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, Tn￿te¢ (appointed e June 2024) Nina Roberta Ciuffardi. Tr￿Ste¢ (appointed 61*1 June 2024) Rebecca Margaret Bower, TTh￿tee (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 chart￿ed 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 Tn￿t 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 resca￿h 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 Tn￿t 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 fi￿therthe 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 Tn￿teeS 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 KTh￿off 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¢ Tn￿t in order to maintain the value of its annual grant making in real ternjs, as this is the main activity of the Tn￿L 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 n￿intailled 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 a￿d 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 re￿Stered charity. number 305966, and is constituted under a Tn￿t 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¢ Sta￿eY 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 M￿J0The Hurley Bequest for the Conservation of Wild Flowers at Kew and Wakehurst Place. b. Methods of appolntment or eleedon of Trnstees Three ofthe Tn￿te£S are members of the Royal Botanic Gardens, Kew stsff and their ap￿Ilntrnent is detern)ined by th¢ Director of the Royal Botanic Gardens. Kew. The rernai￿g 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$atlonal structure and decision-maklng policies The Trust is managed by the Trustees, who delegate day4041ay responsibility to the Secrethry￿rea$Urcr. The approval of all fmancial transactions is ￿IdenCed by two signatorics from tbe four authorised signatories, comprising tl)ree Tn￿ee5 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 Tn￿tee8 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 Tn￿t￿ 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 n￿jOr 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 Kn￿off 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 Tn￿lees, 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 K￿￿d0M 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 t￿￿te¢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 Judg￿ellts 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 dee￿COnStitution. 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 infOrn￿tIon 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 Inforn￿ti0n. 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 R￿UbliC 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 Inforn￿tiOn 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 inforn￿tion. If, based on the work we have perfornled we conclude that there is a material mi&ststement of this other inforn￿ti0￿ 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 re￿rt 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¢ inform*ion and explanations necesw4 for the purposes of our audit. Responslbllltles of the trustees As explained more fully in the tn￿te¢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 p￿paTIng 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. indiv1th￿lY or in the aggregate. they wuld reasonably be expec*d 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¢s￿l 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 L￿ntrOlS 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 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 Mth￿Ured 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 ob1Trgat￿n 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 re￿gnised 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 un￿strICted 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 reC￿ltment 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