**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
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## **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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 October 2023, 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 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:
- the information given in the trustees' report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report has been prepared in accordance with applicable legal requirements.
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:
- 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 directors’ 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 directors’ report and from the requirement to prepare a strategic report.
## **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:
- 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 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 HERAGE TRUST
STATEMENT OF FINANCIAL posmow
AS AT 31 OCTOBER 2023
Ccffipony numb&r. 092869
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 t*on wep9r•____________|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