REGISTERED COMPANY NUMBER: 09250869 (England and Wales) REGISTERED CHARITY NUMBER: 1159265
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 FOR THE FALKLANDS MARITIME HERITAGE TRUST
THE FALKLANDS MARITIME HERITAGE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 to 4 | ||
| 5 to 7 | |||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Statement of Cash Flow | 10 | ||
| Notes to financial | statements | 11 to 16 |
THE FALKLANDS MARITIME HERITAGE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 09250869 (England and Wales)
Registered Charity number 1159265
Registered office
One Bartholomew Close London EC1A 7BL
Trustees
M M J Bound W P Featherstone D A Lamont S G R Pitaluga
Independent Auditor
Azets Audit Services Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN
Solicitors
BDB Pitmans LLP One Bartholomew Close London EC1A 7BL
Bankers
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Page 1
THE FALKLANDS MARITIME HERITAGE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022
The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2022. The Trustees have adopted the provisions of 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) (effective 1 January 2015) published on 16th July 2014 (as amended by Updated Bulletin 1 published on 2nd February 2016).
The founding Trustees were David Ainslie, Mensun Bound, William Featherstone and Donald Lamont. Advised by Stone King LLP, Solicitors, they adopted a Memorandum containing Articles of Association for the Company Limited by Guarantee on 6th October 2014. Alan Huckle was appointed a Trustee on the 8th January 2015 and resigned 31st December 2018. The company was incorporated and registered at Companies House on 6th October 2014, and subsequently registered with the Charity Commission on 18th November 2014.
INCORPORATION
The charitable company was incorporated on 6th October 2014.
OBJECTIVES AND ACTIVITIES
Objectives and aims for the public benefit
The Trust aims to advance the education of the public, including in the maritime history and heritage, both military and civilian, of the Falkland Islands and their neighbouring seas, and the improvement of public understanding of their historical and social significance; in particular but without limitation through research and exploration of the said seas; and to record, preserve and restore (if considered appropriate) craft, materials and information of historical significance and educative value relating to the Falkland Islands and their neighbouring seas, including naval and civilian vessels and related equipment, items and records and by the acquisition, restoration and maintenance of the same for public display, demonstration or exhibition at the Falkland Islands Museum and the Jane Cameron National Archives of the Falkland Islands or other suitable institutions open to the public.
Grant making
At this stage the trust does not consider itself to be a grant making organisation.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
While the Trust maintains a website that contains stories of the maritime history of the Falkland Islands and South Georgia, a separate but linked website was created to illustrate the Endurance22 Expedition, whose objectives were 1) to locate, survey Endurance ; 2) to bring the story of Shackleton to a new generation through a major international education and outreach campaign; and 3) to investigate and study the remote western Weddell Sea ecosystem.
Preparations for the Expedition were made substantially more difficult by the global Covid pandemic. This affected personnel recruited for the Expedition but also the logistics of bringing all required equipment together in Cape Town. Credit for overcoming these and other challenges belongs to the Leadership of the Expedition, the Expedition Doctor, Dr Lucy Coulter, and those most closely involved in preparing SA Agulhas II for the expedition, including employees of AMSOL, owners of the vessel.
A further difficulty was the failure of arrangements for the heavy-lift helicopter that was required for the option of establishing ice camps from which to launch the Sabertooth underwater vehicles. This was overcome with the support of the US helicopter operators, Rotak.
SA Agulhas II was able to leave Cape Town as scheduled. Favourable ice conditions allowed the Expedition to reach the search area, defined by Deep Ocean Search before departure from South Africa, two days earlier than planned. Early in the search, the team identified an anomaly on the seabed. Initial hope that this was the wreck of Endurance was not borne out, but the identification of wreckage encouraged confidence in the likelihood of success. Ice conditions made the search predictably challenging, so that the Trust had to seek and obtain the extension provided for in the ship charter. There was, however, no need to deploy the ice camps that had been planned for. On 5 March, the team was able to report the discovery of the wreck and to confirm their success with video evidence. The Expedition was allowed to make a detour on the way back, allowing the team to land in South Georgia and to pay tribute at the grave of Sir Ernest Shackleton.
Following the discovery, the Trust reached agreement with National Geographic for the production of a long-form TV documentary. When National Geographic had sight of the footage captured by the team headed by Natalie Hewit, they increased their investment, aiming to produce a theatrical documentary, to be launched in 2024.
Page 2
THE FALKLANDS MARITIME HERITAGE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022
Charitable activities (continued)
Other outputs were a series of podcasts and short-form documentaries by Dan Snow, TV presenter and historian, and teaching materials produced by the Royal Geographical Society. The US-based Reach the World, which had conducted a unique programme of live broadcasts and interviews from the Weddell Sea, awarded the Expedition the Cronkite Award, which the Chairman of the Trust accepted at an event in New York in July 2022. A series of five educational videos will also be made available to schools in the UK, US and more widely.
Following the end of the successful expedition the Trust launched a review aimed at strengthening its governance and which is ongoing.
FINANCIAL REVIEW
Trustees' investment powers
Although the Articles and Constitution of the trust permit it to exercise powers to make investment, at this time the business of the trust does not require it to exercise those powers.
Reserves policy
As a project-based organisation it is not the intention to maintain any distinct reserves or seek endowment funds. There remain sufficient funds to cover foreseeable expenses pending identification of a new project, but do not justify investment advice at this stage. As it moves forward, it is the Trust's intention to review its investment and reserves policies regularly and to implement risk management and other policies as projects are identified.
Funds given to the trust for each project will be placed on deposit and depleted during the project life.
FUTURE PLANS
The discovery of Endurance on 5 March 2022 triggered a wave of international interest and presents the Trust with exciting opportunities and significant challenges. From funds generated by the Expedition the Trust has established an educational fund, to support interest among young people in the Falkland Islands in their maritime heritage. The Trust will also develop its website as a focus for information about wrecks around the Islands or in the Weddell Sea or on South Georgia.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new Trustees
As the Trust expands its operations it will seek to augment the trustee body by recruiting those with specific skills and knowledge which are germane to the trust and the new opportunities presented by discovery of the wreck.
Induction and training of new Trustees
As and when new Trustees are to be approached and selected they would be issued with all relevant documentation - company and charity registration documents, minutes and accounts for up to the preceding three years, reports and/or digital accounts of past projects, and any policy statements agreed by the Trustees and current - following which the invitee would have the time they required to ask questions, and seek clarification from the existing Trustees
Page 3
THE FALKLANDS MARITIME HERITAGE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees (who are also the directors of The Falklands Maritime Heritage Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of Trustees on
and signed on its behalf by:
............................................. D A Lamont - Trustee
Page 4
THE FALKLANDS MARITIME HERITAGE TRUST
Opinion
31 October 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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:
-
2, 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 statements section of our report. We are independent of the charitable company in accordance with the ethical requirements lled 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
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.
Other information
ereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- financial statements are prepared is consistent with the financial statements; and
Page 5
THE FALKLANDS MARITIME HERITAGE TRUST
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the We have nothing to report in respect of the following matters in relation to which the 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
-
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 accordan
-
to prepare a strategic report.
Responsibilities of trustees
sponsibilities 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 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.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and 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 indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is ava https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of
Page 6
THE FALKLANDS MARITIME HERITAGE TRUST
Use of our report
Companies Act 2006. Our audit work has been unde law, we do not accept or assume responsibility to anyone ot as a body, for our audit work, for this report, or for the opinions we have formed.
John Howard FCA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date:
Page 7
THE FALKLANDS MARITIME HERITAGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2022
| Note Unrestricted funds Restricted funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 - 5,000 Charitable activities 3 66,125 5,273,450 Other income 4 277,686 - __ _ Total 343,811 5,278,450 _ __ EXPENDITURE ON Charitable activities 5 Maritime history and heritage 68,475 5,549,946 _ _ NET INCOME/(EXPENDITURE) 275,336 (271,496) __ _ RECONCILIATION OF FUNDS Total funds brought forward 84,833 319,423 ___ _____ TOTAL FUNDS CARRIED FORWARD 360,169 47,927 |
Total 2022 £ 5,000 5,339,575 277,686 __ 5,622,261 _ 5,618,421 ___ 3,840 __ 404,256 ____ 408,096 |
Total 2021 £ 26 1,141,900 60,100 __ 1,202,026 _ 858,828 ___ 343,198 __ 61,058 ____ 404,256 |
|---|---|---|
All income and expenditure has arisen from continuing activities.
The notes on pages 11 to 16 form part of these financial statements.
Page 8
THE FALKLANDS MARITIME HERITAGE TRUST
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2022
| STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2022 |
||
|---|---|---|
| Company number: 09250869 | ||
| Note FIXED ASSETS Heritage assets 10 CURRENT ASSETS Cash at bank Debtors 11 CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS/(LIABILITIES FUNDS Unrestricted fund Restricted fund 13 |
2022 £ 102,061 331,420 2,390 __ 333,810 (27,775) _ 306,035 _ 408,096 __ 408,096 ~~_~~ 360,169 47,927 _ 408,096 |
2021 £ 74,172 380,448 116,001 __ 496,449 (166,365) _ 330,084 _ 404,256 __ 404,256 ~~_~~ 84,833 319,423 _ 404,256 |
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.
The financial statements were approved by the Board of Trustees on behalf by:
and were signed on its
.............................................
D A Lamont -Trustee
............................................. W P Featherstone -Trustee
The notes on pages 11 to 16 form part of these financial statements.
Page 9
THE FALKLANDS MARITIME HERITAGE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022
| Note | 2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | |||
| Cash flows from operating activities | ||||
| Cash generated from operations | 15 | (16,203) | 393,926 | |
| ______ | ______ | |||
| Net cash provided by/(used in) operating activities | (16,203) | 393,926 | ||
| ______ | ______ | |||
| Cash flows from investing activities | ||||
| Purchase of heritage asset | (32,825) | (75,796) | ||
| ______ | ______ | |||
| Net cash provided by/(used in) investing activities | (32,825) | (75,796) | ||
| ______ | ______ | |||
| Change in cash and cash equivalents in the | ||||
| reporting period | (49,028) | 318,130 | ||
| Cash and cash equivalents at the beginning of the | ||||
| reporting period | 380,448 | 62,318 | ||
| ______ | ______ | |||
| Cash and cash equivalents at the end of the | ||||
| reporting period | 331,420 | 380,448 | ||
| ~~______~~ | ~~______~~ | |||
| ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At 01/11/2021 | Cash flow | At 31/10/2022 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 380,448 | (49,028) | 331,420 | |
| ______ | ______ | ______ | ||
| Total | 380,448 ~~______~~ |
(49,028) ~~______~~ |
331,420 ~~______~~ |
The notes on pages 11 to 16 form part of these financial statements.
Page 10
THE FALKLANDS MARITIME HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
1. ACCOUNTING POLICIES
General information and basis of preparation
The Falklands Maritime Heritage Trust is a company limited by guarantee in the United Kingdom. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are set out on page 1.
The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The Falklands Maritime Heritage Trust meets the definition of a public benefit entity under FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Legal status
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
Preparation of the accounts on a going concern basis
The Trust has reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. It has therefore continued to adopt the going concern basis in preparing its financial statements.
Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Donations and legacies are recognised in the financial statements when the Trust is convinced that there is entitlement to the income, there is certainty of receipt and the amount in question is measurable. Any administration fee is charged is recognised as unrestricted income.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Expenditure on charitable activities includes costs in relation to the maritime history and heritage.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Allocation of support and governance costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charitable company.
Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to the independent examination, statutory audit and legal fees.
Support and Governance costs have been allocated across the charitable activities using various percentage allocations.
Page 11
THE FALKLANDS MARITIME HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
1. ACCOUNTING POLICIES continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Heritage assets
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased. Assets are subsequently stated at cost less accumulated depreciation.
Amortisation is provided on all intangible heritage assets, at rates calculated to write off the cost of each asset on a straight-line s:
Heritage asset
25 year straight line
Cash at bank and in hand
Cash at bank and cash 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.
Debtors
Trade debtors and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors
Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Other creditors and accruals are recognised at their settlement amount due.
Financial instruments
The trust 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
2. DONATIONS AND LEGACIES
| Unrestricted Restricted £ £ Donations - 5,000 |
2022 £ 5,000 |
2021 £ 26 |
|---|---|---|
Page 12
THE FALKLANDS MARITIME HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| 3. CHARITABLE ACTIVITIES Unrestricted Restricted 2022 £ £ £ Sale of film rights - 950 950 Grant income 66,125 5,272,500 5,338,625 __ _ _ 66,125 5,273,450 5,339,575 ~~__~~ ~~_~~ ~~_~~ 4. OTHER INCOME Unrestricted Restricted 2022 £ £ £ Management fee income 277,500 - 277,500 Bank interest 186 - 186 __ _ _ 277,686 - 277,686 ~~__~~ ~~_~~ ~~_~~ 5. CHARITABLE ACTIVITIES COST Direct costs Support costs (see note 6) (see note 7) £ £ Maritime history and heritage 5,383,360 229,361 ~~__~~ ~~_~~ 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Unrestricted Restricted 2022 £ £ £ Expedition costs - 5,383,360 5,383,360 ~~_~~ ~~__~~ ~~_~~ 7. SUPPORT COSTS 2022 £ Bank charges 1,201 Website costs 10,281 Advertising, media and communications 96,488 Professional fees 95,984 Amortisation 4,935 Sundry 6,100 Donations 2,000 Trustee Expenses 3,941 Governance costs 14,131 _ 235,061 ~~__~~ Governance costs 2022 £ 6,000 Non-audit fees paid to auditor 2,700 Over/under accrual on audit fees 4,140 Insurance 1,291 ____ 14,131 |
2021 £ - 1,141,900 ______ 1,141,900 |
|---|---|
| ~~__~~ 2021 £ 60,100 - ____ 60,100 |
|
| ~~______~~ Total £ 5,612,721 |
|
| ~~______~~ 2021 £ 742,039 |
|
| ~~__~~ 2021 £ 584 31,456 31,850 39,795 1,624 4,794 - - 6,686 ____ 116,789 |
|
| ~~__~~ 2021 £ 4,500 750 - 1,436 ____ 6,686 |
8.
There were no Trustees' remuneration or other benefits for the year ended 31 October 2022 nor for the year ended 31 October 2021.The key management of the charity comprise of the Trustees only.
Trustees' expenses
In the year Trustees had expenditure of £13,470 (2021: £nil) reimbursed to them by the charity.
Page 13
THE FALKLANDS MARITIME HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2021) Unrestricted funds Restricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 26 - Charitable activities - 1,141,900 Other income 60,100 - __ _ Total 60,126 1,141,900 _ __ EXPENDITURE ON Charitable activities Maritime history and heritage 36,351 822,477 _ _ NET INCOME/(EXPENDITURE) 23,775 319,423 __ _ RECONCILIATION OF FUNDS Total funds brought forward 61,058 - _ __ TOTAL FUNDS CARRIED FORWARD 84,833 319,423 ~~_~~ ~~______~~ 10. HERITAGE ASSETS Cost At 1 November 2021 Additions At 31 October 2022 Amortisation At 1 November 2021 Charge for the year At 31 October 2022 Carrying amount At 31 October 2022 At 31 October 2021 |
Total 2021 £ 26 1,141,900 60,100 __ 1,202,026 _ 858,828 ___ 343,198 __ 61,058 ____ 404,426 |
|---|---|
| ~~__~~ Scully Archive £ 75,796 32,825 ____ 108,621 |
|
| ~~__~~ 1,624 4,936 ____ 6,560 |
|
| ~~______~~ 102,061 |
|
| ~~______~~ 74,172 |
The Archive consist of over 200 interviews with participants in the 1982 Falklands War and includes all major decision makers on both sides and from mediation countries, such as the USA, both political and military. No other collection of primary material contains such a comprehensive account of the lead up to war and the war itself. By its very nature most of the materials is unique and irreplaceable.
11. DEBTORS
| 11. DEBTORS |
||
|---|---|---|
| Trade Debtors Prepayments 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2022 £ 2,390 - __ 2,390 ~~____~~ 2022 £ 27,775 |
2021 £ - 116,001 ______ 116,001 |
| ~~______~~ 2021 £ 166,365 |
Page 14
THE FALKLANDS MARITIME HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
13. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement in | |||
| At 01/11/2021 | funds | At 31/10/2022 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 84,833 | 275,336 | 360,169 |
| Restricted funds | |||
| Endurance 22 | 319,423 | (271,496) | 47,927 |
| ______ | ______ | ______ | |
| TOTAL FUNDS | 404,256 | 3,840 | 408,096 |
| ~~______~~ | ~~______~~ | ~~______~~ | |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement in | |
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 343,811 | (68,475) | 275,336 |
| Restricted funds | |||
| Endurance 22 | 5,278,450 | (5,549,946) | (271,496) |
| ______ | ______ | ______ | |
| TOTAL FUNDS | 5,622,261 | (5,618,421) | 3,840 |
| ~~______~~ | ~~______~~ | ~~______~~ | |
| Comparatives for movement in funds | |||
| Net | |||
| movement in | |||
| At 01/11/2020 | funds | At 31/10/2021 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 61,058 | 23,775 | 84,833 |
| Restricted Funds | |||
| Endurance 22 | - | 319,423 | 319,423 |
| ______ | ______ | ______ | |
| TOTAL FUNDS | 61,058 | 343,198 | 404,256 |
| ~~______~~ | ~~______~~ | ~~______~~ | |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 60,126 | (36,351) | 23,775 |
| Restricted Funds | |||
| Endurance 22 | 1,141,900 | (822,477) | 319,423 |
| ______ | ______ | ______ | |
| TOTAL FUNDS | 1,202,026 ~~______~~ |
(858,828) ~~______~~ |
343,198 ~~______~~ |
Page 15
THE FALKLANDS MARITIME HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2022 and for the year ended 31 October 2021.
| 15. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 £ Net income for the reporting period (as per the statement of financial activities) 3,840 Adjustments for: Decrease in creditors (138,590) Decrease in debtors 113,611 Amortisation 4,936 ______ Net cash provided by/(used in) operating activities (16,203) |
2021 £ 343,198 165,105 (116,001) 1,624 ______ 393,926 |
|---|---|
Page 16
THE FALKLANDS MARITIME HERITAGE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2022
| INCOME AND ENDOWMENTS FROM Donations and legacies Donations Charitable activities Grant income Sale of film rights Other income Management fee income Interest received Total incoming resources EXPENDITURE ON Charitable activities Expedition costs Support costs Bank charges Website costs Advertising, media and communications Professional fees Amortisation Sundry Donations Trustee expenses Governance costs Non-audit fees paid to auditors Insurance Other professional fees Total resources expended Net income/(expenditure) |
Total 2022 £ 5,000 5,338,625 950 277,500 186 __ 5,622,261 _ 5,383,360 _ 5,383,360 __ 1,201 10,281 96,488 95,984 4,935 6,100 2,000 3,941 10,140 2,700 1,291 - _ 235,061 _ 5,618,421 ______ 3,840 |
Total 2021 £ 26 1,141,900 - 60,100 - __ 1,202,026 _ 742,039 _ 742,039 __ 584 31,456 31,850 39,795 1,624 4,794 - - 4,500 750 1,436 - _ 116,789 _ 858,828 ______ 343,198 |
|---|---|---|
Page 17