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 De￿mber 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 ag￿e￿ 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 p￿ServIng
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 ne￿OrkIng 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 AC￿p*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 con￿rn 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$ponslbFlltios of trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitabte
company for the purposes of company law} are responsible for the p￿ParatIOn of the financial statements and for being
satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue
as a going 1x)n￿rn, disclosing. as applicable, matters related to going con￿rn and using the going concern basis of accounting
unless the trustees eilher inlend lo liquidate the tharitable Company or to cease operations, or have no realistic alternative but
to do so.
Auditor's respon$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, 0￿￿1ned above, to detect material misstatements in respect of irregularities, including fraud. The specific
prO￿dureS 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.
Page 6

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 eX￿pIlon 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
Unrestrɢted
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￿$t￿cted 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