Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-ABF￿)44Scs1ccFB
Charity number: 261925
STANLEY SMITH (UK) HORTICULTURAL TRUST
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

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STANLEY sMrrH {UKI HORTICULTURAL TRUST
CONTENTS
Page
Reference and Administratlve Details of th• Charlty, its TA￿1005 and Advisérs
Trustees. Report
Independent Examinorfs Report
statement of Financlal Actlvltles
Balance Shegt
10
Notes to the Financial Ststements

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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 EXami￿rS 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
Rathtr￿e Investsnent Management
1 CuTzon Street
London
W1J 5FB
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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 reqU1￿MentS 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 Repo￿ng Standard applicab￿ in the UK and Republic of Ireland {FRS 1021
{Se￿nd 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 dIS￿lI0n think fit
ObJ8ctiv•s
Tl)e objectives of the Trust are..
. to promote horti¢ulture',
. to promote the conservation of the ph￿1&71 and natural enwronment ty promoting bK)logical diversity",
• lo promote the creation, deve￿Ment, preseNalion and Maintenar￿e 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 hortl￿rtUral 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 a￿drded 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$$itr￿e for subsequent grdnls lo be made over ￿ or
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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 V￿re 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 D1￿ctor investigale$ six potential host gardens from whi¢h Trustees select tsvo
based on the inforniation promded. The Director also deals wth the daY-t￿daY 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￿ Conside￿￿123 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 a￿rded {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 2021￿2).
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 V￿re for work or travel overseas or to
the UK.
Detailed proposals for Iraineeship grants were tabled by the 01￿ctor at the September 2021 meeting and. as
usual, six surtable ￿CipIent gardens were put forward for the Trustees to Se￿Ct The proposed gardens were
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STANLEY sM￿H (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, I￿e 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 p￿sentatiOn mentKJned above Rathbones ¥a￿e¢l the portfolio al £3.901,054 and
estimated annual income to be £136,419 forthe end of year 2022￿3. In the year ahead the Trust wll continue to
support ￿ rounds of grants amounb.ng to about £30,000 e￿7 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 deS￿nated 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
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STANLEY SMITH (UK) NORncuLTURAL TRUST
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2023
projections of available income are prepared to establish avaiLable resoU￿e5 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 charIta￿e 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 unI￿rporated 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 Tn￿le&S that will prowde valuable
and prdctical sknlls for the Trust.
The follo￿ng 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 el￿1b11￿ and p￿Sent3￿.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 ￿¢0MMer￿￿On$ for grant applicats"on5 receNed by the Trust.
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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 AccI￿nting Stsndards {Unrted Kingjom Generalty Attepled Accounting
Pra¢ticel.
The law applicable to charib.es in Eng￿nd & 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 resoU￿e$
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 suffi￿ent 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 p￿vention 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..
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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 eXaMina￿n 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 Ca￿led 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$'. Statement of Recommended PrartiGe app14cable to charities preparing their accounts in
accordance vrtth the Financial Repothng StaThJard applicable in the UK and Republic of Ireland IFRS 1021 in
preference lo the Accounting and Repo￿.n9 by Chanties.. Ststement of Recommended Practice issued on 1 April
2005 which 15 rele￿ed to in the extant regulat￿nS tHJt has been ￿lthdra¥￿.
l understand that Ihis has been done in order for Ihe accounts to prowde a Irue arnl fair view in accordance
the Generalty Accepted Accounting PraC￿ce effectNe for reportir4J peric*Js beginning on or after 1 January 2015.
I have completed my examination. I confirn) that no matters have come to my attentiLM in Connection Trmlh the
examinats.on giving me rause to believe that in any material respe(a=
accounting records V￿re not kept in respect of the Charity as ￿Uired by section 130 of the 2011 Actr, or
the accounts do nol accord those records.. or
the accounts do not ￿Mpty th the applicab￿ ￿quirementS conceming the form and conlenl of
accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a Irue and fairf view is not a matter considered as part of an independent
examinatton.
I have no concems and have come across other matters in connection vAth the examination to vthich
attention should be dravm in this report in orderto enable a proper understanding of the accounts to be reached.
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STANLEY SMITH (UK) HORncuLTURAL TRUST
INDEPENDENT EXAMINER'S REPORT ICONTINUED}
FOR THE YEAR ENDED 5 APRIL 2023
This report is made soiety to the Chari￿$ 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 W￿rk or for this rewrt.
Signed".
MRS K BRETHERICK
bdlg
Dated.. 01 DetErnber 2023
FCA
PEfERS ELWORTHY & MOORE
Charte￿d Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
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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.
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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.
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STANLEY SllJtTH {UKI HORTICULTURAL TRUST
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2Q23
GENERAL INFORMATION
Stanley SmTth IUKI HortiCU￿ural 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 p￿Pared in attordance the Ch8nties SORP (FRS 102) -
Accounts"ng and Reporting by Charib"e$" Stslemenl of Recommended Prnctice applicable lo charities
p￿paring their accounts in xcordance ￿ the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republ￿ of Ireland (FRS 102) and the Charities Act 2011.
The financial ststements have been prepared to gNe a Yrue and fai¢ Mew and have departed from
the Charihes (Accounts and Reports) ReguLations 2008 onty to the extent required to prowde a Irue
and fairf view. This departufe has involved followng the Charities SORP IFRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charikn"es'. Statement of Recommended
Practice effective from 1 April 2005 whTrch has SI￿ been wthdrawn.
Stsnley Smith (UK) Hortrculiural Trust meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initialty recogni3ed at historical cost or transaction value unless olhermse
slated in the relevant a¢c¢xJntsng po&¢y.
There were no significant estsmates or judgements made by management in preparing these
finanaal statements except the valuab.on of investments a5 ol¢ulated by Rathbones Inve5tsnenl
Management.
2.2 GOING CONCERN
The Trustee5 have rewewEd the financial posth.on of Ihe Tnjst, and have a reasonable expectation
that the Tw5t has adequate resources lo conb.nue in operab.onal existence for the fvlure. Accordingly.
the financial ststements ¢ontinue to be p￿Pared on the going concem basis.
There are no material uncertainties in relation to going concem.
2.3 FUND ACCOUNTIMG
General fvnds a￿ Un￿strICted fund$ 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." 1EEAAlD￿6F￿AE-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 EXpEND￿uRE
Expenditure is recognised once the￿ is a legal or constructNe Ot￿Iga￿"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 all￿ated 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 u￿n notsfica￿0n of the interest paid or payable by the
institution wrth vthom the funds are deposited.
Page 12

Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-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 p￿paid 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 h￿th 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.
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Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-ABF￿)44Scs1ccFB
STANLEY SMITH (UK) HORTICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2023
INCOME FROM t￿NATIoNs
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
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Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-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 hor￿￿ttUral edu¢ation
Promoting biolog￿1 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
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Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-ABF￿)44Scs1ccFB
STANLEY SMITH IUKI HORTICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2023
ANALYSIS OF ExPEND￿VRE BY ACTMTIES
Grnnt
ndlng of
activities
2023
Support
eosts
2023
Total
funds
2023
Total
nds
2022
Promoting horticulture
Promoting creation and MaIntef￿nCe 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
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Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-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 hOrticu￿ra1 conseplation
gardens
oducation and diversity
2023
2023
2023
Promoting
horticulture
2023
Total
funds
2023
Total
funds
2022
D1￿CtO￿$
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
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Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-ABF￿)44Scs1ccFB
STANLEY SMITH IUKI HORTICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 AP￿L 2023
10. ANALYSIS OF GRANTS
Grants to
Grants to
Institutions Indlvlduals
2023
2023
Total
funds
2023
Total
funds
2022
Promoting hO￿"¢U￿￿re
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." 1EEAAlD￿6F￿AE-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, Ph￿iG 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." 1EEAAlD￿6F￿AE-ABF￿)44Scs1ccFB
STANLEY SMITH IUKI HORTICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2023
Whitaker Path Regenera￿n. La￿S￿Ire
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 LI￿ngStone Zambia 2022
Field trip lo investigate cacti of Jamaica and CayTran Is￿n￿$
Fay Davies. Kew Di￿Orna Student. plant S￿dY th"P to Bo11￿3
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." 1EEAAlD￿6F￿AE-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 indeper*Jent
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 r￿e1ved 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 remur*eration {comprising gross salary. employeff8 national
insurance and employerfs pension contritsjt￿nI 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." 1EEAAlD￿6F￿AE-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 open*nded 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 th*r 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 dNersthCa1￿n 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
reStri￿lon$.
15. DEBTORS
2023
2022
DUE MTHIN ONE YEAR
Accrued income
3,054
3,OS4
Page 22

Docusign EnvÈlope ID." 1EEAAlD￿6F￿AE-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." 1EEAAlD￿6F￿AE-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 ￿l￿nI assets.
The Designated funds are those fvnds designat&J at the di$￿tion of the Trustees for part￿ular
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 be￿en funds is
made periodically in order to carry fO￿Ard Ihe same fund balance as the value of the Rathbones
investment portfolio, which also I￿udeS 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." 1EEAAlD￿6F￿AE-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." 1EEAAlD￿6F￿AE-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 bekn￿n related parties and the Chanty at 5 April 2023.
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