,836 TOTAL 2022 1,317 40.819 23.700 65,836 Page 17
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKI HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APL 2023 10. ANALYSIS OF GRANTS Grants to Grants to Institutions Indlvlduals 2023 2023 Total funds 2023 Total funds 2022 Promoting hO"¢Ure Promoting creation and maintenance of public gardens Athanung hO"CUltural education Prornotsng biobgical conseNalion an diverwty 3.000 3,000 1,500 40.648 34.000 59,500 35.350 15,828 49,828 3,500 3.500 81,148 15.828 96.976 96,350 TOTAL 2022 94.850 1.500 96,350 A breakdowm of the grants commffted lo inststutsons and irKIMduals is induded on the next page. Page 18
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SPAITH (UK) HORTICULTURAL TRUST hlOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 Grnnts to Instftutlons Garden Organic. Coventy Belsay Awakes, Belsay Garden Restoration ProJecL Morpeth Arb*"a Herb Garden Restoration, South Shields Painshill, Coblam, Surrey, Restorab"¢)n of Fruit Bays in Large Garden Wall Publication of Napaleon's Gar11en Island". Lost and Old Gardens of St Helena CheSsea Phy3ic Garden, History Beds Interpretstion Project RHS Wisley, Interpretation in Old Laboratory Fauna and Flora International. Cambridge. Conserving Threatened Fruit and Nut Trees, Tajikistan The Royal National College for the Blind New Horatio's Garden. Universty Hosytsl. UandoLffjh Cambo Heritage Trust, Fife Engaging wth nature. Selty Manor Museum Garden, Boumewl Bannockbum House TrusL Slirling Hadlow College. Kent, PhiG Garden Deveknpment Proiect Bloomin, MaNellous Rectory Park, HoughtoTrl&Spring Evesham Abbey Trust Cludy House Gardens. PerthshiTe Food Behand Bars. HMP Swinfen Hall, Lthfield. Staffordshire Minehead Museum Celebrating Minehead's Environmentsl Heritage AUanli¢ Flower5, New Arcadian JoLwnal Detenmination of the An$traI Specw ofthe Albfflora Group of Tradescantta Cuttivars 2,000 5,000 3,500 2.000 5,000 5,000 5,000 3,500 2,000 5,000 4,000 2,000 2,500 4,000 2,000 4,000 5,000 3,000 350 1,000 4,000 12,500 12.500 Chelsea Physic Garden Traineeship English Herttage Traineeship The Library Bank Garden Regeneration Prcijed, Broadstsirs, Kent Royal Caledonian Horticultural Society, Saughlon Park, Edinburgh Belsay Avrdkes. Upper Terrace Planting, Morpeth Painshill Park Trust. Surrey. conb.nued Rest(Mation of Walled Garden and Kitchen Garden Exhibrtion Trees for Crties Tree Planting al RacecouTre Eslate irb Northolt Benmore Botanic Garden. Dunoon, Giant Rethw)od Avenue Geo4njection Programme Brogdale Collections Publication. Faversham. Kent Plant Hentsge, National colkth.ort Holders Conference. Chester Zoo Fauna and Flora Intemational. Consenring Thwtened Fruit and Nut Trees and Associated Specses, Tajiknstan Woodstock Chapel Memorial Garden Restoration Project. Oxfordshire Teapot Trust's Elsevthere Garden. Musselburgh. East Lothian Homerton Hosprtal 600 4,000 4.567 4.934 2.SOO 3,450 4,000 3,SQO 2.500 5.000 2.447 Page 19
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKI HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Whitaker Path Regeneran. LaSIre Royal Trinity Hosp. Clapham Spitsffields Crypt Tmst, London Beds for Bees by Rewllinate Winterboume House & Garden. Universty of Bimingttam NTS Inverewe Traineeship Birmingham Botanical Gardens Trairbeeship 3,SOO 1,000 1,000 3,650 15,1)00 15,000 Total grants to Inslitirtlons 81.148 94,850 2023 2022 Grants to individuals Jonathan Hutchinson. AETFAT confereno LIngStone Zambia 2022 Field trip lo investigate cacti of Jamaica and CayTran Isn$ Fay Davies. Kew DiOrna Student. plant SdY th"P to Bo113 Richard Moore, Christopher Parsons, Lawrence Wright and Edward Shaw Plant StL*Jy Trip lo Kan¢henjunga conservation area. Nepal Talemos Sets. Ethiopia. Botanic Garden Sandra Lawrence 1,500 4,000 2.000 4.000 1.600 4,228 Total grants to indfvlduals 15,828 1.500 Below is 8 summary of the grants made according lo their natu. 2023 2022 Developing new public gardens Restoring gardens of historic interest Exhibition5, publications, research and education Study vi5rts Expedrtions to lled and prolecl valuable plants 16.447 24,201 41,228 11.600 3,500 34,500 25,000 36.850 96.976 96,350 Page 20
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH IUKI HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 11. INDEPENDENT EXAMINER'S REMUNERATIOII 2023 2022 Fees payable to the Charitys independent examiner for the indeperJent examination of the Chantys annual accounts Fees payable to the Charitys independent examiner in respect ot. Statutory finanaal statements preparation PayToII bureau processing 600 551 3.900 1.314 3,539 1,159 12. STAFF COSTS 2023 2022 Wages and salaries Socsal security sts ContribLrtion to defined contribution pension schemes 28,000 2.747 653 28,137 2,643 S15 31.400 31,295 The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Diredor No employee re1ved remuneration amounting to more than £60.000 in either year. The ¢harity considers its key managemenl personnel lo be the Trustees and the Director, Dr David Rae. During the year, Ihe Director received remureration {comprising gross salary. employeff8 national insurance and employerfs pension contritsjtnI totalling £31,40012022." £31,358). 13. TRUSTEES. REIAUNERATION AND EXPEMSES During the year. no Trustees receNed any remuneration or other beneffts12022- £NILI. During the year erKled 5 April 2023, no Trustee exwses have been inoJrred12022- £NIL). Page 21
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 14. FIXED ASSET IMVESTMENTS Rathbones Investments VALUATION At 6 April 2022 Additions Disposals (proceeds £913.602; realised kjss £111.3651 Revaluations 4.097,718 676,378 (1.024,9671 1195.0031 AT S APRIL 2023 3.554.126 All the fixed asset itwestsnents are held in the UIQ All investsments are carried al their fair value. Invesbnent in equrties and fixed interest securities are all traded in quoted publ markets, primarity tt)e London Stock Exchange. Holdings in common investment fvnd5, unit trusts and opennded investment companies are at the bid price. The basis of fair value for quoted investments is equivaknt to the market value. using the bid pri. Asset sales and purchases are recognised at the date of trade * cost {that is thr tsansaclion value). The Trustees delegated the management of their investments to Rathtsjnes during the year. The Charity is operabng an investment policy that provides for a degree of dNersthCa1n of holdings wthin drfferent unit trust investments. The Charrty has invested in a number of unrt tnL5ts in order to protect the Charivs exposure to volats.lrty in the market and seek low risk investments vA)erever possible. The Chartty does not make use of derivatives and similar ¢omplex thancial inslrufnents as it tskes the view that investments a held for their longer lemi grovAh and annual income. The Charrty has no material irtvestment holdings in markets subieca to exchange ntrOlS or trading reStrilon$. 15. DEBTORS 2023 2022 DUE MTHIN ONE YEAR Accrued income 3,054 3,OS4 Page 22
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 202J 16. CURRENT ASSET INVESTMENTS 2023 2022 Cash hekl on deposf( 322.631 112,762 17. CREDITORS: AMOUNTS FALLING DUE WtfHIN ONE YEAR 2023 2022 Other tsxation and social security Other Creditors Accruals and deferred income Grant commitments 1.170 127 4,905 42,425 4,374 48,850 48,$00 54,196 Below is a summary showng the movement in the grant commilment during Ihe financial year. The year- end commitrnenl preSentS grant commitments expected to be setlled Trmthin one year. 2023 2022 Grant commrtments brought forward New commi(ments Sethed during financial year 48,850 96,976 1103,4011 10,000 96,350 {57,5001 Grant commitments carri•d forward 42.425 48.850 Page 23
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SIAITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 18. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balanco at 6 April 2022 Gainsl Balanco at 5 (Lossesl Aprfl 2023 Incomo ExpgnditUVO DESIGNATED FUNDS Capital Fund Traineeship Fund 4.154.463 90,000 127.4601 130.0001 1306.3681 3.820.635 60.000 4.244.463 {57.4601 1306.3681 3.880.635 GENERAL FUNDS General Funds 61.741 142.899 1106.6981 97.942 TOTAL UNRESTRICTED FUNDS 4,306.204 142,899 1164.1581 1306,3681 3.978.577 The Caprtal Fund is represented by investments, vthilst the Traineeship Fund and General Fund are represented by tangible fixed assets and net lnI assets. The Designated funds are those fvnds designat&J at the di$tion of the Trustees for partular purposes. The Designated Caprtal Fund represents the de$4gnation of the original settlement together the subsequent capital appreaation and gainsl{k)ssesl, kss caprtal applied in the making of grants, as a fund to Provide income for fijhlllment of the objectives of the Trust in the fLrture. A transfer been funds is made periodically in order to carry fOArd Ihe same fund balance as the value of the Rathbones investment portfolio, which also IudeS an element of cash that has beert disclosed in current assets. The Designated Traineeship Fund represents monies due to be pahl by the Trust for traineeships. These are paid in September each year. From time lo b'me the Trustees akn utilise a Designat&J Approved Grants Fund, vthich represents monies due to be paKI by the trust for grants avrarded during the year and eadier. Page 24
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SMtfH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 18. STATEMENT OF FUNDS (CONTINUED STATEPJENT OF FUNDS - PRIOR YEAR Balance at 1 April 2021 Transfers inlout Gainsl Balance al (Losses) 5 April 2022 Income Expendrture DESIGNATED FUhlDS Capital Fund Traineeship Fund 4,044.071 30.000 {37,7781 85.000 148,170 4,154,463 90,000 (25.000) 4,074.071 125.0001 47.222 148,170 4,244,463 Balance at 1 April 2021 Transfers inloul Gainsl Balance * (Lo$$¢s) 5 April 2022 Income Expenditure GENERAL FUNDS General Funds 106,2C6 170,435 (167.6781 {47,2221 61,741 TOTAL UNRESTRICTED FUNDS 4.180.277 170.435 (192.6781 148,170 4,3,204 Page 25
Docusign EnvÈlope ID." 1EEAAlD6FAE-ABF)44Scs1ccFB STANLEY SIIITH (UK) HORTICULTURAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO S APRIL 2023 19. PENSION COMIIJITMENTS The Charity operales a defined contribution pension 5¢heme. The assets of the scheme are held separatety from those of the Charity in an independenuy administered fund. The pension cost charge represents employer contribsjtions payable ty the Chanty to the fund and amounted to £65312022.. £5151. £12712021.. £1271 vras payable to the fund at the balance sheet date. 20. RELATED PARTY TRANSACTIONS The Charity has not entered into any related paty tran&xtion during the year, nor are there any oulstsnding balanGe5 ovAng beknn related parties and the Chanty at 5 April 2023. Page 26