Company Registration No. 2499006 Registered Charity No. 803428
The Foundation and Friends of the Royal Botanic Gardens, Kew
Trustees’ Report and Financial Statements
31 March 2026
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Trustees’ Report and Financial Statements 2026
| Contents | Page |
|---|---|
| Reference and administrative details | 1 |
| Strategic report | 2 |
| Trustees’ responsibilities statement | 7 |
| Independent auditors' report | 8 |
| Statement of financial activities | 11 |
| Summary income and expenditure account | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 |
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Reference and administrative details
Trustees :
Jan Pethick – Chair Kristina Kenworthy Jane Reeves Jantiene Klein Roseboom van der Veer Steve Almond
Company registered No.
Charity registered No.
2499006
803428
Key Management Personnel
The key management personnel are the Foundation’s Trustees.
Registered & principal office The Herbarium Kew Green Richmond TW9 3AE
Bankers
Lloyds Bank PLC 3[rd] Floor 10 Gresham Street London EC2V 7AE
CAF (Charities Aid Foundation) 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA
Legal advisers
Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LA
Auditor
HaysMac LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG
Investment managers
Cazenove Capital Management 1 London Wall Place London EC2Y 5AU
1
The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Strategic report
Objectives and activities
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 Act, submit their Trustees’ Report, which includes the Directors’ Report and Strategic Report for Companies Act purposes and the audited Financial Statements of the Foundation for the year ended 31 March 2026.
Object
The Foundation’s object, set out in its Articles of Association, is to support the purposes of Royal Botanic Gardens, Kew (“RBG Kew”) in such manner as the Foundation shall think fit. The Foundation is a Public Benefit Entity.
Public benefit
RBG Kew’s general functions are set out in the National Heritage Act 1983 and are to:
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carry out investigation and research into the science of plants and related subjects, and disseminate the results of the investigation and research;
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provide advice, instruction and education in relation to those aspects of the science of plants with which RBG Kew is concerned;
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provide other services (including quarantine) in relation to plants;
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care for its collections of plants, preserved plant material, other objects relating to plants, books and records;
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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
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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 that, as these meet the public benefit charitable aims, the Foundation in turn meets the public benefit requirements.
Strategic aims and activities
The Foundation fundraised for RBG Kew, focusing on legacy fundraising and the management of investments up until 28 February 2026. It also held historic funds to support the work of RBG Kew through the provision of grants. In February 2026, a decision was made by the Trustees of the Foundation and the Board of Trustees of RBG Kew to merge the charities to streamline governance. Assets and liabilities of the Kew Foundation charity were transferred from the Foundation to RBG Kew on 1 March 2026. The value of net assets transferred by the Foundation of £20.2M has been recognised as a gift to RBG Kew. In addition to this gift, the Foundation transferred its legal responsibility as corporate trustee of the £3M Orchid Fund permanent endowment to the Board of Trustees of RBG Kew.
The Foundation will formally be wound up during 2026/27 and will be entered on to the Charity Commission Mergers Register. Its activities will continue to be undertaken by RBG Kew.
Grant-making
Prior to the transfer of assets, the Trustees decided to make a final £5M foundational grant to the Seeds Future Fund, a Fund launched in 2025. This £5m specific purpose grant was the only pre-condition of the Foundation trustees to agreeing to the transfer of its remaining assets as a gift to RBG Kew and accordingly was paid prior the transfer of assets and undertaking to RBG Kew.
The Foundation has a long-standing history in supporting Kew’s seed collection and seeds-related science. The Foundation was established in 1990 and its very first appeal, in 1993, was for seed collecting with a target of £30k, which was exceeded within one year. Its next appeal was for the Millenium Seedbank, construction of which was completed in 2000. The Millenium Seedbank is widely considered to be one of the most significant global partnership-based conservation projects Kew has ever undertaken, and according to
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The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Strategic report
Sir David Attenborough “perhaps the most significant conservation initiative ever.” The current RBG Kew appeal for the Seeds Future Fund seeks to raise £30m by 2030, an ambition 1,000 times greater than the target for the first appeal for funding for seed collecting a mere 30 years ago.
The Foundation’s £5M gift will allow a vital leap forward in scaling the mission of the Millenium Seed Bank by investing in cutting-edge research and in the capacity of global partners; by pioneering new, rigorous conservation methods to bank seeds and to reintroduce species into decimated ecosystems; and by developing nature-based solutions to secure global food and environmental stability.
No other grants were paid to RBG Kew to support its activities in 2025/26 (2024/25: £3.6M).
Fundraising approach and performance
From 1 April 2025 the Foundation transferred fundraising activities to RBG Kew. The Foundation has not worked with professional fundraising agents in the year.
The Foundation continued to engage RBG Kew Enterprises Limited to provide services to support the management of legacies held by the Foundation to the date of transfer.
Achievements and performance
In 2025/26, in collaboration with the staff and supporters of RBG Kew, the Foundation raised legacy income of £2.7M (2024/25: £1.9M) and gave grants totalling £5.0M (2024/25: £3.6M) to RBG Kew.
Investment income was £0.6M (2024/25: £0.8M).
Investments recorded net gains of £1.8M for the 2025/26 financial year (2024/25: net losses of £0.3M).
Structure, governance and management
The Foundation is a Registered Charity (number 803428) and a Company limited by guarantee (number 2499006). It is governed by its Articles of Association (revised in October 2022).
Trustees and Directors
The Trustees who held office during and at the end of the year are listed on page 1.
During 2025/26, the Foundation Board of Trustees held three board meetings. A merger sub-committee established by the main board held numerous meetings throughout the year to advance the merger. The merger sub-committee provided frequent updates to the main board and actively sought its approval in respect to key decisions, before the final decision to merge was made by the Board on 24 February 2026.
In accordance with section 177 of the Companies Act 2006 and Article 54 of the Articles, Steve Almond, on the basis of his role as trustee of RBG Kew which represented a conflict of loyalty and a conflict of interest, did not participate in the decision to transfer the Foundation's assets and undertaking to RBG Kew.
Following the transfer of activities, assets and liabilities to RBG Kew the Trustees have agreed to remain in post until the accounts for the year to 31 March 2026 have been signed. Subsequently Jan Pethick, Kristina Kenworthy, Jane Reeves and Jantiene Klein Roseboom van der Veer will step down and appoint new Trustees in their place who will be responsible for the winding up of the charity, as detailed in the transfer agreement.
Organisational structure
The Foundation has no employees, and the Trustees are considered the Key Management Personnel. Services and support to manage legacy and grant income were provided by RBG Kew and RBG Kew Enterprises Limited.
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The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Strategic report
Pay and remuneration arrangements
The Trustees are not remunerated for their role.
Related parties
The Foundation Board has a maximum of six Trustees; up to up to four Trustees are independent and up to two Trustees can be recommended for appointment by RBG Kew. Steve Almond was a Trustee of both RBG Kew and the Foundation during 2025/26.
The Foundation is fully consolidated into the RBG Kew group accounts reflecting the nature of activities undertaken by the Foundation, which are for the benefit of RBG Kew. As RBG Kew did not have the ability to utilise the funds of the Foundation, which were subject to decision-making by the Foundation’s Board of Trustees, these funds were shown as restricted funds in RBG Kew’s financial statements until the transfer. Following the transfer, these funds were allocated to the appropriate RBG Kew restricted and unrestricted reserve.
The Foundation had related party transactions with RBG Kew and with RBG Kew Enterprises Limited (a wholly owned subsidiary of RBG Kew). RBG Kew Enterprises Limited provided legacy fundraising services (to 31 March 2025) and administrative services to support the management of grants to the date of transfer. RBG Kew provided back-office support services to the Foundation including accounting services.
Two Kew Foundation Trustees (Jan Pethick and Steve Almond) were also members of RBG Kew’s Development Council, an advisory committee of RBG Kew’s Executive Board, in the year. The Council promotes and supports RBG Kew’s fundraising and provides advice on all aspects of RBG Kew’s fundraising activities.
Systems of internal control
The systems of internal control operated during the year were designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They included:
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an annual budget approved by the Trustees;
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consideration by the Trustees of financial results, variances from budgets and non-financial performance indicators;
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delegation of authority and segregation of duties, where appropriate; and
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the identification and management of risks.
Risk management for the Foundation is outlined on page 6.
Going concern
The expectation following the transfer of the activities, assets and liabilities to RBG Kew in March 2026, is that the Foundation will be wound up during 2026/27. Accordingly, the Trustees have adopted a breakup basis in preparing the Trustees’ Report and Financial Statements.
Financial review
Results for 2025/26
The results for the year are set out in the Statement of Financial Activities (SOFA).
Total income received in the year ended 31 March 2026 was £3.4M (2025: £2.3M).
Legacy income increased to £2.7M (2025: £1.9M), in line with expectations based on notifications. Legacy income includes legacies where income is expected but has yet to be received. No grants or donations were received in the year (2024: £nil).
Net income for the year amounted to £28K net profit (2025: £1.9M net deficit) after grants to RBG Kew of £5.0M (2025: £3.6M).
Reserves
The Foundation had no net funds as of 31 March 2026, following transfer of net assets of £20.2M to RBG Kew on 1 March 2026 (see note 16).
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The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Strategic report
Investment Policy and Statement of Investment Principles
The Foundation held sufficient funds to ensure liquidity and to meet the requirements for specific projects and purposes. These funds were invested in short and medium-term deposits and other short and medium-term instruments according to the guidelines set out by the Board.
The Trustees delegated management of its investment portfolio to discretionary fund managers Cazenove Capital. Invested funds included the Sainsbury Orchid Fund endowment, other endowment funds and unspent legacy funds.
Funds invested by Cazenove Capital were invested primarily in the Sustainable Charity Multi-Asset Fund, with some lower risk holdings of bonds and cash investments. The target return was CPI plus 3% per annum.
Funds invested with Cazenove returned a gain for 2025/26 of 11.8% to the date of transfer (2024/25: gain of 1.7%).
These investments were transferred to RBG Kew as part of the transfer agreement and continue to be held by Cazenove Capital.
Fundraising
The Trustees thank the following for their generous support of our vital work:
Legacies:
Gillian Adams, Jean Anderson, Jeffery Bowman, Christine Bryce, Stella Chance, Brian Drage, Elisabeth Drummond-Hay, Charles Easmon, John Farr, Valerie Hamblen, Anthony Hardy, Johanna Harrison, Rosemary Hickman, Michael Hoban, Margaret Hunt, Karin Jamieson, Valerie Jennings, John Layton, Hugh and Jacqueline Linnell, Geoffrey Denham Lloyd, Margaret Lobo, Susan Loosley, Margaret Loraine, Betty Miller, Angela Moran, Frances Wills O’Neil, Robert Peacock, Cecil Pocock, Barbara Purvis, Margaret Read, Olive Saunders, Ann Voller, Kevin Whiston, David Williams
And all other supporters, including those who have chosen to remain anonymous.
Risk management
The Foundation had a robust risk management framework which was updated, presented to, and reviewed by Trustees once a year. Each risk was assigned risk owner who coordinated actions to mitigate the risk and record progress made and actions completed.
Plans for future periods
The Foundation will formally be wound up during 2026/27 and will be entered on to the Charity Commission Mergers Register.
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The Foundation and Friends of the Royal Botanic Gardens, Kew Year ended 31 March 2026
Trustees’ responsibilities statement
The Trustees (who are also Directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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 state 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 statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Trustees’ Report and the Strategic Report were approved by the Trustees and signed on their behalf by:
Jan Pethick Chair
26 June 2026
6
Independent auditor’s report to the Members and Trustees of The Foundation and Friends of the Royal Botanic 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 2026 which comprise the Statement of Financial Activities, the Balance Sheet, the Summary Income and Expenditure Account, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company’s affairs as at 31 March 2026 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 International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’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, including the FRC’s Ethical Standard, and we have fulfilled our other ethical 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.
Emphasis of matter - non-going concern basis
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure in note 1 of the financial statements, which explains that the Company’s financial statements have been prepared on a basis other than the going concern basis because the directors have taken the decision to cease trading.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note 1 to the financial statements which explains that the trustees have taken the decision to cease activities in the Foundation and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.
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 statements does not cover the other information and, except to the extent otherwise 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 misstated. 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 fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
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 strategic report and the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements
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Independent auditor’s report to the Members and Trustees of The Foundation and Friends of the Royal Botanic Gardens, Kew (cont.)
Matters on which we are required to report by exception
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 misstatements in the Trustees’ Report (which incorporates the strategic report 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 report to 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 information 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 strategic report.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 6 , 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 give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern 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 alternative but to do so.
Auditor’s responsibilities for the audit 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 includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 with 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-compliance 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.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
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Inspecting correspondence with regulators and tax authorities;
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Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
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Evaluating management’s controls designed to prevent and detect irregularities;
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Independent auditor’s report to the Members and Trustees of The Foundation and Friends of the Royal Botanic Gardens, Kew (cont.)
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Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
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Challenging assumptions and judgments made by management in their significant accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Weaver (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors
10 Queen Street Place London EC4R 1AG
Date: 29 June 2026
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The Foundation and Friends of the Royal Botanic Gardens, Kew
Statement of Financial Activities Year ended 31 March 2026
| Statement of Financial Activities Year ended 31 March 2026 |
|
|---|---|
| Notes Income and endowments from: Donations, grants and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 4 Total expenditure Net gains on investments 7 Net income / (expenditure) for the year Transfers between funds 10 Transfer of assets 16 Transfer of trusteeship 16 Net movement in funds Funds brought forward 10 Funds carried forward 10 |
Unrestricted funds Restricted funds Endowment funds Total funds £’000 £’000 £’000 £’000 1,964 766 - 2,730 462 - 185 647 2025/26 |
| 2,426 766 185 3,377 |
|
| (143) - (12) (155) - (5,000) - (5,000) |
|
| (143) (5,000) (12) (5,155) |
|
| 1,216 - 590 1,806 |
|
| 3,499 (4,234) 763 28 |
|
| (4,321) 6,754 (2,433) - (11,865) (8,257) (68) (20,190) - - (3,015) (3,015) |
|
| (12,687) (5,737) (4,753) (23,177) 12,687 5,737 4,753 23,177 |
|
| - - - - |
All gains and losses recognised for the year are included above. All restricted funds received and expended relate to income funds. Notes 1 to 16 form part of these accounts.
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The Foundation and Friends of the Royal Botanic Gardens, Kew
Statement of Financial Activities Year ended 31 March 2026
| Statement of Financial Activities Year ended 31 March 2026 |
|
|---|---|
| Notes Income and endowments from: Donations, grants and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 4 Total expenditure Net losses on investments 7 Net income / (expenditure) for the year Transfers between funds 10 Net movement in funds Funds brought forward 10 Funds carried forward 10 |
Unrestricted funds Restricted funds Endowment funds Total funds £’000 £’000 £’000 £’000 1,705 188 - 1,893 559 - 196 755 2024/25 |
| 2,264 188 196 2,648 |
|
| (597) (1) (12) (610) (3,048) (563) - (3,611) |
|
| (3,645) (564) (12) (4,221) |
|
| (203) - (99) (302) |
|
| (1,584) (376) 85 (1,875) |
|
| (9) 245 (236) - |
|
| (1,593) (131) (151) (1,875) 14,280 5,868 4,904 25,052 |
|
| 12,687 5,737 4,753 23,177 |
All gains and losses recognised for the year are included above. All restricted funds received and expended relate to income funds. Notes 1 to 16 form part of these accounts.
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The Foundation and Friends of the Royal Botanic Gardens, Kew
Summary income and expenditure account Year ended 31 March 2026
| Income Donations and legacies Interest and investment income Gains/(losses) on investments Gross income in the reporting period Total expenditure in the reporting period Net income / (expenditure) for the reporting period |
2025/26 2024/25 £’000 £’000 2,730 1,893 462 559 1,216 (203) |
|---|---|
| 4,408 2,249 |
|
| (5,143) (4,209) |
|
| (735) (1,960) |
As required by the Companies Act 2006, this statement presents the movements on income and expenditure excluding endowment funds.
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The Foundation and Friends of the Royal Botanic Gardens, Kew
Balance Sheet as at 31 March 2026
| Notes Fixed assets Investments 7 Total fixed assets Current assets Debtors 8 Cash at bank and in hand Total current assets Creditors:amounts falling due within one year 9 Net current assets Total assets less current liabilities NET ASSETS The funds of the charity: Restricted income funds 10 Permanent endowment funds 10 Expendable endowment funds 10 Unrestricted funds – designated 10 Unrestricted funds – expressed wishes 10 Unrestricted funds – general 10 TOTAL FUNDS |
2026 2025 £’000 £’000 - 14,553 |
|---|---|
| - 14,553 |
|
| - 3,136 - 6,473 |
|
| - 9,609 - (985) |
|
| - 8,624 |
|
| - 23,177 |
|
| - 23,177 |
|
| - 5,737 - 2,729 - 2,024 - 9,330 - - - 3,357 |
|
| - 23,177 |
Notes 1 to 16 form part of these accounts.
These financial statements of The Foundation and Friends of the Royal Botanic Gardens, Kew (registered number 2499006) were approved and authorised for issue by the Board of Trustees and signed on their behalf by:
Jan Pethick Chair 26 June 2026
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The Foundation and Friends of the Royal Botanic Gardens, Kew
Statement of cash flows Year ended 31 March 2026
| Note Net cash flows from operating activities 14 Cash flows from investing activities: Dividends and interest from investments Proceeds from the sale of investments Purchase of investments Income not re-invested Distributions (for charitable expenditure) Investment management costs Net cash flows from investing activities Tranfers of cash to RBG Kew Change in cash in the reporting period Cash at the beginning of the reporting period Cash at the end of the reporting period |
2025/26 2024/25 £’000 £’000 (2,490) (2,519) 566 605 - 157 - (247) (566) (515) 449 912 37 36 |
|---|---|
| 486 948 (4,469) - (6,473) (1,571) |
|
| 6,473 8,044 |
|
| - 6,473 |
Notes 1 to 16 form part of these accounts.
All cash and cash equivalents are included in cash at bank and in hand
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The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
1. Statement of accounting policies
The principal accounting policies are summarised below. All 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 2019): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 Royal Botanic Gardens Kew (“Kew Foundation” or “the Foundation”).
Foundation status
The Foundation is a private company limited by guarantee, incorporated in England and Wales and is a charity registered in England and Wales. It is a Public Benefit Entity. The members of the Foundation are the Trustees. When the Foundation is wound up, the liability in respect of the guarantee is limited to £1 per member of the Foundation.
Going concern
The Foundation ceased trading on 28 February 2026. The expectation following the transfer of the activities, assets and liabilities to RBG Kew on 2 March 2026, is that the Foundation will be wound up during 2026/27. Accordingly, the Trustees have adopted a break up basis in preparing the Trustees’ Report and Financial Statements.
Reserves
The Foundation reserves were transferred to corresponding RBG Kew reserves in March 2026. As part of the transfer agreement designated reserves were released into unrestricted general reserves or where they represented non obligatory legacies to an unrestricted expressed wish fund. In addition expendable endowments were released to restricted funds, and following a review of will wording funds were also transferred between restricted and expressed wish funds.
Fund accounting
General or unrestricted funds were available for use at the discretion of the Trustees in furtherance of the objectives of the Foundation up until the transfer date and are now available to RBG Kew.
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 were a mix of expendable and permanent funds, the expendable endowments were released as part of the transfer. Permanent endowment funds were held by the Foundation as a corporate trustee and do not form part of the corporate property of the charitable company, these were transferred as permanent endowments to RBG Kew.
Investment income, gains and losses are allocated to the appropriate fund.
Income
Until the transfer date all income has been included in the Statement of Financial Activities (SOFA) when the Foundation was legally entitled to the income, receipt was probable, and the amount could be measured with sufficient reliability. For pecuniary legacies, this was upon notification (probate). Residuary legacies were recognised when probate is granted and there is sufficient information to value them (usually receipt of estate accounts). Where legacies include the transfer of property, this is included at valuation.
No amounts are included in the financial statements for services donated by volunteers.
Income tax recoverable in relation to investment income was recognised at the time the investment income was receivable.
15
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
Expenditure
Until the transfer date expenditure was accounted for on an accruals basis. Where costs could not be directly attributed to particular activities, they have been allocated on a basis consistent with the use of resources.
Unrestricted grants to RBG Kew were recognised when approved and formally communicated with the recipient. Restricted grants to RBG Kew were recognised and awarded to RBG Kew on approval of a valid claim.
Grant making
Until the transfer date, the Foundation raised monies for RBG Kew and requests for payment for various projects proposed by RBG Kew were made to the Foundation Trustees. When applications were received, the Foundation gave independent due consideration to granting such funds, considering the strategy and wishes of the donor and, if approved by the Trustees, payment was made. Proper evidence of expenditure was always required, to the satisfaction of the Trustees. Due to discussions regarding transfer of activities and assets to RBG Kew, no payments were made to RBG Kew for expenditure incurred in 2025-26 on grants approved by the Foundation in prior years. As part of the transfer a restricted grant of £5m was made to RBG Kew for work on seed conservation.
Investments
Investments were transferred to RBG Kew in March 2026 at fair value. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year to the date of transfer. Investment movements as disclosed in the Statement of Cash Flows reflect additions to and withdrawals from the investment portfolio to the date of transfer.
Taxation accounting
The Foundation is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes. No tax charge has arisen in the years ended 31 March 2026 or 31 March 2025.
Financial instruments
Treatment was as follows to the date of transfer to RBG Kew:
-
Investments were accounted for at fair value through profit and loss in accordance with the requirements of FRS 102 sections 11 and 12 prior to transfer to RBG Kew.
-
Trade and other debtors were recognised at the settlement amount due.
-
Prepayments were valued at the amount prepaid net of any trade discounts due.
-
Cash at bank included cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
-
Creditors and provisions were recognised where the charity has a present obligation resulting from a past event that would probably result in the transfer of funds to a third party and the amount due to settle the obligation could be measured or estimated reliably.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Foundation’s accounting policies, which are described in this note, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed periodically. Revisions to accounting estimates during the year were recognised in balances prior to the transfer to RBG Kew.
Residuary legacies to the date of transfer were estimated based on information provided by executors, and judgement made on whether there is sufficient information to value them.
16
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
The Trustees do not consider there are any other critical judgements or sources of estimation uncertainty requiring disclosure.
- Income and endowments from donations, grants and legacies
| Grants and donations Legacies |
Unrestricted Restricted Endowment Total £’000 £’000 £’000 £’000 - - - - 1,964 766 - 2,730 2025/26 |
|---|---|
| 1,964 766 - 2,730 |
| Grants and donations Legacies |
Unrestricted Restricted Endowment Total £’000 £’000 £’000 £’000 - - - - 1,705 188 - 1,893 2024/25 |
|---|---|
| 1,705 188 - 1,893 |
As at date of transfer, the Foundation had been notified of 48 (2025: 45) legacies, estimated to be worth £6.42M (2025: £3.05M), £3.72M (2025: £2.91M) of which was recognised as receipt was probable and the amount could be measured with sufficient reliability.
Of these, the Foundation had been notified of 37 (2025: 33) residuary legacies estimated to be worth £6.26M (2025: £2.98M) and of which £3.45M (2025: £2.87M) was recognised.
17
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2026
3. Income from investments
| 3. Income from investments |
|
|---|---|
| Bank interest Dividends & other distributions |
Unrestricted Restricted Endowment Total £’000 £’000 £’000 £’000 81 - - 81 381 - 185 566 2025/26 |
| 462 - 185 647 |
|
| Bank interest Dividends & other distributions |
Unrestricted Restricted Endowment Total £’000 £’000 £’000 £’000 150 - - 150 409 - 196 605 2024/25 |
| 559 - 196 755 |
4. Expenditure
| 4. Expenditure |
|
|---|---|
| 2025/26 | |
| Marketing and other direct costs Grant funding of activities Support and governance costs Total |
|
| Raising funds – donations and legacies Raising funds – investment income Total Raising funds Charitable activities -Science -Horticulture and Learning -Other support to RBG Kew Total Charitable activities Total Support costs Total |
£’000 £’000s £’000 £’000 - - 118 118 37 - - 37 |
| 37 - 118 155 - 5,000 - 5,000 - - - - - - - - |
|
| - 5,000 - 5,000 118 - (118) - |
|
| 155 5,000 - 5,155 |
18
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
4. Expenditure (continued)
| Raising funds – donations and legacies Raising funds – investment income Total Raising funds Charitable activities -Science -Horticulture and Learning -Other support to RBG Kew Total Charitable activities Total Support costs Total |
Marketing and other direct costs Grant funding of activities Support and governance costs Total £’000 £’000s £’000 £’000 339 - 235 574 36 - - 36 2024/25 |
|---|---|
| 375 - 235 610 - 337 - 337 - 49 - 49 - 3,225 - 3,225 |
|
| - 3,611 - 3,611 235 - (235) - |
|
| 610 3,611 - 4,221 |
5. Support and governance costs
| 5. Support and governance costs |
|
|---|---|
| Costs incurred Governance Office administration and other support |
2025/26 2024/25 Total Total £’000 £’000 28 18 90 216 |
| 118 234 |
19
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
6. Net (expenditure)/income
This is stated after charging:
| This is stated after charging: | ||
|---|---|---|
| 2025/26 | 2024/25 | |
| Total | Total | |
| £’000 | £’000 | |
| Auditor’s remuneration: | ||
| Fees payable to the company’s auditor for the audit of the Foundation’s annual accounts | 28 | 18 |
7. Fixed asset investments
| 7. Fixed asset investments |
|||
|---|---|---|---|
| Endowment | Other | Total | |
| Investments | Investments | ||
| £’000 | £’000 | £’000 | |
| At 1 April 2025 | 4,753 | 9,800 | 14,553 |
| Sales proceeds | - | - | - |
| Purchases | - | - | - |
| Income not re-invested | 185 | 381 | 566 |
| Realised and unrealised gains / (losses) | 590 | 1,216 | 1,806 |
| Distribution (for charitable expenditure) | (146) | (303) | (449) |
| Investment management costs | (12) | (25) | (37) |
| Transfer of investment | (5,370) | (11,069) | (16,439) |
| At 31 March 2026 | - | - | - |
| Endowment | Other | Total | |
|---|---|---|---|
| Investments | Investments | ||
| £’000 | £’000 | £’000 | |
| At 1 April 2024 | 4,904 | 10,294 | 15,198 |
| Sales proceeds | (50) | (107) | (157) |
| Purchases | 100 | 147 | 247 |
| Income not re-invested | 146 | 369 | 515 |
| Realised and unrealised gains / (losses) | (99) | (203) | (302) |
| Distribution (for charitable expenditure) | (236) | (676) | (912) |
| Investment management costs | (12) | (24) | (36) |
| At 31 March 2025 | 4,753 | 9,800 | 14,553 |
20
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
| Investment at fair value comprise: Bonds Liquidity funds (including cash and cash equivalents) Charity Multi Asset Funds At 31 March All fixed asset investments are held in the UK. Investments at historical cost |
2026 2025 £’000 £’000 - 807 - 905 - 13,486 |
|---|---|
| - 15,198 |
|
| - 10,455 |
All investments were transferred to RBG Kew see note 16 for details
- Debtors: amounts due within one year
| Accrued income | 2025/26 2024/25 Total Total £’000 £’000 - 3,136 |
|---|---|
All debtors were transferred to RBG Kew see note 16 for details
- Creditors: amounts falling due within one year
| Costs incurred Payable to related undertakings Accruals |
2025/26 2024/25 Total Total £’000 £’000 - 969 - 16 - 985 |
|---|---|
All creditors were transferred to RBG Kew see note 16 for details
21
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2026
10. Statement of funds
| 10. Statement of funds |
|||||||
|---|---|---|---|---|---|---|---|
| Balance 1 April 2025 |
Income | Expenditure | Recognised gains/ (losses) |
Transfers between funds |
Deed of transfer to RBG Kew |
Balance 31 March 2026 |
|
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Restricted Income Funds | 5,737 | 766 | (5,000) | - | 6,754 | (8,257) | - |
| Endowment funds | |||||||
| Sainsbury Orchid Fund | 2,669 | 104 | (7) | 331 | (82) | (3,015) | - |
| Shawdon Fund | 60 | 2 | - | 8 | (2) | (68) | - |
| Expendable endowments | |||||||
| Smythies Fund | 191 | 7 | (1) | 24 | (221) | - | |
| Lennox Boyd Fund | 688 | 27 | (2) | 85 | (798) | - | |
| Bewsey Fund | 1,145 | 45 | (3) | 142 | (1,329) | - | |
| Total endowment funds | 4,753 | 185 | (13) | 590 | (2,432) | (3,083) | - |
| Total restricted and endowment funds |
10,490 | 951 | (5,013) | 590 | 4,322 | (11,340) | - |
| Unrestricted designated | |||||||
| funds | |||||||
| Director of Science Research | 381 | - | - | - | (381) | - | - |
| Kew Learning Centre | 4,370 | - | - | - | (4,370) | - | - |
| Outreach Strategy | 2,407 | - | - | - | (2,407) | - | - |
| Other | 2,172 | 420 | - | - | (2,592) | - | - |
| 9,330 | 420 | - | - | (9,750) | - | - | |
| Unrestricted expressed wishes | |||||||
| Science and research | - | - | - | - | 2,989 | (2,989) | - |
| Horticulture and gardens | - | - | - | - | 92 | (92) | - |
| Wakehurst | - | - | - | - | 98 | (98) | - |
| - | - | - | - | 3,179 | (3,179) | - | |
| Unrestricted funds | |||||||
| General Fund | 3,357 | 2,006 | (143) | 1,216 | 2,249 | (8,685) | - |
| Total unrestricted funds | 12,687 | 2,426 | (143) | 1,216 | (4,322) | (11,864) | - |
| Total funds | 23,177 | 3,377 | (5,156) | 1,806 | - | (23,204) | - |
22
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
10. Statement of funds (continued)
| Restricted Income Funds Endowment funds Sainsbury Orchid Fund Shawdon Fund Expendable endowments Smythies Fund Lennox Boyd Fund Bewsey Fund Total endowment funds Total restricted and endowment funds Unrestricted designated funds Property Fund Director of Science Research Kew Learning Centre Outreach Strategy Other Unrestricted funds General Fund Total unrestricted funds Total funds |
Balance 1 April 2024 Income Expenditure Recognised gains/ (losses) Transfers Balance 31 March 2025 £’000 £’000 £’000 £’000 £’000 £’000 5,868 188 (564) - 245 5,737 2,731 109 (7) (55) (109) 2,669 63 2 - (1) (4) 60 199 8 - (4) (12) 191 717 29 (2) (14) (42) 688 1,194 48 (3) (25) (69) 1,145 |
|---|---|
| 4,904 196 (12) (99) (236) 4,753 |
|
| 10,772 384 (576) (99) 9 10,490 |
|
| 800 - - - (800) - 594 - (213) - - 381 4,370 - - - - 4,370 408 - (539) - 2,538 2,407 2,783 44 (496) - (159) 2,172 |
|
| 8,955 44 (1,248) - 1,579 9,330 5,325 2,220 (2,397) (203) (1,588) 3,357 |
|
| 14,280 2,264 (3,645) (203) (9) 12,687 |
|
| 25,052 2,648 (4,221) (302) - 23,177 |
See Note 15 for details of general support to RBG Kew.
23
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
10. Statement of funds (continued)
Funds information
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 by the promotion of study and enhancement of the orchid collection and orchid work. 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 Boyd 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 Shawdon Fund is used to support 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 conservation and research.
As part of the transfer agreement, the Trustees agreed for the expendable endowments (Smythies, Lennox Boyd and Bewsey) to be released to restricted funds. The following funds were transferred to restricted funds to be utilised in line with restrictions noted above.
| utilised in line with restrictions noted above. | |
|---|---|
| Smythies Lennox Boyd Bewsey Transferred to restricted |
£’000 215 777 1,293 |
| 2,285 |
The designated unrestricted funds were also released as part of the transfer agreement either to the unrestricted general fund, or where they related to legacies with expressed wishes but without any obligations to the unrestricted expressed wishes fund.
24
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
10. Statement of funds (continued)
| Balance 1 April 2025 |
Income | Expenditure | Transfers between funds |
Deed of transfer to RBG Kew |
Balance 31 March 2026 |
|
|---|---|---|---|---|---|---|
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| Restricted Funds | ||||||
| Science | ||||||
| Seed conservation | 2,021 | 320 | (5,000) | 4,976 | (2,317) | - |
| Science PhD programme and other science edu | 456 | 326 | - | 48 | (830) | - |
| Orchid Fellow | 268 | - | - | 82 | (350) | - |
| Other scientific research and associated activity | 1,119 | 19 | - | 2,137 | (3,275) | - |
| Horticulture and botanic gardens | ||||||
| Horticultural education and apprentices | 600 | - | - | (503) | (97) | - |
| Wakehurst Place | 283 | - | - | (87) | (196) | - |
| Other horticultural activity | 472 | 106 | - | (91) | (487) | - |
| Other | ||||||
| Other education and outreach activity | 483 | (5) | - | (30) | (448) | - |
| Other activity in support of RBG Kew | 35 | - | - | 222 | (257) | - |
| Grand Total | 5,737 | 766 | (5,000) | 6,754 | (8,257) | - |
25
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
| Restricted Funds Science Seed conservation Science PhD programme and other science education Orchid Fellow Other scientific research and associated activity Horticulture and botanic gardens Horticultural education and apprentices Wakehurst Place Other horticultural activity Other Other education and outreach activity Other activity in support of RBG Kew Grand Total |
Balance 1 April 2024 Income Expenditure Transfers between funds Balance 31 March 2025 £'000 £'000 £'000 £'000 £'000 1,856 54 (110) 221 2,021 123 - (42) 375 456 237 - (78) 109 268 1,387 75 (89) (254) 1,119 601 - (1) - 600 452 - (169) - 283 308 59 (49) 154 472 881 - (24) (374) 483 23 - (2) 14 35 |
|---|---|
| 5,868 188 (564) 245 5,737 |
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. Following review of legacies funds were transferred between unrestricted and restricted funds.
11. Analysis of net assets between funds
The Foundation had no net assets at 31 March 2026.
Fund balances at 31 March 2025 are represented by:
| Long-term investments Cash at bank Debtors Creditors |
Unrestricted Restricted Endowment Total £’000 £’000 £’000 £’000 6,618 3,182 4,753 14,553 4,588 1,885 - 6,473 2,159 977 - 3,136 (678) (307) - (985) 2025 |
|---|---|
| 12,687 5,737 4,753 23,177 |
12. Salary and staff costs
No staff are employed by the Foundation. The total remuneration (including pension contributions) of the key management personnel for the year was £nil (2025: £nil).
During the year Trustees received no remuneration or benefits in kind (2025: £nil). No Trustees were reimbursed expenses for travel, subsistence or donor meetings (2025: £nil).
26
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2026
13. Related party transactions
No donations were received from the Trustees in the year (2025: £nil). There were no other related party 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 £5,000K (2025: £3,610K) and creditors for the year ending 31 March 2026 included an amount of £nil (2025: £969K) relating to RBG Kew and RBG Kew Enterprises Ltd.
Income includes an amount of £nil (2025: £nil) and debtors for the year ending 31 March 2026 included an amount of £nil (2025: £nil) relating to RBG Kew and RBG Kew Enterprises Ltd.
No other related party transactions are noted.
The Foundation is consolidated into RBG Kew’s accounts which are publicly available and can be obtained from the same registered address. RBG Kew group includes the Foundation, RBG Kew Enterprises Ltd and RBG Kew, and is a world-leading plant science institute committed to understanding and protecting plants and fungi, for the wellbeing of people and the future of all life on Earth. It is also a leading visitor attraction, welcoming over 2.7 million visitors to the world-class gardens at Kew and Wakehurst.
27
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2026
- Reconciliation of net income to net cash flow from operating activities
| 14. Reconciliation of net income to net cash flow from operating activities |
|
|---|---|
| Net expenditure for the reporting period (as per the statement of financial activities) Adjustments for: (Gains) / losses on investments Dividends and interest from investments Operating cash flow before movement in working capital (Increase)/Decrease in debtors Increase / (decrease) in creditors Net cash provided by operating activities |
2025/26 2024/25 £’000 £’000 28 (1,875) (1,806) 302 (566) (605) |
| (2,344) (2,178) (580) 2,527 434 (2,868) |
|
| (2,490) (2,519) |
15. Grants awarded to RBG Kew
| 15. Grants awarded to RBG Kew |
|||
|---|---|---|---|
| RBG Kew Support Specific purpose grants Grants awarded |
Unrestricted Restricted 2025/26 £’000 £’000 £’000 - - - - 5,000 5,000 |
||
| - 5,000 5,000 |
|||
| Unrestricted Restricted 2024/25 |
|||
| RBG Kew Support Specific purpose grants Grants awarded |
£’000 £’000 £’000 1,800 - 1,800 1,247 563 1,810 |
||
| 3,047 563 3,610 |
|||
| 2026 2025 £’000 £’000 - 1,700 - 1,800 - (3,500) - - |
|||
| Reconciliation of unrestricted grants payable Commitments as at 1 April Commitments made in the year Grants paid during the year Commitments as at 31 March |
28
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts Year ended 31 March 2026
16. Transfer of net assets to RBG Kew/change in trusteeship
In February 2026, a decision was made by the Trustees for the activities, assets and liabilities of the Foundation to be transferred to RBG Kew on 1 March 2026.
The combination was undertaken to improve operational efficiency as legacy administration, and finance and governance support were provided by RBG Kew and recharged to the Foundation.
No consideration was received and in accordance with FRS 102 Section 34 and the Charities SORP, the combination has been accounted for by RBG Kew as a public benefit entity combination that is, in substance, a gift.
For the Orchid endowment fund the corporate trusteeship was changed from the Foundation to RBG Kew.
Assets transferred and gift of assets
All assets and liabilities were transferred at their fair values as at the date of transfer. Fair values were determined using market value for investments, estimated values for legacies to be received and actual value for cash.
| Fair value of identifiable assets and liabilities transferred | £000 |
|---|---|
| Cash and cash equivalents | 4,469 |
| Investments | 13,424 |
| Debtors | 3,716 |
| Creditors and accruals | (1,419) |
| Net assets transferred to RBG Kew | 20,190 |
As no consideration was received, the fair value of the net assets transferred has been recognised as a gift of assets in the SOFA
| £000 | |
|---|---|
| Fair value of net assets transferred | 20,190 |
| Consideration transferred | – |
| Transfer of assets recognised in SOFA | 20,190 |
This income represents a non-exchange transfer intended to further charitable purposes. As the Foundation charity is fully consolidated, this income is removed on consolidation and therefore does not appear in the SOFA
Fund Structure – Restricted, Unrestricted and Endowment Funds The funds transferred were classified as follows at the transfer date:
| £000 | |
|---|---|
| Restricted funds | 8,257 |
| Unrestricted funds | 11,865 |
| Endowment fund | 68 |
| Total funds transferred to RBG Kew | 20,190 |
Restrictions relate to legacy funds where donors have restricted the funds for a particular use. Endowment funds restriction is:
- The Shawdon Fund which is used to support Kew’s annual winter lecture series with an emphasis, but not exclusively on any aspects of the uses of plants for medicine
29
The Foundation and Friends of the Royal Botanic Gardens, Kew
Notes to the accounts
Year ended 31 March 2026
Change in trusteeship
The Orchid fund was not a transfer of funds to RBG Kew, but a change in corporate trusteeship from the Foundation to RBG Kew. The fund was added to the endowments held by RBG Kew with the following restriction:
- Sainsbury Orchid Trust Fund which is used to provide grants connected with the advancement of education and learning by the promotion of study and enhancement of the orchid collection and orchid work
Governance and Operational Effects
Following the combination there have been no changes to the Board of Trustees of the Foundation, the existing Trustees will remain in post until the signing of these accounts following which some Trustees will resign and appoint in their place new Trustees who will be responsible for the winding up of the charity, in line with the transfer agreement. The transfer has been communicated to existing Executors.
30