Charity number: 305966 THE BENTHAM-MOXON TRUST TRUSTEES, REPORT AND FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE BENTHAM-MOXON TRUST CONTENTS PAge Legal and administrative infonnation Trust¢¢s' report Independent auditor's report Statement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the financial statements 13-22
THE BENTHAM-MOXON TRUST LEGAL AND ADMINISTRATIVE IIYFORMATION Trustees: Dr Isabcl Maria A. Larrido Cbairrrn]stee Dr Mark Andrew CariDe. Trustee Ruth Close, Tn Dr Elinor Breman, Tnte¢ (appointed e June 2024) Nina Roberta Ciuffardi. TrSte¢ (appointed 61*1 June 2024) Rebecca Margaret Bower, TThtee (resigned 6 June 2024) Diane Elizabeth Scott, Tntstee (resigned 3 October 2024) Charity number: 305966 Principal office: Royal Botanic Gardens, Kcw Ri¢lunond TW9 3AE Secretary." Mrs J Alsop Auditors: Goldwins charted Accountants 75 Maygrove Road London NW6 2EG Investment Managers: COIF Charity Funds CCLA Invesimcnt Management Services Ltd One Angel Lane London EC4R 3AB Rathboncs Jnveslment Management Limited 30 Gresham Street London EC2V 7QN
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustres present their annual report together with the financial statements of the The Bentham-moxon Tnt foT the year ended 31 December 2024. The financial statements have been prepared in accordancc with tbe accounting policies set out in note I to the accounts and comply Thith the Charity's TnLSt Dee(( the Charities Act 2011 and Accounting and Reporting by Charities: Statement of RecommeDd¢d Ptactic¢ applicable to charities preparmg their accounts in accordancc with the Financial Reporting Standard app]icable in the UK and Republic of Ireland (FRS 102 - effectiv¢ I January 2019) - (Chariti¢s SORP FRS 102). Objectives and artivities a. Policies and objectives The Trust's mission is to provide fjnancial support for plant aDd fungal ¢ollectioty rescah and ¢ducation that furthct the work of thc Royal Botanic Gard¢n% Kew. b. Activities undertaken to achieve objectives Th¢ main activities of the InL8t are: - The provision of grants to botanists for fieldwo and res¢ar¢h at home and abroad, attendance at conferences and for the work of thc Royal Botanic Gardens, Kew School of Horticulture" and - The support of the Knlkoff Curator of African Botany, Krukoff Graduate Bursary and other activities related to African IK)tany: The Trustees confirni that they have ffferTcd to th¢ guidance contained in the Chazities Commission's general guidance on public benefiL including the guidance Mlic benefit." njnning a charity (PB2)', when reviewing the Charitys aims and objcctiv¢s. c. Mafin #ctlvfitles undertaken to further tbe Charity's puryosu for the public benefit The Tnt has established its grant making policy to fulfil its public benefit objectives. The Trust's airn is to provide support forplant and fungal Collectio r¢S¢b and education that fitherthe work of the Royal Botanic Gardens, Kew. The Trust invites institutions and indivithials to apply for funding support through its application process. Th¢ Trust¢¢s meet and review the applications and decide if the project m¢¢ts the Tntst's aims and objectives. The Trustees also dKi(k on the level of support that can bc offct¢d to Cach application. A¢bievement$ and performance a. Review of activities The Trust annual award scheme round was underthken in autun]n 2024. 142 (80 in 2023) applications were rfceived and the TnteeS approved 61 (35 in 2023) awards. The Trust ¢ontinued to support the Royal Botanic Ga¢5, Kcw School of Horticultur¢ with an award that contributes lowards the cost of the third-year students tsking part in a field study course and fuDth'ng Stella Ross£raig Travel Scholarships to all second-year students. Income from the Krukoff Fund's inv¢stm¢nts and publication sales fimded the salary of the KThoff Curator of African Botany and the editorial and production costs of thc Flora Zambesia¢& The total level of spending on in 2024 was £262.31 I which is more than that of 2023 (£139,602) as more awards were approved.
THE BENfHAM.MOXON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Going con¢ern As the Trust's grants are awarded annually from known inrA)me and investments are held for the long terni, the Trnst is confident it can meet its commitments and liabilities and can continue for the foreseeable future. After making appropriate enquiries, the Truste&8 hav¢ a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeablc future. For this r¢ason, they continue to adopt the going conccrn basis in prcparing the fmancial stat¢m¢nts. b. Reserves poliey The Trust has two types of untestricted reserves, those held in the COIF Charitable Ethical Investmcnt Funds and a segregated fund managed by Rathbones and those represented by non-inv¢stmcnt assets. The forn]er has been designated by the Trust$ to be retained by th¢ Tnt in order to maintain the value of its annual grant making in real ternjs, as this is the main activity of the TnL The latter, the unrestricted non-investment assets, "free reserves" are held as working capital and to fund minor unforeseen circumstances. The Trustees have agreed that the free reserv¢s should be nintailled at the level of approximately six months, non-grant cxpenditur¢ or 25/0 of the value of the unrestricted grdnts whichever is the greater, in 2024 equal to approximately £41.600 (2023: £26.500). The number of high quality applications for the annual award scheme has increased. The spend has incre&8ed in line with this. The Trust ad that annually a part of the reserves could be used to support additional grants. The free reserves held at 31 De¢emb¢r 2024 were £147,597 (2023 £183,582). The total net assets at 31 December 2024 was £8,043,868 (2023.. £7,890,097), of which £3,873,159 was restricted (2023: £3.789,904). ¢. FlnaDcial Revlew The TTusVs total in¢om¢ for 2024 was £242.816 compared to the Previous y&s income of £768,766 w]Jich included an individual donation of £250,000 and legacy incom¢ of £303,632. Total expenditure for 2024 was £295.336, wbich is an incT¢ase on the expenditure ID 2023 of £167,745. The investments held have increased from £7,366,454 to £7,675,122 during the year to 31 DcccmbeT 2024 and this represents a 40/0 increase in value on last year. In part this was due to the remainder of the donatioo from DI Olivc Burtt's legacy and in par¢ this w&8 due to a general increase in the value of listed investments. The investment policy followed by the TnLSt is to ensure that ets arc invested to maintsin a balance between income and risk.
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Structureg governance and managerneDt . Constfitution The Bentham-moxon Trust is a reStered charity. number 305966, and is constituted under a Tnt deed. Governin document The Bentham-moxon Trust was foundcd by a Schcrnc of the CEwity Commissioners for England and Walcs sealed on 18" September 1984, ¢ombining the Charlty of George Benthw founded by will on I I. December 1884 and thc Charity of James Edward 2nd IA>uisa Sarah Moxon Memorial Fun founded by will on 20 Scptember 1920 and 22" July 1930 respectively. All thc cbarities and funds administered by the Trustees are treated as a single charity for purposes of accounting and registration with the CharÈty Comn]issioL The Trnstees musL however, ensur¢ that the funds for each founder charity are spent on their original purposes. The goveTning documents are the 1984 Scheme and requests made by the donors of the original individual funds. Thc Trustees have created a D)ission stat¢mcDt that embraccs all the funds, objectives and sets out the long-terni obj¢ctiv¢s of the TrusL The charities and funds that make up Bentham-MoxoD are listed below: General Funds George Bentham TnLSt; James Edward and Louisa Sarah Moxon Memorial Fwi(L" Florence Hamilton Memorial Fund. Miss DR Butcher Bequ¢s¢ StaeY Smith Gift (Other Purposes} Fund. Eleanor Constan¢e Bor TrusL Kew Bicentenary Fund. Kazimierz & Winifred EA K2miDiski Memorial Fund; Mr William Donald Marshall Bequest. Jan Gillet Bequest. Stella Ross4raig Bequestr, the Metcalfe Cup. Donald Dring Memorial Prize. Henry Idris Matthews Memorial Travel Scholarship Fun JOI Gilbert Prize" Landman's Bookshop Prize. Perkins Fund for th¢ usc and benefit of the Herbarium at the Royal Botanic Gardens. Kew. Pat Brenan Fund. Frank KmgdoD-WaTd Fun4. George ConTad JobDson FUTh John Trevor Williams BequesL Professor Sir Ghillean Prance and Lady Anne Prance donation and Dr Olive Burtt Bequest. Restricted Funds B A Krukoff Fund for the study of AfrAL Botsny. Stanley Smith Gift (Travel and Expeditions) Fund and MJ0The Hurley Bequest for the Conservation of Wild Flowers at Kew and Wakehurst Place. b. Methods of appolntment or eleedon of Trnstees Three ofthe Tnte£S are members of the Royal Botanic Gardens, Kew stsff and their apIlntrnent is detern)ined by th¢ Director of the Royal Botanic Gardens. Kew. The rernaig three Trustees are apN)int¢d by the Bentham-moxon Board of Trustses. The Board bave developed a skills matrix to identify gaps in their group competencies so that selection, iDduction and training of future trustees can be targeted as effectively &$ possible.
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Organi$atlonal structure and decision-maklng policies The Trust is managed by the Trustees, who delegate day4041ay responsibility to the Secrethryrea$Urcr. The approval of all fmancial transactions is IdenCed by two signatorics from tbe four authorised signatories, comprising tl)ree Tnee5 and the Secretaryrrreasurer. The Trustecs mect at least Iwi¢e a year. cutrently June and November. At the November meeting thc Trustees review grant applications and make grants for wojects that further the work of the Royal Botanic Gardens, Kew. The size of the TnLSt n)akes it )Ssible for all Trustces to take part in the ant decisions. The Tntee8 are considered to be the key management of the Cbarity. d. Related party relationships The Trust is related to another charity, the Royal Botanic Gardens. Kew, by virtue of the objects of Ix)th organisations bein8 related and becausc thrcc of the Tnt are appointed by the Director of the Royal Botanic Gardens, Kew. e. FinancRal risk management The TnLStees hav¢ assessed the major risks to which the Charity is expos in particular those related to the op¢rations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Th¢ Trustees consider that the njOr risk is the potential r¢duction in the value of its investments and their annual dividen(Ls. Th¢ major part of Trust's inv¢s1ments is held in CEIF Equities, the pooled fund managed by CCLA. with the smaller part invested in the s¢gregated fund managed by Rathbones Envestmcnt Management Ltd. The Trustees review these arrangements annually. Plans for future periods The Trustees plan to continuc following all the obie¢tivcs and activities of recent year5: . a} Using the unrestricted G¢n¢ral Fun& to fund the Annual Awards Scheme. The main emphasis for the awards has becn fieldwoTL overseas botanists coming to Kew on short tern] projects, and conference attendance. Unrestricted and Smith Travel Funds will CODtinue to support the Royal Botanic Gardens, Kew School of Horticulture's second year Stella Ross£raig travel scholatships and third year field study. b) The Knoff Funds continuing to be ed to finance the Knthoff Curator and Flora Zambesiaca publications. They will offer a bursary in respect of the Krukoff Fellowship ensuring that th¢ purposes of which it is used meets th¢ D¢¢d's rquirnents. c) The MaTiOri¢ Hurley Fund will use its annual incom¢ and accrned fun&8 for projects in the Gardens at Kew and Wakehurst. d) Monitoring and controlling the invth¢nt of the Trust's funds.
THE BENTHAM-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trnstees, responsibilities The trustees are responsible for preparitig the Tnlees, Report and the fuwicial statemcDts in accordance with applicable law and unit Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in the UK and Republic of Ireland (United Kd0M Generally Accepted Accounting Practice). The law applicable to cl]arities in England & Wales requires the trustees to pr¢par¢ financial statements for each fllwicial year which give a true and fair view of the state of affairs of the charity and of the iDcome and expenditure of the charity for that perio(L In preparing these financial statements. the tte¢S arc required to.. select suitablc accounting lI¢l¢S and then apply them consistently: observe the methods and principles in the Charities SORP. make Judgellts and accounting estimates thal arc reasonable and prudent" state whether applicable accounting slandards have been followe(L subject lo any material departures disclosed and explained in the financial statements. and prepare the financial statements on the goitig ¢oncerD basis unless it is inappropriat¢ to presume that the ¢lwity will continue in business. The trustees are responsible fOrn]nts1nlllg pToper accounting records which disclose with reasonable accuracy at any time the fitwicial position of the charity and enable them to ensure that the fmancial statements comply with the Charities Act 2011, th¢ Charity (Accounts and Reports) RegulatioL$ 2008 and the provisions of the trust deeCOnStitution. They ar¢ also r¢sponsibl¢ for safeguarding the &8sets of the charity and hence for taking reasonabl¢ steps for the prevention and (ktcction of fraud and oth¢r irr¢gulaTities. Auditor inforniation Insofar as the tnist¢es are aware: ther¢ is no relevant audit infOrntIon of which the charity's auditors are unawaTe. and The iTUStees have taken all the steps that they ought to mak¢ then]selv¢s awaTe of any r¢levant audit inforniation and to establish that th¢ auditors are aware of that Infornti0n. Approved This report was approv¢d by the TnLStees on . i a...u.4AQ. Zc£S and signed on their bchalf by:_ Dr Isabel Maria Larridon Chair of Trustees
Independent auditor's report to the members of The Bentham-moxon Trust Opinlon We have audited the fllwjcial statements of Thc Bentham-moxon Trust (the 'Charity') for the year ended 31 December 2024 which comprise the Statcmenl of Financial Activities, the Balance Shcet. the Stat¢ment of Cash Flows and notcs to the financial statements, including a summary of signifjcant accounting policies. The fjnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccouDting Standards. incluiting Finan¢ia] Reporting Standard 102.. The FiDancial Reporting Standard applicable in the UK and RUbliC of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinfi0 the financial statements: 'give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its income and expenditure for the year then end. .have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. .have be¢n prepared in accordance with the requiremeDts of the Chariti¢s Act 2011. Basis for opinion We conducted our audit in arxordance with International StandaTds on Auditing (UK) USAS (UK)) and applicable law. Our responsibilities under those standards are furtb¢r described in the Auditor's responsibilities for the audit of the financial statements srftion of our report. We are independent of the Charity in accordance with the cthical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard and we have fidfilled our other ethical iesponsibilities in accordance with thesc requirements. W¢ believe thai the audit evidence we bav¢ obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the fjnaucial statements, we have conclud¢d that the trustees. use of the going concern basis of accounting in th¢ preparation of the financial statements is appropriate. Based on the work we have perfornie(L we have not identified any rnaterial uncertainties relating to events or conditions that, individually or collectiveEy, may cast significant doubt on the charity's abiltty to continue as a going concern for a peri(Kl of at least twelve months from when the financial statements are authorised for issue. Ow resw)nsibilities and the resp)nsibiliti¢s of the tniste¢s with respect to going concern are de$Ibed in the Televant s¢¢tions of this report. Other inforniation The trustees are responsible for the other infonnation. The other inforniation comprises the infornlation included in the annual report other than the financial statements and our auditor's report thereon. OUT opinion on th¢ fmancial statements docs not cover the oth¢T InforntiOn an(L exc¢pt to the ethnt othcrwise explicitly stat¢d in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the fllwicial statements, our responsibility is to read the othcr inforniation an in doing so, consider whether the other infonnation is malerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be nka*rially misslated. If we identify such material
Independent auditor's report to the members of The Bentknam-moxon Trust inconsistencies or apparent material misststements, we required to ddermiDe whcth¢r th¢r¢ is a matetial misstatement in th¢ financial statements or a material rnisstatement of the oiher inforntion. If, based on the work we have perfornled we conclude that there is a material mi&ststement of this other infornti0 we are required to rq)ort that fact. We have nothing to report in this regard. Matters on which we are required to report by eieeption In the light of the knowledge and understanding of the Clwity and environment obtained in the course of the audil we bavc not idcntificd material mi&8tatements in the Trustees, Annual ReporL W¢ have nothmg to report in respect of the followingmatters in relation to which the Charities Act 2011 requires us to rert to you if. in our opinion: •sufficient accounting recorth have not bccD kept" he financial statemmts are not in agreement with the accounting records and rctUrn5' or e have not obtained all th¢ informion and explanations necesw4 for the purposes of our audit. Responslbllltles of the trustees As explained more fully in the tnte¢s, responsibilities statemen( the trustees are responsible forthe preparation of the financial statements and for being satisfied that th¢y giv¢ a lJu¢ and fair view, and for such internal control as they deternjine is necessary to enable the preparation of financial statcmcnts that are fr¢¢ from mat¢Tial misstatement, wh¢th¢r duc to fraud or error. In ppaTIng the financial ststements, the trustees arc responsibl¢ for assessing the Charity's ability to continue as a going Conc disclosing, as applicable, Matte related to going concern and using the going concern basis of accounting unlcss th¢ trustccs ¢ith¢r intend to liquidate the Charity or to cease owions, or have no realistic alternative but to do so. Our responsibllitÈes for the audit of the financial statements Our objectives are to obtain reasonable assurance alx)ut whethff the financial statem¢nts as a whole are free from matcrial misstatemenL whether due to fraud or error. and to issue an auditor's r¢port that includ¢s our opinion. Reasonable &ssurdnce 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. 'SstateMentS can arise from fraud or ermr and are considcrcd nlaterial if. indiv1thlY or in the aggregate. they wuld reasonably be expecd to influence the economic declsions of users taken on the basis of th¢s¢ fllwi¢ial statem¢nts. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our spOnSibl1]tics, outlined above, to detect material misstatements in resp.ect of irregularities, ijjcluding fraud. The extent to which our procedures are capabEe of detecting irregulatities. incluth'ng fraud are set out below.
Independent auditor's report to the members of The Bentham-moxon Trust In identifying and &ssessing risks of material misstatement in r¢sl of irregularities, iDcluding fraud and non- compliance with laws and regulations. our procedures included th¢ following: We enquired of managemenL which included obtaining and revlewing supporting documentatio concerning the charity's ]icI¢S and procedures relating to." identifying, evaluating. and complying with laws and gUlatiOnS and whether they were. aware of any instances of non-comp]iance' detecting and r¢sponding to the risks of fraud and whether they have knowledgc of any actual, Suspecte or alleged fraud. the intrnl LntrOlS established to mitigate risks rclatcd to fraud or non-compliance with laws and tegulations. We inspected the Minut of meetings of those charged with governanix. We obtained an understanding of the environment that the charity operates io focusing on those laws and regulations that had a mat¢rial effect on the financial statements. We reviewed the financial statement disclosures and tested these to si4)porting documentation to assess ¢ompliance with applicable accounting standard. We perfornled analytical procedures to identify any unusual or Unexpected relationships that may indicate risks of n)aterial misstatement due to frau<L In addre&8ing th¢ risk of fraud through management overTide of controls, we tested the appropriateness of journal entries and other adjustm¢nts, aSSed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those '41 outside the norn1 course of busIns. Use of our report This rq)ort is made solely lo the Charity's trustees. as a body. in accordance with section 144 of the Charities Act 2011 and th¢ regulations made under s¢dion 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's tThtee$ thosc matters we ar¢ required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the Clwity and the Charity's trSte¢S as a body. for our audit worK for this ieport, or for the opinions we have fomed. 17 June 2025 GoldTrvins Limited Statutory Auditor and Chartered Aceountants 75 Mydygrove Road West Hampstead Londoll I¥W6 2EG Goldwins Limited is eligible for ap)Intment as auditors of the charity by virtue of tts eligibility for appointhient as auditors of a company under section 1212 of the Companies Act 2006.
The Bentham-moxon Trust ststement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2024 2024 2023 Unrestricted Restricted fund$ funds Total funds Total funds Plole Income from: Donations and legaaes Charitable activits'es Investment income 553,702 833 214,231 1,942 103,682 1,942 240,874 137,192 T¢)tsl incomo 137,192 105.624 242.816 768,766 Expenditurn on: Raising funds Charitable activities. 4,115 171,311 4,115 291,221 2.119 165.626 119.910 Total expendltur• 175N26 119,910 295.336 167,745 Net incom• l {expenditure) belore net gains l (losses) on Inveslments (38,234) 114,286) (52,520) 601,021 Net gains l (bsses) on investments 108,750 97.541 206,291 624.256 Net income l {expenditurn) for tho year 70.516 83365 153,771 1,225,277 Transfers bebween funds N•1 movement In funds 70,516 83,255 153.771 1,225,277 Reconciliation of funds: Total furKls brought forward 4.100.193 3.789.904 7.890.097 6,864.820 Total funds carried forward 4 170 709 3 873 159 7,890,097 All of the ab)ve results are derived from conlinuing activit$. There were no other recognised gains or losses other than those stated *)ove. The attached notes fomi part of these financial statements. 10
The BenthaMoX0n Trust Balance sheet As at 31 Decembar 2024 2024 2024 2023 2023 Flxed assets: Investments 7,675,122 7,675,122 7.366,454 7,366,454 Current assets: Debtors Investments Cash at bank and in hand 10 11 16 63,057 300.000 164,457 300,000 265,947 730,404 720,517 Liabilitie8: Creditors.. arnounts falling due within one year 12 (351.771) {206,781) Not current assets 368.746 523,643 Total not assets 8.043,868 7,890,097 Funds 14 Restricted funds Unrestricted funds.. Designated funds General funds 3.873,159 3,789,904 4.023,112 147,597 3,916,611 183,582 Total unrestricted funds 4.170,709 4.100,193 Total funds 7 890 097 The financial statements vftre approved and authorised for issue by the Trustees on ............12 June ..2025 and signed on their behalf by: Dr Isabel MarSa A. Larlidon Chalr The attached notes fomi part of the financial ststements. 11.
The Bentham-moxon Trust statement of cash flows For the year ended 31 December 2024 2024 2024 2023 2023 Cash fft+ws from operatlng actlvluts: Net cash provided by l (used in) operalirvJ acbvitses 16 (46.984) 235,340 Cash flows from Invesllng a¢tivili•s: Interestl renu dividends from investrnents Salel {purchase) of fixed assets Salel (purchase) of investments 240,874 214.231 <102.377) (746,886) Cash provided by l (used In) Investlng acllvftles 138,497 {532,655) Cash provlded by I lusod in) financing activftles Change in cash and cash equlvalents in the year 91,513 (297,315) Cash and cash equivalents at the beginning of the year Change in ¢a$h and cash equivalents due to exchange rate movements 265.947 583.262 Cash and cash oqulvalents at the end of the year 16 357A60 265,947 12
Tho B•ntham-Moxon Trust Notes to the financial ststsments For the year endod 31 December 2024 l Accountlng pollcles a) Basls of preparatlon The financial statements have been prepared in accordance fjth Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2019) - {Charib'es SORP FRS 102). The charity meets the definition of a pubfjc benefft enty under FRS 102. Assets and liabilits'es are initialty recognised at historical cost or transaction value unless otheThvise stated in the relevant accounting policy or note. b) Golng concern The trustees consider Ihat there are no material uncertainties about the charitys abilty to continue as a going concem. The trustees do not consider thal there are any sources of estimation uncertainty at the reporting date that have a signrficant risk of causing a material adjustment to the carrying amounts of assets and liabilities V¥ithin the next reporting period. c) Income Income is recognised when the charty has entitlement to the fvnds, any perfomiance conditions attached to the income have been me( it 15 probab that the income wil be received and that the amount can be measured reliably. The recognrtion of income from legacies TS dependent on establshing entItrnent, the probabilty of receipt and the ablty to esb'mate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charty has suffrient evidence that a gift has been left to them {through knoedge of the existence of a valid will and the death of the benefactor) and th8 executor is salisfi&J that the propety in question will not be required to sakn'sfy claims in the estate. Receipt of a legacy must recognised when it is probable that it Vill be received and the fair value of the amount receivable, which wiu generalty be the expected cash amount to be distributed to the Charity. can be reliabty measured. Investment income is recognised when the Charity has notiftskn that the income is receivable and is certain. This is normalty upon notification by the investment fund managers of the amounts of dividerMI or income that the Charity is going to receive. Deposit income is induded when receivable. Books sales and book royalties are recognised when the Charity receives notification of the amount due to the Charty from the publishers and is only recognised when the income is certain and relates to the period in question. Income tax recoverable in relation to investment income is. recognised at the time the investment incorne is receivable. d) Donations of gifts, services and facllitles Donated professional services and donated facihb'es a recognised as income when the charity has control over the item or received the sepiice, any conditions associated with the donation have bn met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 102). volunteer time is nol recognised. On receipt, donated gifts. professional services and donated facilitses are recognised on the basis of the value of Ihe gift to the charity which is the amount the charity woukl have been wining to pay to obtain services or facilities of equivalent economic benefrt on the open marke( a cotresponding amount is then recognised in expenditure in the period of receipt. 13
The Bentham.Moxon Trust Notes to the financial statements For the yoar end 31 December 2024 1 Accountinq pollcles (contlnuod) e) Interest receivablo Interest on funds held on deposit is inCded en receivable and the amount can be measurwj reliably by the charity,. this is normally upon notificalion of the interest paid or payable by the institution whom the fvnds are deposited. fj Fund accountlng Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the chanty vthich the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds which are to be used in accordance Mth spwfic restrictions imposed by donors or which have been raised by the Charity for particular purFK)ses. The costs of raising and administering such funds are charged against the specffic fund. The aim and use of each restricted fund is set out in the Notes to the FinancAI Statements. Investrnent income, gains and k)sses are alk)cated to the appropriate fund. g) Expenditure and IrreMverable VAT Expenditure is included In the Statement of Firkqncial Acitiwes on an accrual basis. Expendrture is recognised once there is a gaI or constructive obligalK)n to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs ol each activity are made up of the total of direct costs and shared costs, including support costs invofved in undertaking each activity. Direct costs attributable to a single activty are allocated directy to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned betsyeen those activrties on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts.me spenL Expenditure on raising funds indudes all expenditu incurred by the Charity to raise funds for ts charitable purposes and includes costs of all fundraising activtlies .events. non-charitable trading and investrnent management costs. Expendrture on charitable actNities is incurred on directy undertaking the activities which further the Charit¢s objectives, as well as any associated support costs. Governance c¢)sts are those incurred in connection wth administration of the Charity and compliance with constitutiorkql and staiutory requirements. Grants whith are made to individuals to carry'out research projects are regarded as a grant to an institution with which the individual is connected rather than as a grant to the indrvidual. Grants made to individuals include onty those that are made for the direct benefit of the individuals who receive them. Grants payable are recognised in the Statement of Financial Activities when the liability is Committed and is then adjusted if the award is amended before the date the grant is paid. Grants payable are charged in the year when the offer is made except in those cases where the offer is condibonal. such grants being recognised as expendtture then the conditions attaching are fuffilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. h) Allocatlon of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities or fundraising. Support costs include back Offi costs, finance. personnel, payroll and governance costs which support the charitable programmes'and actvities. These costs have teen allocated between cost of raising funds and expenditure on charttable activities. The bases on support costs have been allocated are set out in note 5. 14
The Bontham-moxon Trust Notss to the financial statsments For the year ended 31 December 2024 1 Accounllng pollcles (eontinued> i) Investments Fixed asset investments are a fomi of financial instrument and are inibaHy recognised at their transaction cost and subsequentty measured at fair value at the Balance Sheet date, unless the value cannot be measured reliabty in which case rt is MthUred at cost less impairment Investment gains and losses, whether realised or unrealised, are combined and presented as 'gainsl(losses) on investrnents. in the Statemenl of Financial J) Debtors Trade and other debtors are recognised at the setuement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts d. k) Cash at bank and In hand Cash at bank and cash in hand includes cash and short tenn hlghly liquid investments with a short maturity of three months or less from the date of acquisrtion or opening of the deposrt or similar account. l) Credltors and provlslons Creditors and provisions are recognised where the charity has a present ob1Trgatn resutting from a past event that will probabty result in the transfer of funds to a third party and the amount due to settle the obligats.on can be measured or estimated reliabty. Creditors and provlsions are normalty recognised at trEir settlement amount after allowing for any trade discounts due. m) Financlal Instrumonts The charity only has financial assets and financial liakx'lities of a kind that qualrfy as basic financial inslruments. Basic financial instruments are initialty regnised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequenty measured at am¢ytised cost using the effective interest method. 15_
The Bentham4Ioxon Trust Notes to the financial statements For the year ended 31 December 2024 2 Income from donations and legaci08 2024 Totsl 2023 Total Unrestricted Restricted Donations Legacies 250,070 303,632 T¢>tsl 2024 653,702 Total 2023 553.702 553,702 Unrestricted incomes include an individual donab'on in 2023 . £250,000 (Pran) and a legacy in 2023: £303,632 {Burtt). 3 Income from charttable a¢tivitios 2024 Total 2023 Total Unrestricted Restricted Book Sales 1,942 1.942 833 T¢)tal 2024 1.942 1,942 833 Total 2023 33 833 4 Income from inv¢slm•nts 2024 Total 2023 Total unstrICted Restricted Interest incomes Dividend incomes 23,723 113,469 23,723 217.151 12,436 201,795 103.682 Total.2024 137,192 103,682 240.874 214,231 Total 2023 112,557 101,674 214,231 16
The Bentham-moxon Trusl Notes to the financial statements For the year ended 31 December 2024 5 Analysis of expenditu Grant Raiglng funding Support Governance 2024 Totsl 2023 Total staff costs Grant funding Krukoff Curatcir Graduate bursary Publication Symposium 2024 Insurance Payroll Training and reCltment Prrnting, postage. and slationery Sundry Investment management fees Trusteès, expenses M8eting e>pens Bank tharges Audit fees 20,(87 20.087 171,524 35,452 51,323 4,012 684 457 720 375 18,866 115.113 21,484 (105) 3,110 171,524 51,323 4.012 457 720 375 171 302 85 4.115 126 4.115 2,119 213 25 25 6,000 4,115 262.311 22,534 6.376 6.376 295,336 167,745 Support costs Govemance costs (22,534) (6,376) Totsl •xp•nditure 2024 4,115 291.221 295,336 Of the total expendilure, £175.426 (2023: £121,(M)5) was unrestsid and £119,91012023: £46,740) was restrided. Analysis of expenditure <prior year) Comparative figures Grant Raising funding funds activrbes Support Govemanc costs 2023 Total Staff costs Grant fijnding Krukoff Curator Graduate bursary Publication Insurance Payroll Sundry Investment management fees Meeting expenses Independent examination fees Audit fee8 18,866 18,866 115.113 21,484 (105) 3.110 302 555 88 2,119 213 115,113 21,484 (105) 3.110 302 2.119 213 2.119 139.602 19.763 6,261 19,763 {19.763) 6,261 167.745 Support costs Governare costs {6,261) Totsl expenditure 2023 2.119 165.626 167,745 17
The Bentham-moxon Trust Notes to the financial statsments For the year ended 31 December 2024 6 Net income l (•ynditure) for the year This is stated after charging l {crediting): 2024 2023 Audit fees (excluding VAT) 5,000 5.000 7 Anatysis of staff Costs, trustee rnmuneratlon and •xp•nses. and the cost of key management personnel Staff costs were as follows: 2024 2023 Salaries and wages 20,087 18,866 20,087 18.866 No employee earned £60,000 or more (2023:Nil). The Trustees are considered to be key management of the Charity. None of the Trustees have been remunerated or rettived any other beneffts from employment with the Trust in the year to 31 Dember 2024 (2023.'Nil). One Trustee received £128 reimbursement for their neSSary travej expenses in the year to 31 December 2024 {2023:Nil). staff numbors The average number of employees employed during the year was as f01b. 2024 2023 Support 8 Taxation The charity is exempt from corporation tax as all its income is (knritable and is applied for charitable purposes. 18
The Bentham-moxon Trust Notes to the financial statsments For the year ended 31 December 2024 9 Fixed asset Investments 2024 2023 Investments al falr value: COIF Charities Investrnent FurKI Quoted Investments 7,416,901 258.221 7.113,633 252,821 7.675.122 7,366,454 Movem•nts Market value at the start of the year Addttions Disposals Management charge Revaluations 7,366N 103,632 6.295,312 450,000 11.255) 206,291 (3.114) 624,256 Market value at the erKI of the year 7.675.122 7.366,454 All the fixed asset investments are hekj in the UIC The main risk to the Trust from finanrial investment lies in the uncertainty of investment markets. Lrquidity risk is considered to be l(Av as the Trusfs investrnents are traded In markets with good tFquidity and high trading volumes. The Trust. manages these rlsks by investing the funds with fund managers who are considered to have expertise in their field and good knowledge of the markets that they are investing in. 10 Debto 2024 2023 Due withln one yoar Other debtors Prepayments and accrued income 61.115 1.942 163,624 833 63,057 164,457 11. Investments (short terni) 2024 2023 Money market funds: Treasury Bill 300,000 300,000 300,000 300,000 The short temi investments inclLKle cash on deposit and &7sh equivalents with a maturity of les5 than one year held for investment purposes rather than to meet short-term cash commitinents as they tall due. 19
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2024 12 Credltors: amounts falling due withln on• year 2024 2023 Grant payable - AccnBls and deferred inrne 343,871 200,053 6,708 351,771 206.761 -Grant commitments payable are analysed as beb Grant Commlknents Balance at New Grants 1 January Awarded 2024 Amounts Paid Amounts Balance at Written Off 31 Doc•mber 2024 Unrestrlded funds General funds Restrlcted funds The BA Krukoff Fund The Stanley Smith Gift Fund Marjorie Hurley Bequ8St 152.497 166,453 (62.884) (24.052) 232,014 3.111 33,TT9 10,666 92.588 29.997 (32,375) (15.234) (8.000) (118A93) 63,324 47,973 560 (569) {2,106) 200.053 289.038 (26,727) 343,871 13 Anatysis of net assots between funds General unrestricted Designated Restricted Total funds Fixed asset investments Current assets Creditors due within one year 4.023.112 3,652,010 333,008 1111.8571 3,873,159 7.675,122 720,517 (351,771) 8,043,868 387.511 (239,914) Net assets at the end of the year 147,597 4,023,112 Analysis of net assets belween funds {prior year) General vnrestricted Designated Restricted Total funds Fixed asset investments Current assets Creditors due within one year Net assets at the end of the year 3.811.985 104.626 3,554,469 282,991 47.556 7,366,454 730,404 206,761 342,787 159,205 183,582 3,916,611 3,789,904 7,890,097 20
The Bentham-moxon Trust Notes to the financial 3tatements For the year ended 31 December 2024 14 Movements in funds Statem¢nt of funds - curnnt year At the start of Incoming Outgoing the year resources resources Gains/ At the end of (Losses) the year R•8tricted funds: The BA Krukoff Fund The Stsnley Smith Gift Fund Marjorie Hurley Bequest Total restrlcted funds 3.039,624 561,550 188,730 (92.588) (29,428) 2,1(6 15,041 78,046 4.454 3,046,979 626,156 200,024 15,988 4.734 3,789.904 105.624 (119,910) 97,541 3,873,159 Unrestricted funds Designated funds: Designated funds- all funds 3,916,611 11.501 4023,112 General funds.. General funds - all funds 183,582 137.192 (175,426) (175,426) 2,249 147.597 Total unrestrfct•d funds 4.100.193 137,192 108,750 4,170,709 Total of lunds 7.890,097 242.816 (295,3361 206,291 8,043,868 Statement of funds - prior year At the stsrt of the year Incoming resources Outgoing resources Gainsl At the end of (Losses) the year. Restricted funds.. The BA Krukoff Fund The Stanley Smith Gift Fund Marjorie HUW Bequest 2.727,568 511.103 177,572 82,186 15,678 (24.489) .{14,251) <8.000) 254,359 49,020 14,515 3,039,624 561.550 188,730 Totsl restricted funds 3,416,243 102.507 (46.740) 317,894 3.789.904 Unrestrtcted funds Designated funds: Designated funds - all funds 3.058,736 553.632 304.243 3,916.611 General funds.. General funds - all funds 189,841 112.627 (121.005) 2,119 183,582 Total unrestricted funds 3.248,577 666,259 (121,005) 306,362 4,100,193 Total of funds 6.664,820 768.766 (167,745) 624,256 7,890,097 Purposes of funds The Trust does not activety seek new funds and therefore ts investments are hekj to generate income rather than directly fund expenditure. A designated fund has been created to match the unrestricted element of the investrnents held. Description of restrictd funds: The B.A Krukoff Fund is for the study of African Botany. The Curator shall direct and devote his research activity to the L2xonomic and fioristic study of the spontaneous vascular flora of Tropical Africa. If funds are available, these can be used to support a graduate student. The Stanley Smith Gift Fund is for travelling to botanical institutions or participating in expedrtions. The Marjorie Hurley Bequest is for the conservation of wildfkjwer sanctuaries at Kew and Wakehurst Plaoe. 21
The Bentham-moxon Trust Notss to the financial statements For the year ended 31 December 2024 15 Reconclllatlon of net Income l (expendlture) to net Gash flow from operating activities 2024 2023 Net in¢omo 1 (expendltur•l for the rnportlng perfod (as per tho statement of financlal activities) Interest, rent and dividends from inveslments (Increase)I deCse in debtors Increasel (decrease) in creditors Not eash provid•d by l (used In) operatlng actlvltles 152,5201 601,021 1240,874) 101.400 145,010 (214,231) (114,021) (37,429) 235,340 146,984) 16 Anatysls of cash and cash equivalents At31 Other Decemb changes 2024 At 1 January 2024 Cash fk)ws Cash at bank and in hand CCLA Chariti8s Deposit Fund 165,947 100.(K)O (58.487) 150,000 107,460 250,000 Total cash and cash equlvalents 265.947 91,513 357,460 Analysis of cash and cash equivalents (prior year) At31 December 2023 At 1 January 2023 Other changes Cash fiDWS Cash at bank and in hand CCLA Chants'es Deposit Fund 563,262 (397.315) 100,000 165,947 100,000 Total cash and cash equivalents 563,262 {297,315) 265,947 17 Related party transactlons As referred to in the Trustees, reForl the Trust is connected to another charity, Royal Botanic Gardens {RBG). Kew. This is by virtue of the objects of bjth organisations being related, and because RBG, Kew has a right to appoint up to three of the Trustees of the Trust, with a maximum of three remaining Trustees being c opted by existing Trustees. All grants made in the year are consKlefed to be related party transactions. During the year, grants totalling £Nil {2023'. £8,855) were awarded to the research of trustee, l Larridon. and grants written back were £1.446 (2023: £3,000) for the research of the tnjstee, l Larridon. The Trustees are considered to be key management of the Charity and they did not receive any remuneration in the year to 31 December 2024 (2023.. Nil), one Trustee received £126 for reimbursement of their necessary business expenses in the year 2024 (2023: Nil). 22