Company Registration No. 2499006 Reostered Charity No. 803428 The Foundation and Friends of the Royal Botanic Gardens. Kew Trustees. Report and Ftnancial Statements 31 March 2025
The Foundation and Friends of the Royal Botsnic Gardens, Kew Year ended 31 March 2025 Trustees, Report and Financial Ststsments 2025 Contents Page Referen and administrative detsils Stratsgic report Trustees, responstbllities statement IndeperKlent auditors. report Statement of financial activities Summary income and expendlture alxxnt Balance sheet 14 Statement of cash flows Notes to the firkgncial Statents 16
The Foundation and Friends of the Roydl Botsnic Gardens. Kew Year ended 31 March 2025 Referen and administrative details Jan Pethick - Chair Kristina Kenworthy Jane Reeves Jants'ene Klein Roseboom van der Veer Steve Almond Company registered No. 2499006 Charity reOstered N 803428 Key Managemert Pernonnel The key management personnel are the Foundation's Trustees. Reostered & princlpal office The Herbarium Kew Green Richmond TW9 3AE Bankers Uoyds Bank PLC 3r(t Floor 10 Gresham Street London EC2V 7AE CAF (Charities Foundation) 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Legal advlsers Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LA Audttor Haysmac LLP StatLrtory Auditor 10 Queen Street Pla London EC4R IAG Investment managers Cazenove Capitsl Management l London Wall Place London EC2Y SAU
The Foundation and Frlends of the Royal Botsnic Gardens. Kew Year ended 31 March 2025 Strategic report Objectives and actlvitles The Trustees. who are also Directors of the Foundation and Friends of the Royal Botanic Gardens. Kew (the "Foundation.) for the purposes of the Companies ACL submit their Trustees. Report which includes the Directors, Report and Strategic Report for Companies Act purposes and the audited Financial Ststements of the Foundation for the year ended 31 March 2025. Object The Foundation's object, set out in its Articles of Association. is to support the purposes of Royal Botanic Gardens, Kew I"RBG Kew") in such manner as the Foundation shall think fiL The Foundation is a Public Benefit Entity. Public benefft RBG Kew's general functions are set out in the National Heritage Act 1983 and are to: carry out investigation and research into the science of plants and related subjects, and disseminate the results of the investigation and research: provide advice, instruction and education in relation to those asFects of the science of plants with which RBG Kew is concerned: provide other services (including quarantine} in relation to plants; care for its collections of plants. preSeed plant material, other objects relating to plants. books and records: keep the collections as national reference collections. ensure that they are available to persons for the purposes of study. and add to and adapt them as Scientific needs and RBG Kew resources allow. and afford to members of the public opportunities to enter any land occupied or managed by RBG Kew, for the purpose of gaining knowledge and enjoyment from RBG Kew's collections. The Trustees have reviewed the activities of RBG Kew against the public benefit principles outlined in the guidance issued by the Charity Commission and the Trustees believe thaL as these meet the public benefit charitsble aims, the Foundation in turn meets the public benefrt requirements. Strategic aims and activibes The Foundation fundraises for RBG Kew. focusing on legacy fundraising and the management of investments. It also holds historic funds which are intended to support the work of RBG Kew through the provision of grants. Examples of projects supported in the year and the prcress for grant making are set out below. Grant-making Total grants paid to RBG Kew to support its activities in 2024/25 year were £3.6M (2023/24: £3.2MI, of which £0.6M12023/24: £1.OM) was for specific projects from restricted funds and £3.OM (2023/24: £2.2M) was for projects from unrestricted funds. Key projects SUPFK)rted by the Foundation and grants given in the year include: Science (£LIM granted in 2024/25. £0.9M in 2023/24F. RBG Kew's scientific vision is to help stop biodiversity loss and develop sustainable natur&based solutions to some of humanity's big£est Oobal challenges. RBG Kew aims to understand and protect plants and funw for the well-being of people and the future of all life on Earth. Grants from Foundation include funds for multiple projects at the Millennium Seed Bank and key strateg]'c OLrtputs from Kew's Science Strategy including the Plant and Fungal Tree of Life and the Tropical Important Plant Areas (fipAsl. Leaming Centre (£32M granted in 2023/24. £L2M in 2022/23): Support the construction of a new Learning Centre at Kew Gardens which will enable the expansion of learning programmes. Construction will commence in 2025/26 and funds will be drawn down in line with expenditure. Outreach Strategy (£2.6M granted in 2024/25, £0.5M in 2022/23): Deliver outreach activities in Kew's Outreach strate with the aim of engaging individuals and communits'es that face barriers to visiting RBG Kew to help them discover the importance and value of plants and fung to their live5.
The Foundation and Friends of the Royal Botsnlc Gardens. Kew Year ended 31 March 2025 Strategic report Grant policy In order to secure the consent of the Foundation Trustees to release funds, RBG Kew submits a grant request to the Foundation for a particular purpose. All grants must be in line with the strategc aims of RBG Kew, conform to the wishes of the donor where relevant and conform to the statement of public benefit referred to above. If approved. funds are transferred subject to an appropriate audit trail evidencing use of funds. Fundraising approach and perfomwn The Trustees oversee all fundraising activities undertaken by the Foundation. The Foundation has engaged RBG Kew Enterprises Limited to provide legacy fundraising ServIS and services to support the management of grants held by the Foundation but has not worked with other professional fundraising agents in the year. RBG Kew Enterprises Limited adheres to the CcKle of Fundraising Practice issued by the Fundraising Regulator and the Trustees receive progress reports on fundraising at each Board meeting in order to review and oversee aspects of fundraising undertaken on their behaff. The Foundation is re@stered wrth the Fundraising Regulator. No fundraising complaints have been received by the Foundatson in 2024/25 regarding its fundraising practices. From l April 2025 the Foundation will no longer engage RBG Kew Enterprises to provide legacy marketing services and RBG Kew Enterprises will provide these activiti'es to RBG Kew, who will receive future legacy income resulting from these athvities. Achievements and performan In 2024/25, in collaboration with the staff and supporters of RBG Kew, the Foundation raised legacy income of £1.9M {2023/24: £6.6MI and gave grants totalling £3.6M (2023/24: £3.2MI to RBG Kew. Investments income was £0.8M (2023/24: £0.6M). Investments recorded net losses of £0.3M for the 2024/25 financial year (2023/24: net gains of £0.8M). Structure. governance and management The Foundation is a Registered Charity (number 803428} and a Company limited by guarantee (number 24990061. It is governed ty its Articles of Association (revised in October 20221. Trustees and Directors The Trustees who held office during and at the end of the year are listed on page l. The Board votes on the election of new members at its regular meetings. Any new Trustee is elected for a pericKJ of three years after which time they may be re-apFointed. New Trustees are given an induction to introduce them to the Foundation as well as to the work of R8G Kew. Trustees receive briefings from management and meet stsff to understand and review different aspects of the organisation. New projects that are being undertaken by RBG Kew are explained. During 2024/25. the Foundation Board of Tnjstees held thr* meetings. Organisational stnjrture The Foundation has no employees and the Trustees are considered the Key Management Personnel. Services and support to manage legacy. grant and investment income are purchased from RBG Kew and RBG Kew Enterprises Limited. Pay and rernunerats'on arrangements The Trustees are not remunerated for their role. Related parties The Foundation Board has a maximum of six Trustees. up to two TFUStees can be recommended for appointment by RBG Kew. and up to four trustees are independent. Steve Almond was a Trustee of both RBG Kew and the Foundation during 2024/25. In addstion. there were four other independent Trustees. The Foundation is fully consolidated into the RBG Kew group accounts reflectingthe nature of activities undertaken by the Foundation. which are for the benefit of RBG Kew. RBG Kew does not have the ability to
The Foundation and Friends of the Roy31 Botsnic Gardens. Kew Year ended 31 March 2025 Strategic report utilise the funds of the Foundation. which remain subject to decision-making by the Foundation's Board'of Trustees, these funds are therefore shown as restricted funds in RBG Kew's financial statements. The Foundation has related party transactions wtth RBG Kew and also with RBG Kew Enterprises Limtted (a wholly owned subsidiary of RBG Kewl. RBG Kew Enterprises Limited provides legacy fundraising services (to 31 March 20251 and services to support the management of grants and investments to the Foundation. RBG Kew provides back Offi support services to the Foundation including accounting servIs. Two Kew Foundation TrUStS (Jan Pethick and Steve Almond) were also members of RBG Kew's Development Council, an advisory committee of the RBG Kew's Executive Board. in the year. The Council promotes and supports RBG Kew's success in fundraising and provides advi on all aspects of RBG Kew's fundraising activities. Srns of internal ¢x)ntrol The systems of internal control are designed to provide reasonable, but not absolute. assurance against material misstatement or loss. They include: an annual budget approved by the Trustees; regular consideration ty the Trustees of financial results. variances from budgets and non-financial performance indicators", delegation of authorrty and segregation of duties. where appropriate" and the identification and management of risks. Key risks for the Foundation are outlined on page 6. Going (x)ncem The Trustees are confident that the Foundation is a going concern. This assessment is based on: budgets and forecasts prepared for 2025/26 financial year and beyond. based on forecasts of legacy and investment income reserves held which allow the Foundation to meet grant and other expenditure commitments. with healthy unrestricted reserves providing security against any unforeseen operating risks cash and liquid investment holdings are sufficient to meet operating cash requirement5 for the next twelve months. Financial review Results for 2024/25 The results for the year are set out in the Ststement of Financial Ath'vities (SOFA). Total income received in the year ended 31 March 2025 was £2.3M (2024: £7.2M). Legacy income reduced to £1.9M {2024: £6.6M), due to signrficant legacies included in the prior year. Legacy income includes legacies where income is expected but has yet to be reived. The Foundation's pipeline of legacy notifications is relatively strong supporting expectstions for legacy income in future years. No grants or donations were received in the year {2024: £nill. Net deficit for the year amounted to £1.9M (2024: £4.4M net surplus) after grants to RBG Kew of £3.6M12024: £3.2M). At 31 March 2025. the Foundation's total funds amounted to £23.2M {2024: £25.IM); consisting of £4.8M (2024: £4.9MI in endowments. £5.7M12024: £5.9M) in donor restricted funds, £3.4M {2024: £5.3MI in general unrestricted funds. and £9.3M12024: £9.OM) in unrestricted funds designated to projects. The current fund balances meet the Foundation's Reserves Policy detailed below. Reserves Pollcy The Foundation's policy is to hold at least £0.3M of reserves. This is the anticipated average annual expenditure budget of the Foundation going forward. Given that legacy income is variable. reserves will be held at a level to ensure all costs can be covered even if no legacies are received in any one year.
The Foundation and Friends of the Royal Botsnic Gardens. Kew Year ended 31 March 2025 Strategic report Unrestricted general reserves are currently £3.IM in excess of £0.3M. This balance will be reviewed during 2025/26 to determine rf funds could be granted to RBG Kew. Investment Policy arKI Statement of In¥estment Principles The Foundation holds funds sufficient funds to ensure liquidty and to meet the requirements for specific projects and purposes. These funds are invested in short and medium-term deposits and other short and medium-term instruments according to the guidelines set out by the Board. reviewed annually. The Trustees have delegated the investment management role over rts investment portfolios to Cazenove Capital for the Sainsbury Orchid Fund endowment other endowment funds and unspent legacy funds. Funds invested by Cazenove Capital for the Sainsbury Orchid Fund have an investment objective to maintain the real value of capital while generating a sustainable level of income to support the Research Fellowships at Kew. The remaining funds invested by Cazenove, have an 'Absolute Return, approach to investment. recognising the investment return from income and capital gains or losses. The portfolio is invested primarily in the Sustainable Charity Multi-Asset Fund. with some lower risk holdings of ndS and cash investments. The target return is CPI plus 3% per annum, net of fees. over the longterm. The Trustees review annually the service of fund/investment rnanage. investment principles and guidelines for product investment. with perf0rrnan reviewed at each meetin Ethi¢% policy The Trustees do not wish to impose any specific ethical investment policy. but the assets should be invested in line with the charity's aims and confonn to RBG Kew's Ethical Policy. Third Party Engagement Policy and Donor Engagement Review Pr$$. Investment performance The Trustees meet their investment advisors at least annually. Funds invested with Cazenove returned a gain for 2024/25 of 1.7%12023/24: gain of 9%). Fundraising The Trustees thank the following for their generous support of our viial work" Legacies: Heather Allan. Margaret Pragnell. Evelyn Morrison. Joan Streeter. John Pym. Ann Denton. Michael Hoban, Wendy Matthews. Michael Thurman, John Oean. Edward Bachell, Gilliam Adams, John Laylon. Valerie Jennings, Thomas Poynton, Philip Butt, Magdalena Hall, Christopheryoung Kathleen Balmer. Cecil Pocock. Graham Wallen. Isabella Strachan. Iris Turner. Johanna Harrison. June Hill. Thelma Rice. Gladys Robinson, Alfred Rowntree, Edwin Hutchens, Adrianne Ross. Diane Reidy. Stewart Clay. Nicola Rose. Geoffrey Lloyd. Margaret Lobo, Moira Mccarthy. Frances O'Neil, Robert Twitchin. Ann Voller. Kevin Whiston. Jean Anderson. Brian Drage. Margaret Hunt. Karin Jamieson. John Layton And all other supporters, including those who have chosen to remain anonymous.
The Foundation and Friends of the Royal Botsnic Gardens. Kew Year ended 31 March 2025 Strategic report Risk management The Foundkn'on has a robust risk management framework which is upjated, presented to, and reviewed by Trustees once a year. Each risk has an assigned risk owner who will ccordinate aGtFons to mitigate the risk and record progress made and actions completed. The current most significant risks for the Foundation include low or negative investment returns. decreased legacy income and reputational risks associated with legators. Mitigations are in place to manage risks. including regular review of investment performan, a focus on increasing the legacy pipeline (including increased investment in resources). regular reporting to Trustees and due diligence on legators. Risks and mttsgations continue to be monitored and managed. Plans for future peric*ts Trustees are exploring options for the future of the Foundation but at the date of approval of these accounts no decisions have been made.
The Foundation and Friends of the Rordl Botsnlc Gardens, Kew Year ended 31 March 2025 Trustees. responsibilities ststement The Trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparingthe Trustees, Annual Report and the financial ststements in accordan with applicable law and United Kingdom Accounting standards (Untted Kingdom Generally Accepted Accounting Practice} including FRS 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland.. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial ststements. the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charrties SORP; make judgements and ests"mates that are reasonable and prudenL' state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements comply with the Companies Act 2CK)6. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularrties. In so far as the trustees are aware: there is no relevant audit information of which the charitable companys auditor is unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audii information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrty of the corporate and financial information included on the charitable companys website. Legslation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. The Trustees, R rt and the Strategc Report were approved by the Trustees and signed on their behalf ty. Jan Pethick Chair 11 June 2025
Independent auditorfs report to the Members and Trustees of The Foundation and Friends of the Roydl Botsnic Gardens, Kew Opinion We have audited the financial statements of The Foundation and Friends of the Royal Botanic Gardens, Kew for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Summary Income and Expenditure Account. the Ststement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The financial reportingframework that has been applied in their preparation is applicable law and United Kingdom Accountingstandards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs'cel. In our opinion. the financial statements: give a true and fair view of the stste of the charttable company's affairs as at 31 March 2025 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UK) IISAS IUK}) and applicable law. Our responsibilities under those standards are further described in the Audttor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includingthe FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis for our opinion. cClUSIOnS relating to going concern In auditing the financial statements. we have concluded that the trustees. use of going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitsble company's ability to continue as a going concern for a peri(Kl of at least twelve months from when the financial statements are authorised for issue. Our reswnsibilities and the responsibilities Df the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsible for other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial ststements does not cover the other information and, expt to the extent otheTh¥ise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that facL We have nothing to report in this regard.
Independent auditor's report to the Members and Trustees of The Foundation and Friends of the Royal Botsnic Gardens, Kew (conL) Oprnions on other matters prescribed ty the Companies PLt 2CK)6 In our opinion. based on the work undertaken in the course of the audit: the information given in the Trustees, Report (which includes the strategic report and the directors. report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategc report and the directors, rewrt include(I within the Trustees. Report have been prepared in accordan with applicable legal requirements. Matters on which we are required to report ty eptIOn In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misststements in the Trustees, Report (which incorporates the strategic rewrt and the directors. report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to reportto you if. in our opinion: adequate accounting records have not been kept by the charitable company: or the charitable company financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustees. remuneration specified by law are not made. or we have not received all the infomation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategc rewrL ResporKsibilities of trustees for the financial ststements As explained more fully in the trustees. responsibilities statement set out on page 7. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they gjve a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparabon of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable companys ability to continue as a going conrn. disclosing as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. AuditoVs resp)nsibilities for the audii of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wrth laws and regulations. We design procedures in line with out responsibilities. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the charitable company. and we considered the extent to which non-complian might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. and consider other factors such as the taxation environment.
Independent auditorfs report to the Members and Trustees of The Foundation and Friends of the Royal Botsnic Gardens, Kew (cont) We evaluated management's inntiveS and oprortunities for fraudulent manipulation of the financial statements (including the risk of override of controls). and detemined that the principal risks were related to posting inappropriate joumal entries to revenue and management bias in accounting estimates. Audit procedures perfomied by the engagement team included: Inspecting Corresponden with regulators and tax aLrthorities: Discussions with management including consideratson of known or suspected instances of non- mpliance with laws and regulation and fraud- Evaluating management's controls designed to prevent and detect irregularities: Identifying and testing journals. in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions: and Challenginggssumptions and judgments made by management in their significant accounting estimates. Because of the inherent limitations of an audtt, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial ststements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non<ompliance. The risk is also greater regarding irregularities (currIng due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. A further description of our responsibiltties for the audit of the financial ststements is located on the Financial Reporting Council's website aL www.fr .or uk uditorsres nsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charttable companys members. as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has undertaken so that we might state to the charitable company's members those matters we are required to stste to them in an Auditor's report and for no other purpose. To the fullest extent permitted ty law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable companys members as a bo, for our audit work. for this report. or for the opinions we have fomied. Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place London EC4R IAG For and on behalf of Haysmac LLP, Statutory Auditor Date- 12 June 2025 10
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The Foundation and Friends of the Royal Botanic Gardens. Kew Summary income and expenditure account Year ended 31 March 2025 2024/25 %)23/24 Income Donations and legacies Interest and investment income Gains/{losses) on investments 1.893 559 {2031 6.586 372 563 Gross income in rep)rting period 2,249 7,521 Totsl ffApenditure in the repon£ perknd (4.209) (3,565) Net income/ (expenditure) for the re&ing pe170d (£960) 3.956 As required by the Companies Act 2006, this ststement presents the movements on income and expenditure excluding endowment funds.
The Foundatlon and Friends of the Roydl Botanic Gardens, Kew Balan Sheet as at 31 March 2025 2025 2024 FWJ assets Investments 14,553 15,198 Totsl fixed assets 14.553 15,198 Debtors 3,136 5,663 Cash at bank and in hand 6.473 8,044 Total current assets 13,707 credito amounts falling due wwthin one year {985) (3.8531 8.624 Total assets less current liabilities 23,177 25,052 23,177 25,052 The funds of the charitr. Restricted income funds io 5.737 5,868 Permanent endowment funds io 2.669 2,731 Expendable endowment funds io 2,173 Unrestricted funds - designated io 9,330 8,955 Unrestricted funds - general io 3,357 5,325 TOTAL FUNDS 23,177 25,052 Notes I to 15 form part of these accounts. These financial statements of The Foundation and Friends of the Royal Botanic Gardens, Kew Iregstered number 2499006} were approved and authorised for issue by the Board of Trustees and signed on their behalf by: Jan Pethick Chair 11 June 2025 14
The Foundation and Friends of the Royal Botanic Gardens. Kew Statement of cash flows Year ended 31 March 2025 2024/25 2023/24 Net Gash flows from operating activibes Cash flows from investing activities: Dividends and interest from investments Proceeds from the sale of investments Purchase of investments Income not r&invested Distributions {for charitable expenditure) Investment management costs 14 (2.519) 4.716 605 157 {247) (515} 912 36 445 8.056 18,059) (446} 107 25 Net cash flows from investing activitses Change in (wh in the retxxting perfod 128 (1571) Cash at the tjeginning of the reporting peri(Kl Cash at the end of the reporting period 8.044 3.200 6.473 Notes 1 - 15 form part of these accounts. All cash and cash equivalents are included in cash at bank and in hand 15
The Foundation and Friends of the Royal Botsnic Gardens. Kew Notes to the accounts Year ended 31 March 2025 Statement accounting policies The principal accounting policies are summarised below. Al have been applied consistently throughout the year. Basis of preparation The financial statements have been prepared under the historical cost convention. with the exception of investments which are included at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP 20191: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102} issued on 16 July 2014, the Charities Act 2011 and in compliance with the Companies Act 2006. The financial statements present information for The Foundation and Friends of the Rordl Botanic Gardens Kew ('Kew Foundation" or "the Foundation"). Foundation status The Foundation is a private company limited ty guarantee. incOr}rated in England and Wales and is a charity registered in England and Wales. It'is a Public Benefrt Entity. The members of the Foundation are the Trustees. In the event of the Foundation being wound up. the liabilty in respect of the guarantee is limited to £1 per member of the Foundation. Going conrn Having reviewed cash flow forecasts and budgets for 2025/26 and beyond. the Trustees have a reasonable expectstion that the Foundation has adequate resources to continue in operational existence for the foreseeable future, not less than 12 months from the date of signing Aocordingiy, they continue to adopt the going conrn basis in preparing the Trustees. Report and Financial Statements. The Foundation has a Reserves Policy that seeks to maintain unrestricted reserves lexcluding the designated reseNesl at around one year of fLrture operating expenditure {£0.3MI. Unrestricted reserves are currently £3.IM in excess of £0.3M. This balance will be reviewed during 2025/26 to determine when funds can be granted to RBG Kew. Fund accounting General or.unrestricted funds are available for use at the discretion of the Trustees in furtherance of the objectives of the Foundation. These are funds that have not been designated for other purposes. Designated funds comprise unrestricted funds set aside by the Trustees for particular purposes. The aim and use of each designated fund are set OLrt in the notes to the financial statements. Restricted funds are funds which have been raised by the Foundation for particular purposes and are to be used in accordance with specific restrictions imposed by donors. The aim and use of each material restricted fund are set out in the notes to the financial statements. Endowment funds are a mix of expendable and permanent funds. Permanent endowment funds are held by the Foundation as a corporate trustee and do not form part of the corporate property of the charitable company. Investment income. gains and losses are allocated to the appropriate fund. Income All income is included in the Statement of Financial Activities ISOFAI when the Foundation is legally entitled to the income. receipt is probable. and the amount can be measured with SLrfficient reliability. For pecuniary legacies, this is upon notification (probate). Residuary legacies are recognised when probate is granted and there is sufficient information to value them (usually receipt of estate accounts), the amount recognised is 95% of the estate accounts to allow for administrative costs and UnrtaInty in property sale values where confirmations have not been received from executors. Where legacies include the transfer of property, this is included at valuation. 16
The Foundation and Friends of the Rordl Botanic Gardens. Kew Notes to the accounts Year ended 31 March 2025 No amounts are included in the financial statements for services donated by volunteers. Gifts in kind are included at fair value. Donated services or facilities are included in income at a valuation which is an estimate of the financial cost borne by a third party. Income tax recoverable in relation to donations received under Gfft Ard or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Expenditure Expenditure is accounted for on an accruals basis. Where costs cannot be directly attributed to particular activities. they have been allocated on a basis consistent with the use of resources. Unrestricted grants to RBG Kew are recogni5ed when approved and formally communicated with the recipient. Restricted grants to RBG Kew are recognised and awarded to RBG Kew on approval of a valid claim. Gtfts in kind to RBG Kew are recognised when the Foundation donates staff time or other assets. Fundraising costs are incurred in seeking voluntary contribLrtions and do not include the costs of disseminating information in support of the charitable activitie5. Support costs are those costs incurred directly in support of expenditure on the obiects of the Foundation. Governan costs are incurred in connectton with the administration and compliance of the Foundation. Governance and support Gosts are allocated across the various activities of the Foundation based on an estimate of the time spent ty staff. Grant making The Foundation raises monies for RBG Kew. A request for payment for various projects proposed by RBG Kew is made to the Foundation Trustees. When applications are received, the Foundation &ve5 independent due consideration to granting such funds. considering the strategy and wishes of the donor and. if approved by the Trustees. payment is made. Proper evidence of expenditure is always required, to the satisfaction of the Trustees. Investments Investments are stated at market value at the balan sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Investment movements as disclosed in the Statement of Cash Flows reflect additions to and wrthdrawals from the investment i)ortfolio. Taxation accounting The Foundation is a registered charity and has no liability to o)rporation tax on tts charrtable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part 11. section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charwtabke purposes. No tax charge has arisen in the years ended 31 March 2025 or 31 March 2024. Financial instruments Investments are accounted for at fair value through profrt and loss in accordance with the requirements of FRS 102 sections 11 and 12. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank includes cash and short-term highly liquid investments with a short maturity of thr months or less from the date of acquisition or opening of the deposit or similar account. Creditors and prowsions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Critlcal accounting judgements and kw sources of esb'mation uncertainty In the application of the Foundation's accounting Wlicies. which are described in this note, the Trustees are required to make judgements. estimates and assumptions aut the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and a$Slated assumptions are based on 17
The Foundation and Friends of the Rordl Botsnic Gardens, Kew Notes to the accounts Year ended 31 March 2025 historical experien and othér factors that are considered to be relevanL Actual results may differ from these estimates. The estimates and underlwng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the esb.mate is revised rf the revision affects only that period. or in the period of the revision and future periods rf the revision affects both current and future periods. Residuary legacies are estimated at 95% of the value of the estate, to take account of administrative fees and uncertainty in property sale values. where confirmations have not b*n received from executors. The Trustees do not consider there are any other critical judgements or sources of estimation uncertainty requiring disclosure. Income and endowments from donations. gyants and legacies 2024/25 Unrestricted Restricted Endowment Totsl £'ooo Grants and donations Legacies 1.705 1.893 1.705 188 1,893 2023/24 Unrestricted Restricted Endowment Totsl £'cx)o £'ooo £'ooo £'ooo Grants and donations Legacies 5.723 863 6,586 5.723 863 6.586 As at 31 March 2025. the Foundation had been notified of 4512024: 521 legacies. estimated to be worth £3.05M of future income12024: £5.97MI. £2.91M12024: £4.87MI of which has been recognised as receipt is probable and the amount can be measured with sufficient reliability. Of these. the Foundation has been notified of 3312024: 311 residuary legacies estimated to be worth £2.98M of future income {2024: £4.38MI and of which £2.87M (2024: £3.51MI has been recognised. 18
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2025 2024/25 unr*Ic Restricted Endowment Totsi Bank interest 150 Dividends & other distributions 150 196 605 559 196 755 2023/24 unr1Gted Restrrcted Endowmert Totsl Bank interest 56 Dividends & other distributions 119 255 189 445 311 61 192 564 19
The Foundation and Friends of the Royal Botsnic Gardens, Kew Notes to the accounts Year ended 31 March 2025 Expenditure 2024/25 Grant Support and funding of govemance activities Marketing and other direct cx)sts Totsl £'ooo Raising funds - donations and legacies 339 235 574 Raising funds - investment income 36 36 Total Raising funds 375 235 610 Charitable activities Science Horticulture and Learning Other support to RBG Kew 337 49 3.225 337 49 3,225 Total Charitable activities 3.611 3.611 Total Support costs 235 (235) Total 610 3.611 4.221 2023/24 Grart Support and funding of govemance activibes maeting and other dire(* (xjsts Totsl Raising funds - donations and legacies 232 95 327 Raising funds - investment income 22 22 Total Raisingfunds 254 95 349 Charitable activities Science Horticulture and Learning Other support to RBG Kew 936 311 L980 936 311 1.980 Total Charitable activities 3.227 3,227 Total Support costs 95 (95) Total 349 3.227 3.576 20
The Foundation and Friends of the Roydl Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2025 Support and governan c(xts 2024/25 Total Costs inLwrred Governance Office administration and other support 18 216 234 2023/24 Totsl Costs Incurred Governance Office administration and other support 19 76 95 Net {expenditure)/income This is stated after charging Totsl Totsl 2024/25 2023/24 £'ooo Auditor's remuneration.. Fees payable to the company's auditor for the audit of the Foundation's annual accounts 16 18 21
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2025 ErKlowment Other Inents Investments Totsl At l April 2024 Sales proceeds Purchases Income not re-invested Realised and unrealised gains / (losses) Distribution {for charitable expenditure) Investment management costs 4.904 (50} 100 146 (991 (236) {) 10.294 1107) 147 369 12031 16761 (24) 15,198 (1571 247 515 {302) {912} (36) At 31 March 2025 4.753 9,800 14,553 Endowment Other Investments Investmerrts Totsl At l April 2023 Sales proceeds Purchases Income not re-invested Realised and unrealised gains / {losses) Distribution (for charitable expenditure) Investment management Costs 4,606 (2,0161 2.019 156 254 (107) {8) 9.461 16,0401 6.040 290 560 14.067 18,0561 8,059 446 814 {1071 1251 (17} At 31 March 2024 4,904 10,294 15.198 2025 2024 Investment at fair value comprise: Commodities Equity Bonds Property funds Hedge funds Liquidity funds (including cash and cash equivalents) Charity Multi Asset Funds 1.051 470 13.032 905 13,486 At 31 March 14.553 15.198 All fixed asset investments are held in the UK. Investments at historical cost 10.455 10,455 22
The Foundation and Friends of the Royal Botsnic Gardens. Kew Notes to the accounts Year ended 31 March 2025 Debtors: amc¥Jnts due within ce >par 2025 2024 Accrued income 3.136 5,663 3.136 5.663 Contingent assets: As at 31 March 2025 the Foundation has been notified of 33 (2024: 31) residuary legacies estimated to be worth £2.98M of future income (2024: £4.38M) and of which £2.87M12024: £4.29M) has been accrued as receipt is probable and the amount can be measured with sufficient reliability (£2.87M recognised in 2024/25 and £3.51M in 2023/24). Future income from legacies is measured at 95% of estimated estste value to take account of administration fees and uncertainty in valuations of property. For the remaining £o.IlM the executor5 have yet to establish if there are sufficient assets in these estates. after settling any liabilities. to pay these legacies. The Foundation is therefore unable to estimate wf(h sufficient accuracy the amount receivable and has not accrued for these legacies on that basis. Creditors". amounts falling due within one 2025 2024 £'ooo Payable to related undertakings Accruals 969 16 15 985 3,853 23
The Foundation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2025 10. Statement of funds Balan Balance l April Reo)tsised 31 March 2024 Income ExltUre gains/(losses) Transfers 2025 £'cxJo £'LK)o £'ocM) £'ooo £'ooo Restricted Income Funds (564) 245 5.737 Endowment funds Sainsbury Orchid Fund 2.731 {7} (551 (109) 2.669 Expendable endowmerts Smythies Fund Lennox Boyd Fund Shawdon Fund Bewsey Fund 199 717 14} (14) (i) (251 {) 142) (4) {69) 191 688 60 1,145 29 12) L194 (3) Totsl endowment funds 4.904 196 {12) 199) 1236) 4,753 Totsl restficted and endowment funds 10.772 {576) {991 10,490 Unrestricted designated funds Property Fund Director of scien Research Kew Learning Centre Outreach Strate Other 1800) 594 4,370 (2131 381 4,370 2.407 2,172 (539) {496) 2.538 (159) 2,783 8.955 (1.248) 1.579 9.330 Unrestricted funds General Fund 5.325 2.220 {2,397) 1203} 11.588) 3,357 Totsl unrestricted funds 14,280 2.264 (3.6451 (203) 19) 12,687 Totsl funds 25.052 {4,221) 13021 23,177 24
The Foundation and Frlends of the Roy21 Botanic Gardens. Kew Notes to the accourts Year ended 31 March 2025 10. Statement of funds (continued) Balan Balant 31 March 2024 £'ooo 2023 Re(x)gnlsed Inc¢xne ExpeThJiture gain¥(lse$) Transfers £'¢xK) £'(u) £'ooo £, Restrie Income Funds 5.532 924 (991} 403 5,868 Endowment funts Sainsbury Orchid Fund 2.605 137 (9} 124 Expendable endowments Smythies Fund Lennox Boyd Fund Shawdon Fund Bewsey Fund 1126) 2,731 183 661 58 L099 12 42 18 (i) 199 717 63 1,194 (3) 31 (i) 70 (5) Totsl endowment funds 4.606 192 (li) 251 Trtal restricted and endowrnent funds {134) 4,904 10,138 1.116 {1.0021 251 Unrestricted deslgnated funds Property Fund Director of scien Research Kew Learning Centre Other Unrestricted desl8nated fun(Is 269 10,772 852 1.580 3,270 1258) 800 594 4,370 3,191 181 (275) 2,790 15 6.502 181 (533) 2.805 Unrestricted funds General Fund 8.955 4.024 5,853 (2,041) 563 Total unrestricted funds {3.074) 5,325 10.526 6.034 (2.5741 563 Total funds 1269) 14.280 20.664 7.150 {3.576) 814 25,052 S* Note 15 for details of general SUprt to RBG Kew. 25
The Founijation and Friends of the Royal Botanic Gardens, Kew Notes to the accounts Year ended 31 March 2025 10. Statement of funds (continued) Funds infomation Restrictions on the endowment funds are as follows: The Sainsbury Orchid Fund is used to provide grants to RBG Kew connected with the advancement of education and learning bythe promotion of study and enhancement of the orchid collection and orchid work. The Trust deed confers an oversight role on two other sets of Tnjstees: Robert and Lisa Sainsbury Art Trust Ltd Trustees (previously known as the Art Trustees) and the Gatsby Charitable Foundation Trustees (previously known as the Gatsby Trustees). The transfer from this fund represents realised income which is transferred to the related restricted fund on a quarterly basis. The Smythies Fund is an unrestricted expendable endowment. Part of the fund should be used to support botanical illustration. The interest is used for budget relief. The Lennox Bo>rl Fund is used by Kew to provide education for overseas students through the Lennox Boyd Programme. In particular, emphasis is placed on promoting exchanges of people between British institutions and their counterparts in Commonwealth countries. The Shawdw Fund is used to SUPFQrt Kew's annual winter lecture series with an emphasis. but not exclusively on any aspects of the uses of plants for medicine. The Bewsey Fund was received by the Foundation in 2015/16. It is an expendable endowment restricted to nservation and research. Designations of unrestricted funds are as follows: Director of Science research - £0.4M remains of the funds designated in 2019/20 to support the Kew Director of Science's research programme in furtherance of Kew's objectives. Kew Learning Centre- £4.7M was designated in 2023/24 and 2022/23 to SUPFQrt this infrastructure project which is designed to provide a modem learning facilrty to expand Kew's educational programme with construction commencing in 2025/26. Outreach Strategy- £2.4M. with £2.6M designated in 2024/25 and £0.5M in 2022/23 to support outreach activities with the aim of engagng individuals and communities that face barriers to Vistting RBG Kew to help them discover the importance and value of plants and fungi to their lives. Other designated funds of £2.2M represent allocations to other. smaller activities and projects, and unrestricted legacy income recognised which the Trustees wish to designate for future use in line with the donors, non-binding wishes. This will be subject to proposals for use to be submitted by RBG Kew. The Board agreed to release the Property fund in 2024/25 to unrestricted general reSeeS. 26
The Foundation and Frlends of the Royal Botsnic Gardens, Kew Notes to the accounts Year ended 31 March 2025 Balan In(aTh Expenditure Transfers i April Balan 2024 t)etween 31 March funds 2025 £'CK)O £'(KK) Restiicted Funds Scien Seed conservation - supporting the collection, storage and viability of seeds, particularly at RBG Kew's Millennium Seed Bank scien PhD programme and other science education Orchid Fellow Other scientific research and assClated activity 1,856 54 (iio) 221 2,021 123 (421 375 456 237 1.387 (78) (89) 109 (254) 268 1,119 75 Horticulture an(J bDtsnic gardens HorticuuraJ education and apprentices Wakehurst Pla Other horticultural activty 601 452 308 (i) (169) (49) 600 283 472 59 154 Other Other education and outreach activity Other activity in support of RBG Kew (24) (2) 23 (374) 14 35 GrarKI Total 245 5.737 27
The Foundation and Friends of the Roydl Botsnlc Gardens, Kew Notes to the accounts Year ended 31 March 2025 Balan IrM%me ExteIlture Transfers Balance l April between 31 March funds 2024 Restated £wo £) Restrirted Funds Science Seed conservation - supporting the collection, storage and viability of seeds. particularly at RBG Kew's Millennium Seed Bank Science PhD programme and other science education Orchid Fellow Other scientific research and asscKiated activity £917 45 (1321 26 1.856 123 {641 {480) 237 1,387 1.435 459 {271 Hortlculture and ljxanic gardens Horticultural education and apprenti Wakehurst Place Other horticultural activrty 620 {26} {252) 125) 601 452 308 22 200 325 Other Other education and outreach activty Other activity in support of RBG Kew 556 14 374 {81 (41 {411 881 23 Grand Totsl 5.532 924 <991) 403 5,868 All of the above funds are available to be granted to RBG Kew upon receipt by the Foundation of the necessary documentation detailing expenditure. Within restricted funds there are various levels of restriction. Transfers between funds are made as appropriate and reflect allocation to specific activity as confirmed with the donor. The 202>24 balances have been restated to reflect the current main categories of funds. 28
The Foundation and Friends of the RoJ31 Botsnic Gardens. Kew Notes to the accounts Year ended 31 March 2025 11. Analysis of net assets betn funds Fund balanos at 31 March a represented ty. 2025 Unr*icied Restricted ErMI0nt Total £'OCK) £'(KK) 6,618 £'(KX) £'OOO 3.182 4.588 4.753 14,553 1.885 2,159 6.473 977 1678) 3.136 (307) (985) Long-term investments Cash at bank Debtors ' Creditors 12.687 5.737 4,753 23,177 2024 Unrestricted Restrie Endowme £'ocx) £'o Totsl 7.653 £'(Mx) £'(xx) 2,641 5.272 2.772 4.904 15.198 8.044 4.071 1.592 (2,716) 5,663 (1,137) {3,853) Long-tem investments Cash at bank Debtors Creditors 14.280 5,868 4.904 25.052 Salary and stsff (S No staff are employed by the Foundation. The totsl remuneration (Including pension contributions) of the key management personnel for the year was £nil (2024: £nil). During the year Trustees received no remuneration or benefits in kind {2024: £nil). No Trustees were reimbursed expenses for travel, Subsisten or donor meetings (2024: £nil). 13. Related party transacborts No donations were received from the Trust in the year {2024: £nil}. There were no other related paty . transactions with trustees in either year. The Foundation has related party transactions with RBG Kew and also with RBG Kew Enterprises Ltd. Expenditure includes an amount of £3,610 (2024 £3.561K) and credrtors include an amount of £969K (2024.. £3.528KI relating to RBG Kew and RBG Kew Enterprises Ltd. Income includes an amount of £nil {2024: £nil) and debtors include an amount of £nil (2024: £nill relating to RBG Kew and RBG Kew Enterprises Ltd. No other related party transactions are noted. 29
The Foundation and Friends of the Royal Botsnic Gardens, Kew Notes to the accounts Year ended 31 March 2025 14. Reconciliation of net income to net c&sh flcw from operating activrties 2024/25 2023/24 £'ooo Net income for the reporting period las per the statement of financial activities) IL875) 4.388 Adjustments for. (Gains) / losses on investments Dividends and interest from investments 302 1605) (814} 1445) Operatlng cash fiow before movement in working ca1 (2.178) 3.129 {Increase}/Decrease in debtors Increase / Idecrease) in creditors 2.527 {2,868) 11.8021 3.389 Net cash provided by operating {2.519) 4,716 Grants awarded to R8G Kew Unrestricted Restricted 2024/25 RBG Kew 2024/25 SupFKIrt Specific purpose grants 1.800 1.810 1,247 563 Grants awarded 3.047 563 3.610 Unrestricted Restricted 2023/24 RBG Kew 2023/24 Support Specific purpose grants 1,700 534 1.700 1,521 987 Grants awarded 2,234 987 3.221 2025 2024 £'ooo Reconclliation of unrestricted grarts payable Commitments as at l April Commitments made in the year Grants paid duringthe year 1.700 1.800 {1,7001 L600 1.700 11.6001 Commitments as at 31 March 1.800 1,700 30