Charity number= 305966 THE BENTHAM-MOXON TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE BENTHAM-MOXON TRUST COLYfENTS Page Legal and administrative information Trustees, report Independent auditor's report Stat¢m¢nl 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 INFORMATION Trustees= Dr Isabel Maria A. Larridon, Chairrrrustee Dr Mark Andrew Carine, Trustee Ruth Close, Trustee Dr Elinor Breinan, Trustcc Nina Roberta Ciuffardi, Trustee Raoul Curtis-machin, Trustee (appointed 26, November 2025) Charity number.. 305966 Principal olfice.. Royal Botanic Gardens, Kew Richinond SutTey TW9 3AE S¢cretary.' Mrs J Alsop {resi¥n¢d JO Jun¢ 2025} Finan¢¢ and Adminislrdlion Manag¢r'. Kim Gilb¢rt (appoinl¢d 15 April 2025) Auditors.. Goldwins Chllrtered Accountants 75 Maygrove Road London NW6 ?EG Invcsttn¢nt Mlagers.. CCLA Invcsttllcnt Managctncnt Ltd One Angel Lane London EC4R3AB Rathbones Investment Manag¢mcnt Litnitcd 30 Greshain Street London EC2V 7QN
THE BENTIL4LVI-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual re]x)rt together w'ith the financial statements of The Bentham-moxon Trust for the year ended 31 December 2025. The financial statetnents have been prepared in accordance with the accounting policies set out in note I to the accounts and compl. with the Charity's Trust Deed, the c.harities Act 201 l and Accounting and Reportiiig by Charities.. Statetncnt of Rccotnmcndcd Practice applicable to charitics preparing their accounts in accordance 'ith the Financial Rcporting Standard applicable in the UK and Republic of Ireland {FRS 102 - effective I January 2019) - (Charities SORP F RS 102). Objeetives and actItieS . Policies and objectives Thc Trust's mission is to provide financial 5UPPOrt for plant and fungal collcction, rescarch and education that further the work of the Royal Botanic Gardens. Kew. b. Activities undertaken to achieve objective5 The main aLtivities of the trust are: Th¢ provision of grants to botanists for fieldwork and r¢s¢ar¢h al home and abroad, alt¢ndan¢e at ¢onferen¢¢s and for the work of the Royal Botanic Gardens, Kew School of Horticulture; and Th¢ support of the Krukoff Curator of African Botany, Krukoff Graduale Bursary and other a¢tiviti¢s related to African botany. The Trustees confirni that they have referred to the guidance contained in the Charities Commission's general guidance on public benefit, including the guidance 'Public benefit.. running a charity (PB2)', when reviewing the Charity s ain)s and objectives. . Main activities undertaken to further the Charity's purposes for the publi¢ benefit The Trust has established its grant making policy to fulfil its public benefit objectives. The Trust's aim is to provide support for plant and fungal collection, research and education that furtherthe work of the Royal Botanic Gardens, Kew. The Trust invites applicatiOll5 for funding support on an annual basis. Only those applicants with an appropriate Lonn¢Ltion to thc Royal BotaiiiL (iardciis Kcw arc ¥ligibl¢ to apply. Th¢ TrustCCS mC¢t and r¢vi¢w the applications and dccid¢ if the projcct mcets the Trust's aims and objectivcs. The Trustccs also d¢cid¢ on the level of support that can be offered to each application. Achievements and performance . Review of activities Th¢ Trust annual award s¢h¢me round was und¢rtak¢n in autumn 2025. 79 appli¢alions were r¢¢¢iv¢d (?024..142) and the Trustees approved 45 awards {2024..61)- 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 Stell Ross-craig Travel Scholarships to all second-}'ear students. In¢ome from th¢ Krukoff Fund's investments and publication sal¢s funded the salary of the Krukoff Curator of Atrican Botany and the editorial and production costs of the Flora Zambesiaca. The total level of spEnding on grants in 2025 was £250.984 {2024.. £262,311).
THE BENTIL4LVI-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Financial review . Going concern As the Trust's grants are awarded annually from known income, and investments are held for the long term, the Trust is confident it can meet its commitments and liabilities and can continue for the foreseeable future. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continuc in operational existence for the foresecablc future. For t]iis reason. they continue to adopt the going concern basis in prcparing thc finanLial statements. b. Reserves policy The Trust has two types of unrestricted resen'es; those held iii CCLA'S COIF Charities Investment Fund and a s¢gregal¢d fund Inanaged by Raihbones and those r¢pres¢nled bsll non-investiiient ass¢ls. The former has be¢n designated by the Trustees to be retained by the Trust to maintain the value of its annual grant making in real terms, as this iq th¢ main activity of th¢ Trust. Th¢ latter, th¢ unrestricied non-investment as8¢ts, or 'fr¢e reserves" are held as working capital and to fund minor iinforeseen circumstances. The Trustees have agreed that the free reserv¢s should be maintained at the level of approximately six months, non-grant expenditure or 250/0 of the value of the unrestricted grants whichever is the greater, in 20?5 equal to approximatel! £3? 500 (20?4.. £41,600). The Trust agrees annually whether a part ot the reserves can be used to support additional grants. The value of free reserves held at 31 December 2025 was £128,603 (2024.. £147,597), which is comfortably within the free reserves policy. The total net assets at 31 December 2025 were £7,652,214 {?024.. £8,043,868), of which £3,668,731 (2024.. £3,873.159} were restricted. . Financial ReTriew The Trust's total income for 2025 was £255,491 compared to the previous year's income of £242,816. Total cxpcnditurc for 2025 was £286.921 which is a d¢creas¢ on the expcnditurc in ?024 (£295,336} of £8,415. The investtnents held have decreased in value from £7,675,122 to £7,320,074 during the year to 31 Deceniber 2025. This reprc5cnts a 4.60/0 decrease in value on last year. The inveslinent policy followed by the Trust is to ensu that assets are invested lo Inaintain a balan¢e between in¢om¢ and risk.
THE BENTIL4LVI-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Strlleture? governance and management Constitution The Bentham-moxon Trust is a regis(ered charity, number 305966, and is consti(uted under a Trust deed. Governin document The Benthani-moxon Trust was founded by a Scheme of the Charity Comtnissionets for England and Wale5 s¢al¢d on 18 S¢ptciiib¢r 1984, Lombiniiig th¢ Charity of (icvrgc Benthatll, foundcd by will on I l D¢cciiibcr 1884 and the Charity of Jaiiies F.dard and Loiiisa Sarah Moxon Memorial Fund, founded by will on ?0 September 1920 and 2•nd July 1930 respectively. All th¢ charities and funds admii)ist¢r¢d by the Trustees are treated as a single chariry for purposes of a¢counting and registration with th¢ Charity Commission. The Tniste¢s miist, howei'er, ensure that the funds for each founder Charity are spent c)n their original purposes. The gc)vernirtg docuinents are the 1984 Schem¢ and reqii¢sls mad¢ by ihe donors of the original Indi idual funds. Th¢ Trustees have created a mission statement that embraces all the funds, objectives and sets out the long-term objectives of th¢ Trust. The charities and funds that make up Bentham-moxon are listed below.. General Funds George Bentham Tnist- James Edward and Louisa Sarah Moxon Memorial Fund; Florence Hamilton Memorial Fund; Miss DR Butcher Bequest; Stanley Smith Gift (Other Purposes) Fund; Eleanor Constance Bor Trust. Kew Bicentenary Fund; Kazimierz & Winitred EA Kaminiski Memorial Fund- Mr William Donald Marshall Bequest- Jan Gillet Bequest- Stella Ross-craig Bequest; the Metcalfe Cup; Donald Dring Memorial Prize,. Henry Idris Matthews Memorial Travel Scholarship Fund; John Gilbert Prize; Landman'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 Johnson Fund, John Trevor Williaii)s Bequest, Professor Sir Ghillean Praiice and Lady Anne Prance donation and Dr OliN'e Burtt Bequest. Restricted Funds B A Krukoff Fund for the study of African Botany, Stanley Smith Gift (Travel and Expeditions) Fund and Marjorie Hurley Bequest for the Conservation of Wild Flowers at Kew and Wakehurst Place. b. Metbod5 of appointment or election of Trustees The Trustecs ofthc B¢lltham-Moxon Ttu* ar¢apFK)ilrtcdfollowingthc Charity Ci)mtlli&sion guidyncc'Findingand appK)intll newtmstees (CC30}'. Tr aptx)iJitsnents c)f thTtt Tnts that are iiiembers of the Royal Bc)lani¢ Gardens, Kew staff arc subj¢Lt to th¢ approval of th¢ Ditrct(Y of thc Roya] P(L1¢ Gar(kn% Kew. The rcmaining thre¢ Trustecs are appoinled by the Beniliam-moxon Board of Trustees. The Board has developed a skills matrix to identify gaps in their group ¢ompelencies so that selection, inducrion and training of future trustees Can be targeted as effectively as possible.
THE BENTIL4LVI-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 . Organisational strueture and deeision-making polieies The Trust is managed by the Trustees, who delegate day-to-day responsibility to the Secretaryrrreasurer (until 30 ' June ?0?5) and the Finance and Adii)inistration Manager (from I" Jul), 2025). The approval of all tinancial transactions is evideiiced by two signatories from the four authorised signatories, comprising three Trustees and the Secretary/Treasurer (until 30 June ?025) or the Finance and Adii)inistration manager (from 1° July 2025)- The Trustees meet at least twice a year, currentl}, Jutte and November. At the Noi'einber tneeting the Trustees rei'iew grant applications and make grants for projccts that furthcr the work of the Royal Botanic Gardens. Kew. The size of the Trust makes it possible for all Trustees to take part in the grant decisions. The Trustees are considered to be the key management of the Charity. d. Related party relationships Thc Trust is rclatrd to another charity, thc Royal Botanic Gardcns. K¢w, by virtue of the objects of both organisations being r¢lated and b¢caus¢ the appointments of three of the Trustees are subject to the approi'al ofihe Director of Ihe Royal Bolanic Gardens, Kew. . Finalleial risk managemellt Th¢ Truste¢s have ass¢ssed the major risks lo which th¢ Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees consider that the major risk is the potential reduction in the iwalue of The Charity's investments and their annual dividends. The major part ot the Trust's investments is held in the COIF Charities Investment Fund, the pooled fund managed by CCLA, with the smaller part invested in the segregated fund managed by Rathbones Iiivestinent Management Ltd. The Trustees review these arrangements annually. Plans for future periods The Trustees plan to continue following all the objectives and activities of recent years- a) Using the unrc5trictcd Gcncral Funds to fund thc Annual A'ardS Schetnc. Thc main catcgorics for the aivards are field work Expedition5, overseas botanist5 Vislting Kew, Kew botaiiists visiting overseas institutloll5. and attciidancc at Confcrcncc5. b) Using unrcstrictcd Gcncral Funds and Smith Travcl Funds to support the Royal BotaniL Gard¢ns, Kcw School of Hc)rti¢iiliure's students and apprentices by funding the Stella Ross-craig travel bursaries and the third-year field study trip, ¢) Using the Krukoff Fund to continue ro Finance the Knlkoff Curator, and Flora Zambesia¢a publications. The post-graduat¢ bursary will be offered for the final tiiiie in 2026, following ivhi¢h there are plans lo support the Royal Botanic Gardens, Kews, Global PhD project on a biennial basis, 'here applicants Ineet the D¢ed's requir¢m¢nts. d) Using the Marjorie Hurley Fund's annual in¢om¢ and a¢¢ru¢d funds for projects in th¢ Gardens al Kew and Wakehurst. e) Controlling and monitoring the Trust's funds.
THE BENTIL4LVI-MOXON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Statement of Trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporling Siaiidard upplicable En ihe UK apid Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state ot affairs of the charity and of the income and expenditure of the charity for that period. In preparing these finaiicial statetllenls, t]ie trustees are required io.. select suitable accounting policies and then <ipply them consistently; observe the Ineihods and principles in ihe Charilies SORP; tnake judgnient5 and accounting estimates that are reasonable and prudent; state llhether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and pr¢pare th¢ financial st&t¢m¢nts oli th¢ going ¢onc¢rn basis unless it is inappropriat¢ to presume that rhe charity ]1[ continu¢ in business. The trustees are responsible tor maintaining proper accounting records ivhich disclose with reasonable accuracy at an)1 time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act ?01 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deedlconstitution. They are also responsible for sateguarding the assets ot the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor information Insofar as th¢ trustCC5 arc awarc.. there is no relevant audit information of which the charity's auditors are unaware. and The trust¢cs have tsk¢n all the 5tcps that thcy ought to make thcm5clv¢s aware of ally relevant audit information and to establish that the auditors att aware of that information. Approved This report ivas approved by the Trustees on 10th June 2026 and signed on their behalf by=" Dr Isabel Maria A. Larridon Chair of Trustees
Independent auditor's report to the members of The Bentham-moxon Trust Opinio We have audited the financial statements of The Bentham-moxon Trust (the 'Charity') for the year ended 31 December ?0?5 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frameTh'ork that has been applied in their preparation is applicable laTh' and United Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the fillancial statetllents: 'give a true and fair view of the state of the Charity's affairs as at J l December 2025 and of its income and cxpcnditur¢ for the year then endcd; .have becn properly prcparcd in aLcordanc¢ with Unit¢d Kingdom Gcncrally Acc¢pted Accounting Practice; .have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of t]ie finaiicial statements section of our report. We are independent ot the Charity in accordance 'ith the ethical rcquirciiientS that are relciwant to our audit of th¢ financial statctncnts in thc UK. including th¢ FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance ivith these rcquireincnts. Wc bcli¢v¢ that thc audit cvidcncc w¢ havc obtaincd is sufficicnt and appropriafr to providc a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial stateiiients is appropriate. Based on the work we have perfotiiied, we hai'e not identified any tnaterial uncertainties relating to eTrents or conditions that, individually or collectively. 11)a)w cast signiticant doubt on the charity's ability to continue as a going concern for a period of at least twelve months froin M,hen the financial statetnents are autliorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this rcport. Other inforniation The trustees are responsible for the other information. The other infortnation comprises the inforn]ation included in the annual rcport other thali the financial 5tatciiicnt5 and our auditor's report thcrcon. Our opinion on the financial statctncnts do¢s not cov¢r th¢ oth¢r infomiatioii and, ¢xL¢pt to thc ¢xtciit othcrwisc ¢xpliLitly ststcd in our rcport. wc do not cxprcss any form of assurancc conclusion theon. In ¢oniiection with our audit of th¢ financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materiall), iiiconsislent with the financial statements or our knowledge obtained in the audit or oihenvise appears to b¢ Inaierially missialed. If w¢ ideniify su¢h material
Independent auditor's report to the members of The Bentham-moxon Trust inconsiqtencies or apparent material misstatements, we are required to determine whether there is a material missialemeni in th¢ financial statements or a mal¢rial misslal¢ment of the oiher inforniation. If, based on the ork we have perforn)ed, we conclude that there is a material Inisstatement of this other information, we are required to report that fa¢t. We have nothing to report in this regard. Matters on whieh we are required to report by exception In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities Act 201 I requires us to report to you if, in our opinion.. bsufficicnt accounting rccords hav¢ not bccn k¢p( .the financial statcm¢nts arc not in agre¢tnent with the accounting records and returns- or 'we have not obtained all the information and explanations necessary for the puryx)ses of our audit. Responsibilities of the trustees As explained Inore fully in the Trustees, responsibilities statement, the trustees are responsible for the preparation of the fiiiancial strdlements and for being satisfied ihal Ih¢y give a true and fair view, and fi)r such internal control as they detemine is necessary to enable the preparation of financial statements that are free from material missLqtem¢ni, whether du¢ to fraud or ¢rror. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate tlie Cliarity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the tinancial statements as a whole are free from n)aterial misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordancc w'ith ISAS {UK) will alway5 dctect a tllatcrial Inisstatcmcnt whcn it cxists. Mis5tatciii¢nts can arise from fraud or crror and are con5idcrcd material if, iiidividually or in the aggrcgatc, they could reasonably be expcctcd to influciic¢ thc cconomic decisions of users takcn on the basis of thcK fiiiancial statcincnts. ItT¢gularities, including fraud. are instances of non-coiiiplianc¢ with laws and r¢gulations. W¢ dcsign proc¢dures in line with our rcsponsibiliti¢s. outlined above. to dctcct matcrial mis5tatcmcnts in rcspcct of itTcgularitics, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out bclow.
Independent auditor's report to the members of The Bentham-moxon Trust In identifying and assessing risks of material Inisstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures in¢lud¢d the following.. We enquired of management, which included obtaining and reviewing supporting documentation, conccrning thc charity'5 policies and procedurcs relating to.. identifying, evaluating, and complying with laws and regulations and ivhether they were aware of any instances of non-compliance- delecling aiid responding ¢0 ihe risks of fraud and whether they have knowledge of any actual, suspe¢t¢d, or all¢g¢d fraud. thc intcnial controls Cstablishcd to mitigate risks relatcd to fraud or non-cotllpliancc with laws and regulations. We inspe¢led the minutes of meetings of those charged with governance. We obtained an understanding of the environment that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements. We revi¢i¥ed the finan¢ial sialemenr dis¢losur¢s and i¢sl¢d iliese to supporting documentation to assess ¢omplianc¢ with appli¢abl¢ ac¢ounting srandard. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of Jnatcrial Iiiisststctnent due to fraud. In addressing the risk of fraud througli management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed ivhether the judgements 11)ade in making accoui)ting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Use of our report This report is mad¢ solely to rh¢ Charity's Iruslees. as a body, in accordance with s¢¢lion 144 of the Chariti¢s Act 201 l and the regulations made under section 154 of that Act. Our audit work. has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fiillest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees as a kndy, for our audit work, for this report, or for the opinions we have formed. Goldwins Limited Statutory Auditor and Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 17 June 2026 Goldwins Limited 15 eligible for appoinlJnent as auditors of the charity by virtue of its eligibility for appoiiilment as auditor5 of a cotnpaiiy under sectioii 1212 of the Cotnpanie5 Act 2006.
The Bentham-moxon Trust Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2025 2025 2024 Unrestricted funds Restricted funds Total funds Total funds Note Income from: Donations and legacies Charitable activities Investment income 8,726 8,726 1,942 240,874 140,013 106,752 246,765 Total income 148.739 106.752 255A91 242,816 Expenditure on: Raising funds Charitsble activities 3,550 159,007 3,550 283,371 4,115 291,221 124,364 Total expenditure 162.557 124.364 286,921 295,336 Net Income I lexpendlturel before net gains I Ilossesl on investments {13,8181 117,6121 {31,430} 152,5201 Nel Ilossesll gains on investments 1173,4081 1186,8161 1360,224} 206,291 Net income I lexpenditurel ft>r the year 1187,2261 {204,4281 1391,654} 153,771 Transfers belMeen funds Net movement in funds 1187,2261 1204,4281 1391.654} 153,771 Reconciliation of funds.. Total funds brought forward 4,170,709 3,873,159 8,043,868 7,890,097 Totsl funds carried forward 3 983,483 3 668.731 7.652 214 8,043,868 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. 10
The Bentham-moxon Trust Balance sheet As at 31 December 2025 2025 2025 2024 2024 Note Flxed assets: Investments 7.320.074 7,320,074 7,675.122 7,675,122 Current assets: Debtors Investments Cash at bank and in hand 10 11 16 57,929 63,057 300,000 357,460 720,517 617.560 675A89 Liabilities: Creditors.. amounts falling due wthin one year 12 343,349 1351,771 Net current assets 332,140 368.746 Total net assets 7652 214 8 043 868 Funds 14 Restricted funds Unrestricted funds.. Designated funds General funds 3,668,731 3,873,159 3,854,880 128,603 4.023,112 147,597 Total unrestricted funds 3,983.483 4,170,709 Total funds 7652 214 8 043 868 The financial stslements were approved and authorised for issue by the Trustees on 10th June 2026 and signed on their behalf by.. Dr Isabel Maria A. Larridon Chair The attached note$ form part of the financial statements. 11
The Bentham-moxon Trust Statement of cash flows For the year ended 31 December 2025 Restated 2024 Note 2025 2025 2024 Cash flows from operating activities: Net cash provided by I (used inl operating activities." 15 {277,9391 145,7291 Cash flows from investing activities: Inleresv rentl dividends from investments Salel Ipurchasel of fixed assets Salel Ipurchasel of investments Salel Ipurchasel of short term fixed asset investments 246,765 240,874 {8,7261 300,000 1103,6321 Cash provided by I (used inl investing activities 538,039 137,242 Cash provided by I (used inl financing activities Change in cash and cash equivalents in the year 260,100 91,513 Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due lo exchange rale movements 357,460 265,947 Cash and cash equlvalents at the end of the year 16 617,560 357,460 ** The prior year figures have been restsled in respect of the management charges (see Notes 9 and 151.
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 1 Accounting policies al Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pmclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 - effective 1 January 20191- (Charities SORP FRS 1021. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. bl Going concern The trustees consider that there are no material uncertainties about the charity's ability lo continue as a going concern. The trustees do not consider that there are any sources of eslimalion uncertainty at the reporting date that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next reporting period. cl Income Income is recognised when the charity has entillemenl to the funds, any performance conditions allached to the income have been mel, it is probable that the income will be received and that the amount can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probabilty of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entleMent to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question will not be required lo satisfy claims in the eslale. Receipt of a legacy musl be recognised when it is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Investment income is recognised when the Charity has notification that the income is re1vable and is certain. This is normally upon notification by the investment fund managers of the amounts of dividend or income that the Charity is going lo receive. Deposit income is included when receivable. Books sales and book royalties are recognised when the Charity receives notification of the amount due lo the Charity from the publishers and is only recognised when the income is certain and relates to the period in question. Income lax recovemble in relation to investment income is recognised at the time the investment income is receivable. dl Donations of gifts, services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service. any conditions associated with the donation have been mel, 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 IFRS 1021, volunteer time is not recognised. On reipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised In expenditure in the period of receipt. 13
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 1 Accounting policies Icontinuedl el Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. fj Fund accounting Unreslricled funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the Iruslees have decided al their discretion lo sel aside to use for a specific purpose. Restricted funds are funds which are to be used in accordance with specifi¢ restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fLJnd. The aim and use of each restricted fund is sel out in the Notes to the Financial Statements. Investment income, gains and losses are allocated lo the appropriate fund. gl Expenditure and irrecoverable VAT Expenditure is included in the Statement of Financial Acitivies on an accrual basis. Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefi't to a third party, il is probable that a transfer of economi¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single aelivity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events, non-charitable trading and investment management costs. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Charity's objectives. as well as any associated support costs. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Grants which 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 lo the individual. Grants made lo individuals include only those that are made for the direct benefit of the individuals who receive them. Grants payable are re¢ognised in the Statement of Financial Activities when the liability is committed and is then adjusted if the award is amended before the dale the grant is paid. Grants payable 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 when the conditions allaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. h) Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities or fundraising. SupF)Ort costs include back office costs, finance, personnel, payroll and governance costs which support the charitable programmes and aclivilies. These costs have been allocated beeen cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are sel out in note 5. 14
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 1 Accounting policies (continued) il Investments Fixed asset investments are a form of financial instrument and are inits'alty recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case Il is measured al cost less impaimienl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'gainslllossesl on investments, in the Statement of Financial jl Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepsymenls are valued al the amount prepaid net of any trade discounts due. kl Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 11 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. ml Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest method. 15
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 2 Income from donations and legacies 2025 Total 2024 Total Unreslricled Reslricled Legacies 8,726 8,726 Total 2025 8.726 8,726 Total 2024 Unrestricted income includes a fi'nal payment from the Dr Olive Burtt Legacy in the amount of £8,726. 3 Income from charitable activitiOS 2025 Total 2024 Total Unrestricted Reslricled Book Sales 1,942 Total 2025 1,942 Total 2024 1,942 1,942 4 Incomo from investmonts 2025 Total 2024 Total Unrestricted Reslricled Interest incomes Dividend incomes 22,864 117,149 22,864 223.901 23,723 217,151 106,752 Total 2025 140.013 106.752 246.765 240,874 Total 2024 137,192 103,682 240,874 16
The Bentham-moxon Trust Notes to the financial statements For the ear ended 31 December 2025 5 Analysi¥ of expenditure Grant Raising funding funds activities Support Governance costs Costs 2025 Total 2024 Total Staff costs Grant funding Krukoff Curator Graduate bursary Publication SRG digitisation project Symposiurn 2024 Impact Report Insurance Payroll & accountancy Training and recruilmenl Printing, postage, and stationery Sundry Investment management fees Trustees, expenses Meeting expenses Bank chaig8S Audit fees 22,794 22,794 135,782 35,715 56,950 9,159 13,378 20,087 171.524 35,452 51,323 4,012 135,782 35,715 56,950 9,159 13,378 2,000 488 620 2,000 488 20 457 720 375 171 85 4,115 126 180 25 6,000 16001 17 47 17 68 3,550 25 350 25 6,600 21 3,550 25 350 25 6,800 3.550 250,984 25,966 6,421 25.96S 125,9661 6.421 286,921 295,336 Support costs Governance costs 16,4211 Total expenditure 2025 3,550 283,371 286,921 Of the total expenditure, £162,55712024'. £175,426) was unrestricted and £124.36412024.' £119.9101 was restricte( Analysis of expenditure (prior yearl Compaiative figuie5 Grant funding activities Raising fvnds Support Goveman Costs costs 2024 Total Staff ws15 Grant funding Krukoff Curator Graduate bursary Publication Symposiurn 2024 Insurance Payroll Training and recruitment Printing, postage, and stationery Sundry Investment management fees Trustees, expenses Meeting expenses Bank charges Audit fees 20.087 20.087 171,524 35,452 51,323 4.012 684 457 720 375 171 85 4,115 126 180 25 6,000 171,524 35,452 51,323 4,012 684 457 720 375 171 40 45 4,115 126 180 25 6,(K)O 4.115 262,311 22,534 6,376 22.534 122,5341 6.376 295.336 Support costs Governance costs 16,3761 Total expenditure 2024 4.115 291,221 295.336 17
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 6 Net income I lexpenditurel for the year This is staled after charying I Icreditingl.. 2025 2024 Audit fees (excluding VATI 5.500 5,000 7 Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel staff costs were as follows.. 2025 2024 Salaries and wages 22,794 20,087 22,794 20,087 No employee earned £60,000 or more12024.'Nill. The Tru51ees are considered to be key management of the Charity. None of the Trustees have been remunerated or received any other benefits from employment with the Trust in the year to 31 December 2025 12024.Nill. One Trustee received £25 reimbursement for their necessary travel expenses in the year to 31 December 202512024'.£1261. Staff numbers The average number of employees employed during the year was as follows. 2025 2024 No. Support 8 Taxation The charity is exempt from corporation tax as all Ils income Is charitable and is applied for charitsble purposes. 18
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 9 Fixed asset investments 2025 2024 Investments at fair value- COIF Charities Investment Fund Quoted Investments 7.046.076 273.998 7,416,901 258,221 7,320,074 7,675,122 Movements Market value al the start of the year Additions Disposals Management charge Revaluations 7,675.122 8,726 7,366,454 103,632 13,5501 {360,2241 11,2551 206,291 Market value al the end of the year 7,320.074 7,675,122 All the fixed asset investments are held in the UK. The main risk lo the Trust from financial investment lies in the uncertainty of investment markets. Liquidity risk is considered lo be low as the Trust's investments are traded in markets with good liquidity and high trading volumes. The Trust manages these risks by investing the funds with fund managers who are considered to have expertise in their field and good knowledge of the market5 that they are Investing in. 10 Debtors 2025 2024 Due wlthln one year Other debtors Prepayments and accrued income 57,402 527 61,115 1,942 57.929 63,057 11. Investments (short temil 2025 2024 Money market funds: Treasury Bill 300,000 300,000 The short term investments include cash on deposit and cash equivalents with a malurily of less than one year held for investment purposes rather than lo meet short-term cash commitments as they fall due. 19
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 12 Creditors.. amounts falling due within one year 2025 2024 Grant payable '" Accruals and deferred income 334.149 9.200 343,871 7,900 343.349 351,771 'Grant commitments payable are analysed as below Grant Commitments Balance al New Grants 1 January Awarded 2025 Amounts Paid Amounts Balance at Written Off 31 December 2025 Unrestricted funds General funds Restricted funds The BA Krukoff Fund The Stanley Smith Gift Fund Marjorie Hurley Bequest 232,014 142,383 1130,3661 116,7771 227,254 63,324 47,973 560 101,824 22,944 6,500 1100,3111 128,5521 14631 64.837 35.559 6,499 16,8061 1981 343,871 273,651 1259,6921 123,6811 334.149 13 Analysis of net assets between funds General unrestricted Designated Restricted Total funds Fixed asset investments Current assets Creditors due within one year 3,854,880 3,465,194 310,432 1106,8951 7.320,074 675.489 1343.349} 365,057 1236,4541 Net assets at the end of the year 128,603 3,854.880 3,668,731 7,652,214 Analysis of net assets between funds (prior yearl General unrestricted Designated Reslricled Total funds Fixed asset investments Current assets Creditors due within one year Nel assets al the end of the year 4,023, 112 3,652,010 333,006 1111,857 7,675,122 720,517 351,7711 387,511 239,914 147,597 4,023, 112 3,873, 159 8,043,868 20
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 14 Movgmgnts in funds Statement of funds- currgnt ygar Al the start of the year Incoming resources Outgoing resources Gains1 At the end of (Losses) the year Restricted funds: The BA Krukoff Fund The Stanley Smith Gift Fund Marjorie Hurfey Bequest 3,046,979 626,156 200,024 85,416 16,462 4,874 {101,8241 116,1381 (6,4021 186,4731 191,8131 18,5301 2,944,098 534,667 189,966 Total roStri¢tod funds 3,873,159 106,752 {124,3641 {186,8161 3,668,731 Unrgstricted funds Designated funds.. Designated funds - all funds 4,023,112 {168,2321 3,854,880 General funds.. General funds - all funds 147,597 148,739 {162,5571 15,1761 128,603 Total unrestri¢ted funds 4,170,709 148,739 1162,5571 1173,4081 3,983,483 Total of funds 8.043.868 255.491 {286.9211 {360.224) 7.652.214 Statement of funds - prior year At the start of the year Incoming resources Outgoing reSoUrS Gains1 At the end of {Lossesl the year Restricted funds.. The BA Krukoff Fund The Stanley Smith Gift Fund Marjorie Hurfey Bequest 3,039,624 561,550 188,730 84,902 15,988 4,734 192,5881 129,4281 2,106 15,041 78,046 4,454 3,046.979 626,156 200,024 Total restricted funds 3,789,904 105,624 {119,9101 97,541 3,873,159 Unreslricled funds Designated funds.. Designated fund5 - all funds 3,916,611 106,501 4,023,112 General fvnd¥'. General funds- all funds 183,582 137,192 1175,4261 2,249 147,597 Total unrestricted funds 4,100,193 137,192 {175,4261 108,750 4,170,709 Total of funds 7,890,097 242,816 {295,3361 206,291 8,043,868 Purposes of funds The Trust does not actively seek new funds and therefore its investments are held lo generate income rather than directly fund expenditure. A designated fund has been created to match the unrestricted element of the investments held. Description of restricted funds.. The B.A. Krukoff Fund is for the study of African Botany. The Curator shall direct and devote his research activity lo the taxonomic and florislic study of the spontaneous vascular flora of Tropical Africa. If funds are available, these can be used to support a graduate sluéenL The Stanley Smith Gift Fund is for travelling to botanical institutions or participating in expeditions. The Marjorie Hudey Bequest is for the conservation of wldflower sanctuaries at Kew and Wakehurst Place. 21
The Bentham-moxon Trust Notes to the financial statements For the year ended 31 December 2025 15 Reconciliation of net income I (expenditure} to net cash flow from operating activities 2025 2024 Net income I lexpenditurel for the reporting period las per the statement of financial activities) Management charges Interest. rent and dividends from investments Ilncreasell decrease in debtors Increasel Idecreasel in creditors Net cash provlded by l (used Inl operatlng actlvltles 131.4301 152,5201 3.550 {246.7651 5,128 18,4221 {277,9391 1,255 1240,8741 101,400 145,010 145,7291 16 Analysis of cash and cash equivalents At31 December 2025 At 1 January 2025 Other changes Cash flows Cash at bank and in hand CCLA Charities Deposit Fund 107,460 250,000 116,9161 277,016 90,544 527.016 Total cash and cash equivalents 357.460 260.100 617.560 Analysis of cash and cash equivalents Iprior yearl A131 Deeember 2024 At 1 January 2024 Other changes Cash flows Cash at bank and in hand CCLA Charities Deposit Fund 165,947 100,000 158,4871 150,000 107,460 250,000 Total cash and cash equivalents 265,947 91,513 357,460 17 Related party transactions As referred to in the Trustees. report, the Trust is connected lo another charity, Royal Botanic Gardens IRBGI, Kew. This is by virtue of the objects of both 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 considered to be related party Iransaclions. 22