THE JAMES AND EVE 8ENNETh CHARITABLE TRUST REPORT OF THE TRUSTEES and STATEMENT OF ACCOUNTS YEAR ENDED 30TH JUNE 2025 SCOThISH CHARITY NO. SC038839
TrE JAMES AND EVE BENNErr CHARITABLE TRUST ANNUAL REPORT and STATEMENT OF ACCOUNTS YEAR ENDED 30TH JUNE 2025 PAGE CONTENTS ReFth ofthe Trustees Statement of FinanGial Active8 Balance Sheet Notes on Accounts 6-11 lThJependgnt Audilorfs Report to the Twsteos 12
THE JAMES AND EVE 8ENNErr CHARITABLE TRUST Report ofthe trustees for the year ended 30 June 2025 The Trusle8s have pleasure in Submitting Iheir Annual Report for the yoar ended 30th June 2025. finandal statements have been prepared in accordance wrth the accounting policies set out in note 1 lo Ihg a¢Unts and comply with the charitls trust deed, The Charities and Trustee Investment {Scolland} Act 2005, the Charitie$ Accounts (Scotlandl Regulations 2006 {as amended) and Accnunting and Reporting by Charities: Statemenl of Recommended Practice applicable to charities preparing IheiT a¢counls in accordance with the Financial Reporting Standard applicable in the UK and Rewblic of Ireland published on 16 July 2014. Obloctlvo¥ and •ctfvitlg$ Enable membeis of lent[fiC and IK)rticuMufal staff, of Ttte Royal Botanic Gaidens, Edinburgh. to participate In botanical fielOrkleXpe(lItions as alkjcaled by the TIu5tees. The intention is to consider 8pplKaltons onnually in OdoberlNovember, tsking into aoUn1 that thfj RBGE Expeditions Conwnittee may not have been able lo support through lack of funds. However, Ihe Trusl might be able lo respond lo applications that rgquire con$idoration al short nolice at other times of the year. Applications should be made in wrfting, or by e mail, to Ihe Trustees. and short report will be required on completion of the fieldwork. Commission botsnical painling$ as commissioned al the d5scretion of Trustees. Preference wlll be glven to subjects suitable for publication and exhibition. for example a series of painting$ on a Ihgme rolaled lo one of the Garden's PToiects. 'One-off paintings for example of a plant of outstanding merit 01 interest, which might fom basis of a monographic article, would also be con$ifJ¢rod. Appli¢81ions by membeis of sThenlificlhoTti(yJltural staff. or by artists, with suitable projects, should be made to the Trustees. While artists associated with th& RBGE w511 be gwen priorly, other artists will also be considered. CommissK>n ink drawlngs required to illustrate taxonomic publications (for example, papers for pumal5. rnonographs or floras) will also be supporled, and will bo granted in consutslion wlth the Director of Saèn¢8. Staff with relevant requirements should approach one of Ihe Truste8s or the Director of Scien. While artists assotyaled with the RBGE will be given prieAity. other artists will also be considered. Support the e£bnservalion of artwtsrk. archives and books held by the RBGE library following requests from the Head of Library S8Nces, vtho VAII submh a Ilst of Suhable projects to the Trustees annually. Award the Eve Reid Bennett Book Prize annually lo the most promising b8ginn8r in botanical art who has att&nd¥d ono of th8 Gorden's botanical art cours0$. Th& Twslees will b• adwsod by two of the wurse tutors. A review of the achievements and perfommnce The objectives ol the Charity during the year were lo m8ke don81ions as dètailed In the Trust Obp¢tNe$. The Trustees athieved this by makin9 donations as detailed in note 2 of the aountS lo the extent of Ihe revenue balance. Finan¢ial r¢vl•w Tho finanaol posrfion of the Trust at 30 June 2025 1$ as di$clos$d In the Statement of Finand81 ActilIeS, Balance sheet and Statement of Cash Flows on page 4. 5 and 6. The deficit from the income and 8xpenditure account is duo to donalions boirKJ shown as revgnug payments. The shortfall represents a payment frcyn capital. In¥tA*t pollcy and perforniance In accordance with the Trust Deed, the trustees have the power to invest in such stock5, shares. invostments and property in the UK as they s80 fit. Anderson Slralhem LLP (gry out disuelionary investment management. The policy is lo 0pt a medium risk strategy, balancing income and gro over the medium to long tem). The struc4ure of the portfolio during the year has been retained in line with ihis strategy. Risk rnanag•m•nt The Trustees have assessed the mapr risks to which the Charity is exposed. in parttcular those related to the operations and finance of the Tiust, and are satisfied that the systems ale in place lo mitigate their exposure to the major risks. Thg Tnjstees considgr the major risks to be fluctuation$ in thg value ol its investment portlolio and investment retums. The risks are mitigated by the use of extemal secretaries to ensure the or9anisalion stru¢tUfe is approprfale. The tmslees currenlly have 8 wlde range of skllls and seek advice where Ae¢essary. Securities are held by Anderson Slralhem Asset Managemenvstsndard Life, cash Is held by Stsndard Le an(i Anderson Slr8them LLP. Re89r¥es pollcy The Trustees Can make dislribulions from both Income and ¢apttal g8ins generated from investments, while rewnising the impCance of PTeservir¥J the real v41u9 of Ihe invastment portfolio over tiTr.
ThE JPAIES AND Eve 8ENNErr CHARITABLE TRUST R•port of the tnmteej forthe )rended 30 June 2025 Plan• for tlw fuiw The Trustees wish to continue to buihl the capital of tha fund, trkiro du• account Of risk, to •nabl8 th8m to have Sufflcaènt ld6 to M8etth8 various app981$ ¥e¢ewgd from the chosen catsgories. SltuctuveTr g0mOn and m3nagement Ths Tru$1 was ¢onstituted by Dr Dawd Rae and Dr HeNy Noltie by Dead of TrLUt é8t8d 25 Juty 2007 •nd 9tered Books of CouThol and se$$> on 19 March 2008. Th• TNst do•s not activety fundrai58 and $8eks to contlnug tho charKabl• work dèsirgd by lh¢ donor through th& eargfvl st•ward5hip el its •Sting re8our¢g8, Th8 int8ntion is to cons3¢r appliCatrrf annualty in OdoberlNoveffthr each year. AFplication8 Shoukl rn8de in writirg, or by e rnail, to the Trustees. K•y man•g•m•nt p•y•Ob•I r•mun•rntl¢ Gregory K?nicor and And•rson Strath8m LLP Sar4•tari85 look after the doy to day managennt ol th¢ TrusL AI Trustees give of their freety and no trustee femun•ration wo¥ paid year. Details ol trustee expenses and related paty transaction5 ate disd059d in nolo 2 to thg ac¢ounts. Trust8gS are wuired to di$dose 011 rvant inierests èn*Y rngist•r thèm with the Secr8tar488 and Sn accoanCe wlth Iho Trusf8 policy withdrawfr ded6lons where a confllo of interestarises. R•l•rnn¢• and adminl•tr4llv• Inlomiauon Dr Henry Nott re61gned Dr Grggory Kenicer Dr Hannah Atkins Anderson Stratham Trustsg Cgrrpany knted Dayto day management Anderson Strathem LLP Prfnclpal Offl¢e 1 Ruland Court, Ed¥nburgh. EH3 8EY Charity NuAkner'. SC038839 IThd•nd•nt Examln•Y Christine Stringer Chartered Accountants Flat19 15 Hughe8 Close Edinbur9h EH74FZ InvgStm•ntManag0rn And•r60n Strath8m Asset MaTha98m8nt 1 Rutland Court, Edinburgh. EH3 8EY
The JAMES AND EVE BENNETT CHARITABLE TRUST Report of th• trust••8 for the year onded 30 Jung 2025 Trustees. responsSbillties In relation to th• flnancSal gtatsmènts The charity trustees are responsible for prfrparing a Iru$tees' annual report and Ilnancial slalements in £ccord8nce with epplicable law and United Kingdc4n Accountin9 Standards (Unrted Kingdom Generalty Accepted AccolIng Practice). Thè Law applKable to charitvs in &oltand requires the charity trustees to prepare fmancral Statements for each year which gwe a Irue and fair view of the stste of affairs of the charity and of the incoming reSOUT¢e¥ and application of resources, of the charity for that period. In preparirvJ the financial statements, the trustee8 are required to.. seled suitable aeeounllvJ poltles and then app th8m con8l$lenty, observe the methods and principles in the applicable Ch8rities SORP,, make judgements and estimoles that are reasonable and prudent". slate whether applicable accounting standards have been foll¢)wed, subject to any material departures disclosed and explained in the financial statements-, prep8re the financk81 slalemenls on the going concern basi5 unless it 16 inapp¥opiiate to presume that the charty ¥MII continue in business. The IrLl8lees are responsible for kping pr¢)Pef accc4Jnting recc*ds that discbse wrth reasonablg U[acY at any time the financial position of the ch8rily and to enable them to ensure that the financial statements comply wrth the Charities and Trustee Investment {Scotland) Act 2005. the Charity Accounts (Scotlandl RegLllatnS 20C las amended), and the provisions of the Trust d88d. They arè also responsib for Safeguarding the assets of the ChtY aTrJ taking reasonable step$ for the preventicffl and deteCtn of fraud and other irreaularities. Th8 trustèes are responsible for the Maintenan and integrty of the charity and financial informalK in¢luded on the charity's wgbsits. Legislation in the United Kingdom governing the preparation and dissemination of finanual Statements may drffer from legislat in other jurisdictn$. AF¢)roved by ihe tru5188s on q J i), b 2 OLb arKI signed on their behalf by..
THE JAMES AIID EVE BENNETT CHARITABLE TRLBT ststement of Financlal Activltles for the Yearended 30 June 2025 2025 2024 NOTE Income Investment income Total Incom• 9.769 9.789 7229 Expendlture on: Raising funds.. Investment management costs 4,780 4347 Charitsble acbvilie$'. Donatlons Support and governance costs Cost of grant making Tolal exp•ndIrn 8,458 2,380 10,838 4.557 6.862 16.618 11.209 Net {exPendire111ncorne and n•t movement In fvnd$ b•fr*rn galn$ and los•o• on Inve8tmgnts 6.849 3.980 Net Ilossesy gains on inv8slm8nts N•t mov•mont In funds 15141 16.812 Totsl fund brought forward 332,625 318,813 Total funds carrled forward 332.111 332.625 All funds are unrestrlct8d The note5 on pages 7 to 12 fomi part of these acLounts.
THE JAMES AND BENNETT CHARITABLE TRUST 8alanc• Sh•et As at 30 June 2025 NOTE 202S 2024 Flxed assets: Investments at Market Value 323 124 321151 Current assets: Cash at Bank 11,506 13,414 Liabllltles Amounts falling due within one year Creditors 10 2,520 1,940 Net ¢urr6nt Ilabllltles 11,474 Total assets IWJS curront Ilabllftles 332,111 332,625 Tho fvnds of the charlty: As at 1 Juty 2024 Deficrt ffom income & expenditure account Recognised investrnent (losses} As at 30th June 202S 332,625 (5,8491 316,813 (3,9801 332111 332 625 Approved ty the Trustees and signed on their behalf by TRUSTEE 2026 The notes on pag8s 7 to 12 fom part of these xcounls.
THE JAMES AND EVE BENNErr CHARITABLE TRUST Year •nded 30 Jun• 2025 Notes to the accounts Accountlng Pollcles la) Basis of prwration and as8688ment of golng concern The a9nIS have been prepared under the historical c05t convention wfch items regniSed at cost or transaction value unless olhenvise Staled in the relevant nole{sl to these accounts. The financial statements have been prepared in accordance wih Ihe Statement of Recommended Practu.. A¢¢ounting and Reporting by charities preparing their accounts in accordance wth the Finan¢k41 Reporting St8ndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 issued on 16 Juty 2014, th• Charities and Tru$tee Inveslmenl Iseotlandl Act 2005 and the Charttles Accounts (Scolland) Regul81ion 20C6 las amende(11. The trust constiluies a public benefit enlty as defmed by FRS 102. The Tnjslees considei that there are no material urKertainties about the Trust's abilty to conllnue as a going concem. The most signrficant areas of adjustment and key assumption5 would be from muttFye8r grant eommitmenls, the Trustees only do this in excepli)nal circumstances. With respect to the next reporting per*)d. 2017-18, the most significant areas of uncertainty that gffect the carrying value of assets held by the Trust ar8 th8 level of investment return and the performance of investment markets {seè the investment polw and performance and risk management section$ of the trustees, annual report for more Infom110n}. (bl RKonciliation with prwlous Generalty Accepted Accountlng Practlce In pr8riftg the accounts. the trustees have consNler&J whether in applylng the xcountlng polich?s required by FRS 102 and the Charities SORP FRS 102 a restatement of comparalive btems was needed. Gainsllosses from investments now form part of the rbet income. (cl Funds Slru¢turo Vnre$tri¢ted in¢ome funds comprise those funds which the trustees are free lo use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds ere the trustees, al their discretion, have ¢roaled a fund for a sixlfic purpose. All ts funds ofthe trust are unrestrthd.
THE JAMES AND EVE BENNETT CHARITABLE TRUST Year ended 30 June 2025 Notes to th• accounts Idl In¢om• recognition All income is recognised once the charity has entitment to the income, f( is probable that thg income will bè received and the amount of income receN8ble can be measured relkgbly. Donations, are recognis8d when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is 5ubjed to conditions that requwe a Ve1 of perfoTmonce before the chaiity is enlilled lo the fljnds, the income is deferrgd and not recognised until elther those conditions are fully mel, or the fuffilmenl of those conditM$ is wholty within thè control of the charity and it is probable that those ryjnditions will be fuilled in reporting perKJ. Interest on funds held trn d8posit is included when receivable and the amount can be measured reliabty by the charity-, this is nomially upon nolrfication of the interest paid or payabte by the bank. Dwidends are reccgnised once the dwidend has been declareLI and notification has been recwved of the dividend due. This i5 normally upon notification by our investrnent JvY60r of the dividend yigkl of the investment portfolio. (el Expendilura recognltlon Liabilities are recognised as expendrture as soon as there is legal or constructNe oblig81icffi committing the charity lo that expendiiure, il is probable that settlement will be Nuired and the amount of the ligation can be measured relkgbly. All expenditure is accounted for on an accruas basis. All expenses including support wsts and govemance costs are all¢xaled or apportioned to the applicat4e expendrture headings. For more InfomiotiM on this attribution refer to note (gl below. Grants payable are payments made lo third parties in the furtherance of the chaTitsble objects of the Trust. In the cose of an uncondflional grant effer this is accrued Or the recipient has been notified of the grant award. The nOtallOn gives the recipient a reasonable expectation that they wll receive the one-year or mulli-year grant. Giants awards that arfr sU.9¢t to the recipient fulfillin9 perfomance COndrtns are only accrued when the recIpnI has been notffd of the grant and any remaining unfulfi118d Condrtion 8ttaining lo that grant is outside of the control of the Trust. Provisions for grants are made when the intertt to make a grant has been communiG*ed to the recipient but there is uncertainty as to the timing of the grant or the 8mount of grant payab. The Trustees do not nomially make mumi-year grants but encourage recipients to reapply wherg there is a particular interest. Ig) Allocation of support and govemancg Gosts Support costs have been allocated btheen govemance costs and other support ¢o$ls. GovernarKe costs comprisè all costs involving the public accountability of the charty and ils compliance with regulation and good practice. These costs include costs related to ststulory audit and leg81 fees together wi(h an apportionment of overhead and support st$.
THE JAAIES AND EVE BENNETh CHARITABLE TRUST Year onded 30 June 2025 N¢)tes to th• accounts (h} CoBts of ralslng funds The costs of rnising funds conslst of inveStnnI management costs and certain legal fees. (Il Charitabltr ctiviti• Costs of cholitsble ac1lrfS include grants made, g0vemae $ts and SUpprt (x)sts as shown in note 5. fjl Fixed invwtm•nts Investmènts are a fom of basic ftnanclal Instrument and are inthally recognSsed at thelr transactton value and subsequenlty measure(l al their falr value a$ al the balance sheet dale using the dosing quoted market price. The Stalement of ffinancial acti*lties includes the net gains and Ios6es arising on revalualitin and disposals througul the year. The main fomi ol financial risk faced by the Charity is U)al of volalilily in ffjuily mafrts and investment markets due to wider economi¢ condilions, the attitude of investors lo investment risk, and thanges in sentiment concomiTh3 equities and within particular sedor5 or sub sectors. (kl Reallsed galns and lossos All gains ¥nd losses are tsken to the Stslement of Finanoal Actiirities as Ihey arise. Realised gains and losses on investments are calculaleit as the difference behveen sales proceeds and their opening Carrying value or their purchase value if acquired subsequent lo the fifst day of the financ4al year. Unrealised gains and 105ses are Ca1lated as the differgncg bett¥een the fair value al the year end and Iheir canying v8lu9. Rgalised and unrealised investment gains and losses are combined in Ihe Statemenl of Financial Admties. Relatsd party tranBactloM and tru¥t•8S' eXP•n8 and r•munerntlon The Tru$lees all givg fr9ely thgir time and exportiS8 W5thoul any form of remuneration or other benefrt In cash or kind12024.' £rdD. Inv8skn•nt Incom• 2025 2024 Dividends and fixed interest S8curiti8S Inière81 on cash deposrts 9,205 564 6,709 521 7230 All income is unrestrKted.
THE JAMES AND EVE BENNErr CHARITABLE TRUST Yoar ended 30 June 2025 N4)ts8 to th• •¢¢ounts Inve8iment management 2025 2024 Investment management fees 4.780 Al investment management costs are attributsble to unre$trKted funds. Allo¢atlon of gov•mance •nd Support G05ts 2025 2024 Govtrrnance Independent Examinerfs fees 540 Support costs SecretsTies fees 1,765 2,380 Analysis of ¢h8rftablg •xwnditurn The charity undert8kes its tharitable a¢tNitlgs through grant making and 8wardgd grants lo a number of Individuals in fiJrth8rance of its ¢h8ri1able *iwlies. 2025 2024 fthard Brown Claire Banks Jessica Rickenback Susan Hoy PTiZe fund Royal 8otsnic Gardens projèct Rebecca Hilgenhof Columba fieldwork Jacqueline Pe5tell endemic plants 3.451 652 1.910 1,995 1,000 2,500 1,445 All charitable expendlture was attributable to unréstricted funds.
THE JAMES AND EVE 8ENNEfT CHARITABLE TRUST Year end 30 June 2025 Notes to tho ac¢ounts Flxed Asset Inv8slJnonts Movement in fwl assel listed investsnents 2025 2024 Market value brought fomard at 1 July 2024 Add.. a¢Jdrtions to inveslmenls at cost Disposals at CaTng value Add nel Ilossllgain on revaluation Market value as al 30 June 2025 321,151 6,508 19,791) 303,890 177.161 1178,185) 323 124 321 151 Nel Gash released from invesiments in the year was £3,361 {2024.. £2,S311. All investments are carTi8d al their fair value. Investment$ in equities and fixed interest securities are all traded in quoted publlc markets, primarily the London Stock Exchange. Holding$ in Common investment funds, unil trusts and opennded inveslmant companles are at the bid piice. The basis of fair value for quoted investments is eqUIvanI to the market value, using the bid prK8. Assol sales 8nd purchases are rece<JnIS at th8 date of trade al cost (that is the transadion value). The Significan of financial instruments to the ongoing financial su5tainabilty of the Trust 15 conswjered in the financial review and investment poliw and performance sectirm of the TnJstee8' Annual Report. The Trust relÉ$ on a combinath)n of capbtal and growlh from portfolio investrnerts and dmdend and bond coupon income to finance rts work. The value of the portfolio investments fluctuates with mad(et values. The principal risks to thé market value of financkgl instruments held in the trusts portfolio relate lo interest rale movements. foreign exchanga ratè movements and inter-reL91ed levels and changes in velS of economic grvwlh and inflation. Govemment policies have an influence on Ihese factofs. Risks lo income include the same factors, which influence divhJen¢J kvels and the credIrth1n9s8 of bCd counlerpartw. Investor expectations, which affect the market price of investhents are r&Lgled to these fors. but are not abNays objectively derivwj. 10
THE JAMES ANO EVE BENNErr CHARITABLE TRUST Y8ar ended 30 June 2025 Notss to the accounts Analysls of current assots 2025 2024 Royal Bank of Scotland CMS account Standard Life Wrap Total 7.685 8.483 4.931 All cash at bank Telates to unrestrioled funds in both 2025 and 2024. 10 Analy$is of current Ilabllttles and long term eredito Crgdltors under 1 yèar 2025 2024 Anderson Sirathern Accountancy fee Independent Examiners fee 1.620 1.080 .520 All creditors in 2025 and 2024 relate to unre$tnded funds. There aré no creditors over 1 year. 11 Analysls of charitable funds Roali$¢d and Unrealised Galns and Lo$so5 Balan¢? blfvld Fund InGome Expendlture 332 625 9769 15,818 332,111 11
IRdÈpdffi1 Examlner's P10th•TjsIee5 | OftlamesrA Bennell ClwltabkThxt I veport on thact0tmtsforhtyw•Jtd 30June 2025 R•5P•¢tknre5pon51biMf•s ofThrteÈsand ePer4dtEafflkMr The thaiity'$ TfUStee5 are iwonslble for 1h8 preparatlon of the acojunts irf atcc¥dance wlth the tern of the Charitie5 al Tnwee Investr {8dI Att 21IJ5 and the Otltles Accounts tscotlandl Re8ulatlMs 2006 la$ ametxledl. The CharftyTrnsleè5 (l1dertha1 the aud re¢wlremwrt of RegulèVon 10111101 to 1¢) of the e810n5 doe5 not apply. It ts my re5ponsibWrty to ¢YamlnÉ the a¢efJunts a5 rqutred under sectlon4411l Icl of the# ar to state whetherpartlcuL4rmatters h8bt¢om¢ to my •ttenknon. ol Independent EMamlnssl•tTrf My eKamlnatiat7 is cafrted ¢wt In accordance wilh Ro8ulathn 11 of the 2006 Att¢uftts Reaulatlons. An èxamlnatlon kncludes a iwlew of the aOntIne records kept by the Trust and a o)rnpartson of ihe accounts pented vjlth tlw records. It also Indude5 con51derotion of any umsual iterns or d15closure5 In the a¢unIs. and seeks expl?naUon5 from the TfU5tee5 concemln8 ary such mattws. fv procedure5 undeftsken do not provlde all hlence that would be rwulred In an audi¢ and nUen1ty I do not ypre55 ax ¥Jdltoplnh)n onthevlew8lven bythe a¢coun Ind•pendort EumlneesSt•t•morrt In the course trfmyexarnlmlion. no m•tter has tome to my attenimjn: whkh 8t¥es mereasonable tusÈto bdtwethatln any materlal respect th¢ reqIreMents: to keep xco¥ntlng Teto$ In accordance wlth Sertlon 44111 lal pf the 2(5 Aet ¥Dd Regulation 4 of the 21X)6AC¢tsUIIts RUlatn5.. and to preparè accounts whlch accord with the ¥¢U[1ng records and Comply wtth ReBulation 8 of ihe2006Px¢tsunts Re8ulations: ha¥enot be met,. or towhlch. in my oplnlott, attenvon ShOd be drawn In order t¢" wable a proper uThderstarKllr of theaccountstobereached. Chrbuno strkyr Independent Exzmlner 2026 F&l 19 IS Hughos Clos• ELnburgh EH7 4FZ 12