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← The Falklands Maritime Heritage Trust

2023-10-31-accounts

REGISTERED COMPANY NUMBER: 09250869 (England and Wales) REGISTERED CHARITY NUMBER: 1159265

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 FOR THE FALKLANDS MARITIME HERITAGE TRUST

THE FALKLANDS MARITIME HERITAGE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Independent Auditor’ Report to the Trustees 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 2023

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 2023. 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

In February 2023 the Trust concluded a Licence Agreement with Weddell Sea Pictures for the production of a long-form documentary of the Endurance22 Expedition. The final advance payment under that agreement will be due when the documentary is launched, probably in late 2024. The Trust also received income under an agreement with the literary agent for “The Ship Beneath the Ice”, the account by a Trustee, Mensun Bound, of the search for Endurance and its discovery in March 2022.

In January 2023 the Trust arranged through the Expedition’s Chief Scientist a scientific workshop in Bremen, Germany, to take stock of the scientific research done during the Expedition, some of the technology developed for processing data, and to consider possible future developments.

During the period in question, Trustees and members of the Expedition team continued to give presentations to a range of groups in the UK and abroad. The Trust and the Expedition team received a number of Awards, including the Geographical Award from the Royal Geographical Society, the Cronkite Award from the US non-profit Reach the World, a Certificate from the Society of Underwater Technology, and an award for multi-platform work at the World Congress of Science and Factual Producers

Page 2

THE FALKLANDS MARITIME HERITAGE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

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.

Total funds at the year-end were £580,502, £20,000 of which was included in restricted funds.

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.

New Appointments

In order to adapt to the Trust’s developing opportunities, Trustees appointed Jackie Rowland as Treasurer in succession to William Featherstone, who remains a Trustee, and invited Lewis Clifton, a Falkland Islands businessman, to work with Trustees as a preliminary to appointment as a Trustee.

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 FALKLAIKIS IAARMME HER￿A0￿ TRUST REPORT OF THE TRLKSTEES FOR THE YEAR ENDED 31 0¢T(￿R aJ 8TATEMENT OF TRUSTEES RESPON818ILITE8 Th• Trust￿8 Ivtho 8r& 8kn th• dirn¢rorn of F1￿3 M¥iib"rT Hwit•J• TrLI for tho wrpcqos ot C4Jrnp•ny l¥wl •r• r••w)￿bkn for pfepaJry the Rwtoffv TrwlogsaTh1 Ih•financaal st8twn8rt8 In •cc¢rdwK•wth ond Urdknj mok• jts¢#gemants eJtrmas that are reason&•￿ ar>i wil￿,. y•par• tho fmoncial $talem•ni8 on lh• goiw CC￿¢4M b￿1¥ wd••s rt kn Irwppropth to pms￿0 thatth• ch•dI￿ ornpony wil conl'nu• In tr￿•1r￿•. Th• TN•tw• ar• Twpon8kn1• fv)r k••y"r4J K¢wnb"no dixk• ￿ r•••M8blts ￿[)6v 0¢ ¥ry fjrn• tho finandal p0s￿On ol the ¢h•rlt•bl8 comp•ny •n4bkn tsm to orwre thai ih) fln•Ky $tstwnwrt8 t￿pIY wlth th• Cemp•nw Ad 2G￿. TW are rog￿th ljr 8af•w8rdiro •u•ts ol tr• ¢Mnt•trA• c¥JMp8ny •)d ￿r￿4 fty l*irs Tht• r•pJrt hm• tr• •F•311 af Pwt 15 01 C(m￿nI•S Act rnl•thig to •m•ll comp•ni•8. Approv•J by ordor ot th• tMMrd ol TN•tM• cffj 2a21 on It• bohdfby..

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FALKLANDS MARITIME HERITAGE TRUST

Opinion

We have audited the financial statements of The Falklands Maritime Heritage Trust (the ‘charitable company’) for the year ended 31 October 2023 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:

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 Auditor’s 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 5

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF 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 audit, we have not identified material misstatements in the directors’ report.

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:

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.

Auditor’s 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 auditor’s 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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 available on the Financial Reporting Council’s website at: 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 our auditor’s report.

Page 6

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FALKLANDS MARITIME HERITAGE TRUST

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 auditor’s 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 the charitable company’s members 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 2023

Note
Unrestricted
funds
Restricted
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
-
-
Charitable activities
3
28,830
1,425,000
Other income
4
527,157
-
__
_
Total
555,987
1,425,000
_
__
EXPENDITURE ON
Charitable activities
5
Maritime history and heritage
74,075
1,734,506
_
_
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS
481,912
(309,506)
__
_
Transfers between funds
(281,579)
281,579
___
__
NET MOVEMENT IN FUNDS
200,333
(27,927)
RECONCILIATION OF FUNDS
Total funds brought forward
360,169
47,927
_
__
TOTAL FUNDS CARRIED FORWARD
560,502
20,000		 Total
2023
£
-
1,453,830
527,157
__
1,980,987
_
1,808,581
_
172,406
__
-
_
172,406
408,096
_
580,502		 Total
2022
£
5,000
5,339,575
277,686
__
5,622,261
_
5,618,421
_
3,840
__
-
_
3,840
404,256
_
408,096

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 MARrnME HER￿AGE TRUST STATEMENT OF FINANCIAL posmow AS AT 31 OCTOBER 2023 Ccffipony numb&r. 092￿869 2023 2022 FIXED ASSETS Hantagè 8868ts 10 102,C61 CURRENT A&8ETS Cash at bart1 Debtors 492,781 331,420 2.390 11 492.761 333,810 CREDITOR8 ounts lalllng due vAthln ￿ yew 12 (10.6421 127.77SI NET CURRENT ASSET31IUA8IUTIES} 482,119 306,035 TOTAL ASSETS LESS CURRENT LIABIUTIE8 408,096 NET A88ET8IILIABILrnE8 408,098 FUNDS Unrestric•d fund R88tr1thd funds 0.169 47.927 13 408.096 The80 financid #tatrnts ha￿ ton wep9r•<l kn K¥¥)rf4n¢o wllh th• swxal of P•rt 15 of th• C¢Jnpanw Act 20Ce r8latlng to charitsbkn sm￿1 cunpon. The finandal 8tatemonts •Fyru4ed by Beénl ofTrustg8s 2•4 8nd w•r• 8&in8d on Its bohall by D A Larnont-Trustsg W P F￿￿IStOn￿-TrUstsO Th• nots8 on pag98 11 to 18 tomi part ofth850 ￿￿cial sl8bm•nts. P¥9

THE FALKLANDS MARITIME HERITAGE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023

Note 2023 2022
£ £
Cash flows from operating activities
Cash generated from operations 15 161,341 (16,203)
______ ______
Net cash provided by/(used in) operating activities 161,341 (16,203)
______ ______
Cash flows from investing activities
Purchase of heritage asset - (32,825)
______ ______
Net cash provided by/(used in) investing activities - (32,825)
______ ______
Change in cash and cash equivalents in the
reporting period 161,341 (49,028)
Cash and cash equivalents at the beginning of the
reporting period 331,420 380,448
______ ______
Cash and cash equivalents at the end of the
reporting period 492,761
______		 331,420
______
ANALYSIS OF CHANGES IN NET FUNDS
At 01/11/2022 Cash flow At 31/10/2023
£ £ £
Net cash
Cash at bank 331,420 161,341 492,761
______ ______ ______
Total 331,420
______		 161,341
______		 492,761
______

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 2023

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 2023

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 basis over the asset’s estimated useful lives as follows:

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
-
-		 2023
£
-		 2022
£
5,000

Page 12

THE FALKLANDS MARITIME HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

3.
CHARITABLE ACTIVITIES
Unrestricted
Restricted
2023
£
£
£
Use of images
-
-
-
Grant income
28,830
1,425,000
1,453,830
__
_
_
28,830
1,425,000
1,453,830
__
_
_
4.
OTHER INCOME
Unrestricted
Restricted
2023
£
£
£
Management fee income
75,000
-
75,000
Royalty income
450,512
-
450,512
Bank interest
1,645
-
1,645
__
_
_
527,157
-
527,157
__
_
_
5.
CHARITABLE ACTIVITIES COST
Direct costs
Support
costs
(see note 6)
(see note 7)
£
£
Maritime history and heritage
1,621,348
187,233
__
_
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Unrestricted
Restricted
2023
£
£
£
Expedition costs
-
1,621,348
1,621,348
_
__
_
7.
SUPPORT COSTS
2023
£
Bank charges
669
Website costs
23,572
Advertising, media and communications
38,185
Professional fees
59,775
Amortisation
3,679
Sundry
9,602
Donations
-
Trustee Expenses
17,040
Computer costs
7,830
Workshops
16,066
Insurance
3,135
Governance costs
7,680
_
187,233
__
Governance costs
2023
£
Auditor’s remuneration
6,600
Non-audit fees paid to auditor
1,080
Over/under accrual on audit fees
-
Insurance
-
____
7,680
 2022
£
950
5,338,625
______
5,339,575
__
2022
£
277,500
-
186
____
277,686
______
Total
£
1,808,581
______
2022
£
5,383,360
__
2022
£
1,201
10,281
96,488
95,984
4,935
6,100
2,000
3,941
-
-
-
14,131
____
235,061
__
2022
£
6,000
2,700
4,140
1,291
____
14,131

Page 13

THE FALKLANDS MARITIME HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

8. TRUSTEES’ REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. The key management of the charity comprise of the Trustees only.

Trustees' expenses

In the year Trustees had expenditure of £26,537 (2022: £13,470) reimbursed to them by the charity.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2022)

10.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2022)
Unrestricted
funds
Restricted
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
5,000
Charitable activities
66,125
5,273,450
Other income
277,686
-
__
_
Total
343,811
5,278,450
_
__
EXPENDITURE ON
Charitable activities
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
_
______
HERITAGE ASSETS
Cost
At 1 November 2022
Additions
At 31 October 2023
Amortisation
At 1 November 2022
Charge for the year
At 31 October 2023
Carrying amount
At 31 October 2023
At 31 October 2022		 Total
2022
£
5,000
5,339,575
277,686
__
5,622,261
_
5,618,421
___
3,840
__
404,256
____
408,096
__
Scully
Archive
£
108,621
-
____
108,621
__
6,560
3,678
____
10,238
______
98,383
______
102,061

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 material is unique and irreplaceable.

11. DEBTORS

Trade Debtors 2023
£
-
______
-
 2022
£
2,390
______
2,390

Page 14

THE FALKLANDS MARITIME HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Endurance 22
Education Fund
TOTAL FUNDS
Net movement in funds, included in the above

Unrestricted funds
General fund
Restricted funds
Endurance 22
Education Fund
TOTAL FUNDS		 2023
2022
£
£
10,642
27,775
__
_
At 01/11/2022
Net
movement in
funds
At 31/10/2023
£
£
£
360,169
200,333
560,502
47,927
(47,927)
-
-
20,000
20,000
_
__
_
408,096
172,406
580,502
_
__
_
are as follows:
Incoming
resources
Resources
expended
Transfers
Movement in
funds
£
£
£
£
555,987
(74,075)
(281,579)
200,333
1,425,000
(1,734,506)
261,579
(47,927)
-
-
20,000
20,000
_
__
_
_
1,980,987
(1,808,581)
-
172,406

The Endurance 22 expedition is now complete. There is some residual expenditure expected in 2024, after which the fund will be closed.

On further review of income received in 2022, the Trustees believe £20,000 is better identified as restricted income and so a transfer has been raised this year from the General fund to reflect this, creating the restricted Education Fund.

Comparatives for 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
______

Page 15

THE FALKLANDS MARITIME HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

13. MOVEMENT IN FUNDS (CONTINUED)

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted Funds
Endurance 22
TOTAL FUNDS		 Incoming
resources
Resources
expended
Movement
in funds
£
£
£
343,811
(68,475)
275,336
5,278,450
(5,549,946)
(271,496)
__
_
___
5,622,261
(5,618,421)
3,840

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2023 or for the year ended 31 October 2022.

15.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023
£
Net income for the reporting period (as per the statement of financial
activities)
172,406
Adjustments for:
Decrease in creditors
(17,133)
Decrease in debtors
2,390
Amortisation
3,678
______
Net cash provided by/(used in) operating activities
161,341
 2022
£
3,840
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 2023

INCOME AND ENDOWMENTS FROM
Donations and legacies
Donations
Charitable activities
Grant income
Sale of film rights
Other income
Management fee income
Royalty 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
Computer costs
Workshops
Insurance
Governance costs
Auditor’s remuneration
Non-audit fees paid to auditors
Insurance
Total resources expended
Net income/(expenditure)		 Total
2023
£
-
1,453,830
-
75,000
450,512
1,645
__
1,980,987
_
1,621,348
_
1,621,348
__
669
23,572
38,185
59,775
3,679
9,602
-
17,040
7,830
16,066
3,135
6,600
1,080
-
_
187,233
_
1,808,581
______
172,406		 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

Page 17