Company Regfistration Iyo. 2499(M16 Registered Cbarlty F40. 803428 The FoundAtion and Friends of the Royal Botanie Gardens, Kew Trn8tees? Report and Ffin•nclal Ststements 31 Marcb 2021
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2021 Trustees, Report and Finaneial Statements 2021 Contents Page Reference nIn1¥tratIVe det Trusteu, report Trni¢eu' re410Dbljtdm ilatemen¢ Independent ad[tO, report S¢atemettt of 1¢111 ietfvlde• Su1nm Income expenditurt v¢oMDt 13 BalaDee iheet 14 St•tement of ¢Mh IIDw• 13 Notu to the flll•nchl rtatements 16
The Foundation and Friends of the Royal Botanic Garden4 Ke Year ended 31 March 2021 Reference and administrative details Mr lan Karet until 17 Febru 2021 Mrs Kristina K¢nwortb Mr Jan PethEck- Chairnwi Jane Reeves frotry 9 Jul 2020 Mr Nick BaiTd Mr Ch&r1&5 Sherwood until 8 Jul 2020 Company regtstered No. CknArlty regl•tr N 249 803428 Key MD•gemeDt Perw•nel Re¥istered & prlnelpll offlee 47 Kew Green Ri¢hmond Surrey TW9 3AB Bnkt Llo Bank PLC 3rd Floor 10 Gresham Street London EC2V 7AE CAF ChAriti¢s Aid Foundati( 25 Kin s Hill Avenue W&st Mallin Kent ME194TA F4trer & Co LLP 66 Lincojo's Ir Fi¢lds London WC2A 3LA Audltor acini LLP S10 Auditor 10 een Street Plac¢ London EC4R IAG IJhvMtm¢nt maDA8er¥ HaTth]8banken 3 Thomas Mote S London ECIW IWY GolthDan Sa¢$ Int¢rnatioDal Plumtree Court 25 Sboe IAn¢ London EC4A 4AU Cazenove Ca ital Mana ement I london Place London EC2Y SAU
The Foundation and Friends of the Royal Botanie Gardens, Kew Year ended 31 MCh 2021 Trustees, report Objectives and activities The TTuses, WI ar¢ tho Directors of tbe Fouthdation and Friellds of the Royal Botanic Garden& Kew (the "Foundation") for the purw)ss5 of the Compawes Ael submit their Tntes. R£porL which includes th¢ Directors. Ryrt and StratrBic Report for CompaDie8 Act ptsrp)w and the audited FI[wl41 StatemeDts of the FouTMlation for th¢ y¢aT ended 31 March 2021. ObJe¢t Th¢ Foundation's objeci se¢ out in its Articles of A&4K]atiO is to provide suFwrt for the Royal BotAtiic Gardens. Kew {"RBG Ke.) tti wh manner as the Foulldati( sh•U think fiL The Foundatiim is a Public Benefit Entity. Publle benefit RBG Kew's general fimctions are 8¢t out in the National Heritsg¢ Act 1983 and are to". corry out itivestiga¢ion and research into the lence of plants and r¢Jad subject& and dI&n the ruults of the invesii8atioD re8¢arcl4' proyide odvice, iD8truction education itt Yel•ti(Xk thoBe awts ofthe 8¢ience of pjaats with whi¢h RBG provid¢ other services (iocludiD8 qUrnIiDe) ID relatiott plts. cAre for its Collections of plants. preserved pi4n¢ m#riaL otherobjects ffling to plaDts, lkn)k$ 4ttd record8; keep the collections nation41 refeThce collections, ensure that thry are availbl¢ to persons for the pu$¢8 of study, and add to and adapt them scientific needs ODd RBG Kew resoUrn lOw. and afford to membu5 of the public OPPO¢S to enteraDy land wied or mao88ed by RBG Kew. for th¢ purpose of 8aining knowle and eqioym¢nt from BBG Kew'$ wlledioDS. The Tntstees have reviewed the activiti¢S ofRBG Kew a8aittst the public benefii principl¢8 oullined in the 8uidan¢e i&sued by th¢ Charities Commt&8ion End th¢ TTr believ¢ thal theE¢ meet the publi¢ beDefit clwitable aiTns. the Foundation in turn meets the public benefit requirements. StrAteglc almi attlvltj The Foundation for RBG Kew, focusing on legw atsl th¢ 8¢M¢[li of itiv¢8tments. It 8180 holds historic funds which ar¢ intended to supprt th¢ of RBG Kew through the provision of 8rants. Example8 of projects supwrted in the yt4r and the proc for grwni making is sd out below. Grint-mkSng Torai gr¥n¢S Jjth to RBG Kew supwrt its activities in 2020QI year wett £3.Im (2020: £7.7m), of which £2.4m {2020: £6.8m) was for specific projects from restricd funds and £O.?m (2020.. £0.8m) S forprojects from untestriet¢d destwited fiuth. Key projects swrted by the Foundation inchMIe'. S¢lence (£1.9M grttted In 2020lll, £5.7M Its 2(119llO): RBG Kew's scicntific Vision is to docutll¢nt and Jderstand global plant and fungal diversity 8Dd its uses brioging audM)ritativ¢ expertise to bear on tb¢ ulti] hallenges facing humanity today. Grants fft)m Kew Foundation illcjude fi for multiple projects at the Millennium Seed Bank and key strategic oU4ts from K¢w's Science Strategy Iluding the Plant and Fungal Tree of Life and the Triyical Itnportant Plant Areas (fIpAs). Famlly KltcheD & Sbop (£O.Om granted ID 2020121): constnti0n of a new f8mily-fo¢ussed restaurattt and retsil fa¢ility at Kew. The new facility will supwt wth in s¢lf-Eeneratrd itiClXD¢ that enables Kew to d¢liv¢r on its ¢lwitsble Obj11¥cl as w¢ll imwow and cthncing the experienc£ of Visito kn the Garde Grant PDMey In order to 5eqr¢ th¢ consent of the Fowidatioo T[stees w release filll RBG Kew submits a grdnl request to the Foundatioll for a p8rticularpuw. All grants MSt be in line wlth tbe sttatcgic aims of RBG Kew. confonll to the
The Foundation and Friends of the Royal Botanie Gardens, Kew Year ended 31 March 2021 Trustees, report wishes of tbe doth)r wher¢ relevant and conform the ststement of public beoefit refetffed to above. If 8pprove4 FundraIllg approach nd perforJnaD¢e The Tnle¢S oversee all fundraising actiYiti&s uttdertskrn by the Foundation. The Foundation has engaged RBG Kew Enterprises Ltd to wbvid¢ lewy fund18 servicts services to supwjrt the management of grants held by the Foundation but has noi worked with otherprofe&sioDal fiuthatsing a8ents in the year. RBG Kew Ent¢wises Ltd adber¢s to the Code of Fundrai8 Practice i&sued by the FundTaising Regulator the Trustets ¢1v¢ progress reiK)rt8 on fundraistn8 at each Board meeling tn order to review and oversee &spe£ts of fijndraising UDd¢rt4ken on their behalf. No fuDdrai8ing mp]aints have been re¢¢ived by the FouDdaiion in 2021>21 re8arth8 its fiuthsin procti¢u. A¢hlevements and perforniance In 2020121. in close ¢ollalKTrrntioD with the sthff And wpwrters of RBG Kew. the FouDd&tion rai8¢d income of £2.OM (2020.. £5.6M} aThl gave 8r4Dts talling £3.IM {2020: £7.7M) to RBG Kew. Investments income £0.2M. IDvestsnents r)rded ullreaw gains of £1.5M for the fiancIAl ye4r. 88 m8rk¢ts recovered from the lo&ses seen in early 2020 wb¢D UnCerty the COV19 Coronavir pandemic negatively impacteAI wset values. Structureg governance and manggement Th¢ Foundation is a Re8A'Stercd Clwity (number 803428) aDd a Company limited by gpjaraatee (nwnber 2499006). It 1$ governed by its Articles of Ass(xi8tion (revised in July 2017). Truiteei and Dlre¢ton The Trnstee$ who held office dwiti8 4ttd 4¢ the elld of the yw listed on pH8e l. The Board voles on the electtott of Jmv DMberS At its r¢Bu]4r meetiogs. Any new Tn is elected for a period of three years after which lime thty may be re•4IDa. New Tntee$ are 8iven #n indtiOn to ADtrodue¢ them to the Foundation &$ well as to the WO of RBG Kew at its two (Kew and Wakehurstl and around the world. Tn¢5 receive briefings from ttWM8em¢nt and mttt stsff to uDder8tand and review differ¢nt aspects of the oT¥anI10n. New projects that are being Undeen by RBG Kew are explained and visits mad¢ to projects where prathicable. tknring 2020121, th¢ FoundatioD Board of beld thrtt mtttiti88. OrganlsatioDAI ¥tru¢ture Th¢ Foundation bas no enJployee8 and the trustees we cotisidered the Kry Man8gem¢nt Per&xmel. Setviees und support to rnanage legacy, 8t¥nt and investment income &re purchased from RBG Kew and RBG Kew Enterprises P•y #nd reJDuneradon *rrng¢mellts The Ttustees are Dot remuneratrA for their role. Related partles The Foundation Board has a maxitnum of T•. up to two Trustees Can be re¢Onend foraw>ititment by RBG Kew, and up to fow trusttts are indqxthL Formost of tb¢ 2020121 financial year, Nick Baird and Iatt Kar¢i were Trusiees of both RBG Kew and the Foundaticq4 tffior to Jan K•r¢t's resignation in Febnwy 2021. In addition. Following th¢ ¢hang¢s ID goven]att outlined aknv< it is deertd that the Foundation hos an &8sociate relationship with RBG Kew, b&s¢d on the nvmber of TnLs¢ees who ue ap]nted by RBG Kew. As SUC in accordance with a¢untillg standards, a slwe of the Fourtd#ti¢)n's net assets are cons01idat¢d into the accA)UDts of RBG Kew reflectiti8 the prowtrrtion of T[te¢S app)iDtable by RBG K¢w. which is 40% as 31 MaTch 2021 fillancial year (31 March
The Foundation and Friends of the Royal Botanle Gardens, Kew Year ended 31 March 2021 Trustees, report 2019.. 40V•). RBG Kew drt5 not have the ability to exucise Control over the Det recogni& v1¢h remain subjwt to decision.mtiking by the FoundatioEt's indeputhii Board of TTUStee5. and aets are thttefore sbown L8 rcstricted ossets in RBG K¢w's finallcial statanents. The Foutida¢ion h85 related pary with RBG Kew and 819) with RBG Kew Enterpris¢s Ltd (a wbolly owned subsidiary of RBG Kew). RBG Kew Enterprises Ltd PTovides leycy fiukning services 4nd services to support tbe m3Dag¢meni of grnnts and investments the RBG K¢w provides iwk siiiwt 8ernces to th¢ Foundation including r]n8nce services. The following Kew Foutidation Trste¢S {Jall Pdbi¢K laD K2Tet and Charles Sbenvwj) were a150 members of the Foundation Council in the year. Th¢ Council promos and wports RBG Kew's SUCC in fillm1nS attd provides advieL ¢)n all aspects ofRBG K¢w's fundraisin8 8nd menibership activitiu. Kew Foundation Am¢rica and The Joseph Bonks Society wer¢ registered 501(c}13) nol.for.profit eorryjralions in the United Ststes. u11 their closure in Decembtr 2019. Neithtt orgallis ld Trust5 in common with the Kew Foundation. The Kew Asia Foundation Limited in¢Ory1ed on 4 Mah 2015 in Hott8 K¢mg lo support and promote educaiion. scientifi¢ res¢ar¢b in the scienc¢ of plan(s and rel4d subjects through horticulttc coll4iK)ration between the community of Hong Kollg. attd RBG Kew by inspiring #nd deliYerAn8 seien¢e.based plant conservation worldwide. The Kew Asia Foundation Limit&1 does twi have Tn in C4)mmon with tbe K¢w Found&tion. Syitem• of Illtern eontrol The SyS*ms of internal control Ire degi8n&l to pmvide reasonabk, Dot absolute, &$8urw 4gaill mawial misstht¢men¢ or loss. Thry iticlude: an anllual budgd approved by the Trus. re8ular consideration by the Trusl¢¢s of finarKial rtwlls TrnriaDcL8 from bud8ets ar#1 notrfinthcial perform8n¢¢ indicators,. delegation of authoTity and se8r¢gition of thitit4 wber¢ WTopri&te' aNI the identification and maD¥gemenl of risks. Key risks for the Fowthtson are discu8 on pa8e 6. GoiD8 ¢0Cern Th¢ TTu8tee8 are confident that the Foundation is a going ¢4)n¢. Thi$ 4ss¢ssmeni is ba8¢d on.. budgets and forecasts pr¢pared for 2021n2 fitiaDcl year aod based on foreeth of legacy and Anv¢stm¢nt income res¢rv¢5 held which allow the FouDdation to graDt arml other exdItse ContrIeD. with healthy Cash and liquid investsDent bol¢Jings are sufficienl to me¢t (W8tin8 e&th rtyuirements for the next twelve months The possible on.goin8 impact of the Covid.19 LW0n8 pand¢mi¢ has been w8¢d and is not expect1 to have a signifi¢allt impact on the Foundation's operntioTrs. oron thi% 80iti8 Concern a&se&sm¢n4 given the Foundation's low risk operw m(4JeL al its healthy rueTreg 1 casb posltxons.
The Foundation and Friends of the Royal Botanie Gardens, Kew Year ended 31 March 2021 Strategie report Flnancial revlew for 2020nl The results for the yearore w out ID the Ststemeni of FitiatKial A¢tivAiits (SOFA). Income r¢¢¢ived in the year ended 31 March 2021 w&% £2.OM (2020: £5.6M). Grants and donatiojts income dttrca8¢d to £0. IM (2020: £1.4M) which was in line with expectstions. reflecting the fts)al receipts of income pl&J8ed to the Foundation prior July 2017 when most fithing activity was integrated into RBG Kew. Ltgacy income decreas £1.7M (2020: £3.8M, which iticludrAI £2.5m from two individual high- valu¢ legacies), artd below exption& with Some therse Èmpact from COVID-19 llot¢d, includin8 del8ys to estste thinistratiort. The Foundation's pipeline of Icgacy Doiifications is, however. relatively Strong. supAxirtin8 expeetatsons for le8acy income in yeaT& Net SUluS for the year a0ulla to £0.2M (2020.. £3.IM n¢¢ deficit) After RBG Kew 8rants of £3.IM (2020.. £7.7M). At 31 Mor¢h 2021. the Fouttdation's tothl ruth amouttd kn £23.9M {2020.. £23.7M),' eonsith8 of £4.8M (2020: £4.OM) in endowments, £5.OM12020.. £6.8M} in donor restri¢d fiJrwJs, £3.5M (2020: £4.5M) in 8etternl unTe5trict¢d fiwd5, and £10.6M {2020.. £8.3M) ID Iinrestrictal futh designated w proj&ts. The fid balatt Me the Foundation's Re4¢rves Poliey. Rewyrf Pomey Th¢ Foundation'$ policy is to hold •t le £0.3M of reserve•. This is the gnticipd annual expenditure bud8¢t of the Foundation goin8 forward. Giv¢n thai legacy income is variabl¢. r¢Krve8 will be held at a level to eDSUT¢ all ¢ost8 con be ¢overed even if no legaci&s arr rK¢ived in atty one year. Unrestrlcd reserv are currenuy £3.2M ID ¢x¢as of £0.3M. This bHJanc¢ be reYi¢wed duriD8 2021122 detsn if fimd4 8hcwJd be 8r4nd to RSG Kew. Invmtmettt Pollfy and SttemeDt ofknvejthient Prlttdpla The Foundation holds funds for the short and medium-rni to ensure liquidity 8nd to meet the requirements for specifi¢ projects and purposes. fimds aye itiv&5t¢d in short ¥nd medium.ternL deposits and other short and medium.l¢nn I7¢ntS cOrdIng to the guidelitie$ 5¢¢ out by th¢ Borf reviewed annually. The Truse8 bav¢ d¢le8ated the itive8ftnetrt mana8emenl Tole over its ill•Kstmeni wrfolios to: Cazenove Capital for the Sallthury Orchid Fund enth)wm Handelsbanken Inv¢stmeDi Mana8¢f5 for other end1)Wmt WHI unspeni leY fun&%. Goldman SaclL4 lttt¢rnauonal for mallagem¢nL Funds invested by Cazeoove Capitsl have an ittvestDent obJtIve to D]Aintain the real value of e4Jitsl while 8encrating a sustainable level of income to support the Rese4r¢h Fellowships at Kew. The wjrtfolio is xnvated piirnarily in the Charity multi.knet Fund with som¢ k)wer nsk holdiDgs of knds and c&sh investh)ents. The tsrget ieturn is CPI plus 31IA per annum, Det of few over th¢ long terni. recognising the inveslment return from income Jr41 capitsl gaiDs or lo&ses. The ovaajl illvestri¢nt objeetive of the furtds managed by Hande15banken is lo achieve pisitive real reiums of CPI plus 3Y• over the long t¢rni. while niainitiining a medium tolera¢ ri Funds inv¢sd by Goldmon Sachs Inten1001 are all h¢id in tbe Sterling Mcrfy Matket Fund. The Tnte¢S hav¢ decAded not Teinvest holdings in non-C&sh holdings at th¢ present time. to prerve liquidity. The Tnle¢S review annuAlly th¢ [rnnee aDd service of fixn&inv&stment malgerS. itiveslmeDt Pri1p]eS alld guidelines for product iiivesiment. ID late 2020r21 the Tnjstees dideAl to transfer the Cazenove investtnents and most of the Halldelsbanken porfolio tO"SUStsIbAe fiuth". The $sl1e funds reduce the Foundation's
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2021 Strategic report been alOnl in early 2021122. Ethlei The T$tS do not wish impose any S[]fiC ethical itivestment poltcy, INt the as6ets sbould be invested tti line witb the charity's ain aDd conforni to the En8agem¢n¢ Pokn'cy. IDvegtm¢nt performall¢¢ perfonnance. The 2020121 fmancial year saw recovery in wrfolio T4alu¢s followiti8 the 6i8llificant V01]1ty and decitn¢ in the final months of the 2019120 year when markets Degatively reacted the Covid-19 coronavinLS pandemic and oil price Bhcth. The totyl investment gAill5 for the Fowldatl('s investment wJrtfoJios in the ye•r were £1.5M. The Hand¢lsbw&en portfolios retsUn ts1 anttuai gain8 of betwe<n 13% and 25°h in the fjnancial yw {2020.. 1088¢8 between 4% MI.8%}. vthile fiM)ds invested with Cazelve returned a gain in yah of 20% (2020.. 10&4 6Y•). Fundrthlng Th¢ Trustres thank the following for their generous supwi of our vitAi wrt: IndividualB and Trusts.. Kirby L4ing Foundatio Steven Lansdown CBE aod Ma88ie IaDsd Lt8aeie8.' Mr John Balson, Ms Jennifer Barrie-murray. Mrs Frao¢¢s Brenll, Miss and Mr Jean olld Arthur Davenport. Dr Mary Foxwortby, Ms Mary Hill, Mr Ath Jobbing$. Mr Anthony Johnston, Mrs Caroline Kenward. Ms Mar8aret Kerr, Mi&s Moureen McKelvey. Mr John Palleo Mrs Dilys Pinioll, Ms BarbaTa Pwvis. Mrs Paula Rogers, Mrs Jean Rose, Miss Ami Sayer, Mrs Jmo8¢n Stnallwood Mr Jeremy Sianley.Smith. Rlok maD8emtnt The Foundation h&s a robuyt risk mana8¢ment framework which is update4 pr¢s¢DteA and reviewed by Tntstres once a year. Each risk h#s an assigned risk owner who wiu coordi actions to mitt'gate the risk and record progres mad¢ and actiODS conwl¢ted. The currtnt 8i8Dificatti riqk8 for the Foundation are detsiled below.. Reputatio1 risk from engag¢ment with third parts¢s whose activities could lle8atively impact the Foundation's reputstiotL To mitigate this iisK DonoT Third Party Eoga8ement policies are ill pl&¢e. which iticlud¢$ 4s%s5ment of poteDtial risks from enpg¢tnents. Failure to proee88 Pe0a1 dath ID wmpliance WAth r¢l¢valli iegislatithL To mitigate thi% risk. a data fTrmework i8 iti pla that ensurn doDor dats held is in con1101 with data protection requirements. performance monxtored thrwgh the year, with any Tisks hwbli8btryJ kn the Trustee5. The Foundation holds reserves at a level to mc¢t i(s operatio8 cojnmitments aDd any fuh¢ 8rant coii)Illt¢try¢nts. Pl•n¥ for fvture perRod due from existsng donor pl is deliv¢reAI The Fthllulati( will also eoniiDU¢ mana8e its investment portfolio.
The FoundAtion and Friends of the Roygl Botanic Gardens, Kew Year ended 31 MAr¢h 2021 Trnstees, responslbllfities statement The Tntr¢s (who are also directors of the F(Mmdati¢)n for the of ¢oMpY law) are rwsthle for prepari the Tnle¢s, Annual Report and the finan¢i4t stslen)ents tn accord#nc¢ with applicable law and Utiited Kingdom Accounling Standatth (United Kmgdom G¢Dernlty Accepted Act4)untsn8 Practice) includm8 FRS 102 'The Financial Reporting Stsndard applicable in the UK 4Dd R¢pub]ic of Ireland". Company law requir the to prepare fllY8ti¢j staments for eacb financial yeaT wbicb give a ttue ond tsir view of the state of affairs of the djaritsble conwy and of the incoming resowets 8nd application of resourc¢4 includin8 the iticorne ¢xperydihue, of the cFthritsbk wmpaDy for pttl In prepwiD8 the8e fjnallcial statements. the Trustffs ar¢ required to: selfft suithble accoutttiti8 N)Ji¢iu Ind then aFyly them colsY. observe the method$ 4Dd principles in the Chariti&% SORP. make jud8ements estimates that are re&qonknle and pnthnL state whether applicable UK Accountin8 Standards have been follorf Athject to any material departures disclosed and explained in the financial ststrments,. and prepare the fllwicial statements on the going ci)ncern basis unltss li i8 iDappropriate to presume thai the ¢lwitAble The Trustees •r¢ T¢Swl¢ for keepin8 a¢¢crtmtin8 rKord8 that dilose with re4sonable accurw at any time the fllwi¢iaJ Wltion of the charitsble compatty •Dd eD&ble them ettwJre th&t the fuwA¢ial statements Comply with the Compmtiiu Act 2006. They are also resp)nsibl¢ for safeguorth8 the a&s¢ts of the charitable compgny 4nd hence for takiti8 rewnable steps for the prevention {1110 of fraud and oth¢r irregularities. In so far the tru$*e¥ are aware: there is DO relevant audii infornution of which the cbaritsble compan$ Judir is unaw and ¢b¢ Trusttts bave taken all st¢P5 that they ou8hi to bave tsk¢n to make then1Ve$ awar¢ of any levant audit inforniation aDd to establi$lL th•¢ the auditor is aw&Te of that itiforma¢iotL The Ttustee8 Are respole forthe ma1¢£nanCe aDd iDte8rity of the and fjnancial infornw¢ioD included on the ¢haritable ¢omp8ny's website. Legis]ation in the Unityj Kingdotn govetlling the preparation and difjsemination of rllwLci41 slatemeDts llY differ from1¢8islatsoJ) ID other jutksdictions. Th¢Tn Report and the Strat¢gic Re[rt were approved by the Tn aDd Si8Ded on their behalf by.. 7 July 2021
Independent auditor's report to the Members and Trnstees of The Foundation and Friends of the Royal Botanic Gardens, Kew OpADion We bave audited the fllwjci stat¢D)ents of The Foundation and Frlends of the Royal Botanic Garde Kew for th¢ year ¢nded 31 Mah 2021 wbi¢h comprfftse the Ststement of Financial Activities. the Balance Sheel the Sutnmary Income and dItuTe Aceounl the Ststemenl of Cash Flows and notes to the fin2nei81 atctttts. ]lUding sunllnary of sigttffjwit accounting wTrli¢ies. The finaDcid ryrting framework thai has been applied in their preporation is applicable jaw and UnitrAJ Kio8dotn Accounting Siandard4 illcluding Finawial Reporting Standard 102 The FinonciolReponingSiondordapplieable in ihe uK¢uRepubl0flrelQlld (United Kingdom GeDeTaJly Accepted Accountin8 Practice). In ouropinion. the finattciai statrments: give a trthe and fair view of th¢ ststr of the charithbl¢ c{Y'S affairs as at 31 March 2021 and of the cboritabl¢ compally's nel movement in fimds. iti¢luding the iticome and expenditur¢ for the year then end¢d,. have been properly preptred in accordfince with Unid KiDgdom Genernuy Aecepted Accounting Practice. Balts for opknlon We condu¢ied our audit in accordw¢ lnwwi( SiaDdards Audititi8 (UK) OSAS (UK)) and app]ib]e law. Our re4ponsibiliti¢s under those Stsndards are further described in the Audilor's reskM)tLsibilitses for the audit of the fu11 ststemen¢8 5Xtion of our reporL We ar¢ indeptht of the chaTity ID accordance with the ethical requirements that are relevant our wdit of the fin&tal statements ID the UL iDcludi08 th¢ FRC'S Ethi¢a] Sta, and we bav¢ fulfilled our other ethical resE51b11Iti&q ID accordance with these requirements. We believe that the audi¢ evidence we b8Ye obtAin¢d is sufficient and appropii4 to pmvid¢ a basis for our opinion. Con¢jUOnI relitkng 1• 8olDg eoneern In audt¢ing the fjnattcial Statemen we have con¢luded that the tru8<4' Ug¢ of 8OiD8 C(rfK¢rn basis of a¢¢ountin8 in the preparalion of th¢ fuwKial stht¢ments is appropTia. Based on the work we haveperformed, we have noi identified atty [tt4terI utteertsinties relating to events or¢onditio thaL tndividually or colle¢iively. olay e&5t significani doubt on the ehari¢able cmpany's ability to wntinue as • goiDg ¢oncem for a pericd of w k481 twelve months from when the finallei41 statements are authorised for issue. Ow rnponsibilitie8 arml the Te111tie8 of the trustees with respxt lo goin8 ¢x)ncern aT¢ dwribed in the relallt 8xtioL8 of this report. Other Inforniatlon The tystees are r¢4ponsible for other inforniatiorn The other inforni10ll compTises the inforntion in¢luded in the Tntst¢&8' Report. Our opinion on th¢ 5ts1¢ments the5 JJo¢ cover the other inforniation an exeepi ¢0 the exteot othenvise explicitly Stat in ourrem we th noi express atty fonn of conclusiim themn. In connection with our audii of the fiancIal statements. ow respoJJsiThility is to tead the otheritifonnation and. iti doing so. consider whether the other Inforntion is materially iDCOLSi8tent with the finawial statements or our knowledge obtaxned iti the audit or otherwise 8ppe#TS to be nTr8tetially misststed. If we identify such DterIal inconsistencies or apparent nMteTial misststrments, we are rwiireA to dcierniine whether there is a materia] mi&statem¢nl in the fal tatements or a material lteMent of the other inforntioll. If, b&4ed on the work w¢ have perfoTmeiL we eon¢lude that there is a rnaterial mi&4tst¢ment of this other infornwti(KL we ate rwiTed to reN)rt that facL W¢ have nothing to re5 ID this re88r Oplttlonl on other mtten preseribed by the Compamles Aet 21)Q6 ]n otsr Opinio based on the work UDd¢rtaken iti the course of the audiL the infornwtion given iti th¢ Tne¢s, R¢wJrt (which includes the strategic rert emd tbe directors. report prepar&J for the poseS of wmpally law) for the finla1 year for which the financial ststements ate prepared is consistent with th¢ finaocol sratements. and the strategic repon and the directt)rs' rEIM)rt included within the Trus*u' R4 bave been prepared in OTdance with appjicable legal rffjuirem¢nts.
Independent auditor's report to the Members and Trustees of The Foundation and Friends of the Royal Botanlc Gardens, Kew (CODt.) Mtten on Fhleh we #re r¢qulr¢d to report by exeeptton In the light of the knowledge aT of the charitable company and its environment obtained in the course of th¢ audiL we have not id¢ntified nterial tnisstatements ID the Tne£s. Rqx)rt (wbith incoTPOrnte4 th¢ strategic We have nothm8 to re in resm of the followinB matth in relAtion which the Companits A¢t 2006 requirts to report to you if, ill our opinio ad¢quate accountu18 records hkv¢ not been kept by the ¢b¥Tithle compally. or the charitable compaDy rcIal staments are not itb agree4llent with th¢ wMling rerdS and rekn" or certain di8elosur&4 of truste¢S' Temuneration 8pe¢ifi¢d by law are not m,. or we have not received all the inforniation and explanatit we requir¢ for our audiL' or the truste¢s were noi entitled to pr¢par¢ the fulancial stst¢m¢nts in accord with th¢ 8ma]I cotllpalli&q' Re0D81bfjILtIH of trust¢u for the 15nellI tAttme4ts As explained more fully in the trusiees. rwtt%ibilities statement set out on p48e 8, the In (who are also the dirtOr of the eharit4bl¢ MpanY for the purN)w of company law) are re&)81b1C for the preparntion of the fuwicial sthtrmertts for bang saiisfied thttt they give a true and fair vi¢w. and for such internd ¢ontrol as the Intte8 determine is to enable the prepaTrtion of fjnallcial stot¢uMts that are free from Tial misstatemeni wl)¢dw due to fraud or errnr. In Prepari the financial stsiements, the trustees aTe respottTr•le for •sseg8ing the clwitable ¢ompany's ability to continue a going ¢oncern, disclo8th8, &8 #pplithle. nwrs late£l to going concern and Using the goin8 concern basis of aecountin8 unless the tn either innd to liquidatr the clwithble company or w eeas¢ op¢rauons, or have no realistic altenjative but to th so. Audltor'l rew0nbIlItie• for the •udlt ofthe flnnell •¢¢¢ments Our obj¢¢tives are to obtaiti TeasoDable asswalltt al1 Wheth the finalleial sthtertJ¢nts as a whole are free from a¢¢Tial miutstemeni. whether thie fraud or error, WMI to issue an auditor's r¢port that includes our opitii¢)n. Reasonable assurance 18 a high l¢v¢l of assur but is a guarantee that an audii ¢ondu¢ted in aceord8n¢¢ with ISAS (UK) will dways deieet a malerial missthtemeni when il exisls. Mlsstatements arise from fraud or error and ar¢ ¢on8idered material if. individually or in the a8gregat¢, tIKy could reasonably be ¢xpect¢d to intluence the ¢eonomic decisions of users taken OD the basis of these statements. trregularities, including are inslances of non-ciJMplian with laws and re8ulwtions. We desi8n pr(x¢dures in lin¢ with out resFxinsibiliti¢S, Outlined above. detect ma*¥ial misstatements iti re4JKt of irregularities, including fraud. The extent to wbieh our pro¢edwu are capable of d¢lxtiDg iarles, itieluding fraud is detailed b¢low: Based on our llttd¢n of the company aDd th¢ fVironmI itt which it oper8l¢s, we identified that the principal risks of non.compli8n¢e with laws and Tegulations related to regulatory requir¢meDts for the charitsble wmpany. and we considered the extent to whi¢h nOnlianCe migbt have a matrrial effect on the fuwicial statemcDts. We a180 ¢onsidered those laws and regulations that have a dirtt impact oo the preparntion olthe fllwicial ststetnents 8u¢h th¢ Companies Act 2006 and the ChaTities Act 2011. and WLsits other factors such the t&Yation environm¢ut. We evaluated Managemet'S incentives and qj11ties frauthdent manipulation of the financial thtemerlts (including the risk of ovcrride of ¢ontroLs). and det¢[m that the wincipal risks were related to p)sttng by the engagement team incded.. Diswssions with MateMent IldI8 c4)nsideration of known or SUtea itistsDces of non.compli8nee th laws and regulation #Dd frau. Evaluatillg management'5 c(mtrols designed to and det1 JrKe8u]aThti¢s" Identifying and testiti8 journals. in particular eJtries wxth wiuwal a¢wunt combitiations, )stings by unusual user5 or with unusual descriptsths. and
Independent auditor's report to the Members and Trustees of The Foundatlon and Friends of the Royal Botanic Gardens, Kew (cont.) A fiJrth¢r description of our T¢sponsiTr•ilities for the auth'i of the fiDaDcial statalla is located on the Finatt¢ial RertIng G)uncil's website at: of our report Thi8 Teport is made sokly to the clwitsble companYs members, body. in with CThapt¢r 3 of Part 16 of the Companies Act 2006. (htr audit WOTk h&8 been undeth 80 that we Mht stste the cljaritablc compan8 members those n]atters we are required to ststr to them in an Auditorfs report and for no other purpose. To the fvllest extent pennitted by law, we ¢k> not ept or r*p)nslI11ty to 4nyone other tlwi the clwitabl¢ wn)pany and th¢ ¢FLarithble compan8 members •s a i. forLNty audit worK for this repoT4 or for th¢ opinions w¢ have fornied. Riclwd Weaver IS¢Dior StatOry Auditor) For and on behalf of HaYsmlQtyrt LI. 10 Qwn Street Place Statytory Auditor Date- 08 July 2021 EC4R IAG 10
g2 lji
The Foundation and Friends of the Royal Botanic Gardens, Kew Summary income and expenditure ae¢ount Year ended 31 March 2021 2021 2020 ltteome DonatioLs and legaci Interest and investment iocon Gain(loles) on itiv¢s¢tneDts 1.803 93 705 5252 210 (393) GrM8 Ineome ID th¢ reporthig perlod 2.601 S,069 Tot•] expendltsre In the reporthg perlfjd (3J3T) (7.934) Net eIpendlture for the reporthig per (736) (2,865) As required the Con)pariM Aci 2(M)6, this slAt¢m¢nt pregents the movemeots on income attd expenditr excluding endowinent fills. 13
The Foundation and Friends of the Royal Botanie Gardens, Kew Balance Sheet as at 31 Mareh 2021 2021 2020 Not Flxed a8*ts Ittves¢menls 21.651 20.092 Tot Axed 21,651 20.092 Current amets Debtors CAAh at bank and in halld 1265 2.896 1574 4,845 Total ¢urrent auets 4,161 419 Crtdlton: amouttts falling within one year {1,948) (2.812) Net ¢llTrent amets 2313 3.607 T•tsl aMet¥ leu curreDt M8bSlld 23,699 NET ASSETS 23064 23,699 Tbe fundi of the eh•rity: R¢5tri¢ted income funds Permanent endowment fimknls Exp¢ndable endowment Unrestricted fiuth- desi8natsa Unrestricted funds- 8enernl 10 10 io io io 4.962 2,630 2,147 10,601 3.524 6,821 2,263 1,735 8.333 4,547 TOTAL FUNDS 23,864 23,699 Note5 1 to 15 forni pttrt of these accoun These financial ytstements of The Foutithion and Friends of the Royal Botsni¢ Gardens, Kew (re8iStered number 2499000) ¥4pproved authoris¢d for is5u¢ by the BoaTd of TnL4t¢¢5 and signoj on their beIlf by.. 7 July 2021 l4
The Foundation and Friends of the Royal Botanlc Gardens, Kew Statement of Cash flows Year ended 31 March 2021 No¢e 2020ni 2019no Net eaih IloJv• from •)per•th8 Ktfvlt 14 12,lOS) 674 C•ih l]owi from iDveth8 ¢tlvld¢x: Dividends and interest from investm¢nts Proceed8 from thc skle of inv¢stsnents Pureha8¢ of inveslm¢D¢y 206 172 (222) 316 3.985 {3.956) Net tih flows from lffjweth ¢¢M¢k¥ 156 1,019 Ch•n8e In ¢th In the reportlng wlod (1,949) 1,019 Cib It the be8 of the repordn8 perlod 4.845 3.826 Cib at the eRd of the reporthi8 perlod 2096 443 NO 1- 15 form part of thex accoullts. All cash and equivalents are included in ¢ash at bgnk Imd iti Iw 15
The Foundatlon and Friends of the Royal Botanie Gardens, Kew Notes to the Aceounts Year ended 31 March 2021 S¢tsment of aecowithig pM¢k• Blois of preprtlon The fuwicial $tstements have been prepared uoder the historical c05t Conventio with the excwion of investments which ar¢ included at fair value. Tr fjnancial sthtett)enL4 have been prepared iti with the Ststenient of Recommended Practice (SORP 2019).. A¢unting attd by Clwities preparing their accounts in accordthKe with the FI01¢1a1 Rerting Stsndard w]ithle in the UK and Republic of Irela[ (FRS 102) i&sued on 16 July 2014 and th¢ Charities Aci 2011. The r]naD¢ial sthnKnts pre8¢D¢ InforntiOn for The F¢)undation and Fri¢Dth of the Royal Botatii¢ Gardens Kew (-K¢w F¢xuNlation" or kn FwDdatiOD'?. The Found&tion is a private company litnit¢d by guarantre. ille0m)ted in England and Wales and is a cbtirity registered in Englaod and Wal&s. li is & Publi¢ Benefii Entity. Th¢ m¢mbers of the Foundwtion are the Tntst¢u. In the ¢vent of the Foundation ixing wound up. the liability in resp of the guaUle¢ is limited £1 w member of th¢ Foundation. Golng ¢on¢trn Having reviewed flow forKasts and tdBets foT 2021r22 and brythld, the TTr have 2 reso1le expectstion thai the Foundation adequate resources to continue in operational exist¢nce for the foreseeable ture, not le&$ than 12 months from the date of Signing. AccoTditi8ly. they ¢ODtiDue to adw the goiDg cojwxrn basi8 in prep the Trustees. Report and Finan¢ial Stat¢ments. Rderv The FoUntiOn has a Reserves Poli¢y thit Je¢ks to maititsin uzw¢stricted re8erA (ex¢luding the desi8tiat¢d property reserve) at around one year of futtwe opeTalin8 expenditstye (£0.3M). Unrestrictyj rtts¢rv¢s are currently £3.2M in excess of £0.3M. Tbis balance will be r¢viewed duno8 2021122 w detsn when funds call be 8f8nted RBG Fund leeounthig Gen¢rnl or unrestrictrd fid3 are available for use 4t the disudion of the Trns¢s in furtherw of the objective8 of the Foundation. These are thai bave not been d¢5ignated forotherpurpow. Designated ¢omprise UDrestrAcd funts lde by the Trust¢¢s forpthicuiar pll4xw. The aim and use of each designated fimd are sel (t ID the rtotrs to the financial statrjnents. Restricd fillmls w¢ fimdy whicb have be¢n rnised by the FthmdatioD for particularpurposes wl are to be used in Accordance with spe¢ifi¢ restrictions itiy>se41 by donor8. Tr aim atKi use of each nterial rtstricted fijnd are 8¢¢ out in the notes io the fman¢ial siatements. Endowm¢n¢ fimds are a mix of rtstricted and Unres and may be experthble or pernwiettL Perman¢Dt endommeni fiumts are held by the Foundation 8$ & corpora* trustee and Iks not form part of the corporate propety of the clwitable company. Durin8 2014115 the Sainsbwy Orebid Tnwt Fund {£2.4M) transferred to the Foundation from the Bentham. Moxon Tru3t. Using this pern1 endowmenL the Foundation will provide grants to RBG Kew connected with the advallce2nent of thcation and learning by the promotion of study and enhancexnent of the orchid colleetion and orchid work The Trusi deed confeE5 an QVffl5ight role on two other sels of Trustec5" Robert aod Lisa Sainsbury Art Tntst Ltd Truste¢s (previously known &s th¢ Art Tn). the Gatsby Clwitable Foundation TThstees (previou51y known &8 tbe Gatsby TnLStees). Ineome All income including gr#Dts Jre iDcluded the Statement of Ftnancial Activiti¢8 (SOFA) when the Foundation is legalty entitloj to the income, receipt is probablc. and the aD)ount can be with sufficient reliability. For 16
The Foundation and Friends of the Royal Botanic Gardens, Kew IYote$ to the accounts Year ended 31 Mareh 2021 peeuuiary legaciffj this is up)n notification (probate). Residuary legacies are regniSed when probate is granted 4nd there is sufficient ittformation to valu¢ them {u• r¢ceipi of eststr %counts). Where kgaci&8 iti¢lude the transf¢r of property, this is iti¢luded at v8htiOn. No amounts are included tti th¢ financi stathents for servi$ donated by voiuDtrer5. Gi118 iti kind ore Iti¢lUd at fair value. lkna¢ed 6ervic&% w (1]itieS are in¢ludeJJ ID inwm¢ at a valu10 which is an ¢stimate of the financial cost t)rne by a third paty. tncom¢ tsx re£overable in relatiOD to &)natiOn8 rtteived yndu Gift Aid or deeds of c4)v•wt 18 reco8tti at the time of the dona¢ioD. Income T0Verable iti latiOn inv¢8lment income is T8015&1 at the fin the itiv¢8ttnent income Rs r¢¢eivable. Expendlture Expendiwr¢ is accounted for on an ru818 b1$. Wbeffe eosts cannot be dir¢¢Uy attributed ty particular a¢tivitie5. they hav¢ been allOted on a b18is coasisthnt the we of refj0u. Unrestri¢¢¢d grants RBG Kew are rttognw41 when 4wroved and fornthlly conununicAted with the reeipienL Restriet¢d grants to RBG Kew are reco8nis¢d and awarded Kew on approval of a valid Claim. Gifts tti kind to RBG Kew ere Tewgniged whett the Fowjdation donates staff lime or other a&ets. FuttdTaisiog costs are incuTh in se¢king volutttsry ¢ilUtiOnS and th D)t include the cost8 of disselltIng infonnation in support of the ¢11ble Ktivitios. Support CO8ts are those COSLS iti¢urr)I irt svpM orexdItUre on th¢ objects of th¢ Foundation. Governatt¢e costs are incurred in connection with the adm[tratiOn and eompliance of the Foundation. Gov¢mance And Sup1 costs are allocat¢d across the various activiiies of the FoundatiOD on an tstimate of the time spent by staff. Grant mAklng The Foujthtion rui5¢s monles for RBG Kew. A rcqu¢st for payment for various projxls propiwj by RBG Kew 18 made to the Fouttdation TNste¢8. When application5 are received, the FouDd8tion gives dent due eonsid¢ration 10 8ranting such funds, considerin8 the Strategy aod wishes of the donor and. if approved by the Trustees, payment is mad¢. Proptt evide¢ of exFndi¢ure 18 always requi(L the 41isfaction of the Trustee8. IDveitments tnvegtments are stated at market value at the b41ance sheet da. The SOFA In¢hc$ the net try$ and losses arisiD8 on revaluation8 and disp05als throughoui the y¢8r. Inv&sthieDt movements L4 dil0$Cd in the Staiement of C Flows reflect additions to and Thithdrawals from the iDvesttwi wthlio. Taiatlott ¢¢ounthig Th¢ Foundation is a registued chariry and b35 no liability co4x)ratioD tax orl its charithble activitics under the Corp(wation T&x Act 2010 (cbapters 2 and 3 of part se¢tion 466 onw¥rds) or Stttion 256 of the Taxation for Char8eable Gains Act 1992, to the extent sU1se8 are applied to its clwitable purposts. No tax chatBe aTisen in the year ended 31 March 2020 or 31 Mar¢b 2021. FIttn¢1 IDStruments IDV¢Stments are awMWted forat fair value though profit a1 lo&* iti [dance with the requirnD¢uls of FRS 102 sections I l and 12. Trade and other d¢btOTS are ryi8ed ai the settlement amount due. Prepa>ryn¢nts are ?lUed at the amount prepaid n¢t of any trade diwunts th. Cash at bank iticludes and short.lerm hwbly liquid illvcstments with 8 Short matirity of three montrLS or I from the date of awisition or opening of tb¢ deposit or siJni18r accounL CredAtor8 and provislotts are Twnised wh¢r¢ the cljarity bas a present obligation resulting from a p&st event that will probably result in tbe tralfer of fimds to a third party and the amount due to settle the obligation call be me8surryJ or estimated Teliabty. CreditOf5 and provisions aTe nornMUy recogniwl at their sett]emeDt atDount after allowing for aDy trade discounts due. 17
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 Critle41 aeeowithig Judgement8 lld kry of estlmAth)n un¢rthinty In the applicatioD of the Foundation's aceountillg policie4 whith are desmThed iti this wte, the Tnts¢ee5 are ruIred to make judgements. 45tiffja and Lwtions aiKSUt the caryiDg amounts of &%s¢ts and liabdities that are aot readily apparent from other SCI¢s. The estimas and LSfxiat¢d lDpU0nS baseAJ on bJ'storica] experience and rewgnised in thc period io which the tstitDa¢e is revised if the revision affects onty that perio4 or iti the period of the r¢vision and futUTC periods if the revision uffects both current and pmods. The TTUSttts do not consider there gre any other ulti1 jud8¢m¢nts or wur¢xs of e8tinJation uncethty T¢quirin8 disclosure. llleome and endov4mtnts from don¢10$ grants leyd 2O2(Inl UnreJtrl¢ted Rertrfeted Endovnnent £•ooo Totsl 105 1.698 L4a¢ie8 1,443 255 359 1.803 2019120 Umrestrleted Re•trleted Endowment Tot £ooo 1,440 3.812 Grants and donatioDS Le8acie8 1,438 336 3.476 3,478 .774 5,252 As at 31 Mwrh 2021, the Fourtdation had beeD notified of 49 {2020: 4J) le8aci¢& estimated to be worth £2.37M (2020.. £1.17M), £0.06M (2020.. £0.26M) of which has been reeognised &s fftteipt is probable and th¢ amount con be measwed with suffi¢i¢Dt reliability. Of these. the Foundation bLs been Dottfied of 3912020.. 28) residu8ry legacie5 estimated to be worth £2.33M (2020: £1.13M) and of which £0.06M (2020.. £0.24M) has been rtto8tiis¢d. 18
The Foundation and Frlends of the Royal Botanic Gardens, Keiv Notes to the aeeounts Year ended 31 March 2021 Ineome from IDVatments 202Olll Resttleted EndowmeDt £ooD Unr¢strl¢ted Total Bank interest Dividends & other distriltiOnS 76 16 113 205 77 16 206 2019no Unre8trl¢ted Re4tr1¢trd Endowment £ooo Totsi £'ooo Bank int¢resi Dividends & other di8tributioDS 140 63 316 147 63 113 323 19
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 Eipendlture 2020121 Grant Support aDd of governaDee ctivldes cmts £'OOOi d other Total Raising fiJnds- donations and leBaci&8 Raising fids- itivestment iocome 161 27 74 235 27 Cljatitable activiti¢8 Scien¢¢ 1.856 583 652 1.856 583 652 Other support to RBG Kew Totsl Clwitable a¢tsviti¢8 3,091 3,091 Support ¢08ts 74 (74) Totsl 262 3.091 3.353 2(119120 Grant Support Ind fundlttg of governaDce edvltl £,01 Marke aDd other dlrect tosts £?0 150 18 Total £'ooo 241 18 £'ooo 91 Raisin8 fun(Ls- donaiions and legacie8 Raising fi18- inveslment iwome ClJarit•bl¢ acuvities Science Horticulttue and Learning 5.682 .033 976 5.682 1.033 976 Totsl Cljaritable #ctivities 7,691 7,691 Support costs 91 (91) Tothl 259 7.691 7,950 20
The Foundation and Friends of the Royal Botanic Gardens, Keiv Notes to the accounts Year ended 31 March 2021 Support governao¢e co 2020121 Totsl £'o CM¢J Incurred 18 56 OffwL adrninistration and Oth 74 2Q19120 Tot Costs In¢urred Gov¢mance Offi¢¢ athniniqtration other slipp 17 74 91 Net {txpelldlture)ATreome Total 21120ni Tota] 2019120 £10 Auditor's remuneration: Fees payable to the company'$ auditor for the Audit of the Foundalioti's aunuol aeLQUnts Non.audit fees= - T&x filiti8 18 17 21
The Foundation and Friends of the Royal Botanic Gardens, Kew Iyotes to the accounts Year ended 31 March 2021 Flxed knv¢¥tmeDts Endowment IDvethnenti Invtstment8 £'ooo TotAI £'ooo £'ooo At l April 2020 3.998 {171) 124 16.094 (i) 20,092 {172) 124 98 Incom¢ re-inves*d Reali8ed gains 76 798 705 1,503 At31 M4rth2021 4.777 16.874 21,651 EttdowmeDt Other vulments Investmtn¢g Tot•1 £'ooo At l Aprtl 2019 Sales proe¢¢d8 4,399 (7W) 648 23 33 (405) 16.487 {3,285) 3.101 20,886 {3,985) 3,749 207 33 (7981 Income re-invest¢d R¢4]ised gainsAo UnT¢alised losses (393) Al 31 March 2020 3.998 16.094 20.092 2021 2020 £'ooo IDveslmeni at fair value cw1. Commodities Equity Bonds Property fimds Hedge fid$ Liquidity funds (includi08 C&8h and ¢¥sh equiValet} Cljarity Multi A88et Funds 333 3,855 2.759 390 930 10.754 2,630 343 2,805 2.491 638 676 10.876 2,263 At31 21,651 20,092 All fixed asset investments are held in the UL Investments at historical cost 16,602 16.774
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 Debtors: due T41th1• otte yur 21121 £?000 2020 £ooD A¢¢nl income 1265 1,574 1265 1.574 Credltor•: thOllDti fal]InR due wlthth ome year 2021 21120 PayY4ble fflad undertok AC(nlS 1.929 19 2.794 18 1.948 2,812 23
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 10. St•tsment ol fwid¥ BAi•nce l Aprll 2020 Ba1Ce 31 M•rch 2021 Reeo%MIX ¢ome Expttsdlture gain0•$Cl) Tranlfe Restrkted llleome Fundi 6,821 375 (2J56) 122 4.962 EDd•wment lund• SaiL8bury Orcbid Fund 2263 92 {6) 367 (86) 2,630 EeDdble eDdov4ments StDythi¢8 Fund Lennox Boyd Fund Shawdon FurMI Bewsey Fund 157 567 50 197 13 240 63 1.176 21 (io) (36) Tfjt endowmettt fwidi 3,998 (16) 804 (122) 4,777 Total rutrleted #nd endowmellt fvDdi 10,819 488 (2J72) 804 9.739 Unre•trl¢ted ddl8nted fundi iJ( (51X)) 800 2,433 1.376 2.617 3.375 Family Kitchen & Shop Dirxtor of Science Ruearcb EtthancRng Visitor Experience {561) (83) (83) {8) 1.459 2,7 803 2.580 .333 (735) 3.003 10.601 uttreted fund8 Genejxl Fund 4.547 1.521 (246) 705 (3,003) 3,524 Total wmtrlcted fllDdi 12,880 1,521 {981) 705 14,125 Totsl fundi 23.699 (3.353) 1.509 23,864 24
Tbe Foundation and Friends of the Royal Botanie Gardens, Keiv Notes to the accounts Year ended 31 March 2021 B•]Dce l Aprll 2019 £'o Bal4nct 31 Mrch 2020 Illfome Exptnditure 811no095¢S) Tr4nrfer8 £'ooo £'or £'o Restrl¢ted Income Fund 11.702 1.837 (6.844) 126 6.821 Endowmellt fndS Saitisbwy Orchid Fund 2.485 74 {6) (196) (94) 2.263 Expettdable endowments Smythies Fund LO0X Boyd Fund Shawdon Fund Bewsey Fund 173 622 55 (16) (55) (5) {100) 157 567 50 961 39 {10) (32) Total endowmtllt fund• 4J99 (16) (372) {1261 3,998 Tot•1 rerItted Ind endowment fuDd• 16,101 1,950 (6,8rf11 1372) 10,819 Unrtttrl¢¢ed dMl8ll•ted fuDdi Prowty Fund Family Kitchen & Shop Director of Science Rese4rcb 1.3 iJoo 2.994 1.459 2,580 (6) (41) 1.500 2.580 i J(N) (47) 7,080 8,333 UDrutrlcted fuDdi Geoeral Fund 9.438 3,625 (1,043) (393) (7.080) 4,547 Tot*l UDreJtrieted fuDd• 10.738 3.625 (1.090) (3931 12,880 Total funds 26.839 5,575 (7,950) (765) 23,699 See Note 15 for details of 8¢n¢t support to RBG Kew. 25
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 io. Sttemellt of funds (coDthiryed) Fwidi InfonD•don RestrActions on the endolleDt fia3 ue &$ follows: The Slnsbury Orehld Fund is led to provid¢ Ws to RBG Kew wnnKted with the advancernent of ethication and learning by tbe promotion of SaY and enbaent of the Orchid eollfAion attd orchid work. The Trust d¢AI confers an ovetsight role on two other sets of TTUStets'. Robert and Lisa Sainsbury Art Trnst Ltd T$trtS (pr¢viously known as the Art TTr) and the Gatsby Charithble Foundation Trustees Ipreviously known the Gatsby Truste¢s). The transfer fn)m this fund represents re1¥ iDC4)m¢ which is trInsfeea to the r¢]ated restrict] fund on a quarlY bgsi& Th¢ Smythiu is ao utir¢stricted exp¢odable en&)wmeoL Part of the fund should be US supp)rt botsnical illustration. The iottr¢st is used foT budget relief. The Lennox Boyd Fund is used by K¢w provid¢ ¢4hution for overs$ students through the Innox Boyd Programmc. tn particulmr, emphasis is p]aced on proutiD8 excban8es of pcople betwe¢n British InstitiOnS Th¢ Shawdon Fund is used to support K¢w's aDnual wintrr 8eTies with an emphasis. but not exclusively on any &SPttLq of the uges of p]aDts for m¢dicine. The Bew#y Fwid w43 T¢ceived by the Foundation in 2015116. It is an expendable endowment Ntricted to ollservation 4Dd reseawh. The trats4f¢r fTom fund represents a 3% artnual drnwdown to futtd S¢ience relad PTojects. Designations of Unrestri¢ funds •$ follows: The Property fimd repre8¢nI fiuth deyigDatyJ in 2016117 for RBG Kew's clIa1 proj¢cts. which at the time included renovalion of th¢ Temperntr House. The residual balance is beld for K¢w's use on other improvement work around the estate. 10 2020121, £0.5m Iwas desi8tt#ted ¢0 support Pa]m House reDov&tion and Science Qu¥rter projects. Family Kitchen & Shop- £3m wls transferred to designed fimds in 2019120 10 supwjrt RBG Kew's constrnction of a new terin8 and retail facility which will geDernte iti¢re4wJ revenue to Kew's charitable activitiu. Director of Scient¢ research. £l.Sm w&8 trjnsferred designatrd fiuth in 2019120 to support the Kew Director of S¢ience's rescch programme ID furt1¢% of Kew's objti¥. En1ciD8 Visitor Experi¢nrx- £2.7m was trlo8feI to support this infrthuclure project which is d¢siglled to further Kew'8 objeciives by growing reY¢Due alld enhancing tbe cngagejneni of Kew's visilors, members and other supportU3. Other designated funds of £3.4m represent allwations to other. SDMller tivItieS and projLXts, and unrestri¢ted legacy iticome recogni5 wbictrL th¢ TnLstres wish to d&sigDatc for futttre use in litie with the donors, non. bindin8 wlyhes. This will be subject proposais for use to be Submitted by RBG Kew. 26
The Foundation and Friends of the Royal BotAnic Gardens, Kew Notes to the accounts Year eDded 31 March 2021 Ineome Expend- Trn¥ferB Balance b¢tweeD 31 Marcb fwidi 2021 £'ooo iAp 2020 Retheted Fun Sclenee Sttd cotts¢ry8tion- sUMX)rting the collectio Storage end vigbi]ity of see&%, p4rti]arIY at RBG Kew's Millennium Seed Bank Tropical Important Plant Arn (IIPAs)- siipporting identificAtion and conserrfAtion of TIPAS Plant and Fun881 Tree of Life [POL) State of the World's P]4nts Orehid Fellow Othu scientifK r¢8earch and lld activity 279 (285) 1.158 504 {193) 390 855 563 206 1216 (469) (360) (85) (347) 386 203 207 882 86 Hortlculture Ind bo¢Dlc ¥vden• Evolution Garden Children'$ Garden Broadwalk Borders Wakehurst Pl4¢e Other horticulturnl #¢tivity 27 194 (i) (79) (54) (307) (102) 26 115 742 564 435 488 25 EducAtlon 4lld outreAth Grow Wild Otber ¢dation and outrea¢h activity 55 102 55 63 1391 Other 96 acquisition and access to RBG K¢w's Liknry ollecknons Chher activity ID SUFVOrt of RBG K¢w (34) 62 479 10 (i) 492 Gr*nd Tolal 821 375 (2J50) 122 4,962 All of the above fiuth are avail4bl¢ to be grattied kn RBG Kew uw)n rxeipt by tbe Foundation of the oecessory do¢uJnentation detsiling expenditUT¢. WithÈn reslricted there are vaTiOUS kveL8 of restriction. TTJtwf¢r5 between are made as approprnte attd reflect allocati¢)n to specific as ed with the tknor. 27
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 B#]¢¢ Int•me i Aprll 2019 Eipend- Tr*n¥fers BalAnee Rture behveen 31 Mareh fundj 2020 £'ooo Rutrlcted Fwidl Selellce 5220 69 storage and viability of seeds. particu]arly at RBG Kew's Millennium Seed Bank Tropical Important Plant Areas ITIPA8)- pportiti8 id¢ntific4ti0n And cOr¢tiOn of TIPAS Plant and Fungal Tree of Life AFfOL} Stste of the World's Plants 0hId Fellow Other s¢i¢ntific re8¢•r¢h and lated tIvIty (4.125) 1.164 545 102 (293) 150 504 1.062 324 166 1,012 (613) (110) {55) (579) 855 563 206 1.216 349 149 634 HOrt1tture aDd SdeI Evolution Garden Children's Gorden Broadwa]k Bortss Wakehurst Place Other horticultural aetivity (360) {207) (72) {98) (157) 27 194 401 126 836 717 742 564 Edut•t(on and •trch Grow Wild Other education and outreach ¥¢ivity 55 223 55 102 (122) 139 cquisition and access ¢0 RBG Kew'$ Li collectio Other activity ID SUPPOrt of RBG Kew (52) 96 891 349 {760) 479 Gr•ttd Total 11,702 1.837 {6,844) 126 6,821 28
The Foundation and Frlellds of the Royal Botanic Gardens, Kew Notes to the aceounts Year ended 31 March 2021 ii. Anaiyth of net betwttn fundi Fund baiAnee4 #t 31 Mar¢h #re repreted by: 21121 Totxi £?or 21.651 2.896 1265 (1.948) lnng.temi investments Cash at bank Debtors Creditors 12.488 1.856 43 (262) 4,386 4,777 {1.686) 14.125 4.962 4,777 23.864 2020 Unrertrlcted Rtstrlcted ElldoMDent Tot1 Lon8.ieTm investhients CLsh at bank Debtors Creditors 10,745 3.168 238 (1271) 5J49 1,677 1.336 (1.541) 3.998 20,092 4,845 1.574 {2.812) 12.880 6.821 3,998 23,699 12. S•ry nd ltxff ¢0 No stsff ¥re employed by the Fouttd4tion. The totsl remuneMi04 (iDcludiog pension Cootributions) ofthe kty Ma8CmeI personnel for the Ye w•$ £nil (2020.. £DiI). During the year Trustees received no remwieration or benefits in kitid (2020.. £nil). No TnL8tees were rexmbursed expense8 for travel, SLthsigtrne¢ OT donor m¢¢liDgs (2020.. £nil). 13. Related party tr*nM¢tlons No doDations were r¢¢eived fsoffj the Tn in the ye4r (2020: £ni]). Thett were other rela1 party ts¥Dsaction8 with trus¢e¢s in eAth¢r year. The Foundation has related party tsansactions with RBG Kew and also with PBG Kew Enterpriw Ltd. Expendittwe includes an amount of £3,117k (2020 £4.922k) and credRtors inehth aD am(Ml of £1,929k (2020.. £2.794k) relating to RBG Kew and RBG K¢w EterpriSeS Ltd. Incimie iti¢ludes an amount of £niI (2020.. £nil) ¥nd deb&)rs IhNle an amount of £tiil (2020.. £nil) relatin8 to RBG Kew and RBG Kew Enterprises Ltd. tn 2020121 Kew Foundation reeeived grants of £DiI (2020.. £nil) from The Kew Asia Foundation Limit No other related party tr8tL9ac notrd. 29
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the aceounts Year ended 31 March 2021 14. Re¢onclM#tion of net Ineome to net cuh from operating •¢tlvltles 2020lll 21119120 £iooo Net itieome fcr th¢ T¢portsng period (as ptr the statemeni of financial actiYitie9) Adjurtments for: (Gaios) / losses on investments 165 (3,140) (1.509) (206) 765 1316) Op¢r•thig c¥h Ilow befor¢ movement ltt worklm8 uplt•i Decre4ge in debtorn Increa8e l (de¢reo8e) in cffedikKS {1 J50) (2,691) 309 (864) 3202 163 N¢¢ ¢a•h provlded by oper•¢l#8 etMtk• (2,105) 674 15. Grints awarded to RBG Ke Unre•¢rleted R#trleted £?000 2021 RBG Kew 2020QI Support Specific puryhjse 8rnnts 735 2.356 3,091 Grints #warded 735 2J56 3,091 Unrejtrkted ReBtrlcted £'ooo 2020 £ooo RBG Kew 2019120 Sup& SpecifL¢ piupjse 8tpots 847 847 6.844 Grillti Awarded 847 6.844 7,691 2021 2020 £'ooo Reeoocluadon ol unrestrleted tTaDts pxy*ble Cowmitments as at l# April Commitments in the yeor Grants paid during the yeaT 735 (1,555) 847 (i} Commitm¢Dts as at 311¢ MaTch 26 30