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The Godman Exploration Fund was set up in 1920 following the gift of £5000 by Dame Alice Godman, widow of Frederick Ducane Godman (1834-1919), the zoologist. In a letter dated 24 May 1919 she directed that the money should become the nucleus of a fund 'for the acquirement of specimens, chiefly by exploration', and that it should be vested in the hands of five trustees, one of whom should be the Director of the Natural History Museum and another the Speaker of the House of Commons. A deed to bring her wishes into effect was drawn up on 26 May 1920, and the first grant was made to F V Sherrin to support his zoological collecting in Queensland. From 1920 to 1932 all the grants went to zoological collecting, but from 1933 botanical, entomological and geological projects were also supported.
The Fund was augmented in 1929 when Michael Rogers Oldfield Thomas (1858-1929), the Curator of Mammals, died, leaving the residue of his estate to the Godman Trustees. This amounted in the end to just over £6000 together with the lease of a house in Carlyle Square, which was sold in 1959.