Company Registration No. 2499006
Registered Charity No. 803428
The Foundation and Friends of the
Royal Botanie Gardens, Kew
Trustees) Report and Financial Statements
31 March 2023

The Foundation and Friends of the Royal Botanic Gardens, Kew
Year ended 31 March 2023
Trustees, Report and Financial Statement$ 2023
Contents
Page
Referettce and admlnistrative details
S￿te£L¢ report
Truste¢$' responsSbllfitles statement
tndependent audltors, report
Statement of fiDaneiai aetlvltle
Summary income and expeudi¢ure aecount
Balan¢e sheet
14
St*tetneDt of eash floivs
Is
tes to the finallclal $tatetnents
16

The Foundation and Friends of the Royal Botanic Gardens, Kejv
Year ended 31 March 2023
Reference and administrative detalls
Jatt Pethick- Chair
Nick Baird
Kri5tina Kenworthy
Jane Reeves
Jantiene Kietn Rosel)oom vall der Veer
Company registered Nv.
2499006
Ch8rity registered No.
803428
Key Mall4gement Personnel
The k¢y management personnel are the Foundation'5 TTUStees.
Regl*tered & prittcip*l offiee
The Herbarium
Kew Greett
Richmond
TW9 3AE
Bankers
Lloyds Bank PLC
3td Floor
10 Gresham Street
London
EC2V 7AE
CAF (Charities Aid Foundation)
25 Kings Hill Avenue
Kangs Hill
West Mallillg
Kellt
ME194TA
Legal xdvlsers
Fatrer & Co LLP
66 Lin¢o]D'$ Inn Fields
London
WC2A 3LA
Audltor
Haysmacintyre LLP
Statut¢)ry Auditor
10 Queen Street Place
London
EC4R IAG
Investment managers
Handelsbanken
3 Thomas More Square
London
ECIW IWY
Cazenove Capiral hlanagement
l London Wall Place
London
EC2Y SAU

Tbe Foundation and Friends of the Royal Botanic Gardens, Kew
Year ended 31 March 2023
Strategie report
Objectives and activities
Tbe Trusiees. wbo are ￿$0 Directors of the Foundation alld Friends of the Royal Bolani¢ Gardens, Kew (tbe
"Foundation.) for the purposes of the Companies ACL submit their Tjustees, Repor¢ whieh includes the Directors,
Report and Strategic Rewrt for Companies Act puwes and the audited Finan¢ial Statements of the Foundation foT
the year ended 31 Marcb 2023.
Object
The Foundati¢)n's obj¢oL s¢t out ill its Articles of Association. is to provid¢ Support for the Royal Botanic Gardens,
Kew {"RBG Kew,) in such manner Ls the Foundation shall think fit. Th¢ FouTLdation is a }￿blIC Benefit Elltity.
Public bellefit
RBG Kew's general fijnctions are Set out in the NatioJJal Heritage Act 1983 and are to..
cany out Investigation and research into the soiellce of plants and ttlated 5ubJ¢cts, and disseminate the results of
the investigation and researcty.
provide advi¢e, instruction and education in relation to those aSp￿ts of tbe science of plants with which RBG
Kew 18 ¢on¢erned.
provide other setvices {iJ)¢luding quardllttne) iti relation to plants"
are for its coll¢ctions of plattts, preserved plant material, other objects relaling tt> plants, books and rKords'
keep tbe colleciions as national referen¢¢ ¢ollections, ensure that they are available to persons for the Purposes of
study, and add to and adapt them as scientific needs aDd RBG Kew ttsources allow. and
afford to )nembers of tbe public opportunities to enter any land occupied or n￿laged by RBG Kew. forthe
puryx)se of gaining knowledge and elljoyEnent from FBG Kew's collections.
The Trnstees have reviewed the activities of RBG Kew against the public benefit principles oudined in the guidance
issued by the Charity Con)mission and the Trusttts believe thaL as these meet the public benefit charitsble aims, the
FouT]dation in turn meets the publi¢ b¢nefit requirements.
Strategic aim8 and #etivities
The Foundation fundratses for RBG Kew, focusing'on lega¢y fithsitig and the Ma￿agem¢llt of inv¢stsn¢nts. It also
holds historic funds which are iniended to support the work of RBG Kew through the provisi¢)n of grants. Examples
of projects SUPPOrted in the year and the process for grant n￿1￿8 are set out below.
Grant-making
Total grants made to RBG Ktw to support its activities in 2022123 yeaT were £3.3M {2021122: £8.5M). of which
£0.7M (2021122". £1.6M) was for sp¢cifie projects fro]n restrTrcied ￿lldS and £2.6M {2021122.. £6.9M) was forprojects
froTn unrestricted funds. Key projects supported by the Foundation include:
Seitnet (£I.OM granted in 2022123. %1.2M in 2021122): RBG Kew's s¢tentifi¢ vision is to help stop
biodiversity loss and develop sustainable nathre-based solutions to some of humanity's biggest global challenges.
RBG Kew aims (o understand and protect plants and fimgi for the well-being of people and the future of all life
on Earth. Grants from Kew Foundation include fimds for multiple projects at the Millennium Seed Bank and key
strategic outputs from Kew's Science Strdtegy including the Plani and Fungal Tr¢e of Life alld the Tropical
tmpotlant Plant Areas (TtPAs).
Enhaneing Visitor Experience (£0.4M granted fin 2022123, £2.4M in 2021122).. Implementaiion of a new
imfrastrncture system which is designed to futrther RBG Kew's obj¢c¢ives by growing r¢venue and enhancing the
engagement of Kew's visitors, memberg and other supwiaE.
In addition, trustees approved a grant of £1.5M for the proposed Learning Centre ai Kew Gardens.

The Foundation and Friends of the Royal Botanic Gardens, Kew
Year ended 31 March 2023
Strategic report
Grant poliey
In order to secure the ¢onsent of the Foundation Tn￿teeS to release ￿nds, RBG Kew submits a grattt request to the
Foundation for a particular puryyose. All grants must be in line with the strdtegic aims of RBG Kew, eonfoJrn to the
wishes of the donor where relevant and conforni to the statement of publi¢ benefit referred to above. If approved,
fijnds are transferred subject to aD appropriate audit trail evidetlcing use of fi￿d8.
FMndralslDg approach and perfomallee
The Trus￿e$ oversee ail fundraising activities undertaken by the Foundation. Th¢ Foundation has engaged RBG Kew
Entejprises Ltd to provide legacy fi￿draISIng services and services to support the management of grdTLts held by the
Foundation but bas not worked with Other professional fvndraising agents ill th¢ year. B￿G Kew Ente￿n5¢S Ltd
adheres to the Cod¢ of Fundraising Practice issued by the Fundraising Regulator and the Trustees receive progress
reports on fimdraising at each Board meeting in order to review and oversee aspects of fundraising undertaken on
their beba]f. The Foundation is registered with the Fundraising Regulator. No fundrdising complaints have been
received by the Fowidation in 2022123 r¢garding tts fundraising practices.
Achievements and performanee
In 2022123,'iD collaboration with the staff and supporters of RBG Kew, th¢ Foundation rnised income of £5.3M
(2021122.- £4.3M) and gave grnnts lotalling £3.3M (2021122= £8.SMI to RBG Kew.
Inyestmenrs income was £O.IM. lavestsnents recorded unrealised losses of £0.9M for the financial year, as M￿ets
experienced a turbulent yeaT with global reopening following the pandemic. infiationary pressuTes emergxng, and the
impact of the unfoldmg conflict in the Ukraine.
Structureg governance and management
The Foundation is a Regi￿tred Cljarity (number 803428) and a Company limiied by guardntee (nurnber 2499006). It
is governed by its Articles of Asso¢iation (revised in (ktober 2022).
Trustees and Dtreetor$
The Trustees who held office during and at the end of the year are listed on page l.
The Board votes on tbe electi(Trn of new members at its regular me¢tings. Any new Tn￿lee 18 elected for a period of
three years after which t￿￿e they may be re-appointed.
New Tntstee5 are given an induction to introthice thern to the Foundation as well as to the work of RBG Kew.
Tn￿le¢S receive brieflljgs from management and meet staff to understsnd and review diff¢r¢nt aspects of the
organisation. New projects that aTe being undertaken by RBG Kew are explained.
During 2022123, the Foundation Board of Trnstees held two meetings.
Organisational structure
The Foundation has no etnployees and tbe Tn]sttts are considered the Key Management Persomiel. Services and
support to manage legacy, grant and investmettt income are purchased from RBG K¢w and RBG Kew Enterprises
Ltd.
Pay remuneration arrangement8
The frnstees are not remunerdted for theEr role.
Related partffies
The Foundation Board has a n)aximum of six Trustees; UP to two Trustees ean be rwon)mended for appointment by
RBG Kew, and up to tour trustees are independenL Jantiene Kletn Roseboom van der Veer was a Twstee of both
RBG Kew and the Foundation durAng 2022123 and 2021122. Nick Baird was appointed gs an independent Trustee of
the Foundation in Novcmber 2021 when he retired as an RBG K¢w Tn￿tee. In addition. there were three other
independent Trnstees.

The Foundation and Friends of the Royal Botanic Gardens, Kew
Year ended 31 March 2023
Strategic report
The Foundation is deemed to have an associate relationship with RBG Kew. based on the number of Trustees who are
appointed by RBG Kew. As such, in accordance with accounting standayds, a share of the Foundation's net a￿ts is
consolidated inlo the acwunts of RBG Kew reflectill8 the proportion of Tn￿tee$ appointable by RBG Kew, which is
33 /D as at 31 March 2023 fJnan¢ial year (31 March 2022.. 33 /.). RBG Kew does not hav¢ the ability to exercise
control over the net assets wognised, which remaiti subjeci to decision-making by th¢ Foundation's iThdependent
Board of Trnstees, and these a&sets are therefore showih as restricted assets in RBG Kew's f]nancial statements.
The Foundation IMS related party transactions with RBG Kew and also with RBG Kew Enterprises Ltd {a wholly
owned subsidiary of RBG Kew). RBG Kew Ellt¢TPri5es Ltd provides legacy fvndraising services and gerviees to
support the management of gI￿ts and investments to th¢ Foundation. RBG Kew provides back olfice support
services to the Foundation including finan¢¢ s¢rwi¢es.
One Kew Fou[￿tion Trustee {Jan Pethick) was also a member of RBG Kev/'s Foundation Council in the yeat. The
Council promotes alld supports RBG Kew's success in fundraising and provideg advice on all aspects of RBG Kew's
fi]ndraising alld membership activities.
The Kew Asia Foundation Limited was iticorpornied on 4 March 2015 in Hong Kon8 to support and promote
education, scientific research in the scRenGe of plants and related subjects through hortlGulture collaboration between
the community of Hong Kong, and RBG Kew by inspiring amd delivering scie1￿c-bas¢d plant Gonservation
worldwide. It was dissolved in July 2021. The Kew Asia Foundation Limited did not haye T￿St¢eS in common with
the Kew Foundatiorn
Systems of internal coDtrol
The systems of intemal Control ore design¢d to provide reasonable, but not absolute. as8uronc¢ against material
InlS5tatement or loss. They include..
aTrnual budget approved by the Trustees.
regular consideration by the TTh￿ttes of fmalleial results. variances from budgets and non-finallcial perfornian¢e
indi¢ators,'
delegation of authority and s¢gr¢gation of duties, where appropriate. and
tILe identification and management of risks.
Key risks for the Foundation are outlined on page 6.
Going concern
The Trustees are CODfident that the Foundation is a 80ing concern. This assessment is based (>n'.
budgets and forecasts prepated for 2023124 financial year and beyond, based on fi>retasts of legacy and
investment income
reserves held whi¢h allow the Foundation to meet grant and other expenditure commilmenw withhealthy
unr¢stri¢t¢d reserves providing security against any unforeseen operating risks
cash and liquid 1Dv¢St￿ettt holdings alt sufficient to meet operating cash requirements for the next ¢welv¢
months.
Financial review
Results for 2022123
The results for the year are set out in the Statement of Finalleial Activitles (SOFA).
In¢om¢ received in the year ended 31 March 2023 was £5.5M {2022.. £4.3M).
Grants and donations in¢om¢ decr¢as¢d to £O.OM (2022: £0.4M). Legacy incom¢ increased to £5.3M {2022.. £3.8M).
The Foundation's pipeline of lega¢y llotifications És relatively strong, supporting expectations for legacy Incon￿ in
re years.
Net SLllplus for the year amounted to £l.OM {2022.. £4.2M net deficit) after grants to RBG Kew of £3.3M (2022..
£8.5M).
At 31 March 2023, the Foundation's totsl funds amoullted 10 £20.7M (2022.. £19.6M)' Consisting of £4.6M {2022:
£4.9M) iti endowments, £5.5M (2022: £5.8M) in doThor restricted fimds, £4.OM (2022.. £3.7M) in genernl unrestyicted

The Foundation and Friends of the Royal Botanic Gardens, Kew
Year ended 31 March 2023
Strategic report
fimds, and £6.5M (2022.. £5.3M) in unresti?cted funds designated to projects. Although £5.3m of legacies
accounied for in year £3.8m 1$ included in debtors at year end awaiting distribution to the charity. The current fund
balances meet the Foulthtion's ReseTres Policy d¢￿'led below.
Reserve8 P•li¢y
The Foundation's policy is to hold at least £0.3M of reserves. This is the auticipated annual expenditure budget of the
Foundation going forward. Given that legacy income is variable, reserves will be held at a level to ensure all ¢08ts call
be covered even if no legacies are received in any one year.
Unrestricted generdl reserves are cumtly £3.7M in excess of £0.3M. This balance will be reviewed during 2023124
detemiine if fimds should be granted to RBG Kew.
Investment Pollcy 8nd St*tement of Investment Principles
The Foundation holds funds for the short and rnedium-ternh to etL5ure liquidity and to meet tbe requirements for
specific projeets and purposes. These funds are invested in short and medium-terni depositg and other short and
edium-terni iIiStruments a￿ordIng to tbe guidelines set out by the Board, reviewed annually.
The Trustees have delegated the investment managemetttrole over its investment portfolios to:
Cazenove Capital for the Saxnsbury Orchid Fund endowlnent"
Handelsbanken Investment Managers for other endowment fi]nds and unspellt legacy fimds,.
Gtsldmon Sachs International for cash managemenl (closed in 2022Q3).
Funds invested by Cazenove Capital have all investment objective to ￿￿ints1￿ the real value of capital while
generdting a susÉain8ble level of income to support the Research Fellowshtps at Kew. The portfolio 15 invested
primarily in the Charity Multi-Asset Fund, with some lower risk holdings of bonds and cash inV￿trnents. The target
return is CPI plus 3 /0 per aIinum, net of fees, over the long terni.
For the funds managed by Handelsbanken, the Foundation adopts an 'Absolute Retl￿n. approach to investmenL
recognising the investmertt retum fro]n income and capitsl gains or losses. The overall investment objective of the '
funds managed by Handelsbanken is to achieve positive real ret1￿ of CPI plus 3°A over the long terni, while
maintaining a medium tolerance to risk.
Funds invested by Goldman Sa¢hs lllternational were all held in the Sterling Money Market Fund. The Trustees
decided to close this account and have decided not to reinvest holdings in non-cash holdings at the present time, to
preserve liquidity.
Th¢ Trustees review annually the perfornvdDce and service of fimdlinvestrnent managers. investfflent principles and
guidelines for product investment. In 2021122 the Trustees decided to transfer the rernainll￿ Handelsbanken portfolio
to "sustainable funds" The sustainable funds reduce the FoundatlOll'5 iThvestment in industries such as toba￿0,
d¢fen¢e and alcohol, alld increase investment in areas with more positive environmental. Social and governance
Impac￿ including renewable en¢rgy and carbon eificicncy. All investments are now held in balallced sustsinable
fimds.
Ethies policy
The Tn￿tee$ do not wish to impose any specifi¢ ethical investhient policy, but the assets should b¢ invested in line
with the charity's aims and ¢onfom) to the Third Party Engagement Po]icy and Donor Engagem¢Dt Review Process.
I￿vestMent performanee
The TTUSteeg meet each inY¢slment advisor at least annually and the Commentary below reflects their reponing on
perforniance.
The 2022123 financial year inflatLOJl8ry pressiires. higher interest rates, and the UkThiDe crisis have resulted ill weakcr
perfomiance than expected. The total unrealtsed investtnellt losses for the Foundatioll's investment portfolios in the
year were £0.9M.

The Foundation and Friends of the Royal Botanic Gardens, Kew
Year ended 31 March 2023
Strategic report
The Handelsbaukcn portfoitos reDJrned totsl at]nual perfornwices of betw¢¢n 14V/D loss and l /0 gaiti in the finw)¢ia]
year (2021122.. gains between 9/0 and 16Y.), while funds invested with Cazenove returned a loss in value of 6%
(2021122.. gain 8Tr/0
FulldraisRng
The Trustees thank the following for their generous supportof our vital worf(:
Leg￿1¢$. Qam¢r Adalll, Francis Bangay, Dorothy Booth, Frances Bremner, Sylvia Carter, Vivienne Daniell. Amie
Evans, Pamela Farley. Florence Fo]lows, Anna GofiyL Pnmjence Green, Elizabeth Grellfell, Margaret Guilder,
Evelleen Hoin-wybrow, Ondre Haynes, Jill Hood, William Howard, Sylvia Huggins, Sharon Icktingill, Fay Katz.
Margarei Kerr, Richard Kirby, Dora Lockley, Brian Meldnun, Patricia ond David Moss, Kathleen Murpby. James
Robertson, Ni¢ola Rose, Balbara Rowe, Margaret Ryan. Ann Sayer, J¢r¢my Stanley-smith, Vida Vtsle&
And all other supporters, iticluthng those who have chosen to remain anonymous.
Risk management
The Foundation has a robust risk management framework which is upJate4 presented to and reviewed by Tnjstees
once a year. Each risk has an assigned risk owner who will coordinate actions to mitigate the risk ond record progre&s
ade and actions completed. The current most significant risks for the Foundation are detailed below..
Reputational risk from engagement with thirdparties whose activities could negatively impact the
Foundation's rq>utaiion. To mitigate this risk, Donor and Third Party ED8agemeni WTrli¢ies are in place,
whi¢h includes assessment of wptential risks from Bngag¢rnents.
Failure to process personal data in Compliance with relevant legislation. To mitigate this risK a data
framework is in place that ensures any donor data held is in compliance with dats prOt￿tIon T¢quirements.
Risk to the Found￿10n,$ financtal sustainability from reduced income. Annual budgets are prepared alld
perforn)an¢e moniiored through the year, with alty risks higblighted to the Trustees. The Foulldation holds
reserves at a level to meet its operdting commitments and any fu￿re grant cornmitsnents.
Plan5 for fuknrt perl•ds
The Foundation's focus is on developing and growing the legacy programme and stewarding donors to ensure income
due from existing donor pledges is delivered. The Foundation will also continue to manage its illvesthient portfolio.
The Foundation will continue to pay grants t() RBG Kew frorn ullrestri¢ted and restricted funds.

The Foundation and Friends of the Royal Botanic Gardens, Keiv
Year ended 31 March 2023
Trustees, responsibillties statement
The Trustees (who are also dir￿torS of the Foundation for the PUryK)ses of compatty law) are responsible for
preparing the Trustees, Annual Report and the fthancial statements iti accordattce with applicable law aryd United
Kingdom Accounting Standards (Uni*d Kingdom Generally Aecepted Accourttitig Prdctice) including FRS 102 "The
Financi￿ Reporting Stsndard applicable in the UK alld Republic of Ireland"
Company law requires the Trnstees to prepare f]nanetal statements for eaeh financial year whieb give a true fair
view of the state of affaits of the charitable company and of the incoming resources and applieation of resources,
including the income And expendiDJre. of the charitable Company for that period. In prepaIing these fmancial
statements. the Trustees are required to..
seleet suitabl¢ ￿coUntIng policies and then apply them consistently.
observe the methods and principles in the Charities SORP.
make judgements and estimates that are reasonable and prndeDt-
state whether applicable UK Accountillg Standards have be¢n followed: subject to any material departures
disclosed and explained in the fillancial statements,. aod
prepare the fllwicial statements on the going concern basis wiless it is inappropriate lo presume that the
clwitable eompany will continue in business.
The Trustees are rcsponuble for keeping adequalt a¢¢ounting records thai disclose wAth reasonable accuracy at any
time tbe f￿￿tt¢181 position of the charitsbl¢ company and enable them to ensure that the fu]ancial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and
hence for iaking reasonable steps for the prevention and detection of fraud and other irregularities.
tn so far as the trusteeg are awar¢".
there is no relevant audit infomialion of wkn.ch the charitable compaty's auditor is unaware,. and
the Trustees have takeT] all steps that they ought to have taken to make thernselv&5 aware of ally.r¢levant audit
infornktion and to establish that the auditor is aware of that inforniation.
The TNstees are responsible for the maintenance and integrity of the Cory￿rat¢ and flnancial inforn)ation included on
the charitable company's websiie. Legislation in the United KillgdoD] governing the preparation and diss¢minatioll of
financial statements may differ from legislation in other jurisdictions.
The Trustees, Report and the Strategic Report were approved by the Trustees al￿ signed on their b¢ha]f by..
Jan Pethick
Chair
26 June 2023

Independent auditor's report to the Members and Trustees of
The Foundation and Friends of the Royal Botanic Gardens, Kejv
Opinifjn
We have audited the f]nancial statements tsf The Foundatioll and Friends of the Royal Botollic Gardens, Kew f(>r the
year ended 31 March 2023 which comprise the S¢atement of Financial Activities, the Balance She¢t, the Sumll
Incomc and Expenth'ture Account. the Ststement of Cash Flows and notes to the financial stst¢m¢nts, including a
of significant accounting w)licies. The financi￿ reporting framewrk that has been applied ill their
prepardtioll is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard
102 The F￿a￿ClaIRep0rtIngSÉ&￿dUrd applicttble in ihe UKandRepublic oflrelaud (United Kingdom Generally
Accepted Accoulltillg Practice}.
In our opinion, the financial stat¢m¢nts'.
give a tsue and fair view of the state of the ¢haritabl¢ ¢ornpally's affairs as at 31 March 2023 and of the
charitable company's net movem¢nt in fi￿d$, illcluding the income aTJd expenditure. for the year then ended.
have been properly prepared in a¢cordan¢e with United Kingdom Generally Accepted Accounting Practice.
have been prepared in ac¢onlan¢e with the requirements of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with International Stsndards on Auditing (UK) IISAS IUK)} and applicable
.law. Our responsibilities under those standards aTe further described in the Auditor's re5ponsibi]xties for the audit of
the finanGial stateTnents section of our report. We are independent of the charity in accordance with the ethical
reqUire￿ents that are televant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethtcal responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conelusions relating to golng concern
tn auditing the fmanGial statements. we have concluded that the lrnst¢¢s' use of going concern basis of accounung in
the preparation of the financial ststements is appropriate.
Based on the work we have performed we have not identified any material ulleertainties relating to events or
conditions that, individually or collectively, may east significaTht doubt on the Charitable company's ability to
continue as a going concern for a peri￿ of at least twelve months from whell the fmancial statements are authori8ed
for issue.
Our responsibilities and the responsibilities of th¢ trustees vlith respect to going concern are described in tbe relevant
sections of this report.
Otber information
The trusttts are responsible for other inforniation. The other inforniation compris¢$ th¢ infomiation included iti the
Trustees. Report. Our opinion on the fthancial sÈaiemet]ts does not cover the other Inforn￿tIoll and, except to the
extent otherwise explicitly stated in our report, we do not express any forni of assuryn¢e ¢onclu5ion there<)
In connection with our audit of the fllwicial ststements, our responsibility is to read the other infomiation and. in
doing so, Gonsider whether the other inforn)ation is materially incoDSiStent with Jhe financial.5tatements or our
knowledge obtained iti the audit or otherwise appears to be materially rnisstated. If ivèidentify such material
inconsistencies or appareni maierial mAsstateJDents, we are required to determine whether there is a material
tllisstatemeni in the financial statements or a material misstatement of the other inforniation. If. based ot) the WOTk we
have perfornied. we conclude that there is a material misstatement of thts other infomiation, we are rquired to report
that fact. We have nothing to r¢port in this T¢gard.
Opinions other matters prescribed by the Compxnles Act 21106
In our opinion. bas¢d on the work undertaken ill the courstrof the audit:
the iDforniation given in the Trustees, Report (which includes the strategi¢ reFQrt and the directois, rew)rt
prepared for the purposes of company law} for the fU￿1¢Ial year for whioh the financial statements are
pr¢par¢d is ¢gnsi5tent with the financial statements. and
the strategic report and the directgr8' report illcluded within the Ttustees. Rep)rt have been prepared in
accordan¢e with applicable legal requirements.

Independent auditor's report to the Members and Trustees of
The Foundation and Friends of the Royal Botanie Gardens, Kew (eont.)
M8tt¢rs on which we are rtqlllred to report by exception
In the light of the knowledge and understanding of the charitable Company and its ertvirtitimeni obthined in the ¢ours¢
of the audiL we hav¢ not identified rnaterial mi5Statements in the TTUStees' Report (whith incorporate6 the strdtegie
report and the di￿tOrs, r¢port).
We have notbing to report in respect of tbe followillg matters in relation to which the Cornpanies Act 2006 requires US
to report to you if, in our opinion..
adequate accounting records have notbeen kept by the charitable company. or
the ¢haritsble cojnpany finallcial statements are not in agreernent with the accountitig records and returns. or
certain disclosures of tru5tees' remuneration specified by law are not ll￿de. or
we have not received all the infor￿ation and explanations we requir¢ for our audit" or
the trustees were not entitled to prepare the f]nancial statements in accordance with the S￿￿71 eompanxes,
reg1￿C and take advanrage of the small ¢ompaoieg' exemptions in preparing the tnute¢s' report alld from the
require￿￿1 to Prepare a strategic report.
RespoDslbllitles of trustees for th¢ finaDciai 5t2tements
As explained Jnore fully in the trust¢e$' responsibilities statement set out on page 7, the trustees {who are also the
dire£torg of the charitable wnpany for the purposes of Co￿pa￿Y law) are tesponsibl¢ for the preparation of the
financial stateTnents and for being satisfied that they give a true and fair view, and for such internal control as the
trus￿¢5 detennine is Tjecessary to enable th¢ preparatioll of financial ststements ihat are free from material
mi55tatement. whether due to fTaud or effor.
In preparing the f]nancial statements, the trnste¢s ar¢ responsible for assessing the charitable company's ability to
continue as a going concem, disclosing, as applicable, matters related to going concern and using the going contem
b8Si5 of accounting unless the tNs¢ees either intend to liquidate the charitable company or to ¢ease operatiolls, or have
no realisthc alternative but to do so.
Auditor'$ responsibilities for the audit of the fmaDciaJ statement8
Our objectives are to obtsin re￿Onable a&surance alx)ut whether the financial statetThents as a whole are free from
material mi&ststemetsL whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurdllce but is noi a guarantee that an audit conducted in accordance with
ISAS (UK) will always detect a matuial misstatement when it exists. Misstaternents can arise from fiwd or error and
ate considered material if, individually or in the aggregate. they could reasonably be expected to influence the
e¢onoJnic decisions of users token on the basts of these fmancial statements.
IrregulaTities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line witb out responstbilities, outlined above, kn detect ll￿terIal mtsstatements in respect of irregularities. including
fraud. The extent to which our proc£dures are capable of det￿ting irregulariti¢s. including fraud ig detailed below:
Based on our under5tsndiDg of the company and the environttkellt in which it operdtes. we identified that ihe principal
risks of non-compliance witb laws and regulatsons related to regulatory requirements for the charitable company, and
we considered the extent io which non-compliance rnight have a material effect ot) the flnancial statements. We also
considered those laws and regulations that have a direct impact on the prepardtion of the f]nancial statements such as
the Companies Act 2006 and.th¢ Charities Act 2011, and consider other factors such as the t￿tItsn environment.
We evaluated management's incentives and opportunities for fraudulent nwiipulation of the financial statements
{including the risk of override of controls). and d¢t¢rmined that the principal risks were relaied to posting
inappropriate journal entries to revenue manag¢owit bias tctounting egtimaies. Audit procedur¢5 perfornied
by the engagement team included..
Inspecting correwndellce with regulators and tax authoritics"
Discussions with manag¢m¢nt including Consideration of known or suspected instance5 of non-compliance
with laws and regulation and frdud;
Evaluating management's controls designed to prevent and detect irregularities.
Identifying and testing journals, in particular journal entries posted with unusual a¢coulli co￿b]natiOns,
)SÈings by unusual users or with unusual descriptions. and

Independent auditor's report to the Members and Trustees of
The Foundation and Friends of the Royal Botanie Gardens, Keiv (eont.)
Challenging assumptions and judwents ll￿de by maDagernent in their significant accounting eslimates, in
particular legacy accrued income.
Because of the inherent limitations of an audit. there 15 a Tisk that we will noi detect all irregulorities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
illcreases th¢ more that compliance with a law or regulaiion is removed from the events and transactions
reflected in the fmancial statemenw as we wAII.be less likely io become aware of instsnc&5 of non-compliallce.
The risk is also greater regarding Irreg￿laritieS occurring due to fraud rather than error, &$ fraud involves
inÉelltional conceahnent, forgery, colluslon, omission or misrepresentation.
A fillther description of our rwnsibilities for the audit of the financial statements is located on the Financial
Reporting Counctl's website at.. www.frc.or
.uklauditorsres
onsibilities. This description fornLS partof our auditor's
report.
Use of our report
This report 15 made solely tr) the charitable company's members, as a ljody. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitsble compangs
members those matters we are required to state to them in an Auditorfs rewrt and for no otlw PUEpose. To the thllest
extent ￿rmItted by law, we do not accept or a￿UMe responsibility to anyone other than the charitable compatty alld
the charitable company's members as a body, for our audit work. for this report. or for the opinions we have fornied.
Richard Weaver (Senior Ststhtory Auditor)
For alld on behalf of Haysmacintyre LLP.
LO Queen Street Place
ststutory Auditor
London
EC4R IAG
26 June 2023
10

The Foundation and Friends of the Royal Botanic Gardens, Kew
Summary income and expenditure account
Year ended 31 March 2023
2023
2022
£>ooo
£'ooo
Income
Donaiions and legacies
Interest and investutent income
Gainsl(losses) on investments
5.327
52
(550)
4.216
19
45
Gross illeome ID the reporting period
4,829
4,280
Total expenditure ID the reportlng perlod
(3,570)
(8,732)
Net expenditsr¢ for the reporting period
1,253
(4,452)
As required by th¢ Companies Act 2000, this statement pre8¢nts th¢ movements on Income and expendittwe excluditig
endowrncnt funds.
13

The Foundation and Friends of the Royal Botanic Gardens, Kew
Balance Sheet
as at 31 March 2023
2023
£'ooo
2022
£'ooo
Notes
Fixed assets
Inv¢stmcDts
14.067
11,410
TO￿ rued assets
14,067
11,4111
Current assets
Debtors
3.861
1,049
Cash at baDk and in hand
3.200
11,019
Total curreDt assets
7,061
12,068
Credltors: amounts falling due within one year
(464)
{3,837}
Net ¢urrent assets
6,597
8.231
Tot41 *ssets less turrent liabilities
20,664
19,641
NET ASSETS
20,664
19,041
The funds of the Charity:
Restricted income funds
io
5,532
5.727
Pem)anent endowment funds
io
2,605
2.758
Expendable endowiJ)ent fijndg
io
2,001
2.167
Unrestricted fimds- designated
io
6,502
5.314
Unrestricted funds- g¢neral
io
4,024
3,675
TOTAL FUNDS
2D,664
19,641
Notes I to 15 forni part of these accounts.
Thes¢ fJnall¢ial 5tateinents of The Foundation and Friends of the Royal Botanic Garden& Kew (registered rtumber
24990061 were approved and authorised for issuc by the Board of Trnstees and signed on their behalf by:
Jan Pethick
Chair
26 June 2023
14

The Foundation and Friends of the Royal Botanic Gardens, Kew
Statement of cash flows
Year ended 31 March 2023
Note
2022123
2021122
£'ooo
£'ooo
Net eash flo￿5 from operathig aetlvities
14
{4,414)
(2,418)
Casb flojvs from inve5tiDg %etivitie5:
Dividend5 and interest from investments
Proceeds from the sale of investments
Purchase of Investments
106
291
{3,802)
1.12
20.636
(10.207)
Nft ¢45h flows from lllvestlng ¥¢tivities
{3,4051
10.541
Change in e#sh in the reporting period
(7,819)
8,123
Cash xt the begiThning of the reporthig period
11,019
2,896
Cash at tbe end of tht r¢porting period
330
11,019
Notes 1- 15 foTrn part of these accoutjts.
All cash and cash equivalents are included in ¢ash at bank and in hand
15

The Foundation and Friends of the Royal Botanic Gardens, Kelv
Notes to the accounts
Year ellded 31 March 2023
Stlltemtnt of aeeountlng pollele8
Th¢ principal accounting wlicies are summarlsed below. All have been applie41 ¢¢)nsistently throughout the year.
Basis of preparation
The financial 5talements have been prepared under the historical cost convelltio￿ with the exception of investments
which are included at fair value. The fjnancial statements have been prepared ID accordance with the Statement of
Recommended Practice (SORP 2019).. Accounting and Reporting by Charities preparing their accoullts in accordance
with the Financial Reporting Standard applicable in tbe UK and Republic of Ireland IFRS 102) issued on 16 July
2014 amd the Charities ACE 2011. The fjnancial statements preselit inforrnation for The Foundation and Friends of the
Royal Bothnic Gardens Kew ("Kew Foundation" or'*be Foundation,).
FollDdation statss
The Foundation is a private compally limitcd by guarantee, incorporated in England and Wales and is a charity
registered in England and Wales. It is a Public Benefit Entiry. The members of the Foundation are the Trustees. In the
event of the Foundation being wound up, tbe liability in respect of the guarantee is limited to £1 per member of the
Foundation.
Golng eoneern
Having reviewed cash flow forttasts and budgets for 2022123 and beyond, the Trustees have a reasonable expectation
that the Foundation bas adequaie resources to ¢otttinue in operdtional existence for the foreseeable future, not less
than 12 months from the date of signing. Accordingly, tbey continue to adopt the going concern basis in Prepari￿ the
Tnjstees, Rwrt and Financial Ststernents.
Reserves
The Foundation has a Reserves Po]icy that seeks to maintain unrestricted reserves (excluding the designated property
Teserye) at ari)und one year of future operntillg expenditure (£0.3M). Unrestricted reserves are currently £3.7M in
ex¢e5s of £0.3M. This balall¢e will be reviewed during 2023124 to det¢rnine when funds can be granted to RBG
Kew.
Fund JCCOllDting
General or unrestricted funds are available foruse at the discretion of the Tn￿tee5 ill fiutherati¢e of the objectives of
tbe Foundation. These or¢ fiJnd$ that have not been designated for otherpurposes.
Designated funds cojnprise unrestricted funds set aside by tbe Trustees for partieular purposes. The aim and use of
each designated fund are set out in the notes to the financial ststements.
R¢stricted fLmds are fijnds which have been raised by the FouThdation for particular puryoses and are to be used In
accordan¢¢ with specific restriciions imposed by don0￿. The aim alld use of each material restricted fuod are set out
iti the ntstes to the financial statements.
Endowment funds are a MÈX of reStriC￿d and unrestricted funds and may be expendable or per￿anent. Permanenl
endowment funds are held by the Foundation as a CO￿orate tryste¢ and do not fortTr part of the coJp)rnte property of
the charitsble company.
During 2014115 the Sainsbury Orchid Trnst Fund (£2.4MI was transf¢TTed to the Foundatioll from the Bentham-
Moxon Trust. Using this pernjanent endowmenL the Foundation wll provide grants to RBG Kew connected with the
advallcement of education and learning by the promotion of S￿dY and enhallcelllent of the orchid collectiojj and
orcbid work. The Ttust deed Confers an oversight role on two other Sets of Trustees. Robert and Lisa Soinsbury Art
Trust Ltd Trnstees (previously known as the Art Tn]s¢¢¢s), the Gatsby Charitable Foundation Trnstees Ipreviously
known as the Gatsby Tjugtees).
Investmetlt income, gains and losses are a]located to the appropriate fund.
Income
All income in¢luding grants are inc]uded in the Statement of FiThancial Activities (SOFA) when the Foundation is
legally entiiled to the inwm¢, recetpÉ 18 probable, attd the amowit Can be M&￿Vred witb sufficient reliability. For
16

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 Mareh 2023
pecuniary le8acie4 this is upon notification Iprobate). Residuary legacies are recognised when probate is granted and
there is sufficient inforniation to value them (usually receipt of estate accounts). Where legacies include the trn￿fer
of property. this is included at valuation.
No amout)ts are included in the financial statements for services donated by volullteers. Gifts ID kind are included at
fair value. Donaled se￿i¢¢S or facilities are included in income at a valuation which is estimate of the fil￿ncIal
Cost borne by a third party.
Income tax reeoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time
of the donation. tncome tax recoverable ID relation to inveslment income is recognised at the time the investment
income is receivable.
Expenditur¢
Expenditure is accounted for on an accruals basis. Where costs cannot be directly attributed to partieular aciivitie4
they have been allocated on a basis consistent with the use of resources.
UJwestriGted grants to RBG Kew are recognised when approved ond fornially communicated with the recipient.
Restricted grants to RBG Kew are recognised 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 ofher assets.
Fundraising Costs are in¢utred in seeking voluntary contributions and do not inolude the costs of di&seminatiDg
Inforn￿tiOn in support of the charithble activities.
Support costs are those costs incurred diwtly in Support of ¢K￿ndIt￿re on th¢ objects of the Foundation.
Governance cost$ are inwrred iry CODnection with the administration and compliance of the Foundation. Governance
and support c(Fsts are allo¢ated acTr)ss the various activities of the Foundation based on an estimate of tbe time spent
by Staff.
Grant making
The Foundation raises monies for RBG Kew. A requcst for payment for varAOU5 projects PToposed by RBG Kew is
made to the Foundaiion Tntstees. When applicatl0ll5 are received. the Foundation gives independent due
considerdtion to granting such funds. eonsidering the strategy and wishes of the donor and, if approved by the
Tn￿tee6, paymeni is made. Proper evidence of expenditure is always required, to the satisfaction of the Trnstees.
Investmellt8
Inveslrnents are stated at market volue at the balance sheet date. The SOFA includes the net gaills and losses arisin8
on revaluations and disposals throughout the year. Investmeni n)ovements as disclosed in the StsteD]ent of Casb
Flows reflect additions to and withdrawals from the inyesttnent portfolio.
T#xation a¢counting
The Founda1]<￿ is a registered charity and has no liability to Wrporation tax ¢)n its charitable activities under the
Corporation Tax Act 2010 {Ghapters 2 alld 3 of part ii, section 466 onwards) or Section 256 of the Taxation for
Chargeable Gains Act 1992, to the extent surptuses are applied to its eharitable purposes. No tsx charge has arisen in
the years ended 31 Ma￿h 2023 or 31 March 2022.
Fittaneial InstruEnents
Investments are a¢¢ounted foT at fair value through profit and loss in accordance with the requtrements of FRS 102
sections I l and 12. Trade and other debtOTS are recognised at the settlement amount due. Prepayments are valued at
th¢ amount prepaid net of any trade discounts due. Cash at bank includes cash and.short-terni highly liquid
investm¢llt5 with a short matiuity of three months or less from the date of acquisition or opening of the deposit or
sirnilar account. Creditors and provisioDS are rxognised where the ¢hority has a present obligation resulting from a
past evellt that will probably result ill the transfer of fi]nds to a third party and the amount due to settle the obligation
ean be ￿ea$llred or estinvdted reliably. Creditorg and provisiojjs are norn￿llY recognised at iheir settlement amount
after allowing for any trade discounts due.
17

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
CrRtlcal acc•utLthig JudgemeDts and key wUrCe￿ of estirnatioD llneertaillty
In the app]ication of the FoulldatioD's aGcounting policte4 wbith are described in tbis note, the Trustees are required
to Jnake judgernents, estimates aud assumptiolls about the carrying amounts of assets and liabijities that are not
readily apparent frorn other 50urres. The estimates and associated a&8Utnptions are based on lu"storical experi¢￿e gnd
other factors that are considered to be relevanL Actual results may differ fro￿ tbese estimates.
The estimates and underlying assumptions are reviewed on an ongoin8 basis. Revisions to accounting es¢imate$ are
recogllised in the period in which the estimate 1$ revised if the revision affects only that period. or in th¢ period of the
revisii>n aTLd future pertods if the revision affeLts both current and ￿tUre periods.
Otber thaD legacy income deKribed in this note, the Trustees do not consider there are any other ¢ritical judgements
or sources of estimation uncertainty requiring disclosure.
Income And endowments frtsm d•natfion& grants and legafi
2022123
Unrestricted Restricted EndowmeDt
£'o(
£'ooo
£'ooo
Total
£'O(KJ
Grdnts and donations
Legacies
4,855
472
5,327
4,855
472
5,327
2021122
Unrestrleted Restricted Endowment
£'ooo
£'ooo
£'ooo
367
1.875
Total
£'ooo
367
3,849
Grants ond d¢)na¢ions
Legacies
1,974
1,974
2,242
4216
As at 31 March 2023. the Foundation had been notified of 44 {2022.. 511 lega¢ie& estirnated to be worth
£5.57M in it]come (2022: £2.41M), £3.86M12022.. £0.85M) of which Can be rneasured with suffieient
reliability and therefore this amount has been recogllised withitj accNed income.
18

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
Income from investments
2022123
Restricted Endowment
£'ooo
£'ooo
Unrestricted
£'ooo
Total
£yooo
Bank interest
25
25
Dividends & other distribuiions
27
79
106
52
79
131
2021122
Restri¢tsd EDdowm¢nt
£'ooo
£'ooo
UDre8tricted
£'ooo
Total
£'ooo
Bank intcrest
Dividends & other distributions
14
93
112
14
93
19

The Foundation and Friends of the Royal Botanic Gardens, Kejv
Notes to the accounts
Year ended 31 March 2023
ExpeDditure
2022123
GraDt Support and
funding of governan¢e
etivitie
eosts
£,￿0￿5
£'o
M•rketiDg
and other
direft COSts
Total
£'ooo
£'ooo
Raising funds- donations and legacies
214
77
291
Rai$ll￿ funds- investsllent income
Total R&ising ￿llds
219
77
296
Clwitable activities
Science
Horticulture and Learning
Other sUpp￿rt ¢0 RBG K¢w
,020
229
2,036
1,020
229
2.036
Total Charitable activities
3,285
3285
Total Support costs
77
(77)
Totsl
296
3285
3,581
2021122
Grant Support aDd
funding Of governanee
ctiYitie5
costs
£'OOOs
£)0￿)
83
Marketing
8nd other
direct Costs
£'ooo
192
15
Tot#]
£'o
275
15
Raising funds- donations and legacies
Raising funds- investment In￿Me
207
83
207
Charitable activities
Sci¢n¢e
Horticulture and L&￿Ill8
Other support to RBG Kew
1,184
181
7,084
1,184
181
7,084
Total Charitable activities
8,449
8,449
Totsl Support ¢osts
83
(83)
Total
290
8,449
8,739
20

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
Support And governance costs
2022123
Total
£'ooo
Costs in¢urred
Govemance
oirice adnllntstration other support
14
63
77
2021n2
Total
£'ooo
Colts Éncurred
Govemance
Offic¢ athninistration and other support
16
67
83
Net (expenditsreyineome
This is stated after oharging..
Tot
2022123
£'ooo
Total
2021122
£'ooo
Auditr>r's remunerati<>n'.
Fees payable to the company's auditor for the audit of the Foundation's anllual accounts
Non-audit f¢¢s'.
Tax filing
14
10
21

The Foundation and Friends of the Royal Botanic Gardens, Keiv
Notes to the accounts
Year ended 31 March 2023
Fixed wet Investments
Endoivment
Investments
£'ooo
Other
Investments
£'ooo
Tot*1
£'ooo
At l April 2022
Sales PToc¢ed8
Purchases
Income re-invested
R¢ali8ed and ullrealÉsed gains / Ilosses)
4,925
(291)
197
79
(304)
6,485
11,410
(291)
3.696
106
(854)
3,499
27
(550)
At 31 March 2023
4,606
9,461
14,067
End0)￿ne￿I
Investments
Otber
Inves￿¢￿tI
£'ooo
Total
£'ooo
£'ooo
At l April 2021
Sales proceeds
4,777
(3,665}
3,665
16.874
(16,971)
6,523
14
45
21,651
(20,636)
10,188
19
188
Income re-invested
Realised and unrealised gains / {IossG4)
143
At 31 Ma￿h 2022
4.925
6,485
11,410
2023
£'o
2022
£'ooo
Investmetjt at fair value compris¢'.
Com￿0dltieS
Equity
Bonds
Property funds
Hedge fijnds
Liquidity funds {including cash atjd tash equivalents)
Charity Multi Asset Funds
77
4,768
2,424
696
197
462
5,443
48
5,791
1,561
891
232
129
2,758
At 31 March
14,067
11.410
All fixed asset investments are held in the UK.
Investments at historical Cost
10,455
10,161
22

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
Debtors: amounts due within olle ye4r
2023
2022
£'ooo
Ac¢rued income
3,861
1,049
3,861
1,049
Conthigent assets: As at 31 MaT¢h 2023 the Foundation has been notified of 44 (2022.. 34) legacies of which
£3.82M (2022: £1.05M} bas awrued. The r¢maiAing £1.71M (2022:£1.23M) has not been r¢cognised as th'e
executors have yet to estsbltsh if there are sufficient assets in tbes¢ estates, after settting any liabilities to pay thes¢
legacies. The Foundation 1$ therefore unabl¢ to estfftjnate with sufficient accuTrcy the amount receivable al￿ IL&5 not
accrued for these legaciw on that basis.
Creditors: amounts falling due wltlthi year
2023
£'ooo
2022
£'ooo
Payable to related und¢rtakings
447
3,820
17
A¢¢rua]8
17
464
3.837
23

Tbe Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
io.
Statement of funds
Balanee
l Apru
2022
£'ooo
Bal#nee
31 LlI#reh
2023
£'ooo
Reeognised
Income Expendlture gaIn￿(lOues) Transfers
£'ooo
£'ooo
£'ooo
£'ooo
Restricted Income Fwids
5,727
472
{742)
75
Endowment funds
Sainsbury Orchid Fund
2.758
52
{5)
(89)
2.605
Expendable eDdowmellts
Smythies Fund
Lennox Boyd Fund
Shawdon Fund
Bewsey Fw
199
717
63
1,188
(16)
(56)
(5)
(116)
183
661
58
1,099
27
Total endoTrvment funds
4.925
79
(5}
{3041
{89)
4,606
Total restrleted And
eDdowment funds
10,152
551
{747)
(3041
(14)
10,138
UDrestrieted desA8nated funds
PTopety Fund
Director of Science Research
Enban¢ing Visitor Experience
Kew turniThg Centre
Otber
800
1,205
441
800
852
(353)
(441)
80
12
1,500
539
,580
3270
2,868
(149)
5,314
92
(943)
2,039
6,502
Unrestrlcted lunds
General Fund
3,675
4,815
(1,891)
(550)
12,025)
4,024
Total unrestricted funds
8,989
4,907
(2.834)
(550)
14
10,526
Total fllDds
19,641
5,458
(3,581)
(854)
20,664
24

The Foundation and Friends of the Royal Botanie Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
Balance
l April
2021
£'oo(fy
Bal8llte
31 March
2022
£'ooo
Rec(¥gnlsed
Incotne Expendlture gaSn￿O0$SeS) TrI￿5ftn
£*ooo
£'ooo
£'ooo
Restricted Income Funds
4.962
2,247
(1.563)
81
5,727
ndowment funds
Sainsbury Orchid Fund
2,630
90
(7)
126
{81)
2,758
Expendable end•MThettts
Smythies Fund
Lennox Boyd Fund
Shawdon Fund
Bewsey Fund
197
711
63
1.176
199
717
63
1.188
Tot41 eDdowment funds
4,777
93
(7)
143
{81)
4.925
Total restricted and
endowment funds
9.739
2,340
(1.570)
143
10,152
UnrestrScted desl¥llated funds
Property Fund
Family Kitchen & Shop
Director of Science Research
Enhancing Visitor Experience
800
2,433
1.376
2,617
3,375
800
(2.433)
(171)
{2,176)
(507)
1,205
2,868
10,601
(5.287)
5,314
Unrestricted funds
General Fund
3,524
1,988
(1,882)
45
3,675
Total uDrestri¢ted funds
14,125
1,988
{7,169)
45
8,989
Total funds
23,864
4.328
(8.739)
188
19,641
See Note 15 for details of geTLeral supwkrt to RBG K¢w.
25

The Foundation and Friends of the Royal Botsnic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
St*tement of funds (continued)
Funds informatlon
Restrictions on the endowrnent fimds are as ftsllows:
The Sai￿$b￿ry Orehld Fund is used to provide grants to RBG Kew connected with the advan¢erneDt of
edu¢atioll and learn]ng by the promotion of 8ft￿Y and eDhan¢ement of the orcbid collection and orchid work.
The Trugt deed cO￿tI$ an oversight role on two other sets of TTUStees'. Robert and Lisa Sainsbury Art Trust Ltd
Trustees {previously known as the Art TTUStees) and the Gatsby Charitable Foundation Tn]stees {previously
known as the Gatsby Trnstees). The transfer frorn this fi￿d represents realised income which is transferred to the
related restric*d ￿lld on a quarterly basis.
The Smythies Fund is an unr¢strided expendable endowment. Part of the fund should be used to support
botanical illustratioj). The interest is used for budget relief.
The Lennox Boyd Fund is used by Kew io pn)vide education for overseas S￿dents through the Lennox Boyd
PrograTnme. In particular, emphasis is placed on promotitig exchanges of pwple between British instithtions and
their counterparts in Commonwealth countries.
The Shaivdon Fund is used tosupport Kew'5 aTmual winter lecture Serie5 with an emphasts. but not exclusivety
on any aspects of the uses of plants for medicine.
The Bewsey Fund was received by the Foundation in 2015116. It 15 all expendable endowment r¢$triot¢d to
conservation and research.
Designations of Unrestricted funds aTe as follows:
The Propety fijnd represenied funds designated in 2016117 for RBG Kew's capital proj¢cts, the balance is held
for Kew's use on improvement work around the estate.
Director of S¢ien¢e reseprth- £0.9M Tell￿ill$ of the fimdg designated in 2019120 to support the Kew Director of
S¢ien¢e's Tes&grch progrdtDme iti furtheranee of Kew's objective5.
Enhancing Visitor Experience- £2.IM was transferred in 2021122 to supwn this infrastructure project wbich is
designed to further Kew's objectives by growing revenue and ethcing the engagernent of Kew's visitors.
members and other supponers. This fund was ￿llY utilised in 2022123.
Kew Learning C¢ntr¢- £1.5M was designated in 2022123 to Support tbis itifr&8tructtwe projeci whi¢h is d￿igned
to provide a M{￿ern learning facility to expalld Kew's edu¢ational programme.
Other designated funds of £2.7M represent allocations to other. smaller a¢tiviti¢s and projects. and unrestricted
legacy income recognised which the Trustees wish to designate for future u8¢ in line with the donors, non-
binding Mryshes. This will be $ubje¢t to proposals for use to be submitted by RBG Kew.
26

The Foundation and Friends of the Royal Botanic Gardens, Keiv
Notes to the accounts
Year ended 31 March 2023
BalaDee
l Aprll
2022
£'ooo
llleon)e
Eipend-
iture
Transft
Balanee
betwee￿ 31 M#reb
funds
2023
£'ooo
£'ooo
£'oo
£'ooo
Restri¢ted F￿ndS
Science
Seed ¢onserva¢ion- supporting the collection,
storage and viability of seeds, particularly at
RBG Kew's Millem]ium Seed Bank
Tropical tmportant Plant Areas {TIPAs)-
support]ng identification and collgervation of
TJPAS
Plant and Fungal Tr¢e of Lif¢ (PAFTOL)
Stste of the World's Plants
Orchid Fellow
Otherscientific re5ear¢h and associated activity
1.938
281
(235)
1,987
257
(129)
(8)
120
(61
(2)
197)
{167)
183
187
674
181
179
669
89
162
H•rtleulknre and gardens
Evolution Garden
Children's Garden
Broadwalk Borders
Wak¢hurst Place
Other borticultural activity
19
42
(16)
(42)
435
1,022
446
946
14
{901
Education and outreach
Grow Wild
Other educatton and.outreaeh activity
562
(79)
483
Other
Library, Art and Archives- supporting
acquisition and access to BBG Kew's Library
collections
Other activity in supwrt of IIBG Kew
32
(30)
372
151
512
Grand Total
727
472
742
75
5,532
All of the above funds are available tr) be granted to RBG Kew upoll receipt by the Foundation of the n¢cess8ry
d￿UmentatIon detailing expenditure.
Within restricted funds there are various levels of restriction. Transfers between funds are made as appropriate and
reflect ￿lOCatiOn to specific activity as conffftned with the donor.
27

The Foundation and Friends of the Royal Botanie Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
BalaDce
l Aprll
2021
£'ooo
Income
Expend-
iMre
Transfers
Balance
betweell 31 Marcb
funds
2022
£'oo
£'ooo
£'oo
£'ooo
Rcstrleted Funds
Science
Seed conservation- sUPPOrting the ry)Il¢dion,
stornge and viability of seeds, parti¢ularly at
RBG Kew's Millennium Seed Bank
Tropical Important Plant Areas ITIPAs)-
supporting identifA¢ation and consejvation of
TIPAS
Plant And Fungal Tree of Life (PAFTOL)
State of the World's Plants
Orchid Fellow
Other scientific re5eardL and associated activity
1.158
788
{122)
114
1938
390
{133}
257
386
203
206
882
(382)
(20)
(ioo)
(224)
183
187
674
81
Hortlculture and botanlc gardens
Evolution Garden
Children's Garde
Broadwa]k Borders
Wakehurst Place
Other horticulttwal activity
26
115
(7)
{73)
19
42
435
488
435
1,022
581
(47)
Education outreaeh
Grow Wild
Other education and outreach activity
55
63
{55)
500
562
Other
Library. Art and Archives- supwrtillg
acquisition and access to BBG Kew's Library
collecti¢)ns
Other activity in support of RBG K¢w
63
(31)
32
492
369
{368}
(121)
372
Grand TotAI
47
1,563)
81
5.727
28

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
ii.
*lysis of net assets between funds
Fund balances at 31 M*rch are represented by:
2023
Ullrestricted Restr&eted Eudowment
£,0￿j
£'ooo
£'ooo
6.201
3,260
4,606
2,098
,102
2.531
1,330
(304)
{160)
Total
£'ooo
14.067
3200
3,861
(464)
Long.(emi investments
Cash at bank
Debtors
Credit(*
10,526
5,532
4,606
20.664
2022
UDrestr£cted Re¥tricted Endowment
£'ooo
£'ooo
2,469
4,925
4,143
576
(1,461)
Total
£'ooo
11.410
11.019
1,049
(3.837)
Long-tern] investments
Cash at bank
Debtors
Creth'tors
4,016
6.876
473
(2,376)
8,989
5,727
4.925
19.641
12.
Sal•ry and stthff efrgts
No staff are employed by the Foundation. The total remunerdtion (including pension eontributions) of tbe key
management persormel for the yeaT was £nil (2022.. £nil).
During the year Trustees received no remunerdtion or benefits in kind (2022: £nil). No Trustees were reimbursed
expens¢5 for travel, subsistence or donor meetings (2022.. £nil).
13. Related P•Tty transactlons
No donations were received frorn the Trnstees in the year (2022: £nil). There wcre no other related paty transactions
with trustees in either year.
The Found￿10n bas related party transactions with RBG Kew alld also with RBG Kew Enterprises Ltd.
Expenditure includes ari alnount of £3,283k (2022 £8,451k) and creditors include all amount of £447k (2022:
£3,820k) relating to BBG Kew and RBG Kew Enterprises LttL
In¢ome includes an an]ount of £nil {2022: £nill and debtors include an amount of £nil (2022.. £nil) relaliDg to RBG
Kew and RBG Kew Enterprises Ltd.
No other related paty tTonsactions are lloted.
29

The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2023
14.
RetonciliatioD of llet income to net ¢4$h flow from oper*titig #ctlvltles
2022123
21121121
£'ooo
Net it)come for the reporting period (as per the ststement of financial activities)
1.023
(4,223)
AdjustmeDts for:
(Gains) I losses on investments
Dividends and inter¢$t from investments
854
(106)
(188)
(112)
Operating ca8h flow before movement working capital
1,771
(4,$23)
(InueaseyDecrease in debtors
Increase l (dccrease) tn creditors
(2,812)
(3,373)
216
1.889
Net cash provided by operAthkg actlvltles
(4,414)
(2,418)
l& Grants *wArded to RBG Kew
Ullrestrleted
£'ooo
Restri¢ted
£'ooo
2023
£'o
RBG Kew 2022123 Support
Specrfic purpose grdnts
1.600
943
1.600
1.685
742
GrADts awarded
2,543
742
3,285
Unrestricted
£,0￿0
Restrieted
£'ooo
2022
£'o(M)
RBG Kew 2021122 Support
Sp¢cifio Purpose grallts
1.600
5286
I,6￿)
6,849
1,563
Grants 4w¥rded
6,886
1,563
8.449
2023
£'oo
2022
£'o(Jo
Retoncfillatlon of unrestricted grants payable
Commitments as at 1° April
Commitments D￿de in the year
Grants paid during the year
1,600
1,600
(3,200)
26
1,600
(26)
Commitments a5 at 31° Ma￿h
1.600
30