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
M￿lagers..
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 actI￿tieS
. 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.d￿ard 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(￿L￿1¢ 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 the￿on.
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 entl￿eMent 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 re￿1vable 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 re￿ipt, 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 be￿een 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
reSoUr￿S
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