Company Registration No. 2499006 Registered Charity No. 803428
The Foundation and Friends of the Royal Botanic Gardens, Kew
Trustees' Report and Financial Statements
31 March -2022
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2022 Trustees, Report and Financial Statement& 2022 Contents Page RefeTeDce ADd admiDi5trative details Trustee$, report Trustee8' responsibi]itie$ statement Independent Allditors, report St&tement of fin8nciil actlYlile$ 12 Summary in¢ome and eApendlture aceount 13 Balance sheet 14 StatemeDt of cash flows 15 Notes to the fiDaneial statements 16
The Foundation and Friends of the Royal Botanic Gardens, Keiv Year ended 31 March 2022 Reference and administrative details Jan Pethiek- Chair Nick Baird Kristina Kenwortb Jane Reeves Jantiene Klein Roseboom vall derveer from Jul 2021 Company re8lster¢d No. 2499006 Charlty reglstered No. 803428 K¢y MAnagemeDt Personnel The key management person1 are the Foundation's Trus*¢$. Rstered & prlnelpal offitt The Herbariu Kew Green Ricbmond TW9 3AE BY4Dkers Llo s Bank PLC 3vJ Flwr 10 Gresham Street London EC2V 7AE CAF Charitieg Aid Foundation 25 Kin s Hill Avenue West Mallin Kent ME194TA 14al advisers Faer & Co LLP 66 Linco]n's Inn Fields Lx>ndon WC2A 3LA Auditor Ha acini LLP Statuto Auditor 10 een Street Plaee London EC4R IAG vestment mamgers Handelsbanken 3 Thomas More S uare LA)ndon BCIW IWY Goldman Sachs Int¢n]ational Plumtree Court 25 Shoe Lane London EC4A 4AU Cazenove Ca ital Mawd ement l London Wall Place EC2Y SAU
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2022 Trustees, report Objectives and activities The Trnstee& who are also DirectOTS of th¢ Foundation and Friends of the Royal Botatiie Gardens. Kew (the "Foundation'y for the purposes of the Companies Act. submit their Trustees. Report, whicb includes the Dire¢¢i)rs' Report and Strntegic Report for Companies Act PU4xisesAnd the audited Financial Statements of the Foundation for the year ended 31 Marth 2022. Obje¢t The Foundation's object. set out in its Articleg of Association, 1$ lo provide support for the Royal Botani¢ Garden4 K¢w (.BG K,) in su¢h mJDner &8 tbe Foundation shall think fit. The Foundation is a Public Benefit Entity. Publle beneflt RBG Kew's general fimctions are set out in the National Heritage Act 1983 and aTe to: caTry Out investigation aDd research into the science of plants and related subjects, alld disseminate the results of the investigatioa and res¢ar¢h. provide advice, itistsY¢tion and education in Telalion to &8pects of the science of plants with which RBG Kew is wn¢¢rn¢d. provide other services (including quarantine) iti relation to plants" care for its collections of plants, preseThed plant material, other objeets r¢lating tr> plallts, books and records. keep the collections as llatiot reference collcctions. ellyure that they are available to p¢rsons for the purposes of study, and add to and adapt them as scientific need8 and RBG Kew resources allow. and afford to members of the pub]i¢ OppOrtiltieS to enter atty land occupied or maDaged by RBG Kew. for the purpose of gaining knowledge and enjoyment from RBG Kew's colltiOns. The Trustees have reviewed the aclivities of RBG Kew against the public benefit principles Outlined ill the guidance i&8ued by the CIMrity Conunission and the Trusteeg believe as these meet the public benefit elwitsble aims, the Foundation in turn meets the public benefit r¢quirements. Stra¢eKic almj and ActitieS The Foundation fundraise5 for RBG Kew, focusing on lega fvndraisitig attd the management of investhients. It also bolds historic funds which are intended to support the work of RBG Kew through the provision of graDts. Examples of projects supported iti the year and the process for grant making is set out below. Grant-makiDg Totsl grdnts made to BBG Kew to support its activities iti 2021122 year were £8.5M {2021.. £3.IM), of which £1.6M (2021: £2.4M) was for specific projects from StrICted fimds and £6.9M (2021: £0.7M) wa$ for projects from uDrestri¢ted designated fiuth. Key projects supported by tbe Foundation include: Scien¢e (£1.2M 8r*nted In 2021Q2, £1.9M in 2020121): RBG Kew's scientific vision is to help stop biodiversity loss and develop sustainable naturE-based solutions to some of humanity's biggest 8lobal cha]lenges. RBG Kew a]ll to understand and protect plants and fi]n8i for the well-being of people the future of all life on Earth. Grants from Kew Foundation include fillls formultlple prOJts at the Mill¢Dniur(L S¢ed Bank and key strdtegic outputs from Kew's Science Strategy including the Plani and Fal Tree pf Life Alld the Tropic Important Plant Areas (TIPAS). FllY KltcheD & Sbop (£2.2M granted ill 2021ll2, £0.6M granted in 2020121): Construction of a new family-focussed testsurdnt and retail fa¢ility at Kew Gardens. The new facility opened iti December 2021 and will support growrth in self-generated income that etmbles RBG Kew to deliver QD its charitable objectives, a8 well as improving and enhan¢ing the experience of visitots to the Gardens. EDhaDcIDg Visitor Experience (£2AM granted In 21121122).. Implementstion of a new itifrastructure system which is designed to further RBG Kew's objeetives by growing revenue and eDIwiGitig the engagement of Kew'$ visitOT& members and other supporters.
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2022 Trustees, report Grant pollcy In order to secure the consent of the Foundation Trnstees to release funds, RBG Kew submits a grant request to the Foundation for a partAcular purpose. All gIts must be in line wlth the strategic aims of RBG K¢w, conforni to the wishes of the donor where relevant and C£)nforni to the statement of public benefit Teferred to above. If approv¢d. fjJnds are ttansfetred subject to an Appropmte audit tr"1 evidencing use of funds. Fundraising approach and performance The Trustees oversee all fundraising activities undertaken by the Foundation. The Fowthtit)n h&8 engaged RBG Kew Enterprises Ltd to provide legacy fundraising services and services to support the manag¢m¢nt of grants held by the Foundation but l)as not wot*ed with other professional fvndtaising agents in the year. RBG K¢w Ent¢riSeS Ltd adheres to the Code of Fundraising Prnctice issued by the Fundraising Regulator and the Tnte¢S receive progre&s reports on funthaising at each Board meeting in order to review and oversee aspects of futhising undertaken on tbeirbelmlf. The Foundation is gistered wlth the Fundraising Regulator. No fuDdTaising wmplaints have been trceived by the Foundation in 2021122 regarding its fijndraising practices. Achievements and performance In 2021122, tll elose eollabordtion wÉth the staff and sut)porters of RBG Kew, the Foundation raised income of £4.3M (2021.. £2.OM) and gave grauts totsllill8 £8.5M (2021: £3.IhO to RBG Kew. Inveslments income was £0. IM. Inveslments recorded unrealised gaiD$ of £0.2M for tbe finaneial year. &8 markets experienced a tuthlent year with global Teopening following the pandemic, inllatioDary pre&surcs cmcrging. alld the impact of the unfolding conllict in the Ukraine. Structure? governance and management Th¢ Foundation is a R¢gistered Charity (number 803428) al a Company limited by 8uardntee (number 2499(M)6). It is governed by its Arti¢le5 of Aociation (revised ID July 2017). Trnstee8 and Dlreetors The Tfustee% WILO beld Office durin8 and at tbe end of the yeor are listed on page l. The Board votes on the election of new members at its regular m¢¢lings. Any new Trustee is elected for a period of three years after which lime they may be re-appoint. New TrnSes are given an induction to introduce them to the Foundation as well as to the WO of RBG Kew al its two sites (Kew Gardens and Wakehurst) and around the world. Trusl¢es re¢eive briefings frorn manag¢m¢nt attd meet staff to understand and review different aspects of the organisation. New prOjts that #r¢ bein8 undertaken by RBG Kew are explained and visits made to projects where practicable. During 2021122, tbe Foundation Board of Trustees held three meetings. OrganlsAtional str¢tre The Foundation h&8 no employees and the Trnstees are consAdeTed the Key Management Personnel. Services and support to manage legacy, grant and inveslment income are purchased from RBG Kew and RBG Kew Enten5¢S Ltd. Pay and remuneratlon arrangements The Trust¢¢s are not remunerat1 for th¢ir role. Related partles The Foundation Board has a maximum of six up to two Tnte¢S Can be r¢¢ommended for appoinlment by RBG Kew. alld up to four trnstees are independent..Nick Baird and JaDts¢ne Klein Roseboom van der Veer were Tn]stees of both RBG Kew and the Foundation during 2021122. Nick Baird w&s aPFX)inted as an independent Trustee of the Foundation in NovembN 2021 when he retired as an RBG Kew Trusl¢¢. tn addition. ther¢ were three other Illdedent Tn]stees.
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2022 Trustees, report The Fou1lation is deemed to have an a>¢Iate relatiot)ship with RBG Kew, based on the number of Trnslees who 8T¢ appointed by RBG Kew. As such, in aceordallce with accounting statthrds, a share of the Foundaiion's net a58¢ts i consojidated into tbe accounts of RBG Kew reflecting the proportion of Trnstees appointable by RBG Kew. which is 33Qh as at 31 March 2022 financial year (31 March 2021: 40/). RBG Kew does not have the ability to exercise control over tbe net assets recogniyed. which Tenill subject to decision-making by the Foundati¢)n's independenl Board of TnL8tees, and these &sgets are therefore shown as restricted assets in RBG Kew's flnancial slatements. The Foundation has related party transa¢tions with RBG Kew and also RBG Kew Enterprises (a wholly owned subsidiary of RBG Kew). Kew Ent¢rprise$ Ltd provide5 legacy futthisillg setvices and setvices to support the manageent of grants and investments to th¢ Foundataon. RBG Kew provides back office supi services to the Founda¢ion including finance 8ervi¢sg. One Kew Foundation Trustee (J8n Pethick) was also a memlxr of RBG Kew's Foundation Council ill the year. The Couucil promotes alld supports RBG Kew's success in fundraiswg and proviiks advic¢ on all aspects of RBG Kew's fiMSing and n)embership activities. The Kew Asia Foundation LIlled wa5 incorporated on 4 March 2015 in Hong Kong to supwrt and promo1¢ educati14 5cielltific research ID the selence of plallts alld related subjects through horticulture ¢ollalxTrration lthe¢n th¢ ¢ornmunity of Hon8 Kong, and RBG Kew by inspirfftng and delivering science-ba8edplaDt wns¢rvation worldwide. It v/a8 dissolved iti July 2021. The Kew Asia Foulldation Limited did not have Trustees in con]ny)n with the Kew Foundation. Sy$teth8 ofinternal tontrol The systems of internal control are designed to provide r¢agonable. but not absolute. assurance against material misstatement or105s. They include: • an aDDual budget approved by the Trnstees: • regular ¢¢)nsiderdtion by th¢ Trnstces of fKial rewlts, v8rian¢es frotll budgets and non-financial perf¢)rniance indicators; delegation of authority and s¢gr¢gatson of dutics, where apprOpte. and the identification and management of risks. Key risks for the Foulldation are outlined on page 6. Golng eoneerD The TAteeS are confideot that the Foundation is a goiD8 concerL This &8&ent is based on: budgets and forecasts prepared for 2022123 fllwicial ycar and beyoll4 based on forecasts of legacy and inyestmeot income reserves held which allow th¢ Foundation to meet grdDt and other expenditure conhmitmenl& with healthy uDrestri¢ted reserves providing security against any unforeseen operating risks ash ond liquid investment holdin8s are sufficient to meet operating cash requirements for the next twelve months. The possible on-going iMt from the Covid-19 pandemic has been assessed alld is not expected to have a significant impact on the FOUtatiO's operdtions, or ott this goitig eoncern a&se&8menL given the Foundation's low risk operdting model. and its h¢althy r¢serv¢s al c&sh positions.
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 Mareh 2022 Strategic report Financial review Results for 2021ll2 The results for th¢ y¢ar are 8¢t out in the Statement of Financial Activtties (SOFA). InconK received in the yeaT ended 31 Mawh 2022 wps £4.3M {2021'. £2.OM). GraTLts and donations iDcorne iticreased to £0.4M (2021.. £0.IM). Legacy inwme ineaa to £3.8M (2021.. £1.7M), d wa8 above expectations. The Foundation's pipelitie of legacy notifatiOnS is r¢lativ¢ly $troDg. Supporti8 expectstions for legacy income In future years. Net deficit for the year amounted to £4.2M (2020: £0.2M nct surplus) after grants to RBG Kew of £8.5M (2021: £3.IM). At 31 March 2022. the Foundation's total fiLts amounted to £19.6M (2021: £23.9M)' consisting of £4.9M {2021.. £4.8fv0 in endowments. £5.8M (2021.. £5.OM) ID donor restricted fi]nds, £3.7M (2021.. £3.5M) An genenl unrestricted funds, alld £5.3M (2021: £10.6M) ill unrestricted funds designated to projects. The current fundbalances meet the Foundation's Resaves Poltcy. Re8erYes Policy The Foundation's policy is ¢0 hold at lea £0.3M of r&rn. This is the anticipated onllual expenditure budget of the Foundation going forwaTd. Given that legacy income is Variable, reserves will be held a level to ensure all costs wi be covered even if no legacies are received in any one year. Unrestricted reserves are cumtly £3.4M in exce&s of £0.3M. This balan¢¢ will be r¢viewed durillg 2022123 to detmitie if funds should be granted to RBG Kew. tnvestmeDt Policy and Statement of Investment Prlneiple8 The Foundation holds fimds for the short and m¢diwll.ternJ to ensure tsquidity and io meet the rniuirements for splfi¢ projects al pUrySe$. These fiujds are invested in short and medium.terni deposits and other short and medium-terni instsuments a¢cording to the guidelines get out by the Bi>ard, reviewed atjnually. TEL¢ TnLStees have delegated the Anyestment mallagement role over its inv¢slment portfolios to.. Cazenove Capttal for the Sainsbury Orchid FuDd ¢ndowment; Handelsbanken Envestment Managers for other endowment fimds #nd uwt leB#¢y fimds. Gold[tll Sacbs International for cash m8magement. Funds invesd by Cazenove Capitsl have aTh inve5ttttent objective to maintaill the real value of capitsl while generating a sustainable level of income to 8UPPOrt the Research Fellows])ips at Kew. The portfolio is invest primarily in the Cknity Multi.Asset Fund. with some lower tisk holdings of bonds and cash inveslments. The tAryet return is CPI plus per annum. net of fees, over the long term. For the funds managed by Handelsbank¢n, the Foundatii)n adopts all 'Absolu Rebjrn, appmach to investtnent. recognising the inveslmenl Teturn from in¢om¢ and eapital gaills or losses. The overall investsnent objective of the funds managed by Haadel$bank¢n 1$ to achiev¢ posittve real returns of CPI plus 30/ts over the long terni. while nintaining a medium tol¢ronc¢ to risk. Fuods invegted by GoldTnan Sachs International wete all held in the Sterling Money Marf¢l Fund. The Tntstees dlded to close this account aud have decided not to reinvest holdings in non-¢ath holdings at th¢ pr¢sent titue, pr¢s¢rve liquidity. The Trustees review allttually the perforniance and seAvice of fundlinveslDJ¢nl mallag¢TS, investment principles and guidelin¢s for product itiveslJnenL In 2021122 tbe TnteeS dlded to transf¢r th¢ remain8 Halldelsbanken w>rtfolio to'sustaitiable fimds-. The sustsinable funds Teduce the Foundation's investTueDt ill industries such as tobacco. defen¢e and alcohol. and increase invesknent in areas with more tK)5itive environmclltal, social and governance impacts, includmg renewable eoergy and carbon effi¢i¢ncy. All invcsttllellts are now held in balanced sustaAnable fimds.
The Foundation and Friends of the Royal Botanic Grdrdens, Kew Year ended 31 March 2022 Strategic report Etblc& poiley The Trnstces do not wish to impoge ally Specific ethical investment policy. but the assets should be invested in line witb the chatity's aims alld collforni to the Third Party Engagement Policy and Donor Engagement Review Process. lllve8tment performanee The Trustees meet each inveslment advi50r at Ica5t aDnually and the commentary below reflects their repotting on perf0MnCe. The 2021122 financial year saw some initial growth in wrtfolio values however infiatii)nary pressures the Ukraine crisis have resulted in lower gains than expected Th¢ totsl inv¢sim¢nfgains for th¢ Foundation's itettt portfolios in the year were £O.IM. The Hattdejsbanken portfolios retlfftied total annual gains of between 9% and 160/• in the flnancial year (2021.. gains between 13% and 25fy/o). while fimds Ativested with Cazenove rettmied a gain in value of 80/0 (2021.. gain 20V•). Fulldralslng The Trustees tballk tb¢ following for their generous supwt of ourvitsl work. Leg8¢ies'. Margaret Andrews. John Baker, J¢Dnif¢rBatrie-Murray, Yvonlle Boy¢e, Rits Browo Dr Anu ButEe5S. MjOrit Byers, CILristine Clthlllbers, Patricia Crimnw Marlon Davies, Rajnon G)d¢y. Elizabeth Grenfell, JeyJnif¢r Homer. Margaret Kerr, Dord Lockiey, Stella Luce, Barbara Mayer, Robert Meikle. Pamela Millerson, Jean Mist, Gertrude Mortitncr. Patricia and David Moss, Jatnes Robertson, John Rylett. Gwendolyn Slade. Pamela Thwner, Barbarn Ville, Vida Voles, June Wlllfield, and Angela Yaffey. And all other supportery ineluding tbose who have chosen to remain anonymous. Risk management The Foutthtion has a robust risk management framework which is update(i presented to and r¢v1¢W by Trustees once a year. Each rlsk has an assiglled risk owner wbo will coordinate wtions to niitigate th¢ risk aTLd r¢wrd progress made and actkons Complet1. The current most significant risks for the Foundation ar¢ detsiled below". Reputational risk from engagement with tbird parties whose activities could negatively impact tb¢ Foundation's reputation. To mitigate this risk, Donor and Third Party Engag¢m¢nt policies ar¢ in p]ace. wbich includes assessment of potential risks from engagements. Failure to process personal data in compliance with relevani l¢gislion. To tigate this risK A data fTamewoTk is in place that en8UT¢S any th)nor data held is in compliallce with data protection requirements. Bisk to the Foundatioa's fiDaDcial sustsinability from r¢thed iti¢orne. Annual budgets are prepared and rf¢)rn]an¢e monitored through the year. with aDyrisks highligbted to the TS¢S. The Foutthtion holds reserves at a level ty meel its ¢)p¢rating Com[Ltettts and any fuftlre grant coJnJnitments. Plans for futllre periodi The Foundation's focus is on developing alld growing the legacy prOgrae and stewarding donors to ensure incom¢ due from existing donorplcdges 1% delivered. The Foundation will also continue to manage its investment portfolio. The Foundation will ¢¢)ntinue to P8y grants to RBG K¢w frorn unrestricted fimds and bxstoric restiicted
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2022 Trustees. responsibiIities statement The Tnlet5 {who are algo direetorg of th¢ Foundati¢)n for the puw¢s of company law) are responsible for preparing the Trustees, Anttual Report and the f]nancial stst¢m¢nts in a¢wrdan¢¢ with akyli¢abl¢ law ond United Kingdom AGcountiDg Standards (United Kingdom Genffilly Accepted Acwmting Prnctice) includyng FRS 102 "The Financial Reporting Stattdard 8ppli¢4ble in the UK and Republic of Ireland.. Company law requires th¢ Tnt¢¢8 to prepare fjnancial slalements for each financial yeaT which give a ttue and fair view of the state of affair5 of the ¢h8Titabl¢ c¢)mp4ny and of the incoming resources and application of resou¢8, including the income and ¢xp¢ndibJr¢, of the chaTitable company for thal peri. In prew1 these financial statements, the Trustees aT¢ r¢quir¢d to: select suitable accounting policies aDd then apply them CQDSiSt¢nily: obSlie tbe meth(xls and principles in the Charities SORP. make Judge¢llts estimates that are rwonable and pnthn. ( $tal¢ whether applicable UK Accounting Stsndards have been followed, subject to any materlal depart disclosed and explained in the fU]C1a1 statements. and prepare the fmancial statejnents on the going concern basis unless it is in8rOpriatE to presuTne that the charitable company WAII continue in business. The Trustees are responsible for keepin8 adequate aecounting records that disel(trse witb ronable accuracy at any time the financial wsition of the charitable eompany alld enable them to ensure that the fIDcial statements comply with the Companies Act 2006. They are also responbIe for safeguardillg the auets of the charitable Company alld hence for taking reasonable steps for the prevention and detection of fraud and other irregulatities. In so far as th¢ trnstees Are aware.. there is no relevant audit infornwtion of which the charitable compan$ auditor is UDaware' and the TnLSte¢s have taken all Steps that they ought to have taken to make tbem8elve5 aware of any relevant audit infozmation and to ¢sthblith that the auditor is aware of that infonnation. The Trustees are responsible for the mainle1}Ce and integrity of tbe corporate and financial information included on the ¢11tble compan$ website. Legislation in the United Kingdom governing the preparation and dissen)ination of fllwici#I statements may differ from legislation in other jwisdictions. TheTn rt alld th¢ Stra*gic Report were approved by the Tnwlees and sigoed ¢)n their behalf by: Jan Peth 7 September 2022
Independent auditor's report to the Members and Trustees of The Foundation and Friends of the Royal Botanic Gardens, Kew Opinlon We have audited the finall¢1 $eMents of The Foundation attd Friends of the Royal Botsnic Gardens Kew for the year ended 31 March 2022 which comprise the Statement of Financial ActiYitie& the Balance SheeL the Sumn Income and Expenditure Ac¢ounL the Statement of Cash Flows and notes to the fjnancial 5tatenienis, includiti8 a summary of significant accoullting policies. The fjnancial reporting framework that ha5 been applied in their preparatioTh is applicable law and United Kingdom A¢countin8 Standards, including Financial ReportiD8 Standard 102 The FinancwlReportEng Standardopplicable in the UKondRepublic ofIreland (United Kingdom Genernlly Accepted A¢counting Practice). In our opinion, the fllCial statements.. give a tre alld fair view of the slate of the charitable company's affairs &$ at 31 March 2022 and of the charitable company's net mov¢mellt in fids, including the inme and expenditur¢, for the year then ended. have been properly ppared in accordan¢¢ with United Kingdom Generally Aecepted Acwulltill8 Practice" have be¢n pr¢pattd iti a¢)rdance with the requirements of the Companies Ad 2006. B4$i¥ for opinio We ¢onducted our audit ill accordance with Internation Stsndards on Auditing (UK) OSAS (UK)) and applicable law. Our r¢$ponsibilitie9 under those standaryts are fith described in th¢ Auditor's responsibilitie5 for the audii of the financial stateellts section of otsr rewrt. W¢ are independent of the charity ill &cordance with the ethical requirem¢nts that are relevant to our audit of the f]nau¢ial statements in the UK. iticluding the FRC'S Ethical Standard, we haye fulfilled our other ethical SPonsIbl11(1eS in awordance with these requir¢mertts. We be]ieve that the audit evidence we have obtained is suificiellt and appropriate to Provide a basAs for OUT opirrion. Conclusions rel?tiDg to goitig CODcern In auditillg th¢ fmancial statements, we have ¢on¢luded that the tswtees, use of goitig concern basis of accounting in the PTepara¢ion of the f]Dau¢ial ststejnents is appropriate. B¢d OD the work we have perfornieiL we have not identified any mat¢Tial UDCertainties relating to events or conditi(TrDs tha¢ individually OT ColltiVely. may cast significant doubl on the charltsble ¢omp#ny's ability to ontinue as a 8oin8 concem for a period of at least twelve months from when the financial statements are authorised for issue. Our re8ponsibilities and the re5ponsibiiities of the tsustees with r¢speet to 80ing concern are a¢ribed in the relevant sections of this report. Other InformatlDn The tsustees are responsible for other inforniation. The other infornvation comprises thc inf0mtion inc111d in the Trnstees, Repon. OUT opillioD on the fU1¢Ial statem¢nts doe5 ILOt coyer the other inforniation and, ¢x¢ept to the extent otherwise expJi¢idy stated in OUT repoTL w¢ do not express any fonD of assurattce concluston thercon. In ¢omie¢tion with our audit of the fJnaa¢ial stslements. our responsibility is to read the other itrformation an(L in doing so, Consider whether the other infOrntion is materially inconsistent with the f]C1a1 statements or our knowledg¢ obtained the audit or oth¢nvis¢ appears to be materially rni8Stated. If we identify wch material in¢onsist¢ncies OT apparent matertal misstatements, we are Tequired to deternhine whether there is a material misslalemellt in the fmAncial slatements or a aterial misstatement of the other inforniation. If, based on the workwe have perfomied. we ¢on¢lud¢ that tbere is a material misststement of this other iDformatiO we are requir¢d to report tbat fact. We have nothing lo rqKTrrt in this regard. Oplnlons OD Other m#tter8 preserlbed by the CoJnp4niei Act 2006 In our opinion. based on the work undertaken in th¢ ¢our8¢ of tbe audiL' the infornjation givell tbe Tnjstees, Report {which includes the sttHt¢8i¢ report and the directhrs. re¢ prepared for the putEK)ses of company law) for the f]nancial year for which the fil1¢1a1 8tst¢ments are prepared is consistent with the financial statcments; and the strategic report and the directors. report included within the Tnle¢S, Reptsrt have been prepared in accordance with applicable legal requirements.
Independent auditor's report to the Members and Trustees of The Foundation aDd Friends of the Royal Botanic Gardens, Keiv (cont.) Mjtters on whl¢h we are requlred to report by exceptÉon ID the light of th¢ knowledge 2nd undetstanding of the charitable company and its enviroDrn¢nt obtaitl in the course of the audiL we bav¢ not id¢ntified material misstatements in the Tru8tees' Report {whi¢h in¢oryorates the strategic report and the directors, r¢Fx)rt). We have nothing to Teport in respecl gf the followin8 matters in T¢latii)n tt> wlJi¢h the Companie5 Act 2006 requires to rew)rt to you if. in our opinion.. adequate accounting records have not been k¢pt by the clwitable company. or the ¢haTitabl¢ company finallcial statements aTe Dot in agreeellt with the accounting records alld • or certain dis¢losur¢s of trustees. remunerntion Slfied by kw are not made,. or we have not received all the infOnatill and explanations we require for our audit. or thc trustees were not entitled to prepare the f]nan¢ial ststements in aecordance with the so)all con)ptttiies' r¢girne and take advantsge of the small ¢ornpaDies' exemptions in preparing the trust¢es' report and from the requIreent to prepare a strategic Teport. Respon8lblllttes of tru8tee5 for the fJnts¢iai statemellts As explaitied more fully An the trnstees, Tespon5ibilities statement set out on page 7. the trustees (who are also the direct(>rs of the charitable company for the pu0$eS of company law) are responsibl¢ for the preparation of th¢ finallcitil statements and for being satisfied thai they give a true and fair view. and for such internal control as the trust¢ts detern is necessary to enable the preparatioll of fllwicl statements that are frtt fro material IiiiwiatemenL whether due to fraud or error. In prepaTing the rjnaneitil statelllents, the trustees are responsible for &ssessing the charitabk compally's ability to contillue ps a goin8 Collce disclosillg, as applicable, niatters related to going concern and using the going concern basis of accounting ullies5 the trustees either intend to liquidat¢ the charitsble company or to ccase operations, or have no realisti¢ alternative but to th) so. Auditor's respoDslbilities for the ¥udit of the fthallelal sttemeDts Our objeetives are to obtaiti reasonable assurance about whether the fU1¢Ial staternents as a whole are free from material rni58taternent, whether due to fraud or error, and to i&que an auditor's report tbat includes our opinion. R¢&wnable a&surdnce is a btgb level of assurance but is not a 8uarat)tee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaternent when it exists. Misststernents can arise from fraud or error and ar¢ considered llrdterlal if. individuaJ]y or in the aggregate, they could reasonably be ¢xp¢ct¢d to itil]uence the economic decisions of users taken on the basis of these fittanciai ststements. Irregularitie4 incTrudiDg fraud, are inslances of non-complia1 with laws and regulations. W¢ d¢$ign procedures in IiDe with out responsibilities, outlined above. to detect roaterial misstatements in re5t of I¢gUIritIes, including fraud. Th¢ ¢xl¢nt to which ourprocedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understsnding of th¢ company and the environment in whieh it operates, we ideniified that the principal rlsks of non-compliance with laws regulations related to regulatory requirements for the charitable ¢ompally, and we considered the ¢xtent to which non4ompliance might bave a material effect on tbe f¢tal stst¢rnents. We also considered th08¢ laws and regulations that have a direct impa¢t on the preparation of the fmyancial staternellts such as the Companies A¢t 2006 alld the Charities Act 2011. and consider otlw factors such as the taxation environment. W¢ evaluated n]anagemenl's incentives and opportunities for fraudulent rnaDipulation of the fmancial stst¢rnent (iDcludJng the risk of override of controls). aud detemiined that the prin¢ipal risks were related to wsling inappropriate journal entries to r¢venue and mallagement bias in a¢cowitiDg egtitnates. Audit proceduTes perfomied by the engagement team included.. In5pectitig cOrresponde witb regulalors and t&x authorities. Diswssi¢)ns with management Including considwation of known or suspected install of Thon-compiiance with laws and regulation and fiaud. Evaluating mynagernent's controis desiBned to preveDI and detect iffegularities. Identifying and frsting jouma]s, in particular journal entries pgsted with unusual account ¢ombiti#tions, postings by users or with unusual descriptions" and
Independent auditor's report to the Members and Trustees of The Foundation and Friends of the Royal Botanie GArden4 Kew (cont.) Challen8itig &ssumptions attd jud8n)ents made by management in their sigDifi¢allt #¢eoullting estitnates. A furtber descrlption of ourrwTrnsibilitses for th¢ audit of the fllMncial statelnents is located on the Fin1#1 Reporting Council's website aL www.fr¢.o .uklaudiiO onsibilities. This description fornis part of our auditor's Use of our report This report is solely to the charitable CoMpanS members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state io the clwitable compan$ members those matters we are required to stste to them in an Auditovg report and for no other pwpose. To the fvlle8t extent pern)itted by law. we do not accept or ¥ssurn¢ r¢sp)nsJbility to allyone other than the charitsbl¢ cottyany and the charitsble CoMpanS members as a body, for our audit worL for this report, OT for the opinions w¢ have fOred. Ri¢h#rd Weaver {Senior Statutory Auditor) For on behalf of HaysnMcAntyre LLP. 10 e¢n Str¢¢t Place Statutory Auditor Date: 9 September 2022 EC4R IAG io
The Foundation and Frlends of the Royal Botsnlc Gardens, Kew Summary income and expenditure account Year ended 31 March 2022 2022 2021 £?0 £?0 come Donations and legacies Interest and investment income Gain(lo&S¢S) on investments 4216 19 45 1,803 93 705 Grosy Income In the reportlng perlod 4380 1601 Tot*] expendithre ill the reporting period (8,732) {3J37) Net expenditure for the reportlng perlod {4,452) (736) As qUIred tbe Compatii¢s A¢t 2(K)6. this statrm¢n¢prcs¢Dts th¢ mov¢ryL¢nts on in¢01 and exndItUTe u¢luding endowllent funth. 13
The Foundation and Friends of the Royal Botanic Gardens, Keiv Balance Sheet as at 31 March 2022 2022 £'ooo 2021 £'ooo Note8 Fixed asyets Jnv¢stm¢nl3 11,410 21.651 Total fixed assets 11,410 21,651 Crrellt asset Debtors Cash at bank and in hand 1,049 11.019 1.265 2.896 Total current assets 12,068 161 CredltDrs: amounts falling due withiti one y¢ar (3.837) (1,948) Net Current assets 8,231 2,213 Totsl ay*ts le48 ¢urrent MAbllltle8 19,641 NET ASSETS 19,641 The fuuds of the eharity: Restricted income funds Pern]anent endowment funds Expendable endowment fid8 Unrestricted funds- designated Ujjrestricted funds- general io io io io io 5,727 2.758 2.167 5.314 3.675 4.962 2,630 2.147 10.601 3.524 TOTAL FUNDS 19,641 Notes I to 15 forni part of these accounts. Thes¢ f]tta ial statements of The Foundation and Friends of the Royal BolaDiC Gardens, Kew (registetrd number 2499006) approved and authorised for issue by the Board of Tn1¢¢$ and signed on the1rbelIf by.. JanP 7 Septemixr 2022 14
The Foundation and Friends of the Royal Botanic Gardens, Kew Statement of cash flows Year ended 31 March 2022 l¥o¢e 2021122 2020lll £'ooo Net ¢Ash flojvs from operating activltles 14 (1418) 12,1115) Csh flows from iDvestillg activities: Dividends and interest from illvestjnet Proceeds from the sale of investhients Purchase of investtnents 206 172 (222) 20.636 {10.207) et cash flows from Investing actlvldes 10,541 156 Change In ¢sh the reporting period 123 (1,949) CaslE *t the begiDthg of the reporthg perlod 2.896 4,845 Cash At the end of the reporting period IA,019 2,896 Notes 1- 15 forn) part of these accounts. All ¢ath and casb equiva]ents are included in cash at bank arld in bail 4 15
The Foundation and Friends of the ROY Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2022 Sts¢emeDt of auouDting po]i¢ie The principal accounting policies are surnMSed below. All have been applied consistently throughout the y¢ar. Ba51s of preparatlon The financial statements have been prepared under the historical cost convention. with the exception of investents whi¢h are included at fair value. The fJnan¢ial ststements have beenprepared in accordance wkth the Sthtement of Recommended Practice (SORP 2019): Accounting and Rqjorting by Clwities prepaTing their accounts in accordance with the Financtal Reporting Standard appli¢able in tILe UK and Republic of Ire]and (FRS 102) Rssued OD 16 July 2014 and the Charities Act 2011. The finan¢ial statements present infOrntiOn for The FouDdation and Friends of the Royal Botanic Gardens Kew ("Kew FouDdation" or'the Foundation,). Fowidtlon st8th8 The Foundation is a pnvate company limited by guarantee, incorp)rdted in England and Wales and is a clmrity registered in EnglaDd and Wales. It is a Public Benefit Entity. The members of th¢ Foundation are the Tnjstees. In the event of the Foundation being wound UP the liability in respect of the guaratLtee is limited to £1 per member of the Foundation. Going concern Having Teviewed cash flow forecasts and budgets for 2022123 and Wond, the Ttustees have a reasonable expectation that the Foundation hag adequatr resou to continue in op¢rational existence for the foreseeable futUTe, not less thall 12 Jnontbs from the date of signing. ACrdinglY, they Conlitiue tr) adopt the going concern basis in prepiti8 the Trttee$, Report and Financial Ststem¢nts. Reserves Th¢ Foundation ljas a Reserves Poli¢y that 8¢¢ks to maintaill unrestricted Teseryes (¢x¢ludiDg the desigllated propety reserve) at aT¢)vnd oDe year of fvtur¢ (Trp¢ratiIig expcnditure {£0.3M). Unrestricted r¢s¢rves are currendy £3.4M in excess of £0.3M. This balan¢¢ will be reviewed during 2022123 to detennine wh¢n funds can be granted to RBG Fund accountlng Gen¢ral orunrestricted fimds are available for use at the discr¢tion of the Tn]stres in fitsthemce of the objective5 of the FouTthtion. These ore fidS that have not been designat¢d for other putposes. Designated funds wmprise unrestricted fund8 set aside by the TTUStees for particular PUTPO8CS. The aitll and use of each designat¢d fund are set out in the tsotes to tbe financial statements. Restricted funds are fimds v/hi¢h have beell raised by the Foundation for parti18T PUtPO8e8 aDd are to be used in a¢cordan¢e with spe¢ifi¢ restrictiolls imposed by donors. The aim and use of each material rcstrictrd fimd are set out in the notes to the r]nancial statements. Endowanent fidS are a mix of restricted and w]reslricted funds and may be expendable orpernwent. PenDartent endowment fjmds are heldby the FoatiOn as a cortrf)rate trustee and do not fom? part of the ¢¢)0[ate property of the clwitsble company. During 2014115 the Sainsbury Orchid Tnt Fund (£2.4M) was transfetted to the Foundation from the Bentham-' Moxon Ttust. Using this pernianent endowmellt, the Foulldation will provide grants to RBG Kew coneCted with the advallcement of education and learning by th¢ promotion Of study and ellhancement of the orchid ¢ollection aDd orchid work. The Trust deed confers an oversight role on two other sets of Trustees" Robert and Lisa SaiDsbury Art Tnt Ltd Trustees (previously as th¢ Art Trustees), the Gatsby Charitable FouttdationTru5tee5 Ipreviously known as the Gatsby TTUStees). Investment income. gains and losw ar¢ allo¢at¢d to the appropriate fill. In¢ome Ail in¢om¢ including gfdnts are included in the Statement of Fitwi¢ial A¢tivitieg (SOFA) when the Foundation is legally entitled to th¢ inc0c, reeeipt is probable, and the amount be measured with sufficient reliability. For 16
The Foundatlon and Friends of the Royal Botanic Gardens Kew Notes to the accounts Year ended 31 March 2022 pecuDiary l¢gaci4 this 18 Upon notification (probate). Residuary legacies are recognised when probate is graat¢d alld t1¢ is 8uificient infornyation to value tbern (usually reeeipt of estats accounts). Illhere legacies include the transfer of propety. this is iticluded at valuation. No amounts are included in the fmancial ststements for services donad by voluntrers. Gifts in kind are included at faiT value. Donated services or facilities are illcluded in incom¢ at a valuation which is an estim& of the fit)ancAal cost borne by a third paty. ItOme tax recoverable in relation to donations recetved under Gift Aid or deeds of covenant is rQgnised Y4t th¢ time of the doDaiion. Ineome tax recoverable ID relation to investment iticojne is recognised at the time the inves¢m¢n¢ income is [e1V&ble.. Expenditure Expenditure is aceounted for on an ae¢ruals bLsis. Where costs cannot be directty attributed to partIlaT a¢tiviti¢S, they have F*en allocated on a ba8Trs consigtent with the use of resources. unrestrict gTrntS to RBG K¢w are recognised when PrOVed and fommlly communicated wlth tbe recipienL R¢stri¢ted grAnts to RBG Kew are re¢ognis¢d and awarded to RBG Kew on approval of a valid claim. Gifts in kind to RBG Kew are recognised when the Foundation donates staff time or other assets. Fundrnising costs are incurred in seeking voluntary contributions and do not include the costs of di$s¢mitiatiti8 inf0mlati( in support of the charltable activities. Support costs are th(Is¢ costs incurred directly in wpport of ¢xpenditure on the objeets of the Foundation. Governance Costs are incu in connection with the administra¢ioD and cotttplian¢e of the FollndatiotL Goyernallce and support costs aTe allocated across the various activities of th¢ Foundation based on all &8timate of the time spent by staff. Crallt maklng The Foundation rdise5 monies foT RBG Kew. A requ&%t for payment for varAOUg projects proposed by RBG Kew is rnade to the Foundation Truste¢s. Wh¢n applications tre receive4 the Foundation gives independent due onsid¢rntion tt> grdllting 8u¢lL fimds. ¢onsid¢ring the strategy and wishes of the donor and if approved by the Tn1¢¢4 paym¢nl is made. Prop¢r ¢vid¢n¢e of expendibjre is always required to tbe satisfaction of the TnL8tees. Investments tnvestments stated at market value at the balance sheet date. The SOFA includes the net gains and losw arising on revaluatiotts alld disposals throughout the year. Investment movements as disclosed in the Stst¢]n¢n¢ of Cash Flows refiect additions to and withth8wals from the investsnent portfolio. T#xatlon aeeounthig The Foundation is a registered clwity and has no liability lo ¢otporation tax on its charitable a1VItieS under the Cojpordtion Tax Act 2010 l¢hapters 2 and 3 of part ii, sectioll 466 onwards) or Section 256 of the TatiOll for Chargeable Gains Aci 1992, to the extent SluS¢S are app]i¢d ¢0 its charitable purposes. No tax charge has arisen in the year ended 31 Mah 2021 or 31 March 2022. FlnaDcial instruments Investments are accoullted for at fair value through profit and loss ill accordance with the requiretnents of FRS 102 sections I l and 12. Trade and other debtors ere reeognised at the settlement amount due. Prepaents we valued at the amountprepaid net of any trade dIollnts due. Cash at bank includes cash and short-term highly liquid investments with a short matiwity of three months or less from the date of acquisition or opening of the deposit or similar accounL Creditors and provisions are recognised wh¢re the ¢harity has a presellt obli8atitsn resulting frotn a past event that will probably result in the transfer of fiwds to a tbird pty and the aDJount due to settle tbe obligation can be measured or estimated Teliably. Creditors and provisions ar¢ normally r¢cognised at th¢ir settlejllent amount after allowing for any trdde dIoUnts due. 17
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2022 Crltleal ateouDthig Judgements and kry sources of esthllatloD UDcertaillty In the applicati¢)n of tbe Foundation's aceoutttin8 policies. which are described in this note, the Tntee5 are r¢quired to make judgements. estimates and &%sutnptions about the carrying amounts of a&sets and liabilities that are not readily apparent from other $our¢¢s. The estillydtes and &ssociated assumptiot]s are based on historical experi¢nc¢ other factors that a ¢onsid¢red to b¢ relevant. Aebjal results nmy differ from these estimate& Th¢ ¢stim4t¢$ alld uwierlyiD8 &8surnptiOnS are reviewed on an ongoing basis. Revisions to accounting estimates are rEcogDis¢d in the p¢rii)d in which the estilllate is revised if the revision affects only that period or in the p¢Eiod of the reyision and perio(Ls rfth¢ revision affects both curreni and fjjture periods. Th¢ Trust¢¢s do not Consider there are any otber critical jud8ements or SOUTces of estimation un¢¢rtainty rwuiring disclo8ur¢. Intome and endowments from donations grants and lega¢ie¥ 2021122 Utrestrieted Re8trleted Endovlellt £'o £'ooo 367 1,875 Totaj £'ooo 367 3,849 Grnits and donatioJLS Legacies 1.974 1,974 2,242 4216 2D2O121 Ullre8trieted Re8trReted EndowmeBt £'oo Total £'ooo 105 1.698 £'ooo 104 255 £'o( Legacies 1,443 359 1,803 As at 31 March 2022, tbe Foundation had becn notified of 51 (2021.. 49) legacie& estimated to be worth £2.41M 12021.. £2.37M). £0.85M (2021.. £0.06MI of which ha9 been recogtjised as receipt is probable and th¢ 8mouni eart be measured with sufficient reliability. Of these, the Foundation been notified of 34 (2021.. 39) re5iduary 1¢8acies ¢stinted to b¢ worth £2.08M (2021: £2.33M) and of which £0.85M (2021: £0.06M) has been recogDigcd. 18
The Foundation and Friends of the Royal BotAnic Gardens, Kew Notes to the accounts Year ended 31 March 2022 Income from Investments 1021122 Restrieted Endowment Unrestrleted £'ooo Toiai £'ooo £'o £'ooo Bank interest Dividends & other dIstntiOnS 14 93 112 14 93 112 2020121 Restrlcted EndoT4meDt £'ouo £'ooo Unrejtricted £*ooo Tot41 £'o Bank ititer¢st Divid¢nd8 & other distributioJLS 76 16 113 205 77 16 113 206 19
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2022 E4>endlture 2021122 GrAlIt Supp'ort and funding of goverDnee aetivitles eogts £'OODg £ooo 83 Marketing aDd otber dtreci co8t$ £'ooo 192 15 Totsl £'oDo 275 15 Raising fillS- donations and legacies R#ising fimds- invesiment income Total RaisiD8 futtds 207 83 290 Cknit4ble activities Science Horticulture alld Learning Other wrt to RBG Kew 1,184 181 7,084 1,184 181 7,084 Total Charitable activities 8,449 8,449 Totsl Support costs 83 (83) Total 290 8,449 8,739 202fjni Grant Support #nd funding of governance aetivitle tosts £'OOOy £'ooo 74 M&rketlDg and other dtrect costs £'o 161 27 Total £'(Joo 235 27 Raising fids- (lonatsov8 legaci Raising fiuHls- investTn¢nt in¢ome 188 74 262 Charitsble activities Science 1,856 583 652 1.856 583 652 Other support to RBG Kew Total Charitable activAties 3.091 3,091 Total Support cosls 74 (74) Total 262 3.091 3,353 20
The Foundation and Frlends of the Royal Botanie Gardens, Kew Notes to the accounts Year ended 31 March 2022 Support and gov¢n)allee eosts 2021122 Totjl £'o( Co8ti Ineurred Governan¢¢ Office administration aod oth¢r Support 16 67 83 2020llA Total £'ooD Costs kn¢urred Governallce administration and other 8UPPOrt 18 56 74 Net {expenditureylllcoJne This is ststed after charging.. Total 2021122 £'ooo Totsl 2020121 Auditor's rnulleration.. Fees payabl¢ to the company's auditor for the audit of the Foundation's anllual accounts Non-wdit fe¢s: . Tax fi]ing 16 18 21
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2022 FSxed asset iDve5tments Endowment Other Investments lllvestm¢llts £,0 £'ooo £'o At l April 2021 Sale5 proceeds PuTchases Income re-invested Realised and unrlIS¢d gains l (Ios8¢s) 4,777 (3.665) 3,665 16,874 (16,971) 6.523 14 45 21,651 (20,636) 10,188 19 188 143 31 Marth 2022 4.925 6,485 11.410 EndowmeDt Otb¢r tnvestments Investments Totsl £*ooo £'o At l April 2020 Sales priKe&ls Purchases Income Triavesied Realised and unrealised gaiJs 3,998 (171) 124 22 804 16,094 (i) 20,092 (172) 124 98 1,509 76 705 At 31 March 2021 4,777 16,874 21,651 21122 £'ooo 2021 £'ooo Investment at fair value comprise.. Coll]n)odities Equiry Bonds Propety funds Hedge fid5 Liquidity fimds (in¢luding cath aDd c&sh equivalents) Charity Multi Ass¢¢ FuDds 48 5,791 1,561 891 232 129 2,758 333 3,855 2,759 390 930 10,754 2,630 At 31 March 2022 11,410 21.651 All fixed &4set investlnents are held in the UK. Investments at historical cost 10,161 16,602 22
The Foundation and Friends of the Royal Botanie Gardens, Kew Notes to the accounts Year ended 31 Mareh 2022 Debton: •moullts due within oll¢ year 2022 £'ooo 2021 £'ooo Ac¢ru¢d inwme 1,049 1265 1.049 1,265 Colltillgent a&ts. As at 31 March 2022 the Foundation has been notified of 34 (2021.. 39) r¢siduary lega¢ies estimated to be worth £2.08M (2021: £2.33M) and of which £0.85M (2021: £0.06M) has been reco8nised. The executors have yet to estabiish if there are sufficient assets in these eststes. after Settling any ]iabilities to pay these legacies. The Foundation is theTrfore unable to estimate with sufficient accuracy the amount r¢ceivable al I8 not accrued forthese legacies on thatbasis. Creditorj: 4rnounts falling due wfftthin one year 2022 £'oo 2021 £'ooo Payable io related undertaki8 Accn 3,820 17 1.929 19 3,837 1,948 23
The Foundation and Friends of the Royal Botanic Gardens, Keiv Notes to the accounts Year ended 31 March 2022 io. Statement of lld$ Balance l April 2021 £'ooo B•lance 31 Mareh 2022 Retognlsed ID¢orne Eipenditure gaknslOoHes) TraDsfers £?000 £'oth) Restrleted llleome FllDd8 4,962 2.247 (1.563) 81 5.727 Sainsbury Orthid Fund 2.630 90 {7) 126 (81) 2.758 Expendable endowments Smytbies Fund LLnllox Boyd Fund Shswdon Fund Bewsey Fwid l97 199 717 63 1.188 63 1,176 Total endowment fuDd 4.777 93 (7) 143 {81) 4,925 Total restrleted endowment funds 9.739 2J40 (1,570) 143 10.152 Ullre8trleted dgllted fuDds Property Fulld Fatusly Kitchen & Shop Directs>r of sciete Research Enhancitig Visitor Experience Other 8(1) 2.433 1,376 2,617 3J75 8(x) (2.433) {171) {2,176) (507) 1,205 441 2,868 10.601 (5,287) 5.314 Ullrestriftsd funds General Fund 3.524 1,988 (1,882) 45 3,675 Total UDTe8tri¢ted fund8 14,125 1.988 (7,169) 45 8.989 Totsl fuDdg 23,864 4.328 (8,739) 188 19,641
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2022 Balance Aprll 2020 £?000 B414nee 31 M4reh 21121 £'ooo Income EipeDditure gaiDsIO0s5es) TransfeT £'oo £'ooo £'ooo Restrleted llleome Funds 6,821 375 (2,356) 122 4.962 Endowm¢llt fwids Saitisbury Or¢hid Fund 2.263 92 (6) 367 {86) 2.630 ExpendAbl¢ endowm¢nts Smythies Fulld Lennox Boyd Fund Shawdon FutKI Bewsey Fund 157 567 50 961 40 144 13 240 197 711 63 .176 21 (io) {36) TotAI endowment fundg 3.998 113 (16) 804 (122) 4.777 TotAi restrietsd and dowtt)ent funds 10,819 488 (2,372) 804 9.739 Unrestrlcted deslgnatsd fullds Property Fulld Family Kitchen & Shop Director of Science Reseaffh Enbattcing Visitor Experience Oth6r 1,300 2,994 1,459 (500) 800 2,433 1,376 2,617 3.375 (561) (83) (83) (8) 2,7 803 2,580 8,333 {735} 3,(M)3 10.601 Unrestrfeted funds General Fund 4,547 1,521 (246) 705 (3.003) 3.524 Total UDrestrlcted fund 12,880 1.521 (981) 705 14,125 TotA] tsnd8 23.699 2.009 (3,353) 1,509 23,864 See Note 15 for detsils of general support ty RBG Kew. 25
The Foundation and Frlends of the Royal Botanic Gardens, Kew Notes to the aecount$ Year ended 31 March 2022 10. Sts¢em¢llt of fllDds (eontlnlled) Fulld8 InformatloD Restrictioas on the endowment futtds are as follows: The Salnsbury Orehld Fund is used to provide grants to RBG Kew connected with the advanc¢rn¢nt of education and le8rnitig by the promotion of stu(ty and enbanc¢ment of the orchid collection and 0hd work. The Trust deed coeI an oversight role on two other sets of Trustees.. Robert and Lisa Sainsbury Art Trust Lid Trustees (previously known as the Art Trust¢¢s) and the Gatsby Clwitable Foundation TnLstre5 (previously known as the Gatsby Trnstees). The transfer from this futtd represents realised income which is traltsfetted to the r£lated restricted fund ori a quarterly bwis. The Sm)rthies Fund is an ullresttieted expendable endowment. PArt of th¢ furyl should be used to support botanical illustrdtion. Th¢ int¢rest is used for budget rejief. The Inn0X Boyd Fund is wd by Kew to provid¢ edu¢ati(m for overseas students through the LeDllOX Boyd Progranllne. Inparticvlar, emphasis is placed on promoting exchanges of people between British iDstitutio]ts and their Collnterparts in Commonwealth Countries. The Sbawdon Fund is used to support Kew's anllual wAnter lectu series with an ¢uyh&si4 but not exclusivety on any aspects of the uses of plants for medicine. The B¢w8ey FuDd was reeeived by the Foundation in 2015116. It is ¢xp¢ndable endowment restricted ¢onseryati¢)n and research. Desigllations of unrestrict¢d fimds are as follows.. Th¢ Property represented funds designated tn 2016117 forRBG Kew's capital projects, the balance is held for Kew'8 Use on improvement work around the estate. Famtly Kitchen & Shop- the £3M d¢sigDal funds iti 2019120 to SUFQOrt RBG K¢w'$ ConstsetiO of a new Catering and retail facility has been filY Iransfee<L Dire¢¢or (Trf Science rese8tth- £l.2M remains of the funds dIgnated in 2019120 to support the Kew Dir¢dor of S¢i¢nc¢'s r¢search progratnjne in fitherance of Kew'$ obJtives. En1An8 Visitor Experience- £2.IM w&8 tralfeffed in 2021122 to support this infrastru¢ture project which is designed to fithher Kew's objectives by growing revenue and enbancing the engagement of Kew's visiiors, members al other supporters. a balaoce of £0.4m rem&ins. Otber designated fimds of £2.9M represeDt allocations to OtIr, snkller activities and projects, and utirestrcted kgacy ineome recogoised which the Ttee8 wish to dcsignate for future use in lille with the donors, non- bitidiog wishes. This will be subject to proposals foi w¢ to be wbjnitted by RBG Kew. 26
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Yerdr ended 31 March 2022 BlaDce A April 2021 £iooo Income EipeDd- iture TraDsfer betsveeD 31 March fuDds 21122 £iooo £'ooo £'wJo £'ooo Re5tr1cted Funds Science Seed nservatiOn- siiprrt)rtitig the coll¢etion. storage and viabilxty of seeds, particularly at RBG Kew's Millennium Seed Bank Tropical Important Plant Ar¢as (TIPAs)- suptK>rting identifi¢ation and CODs¢rvation of TtPAs Plant and Fungal Tree of Life AFT0L) State of tbe WoAd's Plants Orchid F¢llow Other scientific research and associated activity 1,158 788 (122} 114 ,938 390 386 203 206 882 (133) (382) (20) (11)o) (224) 257 183 187 674 81 Horticulture and Imbtanle gardens Evolution Garden Children's Garden Brnadwaik Borders Wakehur5t Place Otber horticulkntral activity 26 115 (7) {73) 19 42 435 488 435 1.022 581 (47) Edufation nd outre#¢h Grow Wild Other educatson and ¢)utreach activity 55 63 {55) (i) 500 562 Other Library, Art and Arthives- swrting quisitson and ac¢ess lo RG Kew's Library ¢011110nS Other activity in support of FBG Kew 63 (31) 1368) 32 492 369 (121) 372 Grand Totsl 81 727 Ail of the aknve fidS are availabl¢ to be granted to RBG K¢w upon rxeipi by the Foundation of the nece&wy documentation detsiling expenditure. Within restricted funds there aT¢ varioS levels of restriction. Transfers between funds are made as appw)riate and [¢ll1 allwa¢ii>n to Splfi¢ adivity as ¢onfirn]ed with the donor. 27
The Foundation and Friends of the Royal Botanlc Gardens, Kew Iyotes to the accounts Year ended 31 Marcb 2022 BAlnee ltt¢ome l Aprll 20211 £iooo Tr•msfers betsveeD 31 M•rfh funds 2021 Rejtrleted Fundi Sclenee Seed conservation- sukwrtin8 the collection, storage and viability of seeds. particularly at RBG Kew's Millennium Seed Bank Tropical Important Plant Areas ITIPA8)- supporting Adentification and con8erv&tion of TAS Plant and Fun8al Tree of Lif¢ (PAFTOLI Sta of the World's Plants Orchid Fellow Oth¢r s¢i¢ntific res¢4r¢h and Is1ted a¢tivity 1,164 279 (285) 1.158 504 79 (193) 390 855 563 206 1.216 {469) {360) (85) (347) 386 203 207 882 86 Hortlellltre #Dd bDtanlt grdeni Evolution Garden CbildT¢n's Garden 27 (i) (79) (54) (307) {102) 26 115 194 W#kehuT5t Plac¢ Ot1 borticulrLuxI a¢tsvity 742 435 488 25 Grow Wild Oth¢r Ca0tion and outr¢Kh activity 55 102 55 63 (39) Otber Library, Art and Archive8- 8UPPOrtn acquisition and ae¢e&8 to RBG Kew's Library collections Other activity ill support of RBG Kew 96 (34) 62 479 io (i) 492 Gr*nd Total 6,821 375 (2J56) 122 4,962 28
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2022 ii. Analysis of llel 88ts betweeD lld5 Fund balances at 31 Mrcb are represellted by." 2022 UJ¢strIttcd Reytrttted Endowment £'fjoo £yooo £'ooo 4.016 2,469 4,925 6.876 4,143 473 576 (2.376} (1,461) Total £'oo 11,410 11,019 1,049 {3,837) Long.terni inv¢sttnents Cash at b4Dk Debtors 8,989 5,727 4.925 19.641 2021 Unrestrlcted Restri¢teiJ ElldoTvment £'oo £'ooo £?000 12,488 4,386 4,777 1.856 43 (262) Tots] £'ooo 21.651 2,896 1.265 (1.948) Long-lerm investments Cash at bank Debtors Creditors 1,222 (1,686) 14,125 4.962 4,777 23,864 12. S#14ry and 8tsff cost8 No staff are employed by the Foundation. The totsl remun¢ratioll (includitig pension witributions) of the key mallagement persojjnel for the year was £nil (2021: £nil). [hing tbe year Tnle¢S received no remuaeration Orbenefits An kind12021.. £nil). No TnteeS were r¢imbuT5ed expenses for travel. 8ub8iStence or donor rneetiDg$ (2021: £nil). 13. Rel•ted party trall*aetl•n8 No donatiOll5 were w¢ived from the Trust¢¢s in the year (2021.. £nil). There were no other related paty lTrnsactions with trustees iti either year. The Foundation has relatrd paty transacti0ffj8 with RBG Kew and a]w with RBG Kew Enteryri8es Ltd. Expenditure includes an aTtLouDI of £8,451k {2021 £3.117k) and Creditors include an alnount of £3.820k (2021: £1.929k) relating to RBG Kew and RG Kew Entetyrises Ltd. tncome includes amount of £nil (2021.. £llil) and d¢btors include an atllOUDt of £nil (2021: £nil) relating to RBG Kew and RBG Kew Enterises Ltd. In 2021122 K¢w Foundation re1Ved gran¢s of £nil (2021.. £nil) from The Kew Asia Foundation Limited. No other relatal party traLwtions are noleAI. 29
The Foundation and Frlends of the Royal Botanic Gardens, Ke Notes to the accounts Year ended 31 March 2022 14. Reconcljiation of net income to net Ilojv from operating artlvld 2021122. 20211121 £'ooo N¢t income for the reporting period (as per the statemeot of finan¢ial adiviti¢s) {4,223) 165 Adjvfjtments for: (Gaitis) / los on inv¢stTll¢nts Dividends and inlersst from inv¢siments (188) {112) (1.509) (206) Operatlng tloJY before Jnovement in Tvorking ¢apltAI (4,523) (1,550) Decrease in debtors Increase I (decrease) in creditors 216 1.889 309 (864) Net cash PrOded by operatiDg ctivltle (2.418) (2,105) IS. Gnnts awarded to RBG KeTV Unrestrlcted £'or Restricted 2022 RBG Kew 2021122 Support splf1¢ PUTpose grallts 5.286 1,563 6,849 Grnt8 awrded 6,886 1,563 8.449 Unrestricted Restri¢trO £?000 2021 £'ooo RBG Kew 2020121 Supwrt Specific putpose grants 735 2,356 3,091 Grant8 aMrded 735 2J56 3,091 2022 £'OOD 2021 £?000 ReeoDeiliatloD of UDrtrICted grallts py#ble Conunitments a8 at I. April Conunitments made iTh the year Grdnts pa.id during th¢ year 26 1,600 (26) 735 {1,555) Con]milm¢nts &8 ai 31st h(arch 1,600 26 30