REGISTERED COMPANY NUMBER: 09250869 (England and Wale$> REGISTERED CHARITY NUMBER: 1159265 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 FOR THE FALKLANDS MARITIME HERITAGE TRUST
THE FALKLANDS MARITIME HERITAGE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Page Reference and Administrative Details Report of the Trustees 2to4 Independent Auditor. Report to the Trustees 5t07 Statement of Financial Activities Balance Sheet Statement of Cash Flow 10 Notes to financial statements 11 to16
THE FALKLANDS MARITIME HERITAGE TRUST REFERENCE AND ADMINISTRATIVE DETAILS Registerod Company number 09250869 {England and Wales) Re9iSt•red Charity number 1159265 Registered office One Bartholomew Close London EC1A 7BL Trustee$ MMJBound W P Featherstone D A Lamont S G R Pitaluga Independènt Auditor Azets Audit Setvices Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN Solicitors BDB Pitmans LLP One Bartholomew Close London EC1A7BL Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Pa9e 1
THE FALKLANDS MARITIME HERITAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees who are also directors of the charrty for the purposes of the Companies Act 2006, present their report the financial statements of the charity for the year ended 31 October 2024. The Trustees have adopted the provisions of Accounting and Reportin9 by Ch8rities.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLkblic of Ireland IFRS 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 ¢ontaining Artides of Association for the Company Limited by Guarantee on 6th October 2014. Alan Huckle was appointed a Trustee on the 8th of January 2015 and resigned 31st Dember 2018. The company was incorporated and registered at Companies House on 6th October 2014 and subsequently registered wth the Charity Commission on 18th November 2014. On 2 April 2023. the Charity Commission age an amendment to the original Articles. 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 herilage, 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, preseNe and restore lif considered appropriale} Craft, materials and information ot 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 nol consider itself to be a grant making organisation. ACHIEVEMENT AND PERFORMANCE Charitable activities In 2024, the Falklands Maribme Heritage Trust achieved several significant milestones, fvrtheT advancing its mission to explore and preserve maritime history of the Falklands and beyond. One of the most notable developments was the recruitment of the Trusfs first fijll-lime staff member. Chief Oper8tin9 Officer (COO) Elena Lewendon, ar) experienced heritage professional. This marked a pivotal step toward ensuring the long-term sustainability of the Trust's initiatives. A corporate Linkedln account, established to support the recruitment process, proved instrumental in attracting high-calibre Candidates. The platfomi has since become a valuable tool for professional engagement and promoting the Trust's WOTk. In Digital Engagement and Education. the Trust launched a new shipping and wrecks archive in April, featuring wrecks identified with images. fact files aF)d drone footage. This was bjrther expanded in October, wrth an addits'onal fifty wrecks added to the collection. The archive represents a significant effort to digitise endangered knowtedge of Falklands wrecks while documenting culturalty significant artifacts at risk of degradation and eventual10sS. Trustees also played an active role in public engagement. participating in speaking engagements and events to share insights aboul Ihe Trust's work. These appearances strengthened connections wilh stakeholders and inspired interest in pServIng maritime history among diverse audiences. A major highlight of the year was the collaboration with National Geographic (Disney} and partners from the Enduran¢e22 expedition to release the much-anticipated Endurance documentary. Premiering at the British Film Institute (BFII in London in October to widespread acclaim, the film later debuted on Disney+ and enjoyed a successful cinema run. As part of its commitment to community engagement, the Trust arranged exclusive screenings for the Falklands community, allowing residents to connecl with the expedition's achievements and their shared maritime heritage. In addition to the documentary, National Geographic published a visually striking coffee table book chroni¢ling the discovery of Endurance providing further publicity and funds to the Trust. Significant updates were also made to th8 Trust's websile, including Ihe launch of The Endurance Locker, a new section showcasing exclusive videos and images celebratsng the discovery. Page 2
THE FALKLANDS MARITIME HERITAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 The Trust also made groUnd$reaking advancement5 in underwater archaeology in collaboration with key expedition partners. Through meticulous analysis of subsea dats and imagery. the first public 3D rendering of the Endurance wreck was released, earning acclaim from both the scientific community and Ihe public. The expedition captured over 1,000 hours of footage and more than 20,000 images, providing invaluable material for ongoing research, education and future exploration. In recognition of its achievements, the Endurance22 team received a Citation of Merit from the Explorers Club, highlighting the importance and impact of their work. The accomplishments of 2024 have significantly enhanced the Falklands Maritime Heritage Trust's global profile, demonstrating its dedication to uncovering, preserving, and sharing marib.me history with the wodd. FINANCIAL REVIEW Trustees. investment powers Although the Articles and Constitution of Ihe trust permit it lo exer¢ise powers to make investment, at this time the business of the trust does not require it to exercise those powers. Reserve5 policy As a project-based organisalion 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 advi at this stage. As it moves forward, it is the Trusvs intention to review its invesbnent and reserves policies regularly and to implement risk management and other policies as projects are identified. Total funds at the year*nd were £585,555, £61,779 of which was included in restricted fvnds. Funds given to the trust for each project will be placed on deposit and depleted during the project life. FUTURE PLANS Our plans are centred on an ambitious new strategic vision that will drive our growth and impact. For the first time. we will harness the power of social media to amplify our reach. complemented by furtherdevelopments to our website and the addition of new wrecks to our archive. We aim to expand our digital presence through an engaging e-newsletter and bolster our visibility through neOrkIng opportunities and speaking engagements for slaff and trustees. A key focus wll be exploring how the legacy of Endurance can inspire advancements in science, academia, and education, while finding innovative ways to connect with the public-such as touring exhibitions. We also plan to create a project priority list to identify and focus on wrecks of the highest significance or urgency, supported by comprehensive slakeholder engagement and aLJdience development initiatives. Together, these efforts will ensure our work continues to captivate and contribute to gk)bal marit.me heritage. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument The charity is controlled by its goveming do¢ument, 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 Tfust expands its operations it will seek to augment the trustee body by recruiting those with specifi¢ skills and knowledge which are germane to the trust and the new opportunities presentsd by discovery of the wreck of the Endurance. New Appolntments Elena Lewendon was appointed as the Trust's first Chief Operating Officer on 1st January 2025. 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 ¢harity regislralion documents, minutes and accounts for up lo the preceding three years, reports andlor digital accounts of past projects, and any policy ststements 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 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees {who are also the directors of The Falk18nds Maritime Heritage Trusl for the purposes of Gompany lawl are responsible for PTep8ring the Report of the Tru5ta?s and the financi81 slalements in accordance with applicable law and United Kingdom Accounting Standar¢Js (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees tD prepare financial statements ft>T 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, induding the income and expgndilure, of the aharilable company for that poriod. In preparing those financial $tat8ments, Ihe Trustees are required select sultsble accounting policies and then apply them consistenUy- obseNe the methods and principles in the Charity SORP., make judgements and estimales that ara reasonable and prudent., prepare the financial statements on the goiro concem basis unless itls inappropriate to presume that the charitable Company Wtll continue in business. The Trustees are responsible ftir keeping proper accounb'ng records which disclose with rgasonable acixjracy at any time the finan¢ial position of the charitable company and to enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable compeny and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. In so far as the trustees are 2ware.' there is no relevant audit information of which the charity's audilors are unaware.. and the Iruslees have taken all steps that they ought to have taken to make th@mseEves aware of any relevant audit information and to estsblish that the auditor is aware of that infornation. This report has been prepared in accordance with the speaal provisiDns of Part 15 of the Companies Act 2006 relating to small companies. Approve order oflhe board ofTrustees on OL and signed on its behalf by.. Saul Pitaluga - I erim Chair of Trustees Page 4
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FALKLANDS MARITIME HERITAGE TRUST Opinion We have audited Ihe financial statements of The Falklands Maritime Heritage Trust (the 'charitable company,) for the year ended 31 October 2024 which comprise the Statement of Finanoial 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 preparab.on is applicable law and United Kingdom A¢counb'ng Standards, including Financial Reporting Standard 102 The Financial Reporting Stgndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs.l. In our opinion Ihe financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 October 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been property prepared in accordance with United Kingdom Generally ACp*ed Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 20Cf. Basis for oplnlon We conducted our audrt in accordance with International Standards on Audiling (UK} IISAS {UKII and applicable law. Qur responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We a 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 wth 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 conrn basis of accounb'ng 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 d)aritable company's ability to continue as a going concem for period of at least tsvelve months trom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concem are described in the relevant sections of this report. Other inforniation The other information comprise5 the infomiation included in the trustees, annual report, other than the financial ststements and our auditoff 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 expliatly stated in our report, we do not express any fomi 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 finanual ststements or our knowledge obtained in the course of the audit or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material isstatement in the financial statemenls themselves. If, based on the work we have performed. we ¢on¢lude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the infoThation given in the Iwstees. report (incorpoTating 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 whlch wo are required to report by exceptlon In the light of the knowledge and underslanding 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 nol been kept, or retums adequate for our audit have not been received from branches not visited by us-, or Ihe 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 slatements in accordance with the small companies, regime and take advantage of Ihe small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Re$ponslbFlltios of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitabte company for the purposes of company law} are responsible for the pParatIOn 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 1x)nrn, disclosing. as applicable, matters related to going conrn and using the going concern basis of accounting unless the trustees eilher inlend lo liquidate the tharitable Company or to cease operations, or have no realistic alternative but to do so. Auditor's respon$ibilities for the audit of the financlal ststem¢nts 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 include5 our opinion. Reasonable assuran 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 ststements. Irre9ularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, 01ned above, to detect material misstatements in respect of irregularities, including fraud. The specific prOdureS for this engagement and the extent to which these are capable of detecting irregular*th"es. induding fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation 2nd 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 test.ng to supporting documentstion to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing ofjoumal 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 limrtations 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 concealmenl, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council'$ website at.. htt s..1/l.frc.0r .uklOur-WorklAudiUAudit-and-assurancelStsndards-and- uidancelslandards-and uidance-for- auditorslAuditors-res onsibilities-for-audiVDescri f- ud'tors-res onsibililies-for-audit.as x. This description fomis partof our auditoff s report. 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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FALKLANDS MARITlPJtE HERITAGE TRUST Use of our report This report is made solely to the ¢h8ritable Company's members, as a body, in accordan wilh Chapter 3 of Part 16 of the Companies Acl 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 charitsble company and the charitsble company's members as a body. for our audit Work. for this report, or for Ihe opinions we have formed. A3ts ALI kn- John Howard FCA Isenlor Statutory Auditor) For and on behalf of Azets Alidit Services Chartered A¢count3nts 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date: Z£ r.L lo Page 7
THE FALKLANDS MARITIME HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 OCTOBER 2024 Note Unrestri¢ted funds Restricted funds Total 2024 Total 2023 INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities other income 1,501,500 148,125 1.501,500 197,325 1,453,830 527,157 49.200 Total 49.200 1,649,625 1,698,825 1,980,987 EXPENDITURE ON Charitable activities Marib"me history and herilage 85,926 1.607,846 1,693,772 1,808.581 NET INCOMEIIEXPENDITURE> BEFORE TRANSFERS {36,7261 41.779 5,053 172,406 Transfers between funds NET MOVEMENT IN FUNDS (36,7261 41.779 5,053 172,406 RECONCILIATION OF FUNDS Total funds brought forward 560,502 20.000 580,502 408,096 TOTAL FUNDS CARRIED FORWARD 523,776 61,779 585.555 580,502 l income and expenditure has arisen from continuing activities. The notes on pages 11 to 16 fomi part of these financial statements. Page 8
THE FALKLANDS MARITIME HERITAGE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2024 Company number.. 09250869 Note 2024 2023 FIXED ASSETS Heritage assets 10 94,038 98.383 CURRENT ASSETS Cash al bank Deblors 357,186 148.485 492,761 11 505,671 492,761 CREDITORS Amounts falling due within one year 12 (14,154) {10,6421 NET CURRENT ASSETSIILIABILITIES) 491.517 482.119 TOTAL ASSETS LESS CURRENT LIABILITIES 585.555 580.502 NET ASSETSI(LIABILITIES 585.555 580,502 FUNDS Unreslricled fund Restn"cted funds 523,T16 61,779 560.502 20,000 13 585.555 580,502 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 stalements were approved by the Board of Trustees on f behalf by.. and were signed on its Saul Pitaluga - Interim Chair of Trustees 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 2024 Noto 2024 2023 Cash flows from operating activities Cash generated from operations 15 {135.5751 161,341 Net ¢a$h provided byl{used In) operatlng activities (135,575) 161,341 Cash flow5 from investlng a¢tivltie$ Purchase of heritage asset Not cash provided byl{used Inl investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beglnnlng of the reporting period 1135,575) 161.341 492,761 331,420 Cash and cash equivalents at the end of the reporting period 357,186 492,761 ANALYSIS OF CHANGES IN NET FUNDS At 0111112023 Cash flow At 3111012024 Net cash Cash at bank 492,761 (135,5751 357,186 ToLql 492,781 {135,5751 357,186 The notes on pages 11 to 16 form part of these finan¢ial statements. Page 10
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES General infomiatlon and basis of preparation The Falklands Maritime Heritsge Trust is a company limited by guarar)tee in the United Kingdom. The address of the registered office is given in the charity infomiation on page 2 of these financial statements. The nature of the charity's operations and principal acb"vib'es 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 Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} issued on 16 July 2014 las updated through Update Bulletin 1 published on 2 February 20161, 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 l 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 con¢em basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterting which is the functional currency of the Charity. The significant accounting policies applied in the preparat.on ofthese 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 eoneern basis The Trust has reasonable expeclation that there are adequate resource5 to continue in operational existence for the foreseeable future. It has therefore continued to adopt the going concem 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 condib'ons 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 the 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 ag9regate 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 wll 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 assisl the work of the charity bul do not direclly represent charitable a¢b'vities 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, statulory audit and legal fees. Support and Governance costs have been allocated across the ¢haritable activities using various percentage allocations. Page11
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES- continued Taxation The charity is exempt from corporation lax on its charitable activities. Fund accounting Unrestricted funds can be used in aG¢ordance 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 reslricted purposes. Further explanation of the nature and purpose of each fund is inctuded in the notes to the financial statements. Heritage assets Heritage assets are recognised on the balance sheet and initially measured al ¢ost when purchased. Assets are subsequently slated at cost less accumulated depreciation. Amortisation is provided on all intsngible heritage assets, at rales calculated to write off the cost of each asset on a straight-line basis over the asset's estimated useful lives as tollows.. Heiitage asset 25 year straight line Cash at bank and in hand Cash at bank and cash in hand includes cash and short tem highly liquid investments with a short maturity of three months or less from the date of acquisibon or opening of the deposit or similar account. Debtors Trade debtors and other debtors are recognised at the settlemenl amount due. Prepayments are valued at the amount prepaid. Creditors Creditors are recognised where the Trust has a presenl obligation resulting from a past event that Wtll probably resull in the transfer of funds to a third paty and the amounl due to setue the obligation can be measured or estimated reliably. Other creditots and accruals are reco9nised at their settlement amount due. Financial instruments The trusl only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the eXpIlon of bank loans which are subsequently measured at amortised cost Using the effective interest method. Judgements and key sourees of estimation uncertalnty The preparakn'on 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 eslimates 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 esb"mates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the vIsion and fvture periods if the revision affects both current and ftAufe periods. DONATIONS AND LEGACIES Unrestricted Restricted 2024 2023 Donations Page 12
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 CHARITABLE ACTIVITIES Unrestricted Restri¢ted 2024 2023 Use of images Grant income 1,501,500 1.501,500 1.453,830 1,501,500 1,501,500 1,453,830 OTHER INCOME UnrestrÉ¢ted Restricted 2024 2023 Management fee income Royalty income Licence fee income Bank interest 38,500 1,200 38,500 1,200 148,125 9,500 75,000 450,512 148,125 9,500 1,645 49.200 148.125 197.325 527,157 CHARITABLE ACTIVITIES COST Support costs (see note 7) Direct costs (see note 6) Total Maritime history and heritage 1,524,651 169,121 1,693,772 DIRECT COSTS OF CHARITABLE ACTIVITIES Unrestricted Restricted 2024 2023 Expedition costs 1,524,651 1,524,651 1.621,348 SUPPORT COSTS 2024 2023 Bank charges Website costs Advertising, media and communications Professional fees Amortisation Sundry Donations Trustee Expenses Computer costs Workshops Insurance Recruitsnent Fees Governance costs 273 59,620 15,000 48,273 4.345 833 4.000 1.283 173 669 23,572 38,185 59,775 3.679 9,602 17,040 7,830 16,066 3,135 1,801 22,720 10,800 7,680 169,121 187,233 Governan¢e costs 2024 2023 Auditor's remuneration Non-audit fees paid lo auditor Overlunder accrual on audit fees Insurance 7.800 3,000 6,600 1,080 10,800 7,680 Page 13
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no Trustees. remuneration or other benefits for the year ended 31 October 2024 nor forthe year ended 31 October 2023. The key management of the charity comprise of the Trustees only. Tru$tegs' expenses In the year Trustees had expenditure of £1.314 (2023.. £26,537) reimbursed to them by the charity. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES {2023) Unrestricted funds Restricted funds Total 2023 INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Other income 28.830 527,157 1,425,000 1,453,830 527,157 Total 555,987 1,425,000 1,980,987 EXPENDITURE ON Charitable aetivities Marilime history and heritsge 74,075 1,734,506 1,808,581 NET INCOMEI(EXPENDITURE) 481,912 (309.506) 172,406 Transfer between fvnds {281,579} 281,579 NET MOVEMENT IN FUNDS 200,333 {27,927} 172,406 RECONCILIATION OF FUNDS Total fLtnds brought forward 360,169 47,927 408,096 TOTAL FUNDS CARRIED FORWARD 560,502 20,000 580,502 10. HERITAGE ASSETS Scully Archive Cost At 1 November 2023 Additions 108.621 At 31 October 2024 108,621 Amortisation At 1 November 2023 Charge for the year 10,238 4,345 At 31 October 2024 14,583 Carrying amount At 31 October 2024 94,038 At 31 October 2023 98.383 The Archive consist of over 200 interviews with participants in the 1982 Falklands War and in¢ludes all major decision makers on both sides and from mediation countries, such as the USA, both political and military. No olher collection of primary material contsins 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. Page 14
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. DEBTORS 2024 2023 Trade Debtors 148,485 148,485 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 14,154 10,642 13. MOVEMENT IN FUNDS Net movement in funds At 0111112023 At 3111012024 Unrestricted funds General fund 560,502 {36,726} 523,776 Restricted funds Endurance 22 Education Fund 41,779 41,779 20,000 20,000 TOTAL FUNDS 580,502 5,053 585,555 Nel movement in funds, included in the above are as follows". Incoming resources Resources expended Movement in funds Transfer5 Unrestricted funds General fund 49.200 185,926) 136,726) Restricted funds Endurance 22 Education Fund 1,649.625 {1.607,846} 41.779 TOTAL FUNDS 1,698,825 (1.693,772) 5.053 Comparatlves for movement in funds Net movement in funds At 0111112022 At 3111012023 un$tcted fvnds General fund 360,169 200.333 560,502 Restricted Funds Endurance 22 Education Fund 47,927 147.9271 20,000 20,000 TOTAL FUNDS 408,096 172,406 580,502 Page 15
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 13. MOVEMENT IN FUNDS {CONTINUED> Net movement in fvnds, included in the above are as follows.. Incomlng resources Resourees expended Movement in funds Transfers Unrestricted funds General fund 555,987 {74,0751 (281,579) 200,333 Restricted Funds Endurance 22 Education Fund 1.425,000 11,734.5061 261,579 20,000 147,927) 20.000 TOTAL FUNDS 1,980,987 11,808.5811 172.406 14. RELATED PARTY DISCLOSURES There were no related party transaclions for the year ended 31 October 2024 or for the year ended 31 October 2023. 15. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the statement of financial activities) Adjustments for: Decrease in creditors Decrease in debtors AmortiS8tion 5,053 172,406 3.512 (148.4851 4,345 117,133) 2,390 3,678 Net ca$h provided byl(used in) operating activities {135,5751 161.341 Page 16