THE BENTHAM-MOXON TRUST (Registered charity no. 305966 ... · THE BENTHAM-MOXON TRUST REFERENCE AND...
Transcript of THE BENTHAM-MOXON TRUST (Registered charity no. 305966 ... · THE BENTHAM-MOXON TRUST REFERENCE AND...
THE BENTHAM-MOXON TRUST(Registered charity no. 305966)
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2012
THE BENTHAM-MOXON TRUST
REPORT AND FINANCIAL STATEMENTSFor the year ended 31 December 2012
CONTENTS
Page
Reterence and administrative details
Trustees' report
Independent auditors' report
Statement of financial activities
Balance sheet
10
Notes to the financial statements 11
THE BENTHAM-MOXON TRUST
REFERENCE AND ADMINISTRATIVE DETAILSFor the year ended 31 December 2012
Trustees Professor 0. Simpson (Assistant Keeper of the Herbarium, Library, Art and Archives,Acting Keeper - Chairman)Ms. R. Bower, OBEProfessor W. Chaloner, FASM. Gritfiths (resigned 15 November 2012)Lady E. InsallDr. P. Smith (Head of Seed Conservation, Royal Botanic Gardens, Kew)
The Board of Trustees shall consist of no fewer than three and not more than six competent persons, being one ex-officio member and not more than five co-optatives. The one ex-officio Trustee is:
The Keeper of the Herbarium, Library, Art and Archives,Royal Botanic Gardens, Kew
Secretary / Treasurer Mr. M.C. Godfrey
PrIncIpal Office Royal Botanic GardensKewRichmondSurrey TW9 3AE
Auditors MHA Macintyre HudsonChartered Accountants & Statutory AuditorNew Bridge Street House30 - 34 New Bridge StreetLondon EC4V 6W
Bankers Cater Allen Private BankAbbey National House2 Triton SquareRegent's PlaceLondon NW1 3AN
Investment managers COIF Charity FundsCCLA Investment Management Services LimitedSenator House85 Queen Victoria StreetLondon EC4V 4ET
Rathbone Investment Management Ltd1 Curzon StreetLondon W1J 5FB
THE BENTHAM-MOXON TRUST
TRUSTEES' REPORTFor the year ended 31 December 2012
The Trustees of The Bentham-Moxon Trust present their report and financial statements for the year ended31 December 2012. The Trustees confirm that the annual report and financial statements of the Trustcomply with current statutory requirements, the requirements of the Trust's governing document and theprovisions of the Statement of Recommended Practice (SORP) 'Accountin9 and Reporting by Charities(revised 2005).'
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal structure and governing documents
The Bentham-Moxon Trust was founded by a Scheme of the Charity Commissioners for England and Walessealed on 18th September 1984, combining the Charity of Geor9e Bentham, founded by will on 11thDecember 1884 and the Charity of James Edward and Louisa Sarah Moxon Memorial Fund, founded by willon 20th September 1920 and 22nd July 1930 respectively. All the charities and funds administered by theTrustees are treated as a single charity for purposes of accounting and registration with the CharityCommission. The Trustees must, however, ensure that the funds for each charity are spent for the purposesof the charity.
The governing documents are the 1984 Scheme and requests made by the donors of the individual funds.The Trustees have created a mission statement that embraces all the funds' objectives and sets out the long-term objectives of the Trust.
The charities and funds that make up Bentham-Moxon are listed below:
General FundsGeorge Bentham Trust; James Edward and Louisa Sarah Moxon Memorial Fund; Florence HamiltonMemorial Fund; Miss D R Butcher Bequest; Stanley Smith Gift (Other Purposes) Fund; Eleanor ConstanceBor Trust; Kew Bicentenary Fund; Kazimierz & Winifred E A Kaminski Memorial Fund; Mr. William RonaldMarshall Bequest; Jan Gillet Bequest; the Metcalfe Cup; Donald Dring Memorial Prize; Henry ldris MatthewsMemorial Travel Scholarship Fund; John Gilbert Prize; Landsmans Bookshop Prize; Perkins Fund, for theuse and benefit of the Herbarium at Royal Botanic Gardens, Kew; Pat Brenan Memorial Fund; FrankKingdon-Ward Fund; and George Conrad Johnson Fund.
Restricted FundsB A Krukoff Fund for the study of African Botany, Stanley Smith Gift (Travel and Expeditions) Fund andMarjorie Hurley Bequest for the Conservation of Wild Flowers at Kew and Wakehurst Place.
Endowment FundsSainsbury Orchid Trust Fund for the Sainsbury Orchid Fellowship, Conservation Officer and support oforchid work at Kew.
Governance and management
The Trust is managed by the Trustees, who delegate day-to-day responsibility to the Secretary/Treasurer.The approval of all financial transactions is evidenced by two signatories from the three authorisedsignatories, two Trustees and the Secretary/Treasurer.
The Trustees meet twice a year, currently in June and November. At the November meeting the Trusteesreview grant applications and make grants for projects that further the work of the Royal Botanic Gardens,Kew. The size of the Trust makes it possible for all the Trustees to take part in the grant decisions.
THE BENTHAM-MOXON TRUST
TRUSTEES' REPORTFor the year ended 31 December 2012
Statement on risk review
The Trustees consider that the major risk facing the Trust is the potential reduction in value of itsinvestments. The major part of the Trust's investments is held in COIF Equities, the pool fund managed byCCLA with the smaller part invested in a segregated fund managed by Rathbone Investment ManagementLimited. The Trust now has the benefit of advice from two separate investment teams and, for part of itsinvestments, is able to determine the asset allocation. The Trustees review these arrangements annually.
Appointment and training of Trustees
As the Director of the Royal Botanic Gardens, Kew wished to resign as a Trustee in 2011, the Trusteesagreed a change in the composition and appointment of the board of Trustees. In order to keep the balanceof three Trustees with direct experience of the Royal Botanic Gardens, Kew and three drawn from outsidethe organisation, the Director now appoints two Co-optative Trustees from Kew's senior management(previously he appointed one). The Keeper of the Herbarium, Library, Art and Archives remains an ex-officioTrustee. The two Co-optative Trustees appointed by the Director are currently Rebecca Bower and Dr. PaulSmith. The other Co-optative Trustees are appointed by the Bentham-Moxon Trustees. Co-optative Trusteesserve for five years but can be reappointed. The small size of the Trust makes it possible for new Trusteesto understand quickly the work of the Trust. Prior to becoming a Co-optative Trustee, a new Trustee has theopportunity to discuss the Trust with the Keeper and the Secretary/Treasurer and is given the previousyear's minutes and board meeting papers. The Trust is fortunate in that it is able to appoint Trustees whohave considerable knowledge of the work of the Royal Botanic Gardens, Kew and other charities. TheTrustees therefore see no need for formal Trustee training but keeps this under review.
Relationship to other charities
The Trust is related to another charity, Royal Botanic Gardens, Kew by virtue of the objects of bothorganisations being related and because the Keeper of the Herbarium, Library, Art and Archives is an ex-officio Trustee and two of the Co-optative Trustees are appointed by the Director from the Royal BotanicGardens, Kew senior management.
OBJECTIVES AND ACTIVITIES
The Trust's mission is to provide financial support for botanical collections and research and publication thatfurther the work of the Royal Botanic Gardens, Kew.
In furtherance of the Trust's objectives, grants are made in the following three main areas:
Plant collection and field research expeditions
Overseas botanists visiting or working at RBG, Kew
Travel to botanical institutions and attending conferences
ACHIEVEMENTS AND PERFORMANCE
56 applications with requests totalling £141,455 were received in September 2012 (58 in 2011 totalling£149,740). There were also 9 applications in 2012 for conference attendance with requests totalling£34,140.
THE BENTHAM-MOXON TRUST
TRUSTEES' REPORTFor the year ended 31 December 2012
25 awards were made with grants totalling. £54,757 (32 in 2011 totalling £64,246). A further £8,000 wasawarded for attendance at the Legumes Conference (Johannesburg) and the Monocot Conference (NewYork). 16 awards were made for field collecting and research (17 in 2011). 8 awards were made to assistoverseas botanists visiting and working at Kew (15 in 2011). 1 award was made for a project at Kew
The promotion of the Trust's annual grant scheme on the Bentham-Moxon website on the Kew Intranet andat a half day Symposium at the Jodrell Lecture Theatre, worked well in 2012. This will be retained.
The Trust has continued to sponsor the travel scholarship scheme run by the Royal Botanic Gardens,School of Horticulture with six students being awarded Stella Ross-Craig Scholarships. All the studentsreport on their travel project and make presentations at the Kew Mutual Improvement Society. The StanleySmith Fund has continued to support third year students taking part in the Almeria field visit. Four annualschool prizes were awarded.
The Krukoff Fund continued to support Kew's work on African Botany by financing the Krukoff Curator ofAfrican Botany, the editorial and production costs of Flora Zambesiaca publications and freelance work onthe Flora of Tropical East Africa. It has also proved possible to make two awards for African projects in theannual awards scheme.
In 2012 the annual income from the Sainsbury Orchid Trust Fund supported the Sainsbury Orchid Fellowand the start of a long term orchid project in Madagascar.
FINANCIAL REVIEW
The Trust's total incoming resources for the year rose slightly to £247,039 from £246,909 in the previousyear. This is mainly attributable to an increase in bank interest and dividend income from investments whichtotalled £242,659 (2011 - £238,990).
Total resources expended increased to £234,420 from £229,396 in 2011 - a rise of £5,024, or 2.2% - mainlydue to the charge for the Krukoff Curator salary being higher than the previous year.
The Trust achieved net incoming resources for the year of £12,619 (2011 - £17,513), before investmentgains of £488,462 (2011 . losses £312,065). As a result, total funds rose from £5,363,214 to £5,864,295.The Trust has substantial liquid funds and the balance at the bank is sufficient to meet its grantcommitments.
In 2012 the capital value of the Trust's investments rose to £5,751,341 from £5,267,252 (2011), a gain of9%. The Trust's fund managers forecast that equity markets will remain volatile but should continue theirrecovery.
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THE BENTIIAM-MOXON TRUST
TRUSTEES' REPORTFor the year ended 31 December 2012
Reserves policy
The Trust has two types of unrestricted reserves, those held in the COIF Equity Fund and the segregatedfunds managed by Rathbones and those represented by non-investment assets. The former have beendesignated by the Trustees to be retained by the Trust in order to maintain the value of its annual grant-making in real terms, the main activity of the Trust. The latter, the unrestricted non-investment assets, ortree reserves', are held as working capital and to fund minor unforeseen circumstances. The Trustees haveagreed that the free reserves should be maintained at the level of approximately three to six months' non-grant expenditure, in 2012 equal to approximately £16,000 to £32,000. The tree reserves held at the yearend were £25,133.
PLANS FOR FUTURE PERIODS
The Trustees set themselves the following objectives for 2013:
1. To maintain the Trust's emphasis on its annual awards scheme by using a high proportion of theTrust's discretionary annual income on it, together with the use of restricted funds where appropriate(Stanley Smith Travel, Marjorie Hurley Wildflowers at Kew and Wakehurst Place and the Krukotf Fundfor work in Tropical Africa).
2. To generate good quality applications for grants through the promotion of the Trust's scheme to Kewstaff and associated botanists and horticulturalists.
3. To support the students at the Royal Botanic Gardens, Kew School of Horticulture.
4. To continue to use the Krukoff Fund to further Kew's work in Africa through the funding of the KrukoffCurator of Atrican Botany, to publish Flora Zambesiaca and the start of a new collaborative project inMozambique.
5. To extend the range of work carried out with support trom the Sainsbury Orchid Fund, with a long termOrchid research Programme in Madagascar.
6. To support a bee and plant conservation programme at Kew Gardens with the income from theMarjorie Hurley Fund.
7. To administer for the Royal Botanic Gardens, Kew, Foundation and The Amar-Francis & Foster-Jenkins Trust an annual award scheme, the Emily Holmes Memorial Scholarships, for botanistsworking for post graduate qualifications.
8. To maintain CCLA and Rathbones as investment management teams.
The Trustees will maintain the present emphasis on the Trust's annual grant awards, continuing to supportfield collections and research that furthers the work of the Royal Botanic Gardens, Kew. The Krukoff Fund iscommitted to supporting African Botany and FZ publications. The annual income from the Sainsbury OrchidFund will continue to support the work of the Sainsbury Orchid Fellow. While the main focus of the SainsburyOrchid fund will remain supporting the work of the Sainsbury Orchid Fellow, other orchid projects, to bedetermined by the Director of the Royal Botanic Gardens, Kew, will be undertaken when funds permit.
THE BENTHAM-MOXON TRUST
TRUSTEES' REPORTFor the year ended 31 December 2012
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and the financial statements in accordancewith applicable law and United Kingdom Accounting Standards (United Kingdom Generally AcceptedAccounting Practice).
The law applicable to charities in England/Wales requires the Trustees to prepare financial statements foreach financial year which give a true and fair view of the state of affairs of the Charity and of the incomingresources and application of resources of the Charity for that period. In preparing those financial statements,the Trustees are required to:
• select suitable accounting policies and then apply them consistently,• observe the methods and principles in the Charities SORP,• make judgements and estimates that are reasonable and prudent,• state whether applicable accounting standards and statements of recommended practice have been
followed, subject to any material departures disclosed and explained in the financial statements; and• prepare the financial statements on a going concern basis (unless it is inappropriate to presume that
the Charity will continue in operation).
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explainthe company's transactions and disclose with reasonable accuracy at any time the financial position of theCharity and which enable them to ensure that the financial statements comply with the Charities Act 2011the Charity (AcOounts Reports) Regulations 2008 and trust deed. They are also responsible for safeguardingthe assets of the Charity and hence for taking reasonable steps for the detection and prevention of fraud andother irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial informationincluded on the Trust's website. Legislation in the United Kingdom governing the preparation anddissemination of financial statements may differ from legislation in other jurisdictions.
PUBLIC BENEFIT STATEMENT
The Trustees confirm that they have complied with their duty to have due regard to the guidance on publicbenefit published by the Charity Commission in exercising their powers and duties. The public benefit of theCharity's activities is the advancement of science principally by the financial support of Royal BotanicalGardens of Kew outlined under 'Objectives and Activities' above.
AUDITORS
The auditors, MHA Maclntyre Hudson, have indicated their willingness to continue in office and offerthemselves for re-appointment.
This ort was approved by the Trustees on 20 June 2013 and signed on their behalf by:
soc' Jav SimpsonChairman
Independent auditors' report to the Trustees ofThe Bentham-Moxon Trust
We have audited the financial statements of The Bentham-Moxon Trust for the year ended 31 December 2012which comprise Statement of Financial Activities, the Balance Sheet and the related notes. The financialreporting framework that has been applied in their preparation is applicable law and the requirements of theFinancial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally AcceptedAccounting Practice applicable to Smaller Entities).
This report is made solely to the Charity's Trustees, as a body, in accordance with regulations made undersection 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to theCharity's Trustees those matters we are required to state to them in an auditors' report and for no otherpurpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other thanthe Charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
RespectIve responsibilities of Trustees and auditors
As explained more fully in the Statement of the Trustees' Responsibilities, the Trustees are responsible forthe preparation of the financial statements which give a true and fair view.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance withregulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on thefinancial statements in accordance with applicable law and International Standard on Auditing (UK andIreland). Those standards require us to comply with the Auditing Practices Board Ethical Standards forAuditors.
Scope of the audit of financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficientto give reasonable assurance that the financial statements are free from material misstatement, whethercaused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate tothe Charity's circumstances and have been consistently applied and adequately disclosed; the reasonablenessof significant accounting estimates made by the Trustees; and the overall presentation of the financialstatements.
In addition, we read all the financial and non-financial information in the Trustees' Report to identify materialinconsistencies with the audited financial statements. If we become aware of any apparent materialmisstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the Charity's affairs as at 31 December 2012, and of its incomingresources and application of resources, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice applicable to Smaller Entities; and
• have been properly prepared in accordance with the requirements of the Charities Act 2011.
/Continued
Independent auditors' report to the Trustees ofThe Bentham-Moxon Trust(Continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us toreport to you if, in our opinion:
• the information given in the Annual Report is inconsistent in any material respect with the financialstatements; or
sufficient accounting records have not been kept; or
• the financial statements are not in agreement with the accounting records and returns; or
• we have not received all the information and explanations we require for our audit.
LA-HA UcLcln$yQ RuA502z
MHA Maclntyre HudsonChartered Accountants & Statutory AuditorNew Bridge Street House30 - 34 New Bridge StreetLondon EC4V 6BJ
Date: 3;L1 2oiT .
1;]
INCOMING RESOURCESIncoming resources from generated
funds:Investment incomeDonations and similar income
Incoming resources fromcharitable activities
Other incoming resources
TOTAL INCOMING RESOURCES
RESOURCES EXPENDEDCosts of generating funds:
Investment management costsCharitable activities:
Botanical grants and researchexpenses
Governance costs
TOTAL RESOURCES EXPENDED
Net incoming resources before otherrecognised gains and losses
Other recognised gains/losses:Gains/(losses) on investments
THE BENTHAM-MOXON TRUST
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 December 2012
Unrestricted Restricted Endowment Total TotalFunds Funds Funds Funds FundsNote 2012 2012 2012 2012 2011
£ £ £ £ £
2 75,904 166,755 - 242,659 238,990
- - - 1,000
3 246 3,418 - 3,664 6,394716 - - 716 525
76.666 170.173 - 247,039 246,909
9 4,373 - 4,373 3,429
7 60,162 158,088 - 218,250 214,763
5 11,797 - - 11,797 11,204
7 76,332 158,068 - 234,420 229,396
534 12;085 - 12,619 17,513
9 161,975 158,950 167,537 488,462 (312,065)
NET MOVEMENT IN FUNDS 162,509 171,035 l6lS37 501,081 (294,552)
TOTAL FUNDS AT 1 JANUARY 2012 1,774,361 1,806,091 1,782,762 5,363,214 5,657,766
TOTAL FUNDS AT 31 DECEMBER 2012 £ 1,936,870 £ 1,977,126 £ 1,950,299 £ 5.864,295 £ 5,363,214
The annexed notes form part of these financial statements
9
1212
1212
FUNDSEndowment fundsRestricted fundsUnrestricted funds:
Designated fundGeneral fund
1,782,7621,806,091
1,774,361
1,950,2991,977,126
1,911,73725,133
THE BENTHAM-MOXON TRUST
BALANCE SHEETAs at 31 December 2012
AXED ASSETSInvestments
CURRENT ASSETSDebtorsCash at bank and in hand
CREDITORS: amounts falling duewithin one year
NET CURRENT ASSETS
NET ASSETS
Notes
2012
2011£
£ £
£
a
5,751,341
5,267,252
10 87,288
86,349207,165
170,219
294,453
256,568
11
(181,499)
(160,606)
112,954
95,962
£ 5,864,295
£ 5,363,214
£ 5,864,295
£ 5,363,214
The financial statements have been prepared in accordance with the Financial Reporting Standard forSmaller Entities (effective April 2008). They were approved, and authorised for issue, by the Trustees on20 Ju 013 nd signed on their behalf by:-
__________________________________________ PROFESSOR DAVID SIMPSON, Chairman
________________________________________ PROFESSOR WILLIAM CHALONER
The annexed notes form part of these financial statements
10
THE BENTHAM-MOXON TRUST
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2012
1. ACCOUNTING POLICIES
a) Basis of preparation of financial statementsThe financial statements have been prepared under the historical cost convention and in accordance withthe Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities published in2005, applicable accounting standards and the Financial Reporting Standard for Smaller Entities (effectiveApril 2008).
The effects of events relating to the year ended 31 December 2012 which occurred before the date ofapproval of the financial statements by the Trustees have been included in the financial statements to theextent required to show a true and fair view of the state of affairs at 31 December 2012 and the results for theyear ended on that date.
14 Fund accountingUnrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for useat the discretion of the Trustees in furtherance of thegeneral charitable objectives.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particularpurposes. An Endowment fund has been created, reflecting the value of unrestricted investments held togenerate income.
Endowment funds represent non-expendable capital funds. The income generated from such funds is utilisedin accordance with the directions of the donor and is treated as movements on restricted funds.
Restricted funds are funds that are to be used in accordance with specific restriction imposed by the donorsor which have been raised by the Trust for specific purposes. The aim and use of each restricted fund isdescribed in the Trustees' Report.
c) Incoming resourcesIncoming resources represents the total income during the year comprising donations, investment income,book salesand royalties.
d) Resources expendedResources expended are included in the Statement of Financial Activities on an accruals basis.
Grants which are made to individuals to carry out research projects are regarded as a grant to an institutionwith which the individual is connected rather than as a grant to the individual. Grants made to individualsinclude only those that are made for the direct benefit of the individuals who receive them. Grants payableare recognised in the Statement of Financial Activities when the liability is committed and is then adjusted ifthe award is amended before the date the grant is paid.
Expenditure which is directly attributable to specific activities has been included in these categories. Wherecosts are attributable to more than one activity, they have been apportioned across the cost categories on abasis consistent with the use of these resources. In particular support costs have been allocated betweencharitable expenditure and governance costs of the Trust, in proportion to staff costs on those activities,which in turn has been apportioned on an estimated time basis. Governance costs include the costs of auditandstrategic management of the Trust.
2. INVESTMENT INCOME
Unrestricted Restricted
Funds Funds
2012 2012
£ £
Total TotalFunds Funds2012 2011
£ £
Dividend and interest income 75,354 166,755 242,109 235,590Bank interest receivable 550 - 550 3,400
£ 75,904 £ 166,755 £ 242,659 £ 238,990
11
211
27761
211
2056I
77,41724,40320,33755,41412,6316,0001,633
197,835(6,482)
191,353
4 450
£ 191,803
79,64032,84720,15852,01410,9026,0001,820
203,381(7,466)
195,915
4 450
£ 196,365
THE BENTHAM-MOXON TRUST
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2012
3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
Unrestricted Restricted
Funds Funds
2012 2012
£ £
Total TotalFunds Funds2012 2011
£ £
Book sales 3,418 3,416 6,211
Royalties 246 - 246 183
£ 246 £ 3,418 £ 3,664 £ 6,394
4. GRANTS PAYABLE
2012
2012
2011
2011
No. £
No. £Institutions - Royal Botanic Gardens, KewSainsburys Orchid FellowKrukott Curator of African BotanyFlora Zambesiaca ReviewAnnual Award - Research grantsStanley Smith Travel grantsStella Ross-Craig Travel grantsOther grants and awards
Less: Grants previously awarded but not taken up
IndividualsScholarship prizes
5. GOVERNANCE COSTS
Unrestricted Restricted
Funds Funds
2012 2012
£ £
Total TotalFunds Funds2012 2011
£ £
Audit tees payable to auditorsAllocation of salary costs
6. STAFF NUMBERS AND COSTS
SalaryNational insurance
7,500 - 7,500 7,0324,297 - 4,297 4,172
£ 11,797 £ Nil £ 11,797 £ 11,204
2012 2011
£ £
16,000 15,5001,189 1,186
£ 17,189 £ 16,686
There was one part-time employee in the year (2011 - 1).
The Secretary / Treasurer's salary was tor general charitable purposes except that 25% was allocated to thegovernance of the Charity.
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Market valueAt 1 January2012AdditionsGains/(Losses)on investmentsManagement charge
At31 December2012
5,267,252 5,482,746
- 100,000
488,462 (312,065)(4,373) (3,429)
£ 5,751,341 £ 5,267,252
HIstorical cost £ 2,390,881 £ 2,390,881
Analysed as follows:COIF Charities Investment FundQuoted investmentsCash held as part of portfolio
5,215,586 4,772,098
526,993 476,372
8,762 18,782
£ 5,751,341 £ 5,267,252
THE BENTHAM-MOXON TRUST
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2012
7. ANALYSIS OF TOTAL RESOURCES EXPENDEDStan costs Other costs
£ £
Total 2011
£ £
Botanical grants & research expenses:Grants, tees and prizesConsultancyOther administrative expenditure
Total charitable expenditureCosts of generating fundsGovernance costs
- 196,365
• 1,530
12,892 7,463
12,892 205,358
- 4,373
4,297 7,500
£ 17,189 £ 217,231
196,365 191,8031,530 4,05020.355 18,910218,250 214,7634,373 3,42911,797 11,204
£ 234,420 £ 229,396
Resources expended include:2012 2011
Auditors' remuneration:Audit fee
£ 7,500 £ 7,032
Details of staff costs are given in Note 6.
8. TRUSTEES
During the year, no Trustee received remuneration (2011 - £NIL). No member of the Board of Trusteesreceived the reimbursement of any expenses (2011 - £NiI).
9. FIXED ASSETS INVESTMENTS
2012 2011
£ £
13
THE BENTHAM-MOXON TRUST
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2012
10. DEBTORSDue within one year
Sundry debtors
Accrued income and other debtors
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grants payableAccruals andother creditors
2012 2011
£ £
6,000 1,000
81,288 85,349
£ 87,288 £ 86,349
2012 2011
£ £
167,708 147,24613,791 13,360
£ 181,499 £ 160,606
12. STATEMENT OF FUNDSBrought Incoming Resources Investment CarriedForward Resources Expended gains/Transfers Forward
£ £ £ £ £ENDOWMENT FUNDSSainsbury Orchid
Trust Fund £ 1,182,762 £ Nil £ Nil £ 167,537 £ 1,950,299
Dividend income earned on Endowment investments has been reflected in the Restricted Funds.
RESTRICTED FUNDSThe BA. Krukotf
FundThe Stanley Smith
Gift FundMarjorie Hurley
BequestSainsbury Orchid
Trust Fund
DESIGNATED FUNDSInvestment fund
£ £ £
£ £
1,391,271 68,376 (65,726)
127,182 1,521,103
264,682 12,519 (10,902)
24,510 290,809
91,013 3,708 (1,820)
7,258 100,159
59,125 85,570 (79,640) - 65,055
£ 1,806.091 £ 170,173 £ (158.088) £ 158,950 £ 1,977,126
£ £ £ £ ££ Nil £ Nil £ Nil £ 1,911,737 £ 1,911,737
The Trust does not actively seek new funds and therefore its investments are held to generate income ratherthan directly fund expenditure. A designated fund has been created to match the unrestricted element ofinvestments held.
SUMMARY OF FUNDS £ £ £ £ £Endowment Funds 1,782,762 . - 167,537 1,950,299Restricted Funds 1,806,091 170,173 (158,088) 158,950 1,977,126Designated Funds - - - 1,911,737 1,911,737General Funds 1,774,361 76,866 (76,332) (1,749,762) 25,133
£ 5,363,214 £ 247,039 £ (234,420) £ 488,462 £ 5,864,295
The purpose and use of each of the funds are described in the Trustees' Report.
14
Unrestricted fundsDesignated FundsGeneral Funds
Total
THE BENTHAM-MOXON TRUST
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2012
13. ANALYSIS OF NET ASSETS BETWEEN FUNDSInvestments
Net Current Total
Assets Funds
£ £
Endowment FundsSainsbury Orchid Trust Fund
1,950,299
1,950,299
Restricted FundsThe BA. Krukoff FundThe Stanley Smith Gift FundMarjorie Hurley BequestSainsbury Orchid Trust Fund
1,495,698 25,405 1,521,103
288,252 2,557 290,809
85,355 14,804 100,159
20,000 45,055 65,055
1,889,305 87,821 1,977,126
1,911,137 - 1,911,737_________ 25,133 25,133
£ 5,751,341 £ 112,954 £ 5,864,295
14. RELATED PARTY TRANSACTIONS
As referred to in the Trustees' report, the Trust is connected to another charity, Royal Botanic Gardens(RBG), Kew. This is by virtue of the objects of both organisations being related, and because RBG, Kew hasa right to appoint up to three of the Trustees of the Trust, with a maximum of three remaining Trustees beingco-opted by existing Trustees.
All grants made in the year, as detailed in note 4, furthered the work of the RBG, Kew. Research grantstotalling £38,957 (2011 - £24,196) were made to Kew botanists and these awards were made on a similarbasis as to other applicants. Grants previously made but not taken up totalled £7,466 (2011 - £6,482).
The Trust supported the Royal Botanic Gardens, School of Horticulture with six travel scholarships, part ofthe costs of a Third Year Students' Field Visit and four school prizes totalling £9,750 (2011 - £9,750).
The Trust was also responsible for the administration of the Emily Holmes Memorial Scholarship scheme,acting as an agent of the Foundation and Friends of the Royal Botanic Gardens, Kew. All the funding,£6,000, was providedby the Foundation.
15
£ £
3,418246
3,664
242,109550
242,659
716
247,039
£ £
1,000
6,211183
6,394
235,5903,400
238,990
525
246,909
(229,396)
175l3
(312,065)
£ (294,552
The Bentham-Moxon TrustDetailed Income and Expenditure AccountFor the year ended 31 December 2012For management in formation only
2012 2011
INCOMING RESOURCESDonations
Incoming resources from charitable activitiesBook salesRoyalties
Investment incomeDividend income on quoted investmentsBank interest receivable
Other incoming resources
Total incoming resources
EXPENDITUREStaff costsGrants, fees and prizesOther consultancy feesInvestment management costsAuthors fees and booksAdministration costs (see below)
Total resources expended
Net incoming resources
Unrealised (Iosses)/gains
Net movement in funds
17,189 16,686196,365 191,8031,530 4,0504,373 3,4296,291 4,9788,672 8,450
(234,420)
12,619
488,462
£ 501,081
Administration costs
£
£Insurance
191
191Meeting expenses
861
1.107TelephoneAudit fee
7,500
7,032Payroll expenses
120
120£ 8,672
£ 8,450
16