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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

Registered number: 06564642 Charity number: 1124840

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

	Page
Reference and Administrative Details of the Company, its Trustees and Advisers	1
Trustees' Report	2 - 14
Independent Auditors' Report on the Financial Statements	15 - 18
Statement of Financial Activities	19
Balance Sheet	20
Statement of Cash Flows	21
Notes to the Financial Statements	22 - 37

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees	Dr Y Kim
	Prof J Simoes (resigned 28 August 2024)
	Prof D Karentz (resigned 28 August 2024)
	Dr M Leppe Cartes
	Dr B Özsoy
	Prof C Escutia (appointed 28 August 2024)
	Mr T Nakamura (appointed 28 August 2024)
	Prof G Wilson, President (appointed 28 August 2024)
Company registered number 06564642 Charity registered number 1124840 Registered office Scott Polar Research Institute Lensfield Road Cambridge CB2 1ER Company secretary Dr Eoghan Griffin Chief executive officer Dr Chandrika Nath Independent auditors Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers HSBC Cambridge Cambridgeshire CB2 3BZ Investment Managers Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the company for the 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

a. POLICIES AND OBJECTIVES

The Trustees have considered the charity’s benefit to the public. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit when reviewing the charity’s aims and objectives as detailed below and in planning future activities.

The charity has two main objectives;

1) To advance and promote scientific knowledge, understanding and education on any aspect of the Antarctic region, on the role of the Antarctic region in the Earth system, and on the effect of global change on the Antarctic region; and

2) To initiate, facilitate, co-ordinate and encourage international scientific research activity in the Antarctic region, on the role of the Antarctic region in the Earth system, and on the effect of global change on the Antarctic region.

In addition the Charity may further the Objects in particular but not exclusively by:

(a) providing objective and independent scientific advice to the Parties to the Antarctic Treaty and other organisations on issues of science and conservation affecting the management of the Antarctic region and the Southern Ocean;

(b) facilitating free and unrestricted access to scientific data and information regarding the Antarctic region;

(c) developing scientific capacity in the Members of the Charity and young scientists, and to promote the incorporation of Antarctic science in education at all levels, and

(d) communicating scientific information about the Antarctic region to the public.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

b. STRATEGIES AND ACTIVITIES FOR ACHIEVING OBJECTIVES

Across 2021 and 2022 SCAR developed a new Strategic Plan for 2023-2028, titled “Urgent Messages from the South: Antarctic and Southern ocean Science and Policy”. A near final version was presented to the 2022 SCAR Delegates Meeting in Goa, India in September 2022 and a small committee of Delegates were tasked with finalizing the Plan. The final version was circulated to all Delegates on January 5th 2023. The new strategy focuses on the climate crisis and the role of SCAR as the leading scientific organization on Antarctica. Concurrently, SCAR will continue to lead, support, and encourage a broad range of Antarctic and Southern Ocean science and research. SCAR strives to establish its presence as a forward-looking international scientific organization by upholding values common to all members and the wider scientific community, including the principles of equality, diversity, and inclusion (EDI). SCAR also commits to reducing its carbon footprint in all activities and cooperating with its partners to minimize environmental impacts on Antarctica and the Southern Ocean.

SCAR has in recent years focused its scientific efforts on its Scientific Research Programmes (SRPs) addressing major topical issues of the day, each of which has a lifetime of 8 years. Three new SRPs were approved in 2020 and began activities in early 2021:

Integrated Science to Inform Antarctic and Southern Ocean Conservation (Ant-ICON) will answer fundamental science questions (as identified by the SCAR Horizon Scan) relating to the conservation and management of Antarctica and the Southern Ocean and focus on research to drive and inform international decision-making and policy change.
INStabilities and Thresholds in Antarctica (INSTANT) will address the first-order question about Antarctica’s contribution to sea level. Encompassing geoscience, physical sciences and biological sciences, it aims to quantify the Antarctic ice sheet's contribution to past and future global sea-level change.
Near-term Variability and Prediction of the Antarctic Climate System (AntClimnow) will investigate the prediction of near-term conditions in the Antarctic climate system on timescales of years to multiple decades. Taking an integrated approach, it will consider the Antarctic environment as a whole.

Links to individual groups and further details are provided at: https://www.scar.org/science/srp/

At the SCAR Delegates meeting in 2024 a new SRP called AGATA was approved:

The Antarctic Geospace and ATmosphere reseArch (AGATA) Scientific Research Programme is a coordinated, worldwide effort to monitor, investigate and better understand the physics of the polar atmosphere and the impact of the Sun-Earth interactions on the polar regions.

The 2024 Delegates Meeting also approved two new Programme Planning Groups:

• Changes in Circumpolar Antarctic Gradients in Ecosystems (C-CAGE)

The aim of C-CAGE is to use the natural environmental gradients in temperature, ice cover, and other physical drivers that exist in different parts of Antarctica and the sub-Antarctic (with latitude, longitude, altitude and depth) to better predict the likely outcomes for life as the region’s habitats change.

• Antarctic Geological Evolution (AGE) AGE is a novel, international, interdisciplinary, diverse and inclusive pan-Antarctic lithosphere-focussed geoscience research initiative.

SCAR also supports a variety of other scientific activities in which value is added to national efforts through international cooperation. These activities are coordinated by three Science Groups (SGs, for respectively Physical Sciences, Geosciences, and Life Sciences) and managed by Action Groups operating for short periods,

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

and Expert Groups where more time is needed to achieve objectives. The Science Groups were referred to as “Standing Scientific Groups” prior to the 2016 Delegates meeting in Kuala Lumpur. All these groups are allocated funding by SCAR to carry out their activities (https://scar.org/about-us) and the reports are made freely available on the groups webpages (https://scar.org/science).

At the 2018 Delegates Meeting, a new Standing Committee for the Humanities and Social Sciences was (SCHASS) was approved, which reflected the growth of the research area and the success of previous Expert Groups on History and Humanities and Social Sciences.

SCAR’s Standing Committee on the Antarctic Treaty System has worked closely with the SGs and the SCAR Executive Committee (the Charity Trustees) to bring key scientific issues to the attention of the Antarctic Treaty Consultative Meeting and other bodies such as the Intergovernmental Panel on Climate Change (IPCC). These issues have a direct impact on environmental protection of the Antarctic region.

In order to improve the way in which data and information are managed and made available, SCAR has developed a Data Information Management Strategy in order to facilitate free and unrestricted access to scientific data and information regarding the Antarctic region (https://scar.org/library-data/scar-reports-andbulletins/scar-reports/scar-report-34?layout=default ). In recent years efforts have focussed on understanding how researchers search for data and on investigating the possibilities of a federated search tool.

SCAR has a Capacity Building, Education and Training Committee and at the 2024 SCAR Delegates Meeting a new Terms of Refereence for the Committee was approved [https://scar.org/events/delegates-excommeetings/xxxviii-scar-delegates-2024-punta-arenas-chile/scar-xxxviii-paper-36-other-cbet-programmes-andtopics-cbet-report?layout=default]. This will underpin the work of the Committee in increasing capacity in young and early career scientists (e.g. the SCAR Fellowship Programme), countries with less well developed Antarctic Programmes as well as promoting the incorporation of Antarctic science in education at all levels.

SCAR’s Equality, Diversity and Inclusion Action Group, approved in 2021, now has over 150 members. At the 2024 SCAR Delegates Meeting in Punta Arenas, the EDI Action Group asked the Delegates to approve the development of a Code of Conduct for SCAR activities. The Delegates tasked the Executive Committee with finalising this Code of Conduct.

More details are available at https://www.scar.org/capacity-building/edi/home/.

SCAR has, in addition, developed a strategy to meet the requirement to communicate scientific information about the Antarctic region to the public (https://scar.org/library-data/scar-reports-and-bulletins/scar-reports/scarreport-25?layout=default). This plan is in the process of being updated internally by the Secretariat.

The SRPs are reviewed internally every 2 years, and externally at 4 years and so the external reviews are in process in 2024. The progress of all groups and the Secretariat against stated action plans is monitored annually.

The 2024 Delegates Meeting also received the reports from the Science Groups which outlined the Action and Expert Groups which had come to an end and those that were proposed to be started from 2025.

ACHIEVEMENTS AND PERFORMANCE

a. Review of activities

The 11th SCAR Open Science Conference (OSC) and the XXXVI II SCAR Delegates Meeting were successfully held in Chile, from 19-23 August 2024 in Pucón and from 26-28 August 2024 in Punta Arenas respectively. The OSC 2024 (scar2024.org), themed “Antarctic Science: Crossroads for a New Hope”, featured a diverse

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

programme including four plenary lectures, four min-symposia, over 50 parallel sessions, 26 workshops, and a variety of side events, poster presentations and social activities. The conference also featured the first iteration of the Antarctic Mentor Match initiative with nearly 240 attendees signing up to it. Over 1200 registered participants attended the conference.

The SCAR Delegates’ Meeting brought together the representatives of 46 Member Countries and 9 Scientific Unions. Prof Gary Wilson (New Zealand) was elected as the new President and Prof Carlota Escutia (Spain) and Prof Takuji Nakamura (Japan) as new Vice-Presidents, joining Vice-Presidents Prof Burcu Özsoy (Türkiye) and Dr Marcelo Leppe (Chile) on the Executive Committee. Dr Yeadong Kim (Republic of Korea) became the Immediate Past President.

SCAR participated in the annual Antarctic Treaty Consultative Meeting (ATCM XLVI) and the meeting of the Committee for Environmental Protection (CEP XXVI), which took place from 20-30 May 2024 in Kochi, India. SCAR submitted five Working Papers and seventeen Information Papers, and delivered the SCAR Lecture on “Decoding the Intricate Link Between the Tropics and Antarctica”.

Following the publication of the Southern Ocean Action Plan (SO-AP) in April 2022, SCAR was appointed as the Decade Collaborative Centre for the Southern Ocean Region (DCC-SOR), with the Southern Ocean Task Force as its Advisory Board. A dedicated workshop took place at the Open Science Conference in Pucón, and which was titled: "Participating in the UN Decade of Ocean Science - The Decade Collaborative Centre for the Southern Ocean Region".

An International Polar Year (IPY) provides an opportunity for intensive, coordinated research efforts focussed on the polar regions, as well as for awareness raising and capacity building on a global scale. There have been four IPYs: 1882–1883; 1932–1933; 1957–58 (part of the International Geophysical Year) and 2007–2008. Aside from the International Arctic Science Committee (IASC) and SCAR, the initial planning efforts for the 5th IPY are currently supported by the World Meteorological Organization (WMO), International Science Council (ISC), University of the Arctic (UArctic), International Arctic Social Sciences Association (IASSA), the Association of Polar Early Career Scientists (APECS) and other partners worldwide representing both poles. A SCAR community-wide survey in early 2022 indicated widespread support for a fifth IPY. In September 2022, the SCAR Delegates expressed support for a future IPY and endorsed the creation of an IPY planning committee within SCAR to participate in the planning discussions of the wider polar community.

At the 2024 Arctic Circle Assembly held in Reykjavik, Iceland in October 2024, the IPY5 website (ipy5.info) was launched. The website (funded by UArctic) will be a place for the polar community to keep up to date with the latest developments, calls to join groups and get involved, and all other relevant information concerning the IPY.

Activities of Relevance to Objective 1 (promotion of scientific knowledge) plus (c) and (d) (capacity building and communications) of the Charity:

SCAR has a Capacity Building, Education and Training (CBET) Committee, a key activity of which is the Fellowship programme. SCAR is a co-sponsor with the International Arctic Science Committee (IASC) of the Association of Polar Early Career Scientists (APECS), which developed under the International Polar Year (IPY). The SCAR Fellowships continue to attract a large number of applications with a record number of 62 proposals received for the 2024 round. A total of 5 SCAR Fellowships were awarded from the available funds including the third Fellowship awarded through the Polar Initiative. The Fellowships are intended to allow early career researchers to carry out periods of research in a country different to their own and provide opportunities for networking and skill development. The 2024 SCAR cohort were from Argentina, Norway, Australia (2) and Korea. See https://scar.org/scar-news/2024-fellowships-announced for further details.

In 2013, SCAR introduced a new Visiting Professor scheme. This was jointly funded by India and SCAR for the

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

inaugural year. The main aim of the scheme was to promote partnerships that advance Antarctic research in a country with a developing Antarctic programme.

In 2018 several changes were introduced with the aim of addressing a lack of diversity in the applications and to widen the scope of the capacity building proposed by the applicants. As a result, the scheme was re-launched as the SCAR Visiting Scholarships in 2018. For the 2024 scheme, the SCAR Executive committee approved additional funding to allow 3 awards to be made, with applicants trafeliing from Ukraine to the UK, Uruguay to Peru and Poland to New Zealand (see https://scar.org/scar-news/2024-visiting-scholars-announced). Further details of this scheme are given at https://www.scar.org/awards/visiting-scholars/overview/

SCAR is participating in a project to update and publish online a book on Polar Education Resources that was published in 2010 (https://polareducator.org/resources/prb-2/), as a legacy of the International Polar Year 20072008. SCAR is partnering with Polar Educators International, the International Arctic Science Committee (IASC) and the Association of Polar Early Career Scientists (APECS) to advance the project.

Activities of Relevance to Objective 2 (scientific research) plus (a) and (b) (policy advice and data access) of the Charity:

SCAR’s mission is to be the leading non-governmental, international facilitator and advocate of research in and from the Antarctic region, to provide objective and authoritative scientific advice to the Antarctic Treaty and other bodies, and to bring emerging issues to the attention of policy makers.

From 14-25 October 2024, in Hobart, Australia, the SCAR delegation attended the meeting of the Scientific Committee of the Commission for the Conservation of Antarctic Marine Living Resources (SC-CCMALR) and the meeting of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR), submitting eight papers for the meetings.

The SCAR Antarctic Wildlife Health Network (AWHN) has released an Updated Biological Risk Assessment and Recommendations for Highly Pathogenic Avian Influenza in Antarctica, addressing key risks linked to wildlife visitation and sampling in December 2024 (scar.org/scar-news/life-sciences/awhn-news/hpai-update-bulletindec-2024).

The SCAR Ecological Model Output Repository was published online in April 2024. The SCAR Expert Group on Biodiversity Informatics (EG-ABI), IDEA (AAD, Australia) and ADVANCE (INS, Belgium) have collaborated on the repository which serves as a new resource for scientists delving into the unique ecosystems of Antarctica and the Southern Ocean.

The Polar Symposium 2024 “The Cold is Getting Hot” was held in Monaco on 22-23 February 2024. Coorganized by SCAR, the Prince Albert II of Monaco Foundation, and the International Arctic Science Committee (IASC), in collaboration with the Oceanographic Institute of Monaco – the Prince Albert I Foundation, the Scientific Center of Monaco, the European Polar Board, and the World Economic Forum, the Symposium served as a platform for engaging workshops, shedding light on upcoming priorities in polar research and policy, and proposing future action plans.

SCAR co-hosted and participated in many side events at the 2024 United Nations Conference of the Parties (COP29), held on 11-22 November 2024, in Baku, Azerbaijan (scar.org/scar-news/cop29). The Cryosphere Pavilion featured SCAR in a series of critical discussions and presentations which highlighted the impacts of climate change on polar regions and the global implications of cryosphere loss.

In May 2024, SCAR received accreditation from the United Nations Environment Programme (UNEP). Accreditation will allow SCAR, including SCAR groups, to engage in UNEP policy dialogues and in the work of bodies such as the United Nations Environment Assembly (UNEA) and the Committee of Permanent

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

Representatives (CPR).

Through its hosting of the Antarctic Environments Portal, SCAR provides impartial information based on the best available science, to support informed discussion on issues relevant to the CEP and wider stakeholders.

SCAR’s Data Information and Management Strategy is available at https://www.scar.org/library/scar-reports-andbulletins/scar-reports/2712-scar-report-34/ in order to ensure free and unrestricted access to scientific data and information regarding the Antarctic region. The SCAR Data Policy (2022) is described in SCAR Report 42, published in September 2022 at https://www.scar.org/scar-library/reports-and-bulletins/scar-reports/5797-scarreport-42/.

Detailed SCAR news for the year can be accessed through back issues of the SCAR Newsletter at https://www.scar.org/news/newsletters/ as well as the SCAR News webpage, Facebook, LinkedIn and Twitter sites.

a. INVESTMENT POLICY AND PERFORMANCE

Through its investment policy SCAR aims to provide capital growth to enable it to fulfil its mission and objectives. In the longer term it is intended to draw income from these investments to support SCAR activities.

SCAR worked with a professional Investment Advisor when initiating the investments portfolio and directly with the Investment Manager(s) to generate a risk profile which matches the expectations of the Executive Committee with regard to investments.

SCAR does not depend on returns from this investing activity to fund its annual expenditure so it is anticipated dividends and profits will be re-invested in the portfolio for at least the first 5 years.

The Executive Committee is prepared to tolerate volatility in the capital value of the investment portfolio but will review and assess the performance annually as outlined below.

Benchmarks

The Investment Advisor and Investment Manager(s) will meet at least annually with the Executive Director to review the status of the portfolio. The Investment Manager(s) performance will be assessed by the Executive Director and Executive Committee annually with reference to benchmarks and targets. These have been initially set at 2% target growth for the portfolio per annum.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(CONTINUED)

b. FACTORS RELEVANT TO ACHIEVE OBJECTIVES

The major factors relevant to SCAR achieving its objectives are (i) successful planning as envisioned by the SCAR Strategic Plan and (ii) ensuring adequate resources, both financial and human, to carry out the objectives of the Charity.

The new Strategic Plan was presented at the SCAR Delegates Meeting in September 2022 and, following final edits approved by a small group of Delegates, published in early 2023. SCAR's work in the next five years will focus on key objectives:

(a) Enhancing scientific leadership

(b) Providing scientific advice to policymakers

(d) Expanding capacity building, education, and training

(e) Improving communications

(f) Ensuring Equality, Diversity and Inclusion (EDI) values are applied to SCAR’s activities

(g) Adopting sustainability principles

These objectives will be delivered through the following explicit actions.

(a) Coordinating and facilitating science

(b) Strengthening and expanding partnerships

(d) Producing value-added products

(e) Ensuring excellence by rigorous and regular review

With regards to human resources, in 2024 SCAR had the benefit of four full time staff, an Executive Director, Dr Chandrika Nath, an Executive Officer, Dr Eoghan Griffin, Project Officer, Dr Johanna Grabow and Administrative Officer, Angharad Downes. Emma Moxham (nee Needham) joined as Science and Operations Officer on a one year contract in January 2024, and went on maternity leave in September 2024, to be replaced by Angharad Downes. Angharad was in turn replaced by Agnes Ganichaud as Administrative Officer in December 2024. Dr Nath continued to work at a reduced time capacity following her return from extended sick leave in 2022.

The Charity is fortunate to have the support of the Scott Polar Research Institute (SPRI), which kindly provides office accommodation and other facilities/amenities for use by the Charity. In return, the Charity provides copies of routine publications for the Institute’s library and provides advice and assistance to Institute staff whenever possible. Due to the nature of this two-way arrangement, it is not possible for the charity to value the in-kind donation within the financial statements.

FINANCIAL REVIEW

a. REVIEW

During 2024 SCAR received grant income of £24,894 (2023: £15,965), income from national contributions of £502,466, (2023: £591,343) and investment income of £7,254 (2023: £6,582). Expenditure in the year was £618,949 (2023: £725,578). The above results in net expenditure before investments for the year of £84,335 (2023: net expenditure of £111,688). At the balance sheet date the Charity held restricted funds of £96,468 (2023: £79,361) as detailed in note 12 to the accounts. The Charity also held unrestricted funds, totalling £679,432 (2023: £782,357).

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

b. RESERVES POLICY

SCAR’s reserve is split into two funds: (i) A “SCAR Reserve” is a fund to cover routine meetings and admin expenses for a full year which is calculated to be the total costs of routine meeting plus admin costs for the previous year plus 10% and (ii) A “Contingency Fund” which comprises the additional funds left to SCAR after committed funds and the Reserve have been taken into account.

The Trustees aim to retain free reserves that are at least equal to the cost of routine meetings and administration/support costs, uplifted by 10%.

[For 2023 the SCAR Reserve figure based on its budgeted meetings and admin costs is calculated to be £283,672 (USD$364,120) - outstanding for 2024] and free reserves (being unresticted funds less tangible fixed assets) per the accounts are £770,823 (2023: £777,758).

c. PRINCIPAL FUNDING

SCAR’s principal source of funding is from its member countries, who all pay a self assessed fee on a scale that in 2024 ranged from $7,000 to $27,500 per year.

At the Delegates meeting, 2012, Members accepted an increase in SCAR Membership Fees which came into force in 2013 and were applicable until 2017. SCAR Delegates agreed in 2016 to a new structure for National Contributions from members to come into force in 2018. The details for 2024 are as below:

Category	Contribution	No. Members	Total	In 2022:
Special Contributors	$27,500	2	$55,000	Russia, USA
Well Developed Programmes	$21,200	16	$339,200	Argentina, Australia, Brazil, China, France, Germany, India, Italy, Japan, Republic of Korea, The Netherlands, New Zealand, Norway, South Africa, Spain, UK
Initial Stages Programme	$12,400	16	$198,400	Belgium, Bulgaria, Canada, Chile, Czech Republic, Ecuador, Finland, Malaysia, Peru, Poland, Portugal, Sweden, Switzerland, Turkey, Ukraine, Uruguay
Associate Member	$7,000	12	$77,000	Austria, Belarus, Colombia, Denmark, Iran, Mexico, Monaco, Pakistan, Romania, Thailand, Venezuela
Total:		46	$676,600

The charity does not engage in public fundraising. During 2024 the Charity did not engage any external professional fundraisers.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

d. PLANS FOR FUTURE PERIODS

In October 2024 the Secretariat staff met with the newly elected Executive Committee members in Cambridge and a number of new initiatives were actioned. One key initiative was to host a SCAR Leadership meeting in Cambridge in April 2025 to ensure strategic alignment and information sharing between the leadership of all SCAR Science Groups, Scientific Research Programmes , Standing Committees and the Executive Committee. It is intended that these meetings will take place in the years between Open Science Conferences, and concentrate on the assessment of progress within the Groups against their own strategic and implementation goals.

The ISAES Symposium for Geosciences will be held in Punta Arenas, Chile in August 2025. The Ant-ICON Scientific Research Programme will hold an interdisciplinary workshop in Paris titled “The Future of Antarctic and Southern Ocean Conservation in a Changing Climate” during July 2025.

From 2021, the Executive Committee controlled and monitored expenditure to ensure cashflow and reserves were maintained, reflecting the level of National Contribution income received. These procedures have been maintained through 2024. There have been no issues with cashflow or increasing levels of national contribution arrears over the course of this arrangement.

Future Developments

As a member of the Fifth International Polar Year (5th IPY) Executive Committee and of the IPY Interim Secretariat, SCAR has continued to support the planning process for the 5th IPY, with the publication of an updated Concept Note in November 2024 (ipy5.info/resources/) and the establishment of Task Groups to work on specific aspects of the planning process in more detail.

In October 2024, the Republic of Korea was announced as the host for the Joint SCAR-IASC Polar Conference in 2030. The decision was made following a comprehensive selection process by both SCAR and IASC Delegates (https://ipy5.info/news/republic-of-korea-to-host-the-joint-scar-iasc-polar-conference-in-2030-1/).

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. CONSTITUTION

The Company is constituted under a Memorandum of Association dated 14 April 2008 and registered as a charity (number 112840) on 4 July 2008.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The Trustees who served during the year were as follows:

Dr Yeadong Kim, President to August 2024, Past President thereafter Prof Gary Wilson, President after August 2024 Prof Jefferson Simoes, until August 2024 Dr Deneb Karentz , until August 2024 Prof Takuji Nakamura, after August 2024 Prof Carlota Escutia, after August 2024 Prof Marcelo Leppe Prof Burcu Ozsoy.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

When new trustees are appointed there are procedures in place to ensure that they clearly understand their duties and responsibilities.

d. PAY POLICY FOR SENIOR STAFF

At the 2016 SCAR Delegates Meeting the Executive Committee was tasked with reviewing the Secretariat Salaries. As a result proposals were developed and formally agreed by the Executive Committee at their meeting in Brno, Czech Republic in 2017.

The Executive Committee concluded that the remuneration of SCAR Secretariat staff was outdated, having not reflected the high living costs in the Cambridge area, and were below the level paid by similar scientific organizations based in the same city. Staff annual salary scales were restructured to the following ranges: Executive Director £57,764 - £73,015; Executive Officer £34,956 - £46,924; Administrative Assistant (part-time 60%) £27,629 - £32,958.

Staff salaries were appraised annually within these pay scale ranges initially, however the Executive Committee decided that pay scales limits could be exceeded as required by appraised awards. The Executive Committee has engaged independent consultants to advise on an appropriate appraisal and pay award scheme, including the pay policy for senior staff, and will receive their advice in 2025, after which revised policies will be determined and implemented.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

e. ORGANISATIONAL STRCTURE AND DECISION MAKING

The Charity has an Executive Committee (EXCOM) comprising a President, four Vice Presidents and a Past President all chosen (elected) from Delegates or Alternate Delegates of Full Members. These members are also the Trustees of the Charity. Previously individual Vice Presidents were assigned responsibilities for (i) Finance, (ii) Education and Outreach, iii) Science and (iv) Administrative and Constitutional Affairs. In 2024 the distribution of these responsibilities amongst the President and Vice Presidents was reviewed and a portfolio approach was adopted. The assignment of responsibilities to individual Vice Presidents is now recorded on the SCAR website at https://scar.org/about-us/leadership/excom.

The Charity is run on a day to day basis by an Executive Director, an Executive Officer, a Project Officer, Science and Operations Officer and Administrative Officer. The Executive Officer is responsible for the day to day financial management of the Charity with oversight by the Executive Director. The Executive Director, who is a non-voting member of the Executive Committee, consults on financial matters with the Vice-President with responsibility for Finance.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

f. RISK MANAGEMENT

The Trustees assess the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. These are regularly reviewed, at least annually, and updated as necessary. In 2018 the organization established a risk register.

From the financial perspective, the Charity has secure income from the national contributions of its 46 Member countries in 2024. The number of distinct contributors and the timely payment of contributions by the Members provides security for future income. SCAR also continues to attract new Members, with 7 new members having been approved since 2016. The record of increases in contribution levels provides confidence that the burden of increasing costs through inflation and salary increases (and the burden of payment arrears due to the issues faced by small minority of members in making timely payments, due to their political circumstances) will not in the long run detract from the ability to spend the majority of income effectively on Science activities. While there may be difficulties in payment encountered by individual members from time to time, the level of national contribution arrears is closely monitored and has fallen in recent years. At the 2022 Delegates Meeting a 20% increase in national contributions was provisionally approved and final approval from members was confirmed in 2023.

The impact of the loss of administration and salary contributions from the Tinker-Muse Prize after its completion in 2018 has been offset by the increase in both members and the associated contributions.

There are no conventional “competitor” organisations to SCAR in terms of its main objectives and its operations and effectiveness are reviewed periodically both internally and externally. In 2015 an internal Structure Review was undertaken, with consultation sought from the Antarctic research and policy communities. The results were presented at the 2016 Delegates meeting and several were approved. The external review by the International Science Council in 2016 resulted in a positive assessment of SCAR activities with recommendations received to help enhance this work.

The biggest operational risk is the dependence the Charity has on the voluntary work carried out on its behalf by the Antarctic research and policy communities. In terms of leadership and guidance for its Science groups and the evaluation of applications for its various awards, these volunteers continue to ensure that SCAR is perceived to be meeting its objectives for the community. The Charity will continue to review the way in which it supports these volunteers to ensure maximum effectiveness.

As noted in the section on Plans for Future Periods, the SCAR Executive Committee continues to closely monitor the receipt of National Contributions in 2025 to ensure that expenditure is tailored to match the level of income received. In this way the risk of delayed or missed contributions will be mitigated.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr T Nakamura Trustee

Date: 31 August 2025

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

OPINION

We have audited the financial statements of Scientific Committee on Antarctic Research (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

we identified the laws and regulations applicable to the charitable company through discussions with Trustees and other management, and from our knowledge and experience of the scientific sector;
we obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
we obtained an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; and
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management and Trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To address the risk of fraud through management bias and override of controls, we;

tested journal entries to identify unusual transactions;

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

we designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings; and
performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
we reviewed minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kelly Bretherick (Senior Statutory Auditor)

for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 31 August 2025

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note INCOME FROM: Charitable activities 2 Investments 3 TOTAL INCOME EXPENDITURE ON: Raising funds 4 Charitable activities 5 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME BEFORE NET (LOSSES)/GAINS ON INVESTMENTS Net (losses)/gains on investments NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD	Unrestricted funds 2024 £ 502,466 7,254 509,720 4,229 606,933 611,162 (101,442) (1,483) (102,925) 782,357 (102,925) 679,432	Restricted funds 2024 £ 24,894 - 24,894 - 7,787 7,787 17,107 - 17,107 79,361 17,107 96,468	Total funds 2024 £ 527,360 7,254 534,614 4,229 614,720 618,949 (84,335) (1,483) (85,818) 861,718 (85,818) 775,900	Total funds 2023 £ 607,308 6,582 613,890 4,172 721,406 725,578 (111,688) 8,337 (103,351) 965,069 (103,351) 861,718

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 37 form part of these financial statements.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee) REGISTERED NUMBER: 06564642

BALANCE SHEET AS AT 31 DECEMBER 2024

		2024	2024	2023	2023
	Note	£	£	£	£
FIXED ASSETS
Tangible assets	8		5,077		6,047
Investments	9		245,573		244,795
			250,650		250,842
CURRENT ASSETS
Debtors	10	162,768		177,648
Cash at bank and in hand		434,312		514,633
		597,080		692,281
Creditors: amounts falling due within one
year	11	(71,830)		(81,405)
NET CURRENT ASSETS			525,250		610,876
TOTAL NET ASSETS			775,900		861,718
CHARITY FUNDS
Restricted funds	12		96,468		79,361
Unrestricted funds	12		679,432		782,357
TOTAL FUNDS			775,900		861,718

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr T Nakamura Trustee

Date: 31 August 2025

The notes on pages 22 to 37 form part of these financial statements.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 14 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 15	2024 £ (78,978) 7,254 (2,537) 36,508 (42,568) (1,343) (80,321) 514,633 434,312	2023 £ (108,594) 6,582 (4,378) 67,954 (66,983) 3,175 (105,419) 620,052 514,633

The notes on pages 22 to 37 form part of these financial statements

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP October 2019, effective effective 1 January 2019).

Scientific Committee on Antarctic Research meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

There were no significant estimates or judgements made by management in preparing these financial statements.

1.2 GOING CONCERN

The Trustees have reviewed the financial position of the Charity and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

1.3 COMPANY STATUS

The Charity is a company limited by guarantee. The members of the Charity are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

1.4 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.5 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. The Charity sometimes secures office space for meetings free of charge, however in the majority of instances there is a significant degree of reciprocity to the arrangement and therefore it is not possible to estimate the value. The net effect, taking the reciprocal arrangement into account, is not deemed to be significant and is not valued in these accounts.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.5 INCOME (CONTINUED)

Income on funds held for deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Income from national contributions is recognised in the period to which it relates. National contributions owing to the Charity at the year end are included in debtors. National contributions are only written off after consultation with all member delegates. The member countries self assess which level of contribution is most appropriate with regard to the level of Antarctic research undertaken in that country.

Grants are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a grant is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfillment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Costs of raising funds represent investment management fees.

The wages and salaries of the Executive Director and Executive Officer have been allocated on the basis of the proportion of time spent on direct and support activities.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 20% straight-line Computer equipment - 33% straight-line

1.8 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

1.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.12 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.13 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.14 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds 2024 £ National Contribution fees 502,466 Women in Polar Science income - Antarctic Environments Portal income - TOTAL 2024 502,466 TOTAL 2023 591,343	Restricted funds 2024 £ - 14,435 10,459 24,894 15,965	Total funds 2024 £ 502,466 14,435 10,459 527,360 607,308	Total funds 2023 £ 591,343 - 15,965
			607,308

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. INVESTMENT INCOME

Unrestricted funds 2024 £ Dividend income 6,490 Bank interest receivable 764 7,254 TOTAL 2023 6,582	Total funds 2024 £ 6,490 764 7,254 6,582	Total funds 2023 £ 6,022 560
		6,582

4. INVESTMENT MANAGEMENT COSTS

Unrestricted funds 2024 £ Investment management fees 4,229 TOTAL 2023 4,172	Total funds 2024 £ 4,229 4,172	Total funds 2023 £ 4,172

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Charitable activities TOTAL 2023	Activities undertaken directly 2024 £ 345,678 450,265	Support costs 2024 £ 269,042 271,141	Total funds 2024 £ 614,720 721,406	Total funds 2023 £ 721,406

ANALYSIS OF DIRECT COSTS

Staff costs Capacity Building, Education and Training Scientific Activities SCAR Fellowships Medals Support Activities Bad debt provision TOTAL 2023	Activities 2024 £ 101,263 6,384 214,987 13,136 - 9,908 345,678 450,265	Total funds 2024 £ 101,263 6,384 214,987 13,136 - 9,908 345,678 450,265	Total funds 2023 £ 82,386 20,299 274,901 71,432 1,247 -
			450,265

Of the above expenditure, £12,848 (2023: £59,140) was met directly from restricted funds.

The figure for Scientific Activities of £214,987 (2023: £274,901) includes expenses such as workshop and event expenses, travel expenses and co-sponsorships which are incurred in the unrestricted activity of the Charity.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs Depreciation Foreign exchange gain Office costs Secretariat travel Bank fees and interest EXCOM travel Legal and professional fees (governance) Accounts preparation (governance) Audit fees (governance) Professional, legal, and other fees (governance) TOTAL 2023	Activities 2024 £ 170,597 3,507 15,813 14,507 6,188 4,083 4,491 1,329 17,236 10,585 20,706 269,042 271,141	Total funds 2024 £ 170,597 3,507 15,813 14,507 6,188 4,083 4,491 1,329 17,236 10,585 20,706 269,042 271,141	Total funds 2023 £ 135,328 2,942 44,190 33,976 16,502 5,082 5,099 3,373 15,204 10,080 (635)
			271,141

In 2024 and 2023 all support and governance costs were met from unrestricted funds.

Governance costs amounted to £49,856 (2023: £28,022).

AUDITORS' REMUNERATION
	2024	2023
	£	£
Fees payable to the charity's auditor for the audit of the charity's annual
accounts	10,585	10,080
Fees payable in respect of:
Preparation of statutory financial statements	3,900	3,720
All non-audit services not included above	946	1,056

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. STAFF COSTS

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2024 £ 239,374 20,414 12,072 271,860	2023 £ 197,184 15,176 5,354

		217,714

The average number of persons employed by the company during the year was as follows:

	2024	2023
	No.	No.
Employees	6	6

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2024	2023
		No.	No.
In the band £60,001	- £70,000	1	-

The key management personnel of the Charity comprises the Trustees and the Executive Director. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind (2023: £Nil). The total employment benefits of key management personnel were £64,021 (2023: £50,383). Employment benefits includes employers national insurance and employer pension contributions.

During the year, three trustees received reimbursed travel expenses amounting to £3,229 (2023: Four trustees, £14,970).

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS

COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for the year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	Computer equipment £ 28,981 2,537
	31,518
	22,934 3,507
	26,441

	5,077
	6,047

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. FIXED ASSET INVESTMENTS

COST OR VALUATION At 1 January 2024 Additions Disposals (proceeds £36,508, realised gross loss £540) Revaluations Movement in cash balance AT 31 DECEMBER 2024 NET BOOK VALUE AT 31 DECEMBER 2024 AT 31 DECEMBER 2023	Listed investments £ 234,297 42,568 (37,048) (943) - 238,874 238,874 234,297	Cash held at brokers £ 10,498 - - - (3,799) 6,699 6,699 10,498	Total £ 244,795 42,568 (37,048) (943) (3,799) 245,573 245,573 244,795

All the fixed asset investments are held in the UK.

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The Charity is operating an investment policy that provides for a degree of diversification of holdings within different unit trust investments. Potential returns have been sought from a combination of capital appreciation and income return. These returns have been sought from a combination of the assets used in Balanced Return’ portfolios, but also include a wider range of possible investments that are more volatile, but provide a higher potential return, such as investments in shares or overseas investments. The portfolio is well diversified by asset class and more weighted towards more secure investments such as British Government securities (Gilts) or bonds issued by other secure supranational organisations such as the European Investment Bank. It also comprises of other income producing investments, such as corporate bonds and preference shares but to a lesser extent than normally associated with ‘Income Return’ investors. The balance of the portfolio incorporates direct investments into shares of large and medium sized companies.

The Charity does not make use of derivatives as it takes the view that investments are held for their longer term growth and annual income.

The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. DEBTORS

DUE AFTER MORE THAN ONE YEAR Prepayments and accrued income DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income	2024 £ 15,804 15,804 138,550 7,203 1,211 162,768	2023 £ -
		- 169,278 8,370 -

		177,648

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2024 £ 22,919 - 1,821 47,090 71,830	2023 £ 26,406 2,618 255 52,126

		81,405

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Antarctic Environments Portal PRAMSO Women in Polar Science The Polar Initiative TOTAL OF FUNDS	Balance at 1 January 2024 £ 782,357 2,741 37,075 5,114 34,431 79,361 861,718	Income £ 509,720 10,459 - 14,435 - 24,894 534,614	Expenditure £ (611,162) (7,787) - - - (7,787) (618,949)	Gains/ (Losses) £ (1,483) - - - - - (1,483)	Balance at 31 December 2024 £ 679,432
					5,413 37,075 19,549 34,431
					96,468
					775,900

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Antarctic Environments Portal PRAMSO Women in Polar Science The Polar Initiative TOTAL OF FUNDS	Balance at 1 January 2023 £ 842,533 11,371 55,741 11,081 44,343 122,536 965,069	Income £ 597,925 15,965 - - - 15,965 613,890	Expenditure £ (666,438) (24,595) (18,666) (5,967) (9,912) (59,140) (725,578)	Gains/ (Losses) £ 8,337 - - - - - 8,337	Balance at 31 December 2023 £ 782,357
					2,741 37,075 5,114 34,431
					79,361
					861,718

All of the transfers represent administration recharges and foreign exchange differences.

Restricted Funds

The Antarctic Environments Portal – The Portal (www.environments.aq) continues to provide the Antarctic Treaty Parties with easy access to reliable and up-to-date information on a range of issues relevant to the management of Antarctic environments. During the year funds were received from the Scientific and Technological Research Council of Turkiye and the Australian Antarctic Division.

PRAMSO (Paleoclimate records from the Antarctic Margin and Southern Ocean) – Support provided alongside SRP - INSTANT (INStabilities and Thresholds in ANTarctica).

Women in Polar Science – This project aims to build a strong network of Women working in Polar Science and inspire others to become polar scientists and at present does not have its own institutional base, although it does attract significant funding. SCAR acts to receive and distribute this funding under the direction of the project leadership.

The Polar Initiative – Signed in 2022, the Initiative partners the Prince Albert II of Monaco Foundation with SCAR and the International Arctic Scientific Committee, to address issues of common interest, through support for biennial meetings and funding for dedicated Fellowships.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted funds 2024 £ Tangible fixed assets 5,077 Fixed asset investments 245,573 Debtors due after more than one year 15,804 Current assets 484,808 Creditors due within one year (71,830) TOTAL 679,432 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 £ Tangible fixed assets 6,047 Fixed asset investments 244,795 Current assets 612,920 Creditors due within one year (81,405) TOTAL 782,357	Restricted funds 2024 £ - - - 96,468 - 96,468 Restricted funds 2023 £ - - 79,361 - 79,361	Total funds 2024 £ 5,077 245,573 15,804 581,276 (71,830) 775,900 Total funds 2023 £ 6,047 244,795 692,281 (81,405) 861,718
Tangible fixed assets Fixed asset investments Current assets Creditors due within one year TOTAL

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charges (Gains)/losses on investments Dividends, interests and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors Movement in cash at broker NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES 15. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand TOTAL CASH AND CASH EQUIVALENTS 16. ANALYSIS OF CHANGES IN NET DEBT At 1 January 2024 £ Cash at bank and in hand 514,633	2024 £ (85,818) 3,507 1,483 (7,254) 14,880 (9,575) 3,799 (78,978) 2024 £ 434,312 434,312 Cash flows £ (80,321)	2023 £ (103,351) 2,941 (8,337) (6,582) (16,461) 26,018 (2,822) (108,594) 2023 £ 514,633 514,633 At 31 December 2024 £ 434,312

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. PENSION COMMITMENTS

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £12,327 (2023 - £5,354). Contributions totalling £1,713 (2023 - £255) were payable to the fund at the balance sheet date and are included in creditors.

18. RELATED PARTY TRANSACTIONS

Aside from those disclosed in note 7 there were no related party transactions during the current or previous years.

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Registered number: 06564642 Charity number: 1124840

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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	Page
Reference and Administrative Details of the Company, its Trustees and Advisers	1
Trustees' Report	2 - 14
Independent Auditors' Report on the Financial Statements	15 - 18
Statement of Financial Activities	19
Balance Sheet	20
Statement of Cash Flows	21
Notes to the Financial Statements	22 - 37

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees	Dr Y Kim
	Prof J Simoes (resigned 28 August 2024)
	Prof D Karentz (resigned 28 August 2024)
	Dr M Leppe Cartes
	Dr B Özsoy
	Prof C Escutia (appointed 28 August 2024)
	Mr T Nakamura (appointed 28 August 2024)
	Prof G Wilson, President (appointed 28 August 2024)
Company registered number 06564642 Charity registered number 1124840 Registered office Scott Polar Research Institute Lensfield Road Cambridge CB2 1ER Company secretary Dr Eoghan Griffin Chief executive officer Dr Chandrika Nath Independent auditors Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers HSBC Cambridge Cambridgeshire CB2 3BZ Investment Managers Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

a. POLICIES AND OBJECTIVES

The charity has two main objectives;

In addition the Charity may further the Objects in particular but not exclusively by:

(b) facilitating free and unrestricted access to scientific data and information regarding the Antarctic region;

(c) developing scientific capacity in the Members of the Charity and young scientists, and to promote the incorporation of Antarctic science in education at all levels, and

(d) communicating scientific information about the Antarctic region to the public.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

b. STRATEGIES AND ACTIVITIES FOR ACHIEVING OBJECTIVES

Integrated Science to Inform Antarctic and Southern Ocean Conservation (Ant-ICON) will answer fundamental science questions (as identified by the SCAR Horizon Scan) relating to the conservation and management of Antarctica and the Southern Ocean and focus on research to drive and inform international decision-making and policy change.
INStabilities and Thresholds in Antarctica (INSTANT) will address the first-order question about Antarctica’s contribution to sea level. Encompassing geoscience, physical sciences and biological sciences, it aims to quantify the Antarctic ice sheet's contribution to past and future global sea-level change.
Near-term Variability and Prediction of the Antarctic Climate System (AntClimnow) will investigate the prediction of near-term conditions in the Antarctic climate system on timescales of years to multiple decades. Taking an integrated approach, it will consider the Antarctic environment as a whole.

Links to individual groups and further details are provided at: https://www.scar.org/science/srp/

At the SCAR Delegates meeting in 2024 a new SRP called AGATA was approved:

The 2024 Delegates Meeting also approved two new Programme Planning Groups:

• Changes in Circumpolar Antarctic Gradients in Ecosystems (C-CAGE)

• Antarctic Geological Evolution (AGE) AGE is a novel, international, interdisciplinary, diverse and inclusive pan-Antarctic lithosphere-focussed geoscience research initiative.

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

More details are available at https://www.scar.org/capacity-building/edi/home/.

The 2024 Delegates Meeting also received the reports from the Science Groups which outlined the Action and Expert Groups which had come to an end and those that were proposed to be started from 2025.

ACHIEVEMENTS AND PERFORMANCE

a. Review of activities

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

Activities of Relevance to Objective 1 (promotion of scientific knowledge) plus (c) and (d) (capacity building and communications) of the Charity:

In 2013, SCAR introduced a new Visiting Professor scheme. This was jointly funded by India and SCAR for the

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

inaugural year. The main aim of the scheme was to promote partnerships that advance Antarctic research in a country with a developing Antarctic programme.

Activities of Relevance to Objective 2 (scientific research) plus (a) and (b) (policy advice and data access) of the Charity:

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

Representatives (CPR).

a. INVESTMENT POLICY AND PERFORMANCE

The Executive Committee is prepared to tolerate volatility in the capital value of the investment portfolio but will review and assess the performance annually as outlined below.

Benchmarks

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(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(CONTINUED)

b. FACTORS RELEVANT TO ACHIEVE OBJECTIVES

(a) Enhancing scientific leadership

(b) Providing scientific advice to policymakers

(d) Expanding capacity building, education, and training

(e) Improving communications

(f) Ensuring Equality, Diversity and Inclusion (EDI) values are applied to SCAR’s activities

(g) Adopting sustainability principles

These objectives will be delivered through the following explicit actions.

(a) Coordinating and facilitating science

(b) Strengthening and expanding partnerships

(d) Producing value-added products

(e) Ensuring excellence by rigorous and regular review

FINANCIAL REVIEW

a. REVIEW

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

b. RESERVES POLICY

The Trustees aim to retain free reserves that are at least equal to the cost of routine meetings and administration/support costs, uplifted by 10%.

c. PRINCIPAL FUNDING

SCAR’s principal source of funding is from its member countries, who all pay a self assessed fee on a scale that in 2024 ranged from $7,000 to $27,500 per year.

Category	Contribution	No. Members	Total	In 2022:
Special Contributors	$27,500	2	$55,000	Russia, USA
Well Developed Programmes	$21,200	16	$339,200	Argentina, Australia, Brazil, China, France, Germany, India, Italy, Japan, Republic of Korea, The Netherlands, New Zealand, Norway, South Africa, Spain, UK
Initial Stages Programme	$12,400	16	$198,400	Belgium, Bulgaria, Canada, Chile, Czech Republic, Ecuador, Finland, Malaysia, Peru, Poland, Portugal, Sweden, Switzerland, Turkey, Ukraine, Uruguay
Associate Member	$7,000	12	$77,000	Austria, Belarus, Colombia, Denmark, Iran, Mexico, Monaco, Pakistan, Romania, Thailand, Venezuela
Total:		46	$676,600

The charity does not engage in public fundraising. During 2024 the Charity did not engage any external professional fundraisers.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

d. PLANS FOR FUTURE PERIODS

Future Developments

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. CONSTITUTION

The Company is constituted under a Memorandum of Association dated 14 April 2008 and registered as a charity (number 112840) on 4 July 2008.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The Trustees who served during the year were as follows:

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

When new trustees are appointed there are procedures in place to ensure that they clearly understand their duties and responsibilities.

d. PAY POLICY FOR SENIOR STAFF

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

e. ORGANISATIONAL STRCTURE AND DECISION MAKING

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

f. RISK MANAGEMENT

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr T Nakamura Trustee

Date: 31 August 2025

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SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

OPINION

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

OTHER INFORMATION

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

RESPONSIBILITIES OF TRUSTEES

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

we identified the laws and regulations applicable to the charitable company through discussions with Trustees and other management, and from our knowledge and experience of the scientific sector;
we obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
we obtained an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; and
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management and Trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To address the risk of fraud through management bias and override of controls, we;

tested journal entries to identify unusual transactions;

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

we designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings; and
performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
we reviewed minutes of meetings of those charged with governance.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

USE OF OUR REPORT

Kelly Bretherick (Senior Statutory Auditor)

for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 31 August 2025

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note INCOME FROM: Charitable activities 2 Investments 3 TOTAL INCOME EXPENDITURE ON: Raising funds 4 Charitable activities 5 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME BEFORE NET (LOSSES)/GAINS ON INVESTMENTS Net (losses)/gains on investments NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD	Unrestricted funds 2024 £ 502,466 7,254 509,720 4,229 606,933 611,162 (101,442) (1,483) (102,925) 782,357 (102,925) 679,432	Restricted funds 2024 £ 24,894 - 24,894 - 7,787 7,787 17,107 - 17,107 79,361 17,107 96,468	Total funds 2024 £ 527,360 7,254 534,614 4,229 614,720 618,949 (84,335) (1,483) (85,818) 861,718 (85,818) 775,900	Total funds 2023 £ 607,308 6,582 613,890 4,172 721,406 725,578 (111,688) 8,337 (103,351) 965,069 (103,351) 861,718

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 37 form part of these financial statements.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee) REGISTERED NUMBER: 06564642

BALANCE SHEET AS AT 31 DECEMBER 2024

		2024	2024	2023	2023
	Note	£	£	£	£
FIXED ASSETS
Tangible assets	8		5,077		6,047
Investments	9		245,573		244,795
			250,650		250,842
CURRENT ASSETS
Debtors	10	162,768		177,648
Cash at bank and in hand		434,312		514,633
		597,080		692,281
Creditors: amounts falling due within one
year	11	(71,830)		(81,405)
NET CURRENT ASSETS			525,250		610,876
TOTAL NET ASSETS			775,900		861,718
CHARITY FUNDS
Restricted funds	12		96,468		79,361
Unrestricted funds	12		679,432		782,357
TOTAL FUNDS			775,900		861,718

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr T Nakamura Trustee

Date: 31 August 2025

The notes on pages 22 to 37 form part of these financial statements.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 14 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 15	2024 £ (78,978) 7,254 (2,537) 36,508 (42,568) (1,343) (80,321) 514,633 434,312	2023 £ (108,594) 6,582 (4,378) 67,954 (66,983) 3,175 (105,419) 620,052 514,633

The notes on pages 22 to 37 form part of these financial statements

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

There were no significant estimates or judgements made by management in preparing these financial statements.

1.2 GOING CONCERN

1.3 COMPANY STATUS

1.4 FUND ACCOUNTING

1.5 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.5 INCOME (CONTINUED)

Income on funds held for deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.6 EXPENDITURE

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Costs of raising funds represent investment management fees.

The wages and salaries of the Executive Director and Executive Officer have been allocated on the basis of the proportion of time spent on direct and support activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 20% straight-line Computer equipment - 33% straight-line

1.8 INVESTMENTS

1.9 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 CASH AT BANK AND IN HAND

1.11 LIABILITIES AND PROVISIONS

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.12 FINANCIAL INSTRUMENTS

1.13 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.14 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted funds 2024 £ National Contribution fees 502,466 Women in Polar Science income - Antarctic Environments Portal income - TOTAL 2024 502,466 TOTAL 2023 591,343	Restricted funds 2024 £ - 14,435 10,459 24,894 15,965	Total funds 2024 £ 502,466 14,435 10,459 527,360 607,308	Total funds 2023 £ 591,343 - 15,965
			607,308

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. INVESTMENT INCOME

Unrestricted funds 2024 £ Dividend income 6,490 Bank interest receivable 764 7,254 TOTAL 2023 6,582	Total funds 2024 £ 6,490 764 7,254 6,582	Total funds 2023 £ 6,022 560
		6,582

4. INVESTMENT MANAGEMENT COSTS

Unrestricted funds 2024 £ Investment management fees 4,229 TOTAL 2023 4,172	Total funds 2024 £ 4,229 4,172	Total funds 2023 £ 4,172

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Charitable activities TOTAL 2023	Activities undertaken directly 2024 £ 345,678 450,265	Support costs 2024 £ 269,042 271,141	Total funds 2024 £ 614,720 721,406	Total funds 2023 £ 721,406

ANALYSIS OF DIRECT COSTS

Staff costs Capacity Building, Education and Training Scientific Activities SCAR Fellowships Medals Support Activities Bad debt provision TOTAL 2023	Activities 2024 £ 101,263 6,384 214,987 13,136 - 9,908 345,678 450,265	Total funds 2024 £ 101,263 6,384 214,987 13,136 - 9,908 345,678 450,265	Total funds 2023 £ 82,386 20,299 274,901 71,432 1,247 -
			450,265

Of the above expenditure, £12,848 (2023: £59,140) was met directly from restricted funds.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs Depreciation Foreign exchange gain Office costs Secretariat travel Bank fees and interest EXCOM travel Legal and professional fees (governance) Accounts preparation (governance) Audit fees (governance) Professional, legal, and other fees (governance) TOTAL 2023	Activities 2024 £ 170,597 3,507 15,813 14,507 6,188 4,083 4,491 1,329 17,236 10,585 20,706 269,042 271,141	Total funds 2024 £ 170,597 3,507 15,813 14,507 6,188 4,083 4,491 1,329 17,236 10,585 20,706 269,042 271,141	Total funds 2023 £ 135,328 2,942 44,190 33,976 16,502 5,082 5,099 3,373 15,204 10,080 (635)
			271,141

In 2024 and 2023 all support and governance costs were met from unrestricted funds.

Governance costs amounted to £49,856 (2023: £28,022).

AUDITORS' REMUNERATION
	2024	2023
	£	£
Fees payable to the charity's auditor for the audit of the charity's annual
accounts	10,585	10,080
Fees payable in respect of:
Preparation of statutory financial statements	3,900	3,720
All non-audit services not included above	946	1,056

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. STAFF COSTS

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2024 £ 239,374 20,414 12,072 271,860	2023 £ 197,184 15,176 5,354

		217,714

The average number of persons employed by the company during the year was as follows:

	2024	2023
	No.	No.
Employees	6	6

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2024	2023
		No.	No.
In the band £60,001	- £70,000	1	-

During the year, three trustees received reimbursed travel expenses amounting to £3,229 (2023: Four trustees, £14,970).

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS

COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for the year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	Computer equipment £ 28,981 2,537
	31,518
	22,934 3,507
	26,441

	5,077
	6,047

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. FIXED ASSET INVESTMENTS

COST OR VALUATION At 1 January 2024 Additions Disposals (proceeds £36,508, realised gross loss £540) Revaluations Movement in cash balance AT 31 DECEMBER 2024 NET BOOK VALUE AT 31 DECEMBER 2024 AT 31 DECEMBER 2023	Listed investments £ 234,297 42,568 (37,048) (943) - 238,874 238,874 234,297	Cash held at brokers £ 10,498 - - - (3,799) 6,699 6,699 10,498	Total £ 244,795 42,568 (37,048) (943) (3,799) 245,573 245,573 244,795

All the fixed asset investments are held in the UK.

The Charity does not make use of derivatives as it takes the view that investments are held for their longer term growth and annual income.

The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. DEBTORS

DUE AFTER MORE THAN ONE YEAR Prepayments and accrued income DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income	2024 £ 15,804 15,804 138,550 7,203 1,211 162,768	2023 £ -
		- 169,278 8,370 -

		177,648

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2024 £ 22,919 - 1,821 47,090 71,830	2023 £ 26,406 2,618 255 52,126

		81,405

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Antarctic Environments Portal PRAMSO Women in Polar Science The Polar Initiative TOTAL OF FUNDS	Balance at 1 January 2024 £ 782,357 2,741 37,075 5,114 34,431 79,361 861,718	Income £ 509,720 10,459 - 14,435 - 24,894 534,614	Expenditure £ (611,162) (7,787) - - - (7,787) (618,949)	Gains/ (Losses) £ (1,483) - - - - - (1,483)	Balance at 31 December 2024 £ 679,432
					5,413 37,075 19,549 34,431
					96,468
					775,900

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Antarctic Environments Portal PRAMSO Women in Polar Science The Polar Initiative TOTAL OF FUNDS	Balance at 1 January 2023 £ 842,533 11,371 55,741 11,081 44,343 122,536 965,069	Income £ 597,925 15,965 - - - 15,965 613,890	Expenditure £ (666,438) (24,595) (18,666) (5,967) (9,912) (59,140) (725,578)	Gains/ (Losses) £ 8,337 - - - - - 8,337	Balance at 31 December 2023 £ 782,357
					2,741 37,075 5,114 34,431
					79,361
					861,718

All of the transfers represent administration recharges and foreign exchange differences.

Restricted Funds

PRAMSO (Paleoclimate records from the Antarctic Margin and Southern Ocean) – Support provided alongside SRP - INSTANT (INStabilities and Thresholds in ANTarctica).

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted funds 2024 £ Tangible fixed assets 5,077 Fixed asset investments 245,573 Debtors due after more than one year 15,804 Current assets 484,808 Creditors due within one year (71,830) TOTAL 679,432 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 £ Tangible fixed assets 6,047 Fixed asset investments 244,795 Current assets 612,920 Creditors due within one year (81,405) TOTAL 782,357	Restricted funds 2024 £ - - - 96,468 - 96,468 Restricted funds 2023 £ - - 79,361 - 79,361	Total funds 2024 £ 5,077 245,573 15,804 581,276 (71,830) 775,900 Total funds 2023 £ 6,047 244,795 692,281 (81,405) 861,718
Tangible fixed assets Fixed asset investments Current assets Creditors due within one year TOTAL

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charges (Gains)/losses on investments Dividends, interests and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors Movement in cash at broker NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES 15. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand TOTAL CASH AND CASH EQUIVALENTS 16. ANALYSIS OF CHANGES IN NET DEBT At 1 January 2024 £ Cash at bank and in hand 514,633	2024 £ (85,818) 3,507 1,483 (7,254) 14,880 (9,575) 3,799 (78,978) 2024 £ 434,312 434,312 Cash flows £ (80,321)	2023 £ (103,351) 2,941 (8,337) (6,582) (16,461) 26,018 (2,822) (108,594) 2023 £ 514,633 514,633 At 31 December 2024 £ 434,312

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Docusign Envelope ID: FC526CCE-6AB4-41AE-94C8-0AF39E8C1F40

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. PENSION COMMITMENTS

18. RELATED PARTY TRANSACTIONS

Aside from those disclosed in note 7 there were no related party transactions during the current or previous years.

Page 37

Scientific Committee on Antarctic Research Audit matters for year ended 31 December 2024

2 a

Dear Board of Trustees

Audit Matters for Scientific Committee on Antarctic Research for the year ended 31 December 2024

This report presents the observations arising from the audit that are significant to the responsibility of those charged with governance to oversee the financial reporting process, as required by International Standard on Auditing (UK) 260. Its contents have been discussed with management.

As auditor we are responsible for performing the audit, in accordance with International Standards on Auditing (UK), which is directed towards forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities for the preparation of the financial statements.

The contents of this report relate only to those matters that came to our attention during the conduct of our normal audit procedures, which are designed for the purpose of expressing our opinion on the financial statements. Our audit is not designed to test all internal controls or identify all areas of control weakness. However, where, as part of our testing, we identify control weaknesses, we will report these to you. Consequently, our work cannot be relied upon to disclose all defalcations or other irregularities, or to include all possible improvements in internal control that a more extensive special examination might identify. This report has been prepared solely for your benefit and should not be quoted in whole or in part without our prior written consent. We do not accept any responsibility for any loss occasioned to any third party acting, or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose.

Specific roles and responsibilities are outlined in the terms of engagement agreed in the PEM Engagement Letter which covers the audit of the 2024 accounts and future years’ audits. General terms of engagement may be found on our website www.pem.co.uk .

We would like to take this opportunity to record our appreciation for the assistance provided by the finance team and other staff during our audit.

Yours faithfully

Kelly Bretherick

For PEM

July 2025

Contents.

Your team.

Audit status and independence
Audit risks and our findings
Matters arising from our work
Matters for the attention of trustees
~~rrr~~ 5. Internal controls
Internal controls – review of prior years
Summary of adjustments
Summary of potential adjustments
Communication of audit matters

~~SS~~ 10. Independence and fees

~~Eee~~

Emerging issues

1. Audit status.

Audit opinion

Our audit work on the financial statements of the Scientific Committee on Antarctic Research is substantially complete and there are currently no matters of which we are aware that would require modification of our audit opinion, subject to the outstanding matters detailed below.

Signed letter of representation and post balance sheet events update to the point of signing.

We confirm that our audit has not revealed any matters that will require modifications to our audit report opinion and therefore at this stage we expect that an unqualified audit opinion will be issued for Scientific Committee on Antarctic Research. The original audit report will be signed by Kelly Bretherick, on behalf of Peters Elworthy & Moore.

Letter of representation

Before we can complete our audit we require a letter of representation from you. The letter will provide us with additional evidence in areas where we have relied upon representations from you during the audit. We suggest that you make your own enquiries of staff to verify that you support the representations that have been made.

Subsequent events (ISA 560)

We must ensure that all the events up to the reporting date that need to be reported in the financial statements have been identified and accounted for appropriately. For events that come to our attention after the reporting date, but before auditor’s report is issued, we must ensure that events requiring adjustments have been accounted for.

We have received confirmation from you that there are no subsequent events have occurred to the date of issuance of this report.

2. Audit risks and our findings.

Audit approach

Our audit approach was outlined in our Audit Plan. We have not had to alter our Audit Plan as previously communicated to you.

In accordance with the ISAs there are two presumed significant risks, which we are required to consider for all organisations: the risk of management override of controls and the risk of fraud or error in revenue recognition . As part of our planning we also identified a significant risk in relation to restricted funds . Our audit findings are set out below.

Significant risk

Our approach and findings

Management override of controls

Assertions – none (presumed risk at financial statement level)

We tested the design and implementation of controls around journal entries and those relevant to the production of the financial statements.

Management is typically in a powerful position to perpetrate fraud due to its ability to manipulate accounting records and prepare fraudulent financial statements by overriding controls that otherwise appear to be operating effectively.

We carried out appropriate substantive procedures including

review of journal entries to identify and test significant or unusual items;
review of accounting estimates (see section 4); and
review for significant transactions that were outside the normal course of business, or were otherwise unusual.

Our D&I testing did not highlight any significant issues.

No matters were noted during our testing.

2. Audit risks and our findings.

Significant Risk

Our approach and findings

Revenue recognition

Under ISA 240, there is a presumed risk of fraud present within revenue recognition.

Assertions considered

completeness (whether all the income to which the Charity is entitled has been included)
occurrence (whether the income is recorded in the period have really occurred)
cut-off (whether the correct amount has been recognised in the accounting period under consideration).

We have assessed the inherent risk factors of each assertion and how they affect the susceptibility to misstatement. In addition, we have assessed the likelihood and magnitude of misstatement for each assertion.

We have reviewed the controls you have in place but will not be specifically testing the operating effectiveness of controls. We will adopt a substantive approach.

Whilst the assertions are relevant to all of the Charity’s income streams, we consider that the significant risk relates to the completeness, occurrence, and cut off of membership contributions, as well as grants and donations, received by the Charity.

We have reviewed the design and implementation (D&I) of controls around membership contributions, grants and donations received. We adopted a substantive testing approach in line with our plan consisting of detailed testing and analytical procedures, to satisfy ourselves that total income for the year was in line with expectation and supporting documentation and accordingly assessed the completeness of the reported revenue balances.

As part of our audit procedures to address the significant risk we have:

Reviewed and tested income recognition policies to ensure that they are appropriate for the Charity’s activities and being consistently applied.
We reviewed and tested a sample of transactions to ensure that income is only being recognised when all of the criteria are met (entitlement, probable and measurement).
We performed detailed testing on material revenue streams to assess completeness . We have performed a proof in total of membership income by recalculating the contributions of members listed on the website and comparing this to the total recorded in the accounts. We have also obtained agreements for grants present in the year, used these to form an expectation of income recognised, and compared this to the figures recorded in the accounts.
In addition we have:
We performed detailed testing on material debtors related to the above revenue streams to assess occurrence . We have traced a sample of income entries recorded in the accounts to appropriate documentation and/or cash received in the year to confirm the income has actually occurred.
We performed detailed testing on material revenue streams around the year end to agree cut-off .
From our D&I testing, the systems in place over the recording and recognition of income are working as documented.

No significant errors or omissions were identified during our testing however we have identified that there were some members included on the SCAR website as paying members in 2024, who had not actually contributed any monies to SCAR for the entirety of 2024, which suggests this could be misleading to SCAR stakeholders. We note cases whereby there are corresponding debtors in respect of these countries.

2. Audit risks and our findings.

Significant risk

Our approach and findings

Restricted funds

Assertions considered

As part of our audit procedures, we have:

Classification (whether income and expenditure has been received into or paid out of the correct fund)

There is a risk that restricted income has not been correctly identified or that restricted expenditure is not in line with the specified purposes.

Reviewed the systems in place with regard to the identification of restricted income and the allocation of expenditure to the appropriate restricted funds.
Tested a sample of expenditure items to supporting documentation to ensure they have been applied in line with the terms of the funds.

No significant errors or omissions were identified during our testing.

3. Matters arising from our work.

Materiality assessment (ISA 320)

Materiality is not defined in ISA 320 ‘Materiality in planning and performing an audit’ and is a financial reporting, rather than auditing, concept. However, ISA 320 highlights the following key characteristics:

Misstatements are considered to be material if they could influence the decisions of users of the financial statements;
Judgements about materiality are based on surrounding circumstances, including the size and nature of the misstatement; and
Judgements are based on the users’ common needs as a group.

As the basis for the auditor’s opinion, ISAs require auditors to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. The concept of materiality is therefore fundamental to the audit. It is applied by auditors at the planning stage, and when performing the audit and evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements.

Our final materiality is based on the benchmarks highlighted in the table below for Scientific Committee on Antarctic Research. Based on final figures for turnover as at 31 December 2024 our final material levels are as follows:

Entity	Benchmark	Final Materiality	Final Performance Materiality	Clearly trivial threshold
Scientific Committee on Antarctic Research	2% of turnover	£10,700	£8,000	£300

Rationale for the benchmark applied We consider turnover to be the most relevant benchmark for users of the financial statements given that the Charity is revenue driven.

Performance materiality

We set performance materiality at a lower level to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole. We have set our performance materiality at 75% In determining performance materiality, we considered the following factors: our risk assessment, including the Charity’s control environment and our experience of the audit, which has indicted a low number of corrected and uncorrected misstatements identified in previous years.

Clearly trivial threshold

We have set our error reporting threshold at 3% of materiality. Differences below this threshold will not be reported unless qualitative. We also report on disclosure matters that we identify when assessing the overall presentation of the financial statements.

Areas with lower level materiality

Trustees and Related Parties have been assessed as material by nature and therefore have no de minimis limit. Transactions are to be considered on an individual basis if material to the Charity and/or individuals.

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4. Matters for the attention of the trustees.

Accounting and internal controls

Your assessment

Management should keep their understanding of internal controls up to date to identify which controls are still operating effectively and which might now show areas of weakness, particularly given the new hybrid working environment with staff often working remotely and following the impact of system change. This regular reassessment should consider the heightened risk of fraud as a result of such changes in the operational environment. Plans should be put in place to implement controls to cover any gaps identified.

Strengthening and maintaining the control could include:

Maintaining segregation of duties as far as possible so that no one individual has too much authority;
With increased remote working, making sure that only the right people are accessing the right systems; and
Increasing cyber awareness is recommended to identify unexpected behaviour.

It is the Trustees’ responsibility to satisfy themselves that they have met their financial duties as Trustees by having robust and effective financial controls in place and protecting the business from financial crime. The assessment and evidence of challenge by management and trustees should be clearly documented and regularly reviewed.

Our work

We consider management’s assessments of controls as part of our assessment of significant audit risk and we consider the design and implementation of relevant controls around significant audit risks as part of our audit work.

We understand from discussion with management that controls are mainly exercised through review of monthly management accounts.

Recommendations

We have found the Charity’s accounting and internal control systems in relation to the significant audit risks to be designed and implemented as documented. No significant deficiencies have come to our attention during the course of our work. There are, however, a number of recommendations that we have made regarding the accounting and internal control systems, which are set out in section 5. We have also revisited the recommendations made in prior years and an update is provided in section 6.

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4. Matters for the attention of the trustees.

Financial statements

As part of our audit we have considered and reviewed the Charity’s accounting policies and the disclosures in accordance with UK Generally Accepted Accounting Practice and we have not encountered any material departures. In our opinion the accounting policies selected are appropriate to the circumstances of the Charity.

Judgements and estimates (ISA 540)

ISA (UK) 540 ‘Auditing Accounting Estimates and Related Disclosures’ includes number of more prescriptive documentation requirements around risk assessment, linking audit procedures with the assessed risk and judgements related to accounting estimates.

There are some areas which involve a large degree of judgement and estimation, and which were given increased scrutiny during our audit. This was:

Recoverability of debtors, and the consideration of adequacy of any provision that could be necessary in respect of bad and doubtful debts from member countries.

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4. Matters for the attention of the trustees.

Fraud (ISA 240)

As set out in our audit plan, we are required to consider fraud and the impact that this has on our audit approach. We have updated our risk assessment throughout the audit process and adapt our approach accordingly.

We have received your assessment of the risk and effectiveness of the internal controls relating to the processes and procedures that you have in place [ insert name of document]/through your completion of our planning questionnaires.

It is the Trustees’ responsibility to satisfy themselves that they have met their financial duties as Trustees by having robust and effective financial controls in place and protecting the business from financial crime. We would recommend that trustees document their procedures to address the risks of fraud to demonstrate that management and trustees understand their role in the prevention of fraud. Regular review of this assessment will help trustees and management identify gaps and implement stronger internal controls as discussed above.

We have not been made aware of any incidents in the period and no other issues have been identified during the course of our audit.

We will obtain a representation that Trustees and management believe that they have appropriately fulfilled these responsibilities.

Laws and regulations (ISA 250)

As set out in our audit plan, we have discussed with management the procedures in place for identifying laws and regulations critical to the charity and the procedures you have in place to prevent non-compliance. We recommend that reports on health and safety, safeguarding, GDPR, data Breaches, IT cyber security, insurance and other reports are regularly presented to the board and included in the risk register.

You have not informed us of any incidents in the period and no other issues have been identified during the course of our audit.

Related parties (ISA 550)

As set our in our audit plan, our audit procedures involved enquiry of management about the identity of related parties, the nature of relationships and the type and purpose of related party transactions. We have received confirmation forms of the related party relationships and transactions from all identified related parties.

We have not identified any non-disclosed material related party transactions during the course of our audit work. We note that the disclosures in note 18 to the accounts are consistent with the Trustees register.

5. Internal controls.

During our audit work we have identified a number of recommendations that are set out below. We would recommend that high priority recommendations are addressed within the next 3-6 months, medium priority within the next year and that management consider implementing low priority findings by the next audit (or identify other controls which they believe address the risks). Recommendations raised in the prior year which have not been addressed or resolved have been repeated below and are marked prior year for clarity.

PEM findings

Member contributions

Some members included on the SCAR website as a member in 2024, had not actually made any national contributions in 2024. This could be misleading to the stakeholders of SCAR as the income (/financial support) received from such countries is not as high as the website states. Those relevant to 2024 are: Russia, Belarus, Iran, Luxembourg and Pakistan.

Financial procedures manual, and Xero Users

The latest financial procedures document we received from SCAR, entitled ‘SCAR Finance Master Notes 2025’, documents some areas of established procedure whereas some sections are also noted as being incomplete.

In addition, we noted that there are a substantial number of users with access to the Xero accounting system who appear not to have logged-in for a while.

Priority Recommendation Your comments That SCAR conducts a thorough review of current members and considers updating its Low website to reflect instances whereby countries have not paid their contributions for a given year. These considerations may take into account such instances whereby longer active members potential member countries have been unable to pay due to international banking restrictions. That SCAR considers completing its financial procedures manual such that the document Medium contains detail on all processes relevant to finance.

Management confirmed that members are retained on the website until confirmed as no longer active members

Management confirmed the procedures manual remains a work in progress

We also recommend that the list of users with access rights to the Xero accounting system is reviewed and those who do not strictly need access, have their rights removed.

Member invoiced in the wrong currency

Whilst the income has been recognised correctly in line with the cash received, this suggests an internal control deficiency and will result in a credit note being raised to this member (the Netherlands).

Low We recommend that a secondary review is carried out on invoices raised to ensure they are invoiced in the correct currency.

Management confirmed this was a one off error

6. Internal controls (follow-up, prior year).

Review of prior year recommendations.

PEM findings Recommendation Update this year Outcome Journal descriptions Individual journals should have No instances noted whereby journal descriptions Closed appropriate narrative description did not align with expectations. This Some narrative description was missing on a summarising what the journal is for to recommendation is hence not being re-raised. selection of journals tested. ensure a full audit trail is maintained. Member contributions Ensure that the original invoice is Instances were noted where this had still been Re-raised reversed if a new invoice is issued and the case, where members had bee unable to Medium Some member contributions from previous years still contains arrears from previous pay by invoice due dates and hence requested a were being included on current year contribution years. new invoice in a later year with updated due invoices, meaning that the fees were essentially dates. being invoiced twice. Policies and procedures We recommend that these policies are The Fundraising policy has now been updated reviewed and updated as appropriate and we understand the review and update of Re-raised Policy documents for the charity, as published on over the coming year. other policies is in process. We are hence re- Medium

The Fundraising policy has now been updated and we understand the review and update of other policies is in process. We are hence reraising this recommendation. We note also an additional recommendation on the previous page specifically in relation to the financial procedures manual.

Policy documents for the charity, as published on its website, were dated as last having been reviewed and updated a number of years ago. For example, some were dated January 2017, and the Privacy Policy was dated June 2018.

7. Summary of adjustments.

We are required to inform you of any significant adjustments made to the financial statements presented for audit that have been identified during the course of our audit, following discussions with you and your staff. You should review these adjustments in order to satisfy yourselves that they have been properly made. Confirmation that you have done so should be communicated to us within the letter of representation.

	Total
	£
~~a~~	~~a~~
~~a~~	~~a~~
Deficit per accounts presented for audit Deficit per draft accounts	(85,818) (85,818)

Other than adjustments made by the team carrying out the preparation of the trial balance and accounts, there have been no profit-impacting adjustments made during the audit.

Potential adjustments

We are also required to inform you of any potential adjustments noted during the course of our work. These have been included in Section 8.

8. Summary of potential adjustments.

8. Summary of potential adjustments.	A 7}
In addition, a number of non-trivial potential adjustments were identified during the course of our audit and we would request that you review these potential
adjustments and consider amending the financial statements accordingly. If you decide not to amend the financial statements then your reasons for doing so should
be communicated to us within the letter or representation.
Total
£ Deficit per draft accounts (85,818) Potential adjustment to correct Science Group Fellowship accrual 1,335 Potential adjustment to recognise Netherlands credit note in income (4,411) ~~kd~~ SS] ~~eee~~ "
Profit/(loss) per draft accounts, if adjusted (88,894)

9. Communication of audit matters.

International Standard on Auditing (ISA)(UK and Ireland) 260, as well as other ISAs (UK and Ireland), prescribe matters which we are required to communicate with those charged with governance, and which we set out below Respective responsibilities of auditor and management/those charged with governance

Audit Audit Plan Matters

✓

Overview of the planned scope and timing of the audit, form, timing and expected general content of communications

✓

Views about the qualitative aspects of your accounting and financial reporting practices, significant matters and issues arising during the audit and written representations that have been sought

✓

Confirmation of objectivity and independence ✓ ✓ A statement that we have complied with relevant ethical requirements regarding independence, relationships and other matters that might be thought to bear on independence. Details of non-audit work performed by us together with details of safeguards applied to ✓ threats to independence Material weaknesses in internal control identified during the audit ✓ Identification or suspicion of fraud involving management and/or which results in material misstatement of the financial statements ✓ ~~Oe~~ Non-compliance with laws and regulations ✓ Expected modifications to the auditors’ report, or emphasis of matter ✓ Unadjusted misstatements and material disclosure omissions ✓ ~~ee~~ Significant matters arising in connection with related parties ✓ Significant matters in relation to going concern ✓

10. Independence.

Independence

In line with ISA 260 and the Auditing Practices Board (APB) Ethical Standard, we communicate to those charged with governance our independence and any other relevant factors.

We are required to write to you to give you full and fair disclosure of any matters that may relate to our independence, or the perception of our independence, as your auditors. We considered our objectivity and independence before commencing planning our audit and communicated with you regarding these matters in our Audit Plan. We have reconsidered the relationship between you and our firm and have not identified any additional factors that have an impact on our ability to maintain our objectivity and independence.

We confirm we are independent and able to express an objective opinion on the financial statements.

Emerging issues.

Emerging issues – charity sector Revisions to FRS 102 and consequential changes to the SORP

We held a webinar on the 18 June 2025 to consider the main changes to the SORP in relation to income and leasing. We also briefly looked at the proposed changes to the Trustees’ Report and the natural presentation of the SOFA, reducing the need for allocations. If you would like to listen to the webinar please scan the QR code and enter your details to download.

The following slides give a brief summary of the changes. ORs Boeie

Emerging issues – charity sector

SORP 2026 consultation

The new Exposure Draft Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2026) tops some 300 pages. It was launched on 28 March 2025 and ran for 12 weeks and introduces among other changes an additional charity tier, more required reporting on reserves and reporting on impact and sustainability for the biggest charities. Many of the changes are however driven by the changes made by the Financial Reporting Council (FRC) to the Financial Reporting Standard (FRS 102), in particular in relation to lease accounting and revenue contract accounting and the SORP includes additional guidance to charities on those areas.

One of the main changes is the introduction of a tiering system.

Tier 1	Tier 1	Gross income of less than £500,000 (€500,000)	Consider all requirements for tier 1
			Can prepare receipts and payments accounts based on a separate limit (see the
			threshold consultation)
			Canprepare accruals accounts eitherbynaturalcategories oranactivity basis
Tier 2	Tier 2	Gross income between £500,000 (€500,000) and £15 million (€15 million).	Consider all requirements for tier 1 and tier 2
			Prepare accounts onanactivity basis
Tier 3	Tier 3	Gross income over £15 million (€15 million).	Consider all requirements for tiers 1, 2 and tier 3
			Prepare accounts onanactivity basis

The tiers are mainly used to distinguish between requirements in the trustees’ report, although a higher threshold for cash flow statements is proposed (ie tier 3 rather than tier 1). The tier 1 is set at the old ‘larger’ charity level which was the audit threshold in Scotland. With the audit threshold in Scotland being increased to £1m and the audit threshold in England and Wales possibility increasing further, it may be more practical to considering align the tier 1 threshold with the audit threshold.

The Trustees’ reporting requirements are set out in the three tiers and the requirements are cumulative. The exposure draft continues to differentiate between mandatory ‘must’ requirements and ‘should’ disclosures which are encouraged.

The structure of the trustees’ report remains similar, the most significant changes for tier 1 charities will be the mandatory reporting around reserves, with more detail required than previously, and the need to set out their plans for future periods. In addition, the requirement to report on the nature and scale of volunteers’ activities in the trustees’ report is now a ‘must’ disclosure for all.

For tier 2 charities, there is increased focus on impact reporting and for tier 3 charities there is an additional requirement to report on sustainability, as the report must provide a summary of how the charity is responding to and managing environmental, governance and social matters. Disclosures are encouraged for smaller charities.

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Emerging issues – charity sector

Changes to revenue

Recognition of income, including legacies, grants and contract income

The changes in FRS 102 are around the recognition of contract income. There are no specific changes for non-exchange transactions, however the language is changing and the concept of ‘entitlement’ is no longer a key to the recognition decision (except for performance related grants and dividends).

One of the most fundamental judgments going forward is around whether a transaction is an exchange for consideration, or whether there is no direct provision of equal value in exchange. These judgments are likely to be most sensitive around memberships and identifying performance-related grants and contracts. Accruals accounting for grants is still not permitted under the exposure draft and a designated reserve is suggested as a way of accounting for capital grants and therefore identifying and separating the depreciation charge in relation to grant funded assets from other unrestricted expenditure. The treatment of legacies is relatively unchanged. Although the trustees’ reporting now contains a requirement for charities in tier 2 and above to include information around material legacy judgments in their trustees’ report.

Next steps

FRS 102 gives an option on transition for either full retrospective restatement or the option to recognise the effect of transition adjustments in equity on transition date. For Charities with December year ends the comparative period has already started on 1 January 2025.

Charities need to identify within their income streams which sources of revenue are non-exchange and which are contracts. For example, memberships could be either a donation or exchange for services. Grants are all considered non-exchange regardless of whether there are performance conditions. Once a charity has captured all its contracts, it needs to start analysing them under the new 5 step model. For many simple transactions there may be little change, however, it is important that all income streams are re-assessed to demonstrate this.

Identify the contract – an agreement written or implicit which has enforceable rights and obligations.
Identify the performance obligations – this can be the challenging element. The SORP gives the example of a membership organisation maintain a visitor attraction as the ‘service’ in exchange for membership – an obligation which then drives the accounting. A number of services may be grouped under one contract, for example delivering seminars and a written report, or a service and after-care which are separate performance obligations.
Determine the transaction price – this may be relatively straightforward, however, variable consideration – such as penalties and bonuses can complicate the transaction and must be highly probable to be included
Allocate the transaction price to the performance obligations – if there is only one performance obligation, or all the obligations are satisfied together then there is no need to allocate, otherwise the price will need to be split. An allocation based on standalone selling prices is considered the best method but depending on the nature of the services, loss leaders or add-ons, this may not be so simple.
Recognise the income when a performance obligation is satisfied – a contract may have a number of performance obligations, some of which may be recognised at a point in time and some over time depending on when control passes.

The draft SORP gives some examples and refers back to FRS 102 for complications.

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Emerging issues – charity sector

Changes to leasing –for leasees

Lease accounting

Section 10B of the draft SORP sets out the new lease accounting requirements in line with the revisions to FRS 102. The section on lease accounting is broken down by key elements and decisions, and has its own index to aid navigation, some examples are given.

As with revenue the initially challenging judgment may be around the identification of a lease for consideration and a lease that is either entirely a non-exchange transaction or partially a non-exchange transaction.

The exposure draft states in its defined terms related to leases:

Peppercorn arrangements – in this SORP such arrangements are considered to have the legal form of a lease, but with nil or nominal consideration and are unlikely to meet the FRS 102 definition of a lease but are considered therefore to be a form of non-exchange transaction.

There is little further definition on what nominal consideration may be in this case and whether that may be relative to the lease or the charity or some other measure. For some charities this may be a key consideration in determining the treatment of a lease.

The draft SORP is also clear that a lease may be ‘under-value’ due to specific circumstances around the building, its condition, or specialised nature which mean that though low it may reflect market value. If it is determined that the lease is a donation, the charity then needs to determine how to value the donation, be it an operating cost or an asset. These judgments are going to be difficult for trustees without professional valuation advice.

If an arrangement is identified as a commercial lease then the charity will need to determine a discount rate. There is a hierarchy of rates that the charity should try to obtain starting with the rate implicit in the lease, then the incremental borrowing rate, followed by an obtainable borrowing rate and finally a rate of interest that the charity could otherwise obtain on deposits. This judgment is likely to have a material impact on the valuations included in the financial statements and will form part of the judgments and estimates disclosure.

Next steps

There are both some transition provisions and exemptions. Each charity must identify the leases held and first consider whether they fall within any of the exemptions:

Leases less than 12 months long at commencement without a purchase option
Low value asset leases (regardless of materiality to the entity) unless they are highly dependent on or interrelated to other assets

The draft SORP gives examples of leases which may be low value, and which are never low value.

On transition an additional concession is given for leases ending within 12 months of transition. There is no option for a full prior year adjustment, FRS 102 requires the right of use asset and lease liability to be measures as at the first day of the accounting period on transition. For charities with a December year end this will be 1 January 2026.

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Emerging issues – charity sector.

Increases in national insurance and the living wage

Employers’ National Insurance Contribution (NIC) changes

Four changes to employer’s NICs from 6 April 2025 announced in the Budget will have a significant cost impact for the sector’s employers, particularly those with a large proportion of lower paid or part-time workers:

The employers’ Class 1 NIC earnings threshold above which employer’s NICs are paid will reduce from £5,000 per annum to £9,100 per annum;
The main rate of employer’s Class 1 NICs is increasing from 13.8% to 15%;
To assist employers the Employment Allowance is rising from £5,000 to £10,500 per tax year; and
Employers who have an employer’s NIC cost of £100,000 or over in the prior tax year may now also claim the Employment Allowance having previously been precluded.

National Minimum Wage & National Living Wage

The Chancellor also announced in the Budget that the Government intends to create a single adult wage rate. To do so the National Minimum Wage for 18-20 year olds will be increased from 6 April 2025 to £10 per hour and the National Living Wage to £12.21 per hour. The wages for under 18s and Apprentices will also increase to £7.55 per hour. Those who were previously on NMW or NLW must have their hourly rates increased from 6 April 2025.

Although these increases will be appreciated by the recipient employees, they will further increase the cost base for not for profit employers.

In addition, employers with salary sacrifice arrangements in place, for example for pension contributions these reduce the gross contractual pay of employees. For those individuals who have an hourly rate around the new NMW and NLW and also have a salary sacrifice agreement in place, employers need to review these arrangements to ensure their hourly rate does not go below the new rates set.

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Emerging issues – charity sector

Payrolling benefits in kind (PBIK) –what employers need to know

In April 2025, the proposals were delayed for 12 months so the payrolling of benefits in kind (BIKs) is now expected to be mandatory for employers from April 2027. HMRC hopes payrolling will reduce the administrative burden on employers and simplify the process of reporting and paying tax on all BIKs. This summary confirms what is changing and how employers can prepare.

Current reporting

Currently, employers are required to report BIKs on a form P11D, which should be submitted to HMRC and provided to employees by 6 July after the end of the tax year. The relevant income tax is then collected by updating the employee’s PAYE Coding Notice or via completion of a self-assessment tax return.

Employers can currently voluntarily payroll certain BIKs but still need to undertake some reporting after the end of the tax year, such as the completion of an employer return form P11D(b) and payment of Class 1A National Insurance Contributions (NICs). Employer provided beneficial loans and accommodation are excluded from voluntary payrolling so that P11Ds are still due for such benefits.

Proposals for mandatory payrolling from 6 April 2027

From 6 April 2027 employers will be required to report all BIKs in real-time on the payroll Full Payment Submission. Employers will need to calculate the cash equivalent of the BIKs at the start of the 2027/28 tax year (before the final forms P11Ds are submitted for the 2026/27 tax year) and divide the cash equivalent across the number of pay periods for each employee. This will ensure that the income tax due on the benefit is deducted from an employee’s pay each month through payroll. If a change to the cash equivalent of the BIK occurs in year, the employer must work out the revised taxable amount to payroll for the remaining pay periods for the tax year.

Employer provided beneficial loans and accommodation will initially be excluded from mandatory payrolling of BIKs, but HMRC have stated that these benefits may be voluntarily payrolled from April 2027.

Even though, the mandatory payrolling of BIKs may seem less pressing for employers than dealing with the other employment changes being implemented, we recommend that employers start to prepare for the introduction of mandatory payrolling as soon as they can and do not leave their planning too late.

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Emerging issues – charity sector

Why Employers need to review their existing Auto-Enrolment (AE) compliant Scheme

The Pension Regulator (TPR) requires Employers to monitor their existing scheme on a regular basis. TPR insists that the Employer can demonstrate ongoing scheme governance if asked to do so. Guidance can be sought here: https://www.thepensionsregulator.gov.uk/en/employers

Does this difficult task fall on the Employer or is outsourced to a specialist? Things to consider:

Employers must understand and communicate to members how the Default Fund has performed relative to the requisite Benchmark over 1 and 3 years to ensure good outcomes for scheme members.
How volatile is the Default Fund?
How many alternative funds are available? Is there an ESG and Sharia compliant fund available?
Are charges appropriate ( these can vary considerably from scheme to scheme ) and are they likely to deliver good outcomes to the scheme members at retirement?
How many scheme members have not nominated a beneficiary?
Are scheme members losing some of their valuable monthly premiums as an extra charge as is the case with NEST?
Will the scheme provide Flexible Access Drawdown at retirement?

In addition to the monitoring requirement, a regular review also allows potential costs savings and benefits for both the Employer and Employee such as consideration as to whether the scheme should be run on a salary sacrifice basis to help both the Employer and the Employee. This is particularly relevant due to the interaction between salary sacrifice schemes and the upcoming National Insurance increases for employers.

If you would like to be introduced a specialist that can help with the above please let us know.

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Emerging issues – charity sector

Protect your charity from fraud and cyber crime

In November2024 , the Charity Commission announced that it had opened 603 cases relating to fraud and a further 99 cases relating to cyber crime. As part Charity Fraud Awareness Week, the Charity Commission published guidance 'Protect your charity from cyber crime' reminding charities how to protect themselves from cyber crime and a shorter guide on fraud, which was accompanied by a revised CC8 Internal financial controls for charities. Key strategies to protect your charity from this guidance include: ~~a~~ ▪ ~~Oo~~

Establish strong governance . Including clear policies of financial oversight and spending authorisation.
Foster fraud awareness . Educate staff and volunteers about the signs of fraud and what they should do if they suspect fraud.
Conduct risk assessments . Regularly assess the risks taking into account the activities of the charity and those involved, staff, contractors and volunteers. Consider the fraud triangle, the resultant opportunities created and implement appropriate controls to mitigate the risks.
▪ Use available tools . Including the CC8 checklist to assess internal controls and the National Cyber Security Centre tools such as Cyber Security: Small Charity Guide. ~~Oo BS~~
Report fraud incidents . Report fraud to Action Fraud to obtain support for the charity and enable tracking of attack trends across the sector. Serious incidents may also need to be reported to the Charity Commission How to report a serious incident in your charity. If the event includes data loss then a charity may also need to report to the Information Commissioner. Trustees should keep a record of what happened and seek legal advice if needed.
Learn from events . Review any incidents to understand the root cause and consider changes to policies and procedures in response.

We recommend that all charities revisit anti-fraud policies and consider training needs in light of self- assessment against the available guidance. For medium and larger charities who fall within the failure to prevent fraud legislation this may be an initial step in considering whether that have reasonable procedures to prevent fraud in place.

Emerging issues – charity sector

Failure to prevent fraud offence

We first reported the failure to prevent fraud office in our December 2023 newsletter, Large Incorporated when following royal asset in October 2023 of the new Economic Crime and Corporate • More than 250 employees • Charitable companies Transparency Act 2023 (ECCTA). The aim of the offence is to hold organisations to • More than £36m of income • Charitable incorporated account if they profit from fraud committed by their employees; it does not need to be • More than £18m in total assets organisations demonstrated that directors or management knew about the fraud. The only defence is • Royal charter charities to have reasonable fraud prevention procedures in place.

On 1 September 2025 the new offence comes into force. This offence will affect large incorporated charities.

Although the Companies Act 2026 size thresholds were amended by statutory instrument (SI2024/1303), published in December 2024, for accounting period commencing on or after 1 April 2025 it appears that thresholds within section 201 of the ECCTA were not amended for this change. Therefore charities will need to make sure that they are applying the appropriate thresholds when considering their responsibilities. The Home Office published some detailed guidance on the offence of failure to prevent fraud on its website in November 2024. This includes a summary of the offence and an indication of what are reasonable fraud prevention procedures. The guidance sets out a framework of six principles.

Principles	~~=~~
*Top level commitment*	Senior management (trustees and the senior management team) should have a leadership role in relation to fraud prevention. Whilst actions may vary depending on the size and operations of the individual charity this is likely to include setting an open culture with a commitment to training and resourcing. ~~=~~
*Risk Assessment*	It is likely that risk assessments covering fraud and other financial crime will need to be extended to ensure that they capture and address the full extent of risks. These risk assessments could be built firstly by understanding the types of associated persons engaged with the charity, as the definition of an associated person is wide. For example, charities will need to identify agents, contractors, volunteers as well as staff and trustees. ~~=~~
*Proportionate risk-* *based fraud prevention* *procedures*	Procedures should be proportionate to the fraud risks and to the nature, scale and complexity of the organisation’s activities, as well as the risk and the potential impact. ~~=~~
*Due diligence*	Charities are already likely to have due diligence procedures in place for to address organisational risks, for example enhanced DBS checks to address safeguarding risks. They should ensure existing procedures addressed the identified risks of fraud. ~~=~~
*Communication*	Policies and procedures need to be regularly communicated, with training and retraining to ensure that staff understand the policies, procedures and what to do if they have concerns, for example the whistle-blowing procedures that should be followed. ~~=~~
*Monitoring and review*	A part of managing any risk it is important to monitor procedures, understand if they are effective, make improvements and learn. Therefore, to have reasonable procedures, there is an expectation of self-assessment, investigation and regular review to ensure that procedures fit new and evolving circumstances.~~=~~

28 nl

Emerging issues – charity sector

Decision-making for trustees

The Guidance CC27 Decision-making for charity trustees was updated in September 2024 to be more accessible and easier to use. It focusses on the seven key principles for trustees when making decisions for their charity. Trustees must:

act within your powers (follow your charity’s governing document)
act in good faith and only in the interests of the charity (being open, fair and honest)
make sure you are sufficiently informed (including undertaking cost and risk assessments and taking professional advice if required)
take account of all relevant factors (options, costs, risks benefits, short- and long-term impact, reputation)
ignore any irrelevant factors (personal feelings)
manage conflicts of interest (personal interests)
make decisions that are within the range of decisions that a reasonable trustee body could make (give sufficient time to the decision Commission, guidance and specialist advice as necessary)

When trustees make decisions, they should ensure that the documentation is clear so that someone questioning the decision could understand what information was available at the time of the decision, why advice was, or was not, requested, how different stakeholders were considered, and how the decision was justified.

It is an important principle in charity governance that there is collective responsibility. All trustees are jointly responsible for the final decision, regardless of whether the individual trustee disagreed or did not attend the relevant meeting.

It is important for good governance that all trustees bring their personal skills and experience to any decision and that there is constructive debate and challenge. However, irreconcilable differences are likely to be damaging. The Charity Commission’s existing guidance on Disagreements and disputes within charities may be useful in that situation.

The Charity Commission will not make decisions on behalf of the Trustees. Where concerns are raised with the Commission, they will consider the decisions but more importantly how the decision was made, the process and the evidence. Therefore, as inevitably some decisions may not work out as intended, it is important for trustees that they can evidence the good faith, due process and reasonable skill and care of their decision-making.

Emerging issues – charity sector

Changes to company size limits

UK Company size limits are changing.

From April 2025, new regulations increasing company size thresholds and removing certain requirements from the Directors’ report will be effective. The uplift is part of a drive to cut complexity and reduce the reporting burden on companies. It accounts for the impact of inflation since the thresholds were set in 2013. Unfortunately there will be limited impact of these changes for charities: Charities will still be required to report under FRS 102, and therefore even if they fall under the thresholds of the micro entity regime they will not be able to take advantage of the reductions in disclosure. In addition there is no current proposal to move the charity audit threshold upwards, although the ICAEW appealed in March 2024 to the Minister for Civil Society for this to be reviewed.

However, company subsidiaries within small charitable groups may be able to take advantage the audit exemption available to small entities, where the charitable group is now defined as small within the revised limits.

A transitional provision is included in respect of these amendments. The effect is that when considering qualification as a particular company size by reference to a previous financial year, the amendments made by these regulations are treated as having applied in those previous years. As a result companies and LLPs can benefit from the new thresholds as soon as possible after the legislation comes into force.

New thresholds

The table sets out the new size thresholds that will apply for a financial year if any two of the three criteria are met.

	MICRO	MICRO	SMALL	SMALL	MEDIUM	MEDIUM
	OLD	NEW	OLD	NEW	OLD	NEW
Turnover not more than:	£632k	£1m	£10.2m	£15m	£36m	£50m
Total assets not more than:	£316k	£500k	£5.1m	£7.5m	£18m	£25m
Monthly average number of employees not more than	10	10	50	50	250	250

Emerging issues – charity sector

Ex gratia payments – update to Charities Act 2022 implementation

Published in September 2024, the ICAEW set out some guidance on ex gratia payments. Sections 15 and 16 of the Charities Act 2022 which may be helpful for charity’s preparing procedures to reflect the new permissions within the Act. However, there is no date on the website of the Department for Culture, Media and Sport for their implementation as yet for implementation (last update was later in 2024).

The Act will expand the power of trustees to make ex gratia payments without seeking permission from the Charity Commission, provided the payment does not exceed the specified threshold and a moral obligation exists. If the charity’s governing document expressly restricted the new statutory power, approval from the Commission will still be required. It should be remembered that any ex gratia payment made (even within the limits) should be disclosed along with the reason or legal authority (with the exception of small gifts, for example chocolate and flowers). The proposed limits are:

Gross income of charity in last financial year	Size of ex gratia payment permitted without Commission authorisation
£25,000 or less	£1,000
Over £25,000 but not over £250,000	£2,500
Over £250,001 but not over £1 million	£10,000
Over £1 million	£20,000

Some payments for example non-contractual agreements around redundancy or other arrangements may, whilst non-contractual, not be ex gratia, as the charity is clearly making the payment in its best interest to resolve an issue. If a charity is in doubt over whether a payment can be made it should take legal advice. If the charity has made non-contractual redundancy or other payments these will also require disclosure in accordance with the requirements of the SORP.

Your future, our focus.

PEM

Salisbury House Station Road t. 01223 728222 Cambridge CB1 2LA e. pem@pem.co.uk

pem.co.uk

For General Information Purposes only

Please note that this document is not intended to give specific technical advice and it should not be construed as doing so. It is designed merely to alert clients to some issues. It is not intended to give exhaustive coverage of the topics. Professional advice should always be sought before action is either taken or refrained from as a result of information contained herein. The firm’s full name and a full list of partners is available on our website.

2024-12-31-accounts

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

CONTENTS

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

a. POLICIES AND OBJECTIVES

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

b. STRATEGIES AND ACTIVITIES FOR ACHIEVING OBJECTIVES

• Changes in Circumpolar Antarctic Gradients in Ecosystems (C-CAGE)

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

OBJECTIVES AND ACTIVITIES (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE

a. Review of activities

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (CONTINUED)

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

OBJECTIVES AND ACTIVITIES (CONTINUED)

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

OBJECTIVES AND ACTIVITIES (CONTINUED)

a. INVESTMENT POLICY AND PERFORMANCE

Benchmarks

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

(CONTINUED)

b. FACTORS RELEVANT TO ACHIEVE OBJECTIVES

FINANCIAL REVIEW

a. REVIEW

b. RESERVES POLICY

c. PRINCIPAL FUNDING

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

d. PLANS FOR FUTURE PERIODS

Future Developments

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. CONSTITUTION

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

d. PAY POLICY FOR SENIOR STAFF

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

e. ORGANISATIONAL STRCTURE AND DECISION MAKING

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

f. RISK MANAGEMENT

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Disclosure of information to auditors

Mr T Nakamura Trustee

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

OPINION

BASIS FOR OPINION

CONCLUSIONS RELATING TO GOING CONCERN

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

OTHER INFORMATION

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

RESPONSIBILITIES OF TRUSTEES

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH (CONTINUED)

USE OF OUR REPORT

Kelly Bretherick (Senior Statutory Auditor)

SCIENTIFIC COMMITTEE ON ANTARCTIC RESEARCH

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024