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' re410D￿bljtdm ilatemen¢ Independent a￿d[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 M*D•gemeDt Perw•nel Re¥istered & prlnelpll offlee 47 Kew Green Ri¢hmond Surrey TW9 3AB B*nkt 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 S￿￿10 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 M￿Ch 2021 Trustees, report Objectives and activities The TTus*es, 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 Tn￿tes. R£porL which includes th¢ Directors. Ryrt and StratrBic Report for CompaDie8 Act ptsrp)w and the audited FI[w￿l41 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¢Ja*d 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 ￿ pl￿ts. cAre for its Collections of plants. preserved pi4n¢ m#*riaL otherobjects ffl*ing to plaDts, lkn)k$ 4ttd record8; keep the collections ￿ nation41 refeThce collections, ensure that thry are avail*bl¢ to persons for the pu￿$¢8 of study, and add to and adapt them scientific needs ODd RBG Kew resoUrn￿ ￿lOw. and afford to membu5 of the public OPPO￿￿¢S to enteraDy land wied or mao88ed by RBG Kew. for th¢ purpose of 8aining knowl*e and eqioym¢nt from BBG Kew'$ 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-m*kSng 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 restric*d 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 gr*ttted 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 oU4￿ts from K¢w's Science Strategy I￿luding the Plant and Fungal Tree of Life and the Triyical Itnportant Plant Areas (fIpAs). Famlly KltcheD & Sbop (£O.Om granted ID 2020121): constn￿ti0n 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 Obj￿11¥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 M￿St 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 FundraI￿llg approach *nd perforJnaD¢e The Tn￿le¢S oversee all fundraising actiYiti&s uttdertskrn by the Foundation. The Foundation has engaged RBG Kew Enterprises Ltd to wbvid¢ lewy fund￿￿1￿8 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 Fundrai￿8 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 fi￿ancIAl ye4r. 88 m8rk¢ts recovered from the lo&ses seen in early 2020 wb¢D UnCer￿ty the COV￿19 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 D￿MberS At its r¢Bu]4r meetiogs. Any new Tn￿ is elected for a period of three years after which lime thty may be re•4￿ID*a. New Tn￿tee$ are 8iven #n ind￿tiOn 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¥anI￿10n. New projects that are being Unde￿en 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¢On￿end￿ 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 deert￿d 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￿& v￿1¢h remain subjwt to decision.mtiking by the FoundatioEt's indeputhii Board of TTUStee5. and a￿ets 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 Tr￿ste¢S {Jall Pdbi¢K laD K2Tet and Charles Sbenvwj) were a150 members of the Foundation Council in the year. Th¢ Council promo*s and wports RBG Kew's SUCC￿ in fillm￿1nS 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. u￿11 their closure in Decembtr 2019. Neithtt orgallis￿ l￿d Trust￿5 in common with the Kew Foundation. The Kew Asia Foundation Limited in¢Ory￿1ed on 4 Ma￿h 2015 in Hott8 K¢mg lo support and promote educaiion. scientifi¢ res¢ar¢b in the scienc¢ of plan(s and rel4*d subjects through horticultt￿c 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, &$8urw 4gaill￿ mawial misstht¢men¢ or loss. Thry iticlude: an anllual budgd approved by the Trus￿. re8ular consideration by the Trusl¢¢s of finarKial rtwlls TrnriaDcL8 from bud8ets ar#1 notrfinthcial perform8n¢¢ indicators,. delegation of authoTity and se8r¢gition of thitit4 wber¢ WTopri&te' aNI the identification and maD¥gemenl of risks. Key risks for the Fowthtson are discu8￿ on pa8e 6. GoiD8 ¢0￿Cern Th¢ TTu8tee8 are confident that the Foundation is a going ¢4)n¢￿. Thi$ 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 ex￿dIts￿e Con￿￿trIeD￿. 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 w￿8¢d and is not expect￿1 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 exp￿￿tion& 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 SU￿luS for the year a0￿ull￿a 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 amoutt*d 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 fi￿d 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 gnticip**d 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. Unrestrlc￿d reserv￿ are currenuy £3.2M ID ¢x¢as of £0.3M. This bHJanc¢ be reYi¢wed duriD8 2021122 detsn￿ if fimd4 8hcwJd be 8r4n*d to RSG Kew. Invmtmettt Pollfy and St*temeDt 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 I￿￿7￿¢ntS ￿cOrdIng to the guidelitie$ 5¢¢ out by th¢ Borf reviewed annually. The Trus*e8 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)Wm￿t WHI unspeni le￿Y fun&%. Goldman SaclL4 lttt¢rnauonal for mallagem¢nL Funds invested by Cazeoove Capitsl have an ittvestDent obJ￿tIve 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¢s*d by Goldmon Sachs Inten￿100￿1 are all h¢id in tbe Sterling Mcrfy Matket Fund. The Tn￿te¢S hav¢ decAded not ￿ Teinvest holdings in non-C&sh holdings at th¢ present time. to pre*rve liquidity. The Tn￿le¢S review annuAlly th¢ [￿rn￿nee aDd service of fixn&inv&stment mal￿gerS. itiveslmeDt Pri￿1p]eS alld guidelines for product iiivesiment. ID late 2020r21 the Tnjstees d￿ideAl to transfer the Cazenove investtnents and most of the Halldelsbanken porfolio tO"SUStsI￿bAe fiuth". The $￿s￿l￿1e funds reduce the Foundation's The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2021 Strategic report been a￿lOn￿l in early 2021122. Ethlei The T￿$t￿S 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 V0￿1]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 not ￿ept or r*p)ns￿lI11ty to 4nyone other tlwi the clwitabl¢ wn)pany and th¢ ¢FLarithble compan￿8 members •s a i￿. forLNty audit worK for this repoT4 or for th¢ opinions w¢ have fornied. Riclwd Weaver IS¢Dior Sta￿tOry Auditor) For and on behalf of HaYsm￿lQtyrt 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￿(lo￿les) 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 fill￿s. 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 beI￿lf 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 t*ih flows from lffjweth *¢¢M¢k¥ 156 1,019 Ch•n8e In ¢*th In the reportlng wlod (1,949) 1,019 C*ib It the be￿8 of the repordn8 perlod 4.845 3.826 C*ib at the eRd of the reporthi8 perlod 2096 4￿43 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 prep*r*tlon The fuwicial $tstements have been prepared uoder the historical c05t Conventio￿ with the excwion of investments which ar¢ included at fair value. Tr fjnancial sthtett)enL4 have been prepared iti with the Ststenient of Recommended Practice (SORP 2019).. A¢￿unting attd by Clwities preparing their accounts in accordthKe with the FI0￿1¢1a1 Re￿rting Stsndard w]ithle in the UK and Republic of Irela[￿ (FRS 102) i&sued on 16 July 2014 and th¢ Charities Aci 2011. The r]naD¢ial sth*nKnts pre8¢D¢ Inforn￿tiOn for The F¢)undation and Fri¢Dth of the Royal Botatii¢ Gardens Kew (-K¢w F¢xuNlation" or kn FwDdatiOD'?. The Found&tion is a private company litnit¢d by guarantre. ille0￿m)￿ted in England and Wales and is a cbtirity registered in Englaod and Wal&s. li is & Publi¢ Benefii Entity. Th¢ m¢mbers of the Foundwtion are the Tntst¢u. In the ¢vent of the Foundation ixing wound up. the liability in resp￿ of the gua￿Ule¢ is limited ￿ £1 w member of th¢ Foundation. Golng ¢on¢trn Having reviewed flow forKasts and t￿dBets foT 2021r22 and brythld, the TTr￿ have 2 re*so1￿le expectstion thai the Foundation adequate resources to continue in operational exist¢nce for the foreseeable ￿ture, not le&$ 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 FoUn￿tiOn has a Reserves Poli¢y thit Je¢ks to maititsin uzw¢stricted re8er￿A (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 fi￿d3 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 UDrestrAc*d 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. Restric*d 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 n￿terial 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 pern￿￿￿1 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 re￿gniSed 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 v8h￿tiOn. 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 valu￿10￿ 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 T￿0Verable iti ￿latiOn ￿ inv¢8lment income is T￿8015&1 at the fin￿ the itiv¢8ttnent income Rs r¢¢eivable. Expendlture Expendiwr¢ is accounted for on an r￿u818 b￿1$. Wbeffe eosts cannot be dir¢¢Uy attributed ty particular a¢tivitie5. they hav¢ been allO￿ted on a b18is coasisthnt the we of refj0u￿. Unrestri¢¢¢d grants ￿ RBG Kew are rttognw41 when 4wroved and fornthlly conununicAted with the reeipienL Restriet¢d grants to RBG Kew are reco8nis¢d and awarded ￿ Kew on approval of a valid Claim. Gifts tti kind to RBG Kew ere Tewgniged whett the Fowjdation donates staff lime or other a&*ets. FuttdTaisiog costs are incuTh￿ in se¢king volutttsry ¢i*l￿UtiOnS and th D)t include the cost8 of dissell￿tIng infonnation in support of the ¢1￿1￿ble Ktivitios. Support CO8ts are those COSLS iti¢urr)I irt svpM orex￿dItUre on th¢ objects of th¢ Foundation. Governatt¢e costs are incurred in connection with the adm[￿tratiOn and eompliance of the Foundation. Gov¢mance And Sup1￿ costs are allocat¢d across the various activiiies of the FoundatiOD on an tstimate of the time spent by staff. Grant mAklng The Foujthtion rui5¢s monles for RBG Kew. A rcqu¢st for payment for various projxls propiwj by RBG Kew 18 made to the Fouttdation TNste¢8. When application5 are received, the FouDd8tion gives *dent due eonsid¢ration 10 8ranting such funds, considerin8 the Strategy aod wishes of the donor and. if approved by the Trustees, payment is mad¢. Proptt evide￿¢ of exF*ndi¢ure 18 always requi￿(L ￿ the 41isfaction of the Trustee8. IDveitments tnvegtments are stated at market value at the b41ance sheet da*. The SOFA In¢h￿c$ the net ￿try$ and losses arisiD8 on revaluation8 and disp05als throughoui the y¢8r. Inv&sthieDt movements L4 di￿l0$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 sU￿1￿se8 are applied to its clwitable purposts. No tax chatBe aTisen in the year ended 31 March 2020 or 31 Mar¢b 2021. FItt*n¢1￿ IDStruments IDV¢Stments are awMWted forat fair value though profit a￿1 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 tral￿fer 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 r￿uIred 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 estima*s and L*Sfxiat¢d ￿l￿DpU0nS 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 ulti￿1 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 distril￿tiOnS 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 fi￿ds- 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 £,0￿1 Marke aDd other dlrect tosts £?0 150 18 Total £'ooo 241 18 £'ooo 91 Raisin8 fun(Ls- donaiions and legacie8 Raising fi￿18- 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 fi￿d$ 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¢¢n￿l income 1265 1,574 1265 1.574 Credltor•: thOllDti fal]InR due wlthth ome year 2021 21120 PayY4ble ￿ ffla*d undertok AC(n￿lS 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 Ba1￿Ce 31 M•rch 2021 Reeo%MI￿X ¢ome Expttsdlture gain￿￿0•$Cl) Tranlfe Restrkted llleome Fundi 6,821 375 (2J56) 122 4.962 EDd•wment lund• SaiL8bury Orcbid Fund 2263 92 {6) 367 (86) 2,630 E￿eDd*ble eDdov4ments StDythi¢8 Fund Lennox Boyd Fund Shawdon FurMI Bewsey Fund 157 567 50 197 13 240 63 1.176 21 (io) (36) Tfjt￿ endowmettt fwidi 3,998 (16) 804 (122) 4,777 Total rutrleted #nd endowmellt fvDdi 10,819 488 (2J72) 804 9.739 Unre•trl¢ted ddl8n*ted fundi iJ( (51X)) 800 2,433 1.376 2.617 3.375 Family Kitchen & Shop Dirxtor of Science Ruearcb EtthancRng Visitor Experience {561) (83) (83) {8) 1.459 2,7 803 2.580 .333 (735) 3.003 10.601 uttre￿￿ted fund8 Genejxl Fund 4.547 1.521 (246) 705 (3,003) 3,524 Total wmtrlcted fllDdi 12,880 1,521 {981) 705 14,125 Totsl fundi 23.699 (3.353) 1.509 23,864 24 Tbe Foundation and Friends of the Royal Botanie Gardens, Keiv Notes to the accounts Year ended 31 March 2021 B•]*Dce l Aprll 2019 £'o Bal4nct 31 M*rch 2020 Illfome Exptnditure 811n￿o095¢S) Tr4nrfer8 £'ooo £'or £'o Restrl¢ted Income Fund 11.702 1.837 (6.844) 126 6.821 Endowmellt f￿ndS Saitisbwy Orchid Fund 2.485 74 {6) (196) (94) 2.263 Expettdable endowments Smythies Fund LO￿0X Boyd Fund Shawdon Fund Bewsey Fund 173 622 55 (16) (55) (5) {100) 157 567 50 961 39 {10) (32) Total endowmtllt fund• 4J99 (16) (372) {1261 3,998 Tot•1 re￿rItted Ind endowment fuDd• 16,101 1,950 (6,8rf11 1372) 10,819 Unrtttrl¢¢ed dMl8ll•ted fuDdi Prowty Fund Family Kitchen & Shop Director of Science Rese4rcb 1.3 iJoo 2.994 1.459 2,580 (6) (41) 1.500 2.580 i J(N) (47) 7,080 8,333 UDrutrlcted fuDdi Geoeral Fund 9.438 3,625 (1,043) (393) (7.080) 4,547 Tot*l UDreJtrieted fuDd• 10.738 3.625 (1.090) (3931 12,880 Total funds 26.839 5,575 (7,950) (765) 23,699 See Note 15 for details of 8¢n¢t￿ support to RBG Kew. 25 The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2021 io. St*temellt of funds (coDthiryed) Fwidi InfonD•don RestrActions on the endo￿lleDt fi￿a3 ue &$ follows: The S*lnsbury Orehld Fund is ￿led to provid¢ Ws to RBG Kew wnnKted with the advancernent of ethication and learning by tbe promotion of S￿aY and enba￿ent 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￿$trtS (pr¢viously known as the Art TTr￿) and the Gatsby Charithble Foundation Trustees Ipreviously known the Gatsby Truste¢s). The transfer fn)m this fund represents re￿1¥￿￿ iDC4)m¢ which is trInsfe￿ea to the r¢]ated restrict￿] fund on a quar￿lY bgsi& Th¢ Smythiu is ao utir¢stricted exp¢odable en&)wmeoL Part of the fund should be US￿ ￿ supp)rt botsnical illustration. The iottr¢st is used foT budget relief. The Lennox Boyd Fund is used by K¢w ￿ provid¢ ¢4hution for overs￿$ students through the I*nnox Boyd Programmc. tn particulmr, emphasis is p]aced on prou￿tiD8 excban8es of pcople betwe¢n British Insti￿tiOnS 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 rela*d PTojects. Designations of Unrestri¢￿ funds •$ follows: The Property fimd repre8¢nI￿ fiuth deyigDatyJ in 2016117 for RBG Kew's c￿lIa1 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 design￿ed 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 resc￿ch programme ID furt1￿¢% of Kew's obj￿ti¥￿. En1￿ciD8 Visitor Experi¢nrx- £2.7m was trlo8fe￿￿I 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- Tr*n¥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 [P￿OL) State of the World's P]4nts Orehid Fellow Othu scientifK r¢8earch and ￿ll￿d 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 ¢d￿ation 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 0￿hId 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 HOrt1t￿ture aDd S￿de￿I 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 •￿tr￿ch 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 repre￿ted 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 Tot*1 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 Ma￿8Cme￿I 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 rela￿1 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(M￿l of £1,929k (2020.. £2.794k) relating to RBG Kew and RBG K¢w E￿terpriSeS Ltd. Incimie iti¢ludes an amount of £niI (2020.. £nil) ¥nd deb&)rs I￿hNle 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