Chlty number: 305966 THE BENTHAM-MOXON TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BENTHAM-MOXON TRUST COMENTS Page Legal and administrative information Tntstees. report Independent auditor's report Statement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to th¢ fmancial statements 13-22
THE BENTHAM-MOXON TRUST Trustees: Rcbccca Margaret Bower, Trustee Dr Mark Andrew Carine, Trustee Diane Elizabeth Scot¢ Tntee Ruth Close, Tntee {apEK)inted 5th October 2023) Dr Isabel Maria A. Larridon Chairrrrustee {appoint¢d 220d November 2023) Dr Timothy Michael Arthur Utteridge, Chairrrrust¢e (r¢signed 13th November 2023) Lady Amy Elizabeth InsalL Tr[e¢ (rcsigned 8th June 2023) Dr Colin Peter Clubbe, cba1rrrnee (resigned 3 1st March 2023) Charity number. 305966 Principal office: Royal Botanic Garden4 Kew Riclllnond TW9 3AE Secretary: Mrs J Alsop Auditors: Goldwins . Chartered Accountants 75 Maygrove Road London NW6 2EG vestment Managers: COIF Clwity Funds CCLA Investment Management Servi¢¢s Ltd One Angel Lane London EC4R 3AB Rathbon¢s tnv¢stm¢nt Management Limited 8 Finsbury Circus London, EC2M 7AZ
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees PTesent th¢ir annual report togetherwith the fjnancial statements ofthe The Bcntham-moxon TnLqt for the year ended 31 December 2023. Th¢ financial stat¢ments have been prepared in accordance with the accounting policies sct out in note I to th¢ accounts and comply with the Charitys Trust Dee(L the chltieS A¢t 2011 and Accounting and Reporting by Clwities: Statement of Recommended Practlce applicable to clwiti¢5prepaTing th¢ir aGwunts in accordance with the Financial Reporting Standard applicable iti the UK and R¢publi¢ of Ireland (FRS 102 - effective l January 2019) - (Charities SORP FRS 102). Objectfives and actfvities a. Polides and objectfves The Trust's mission is to provide finaDcial support for pknt and fungal collectioty research and education tbat fiwtber the work of the Royal Botanic Gard¢ns. K¢w. b. Aetfivlties undertaken to achieve objectives The main activities of the trust are: - The provision of grants to Ixitanists for fieldwork and research at home and abroa( attendance at conferences 8nd for the work of the Royal Botanic Gardens, Kcw School of Horticulture. and - The support of the Knoff Curdtorof Afri¢an Botsny, Krukoff Graduate Bursary and other activities Telated to African botany" The Trustees confirni that th¢y have refed to the guidance contained in the Charities Commission's general guidance on public benefit. including thc guidan¢e'Public benefit". running a charity (PB2)', when reviewing thc Charity's aims and objectives. c. Main artivities undertaken to further the Cbarity'5 purposes for the public benefit The Trust has established its grant making policy to fulfil its public benefit objectives. The Trusvs aim is to provide support forplanl and fungal collection. research and education that further tbe work of the Royal Botanic Gardens, Kew. Th¢ TrSt invites institutions and individua]s to apply for funding support through its application process. The Trustees meet and review the applications and decide if the Project meets the Trusvs aims and objectives. The Truste¢s also d¢cide on the level of support that can be offered to each application. Achievements and perfornvance a. Review of activities The Trust annual award herne round was undertaken in 2023. 80 {49 in 2022) applications were received and the Trustees approved 35 {35 in 2022) awards. The Trust continued to support the Royal Botanic Gardens. Kew School of Horticulture with an award that contributes towards the cost of the third-year students taking part in a field study course and funding Stclla Ross- Craig Travel Scholarships to all s¢cond-y¢ar students. The funding offered by the Tnt for the 2023 field study cours¢ was not required. tnwme from thc Krukoff Fund's investrnents and publication sales continues to fund the salary, for part of the year, of the Knikoff Curator of Afiican Botany and the editorial and production costs of the Flora Zambesia¢& The total level of spending on grants in 2023 was £139,602 (2022: £171.935).
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review Coing concerD As the Trust's grants are awarded annually from known incorn¢ and investments are held for the long tcrni the Tnt is confident it can meet its commitments and liabilities and can continue for the foreseeable future. After making appropriate enquiries, the Trnstees have a reasonable expectation that the Charity has adcquate resources to continue in operational lStenCe for the foreseeable future. ForthIsreaso they continue to adoptthe going concern basis in preparing the fmancial statements. b. Reserves policy The Trnst has iwo types of unrestricted reserves, those b¢ld in the COIF Charities Ethical Investnient Fund and a segregated fimd managed by Rathbones and those represented by non-inv¢stment assets. The fornier has been designated by the Trustees to be retained by the Trust iu ordcr to maintain the value of its annual grant making in Teal ternis, as this is the main activity of the Trust. The latter, the unrestricted non-invcstment asse or 'free reserves". are held &8 working capital and to fund minor unforeseen circumstances. The Trustees have agreed that the free T¢serves should be maintained at the level of approximately six months, non-grant expenditurc or 25 % of thc value of the unrestricted grants wbichcvcr is the greater, in 2023 equal to appToximately £26,500 (2022: £21,500). The Covid-19 pandemic restrictions impactedon the typeofactiviticsundertakenby potential recipients ofthe Trnst's gTant scheme with the Trust cancelling th¢ir grant round in that previous year, this increa1 the free res¢rvcs beld at the end of 2020. The Trust plans, through their annual award scheme and spending proposals to em¢rge from their plaDn¢d stratcgic review to reduce the reserves to bc in line with the reserves policy over a period of three years. The free res¢rv&s held at 31 December 2023 are £183582 (2022 £189.841). The totsl net assets at 31 December 2023 were £7,890,097 (2022: £6,664,820), ofwbich £3.789,904 was restricted (2022: £3.416,243). c. Ffinanclal Review The Trust's total iDcome for 2023 was £768.766 compared to the prcvious yeaes income of £198,307. Th¢ Trust was gtatefiLI to receive a large donation from Professor SIT Ghillean Prance and Lady Ilnne PraDce and a large b¢qu¢st from Dr Olive Burtt. Total expenditlwe for 2023 was £167,745, which is a decrease from th¢ w)enditure in 2022 of £193.813. Th¢ investrncnts held have Increas from £6,295,31 I to £7,366,454 durlligthe yearto 31 De¢ember2023 and this TresentS a 170/0 incre&se in value on l&st year. Primarily, this is due to tbe inves1ment of a laTge donation and a large bequest received during the year. In parL this was due to ageneral increas¢ in the valueof listed investments. Th¢ investment policy followed by the Tnt Is to ensure that assets are invested to maintain a balancc between illcome and risk.
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Structur& governance and management a. Con8titutioD The Bentham-moxon Tnt is a registered charity. number 305966. and is ¢onstithted UDder a Tnt deed. Govcrnin docum¢nt Th¢ Bentham-moxon TTUSt was founded by a Scheme of the Charity Commissioners for England and Wales sealed on 18th SeptembeT 1984, Combining the Charity of George Bellth founded by will on I lth December 1884 and th¢ Clwity of James Edward and Louisa Sarah Moxon M¢morial Ful, founded by will on 20th September 1920 and 22Dd July 1930 respectively. All the charities and funds administered by the Trustees are treated as a single charity forpuTPOSCS of a¢¢ounting and registration with the Charity Cornmission. The TnteeS Mll howevei, ensure that the funds for each founder charity arc spent OD their original puryJos¢s. Thc gov¢rning documents arc thc 1984 Scheme and requests made by tbe donors of the original inth'vidual funds. The Trustees have created a mission statement that embraces all the funds, objectives and sets out the long-terni objectives of the TrusL The charities and funds that make up Bentham-moxon are listed below: General Funds George Bentham Trust. James Edward and Louisa Sarah Moxon Memorial Fund: Florence Hamilton Memorial Fund" Miss DR Butcher BequesL Stanley Smith Gift (OtheT PuryK)ses) FutKI. Eleanor Constance Bor Tn[ Kew Bicentenary Fund. Kazimi¢rz & WinRfred EA Kaminiski Memorial Fund. MrWil]iam Donald Marshall Bequest. Jan Gillet Bequest; Stella Ross-crdig Bequest. the Metcalfe Cup. Donald Dring Memorial Prize. Henry Idris Mathews memori Travel Scholarship Fund. John Gilbert Prize" Lanthnan's Bookshop Prize. Perkins Fund for the use and benefit of the Herbarium at the Royal Botanic Gardens. Kew. Pat Brenan Fund. Frank Kingdon-ward Fund. George Conrad Jol]nson Fund. Jolm Trevor Wi]liams BequesL Professor Sir Gbillean Prance and Lady Anne Prance donation and Dr Olive Burtt B¢qu¢5t. Restricted Funds B A Krukoff Fund for the study of African Botany, Stanley Smith Gift (Travel and Expedl'tions) Fund and Marjorie Hurley Bequest for the Conservation of Wild Flowers at Kew and Wakehurst Place. b. Methods of appointment or eltttion of Trnstees Three of the Tntstees are members of the Royal Botanic Gardens. K¢w staff and their appointment is determined by th¢ Director ofthe Royal Botanic Gardcns. Kew. Thc TCDmIg three Trustccs ar¢ appointed by the Bentham- Moxon Board of Trust¢es. The Board have developed a skills matrix to idcntify gaps ID their gtoup competencies so that sel¢¢tio induction and training of future trustees can be targeted as effectively as possible. . Organlsatlonal structure and decision-making polleies The Trust is managed by the Trustees, who delegate day-t(Fday responsibility to the Secretaryreasurer. The approval of all financial transactions is evidenced by two signatories from the four authorised signatories, comprising three Trustees and SecretaryfTr¢asurcr. The Trustees m¢¢t twice a year, cuffently June and November. At the November meeting the Tne8 review grant applications and make grants for projects that further the WO of tbe Royal Botanic Gardens, Kew. The size of the Trust makes it possibl¢ for all Trnstees to take part in the wt decisions. Th¢ TTUSt¢¢s are considered to be the key management of the Clwity.
THE BENTHèlM-MOXON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 d. Related party relationships Th¢ Trust is related to another cbarAty, the Royal Botsnic Gatil¢ns, Kew, by virtue of the obj¢cts of both organisations being Tclated and because three of the Tn are appointed by th¢ Director of the Royal Botanic Gardens, Kew. e. Financial risk management The Trustees have assessed the major risks to which the Chartty is exposed. in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in pla¢¢ to mitigate cxposure to the major risks. The Trustees consider that the major risk is the potential reduction in the value of its investments and their annual dividends. Th¢ major part of Tnt's Anvestments is held in CEIF Equities, the pooled fund managed by CCLN with th¢ Snller part invested in the segregated fund managed by Rathbones Invcstment Management Lt(L The Trustees review these affang¢m¢nts annually. Plans for future perlods The Tnte¢S plan to continue following all the objectives and activities of recent y¢aTS' a) Using the unrestricted General Funds to fund th¢ Annual Awards Scheme. The main emphasis for the awaTds has been fieldwort overseas botanists coming to Kew on short tern] projects. and conference attendance. UnTestricted and Smith Trnvel Funds will Continue to support the Royal Botanic Gardens, Kew Sthool of Horticulture's second y¢ar Stella Rosslraig travel scholarships and third year field stydy. b) The Knjkoff Funds continuing to be US to finance the Krukoff Curator and Flora Zambesiaca publications. They will offer a bursary in respect of the KnthoffF¢llowship ensuring that theputposes for which it is us¢d m¢ets the Deed's requirements. ¢) The Mariorie Hurley Fund will use its annual incorne and accrued funds for projects in the Gardens at Kav and WakehursL d) Monitoring and controllitig th¢ inv¢slment of the Tn'S fimds. e) Undertake a strategic revi¢w of its award proe.
.THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responslbllltles The trustees are responsible for prarIng th¢ Trustees, Report and the financial statements in accordance with applicabl¢ law and United Kingdom Accounting StandaTds including Financial Reporting Standard 102 The FinancialReporlingStandardapplicable in the UKandRepublic ofIreland (UnitcdKingdom Gen¢rallyAwted Accounting Practice). The law applicable to clkarities in England & Wales requires the InteeS to prepare flljancial statements for each financial year which give a true and fair vicw of th¢ stat¢ of affairs of the charity and of the income and exp¢nditur¢ of th¢ charity for that perio(I In preparing these financial statWllCDts, the trustees are required to: selext suitabl¢ accounting po]icies and then apply them consistCDtIy' observe the methods and Principles in the Charities SORP. make judgments and accounting ¢stirnates that are reasonable and prudent, state whether applicable accounting standards hav¢ beeu followe4 subject to any material departures disclosed and explained in the financial ststernents, and prepare the fll)ancial Statn¢ts on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Irustees are Tesponsible for maintaining proper accounting records which disclose withreasonablc accuracy at any time the fmancial position of th¢ ckwity and ¢nable them to ensure that the financial statements comply with the Cbarities A¢t 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust depAll¢onstitution. They are also responsible for safeguarding the assets of tbe cbarity alld hence for taking reasonable steps for the prevention and dctcctioD of fraud and other irregularities. Auditor iDforniatfion Insofar as the tnteeS are aware: there is no relevant audit InforntiOn of wbich the charity's auditors arc unaware, and The trustees have taken all the steps that th¢y ought to make themselves aware of any relevant audit InforntiOn and to establish that the and1r5 are aware of that iDfornMtion. Approved ThiSreportwasapprov¢dbytheTnteeSon................... and signed.on th¢ir behalf by".- C£ (JJtr&C 202 Dr Isabel Maria A. Larridon . Chair of TTUSte¢s
Independent auditor's report to the members of The Bentham-moxon Trust
Opinion
W¢ have audited the financial statements of Th¢ Bentham-moxon Tn (the 'ChaTity') for the year ended 31
December 2023 whicb comprise the Statement of Financial Activities, th¢ Balance SheeL the Stat¢meDt of Cash
Flows and notes to the fmancial stat¢mcnts. including a summary of significant accounting li¢jeS. The financial
reporting fram¢woTk that has been applied in theirpTepaTation is applicabl¢ law and United KingdomAccountiDg
Standards, including Financial Reporting Standard 102: The Financial Rcporting Standard applicable in the UK
and R¢public of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion. the finanelal ststements:
'give a true and fair vicw of the state of th¢ Charity's affairs as at 31 December 2023 and of its income and
expendithre for the year then ende
Independent auditor's report to the members of The Bentham-moxon Trnst inconsistencies or apparent material misstatcm¢nts, w¢ arc rquircd to deterniine whether there is a material misstat¢m¢nt in th¢ fmancial statements or a material misstatement ofthe other inforn]ation. If, based on the work we bave perforni¢d, wc icquir¢d to detern]ine whether there is a material misstatement in the fmancial statements or a material misstatement of the other inforn)ation. If, bascd on the work we have p¢rfornied, we conclude that th¢re is a material misstatement of this other infornmtion. we are required to report that fact. We have nothing to report in this regariL Matters on which we are requfired to report by exception In the light of the knowledg¢ and undeTStandiDg of the Chlty and environment obtsined in the course of the audit, we have not identified material ]nisstatem¢nts in th¢ Tne¢s. Annual R¢porL We have nothing to report ID respcct of th¢ following matt¢rs in relation to which the CFthrities Act 2011 requires us to r¢port to you if, in our opinion: 'sufficient accounting records have not been kept" .the fmancial statements are not in agreement with the accounting records and returns" or •we have not obtsined all th¢ inforn]ation and ¢xplanations necessary for the PUryM)ses of our audiL Responsibilities of the trustees As explained more fully in the trustees, responsibilities stalemen( the trustees ar¢ r¢spoDsible for th¢ praration of th¢ financial statements and for being satisfied that they Bive a true and fair view, and for such inten1 control as they deterniine is neccssary to ble thc prcpardtion of financial statethents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for &8sessing the Charity's ability to continue as a going concern, disclosing, as applicable. matt¢rs r¢lat¢d to going concwn and using th¢ going concern basis of accounting unless the tsustees either intend to liquidate the Charity OT to cease operations, or have no realisti alten]ativ¢ but to do so. Our responsibilities for the audit of the fmancial ststements Our obj¢ctiv¢s are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to frdud or em)r, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurancc, but IS Dot a guarante¢ that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements ¢an arise from fraud or eOr and arc considered material if, individually or in the aggregate, they could Teasonably be expected to i[UenCe the economic decisions of users taken on the basis of these financial statements. Irregularitie& including frau(t are instances ofnon-COD)p]iance with laws and rcgulations. W¢ design proc¢dur¢s in line with our responsibilities, outlined above. to detect material misstatements in respect of irregulariti¢8, including fraud. Th¢ ¢xt¢nt to which ourprocedures are capable of detecting irregularities. including fraud are set out below.
Independent auditor's report to the members of The Bentham-moxon Trust In idcntifying and &ssessing risks of materia] misstatement in respect of irregularities, including fraud and non- compliance witb laws and regulations. our pmccdus inched the following: We enquired of managemenL which included obtaining and reviewing supporting documentatio concerning th¢ charity's policies and procedu relatAng to: identifying, evaluating, and complying with laws and regulations andwhethertheywere aware of any instanc&8 of non-complianc¢" Detecting and responding to the risks of fTaud aDd whether they have knowledge of any actual, suspected, or allegd fraud. The int¢rnal controls ¢stablished to mitigate risks relat to fiaud or Don-compliance with laws and regulations. We In4Pt thc minutes of meetings of those charged with governance. We obtaincd an und¢rstsnding of the environment that the charity operates in, focusing on those laws and regulations that had a matetial ¢ff¢ct on the financial statements. We reviewed the financial statement disclosur¢s and tested theseto supporting doentatiOn to assess compliance with applicable ¥counting standard. We perfornied anYtICal pro¢¢thTes to identify any unusual orun<xpe¢ted relationshipsthat may indicat¢ risks of material n]isstatemeni due to fraud. In addressing the risk of fiaud through njanagement Oveide of controls, we tested the appropriatcn¢ss ofjournal entries and other adjustments. assessed whether the judgements made accounting eStInt¢S are iDdicative of a potential bias and t¢st¢d SI1ficaDt transactions that unusual or those outside the nomial coutse of business. Use of our report This report is made sol¢ly to th¢ chIty'S trustees. as a body, in aLYordanc¢with section 144 of the Charities Act 2011 and the regulations madc wlder section 154 of that ACL Our audit work has been undertaken so that we migbt state to the Charity's trustees those matters we a r¢quircd to state to them in an auditor's report and for no other puryose. To the fullest extent pern]itt¢d by law. we do not accept or assum¢ Tesponsibility to anyone other than tbe Charity and thc Charity's trustees &8 a body. for our audit work, for this reporL or for th¢ opinions we have fornie 3 July 2024 Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldivins Limited Statutory Auditor and Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Goldwins Limited is eligible for appointment as auditorn of the cEwity by VIre of its ellbilIty for appointhient as auditors of a company under se¢tion l212 of the Comwanies Act 2006
The Bentham4loxon Trust Statement of flnanclal actlvltl•s (incorporaling an income and expenditure account) For tho year endod 31 DK•mbor 2023 2023 2022 funds Totsl Total fijnds DOnaonS and legacies Charitable adivities Inveslm8nt irKome 553.702 553,702 833 214231 833 101,674 134 198.173 112.557 Totsl In¢om• 101507 768.766 198,307 Expondltur• on: Ralslng funds Charitabl8 actiVe5 2,119 118,886 119 165.626 46.740 193,813 Total •xpondftur• 121,005 44740 167,745 193.813 N•t in¢om• l (oXp•ndlr•) b•for• not galns l {loss•s) on Inve•1 545.254 55,767 601,021 4.494 Net gains l (losses) on inveskneDts 317,894 W56 {893.685) Not Incom•1 (expondlTe) for th• 851.616 3n661 1225377 (889.191 } Transfors tWeen funds N•t mowmont In fund• 851,616 373.661 13252TI (889.191) R•con¢lNath)n of fund•: Total funds brought foThYard 3.248.577 3,416,243 6.884,820 7.554.011 3 789 904 097 6 664 820 Aff ofthe above resutts arg d8rived from continutng b¥les. There ye no other rec4nls8d gains or bs$8s other than Ihoso statod abovo. The att8ched notes fom pert of th8s8 firwKial stal8m8nts. 10
The Bentham4loxon Trust Balanco shoet A5 at 31 December 2023 2023 2023 2022 2022 Flx•d Ms•ts: Investrnents 6,295,311 6.295.311 Current aM•ts: Debtors Inv8stm8nts C8sh at bank and in haThJ 10 11 16 300.000 264H7 563.262 613.698 Creditors: amounts fallKg due within one year 12 (20Q701) 244,189) 369.509 Tolal n•t a88•ts Fund• 14 Restricted funds unreStrted funds: Designated fijnds ' General funds 1789J04 3.416.243 3*16,611 183M2 3.058,736 189,841 Total unrestricted funds 4.100.193 3.248.577 Total fund• 6,664,820 The financial statements were approved and aulhorised for issue by the Trustees on ... and signed on their behalf ty. 2024 Dr lsab•l M¥ia A Lorrfdon Chair The attached rvjtes fonn part of the financial slatements. 11
The Bentham4loxon Trust Staloment of cash flows For the year ended 31 D0Mr 2023 2023 2022 2022 Net cash provKled by l (us8d in) operating acaviities 15 235,340 (198,105) Interesv r8nV dividends from investments Salel (purchase) of fixed assets Sal81 (purchase) of investm8nts 214,231 198.173 (746.886) Cash provldod by l (u8•d In) Inv•sling aclivrti (532.655) 198.173 Cash provld•d by l {uMd In) flnanclng aclMtle• Chango in cash and •qulval•nts In the y (297.315) 68 Cash and cash equivalents at the beginning of the ypar Change in cash and cash eouivalents due to exchange rate movements 563.262 563,194 Cash and Cash •quival•nts at th• •nd of th• yw 16 265.947 563,262 12
Tho B•ntham4loxon Trust Not•5 to the financlal stat•monts For the year •nded 31 Decemb•r 2023 1 A¢counUng polld•s a) Bas1• rf proparatlon The fina181 statements have been prepared in accordance ilh Ac¢cyJnting and Reportlng by Charities: ststement of Recommended Practice applThble to charibes preparing their accounts in accordance with the Finanaal Reporting Standard appticable in the UK and RepubEc of IrelaN1 (FRS 102 - 8ffective 1 January 2019) . (Chariti8s SORP FRS 102). The charity meets the definilion of a wtilic benefft entity under FRS 102. Assets and liabilltles are initiamy recognisod at hkstorical cost or transaction value unless olheTh¥ise Ststed in the relevant accounkng pok¢y or b) Golng eon¢orn The trustees consider that there are no material uncertainties about the charitys abllty to contlnue as a going concem. The trustees do not consider that there a any sources of estimatN)n uncertainty al the reporting date that have a signlffcant risk of causing a material adjustment to the carrying amounts of assets and liabiliti8s Ihin the next rèporting perK)d. c) Incom• Income Is recognlsed vthon the charity has entitlement to the funds. any perfomanc conditions attached to the income have b88n m8( it 15 probable that Ihe inwne ryll b8 recepied and thal the amount can be measured reliably. The ¢09nd11)n of income from legac is dependent.on estabtshing entltlement, th8 probabity of receipt and tho abilty to estimate vrith sufficient accuracy the amount receivable. Evidonce of enfitlement to a bgacy 0%i$ts when th8 Chaiity has Suffiaent evidence that a grft has been teft b thom (through knowledge of existence of a valid will and the death of the benef1() the executor is satisf that the property in question 11 not be required to satisfy daims in the estate. ReIpt of a legacy must be recognised Tkn it is probable that it fjll be received and the fair vue of the amc>unt receivable, will ger• Ihe exp8ded cash amount to be distrrbuted to the Charity. can be reliabty measured. InvestJnent income is recognised when the Charity has nolifica" tion thal the income is receivable and 1$ ¢ertain. This is normally upcn notification by the inveslment fund managers of the amounts of dNMlend or income that the Charity is going to receive. Deposit income is included vhn receivabl8. Books sales and book royatties ar8 recognised when the Charity receives riottficion of the amount due to the Charity from the putAish8rs and is onty reo)gr¥sed 7htWi the income is Certain and relates to the p8riod in qtsesti¢)n. Income tsx recoverable in relatfv)n to inveslment income is recognised at the time lh8 investrnent income is receivable. d) Donallons of glts. •¢r¥I$ and fa¢lllll•s Donated professional SeICe$ and dorAta faciffties are reOwnis as incom8 when the charity has control over the item or receNed the service, any conditions asso¢ialed vrith the donation have been met, the rec8ipI of ewnomic benefft from the use by the charity of the ttem is probab and that economic benefil Can be measured rellabty. In accordance with the Charmies SORP {FRS 102), vohjnteer time is not recLwJnised. On receipL donated grfls, professional services and donated fadlilies are recognised on the ba$is of tho value of the gfft to the charity whr¢h is the amount the charity have been wlling to pay to obtain services or facilities of equivalent econorn benefit on the open market a res[M)ndiTvJ amount is then recognised in expenditure in the period of receipt 13
Tho B•ntham4loxon Trust Notes to tho flnanclal statom•nts For tho year ond•d 31 DKember 2023 Interest on funds held on dewsit is induded vthen receivable and the amount Can be measured reliably by the charity. this is nonnally upon notification of the interést paid payable by ins1tlun wilh whom the fvnds are deSited. fj Fund accountlng Unrestricted funds are available to spend on actiwts that futher any of the purposes of charity. Designated funds are unrestricted funds of the charity thIch Ihe truste8s have decided at their drscrelion to sot aside to use for a spocffic purpose. Restricted funds are fvnds wthich are to be used In ac¢>xdance V•ith specrfK restrictions imposed by dorS or vthich have been raised by the Chaiity for parlilar purposes. The ¢))sts of raising and administering such funds are charged against the sp8cific fund. Th8 am and use of eath reslrictsd fvnd 18 set out in the Notes to the Financial Statements. Inveslment income. gains arKI losses are alb)cated to th8 appropriate lund. 91 Expondltur• and Irr•covwth VAT Expendilure is included in the Statemnt of Financol Acilivks on an accrual basis. Expgnditure is recognised onc8 there is a legal or ¢onstru¢tive ob99t)n to transfer econ0C benefft to a third party, it 15 probable Ihat a transfer of ecx)nomi¢ benefits will be required in settiement and the amount of the oblallOn can be measured reliably. Expenditu is ¢lasSifd by activity. The costs of each aclivty are made up of the iotal of direct costs and shared costs. including SUPFrt)rt costs involved in undertakirtsJ each activty. Direct costs attributabl6 to a single activity are allocated dir8cty to that actsvity. Shared Costs bthich o)ntribute to more than one activity and support costs which a rK)t attributable to a single actsvity are apwrtioned between those activlties on a basis consistent the use of resources. Cerrtral staff cJsts are allrKated the basis of time spenL Ewenditure on raising fvnds indudes all expeTrdire incurred by the Charity to raisa funds frjr its charitable purFoses and includes costs of all fuThlratsirKJ activibes events. rKTr¢harilable trading and investment management costs. Expenditure on charitsble a¢tlvities 1$ incurred on directy Undertan9 the actvibes Ithich furth8r tho Ch8rfWs objectives, as well as any associatod supwt c¢sts. Governance costs arn tPrt)se Incurred in connection *ryth administration of Ihe Charity and compliance constitutional and statutory requirements. Grants vthich are made to individuals to cary out research proiocts are regarded as a grant to an institution viith which the individual is o)nnected rather than as a grant to the irKJrvidual. Grants made lo individuals include only those that are made for the direct benefrt of the indivkduals vtho reNe them. Grants payable are recognised in the Statement of Financial Activities when the liatshty is c<)mmitted and is Ihen adjustgd rf the award is amended before the date the grant is paid. Grants paydble are charged in the year when the offer is made except in those cases where the offer is Conditional, such grants being recognised as expenditure en the conditions attaching are fulfilled. Grants offered subject to condibons vthith have Mt been met at the JEar end are noted as a ¢ommibnen( but not accrued as expenditure. l expenditure is incluspie of irrecoverable VAT. h) Allocatlon of support costs Support costs are those functions that [$1 Ihe work of the chartty but do not directy undertake charitable activities or fundraising. Support costs include back office costs. finance. personnel. payroll and governance costs which support the charttable programmes and a¢tivlties. Trse costs have been alk>cated betsveen cost of iaising funds and expenditure on charitable a¢lIvi. The bases on which support costs have been allocated are set out in note 5. 14
Tho Bentham4loxon Trust Notes to the financlal statomonts For the year end•d 31 Docombor 2023 1 Accountlng polkl•• (conllnu•dl Fixed asset investments are a fomi of financial irthment and are inilialy recognised at their transaction ¢ost and subsequenty measured al fair value at the &anCe Sheet date, un18ss the value cannot be measured rdiabty in bthich case it is measured at cost less impairnent Inveslrnent gal and losses. vthelher realised or unrealised. arè combined and we8ented a$'gainfJlbsses) M invesbrEnts' in tlx Statement of Financial J) D•btors Trade and other debtors are recognised at settlement amount due after any trade dIount oifemd. Pr•payThents are valued at the amount prepaid rt of anytrade discounts due. k) Cash at bank and In hand Cash at bank and cash in hand irLeS cash and short tsm) highly liquid investments a short maturity of three months or less from the date of acquisition or openiry of the deposlt or simiiar a¢¢ount Cr•dltor8 and yovl8loM Creditors and provisions are recognised kn the charity has a present obligalion resulting from a past event that wll probably resutt in the transfer of fijnds to a Ihird party and tho amnt due to Settk Ihe obligation can be measured or estimated rellably. Credltorn and provislons are normalty recognrsed at Iherr setuement am¢)unt aftgr alknmng for any trade discounts due. m) Financlal 1ngtrw The charity onty has financial assets and finanaal fHbilili8s of a kind that qualify as basic financial instruments. Basic financial instrurnents are initialy recognised at transadb)n value arKI subsequenty measured at their settlement value wilh the exception of bank klans vthi¢h are subsequently measured at amorbsed cost using the eff8Ctive interest method. 15
Tho Bontham4loxon Trust Notss to tho flnanclal statem•r For tho year endod 31 Docembor 2023 2022 Total Donations Legaci8S 250.070 303.632 250.070 Total 2023 553.702 Total 2022 Unrestrrcted incomes include an indiNidual donation £250.1)00 (Pranc*) and a £303.632 (Burti). 2023 2022. T¢A81 UnrestrKaed RestrIcl Book Sales Royal8 833 134 134 Totsl 2022 4 Incoma from Inwstn 2023 2022 Total Interest incomes DividerKI incomes 12,436 1 IXI.121 12N36 201.795 266 197,907 101.674 Total 2023 21 101674 31 198 173 Total 2022 16
Th• Bwtham4lox¢)n Tn*t Not•8 to tho flnanclal stat•monts For tho year ond•d 31 D•c•ml>•r 2023 Total 2022 Total Staff costs Grant fvnding Krukoff Curator GraduAte bursory Publcation Insuran Poyroll Sundry Investment managem•ntfees Meeting exponsg$ Independent exarrln8Uon f 18.866 17,879 98,140 37.329 115.113 21.484 (1051 3.110 114113 84 3.110 278 2.119 1119 213 213 237 3.180 2.119 139.602 19,763 167,745 193,813 SLPPOrt v)8ts 19.763 {19.763) 6261 16261} Tol•l •xpndllurn 2023 1119 161828 167.74S Ofthe totsl expenditure, £121.005 (2022." £89.582) vos unre5tri arKI £46.74012022'. £1042311 was Tesbicted. Anatysis of 0xndItUre Ipv¥)r yparl Corr4)afdli4fg figures GYaTht funding SwFN)rt Govemarte o¢tivth¢s 2022 Tot 17M79 17,879 98.140 37,329 Grant funding Krukoff Curator Graduate burs IuranCe paT011 Sundry Mgètlrhg gxpenses exanmnalion fees 98,140 37,329 278 278 237 3.180 237 3,180 171.935 18.461 3.417 193.813 Suptx)rt costs 18A61 {18.461} 3,417 (3,417) Totsl eywndiiure 2022 193.813 193.813 17
Tho Bertham41oxon Trust Notes to th• financlal sL•ments For th• year ended 31 D•comr 2023 6 Not Inrn0 l (0xp•ndrn) forth• y This is stated after charging l (edng). 2022 Audlt fees (Includlng VAT) 6.lJOO rsonngl Staff costs were as follows: 2023 2022 Salaries and wages 14866 17,879 18,866 17.879 No emplo5w eamed £60,oc or rnore (2022:Nil). Tr totsl employee benefits induding Fension contriiths of the key management personrd arwj Nl contributions were £Nil12022= £Nil). The chartty trustees re not pahj and dkl Th)t recelve any other beneffts from eMplOnent wth the Foundation in the ypar (2022'.£nil). The Trustees are considered to be key management of the Charity and they dld not re¢eNe any remuneration or reimbursernent of expenses in Ihe year to 31 December 2023 (2022. Nil). Staff numbor• The average numb8r of ernpk)j employed during the >*ar was as foll. 2022 No. Supp¢Jrt 8 Taxauon The charity is exémpt from corporallon tax as all its incm Ls tharltsble and Is applied for charitable purposes. 18
Tho Bentham4loxon Trust Not8s to the flnanclal ststamants For the year 31 Docemb•r 2023 2023 2022 COIF ChareS Investmert Fu1 Quoted Inveslments 7.113,633 251821 6.295,311 7,366A 6,295,311 Market value at the start of the yoar Additions Disposa Management charge RavaatiOnS 6395,311 7.188,996 (655) 624257 {893,030) Market v?lue at the end of the year 7,366A54 6,295,311 All the fixed asset investments are held In the UIQ The main risk (o the Trust from financlal Inve5trnent Ires in the uncertainty of investment markets. Liquidity risk is consklered to b8 low as the Trusf$ inveslmenls are traded in markets good liquklty and high trading volumes. The Twst manages these risks ty investing the ftmds wilh fund managers a ¢¢Sle[8d to have ey4ertlse In thelr rd arKI good knowledge of the markets that they are investing in. 10 DO01$ 2022 Due wlthln y•ar Other debtors Prepayments and accrued income 163,624 833 50,302 134 164457 50,436 11. Invostments (short twm) 2Q23 2022 Mon•y mark•t funds: Treasury Bill The short temi investments inthde cash on depostt and cash equivalents with a maturity of less than one year held for investment purposes rather than to short-tem cash CmmItrnents as fatl due. 19
Tho Bentham4loxon Trust Notss to tho flnanclal statements For th• year •ndod 31 Docembor 2023 2023 2022 Grant payable - Accruals aj deferred inwme 200.1153 6,708 240,589 3.600 201761 244,189 "Grdnt cOmmts Payab are anal as behy Balance at New Grants 1 January Awarded 2023 Amounts Amounts Balanc• at Pald Written Off 31 Dmb¥r 2023 Unra•trlct•d funts General fvnds R•strfct•d fund• The BA Krukoff Fund The Stanley Smith Gift Fund Maiiorie Hurley Wuest 143.860 105.775 (84.225) 112.913) 1S2M97 50,137 35.148 11,444 24.594 26.695 (71.515) {15,620) {8,778) (180.138) (105) (12,444) 10.666 21JO.053 240.589 164064 (25A62) 13 Ana1¥ of not •t b8tw•en fiwK General UntrICted D8signat8d Re$trKted T¢tl fund$ Fixed asset investments Current assets Creditors due wrthin one yr N•t aM•ts at the end of the year 3.811.985 104,626 3,554,469 7,36 282.991 730A04 (47.556) (206.761) 3,789.904 7M90.097 342.787 {159,205} 1582 3J16,611 Analysis of net assets beln funds (prior year> General unrestrided tknvJnated Restricied Total funds Fixed asset investments Current assets Creditors due within one year Net assets at the end of Ihe year 3.058,736 3236,575 276.397 96.729 6.295,311 613,698 244,189 337,301 147.460 189.841 3,058.736 3.416,243 6,664.820
Th• Bentham4loxon Trust Notes to the flnanclal statements For the year and 31 D•¢ember 2023 14 Mowm•nts Infunds 8tat•m•nt of fun¢ts . ¢uTr•nt y•ar At the slart of IncomiThJ the year resour Outg)i rosources Gainsl At th• •nd of (LO$} th• y•ar The BA Krukoff Fund The Stsnley Smith Grft Fund Mafjorio Hur18y Bequest 2.727.568 511.103 177,572 82.186 15.678 4.643 (24.489) (14.251) (8.000) 254,359 49.020 14.515 1039.624 561.550 188.730 3.416,243 102.507 (46.7401 317,894 3.789.904 Unr•strlct•d fund• Designated funds.. Designated funds- all fun(ts 3.058.736 553,632 304,243 3.916,611 G8n8ral funds: General funds- al fur$ 189.841 112.627 {121.CKJS> (121,005) 2,119 183,582 3,248,577 6eA.259 306.362 4.100.193 Total of fvrKI• 6.6M820 768.706 (167.745) 624256 7,890.097 ststemant of funds- prior yEar Atth8 stsrtof Incomirvj Outgoi Galnsl At the end of (Losses) the year Re$tricted funds: The BA Krukoff Fund The Stanley Smith Gfft FurKI Marjorie Hurley Bequest 3.087.241 587.443 203.110 81.487 15.678 173.795) (212191 {9.217) (367.365) (70.799) {20.964} 2,727,568 511.103 177,572 Total restricted funds 3,877,794 101,808 1104,231) (459.128) 3,416,243 Unrestricted funds Deslgnated funds: Designated Funds - all funds 3,493293 (434.557) 3,058.736 General fijnds: General Funds- all funds 182.924 96,499 (89.582) 189.841 Totsl unrestricted funds 3,676,217 96.499 {89,582) (434.557) 3,248,577 Total of funds 7.554.011 198,307 (193.813) {893,685) 6.664.820 PurpoM• of funds The Trust does not activety seek new fvnds and therefore ifs invesbrents are hekl to generate income rath8r than directty fund expeTrditu. A designated fund has bem ueated to match the unrestrided 0ment of the inv8strn8nts held. Description of tricted funds: The BA. Krukclf Fund is for the sludy of Afrr¢an Botsny. The Curator shall direct and devote his research activty to the taxonomic and Iloris study of the spontaneous vaswlar flora 0fTropi1 Africa. Iffunds are available. these can be used to supwt a graduats studenL The Stanley Smith Gift Fund is for travelling to botanical instituknons or parbcapating in expedittons. The Mariorie Hurfey Bequest Is for the consemtN)n of *ifvJllower ¥ancbJaries at Kew and Wakehursl Place. 21
Tho Bentham4loxon Trust Notos to th• flnanclal Statements For tho yoar endod 3100¢0mr 2023 15 R•cwKiliation of nol Incom• l {•xp•n(r•) to Mt Ilow from op•rallng adlvl 2023 2022 Not Ineom• l (wdIr•} for th• rnptyung pwlod (as p•r statemwrt of thanclal actMUM) Interest, rent and dividends from investhwits Ilncreasey deuease in debtors Increasel {decrease) in Creditors Not cash proVId by l (u•gd In) Op•1n9 a¢dvMI•• 801,021 4.494 1214231) {114021) 137A29) 235,340 {198,1731 2.019 (6,445) (198.105) At31 At 1 jUary 2023 Cash Ik)ws changes 2023 Cash at bank and in hand CCLA Charities Deposit Fund 563.262 (397,315) 100.000 165.947 11XJ.000 Total cash and ¢ash •qulvaknts (297A1 265,547 Analysis of cash and cash equlvalonts (prbr year) At31 December 2022 Al 1 January Other Changes Cash at bank aThl in hand 563.194 563262 Total cash and Cash equNalents 563.194 563.262 17 Rdat•d party transactlon• As referred to in the Trustees. rep(rt the Trust is connected to ano1her charity, Royal Botanic Gardens (RBGI, Kew. This is by virlue of the obpcts of both (Kganisations b8ing relateA, and because RBG, Kew has a right to apwint up to three of the TnteeS of the Trus( ryIh a rnaximum of thre6 remaining Trustees being ctropted by exisling Truslees. AJI grants made in the year are considered to be related paty transactions. During the year. grants lotaifing £8,855 (2022: £Nil) were awarded to the research of truslee, l Larridon, and grants written back were £3,000 {2022: £Nil) for the research of the trustee. T Utteridge. The Trustees are considered to be key management of the Charity and they did not receive any remuneration or ieimbursement of expenses in the year to 31 December 2023 (2022.. £Nill. 22