GALAPAGOS CONSERVATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Company Number.. 03004112 Registered Charity Number-. 1043470 CGiiserviltion Trusi
GALAPAGOS CONSERVATION TRUST CONTENTS Pages Reference and Administrative Details Report of the Trustees 3-13 Independent Examiner's Report 14 Statement of Financial Activities 15 Balance Sheet 16 Cash Flow Slatemenl 17 Notes to the Financi31 Slalemenls 18-31
GALAPAGOS CONSERVATION TRUST REFERENCE AND AOMINISTRATIVE DETAILS Governing Document: Memorandum and ArtIGles of Association Charity number.. 1043470 Company nymber. 03004112 Registered Address= Galapagos Conservalion Trust 7-14 Gieal Dover Stieel London SE1 4YR Trustees: Charrnian Carnes- Chair Michael Drake- Vice-chair Jonathan Lea - Honorary Treasurer Philipp8 C3fie Sandra ChaFIIy Chris Jarreii Dr Rebecca Nesbit Jane Tozer Dr Marta Tufel Key management personnel.. Chief Executive Officer.. Deputy ChFef Executive Officer.. Sharon Johnson Jen Jones HONORARY ROLES PsIdent.. Monty Halls Amba$sador$'. Sir James Barlow Bt Liz Bonnii) Angela Darwin Sarah Damin PhD Julian Fillei Stanley Johnson Randal Keynes Dorothy Lalsis Godfrey Merlen Henry Nicholls Antje Sieinfurth Jennifer Stone
GALAPAGOS CONSERVATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner- M A Wilkes FCA Azels Audit Servi Charteied AccntantS 2n'J Floor, Regis House 45 King Wslliam Street London EC4R 9AN Accountants.. Clarity Grantham Linoolnshire Solicitors.. Stone King Sewell 16 St John's Lane London EG1M4BS Bankers= Lloyds Bank plc 1 Legg Street Essex CMI 1JS CAF Bank Ltd Kings Hill Wesl Malling Kent ME19 4TA
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES Welcome from our Chair To all Galapagos Conservation Trust members and supporters. GCT began 2020 with a new wave of optimism and energy. with the GCT team posed and rarirrg lo Implemeni our new three-yeai strategic plan We gol off lo a lanlaslic slart. howevei we did not envisage the COVID-19 pandemic and ils continued irnpact a year on. Thanks to our loyal donors. wtto supported us throughout 2020. GCT maintained a good level of Income during the year despite this unforeseen setback. ending 2020 In a Inuch belter posilion than anticipated whg1 the pandemic first slruck. Despite the closedown ol the islands. we worked closely with our partners on the ground to replan piogrammes and minimise the Iiiipact on our work, enabling us lo continue 10 deliver oulslanding science. Conservation and edLtiOn Initiatives whi15t expanding our efforts lo respond to the COVID-19 crisis. As an immediate respons& lo the pandemic, the GCT Board agreed an exceptional donation to provide essential PPE to Islanders. whilst speedily adapting our educational materials lor home leamillg Looking to longer-lerm Impacts, we are now supporting local livelihoods affected by the reduction In tourism income. such as providing jobs for loc41 people to collect plastic from beaches. whvh In turn wll protect the unique wildlife of lttese eanted Isles. Pro9rÈmme work cA)niinued both on land aiid sea throughout 2020 Our Endangered Sharks of Galapagos proieGI locussed on protecting sharks and other rn311ne life against the inue3S1119 threats of induslrial fishing and negative iinpaeis ol climate change The need for an nG[ease In mar5ne protected areas In the waters surround111g the island8 was the theme (>1 oui viriual Galap3gos Day event. which also formed a Goie part of our political advocacy work By eontinuing to 9alheF ciilical scientific evidence 2nd continuing efforts In 2021 working with the newly elécted Ecuadorian President and his incoming arJmii)Islration. we have high hopes that protection will be granted foi the creation of the crrtical migratory swimway between the Galapagos Maiine Reserve and Cocos Island in Cosla Rica On land. the important eradication phase of our Ilagsh5p Floreana prcoramme Is now scheduled foi 2023. Crilic£l research for reintioduttions Grjntinued In 2020 foi several wondertul bird speoes Including the vibrznt vermillion Ilycalchei The culrnination of years of haid WOFk by GCT aiid all our partners is now very much in sightl We were very excited to end such a drfficutt year wrth the news that in partnership with ihe University of Exelei. we vieie suEsSful In our bid for a major four-yeai grant from the Global Challenge Research Fund. to forge forw8rd with oiir work to rid the Islands of plastlc W3s1e However. we were equally disappointed when we received the news early this yeai. that our funding had been hil by the ODA loverseas aid) cuts We are coiitinuing lo fight back against the Catastrophic impact of these cuts as we continue to lobby the UK government foi reinstatement of these funds in 2022. Like the rest of the world, we are unsure what further Impaels lie zhezd but. today as I write this. l awn buoyed by the news that the Islands are now free from COVID-19. and by the support we have received. fiom you. our incredibly loyal supporters and partners Ihroughoul 2020. Although we remain cautious our plans we are also optimistic for 2021 and the lulure. Our optimism Is grounded In our sliong staff leam and Board of Tiusiees. bul mosl Itnportanlly Il com&s from knowing Ihat we have such a loyal group ol supporters, who have not lorgoiien us, or the Islands and its wondrous wildlife. during Ih1S most turbulent of times I hope we Can share our passion for Ihe Islands with you On again. al our Galapagos Day evenl in October 2021. Our focus will be on the Itnpact of climate change on G31apagos, In the lead LIP lo the UN Cliin31e Change conleieno ICOP261 to be held ITr Glasgow In Novenibei This will be a key moment lor Galapagos and the world, as we gather critical scientific evidence on the Impact of cliillale change on the Islands and prepare for local voices lo be heard at this significant conference, where nations will come itsgelher 10 Strengthen ambitions to prolecl the most vulnerable to the ellecls of climate change. Thank you once again for all your support. We really coukj nol have survived 2020 without you, and neither could the is18nds and the Incredible species and people who live In this, one of the most spectaculai places on Èarth Chèrmian Caines Chair, Galapagos Conservation Trusl
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES The Trustees have pleasure in presenting their ArTrnual Report and financial StatentS for the year ended 31 Dmber 2021. The financial statement has beer) kyepaied In accordance with the accounting policies set out in note 1 to the accounts and coinply with the charity's Memoiandum and Articles of Association. the Charities Act 2011 and A¢counting and Reporti9 by Charities Sl8teFneni of Recommended Pia¢tice applicable io ch81ities preparing their accounts in a¢cordsnce with the Financial Reporting Standard applicable In the UK published on 16 July 2014 and updated by Bulletin OBJECTIVES ANO ACTIVITIES The Ga12P3gos Islands Is one of the most unique and ecologically Important. but vulnerable. sreas in the wodd We have over 25 years of experience supporting Impactful collservation programtres acioss the Aichipelago and partner with Ecuadorian authorities. NGOS, ltscal communities and leadin9 scientists, both In Galap3g05 and worldwide. By raising funds and awareness in the UK. we are able to support alld deliver projects in Galapagos and respond to key threats lacing Ihe Islands, focusing on restoring natural h8bit3t, protecting threalened species and diiving sustainable solutions, helping to contribute to the overall management of th1s unique ecosystem. Our Mission" The Trust support5. develops and promotes projects that achieve measurable ¢onservalion. sustainable living. and protection of the environment ol Galapagos. At the start 012020 we launched a new three-year strategy funning until the end of 2022. Despilè the COVID-19 pandemic affecting our work Ir) 2020, we continued lo work towards our four strategic obie¢lives 11 Our programmes. We 8re balancing the gfealest need of the Islands with fundraising and communicating our activities to our donors. whilst keeping wildlife and the protectK)n ol species al the heart of our work Our progiamines tackle the most pressing threats to Galapagos invasive speci&s. climate change and the human footprint. To do this we locus on three pillars of work. Il Restoring Habitats, encompassing our first flagship programme. Restoring Floreana Island. ill Protectlng Species within four key species groups. Galapag05 giant lorloises. land bird5. Iguanas and sharks iiil Driving Sustainable Solutions through aCleratIon of our second flagship programme, Plasti Pollution Free Galapagos. and our education prograrnrnes. Discovering Galapagos and Conneding with Nature 21 Our incomè We are investing our fundraising to meet our piogramme aspirations To do th15, we are eveloping our strategy to drive major donor Income and secure unrestricted income Ihiough a refreshed Individual giving programme We ale continuing lo diversity our Income lo ensure It remains reliable by securing u1ti-ye31 Iiust and Individual donations and Increased Income from new corp(Kate partnerships 31 Our communications". We are Inlryraling our communications wrth our programme areas and fundraising messaging We Zfe developing our communicalions sliategy which outlines OLJr pioaclive approach lo the media to support our individual giving drive. Vve are using our events progratnme to engage new audiences and secure new and continued support for our picorammes. 41 Our oryanisation.. We have a strong sel ol values and nurture a culture of growth and development within the GCT family We are investing In OL5r team to reach our straiegic aspirations with additional support across the org3nisalion 8s we prepare lor growth
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES ACHIEVEMENTS AND PERFORMANCE 2020 A¢hièv8ments A year like no other. 2020 highlighled the urgent need to continue our conservation work whilst suppofting local communities during the global pandemic. Like the UK, Galapagos went into lockdown in March 2020 and since then, louiism numbers have remained low Afthough this may appear beneficial foi the local wildlife. In reality. lockdown meant vital fieldwork was postponed. coastal cleaning ceased and 8 glowing ptrlential Ihieèl from oveiexploilation ol the natural rèsouices by people In desperate need ol income The pandemic highlighted GCT'S Ilexibilily and ability lo adapt as staff and project partners remained working al home. both In the UK and arotsnd the world. The persevèrance. flexibility and passioi) of the team has meant that In 3 year which saw many charities sliuggle with lui)draising. GCT was able to secure vital funds foi Galapagos and maintain ils direct proiecl spend oli Ihe Islands GCT thrived under strong lezdership and at the eTrd of Ihe year managed to invest in It$ team with the recruitment of Iwo iiew roles Oli the Islands. although Gases have fallen, many local restrictONS ctsntifiue For Instance, schools In Galapagos have remaiiied closed since April 2020. mpading children's education. and meaning that many parents la the additional challtrnge of home-schooling Only wrth prompt action 2nd help from our supporieis and proieel pzrtners. are WÈ able to combat the threats to G318pagos lo achieve our vis50n to conserve. sustain and protect the unique n8ture 2nd beauty of the Galapagos Archipelago In perpetuity We want lo Ihaiik all our members and donois who gzve 10 GCT In 2020 - your generosity ttas meanl GCT can contintse to build on rts recent successes and rtrive the vital ccnservation projects helping lo protect the unique habrtals ol Galapkgos. COVID Relief Projects In response to the pandemic, GCT had lo adapt ils programme ot activities to needs on the ground in Galapagos, giving GCT the opportunity and challenge lo develop new and Innovative ways of working In April, as an Iminediale response lo the pandemic and shortly after Il was confirmed that coronavirus had reached Galap3gos. the GCT Board agreed a one-off donation to support the Islands. This Initial clonation vias made via our long-lemi partner. Conservation Iniernational. lo provide essentl81 PPE to S8fegu8rd local f3rmers and the fishing community whilst m8king food deliveries. As the pandernic evolved. two ol the largest threat5 to the conservation of Gal&pa9os were the reliance on tourism income and imported food fi.om the mainland As both Income sources and supply chaills were disrupted, scientists on the ground had concerns that native wildlife would be oveiexploited In response GCT funded the launch of a new small-sca1e urbaii gardening project on San Cristobal To date. this PFoi8cI has helped over 90 families miligale some of the financial hardships of thè pandemic by giowirng their own food. Over 75ty/0 of food in Galapagos is imported froill the mainland so empowering sliLJggling families to grow their own food Is hugely beneficial As well ès seeds and practical gardening lips. the educaiional gardening packs Included links lo videos on the importance ol bLiilding community. and activities to help families bond and connect them lo their outside space The educational outreach contents helped childrèn improvè their understanding of plants and the Importance of conserving endemic species Our outreach activities were severely affected by the pandemic as all field acaivities were cancellèd froTh April. Our outreach staff crealed Innovative Interactive horne learning resources for children on the Islands in response to the closure ol schoo15. which has continued into 2021 To support edLJcation and oulieach on the Islar)ds, GCT produced 'home schooling packs for paients or teachers to use at home or In virtU81 clèssiooms The packs, pioduced both In Spanish and English, focused on our marin6 projects heSping stLJdenis to explore ihe oceans. the threats lacing marine life and potential solutions lo tackle them As part of our Plastic Pollution Free Galapagos programme. we supported a '¢ash for work, scheme laurthed by the United Nations Development progiamme IUNDPI Ecuador under their 'Save Galapagos Islands. empower Its people" campaign. GCT donated lo the fund which allowed over 90 local beneficiaries lo be paid lor their help with lo¢al bea¢h cleans across Sanla Cfuz. Isabela and San Cristobal Islands. Ourin9 two of these clean up events. we trained and supported two young scientists to pilot our Garbology photography melhods. using archaeologi¢al techniques to slLidy plastic polI110n This dat3 will be uploaded to GCT'S Crtizen Science portal where the public will be able lo analyse their origin and journeys This will feed Into our more ¢omprehensive Plastic Pollution Free Galap&gos progratnme research into plastic sources and accumulation sites. Like staff in the UK. many ol our scientists worked trom home and switched locus to ¢ru¢ial insighfful data analysis. however Some iesearch activrties were also able to continue later in the year. Here is a summary ol the impact on ou 5¢1Èn¢e Ènd conservation programmes.
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES ACHIEVEMENTS AND PERFORMANCE Icontinuedl Rostoring Habitats Restoring Floreana Island This ambitious. long-teirn progiaTnme is Currèntly in the preparation and miligation phase. with the overall aim of eradicating invasive rats and fefal cats and ulliFnately completely restoring the ecosyslem on Floreana. ensuring the survival of the 55 threatened specie5 present there as well as reintroducing the 12 locally extinct species. Unfortunately, due lo lae 2020 outbreak of COVID-19. the eradication phase has been delayed. with 2023 the new largel This de13y, although unexpecled. alloiv5 the team lo explore and Incorporate Gost-efficient Infrastiuclure an(J technologies (such as using drones for bailing instead of helicopters) to significantly reduce spend. In 2020, GGT ¢ontinued lo support the salary ol Durrell's Florean3 Mrtigation Officer who reluined lo Floreana In November 2020 to undertake miligatior) activities which will conclude mid-2022. These activities Include buildino adjustments to the captive holding aviaiies $0 they are ready for the eradication phase.. post-ielease monitoring tsl finches previously held in captivity during the tiials In 2019. baseline bdiVersitY studies which arè crrtical lo assess the irnpacl of the bart during pradicatioTr. the removal ol invasive predators on Floreana s native fauna, and reintroduction feasibility studies on bird species Including vermillion flycatcher. grey warblèr-finch. vegetarian linch and G813pagos rail. In the first quartei 012020, GCT provided finan¢ial support to Is13nd Conservation. the lead NGO on the programme, who ale continuing to engage the local community on Floreana and work with the biosecurily agency We were unable to contillue our supptsrt ol the reintroduction phase of this proieGt due to Institutiollal changes at Massey Universrty however th1s will be a key frUS lor GCT in the future as the eradication oneE again draws dosef. Projecling Species Thè story of'Hop•' and'coco, GCT has beefi supporting marine conservation through their Endangered Sharks of Galapagos programme which buiY( upon the success of our Galap3gos Whale Shark Project znd now encompasses several other endangeied shaik5 and mafine species found within the Galapagos Marine Reserve IGMRI In May 2020. the te3rn was excited lo announce the tracks Irr)m a juvenile female whale shark called Esperanza, or 'Hope'. After beiqg lagged IR Sepiember 2019. Hope travelled over 4COO naLrtical miles from Galapagos towards the Southern Pacthc Ocean arouniS French Polynesia In just a lew monttts. In Apri12020 rt looked like she was heading back to Galapagos If she returnèd, this track would have been the first reoorded migration back to the GMR. However, in May. Hope's tag slopped transmitting. Devastated. the team checked hei last know posrtion and tracks. lévhal they found was nol protnising Although we Cannot know for sure. the evidenG8 suggesis that Hope may have been caught in an area of high fishing intensity. The slory of Hope highlights the high risk to whale sharks whenever lttey leave a Marine Protected Area IMPAI like the Galapagos Marine Reseple. It also demonstrates the importance of expanding our MPAS and advocaling for new laws lo protect these endangered species. GCT support5 the proposed Cocos-Gal8p3gos Swimway lan area of protection which would link the GMR wrth Cocos Marine Reserve, Costa Rical and an expansion ol the GMR Sinoe 2018 GCT has been helping our science partners gather Important evidence needed to drive forward the piotection of the GMR and the surrounding ocean. In Augusl 2020. GCT part funded the annu21 research trip to Darwin and Wolf Islands The team identified a fur1her 25 whale sharks for the gltsb21 photo-ldentilicatior) dalabase, bringing the iolal identified in Galapago$ to over 600. Six tagged whale shark5 transmrtted suceesslully lor long enough to provide useful dala Of these six, "Coco" Is the first iecorded track of a wha shark Iravelling between the GMR and Cocos Islaiid and fLJrthei highligh15 the Importance ol the proposed Swimway. In 2021, GCT will continue to support this CfLscial work alongside scientists and others to en$ the sharks of Galapa905 are protected throughout Iheii tfavels. Galapagos Tortoise Movement Ecology This progiamrne has been running. with GCT support, foi over len years The project team, lèd by Dr Steve Blake, ¢ontinues lo track the movements of hatchling tortoises on Santa Cruz island In 2020. the team tagged 21 hatchlings from two dffjFeient nesting zones. The team will analyse the data collected as part of the lifetime tracks project in 2021 to determine how environtllenlal conditions influence the survival ol Galap3gos tortoises, iTrcluding egg mortality and hatchling growth and mortality. Work continued on tortoise health studies lo understand the impact of human 8ctivrtiÈs. Baseline health samples have now been co11ecled fiom over 600 Individual lorioises There weie plans to publish the results from Ihis data In 2020 however this Is now likely to happen in 2021. In 2020, the team hired a new Principal Investigalor IPII in Galapagos This role is vilal In Implementing conservation managemeni a¢lions. InclLJding invasive species managetnenl to Improve nest securrty and Galapagos National Park Iia150n It is hoped that 2021 will be a new chapter In the conservation ol this species. building on the ttigh-qualtty research undertaken over thè last ten years.
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES ACHIEVEMENTS AND PERFORMANCE Iconttnuedl Land Birds of Galapagos Projèct This programme area en¢oiNpasses our long-running Mangrove Finch Project ai)d Little Veiillilion Flycatcher Project launch8(J In 2019. 2020 was the third year that the Mangrove Fiiioh Project leaim focussed entirely on Éechniquès to piotecl iiestlings In their natural nests duririg the peak of the breeding season Unfortunately. due lo the c105ure ol all Protected Area Networks In Ecuador In response to the pandemic. the team had to cut short their field trip Meaning that no nest was lully treated lo protect chicks IrcHn the invasive Ily Philornis dowi?sff and. even more tragically, the team do not know whether any of Ghicks fledged at all for the whole breeding season. A pc)silive Is that the team did. for the fiist time In several years find more breeding pairs. with a total of fDUrteen recorded compared with ten In 2019 and 12 In 2018. The lirsl year ol the Little Vermilion FIyc2tcher Proie¢l was SUGoessful despte the fseldwork being stopped e211y In 2020 The ieam clearèd six plois of Invasive planl species which Improved acces5 to vital feeding orounds for the vermilion IIyc31chers on Santa Cruz. Reducing predator pressure via rat coTrtrol was another key objective achieved. After placing tiait stations in Ihe six plots last October. only one nest out of 11 f3iled due to predalioii In comparison Its 22,10 ol nests outside of the controlled plots The team 8Is0 saw the successful fledging ol six chicks from three nests. all of which had been treated with Insecticide to protect against the parasitic fly Philornis dowpi.81. Driving Sustainable Solutions Plastic PolIlOn Free Galapagos In 2020, we continued lo develop this programme which launched In 2017 Its dim 15 to tackle plastic pollution across the Arehipelxgo. reducing the negative impact of the glowing number ol people living on and wsiling the Islands. Waste coming from souroes at sea lie fishing vesselsl and drifting In from key mainland Sour$. The main acliviliès for this programme in 2020 Included. Supporting Conservatn International's ICII Galapagos clean-up projed. Although activities weie stopped due lo the pandemic In M31ch, they were able lo iesurne In Seplewber abiding by local COVID regulations The leatn cleaned over 168km of coastal and undeiwater sites, wilh 512 participants collecting 10.950 k9 of w8Ste. The team mostly found plastic Items 187°/o of Items al remote sites 3nd 84Q/ts 31 sites near poilsi, Including bottles. bottle taps. toothbrushe5 and combs These clean-ups support outreach on the Islands through volunteer p3rtlClP3tion and support economic alternatives to local Galapagos fishermen by fenling their boaiq and paying for their labour In 2020 the project also supported humanitarian efforts by delivering food kits to vulnerable people during the pandemic. GCT will continue 10 support monitoring and clean-up of costal sites In Galapagos In 2021. An assessinent of the suitabilily of dione survey methodologies In Galapagos to support Ihe bioader piqstics pfogramme The assessment Included wheiher drollgs wuld bo easily deployed the field". the Irainiiig ai?d capaaty requirements for local organisations to adopt the lechiiiques., whethei drone technology can suppoil the citizen science aspect of the overall programme." and lo understand the logistlC31 and field requireinenis for an Ar¢hipelago- wide survey The results ol Ihis assessrnenl have been compiled. and In 2020 GCT launched their first drone training piogramme Using a Irain the trainer, model, GCT plans lo train 2 trair)ers. who will then go onlo tiain 10 researchers and paik guides In 2021 which will enable the first ever aichipelago-wide cost81 survey later In the year A survey ol this Scope will not only supp(>rt the plastics programme btjl will also provide data foi costal spec5es assessmentslsuch as the Inarine Iguana) 3nd a baseline lo study costal changes over lime GCT parti)er Di Eiik var) Sebille Iuniversily of Utrechll, has developed culling-edge oceanographic software to investigaiè the timescales and p3thways of plasticg reaching Galapagos. The published resutts found the majority of plastic arriving from mainland South America Is likely lo come from a r)arrow area ol coastal Southern Eouador and Northern Peru allowing us lo IOCLJS on these coastal regions for awareness-raising and policy change. FroTn the beach clean-up dala. there Is a stiong Indicalion that significant qU3nls1ies of plastic pollution reaching Galapagos originate from International fishing operations outside the GMR. raising quesiioTrs about waste management praclice in these industrial Ileels. GCT Is funding the next s13ge ol Dr Sebille's oceanography research, to develop a high-resolulion model Ihat will pinpoint local sources of plastics and prediot how the p18slic Imoves within the GMR once il hès arrived. This will help focus beach clean-up efforts and enable the removal of plastic litter before il harms ld141e or breaks up into micioplastics that can never be removed To undeistand more aboul the Iinpacts ol plastic on the wildlife ènd ecosystems in Gèlapagos. GCT has supported two PhD sludies. The Iirst set of resu5 of this work should be published In 2021. GCT'S Head of Programmes. Jen Jones, Lindertook her final year of her PhD In 2020 Investigating the risks of m1croplaslics In the marine ecosystems In Galapagos As part of this work. a rapid assessment ol marine verlebrales Idenlified 27 priority species likely lo be most al risk froin p13Stic pollution but iiioie research Is needed I10 how much this risk contribules lo species decline. Despite the challenges posed by COVID. Jen supported researchers from the Universidad San Francisco de Quito nd the Gèlapagos National Park Direclorale lo monitor plastic pollution In Important visitor siles to rneasure the impact ol the pandemio on plastic pollulpon, vital data to understand Iisks to Mldlife
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES ACHIEVEMENTS AND PERFORMANCE Icontinuedl Communtcatyon GCT saw media su¢Trsses In 2020 Incliiding coverage Daily Telegiaph. Daily Mail, Bird Watching magazine and Wild Photo Planet Nagazinè amongst others Despile the pandetnic. we held two virtual events lo raise awareness and funds lor our work. These were attended by nearly 600 GCT tnembeis, supporters 2nd the general public.. Plastic Pollution Free Galapagos webinar For GCT'S fiisi ever webinar In July we had a panel of speakers presenting the 131esl news from our Plastic Pollution Free G31apagtss programme. Host Andy Donnelty, GCT'S Pioiect Lead gave Inteiesling update on the project. Andy was joined by Jen Jones. GCT'S Head of Piogrammes. who discussed the preliminary results from her PhD on micioplaslic mpatI$ in G31apagos and Dr Erik v3n Sebille from Uliecht Univeisity who Is mapping the currents of Gzlapagos to better track the ways In which plasti¢ pollulson move Inlo and around the Galapagos Marine Reserve Galapagos Day." Our annual Galapagos Day event was held as an online webinar. 989 people registered from 48 countries around the world including 108 from EGuador making this ltte rnost inleinalional event GCT has ever held. iwe iaised £4,070 on the night and topped this up with an additional £3,052 donated after the event to our 'Fund lor Hope 3ppeal. A great Iniroduction frorn GCT'5 Chair Charmiar) Caines. highlighted the Ihieals to Galapagos from industrial fishing and plastic pollution. Then GCT'5 Pre51deril. Monty Halls. introduced Norman Wfay, President of the Governing Council of Ga1apagos, who inspired us all Nortnan stressed that Galapagos is at a turning point and Is deeply suffering the consequences ol the paiidemic. warning thai poverty could be another threat 10 the vital ecosystem and ernphasised that we need lo lind a way to 5LlPPOrt both people and nature. We were then joined by our panellisls. Yolanda Kakabadse, ex-minisler of Environment for Ecuador and lormei Presidenl of WIWF Inttinational. Jonathan Gréen. founder ol the Galapagos iwhale Shark Pro1, and Pfolessor John Schofield. a conternporary archaeologist 01 'garbologisl' from the University ol York, who discussed with Monty the key threats ol Industri81 f15hing and plastic pollution. On the night we launched our new citizen science portal showcasing a number of initiative5 that supporters could gel Irivolved with Including GCT'S ga¥bology projecl. A COFnmenl from a supporter emphasising that we should 'never give up, really resonated with both the paTrellists and the audience. and became the t8ke-home message from the webinar. Inspiring all Ihat attended Partnerships GCT continued to strengthen its political partnerships with the Ecu8dorian and British Embassies and. in 2020. secured 8 lurthei grant towards our plastics work Iroin the British Embassy Quito 3nd began building stronger partnerships with the UK government agencies including Minister lor the Pacilic and Environment We continLJe lo work closely with the Galapagos National Park and the GovemiTrg Council ol Galapagos along with the Swiss Friends of Galapagos Organisation who SLJPPOrted GCT'S piojecls through trust applications and appeals We have adive partnership agreements In place with a11 pioiect partners delivering programrnes in Galapagos. ensuring a strong and successful working ielalionship. Our partners include the Charles Darwin Foundation, Migramai, Conservation International, Island Con5eFvation. Utrecttt Universily. University of Exeter and Durrell Wildlife Conservalion Trust GCT remains a Goveining Member of the Charles Darwin Foundation. Oryanisational Although planned rectuittHeni was delayed. in December we filled two new roles, Head of Finance and Head ol Fundraising and Communications, wrth both new team members due to start in Spring 2021. The lease for our offices 8128 Portlanrj Place expired in June 2020 which 311owe(t GGT to downsize into a flexible. serviced office Saving rent while al staff worked from home. In April. the Trustees decided lo Iuflough all GCT s13ff foi 3 weeks as the pandemic unfolded. GCT then secured funding including through a successful appeal which allowed all staff to come back lull time 11 wa5 agreed that further furlough periods would negatively Impact GCT'S fundraising opportunrties and the abilÈly to rtrive and re-shape our projècts through the pandemic.
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES FINANCIAL REVIEW The Trustee Annual Report and Accounts for the year ended 31 December 2020 is prepared In accordance with the Ftnancial Reporting Standard applicable in the United Kingdom IFRS102I and thè FRS102 Charity Statement of Recommenderj Practice ISORPI. Total income lor the year to 31 December 2020 is £714,647 - a decrease of 15°/o on the year to 31 December 2019 largely due to the Impact ol Covid Total expenditLire for the year lo 31 December 2020 Is £799,680 - a decrease o18.6°/o on Ihe year lo 31 December 2019 again due to the irnpacl of Covid This Inclucled a reduction o124°/u in the cost of raising funds. which has iesulled in an increase In the proportion of expenditure relating to charrtable activities In 2020 The net delicil lor the year ended 31 December 2020 15 £76.500 Iin 2019 the delicil was £37.5251. Long terms Investments heSd al 31 December 2020 lotalled £158.97112019'. £50.4381 This Increase refle¢is our poli¢y to Invest general furlds to msintain and If possible. enhance the value of the Invested funds lo enable the chaiity to etteclively carry oul Its purposes the future. ResÈrv The year ended with an expected deficit of £76,52912019. £37,525 deficit) Al 31 December 2020. we carried forward lolal reserves of £633,030. of which £108,821 were restricled. The Trustees have decided lo designate £177.000 of general lunds to our strategic programme5 In 2019. £99.954 01 designated lunds were used for piogranime spend (see note 20. 11, ènd the remaining £220.046 was released into genwal funds to fnitigate any reduction to revenue as a direct result ol the pandemic. Resepves Policy GCT needs to hold unresliicted gener81 funds in ordei lo.. iligale against unexpected ieductions in income Provide working capilal Allow lor operational deficits when future planning Assist with cash flow Al the end of 2020. oui general funds were £347,209 which Is teii)por3rily oulside our usual range tsl reséivé511.e . £270k to £300ki. This is lo cover an expected deficit In unresiricled funds during 2021 Ri¥k Management As pail ol the annual planning proce55. the Trustees arid CEO identify the major risks lacing the Charrty over the coming year categorised under e2ch cornmittee area operations (including financi81 and goveinarTrcel¢ompliancei, programmes, partners and grants, and fundraising and communications. Each Iisk is assessed attoriting lo the inherer)I likelihood and pcilenlial impact and residual likelihood and Impact. Existing control8 are then assessed, and èny ILlrther action lo control the risks are agreed. The actions are implemented by the CEO and staff COVID-19 continued to be the main risk that GCT needed to miliuale against going Into 2021. The ongoing pandemic Is affecting bolh operations and fundraisin9 in the UK as well as project delivery In Galapagos. COVID-19 The Immediate iinpact of the pandemic ori the Charity was the high level of uncertainty on Income A Bo8rd meeting v/as held at the gt3ri ol lockdown In late March 2020 which locussed iefoiecasling Incoine and expenditure This was swiftly followed by an additional follow up meeting In April. At that meeting. the Trustees agreed to a thiee-week furlough period lor all staff (except lor one on malernily leave) to miligale against loss of Income. A second lurSough period was considered by the Truslees. however. after conducting a cost benefit analysis exei'cise. Il was decided that 2 second fuilough peiiod would not be the most effective course of action as It would risk potential fundia151ng activities and GCT'S ability to respond lo the econThnic and enviroiimental threats laaing Galapagos Al the start of the first lockdown. all staff moved lo home working Through staff surveys. staff wellbeing remained 3 high priority and regular online meetings allowed staff lo remain working close logethef as possible In Agust 2020. GCT moved Its office from 28 Portland Place its a smaller, more flexible 5ervitsd office space near London Bridge One staff member has continued to visit the office lo manage efnbership packs and merchandise mailing. maintaining these fundr3is1ng streams. In compliance with the lalesl government guidelines. 51aff continue to work from hoffle with fats-to-face Fneelings and offe work where needed.
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES FINANCIAL REVIEW continued COVID-19- continued For oiir programmes, 815 Iieldwork in G21apagos was shul down as Ecuador iTrliodu¢ed a similar lockdown lo the UK. More oriyingly. lourisrn - which makÈ5 up 80,10 of the local economy came lo z halt on the Islands The poverty rale on the Islands Is expected to Increase with 8Q/ts of families already living below the poverty line Economic hardships COLJld increase wildlife Irafficking, and oveiexploiialion ol Iiatural resources on the Islands. an area GCT is monitoring closely. In response 10 Ihe situation in Galapag05. GCT made an eXption81 donation lo Con5ew3lion International lor essential personal pfoleclive equiprnent 10 help the local communrty face the crisis Furtheitlloie. GCT launched a home learning education aiid outieach piqect and has delivered resources in both English for a UK aiidience and in Spanish for 3n Ecuadoriari audience to support awareness-raising of the enviiollmenlal issues in Galapagos to mitigate against these additional poleniial Impacts lo the wildlife of Galapagos GCT replanned many ol its usual fundiaising activities Including the 2020 Supportef Galapag05 Ciuise which has been further reschedLJled lo 2022 Galapagos Day was run as a webinai in 2020 but will hopefully return to the Royal Geographical Society In October 2021. Despite raising less income In 2020 than originally budgeted, the pipeline iemains strong as we drive Iofwards the implemenlati01i ol the cuiienl strategy. PLANS FOR THE FUTURE 2021 will be an important year for GGT we Work through the impact5 of the panderniG and continue with the implemenlatic>n ol our Ihree-year sliategy, all whilsi still oper21ing In very derent circumslallces due the COVID pandemic. Ill the second year ol our current slralegy. we h3ve Identified tklow the top priorities for 2021 within each of our foul SlrategiG Obsectives" Programmes 1.Develop a programme slralegy foi our habitat pillar. 2. Launch the four-ye3r regional plastics programme which encornpasses the 3clivrties we deliver as part of the Plastic Pollutioii Free Ga13pa905 piogramme 3. Grow policy and advocary lillks through our oan prograinmes. 4. Continue development ol our Endangered Sharks progfamme as our third flagship piogratnme S. Siipport Ioc31 livelihoods pioiecls In line with our strategic objectives lo help mitigate the negative impacls YesLJlfig from the pandemi Incomè 1 Review and Improve the donor experience and engagernent through 3 refreshed membwship programme 2. Focus on the acquisition of new individual givers especially through links with corporate partnerships and toui operators 3 Glow the pipeline ol tnid-level and major donors. 4. Secure new trust arid Corporaie opportunities. especially multi-year. Communication 1 Review GCT'S website focusing on the donor journey to maximise donations and engagement. 2. Develop $0¢181 media as a key fundraisin9 and marketing tool. 3 Ensure GCT is a good Sour ol information about CLJrrenl prosects and events happening In G3lapagos. 4 F(>cus on morè intimate major donor fundraising through smaller events tailored to match donors, Interests 5. Ensure that digital comtnuniaalions arè compelling lo ensLJre uptake of our digital oontent amongst supporteis Organisation 1. Continue to engage staff with GCT'S vision, tnission and new strategy, ensuring everything we do is aligned wrth our core org3nisalional values. 2 Maintain the financial Integrity of Ihe chaiity through Streamlining ol our finances. mplernentation of an investment policy and robust Cash flow management. 3 Review and Improve the reporting processes for large donors. 4 Ensure the needs of GCT and our staff are mel 5 Continue to invest in staff wellbeing. ensuiing 311 staff feel like v21ued members of the GCT team. 10
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES STRUCTURE GOVERNANCE AND MANAGEMENT Galapa9os Con5eivation Trust was established In 1995 as a UK registered charity and is a comp3Try limited by guarantee. 90verned by ils Memorandum and Afticles of Association. The members of Ihe company. v¢hose liability Is limited to £1. are the Trustees The Trust's obiectives 8re to support the conservation and sustainable development (>f the Galapagos Islands and its unique biodiversrty. The Trusiees coTrfiim that they have referred to the guidance contained In Ihe Charrty Commission's general guidan on public benefit when reviewing the charily 5 31tns and obieclives anij in planiiing future The Board of Trlislees Is responsible for approving the strategy and business plan foi the Trust. approving the annual budget. grant-making, monitoring perforinance and lor policies on investment. reseives, ietlluner31ion and risk managemenl. The Board of Trustees norinally meets four or live limes a year. In addition. the Board operates coinmittees for Operations and Fiiiance. Fundraising 3nd Comrnunications, and Programmes and Grants that meet prior to each lull Board meetillg while the Nominations and Recruitment Committee meets as iequired All Tiustee5 give Iheii tirne freely. and no Trustee received remuneration In the year Details of expenses ieimbursed to Trustees are disclosed In note 14 to the accounts. There are no related party transactions. The day-lo-day operations ol the charity, the implementation of the business plan and the processing and handling ol grant applications pnor to con51deralion by the Trustees are delegated to the Chief Executive. Trustee a ointment and induction New Trustees are 2ppoinled by the members of the company and serve for a period ol three years from the AGNfj at which their appointment conlirmed. after which tirne they may be re-appoinled. normally for up to two further leim5 Iiiine years in lolall The Memorandutn and Articles of Association of the company require a minimum of three Trustees. with no maximutll. The Trustees who served during the year were. Ch3rmian Caines- Chair Michael Drake- Vice-chair Jonathan Lea - Honorary Treasurer Philippa Carle Sandra Charity Chiis Jariett Dr RebecGg Nesbit Jane Totei Dr Marta TLSfel The Board keeps the skill requirements lor the Trustee Body under revw. and In the evènt that a Trustee retires or additional new TIu5tees are iequiied. the NDminalions and Recruittnenl Coinmittee Is responsible for an open and rigorous recruilmenl process which Includes, where possible. advertising In the GCT m8gBzine, on the GCT website, on other appropriate appointmeiil websites 3nd In wider media. GCT Is cominbtted lo diveisily and welcomes applic8nts Iriespeclive of gender, sexual orientation. disability. religion, ra or 3ge All new potential Trustees are Interviewed. and Il provisionally accepted. they are invited to attend a Trustee rneeting before they are formally invited to join the Board. On joining. each Trustee is provided wrth an Induction that Includes full details of their roles and responsibilities and terms and conditions of service. plus Information about the charity Inoluding our strategy. business plan and financial plan. Ke Man ement Personnel The Key Management Personnel ol thè charitable company ère thè Trustees, Chie Executive and the Deputy Chief Executive. Data Protection Data protection h35 been 11)grained im how GCT operates and commuTricates. and all staff are aware and practice good data management wilhirl their roles GCT conlinue5 to uiidertake work lo ensure ¢ompliaiice wrth both the Data Proiection Act and GCT'S own data proiecaion and data privacy policies In 2021 we will review our data ietenlion guidan The Fundraising and Communications Committee are regularly updaled on our coinpliance with data PFoleclion regulations.
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES STRUCTURE GOVERNANCE AND MANAGEMENT continued Fundraisin Disclosure The maiorily of GCT'S fundraising is from its rnembers, indivKlual donor5 tiusts and corporates. We do fuNdr8ise from the general public through our events and throltgh print and online advertising. our employeès and volunteers carry out all oui fundraising, and we do not ernploy any piolessional fundraisers 01 commercial participalofs to carry out fundraising on our behalf. GCT Is a member of the Fundraising RegulatOF and abides by the Fuiidiaising Codes ol Practice We ensure our fundraising activities are In keeping with OLJr values and complies with all rèlevant legislation. We do not sell lists of supporters lo olhei 0193nisalions. nor do we purchase lists of other charities donors Policies 3re in place to ensure that we protect vulnerable people and members of the public while we are ILJndraising. In 2020 GCT received five 12019 61 corllplainls. of whioh foul wefe related to our fundraising activities which Included two events. over 8,000 appeal leller5 sent and a monthly eNewsletter to over 9 000 people All cornpl8lllts were logged and recorded by the relevant staff member and were resolved at stage one ol the complaint process. Two complaints were answered outside of our usual 4 working day limit, the first was a p051al complaint which was not picked up due to Iriegular office presen resulting from the lockdown al the lime and the second as It was sent via email al a time when our em211 server had changed over 8nd so was sent lo our old email 3ervÈr The Trustees have no reason to bè collceined at this lime. All complaints are treated seriously. and full and detailed responses mean that the compl8inant Is usually satisfied witb our response Staff and trainin GCT Is committed to improving the skills of its staff and supportii)g staff In their roles. An annual review of the Staff Handbook and HR polioJe5 Is undertaken to ensure that they are kept up lo date. The Tiuslees and Chief Executive are committed to staff development both lo support the effective development of the Trust and of iMdividLJals. Staff Iraining undertakerTr In 2020 includes In3slering complex applications building rapport, digital marketing, charrty communications confeience, 189acy ¢ommLinica11051. Inslrtule of Fundraising conference. due diligen and reputational iisk. how lo manage hybrid teams giants and financial manageinent. Adobe Premiefe Pfo software and scienc8 Corntnunication writing 31id storytelling. Furthermore GCT Is commilled to the wellbeing of Ils Staff with tickets to relevant Ièciures and events, ac¢es5 to an occupational health provider and regulai staff away days. As the team moved to home working. ensuiing th31 staff wellbeing rem8in&d high was p£ramoLlnt. Regular sutveys weie undertaken along with virtU31 events to ensure slaft le supporled. connected and valued while working from home. The pay of the 51aff Is reviewed annually In Oecember by the Operations and Finance Committee and the Chair, following an annual appraisal, which lakes place in Septetnber. As an organisation with 8 small team of staff, GCT relies on the hard work of volunteers. They make a vltal contribution to our office and Me)be[Ship adminislralion as well Zs at our events, and we are extremely gf*eful to them lor their otnmiltnent and support. Support was piovided In a variety ol ways. Including." AdtlllnlSiFalion support Piocessing of appeal. membèrship and other tiansactions Supporting our communicalioiis including piodueing Content for our websrte. blogs and social media Undertaking research tasks around our proects and networks Digital Fnarkeling content and an8lysis Spanish translations Work on tsur Discoveriiig Galapagos website As50Clated Activi Galapagos Conservation Trust holds a voting ptssilion on the General Assetnbly ol the Charles Darwin Foundation. a not- for-piolit orgaTris2lion registerwj In Belgiuni that operates the Charles Darwin Research Station in the Galapagos1slands. This position rjoes not give GCT any significant influence or Gontrol over CDF GCT has two managers on the Christ's College Cambridge Chailes Datwin and Galapagos Islands Fund a5 well as one represenlalive on the Fund's Board 12
GALAPAGOS CONSERVATION TRUST REPORT OF THE TRUSTEES Trust•O8' rtspondbllw statwnent The Trustees Iwho are also directors of Galapagos Conservation Trust for the purposes of Ixjmpany lawl are Tesponsib for preparing the Trustees, Repcrt and the financial statements in acLordance with appli¢ab19 law 8nd United Kingdom Accounting Standards Iunrtod Kiwyom Generalty Arttpted Accounting Practice). Company law requires the Trustee5 to prepare financAal statsments for each financial yaar. which g&ve a tnje and fair viow ol the st*e of aff8irs of the thwitsble wmpany and of the incoming resouTCéS and application of résources. including the incomg and &xp8tidituro. of thè ¢h8rit8blg wmpany lor the year. In preparing these financial stat8m8nts. the Trustees are r8quirod lo: select suitable acmunting policies and then apply them conslst&ntJy ¢)bseNe the melh(Jgs and principles in the Charities SORP 2015 IFRS 1021 makejudgèmants and èstlmatès Ihat are reasonable and prudent state vthelher applicabl8 UK Accounting Standards have bg•n folkywed, su.eCt to any mat8[ departures disdosed and explained in the fSnanaal statemants prep8r• the financial statements on the going concern basis unl&ss rt is inapprowate lo wesuma that th charit&)1o company wll continue in operats'on Thè Truste8s aro r8sponsibl• for kèoping a(Saqu810 cntIng records that disdose wlh reasonabla accuracy at any tim the financial positn of the Charrtab CMpanY and anablè thèm to 8nsur& that the finala1 statements eompty with th? Compani8s Act 20Cfj. They are also r8sponsibl& for safeguarding Ihfy assets of the ¢haritable company gnd hencè fly reasonable Stsps for the Ffevertion and detection offraud and olher irregularftias. By Order of the Board Charnilan Calne8 Chair Jonathan L•a Trnasurnr Date: 2710712021 '111l/20 13
GALAPAGOS CONSERVATION TRUST
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS
I rewt on a¢counts of the Galapag05 Cons•Nation Tnjst fcf the year ended 31 D8e8mber 2020 set out on p8ps 15
to 31.
R•sp0nslbllltl and basis ol r•port
As the charity Trusteos of thè company land also its dirèctors fLY th8 purposes of ¢xmpany lawl you aro responsible for I
preparation of th8 accojnts in aCcrdare with the r8quir8m8nts of the Companies 2006 Ilhe 2006 Ad'l.
Having 581isfigd myself that the accovrrts of th8 company are not require
GALAPAGOS CONSERVATION TRUST STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng the Income and Expendlture Account) FOR THE YEAR ENDED 31 DECEMBER 2020 Not•s Unr•strlet•d R•strlet•d Totsl 2020 Totsl Funds Funds 2019 Incomo: DOnaonS and18gacies membeh•p Other trading a¢tivili Inv$$tment Incom& Othor incomo 132.984 121,924 84,009 342.871 475.855 121.924 103,599 1,094 12,175 579.973 119.680 134.787 2,278 19.590 12,175 T¢tsl In¢om• 352 ?86 836 718 Exp•ndStur•: R8lslng furKIs Charits8 a¢twllb$ 90,742 242,694 90,742 708,967 118,976 755,705 466.273 Totsl •xp•ndlturn 874 681 Not 98in on invostmont ifj 8,533 8.533 438 N•t Incom•ll•xp•ndbtur•l 103 812 Ngt mov•menls In fund$ 103 812 R•eonelllatlon of lunds: Totsl funds Ixou9ht forward Total funds rrIed foThvard 496 926 212 633 709,559 22 633,030 l in¢om$ and oxp¢nditvre rive from continuing actwities. All r•ccgnls8d gains and lossas aro induded in the Slalemenl of Financial Actwitiés. noto$ on pages 18 to 31 form part of these financial statemonts 15
GALAPAGOS CONSERVATION TRUST BALANCE SHEEr COMPANY NUMBEK. 03004112 AS AT 31 DECEMBER 2020 Notss 2020 2019 Flx•d asuts Tangibte fixed assets Investmtrnts 15 16 203 1.318 50.438 51,756 159,174 Cvrrtrnt Dobtors 17 18 91,280 50.0 435,47S 576.755 112,336 50,000 516.495 678,833 Inve51menl$ Cosh and bank Cr•dltors: Arnjnts falling due wilhln on& year 19 N•t ¢wr•nt assets 473,856 657.803 N•t a55•ts 633.030 709.559 Rostrlct•d lunds Unrgstrlet•d funds Dosignated fvnds G¢nw81 funds 20 108,821 212.633 21 177.000 347.209 496,926 Total fund$ 22 633.030 709,559 Thg Charital company is entitled to •x8mpth)n from audit undèr Sadksn 477 of the Companbs Act 2006 for th8 year 8nded 31 December 2020. The MOMbe have not requr8d charitable company to obtain an audf( of its flnancial stgtemgnts for the ¥r ondgd 31 December 2020 In 8(c(danc& with SectKn 476 of th9 Companles Act 2006. The TTUStee5 a¢knoedge their responsibl1f(S l(r. lal ensuring that tho company keeps accounting r8cuds which compty w((h Sedors 386 and 387 01 the CoMpanS kt 2006 and Ibl preparing finandal statements which gwe 8 and falr view of the sl8ts of affalrs cl the company as at the erKI of èach financial year and of its wofit or105s for èach financial year in acccfjd8n¢g th thè rèqulremenis of Sections 394 and 395 and whSch 0th8wg comply wlh the requirgmènts of tho Companies Ac* 2006 relating to financral stslemenls, so far as applicable lo th8 company. The financial stalomènts hav8 been yepared In 8ceordarKe %wth the speclal yovL8lons of Part 15 of Companlos Act 2006 Telating lo small charitable wrnpanies. The financial statemonts ww8 approved by the Board on the and signed on its baham ty. Chamilan Calnes Jonathan Loa >. Lé- Chalrman Trgasurer 2710712021 The not•$ on pagos 18 to 31 forrn pal ol th&sefinancial slatemgnts. 16
GALAPAGOS CONSERVATION TRUST CASHFLOW STATEMENT AS AT 31 DECEMBER 2020 Note$ 2020 2019 Cash ftows from operating activities.. Cash generaled Irorr operat10ns 25 17.886 141.2351 Net cash provided by lused inl operating acb"vities 17.888 141.2351 Cash flows from investing activitie5'. Bank Interest received Investments purchased 1.094 1100 0001 2.278 150 0001 Net cash provided by lused in) Trrwesting activities 198.9061 147.7221 Change in cash and cash equivalents in Ihe reporting period 181.0201 188.9571 Cash and cash equivalents at the beginning of the reporting per0d 566,495 655.452 Cash and cash equivalents èt the end of thè reporting period 485.475 566,495 Cash and cash equivalents consist ol.. Cash al hand 8nd In bank Short term deposits 435.475 50.000 516.495 50,000 Ca$h ani5 cash equival¢r7ts at the end of the pOrtsng period 485.475 566.495 The noles on pages 18 to 31 form part of these financial slatetnerts
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUIITING POLICIES lal Genèral infomiatlon and basis of preparation The Galapagos Conserv3tion Trust is a company limited by guarantee In the United King<bm. The address of the registered (iffice Is given In the ohaiily Information on page 1 of these financial statements. The nature of the charity's operations and prinGIp8I activities are set oul on p8ge 4 The charitable Cornpany constitutes a public benefit entrty as defined by FRS 102. The financial statements have been prepared In accordance wrth Aco)unling and Reporting by Chaiilies.. Slalenienl ol Recoinmended Piacli applicable lo charities preparing Iheir accounts In 3ccordance wilh the Financial Reporting Standard applicable In the UK IFRS 1021 Issued on 16 July 2015 las updaleo Ihfough Update Bulletin published on 2 Februaiy 20191. the Financial Reporting Standard applicable In Ihe United Kingdoffl IFRS 1021, the Chafilies Aot 2011. the Compai)ies Act 20 and UK Generally Accepted Pra¢lice as rt applies from 1 January 2016 The financial statetnenl$ are prepared on a going concern basis under the historical cost convention. modified to include certain Items 31 fair v21ue. The financ5al statements are prepared in sterting which Is the functional Culfency ol the charity. The significant accounting policies 8pplied In the preparatn of these financial statements ale set out bèlow. Thege policies have been consisiently applied lo all years piesented unless otherwise staled. Ibl Going Concern The COVID-19 pandemic continues to create a level of uncertainly around grant income for the charity. The management team continues to locus on high qua111y Iofecasling lor 2021 to ensuie a iobust pipeline of Income atched to prograinine deniands The Trustees have assessed the financial consequences of COVID-19 and are Confident Ihat the chairty's financial resources are sufficienl lo meeis ils liabilities for 12 tothS Iiom authorising these financi81 slalements and the budgeted Incoine and exFEndilure remains sufficient with the level ol reserves lor the charity lo continue as z going concern The financial statements have theiefofe been Pfepared on a going concern bas1S. Icl Funds Unrestricted funds- represent funds which can be used in accordance with the charitable objects at the discretion ol the Tiustees. Designated funds purposes or pioiects. tttese are funds sel agide by the Trustees out of unrestricled general funds for specific Restrictéd fLJnds - represent funds Ihat can only be used lor particular restricted purposes within the objeds of the chaiily Restrictions arise when specified by the donof or when the funds are raised foi speGific restricted purposes. Furthei explaiiation of the nature and purpose tsf each fund Is included in the notes to the financial statements. Idl Income All income Is included in the Slatemellt ol Financial Activities ISOFAI when the charrty Is legally enlrtled lo the Income after any performance condition5 have been mel, the amount can be measured reliably and Il is probable that the Income will be received. Donations and leg£cies are recognised In ltte financial statements when the Trusl Is ¢onvinTrd that there is eiititletnenl lo the Income, there Is certainly of receipt and the amount In question Is measurable. Any administration lee Is charged 15 recognised as unrestricted Income. Subscription income is accounted for at the lime of receipt Income from Irading 3Ctivities Includes income eained from fundraising events and trading activities to raise for the charity Income Is received In èxcttange foi supplying goods and ServIS In ordei to ra1se funds and is recognised when eniitlemenl has occuried 18
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES - continued lel ExptrndÉturè All expenditure Is accounted for on aTr accruals basis and has been classif1ed under headings that aggregate all costs related Ic? the tegOry. ExpeniSitUfe Is recognised where there Is a leg81 or constructive obligation lo rnake payments lo third parties. Il is probable that the settlement will be required and the amount of the obligation can be measured reliably It Is calegorised under the following headings.. Costs of laising funds includes all cos15 in relation to generatlllg voluntary Income. I11draISEn9 events and fundraising trading-. Expenditure on chaiitable activities Includes costs In relation to Driving Sustainable Solutions Protecting Species 2nd Resioiing Habitats piograinmes. Irrecoverable VA T is charged as an expense against the activity foi whioh expenditure arose. Grants payable ale charged In the year when the offer Is ctrnveyed to the recipient except In those cases where the oller is conditional. such as awards being recognised as expendilure when the conditions 3iiached to the grants 3re lullilled Grants offered subiect to conditions that have not been mel al the year end 8re noted as a commitment. but noi accrued as expenditure Staff costs are allocated between cost headings ac¢ording lo the function of each employee fl Allocation of support and governance costs Support C03ts are those that assist the work of the charity bul do not directly reprèsènt eh3iit8ble activities and include governance costs. administrative office ILJnclion costs. clepreciaiioTr HR and rectuilmenl, and premises costs. They are incurred direclly in support ol expenditure on the obiects ol thé charitable company Governance costs comprise all costs involving the public accountability ol the Trust and Its compliance with iegulalion and good Pfaclice These costs include costs related lo the Inclependenl examination. stalutoiy audil and legal lees Support and Governance costs have been allocated across the charrtable activities based on an analysis of the time speni on each proieci. Igl Tangible fixed assets Tarigible fixed assets are staled at cost less accumulated depreciatiori. Deprec18tion Is provided on all tangible fixed 8ssels. al rates calculaled lo write off the cost of each asset on a Slraighl line basis over the asset's estimated useful lives as follows Fixtures and littin95 Computer equipment 25Tr/. stiaighl line 33 / straight line Ihl Investrner Investments are recognised al lair value which is normally the transaction price excluding transaction costs Subsequently. Ihey are measured at lair value with ch31)ges recognised In gaiiislllosse51 on investments in the SOFA. Cuireni as5el 5nvestments are Short teim highly liquid Investments and are held al fair value These Include cash oli deposits and cash equivalents with a maturity of less than one year. lil Debtors Other debtors are recognised at the settlement amoui)t due. Prepayments are valued al the amount prepaid. Accrued Income Is measured al the amount due to be ieceived. 19
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES- continued til Cash at bank and in hand Cash al bank and eash In hand includes cash and short term highly liquid InvestTnents with a short rnaturity of three months or less Irorn the date of acquisition or opening ol the deposrt or similar acctsunt. Ikl Creditors and provisions Credrtois are recognised where the Trust has a present obligation resulting from a past event that will probably result In Ihe transfer of funds lo a Ihird party and the arnount due lo settle the ot)ligation can be measured or estimated reliabty Othèi créditors and accruals are recognised at their settlemer)l amount due. 111 Financial instruments The trust only ttas financial assets and financial liabilities of a kind that qualify as basic financial instrutllents. Basic financial instruments are illrtially iecognised al transaction value and subsequently weasuied at their settlement value with the exception of bank loans which are subsequently tHeasured at amortised cost using the effective Interesi method. Im) Operating Leases Rentals applicable lo operating leases. where substantially all of the benefits and risks of ownership remain with the lessor. are chaiged lo the Staiement of Financial Activities as Incurred. Inl Foreign currency Assets and Iiabililies In fofeigll currencies are translated Into sterling at the rates of exchange ruSing at the balance sheet date. Transactions in forèign currenr.ies are Iranslaled Into slerliiig al the rate ruling on the date ol the transaction. All exchange differeiices are reflected In the Statement ol Financial Aclivilies. lol Tax The chafi13ble company is c(>nsidefed to pass the tests sèt out in Paragraph 1 Schedule 6 Finan Act 2010 and Ihereloie Il meets the definition of a charitable company foi UK corporation tax purposes AcGoidingly. the charity Is potentially exempl from taxalion In respect of Incorne or capital gains received within categoiiès covered by hapter 3 Part11 Corporation Tax 2010 or Section 256 01 ihe Taxation of Chargeable Gains Act 1992. to the extent that such Income or 931Ds are applied exclusively to charitatile purposes. (pl Judgemenls and key sources of estimation uncertainty Accounting estimatès and judgements are continually evaluated and ale b85ed on historical expenence and other factors, induding exped&lions of ftiture events th* are believed to be reasonable under lfie circumslamces. The following judgeme18 laparl froin those involving eslimalesi have beell made In the proTrss of applying the above accounting policies that have had the most significant effect on amounts recognised in the fifiancial statement5". Usefijl 9¢00M{C lives oftanoiblo assèts The annual depreciation charge foi tangible assets Is sensltive to changes in the estimated useful econornic lives and residual values of thè assets. The useful economic lives and residual values are re-assessed aiinually. They are amended when necessary lo reflect current estimates, based on technological advancement. future inveslrnenls, economic utilisation and th8 physical condrtion of the asse15. See note 15 loi the carrying amount of the fixtures and e4uipmenl and computer equipment. and note11gi for the useful economic lives foi each class ol assets. There are no key assumplions ¢oll¢erning ttte futuie arEd othei key sources of eslirnation uncertainty at the reporting date that have a significant Iisk ol causing a material adjustment to the carrying amounts ol assets and liabilities within the next finlncial year. 20
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 DONATIONS AND LEGACIES unStrICted 2020 Restricted 2020 Totsl 2020 Total 2019 Donations Legacies Tax recoverable Grft Aid 88,191 5.358 39,435 340,871 429.062 5,358 41.435 475.154 57.664 47,155 2,000 132,984 342,871 475,855 S79,973 In 2019. £167,599 of donations and legacies income was attributable to uniestricted funds and £412,374 was altribulable to ieslricted funds. MEMBERSHIP INCOME Unrestricted 2020 Restricted 2020 Total 2020 Total 2019 Memberships 121,924 121.924 119.680 121,924 121,924 119,680 In 2019 all of the Income from charitable activities was atlribulable to unrestricted funds. INCOME FROM OTHER TRADING ACTIVITIES Unrèstrlcted 2020 Restricted 2020 Total 2020 Total 2019 Fundraising èvènts Appeals and raffles Fundraising trading 7.123 7.123 72.376 24.100 38.515 75.969 52.786 24,100 19.590 20.303 84,009 19,$90 103,599 134,787 In 2019. £57.399 of Income from olher trading activities was attributable to unrestrided funds and £77,388 w3S altiibutable lo iestricted funds. INVESTMENT INCOME Unrestricted 2020 Restricted 2020 Total 2020 Total 2019 Bank Interest 1,094 1,094 2,278 In 2019. all of the Investment income was attribulable to unrestricted funds. 21
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 OTHER INCOME Unrestri¢ièd 2020 Restricted 2020 Total 2020 Total 2019 Job retention scheme income 12,175 12,175 RAISING FUNDS Unrestricted 2020 Restricted 2020 Total 2020 Totsl 2019 Costs of generating voluntary income 90,742 90,742 118.976 In 2019 all of the expenditure was altribulable to the unrestricted lund CHARITABLE ACTIMTIES Unre5trÉ¢ted 2020 R•strScted 2020 Totsl 2020 Total 2019 Driving Sustainable Solutions Protecting Spec1es Restoring Habitat5 183.298 51,307 8.089 226.260 409,558 226.147 73.262 393,910 253.072 108,723 174.840 65.173 242,694 466,273 708,967 755,705 In 2019 £211.730 of the expendilurè in re13tion to charitable activities was attributable to the unrestricted fund. with the remaining £543,975 being attiibut3ble lo the reslrictert fund. ANALYSIS OF EXPENDITURE Direct Charitable Grant Making (note 101 Support Costs (note 111 Total 2020 Total 2019 Raising FLJnds'. Generalillg inrome Chaiilable Activities. Driving Sustainable Solutions Protecting Species Resloiing Habrtats 73.852 16.890 90.742 118,976 158.519 51,405 12.383 201.923 153313 49.116 409.558 226.147 393,910 253,072 108,723 21.429 6,006 54,873 73.262 296,159 410,109 93,441 799,709 874,681 22
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10. ANALYSIS OF GRANTS COMMITTED DURING THE YEAR 2020 2019 Restricted Drivin Sus131nable Solutions Discovering Galapagos Outreach in Galapagos Plastic Pollution Piogiamme Teacher Training Ir) Galapagos Project Connecling with Nature 9.208 11.947 24.310 117,634 5.000 187.875 4.840 PioleGlin ecies Verrnillion Flycatcher Proied Giai)l Tortoise Movement Ecology Proiect Maiigfove Finch Prqect Iguana Population Status Project EndangeiEd Sharks Programme Marine Invasive Pfoieci 10,000 20.000 20.000 15.340 70.554 22,125 21,302 20.000 100.011 12,000 Restorin Habitats Flagship". Floreana Native SpeGies Restoratio 54.873 82,332 Total giants committed 410.109 399,242 Reconciliation of grants payable 2020 2019 Commitments al 1 January 2020 Grants coinmitted during the year Grants paid dLiring the year 5.804 410.109 1352.2221 399.242 1393.4381 Commitments al 31 December 2020 63.691 5.804 23
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11. SUPPORT COSTS 2020 2019 Governance costs (note 121 Adminislralive office fundion 23.330 29,974 41,060 1.710 778 35.904 Depreciat HR 8 Recruitment 1.115 465 32.627 Piernises costs 46.792 93.441 120.314 12. GOVERNANCE COSTS 2020 2019 Independènt examination fee Fee for the year Ioveillunder provision in prioF years 4,260 1601 4,000 140 4.200 4.140 Staff costs Board rn11ng costs and expenses 19.052 78 21802 4.032 23,330 29,974 13. NET INCOMEI IEXPENDITUREI FOR THE YEAR 2020 2019 This Is 51aled after charging.. Depiec13tion Indeper)denl examination lee Opeialing ase costs 1,115 4.200 25.431 1.710 4140 44.701 24
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14. ANALYSIS OF STAFF COSTS. TRUSTEE REMVNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2020 2019 Salaries 2nd wages Social security costs Pension ctssls 239,813 17.879 257,497 20,764 6.909 7.174 264,866 285.170 The total ?verage monthly number of employees Ifull-litlle equivalentl during the year were as follows. Generating funds Chèrit2ble adivrties io Empl(>yee lime has been allocated lo direct costs and support ctssts allocated on a percentage basis of lime spent One employèe recèivèd annu31ised ietnuneratioD in the band £60,000 to £69.999 12019. one employee £60.000 to £69,9991 E>uring 2020 and 2019. no Truslees weie paid or received any olhei benefits from employmènt with the Ghanlable company The key mènagement of the ch8n13ble company wmprise the Truslpes. the Chief Executive Officer and the deputy Chief Executive Olficei The Trustees do Trol receive any remuneration for this role. The total employee benefits of the key management personnel ol the ¢h8riiable mpa17Y were £88.404 12019.. £92,203) 25
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. TANGIBLE FIXED ASSETS Fixtures and Fittings Computèr Equipment Total Cost Al 1 January 2020 Dksposals 13.256 18.1961 35.e71 16271 49.127 18,8231 Al 31 Dember 2020 5.060 35,244 40,304 Depreciation Al 1 January 2030 Charge for Ihe year Disposals 13.256 34.553 47.809 1.115 18.1961 16271 18,8231 Al 31 Dember 2020 5.060 35,041 40,101 Net Book Value At 31 De¢ember 2020 203 203 Al 31 December 2019 1,318 1.318 16. INVESTMENTS 2020 2019 Listed investments held in the UK 158.971 50,438 Al 1 Jallaury Additions 50 438 100.000 8.533 50,000 438 Unrealised gains Market Value at 31 Decembèr Z020 158.971 50.438 Cost 150.000 50,000 All ol the investmént is held within the COIF Charities Investment Fund Accumulation Units. 26
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. DEBTORS 2020 2019 Accrued Income Tax recoverable Lsnder Grft Aid 74,252 9.211 7.817 96,052 14,042 2,244 Othei debtors and prepaytnenls 91.280 112,338 18. CURRENT ASSET INVESTMENTS 2020 2019 Short term deposrts 50,000 50,000 19. GREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Accruals and deferred Income Inole 19.11 Gr8nts payable Inote 10.11 Other credittsrs 34.208 63,691 5,000 9.072 5.804 6.154 102.899 21.030 19.1 DEFERRED INCOME 2020 2019 A11 January Addilions during the year 25.000 At 31 Dernber 2020 25,000 In 2020. grant Income was received for the penod endiftg 2021. 27
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2020 20. RESTRICTED FUNDS- Current year 1 January 202Q Income Expenditu Transfe 31 Dècèmber 2020 Restricted funds Drivin Sustainable Solution Discovering Galapagos Othreach in Galapagos Plastic Pollulion Programme Conne¢ling wittt Nature 250 24.507 118.2731 902 7,386 12.572 107.193 112.5721 11.1771 111,351 8,550 1201.772) 16,2151 15.595 2.335 teciin ecies Gi8nl Tortoise Movemenl Ecology Project Mangrove Fiiich Pioiecl Iguana Population S131us Project Vermillion Fly¢2tcher Project Endangered Sharks Programme Marii)e Invasive Project 9.755 17.785 124.0231 124,5001 2.200 3,500 5,717 82 21,082 5,787 5.787 8.912 24.738 8,912 107.891 20.517 1114.3171 112.0001 10.647 12.000 Rest Habitats Floreana Native Spécies Resloralion Fund 56,559 50.383 185.1731 13,5001 38.269 212,633 362,461 1466,2731 108,821 Drlvlng Sustainablè Solutions: Funds held under this category are fo¢ussed on delivering ediicalion through 0[ Discovering Galapagos prograrnme." outreach activities lor local communities and our flagship piogramme to reduce plastic pollution on the Islands. These projects Inspire conservation values and sustainable living in local and visiting Galapagos cotnmunilies. Protecllng Species.. Funds held under thi5 Gategory are focussed on combined IK)puI3tion ec(Ilogy and saving endemic species The tortoige project support5 the understanding ol tortoise movemerit and ecology on the 151ands, the mangrove finch project undertakes head Starling for this critically endangered finctt species and our endangered sttark work focusses on the rnigraiion ol the whale shark and conservation stalLSS of othei shaik species. Restoring Habitats-. Funds held Under this category ale foGussed on habrtat iesloration The restoration of Floreana Island Is our flagship programme lo restore the island and reintroduce 12 locally extinct species Including the Floreana mockingbird and racer. Tr3n5f*fS= In 2020, transfeis between ieslricted funds ol similar nature were allocated In line with the lerrns given by the dtsnors, any 3ddit10fi31 spending within Ihe prtsiecls was funded by our general funds. During the year general funds lolalling £43.823 have Oeell used in the year as planned. primarily Into our plastics programme which was a major locus.. and our Protecting Species programine to sUPPOrt Ouf Enrtangered Shark5. Giafjt Tortoise and Mangrove Finch programmes. During 2019. additional spending of £99.954 was funded by Ihe designated fund. 28
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20.1 RESTRICTED FUNDS- prior year 1 January 2019 Income Expenditure Transfers 31 December 2019 Restricted funds Drivin Sustainable Solutions Discovering Galapagos Outfeach IN Galapagos Plastic Pollution Programme Teacher Training In Galapagos Proiecl 11.060 116.8471 139.3101 1171.6271 16 7501 S,037 28.711 40.291 6.750 250 23,171 172.536 12.572 107,193 65 993 Protectin ies Giant Tortoise Movement Ecology Project Mangrove Finch Project 34,755 20,000 125.0001 125.0001 4.219 781 Iguana Population Status Project Veimillion Flycatcher Project Endangeierl Sharkg Programme Marine Invasive Project 24.894 10.000 97.625 22.125 119.1081 112.5001 197.7731 122,1251 5.787 2.500 10.665 10.000 20.517 Res orin Floieana Native Sp8¢ies Resloralion Fur>d Habi 86.680 73,595 1107.9351 4.219 56,559 166,892 489,762 1543,9751 99,954 212,633 21 DESIGNATED FuNDS-Cuenl year 1 January New 2020 designation Designations Transfers released 31 Dacembèr 2020 Designated funds Prograinmes fund 177.000 177,000 At the end £177,000 has been designated to Prograinme spend in 2020 These reserves provide us with a strong base from which to Implement our strategy to Increase oui IFnpaci In Galapagos. 29
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 21.1 DESIGNATED FUNDS - Prfor year 1 January New 2019 designation Designations releasèd Transfers 31 December 2019 Designated funds Science and Conservation Education and Sustainability 160.000 160,000 1160.0001 1160.0001 320.000 1320,0001 22. ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS-Curyent year UnrestrÉcted funds Restricted fund$ Total Fund balances al 31 Dember 2020 are represented by. Tar)gible fixed assets Fixed Asset Invesimer)Is Curfenl Investments S Cash al bank and in hand Other nel current asseis 203 158,971 382.581 117.5461 203 158.971 485 475 102.894 5.927 111.6191 524,209 108,821 633,030 22.1 ANALYSIS OF NET ASSETS BETWEEN TOTAL FUNDS- Prior year Unrestricled funds Restricted funds Totsl Fund balances al 31 Decetnber 2019 are represented by. Tangible fixed assets Fixed Asset Inveslrnents Currenl Investments 8 Cash at bank and in hand Other net current assets 1.318 50.438 1,318 50.438 566.495 91.308 428.058 17.112 138.437 74.196 496,926 212,633 709,559 30
GALAPAGOS CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 23. OPERATING LEASE COMMITMENTS The charity had total commitments under an operating lease 85 follows". Land and btsildlngs 2020 2019 Expiry dale Within oiie year 1.958 22.350 Until August 2020, Galapagos Conservation Tiusl was renting rts of15ce Space Ifom the Royal Society lor Public Health which is an indekEndenl. multi-disciplin3ry charrty dedi¢aied 10 the 11)Iprovement of public's health and wellbeing and supporting communilies and who le15 parl ol ils premise5 to other rharilies. GCT was on a short lease running iinlil the enrJ ol June 2020 when Il expsred GGT moved offices In August 2020 to a flexible, sliared ollice space with LAN Mezzanine, a registered Qharily who provide flexible office space lor other charities and social enteipiises. 24. RELATED PARTY TRANSACTIONS GCT is supporting the CEO 10 carry out professional jot) related trainino over a two year perio(J. which started In 2020 The CEO Is repaying all the tr3111ing fees lo GCT as part of a monthly salary sacrifice agreement As at 31 December 2020 £1.194 remained unpaitt12019." £1.2081 2S. RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2020 2019 Net lexpendilLJrellincome for the report1ng period las per the slalemenl of financial acliviliesi 176.5291 137.5251 Adiuslmenls for.. Gains on Investment5 Bank Sntèrest Depreciation charges Deerease In debtors InGreaseiiDecreasel In creditors 18.5331 11.0941 1.115 21.058 81.869 14381 12.2781 1,710 16.995 119.6991 Net CAsh lused Ini provided by operating activities 17.886 141,2351 31