REGISTERED COMPANY NUMBÈR: 09250869 (England and Wal••l REGISTERED CHARITY NUMBER: 11B#2615 REPORT OF THE TRUSTEES AND FINANCIAL 8TATEMEP4TS FOR THE YEAR ENDED 31 OCTOBER 2020 FOR THE FALKLANDS MARITIME HERITAGE TRUST
THE FALKLANDS W4RtTIME HERITAGE TRUST CONTENTS OF THE FINANCIAL STATÉMENTS FOR THE YEAR ENDED 31 OCTOBER 2026 Page Rtrf¢rtrnce and Administra&'ve Details R8POrt ofthe Trusttts 2to5 Indopendent Auditor, Reportto tho Trustaes 6tts8 Statem8nt of Fit)an¢ial A¢tfv1ts8 Bala Sheet 10 Statement ol Ca$1 Flow 11 Notss to financral staternents 12to17
THE FALKLANDS MARITIME HERITAGE TRUST REFERENCE ANO ADMINISTRATIVE DETAILS R•gl•t•r•d Company numb•r 09250869 IEng&nd and Waiesl R•gl8t•r•d Charlty nUrnr 1159265 R•glBt•red offic• On• Bartholorn•w Clos& London EC1A 78L Tru$t•o• MMJe¢und W P Feathetskne D A Lamont S G R Pitsluga L C Damin lappointsd 4 Nmbr 20241 C V Thornpson iappointsd 21 May 20251 Ind•p•ndont Au¢ltor Az•ts Audrt SeNi¢•$ Chortered Arxountants 2nd FloJr, Regis House 4S lth'ng Wjlllam Str Lon(lon EC4R 9AN 8oll¢ltor• Broadfi8ld Law On Bartholomw Cl¢se Lond¢n EC1A 7BL nk•r• CAF Bank Ltd 25 Kirgs Hill Avènuè lQngs Hill West Molling K•nt ME194JQ Pag8 1
THE FALKLANDS MARITIME HERITAGE TRUST REPORT OF THE TRUSTees FOR THE YEAR ENDED 31 OCTOBER 2025 The Trustoes who ale al$9 directors of the Charity for the purposes of the Companies Act 2006, present their report with thè financial statements of the charity for the year ended 31 October 2025. The Trustees have adopted tha provisions of Accounting and Reporting by Charities. Statement ol Recommended Practi appliCae to chanties prèparing their accounts In 8¢cordance wrth the Financial Reporting Standard applicable In the UK arKI RepublK of Iland IFRS 1021 leffective 1 January 20151 published on 16th July 2014 las amended by Llpdated Bulletin 1 published on 2nd February 20161. The founding Trustees We David Ainsli8. M8nsun Bound. Wlliam Fèalhètstona an(5 Donakj Larnont. Advised by Stone KirrfJ LLP. Solicitors. they adopted 8 Memorandum containing Articles of Assouation forthe Company Limited by Guarantee on 6th October 2014 Alan Huckle was appointed a Trustee on the 8th of January 2015 and resigned 31st Decembei 2018 The company was Incorporated and regLStered at Companies House on 6th October 2014 and subsequently registered with the Charity Commission on 18th November 2014. On 2 April 2023. th Charity Commis510n agre8d an am8ndrnent lo the oroinal ArtiCs. INCORPORATION The tharitable ccffipany was inCorraty on 6th October 2014. OBJECTIVES AND ACTIVITIES Oblectives and aims for the publ1¢ benefft The Trust aims to advan the education olthe public, including in the maritime history and hèritaga, both milrtary and civilian. of the Falkland Islands and thei¥ neighbouring seas. and the improvement of public understanding of t1r historical and social signifirance, in particular but without limitation throLEgh research and exploratDn of the $aKI seas,. and to record. pSe and rgstoie lif cgnsidgred appropriatel Craft. materi8ls and information of historical significance and educative value relating to the Falklancl 1s5ands and their neighbounng seas. Including naval arKI uvilian vessels aThJ related equipment. rtem5 and records and by the acquisition, restorath)n ancl rnaintenance of the same for public display. demonstration orexhibitson at the Falkland Islands Museum and the Jane CamÈron Nabonal Ar¢hives of the Falkland I518nds or other suitsble institutions open to the public. Grant maklng At thts stag• th• trust doès not ctsnsider itsatr to bè a grant makiry organisal"on. ACHIEVEMENT AND PERFORMANCE Charitabl• aetiviti•s The peri¢xI October 2024 to OctotEr 2025 marked a transforniational year for Falklands Maritime Hentage Trust, significantly Strengthening its operational capacity. public profile and delivery of public benefit. Followng the trurtment ol th• Trusl'5 fitsl full-tmo Chitl op8rats.ng oifthr In latè 2024, from January 2025 the organisation antèréd a new phasè of structured growth and profession81isatiofi Governarn prrKesses were stren9thened. reporting systems refined and a cornprehensive Ihree-year strategic plan was developed and approved by Trustees. A lomal stakeholder engagement framework and audien development strategy We also established. ensuring that th? Trust. actIVe$ remain sustainable. inclusive and c1eafiy aligned with its charrtats objectives for the public benèfit. Dunng the period. the Trust also strengthened rts govemance through the recfuthiènt of a new Trustee wth exteroive experience in dwumeniary filmmaking and media production This appointment briw$ valuable expertise In storytelliwJ, audience engagement and global Communications. supporbng the Trust's ability to share maritrme heritage with wider and more diverse audien$ Trustees continue lo prowde robust oversight, Strateg direction an¢J advocacy, ènsuring the Trust remains focused on deliveriryj Its objectives and public benefit. Digital èngagèmènt eonknnLd to ¢xpaNJ at pa¢*. Th& Falklands wrèd( 8rchive was 5ignificanlly enhanced during the year. grawing to Include 200 documented wrecks. Each entry preserves and shares endangere(I maritime knowledge by providing publicly ac9$1tAe hi$toric81 research. imagery and conlexlual interpretation latsn9 to vessels lost in Falklands watèts and the surrounding seas By making this Infomiation freely availab online, the TnJst supports education. research and wkler public understandin9 of marrtime h6rit4e at risk from environmental degradation and natural decay. The Trust's public engagernent activity increased 5ub5tantially. Trustee5 and staff delivered a WKle programrne ol lectures, cOn1eren pSentaOn5 and public talks in the UK and intemationally. strenglhening academic. $Cni1C and hentage netsorks while broadening public access lo knowtedge arising from the Trust's work. Highlights indudod participation al the Future Labs exhibrtion in Juty 2025, Whe the Trust shared Insights into deep-oan exploration. mantime archaèology and digital innovation ansino from the 2022 Enduran expedilion wrth 75k visitors. These èngagemants contribLrted lo knowwe exd)ange across disciplines an¢J inspid new audiences io engage with maritime heritage and STEM-rglated fields. Page 2
THE FALKLANDS MARITIME HERITAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025 ACHIEVEMENT AND PERFORMANCE Icontinuedl Charitsble activitie8 Icontjnuedl A rnajor milèstone dunng the year was the creation of the first 30 printed rnodel of the Wck of Sir Emest shacklOn's Enduran. Developed from high-resolution subsea survey data captured during the expèdititsn. tho model presents a signili¢aTht advancement in marrtime archaeolcvJical visualisation. It enables global SUdne0$ to Èngag8 with one of tre most irnportant historic wreck sites of tlE twentieth century wilhout disturbiThJ the sits itself, which remains protected in $itu under the Antarctic Treaty System and a fornial Conservation Plan. This approach demonstrates how¢Jigital technology can enh8n public a¢$S while safeguarding fragile cultural h8ritage. Th& 3D model ha5 sin formed the centrepiece of numerous events. laying gioundwork lor future touring a¢tivity that will lurther 8xt8nd public a¢53 and educational reach The Trust also strengthened its communicats.ons infrastructura to widan publi¢ trngaggment. A sub$tantl81 increase in content across fourmajor social media platfoms led to significant growth in followers an¢J engagement. extending the Tru5t'5 reach to new and more diverse audiences The launch of the Trust's first regular digital newsletter established a dirtrct Ghannel fr>r sharing research updates. educational resou$ and heritage news wrth supporters and stakeholders, enhanriro transparency and sustaining engagernent. In addition, the Trust 1ntrcdU its first online donation plaffom. providing a Secu ancl accessible mechanism for public support This developrnent supports long-lerrn financial resilience and ensu$ continued delivery of tharrtab activities for public benefi¢ Enhancem8nts to the Trust's website included the publiG8tion of new video and digital content relating tothe Endurance Search and associated technolryJies. increasing a$$1t.11ty for educators, researchers anfj the w1der public. To ènsure loro-term preservatyon of this material. the Trust created Secu archival copies of the extensive vid60 and imagè datasets generated during the Endurance22 expèdititsn. This wotk safaguards intèinatr()nally significant heritage data for future search, Interptab"0n and educational usè The Trust a150 ¢Olltributed to a number of prestigiow publicatioro and me(lia features during tr year, lurther reinforcing its role as a trusted authority in polar rnarrtime herrtage Voluntaèr éngagèment wa5 forrnally introduced during this period, broadening organisaOnal capacity and strangthIng community participaty'on in th8 preservation and interpretation of marilirne heritage. Overall. year saw the Trust consolidatè its govèmancè and opèrational found8b.ons while 5ubstsntialty increasing rts educabonal Impact, dvJitsl accessibilty and eontnbLrtion to publie uThJefstaThling of marrtime herrtage. FIMANCIAL REVIEW Trust••s' in¥•stm•nt powèr¥ Although the Articles and Constitution of Ihe trust pemil it to exercise powers to make inveslment, at this bme the business of Ihe tsu5t dogs not require rt to exercise those powers. RosgVrn8 poIIcy As a proiect-basèd organisation it is notthe Intents'on to fflainiain any dstinct reserves or seek endowrnent funds. There rna1n sufficient funds to cover foreseeable expenses pending lentfica.0n of a new project, but do not justify Investrnent advi at this stage. As it Moves forward, rt i8 the Trust's intention to VIeW its Investmént an¢J rèsèrves policies iegularly and to implement risk management aThJ other policies as projects are Identified. Tot81 fvnds at tho yèar-gnd were £364.544. £20.000 of which was indLKled in restricted fvjnds. Fund5 given to the trust for each project will be placed on dewsil and depl&ted during the prgect lrfe. Page 3
THE FALKLANDS MARITIME HERITAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2026 FUTURE PLANS The Trust's priorith.es for the coming pèriod are guKled by its newly adopted lhe-year strategic plan and maIn focused on delwering clear and m8a5urabl8 public benefit. A key objective will be th• d&vtlopm•nt and delivery of touring events centred on 30 printe(J model ol Enduranes. These will expand geographic acces5 to the Trust's work. enabling wider public audien$ to en9age wrth the story ol the expedition and the scientific and technolcgical innovations that made its rediscovery possib The Trustwill continue to expand an¢J ènhance its Falklands wreck archive through ongoing research, digitisation and potenty'al grant-fund8d tteritage proj8Cts within the Falkland Islands. These initiatives aim to documentand preserve vulnerable maritime 5ite5 and associated stories. strengthen local partnerships and contribute to skills devel¢)pmènt and knovAedge sharing within the community. Plans are underway to devgk)p a carefvlly curated rner¢handise programme aligned with thè Trust's 8ducational mission. Incorne generate(J will support core charitsble activrties and help ensure long-temi sustainability. Subject to appropriate funding, partnerships and rÈgul8tory pemiwsions, the Trust intends to explo opportunitiès for fthure expeditions to locate and docurnent additiona1 historically significant wrecks in Falklands waters and the surrounding seas Such projects will lurthgr contribute to research. documentatson and the responsible presetvatK)n of maatimg heritage Further objectives Include expanding voluntèèr participation. strengthening 5tskeholder relationships, securing grant funding for pnority heritage Initsatives and continuing to build the Trust's intemalional reputskn"onthrough acadèrnic collaboration. public spaaking and digital ou•¢. Through these activitses. the Falkk2nds Maritime Heritagè Trust will continue to uncover, protect and share rnants.me harit8ge of internatsonal significance forthe beMfit of present and future generations STRUCTURE, GOVERNANCE AND MANAGEMENT Governong document Thè charity 1$ ¢ont[oll by rts goveffling document, a deed of trust, and constrtutes a limited company. limrted by guarantee, as defined by the Companies Ad 2CX)6. R•erultm•nt and apptsintmènt of nèw Trustees As the Twst expands it5 operats'ons it wll seek to arnent trustte body by recruib'ng those wth srecffjc skills and knowledge which are gemare to the trust and the now opportunities ptss6ntèd by dis¢overy of the wreck of the Endurance. Now Appointm•nts Elena Lewerdon was appointed as the Trust's first Chief (¥)erating Offiter on 1st January 2025. Inductlon •nd tralnlng of new Trustees As and when new TrusiÈes a to be approached and selected they would be Issued wrth all levant documentstion- company and charity registration docurnents, minutes and accounts for up to the predIng thrae yèars, iaports andlor digital accounts of past projects, and any policy stslernents agreed by the Trustees and Ctsrnt - following which the invrteÈ would have the me they qUired to ask quastions, and saèk c1arifica*on frorn thg exi$bn9 Trustees. Page 4
THE FALKLANDS MARITIME HERITAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2025 STATEMENT OF TRUSTEES RESPONSIBILITES The Trustees (who ¥e also the directo ol Tha Falklands rIr[ Hgfftage Tnjst for the purptssos of eompany lawl aro resFthsible for preparing the Reportofthe Trustees arKI Ihe financial slatements in accordance with appltobl&18w and Unitad Kingdorn Aceounling Stsndards (United Kirydom Generally Accept ACCOUnng Praclcel. Company law requir85 th& Trustees to prepare 8tstements for each financial y88r whiT gfv8 8 true and falr VW of slalo of affai of the ch8ritsble comp8ny and ofthe incnming fesource8 and application ol rÈstsvr¢e5, Ir$n9 Ihe income and expendrture, of the Gh8ri18ble company lor that period. In preparing those fin8n(ial Statements, Ihe TN5tees ¥8 seknt suitabl8 a¢counUng policies and thon appty them (t)nsIstèny'. observe the methods an¢J prirriples in Ihe Charity SORP.. rnake judgements and estimates that are reasonable and prlent.. prepare tha ftnanGial statamonls on Ihe going bask8 unle88 il is inappnjpriale to presume that Ihe chwltabk company wll ntinue in bu&ness. The Trusle88 are resportsit48 for keeping prwr a¢¢y)unting records whith disckjse with reaSOnae acoJra¢y at8ny lkne lh• fina¥81 position of Iho charitable company and to enable them to ensure that the finalar ststorn¢nlS corn#y wth the Companie5 Act 2006. They a aL80 responsSble for safeguarding the a&%ets of the charitable company an(J henr for taking 8sonai4t steps for the Fyevenllon and d8t8ction ol fraud olh8r iEregularides. In so far 8S thè trustees are aware" Ihere is no rdevanl audit InfDnnatK>n of whh the charltys auditors are unaware,. and Ihe trustees have tsken all 5t8PS that Ihey ought io have taken to make themselves gware of relevant audii infom7ats.on 8nd to establith that ihè 8udbtor1s aware ofthal inf0rn7thn. This r8port has prep8r8d kn a£¢oTdanc8 wth tTr spec4al prov&iws of Part 15 of the Companiès Aet 20[ lating to small cxnpantes. App d by orderof the bcard of Trvstees on . 21 fvirty2026 and signeil c¥) lis behalf ty.. Saul u98- Chair ofTrusle8s Page 5
INDEPENDETrN AUDITOR'S REPORT TO THE TRUSTEES OF THE FALKLANDS WRITIME HERITAGE TRUST Oplnlon have athlited the financial statements of The Falklands Marits'me Heritage Trust (the 'charitable company'l for the year ended 31 October 2025 which ctynprise the Statement of Finanaal Achvities. thè Balance Sheet. the Cash Flow Statement and notes to the financial statements, Induding significant accounting Polie5 The financial pOrting framework that has been applied in their preparation Is applicable law and United Kingdom Accountsng Standards, induding Financial Reporbng Standard 102 The Fin8ncial Reporb'rE Stsndard applicab in the UK and Republic ol Ireland Iunrtad Kingdcrfn Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state ol the charitable company's affai[5 as at 31 October 2025. and ol its incorning reso(trces and application of resour, Including Its Income and expendituie, for the year then ended.. have beèn prOrIY prePad in accordanr with Uniied Kingd¢yn Generally A0pted Accounliro Practi, and have be8n prepared in accordance wrth requirements of Ihe Ccmpanies Act 2. Basls for oplnlon We conduded our 8udit in accordance wrth Internatsonal Standards on Auditing IUKI IISAS IUKII and applIC8b law Our responsibilities under those standards are further describe(l in the Audrtor's tssponsibilrties for the audit of the financial statements section of our report We are Independent of the charttable company In accordance with the ethic81 reouirernents that are r•Lvant to tsur audit ol the financial 5tatement5 In the UK. including the FRC'S Ethic81 Stanclard. and we have fulfillèd our otherelhic81 r8SPOn5ibilitps in accordance with these requ1mentS INe believe that the audrt eviden we have obtaired is sufficient and appropriate to prowde a basis for our onion. Coneluslon$ r•latlng to going eone•rn In auditing the financial statements, we have ¢on¢luded that the trustees. use of the going conc•m ba51s 018ccounb'n9 in the preparation of the fi'nancial statements is appropriate. Bassd on thè work we have p8rfofmed. we hav8 not identified any rnaterial nrtaint relating lo events or conditSons that. indwidually or collectively. may cast significant doubt on the chantsble cornpanls ability to continue as a going concem for a period of al1easl e1Ve months from when the finanual stalernents are authorisod lor 5SSUt. Our responsibilities and the responsibilrt16s of tha trustees wth respect to going cOnM 8re described in the relevant sectK)ns of this rèport Othgr Informatjon The othei inlomation comprisès thè infomiation included in the trustses, annual report. other than th8 finan¢ial statemènts and our 8uditor'$ report thereon. The trustees are responsible for the other Information contained within the annual report. Our opinion on the financial statement5 does not cover the other infomiation and, except to the extent othemise explicitly stated In our report, we do not exp$$ any form ol assuran condusion therèon Our rÈspon5ibility Is to read the other Information and, in doing so, consider wthelher the othèr inlomalion Is rnat8rially Inconsistent with the financial ststements or our knowledgè obtainèd in tho coursa of thè audit or otheiSe appears to be materially misstated. If we Identsfy such material Ineonsistencies or apparent Tnatsnal mis5taternenls, we are required to delemiine whether this gives rise to a matenal misslatemenl In the financial statements thernselves. 11, based on the woth we hava pertormad. we concludè that ttrre Is a matenal misstslement ol this other infomatson, we are requi to report that fact. We have nothing to port in this regar¢J. Opinlona on other m¥ttgrs pre$¢rlbgd by the Companles Act 2006 In our opinion. based on the work undertaken In the course ol the audit" the infomats.on given In the tiust*o$' report lincorporating the directors. report) for the finan¢ial ygar for which the finanoal statements are prepared Is (x)nsistent with the financial statements,. and the directors, report has been prepared In accordan¢e with applicabie legal reqUirnents. Page 6
INDepENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FALKLANDS MARITIME HERITAGE TRUST Matt•rs on which we 8re required to report by exception ln the light ol the knowledge and understandiThJ of the charitable company and its environment obtained in the coutsa ol thè 8udrt, we havè not Idèntified fflaterial tnisstatement5 in Ihe directors, report. We have nothing to rerx)rt in respect of the folbwing mattets in r¢loti¢n lo whi¢h tPE Companies Act 2006 requires us to rèport to you Il, In our opinion- adequato accounting rs¢tsrds have not been kept. or retums adequate for our audit have not been recèived trom branches not visited by us., or the financial statements a not In agreement with thè attountsng rècords and retums.. or certain disclosures of directors, remuneration sp8cified by law are not made." or we have not received all the informatron and explanations we requi for our au¢Jit, or the trustees were not eThtItd to prepare the financial statements In accordance with the small ¢ompanies' gime and take advantage of the small companiès, 8xèrnpts"on$ in pr*paring the directors, report and from the requirement to prepare a stratsgic rèport. Responsibllltle8 of trustees As explained more lully In the ttustÈÈs' sponSibl1rtles statement. the trustees (who are also the directors ol the charitable company for th& purpose5 of company lawl are responsible for the preparation of the financial statements ond for being satisfi'ed that they give a true and lair wew, and lor sud) internal control as the trustees detemiine 13 nece$5ary to enable the preparation ol financial statements that are fr•è from matèrial rnisstat8rnent. whelher due to traud or error In prèparing thè financial ststements, trustee$ are responsible for assessing the charilable company's ability to continue as a going cOnrn, disclosing. as applicable. matters related to going COnM and using th8 going concem basis ofaccounting Un$$ the trustees either intend to liquidate the chantable company orto cèasè operati(X15. or have no realistic alternats.ve bul to do so. Audltor'$ r•$pon8lblllUos for th• audlt of the flnan¢lal $tat•monts Our objectives are to obtain reasonable assuranee about wheth8r the financial st8ternents as a whole are free from materi81 misstatement, whether due to fraud or error. and to Issue an auditor's report that inclu¢es our opinion. Reasonab assurance IS 8 high level of assuranr£. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a Material rnisstatemenl when rt exists. Misstatements can arise trom fraud or error and are eon$idered matenal If, Individually or in the aggregate, they could reasonably be expected to infiuanc• thè •conomic decisions of users taken on the basis of these linanaal statements. Irregularibes, including fraj, are instances of non-complian with laws and regulatsons. Wa dasign procadures in line wrth our responsibilities. out11ned above. to detect matenal misstatements In rtspect of irwuLarities. Including fraud. The specific procedures forthis engagement and the extent to which these alè capable oldotgcb.ng irr6yularitw. includin9 traud Is detailed below". Erouiry of management and those charged wrth govemance around actual and potents.al lthgatK)n 8nd claims as well as actual, suspected and alleged fraud. Reviewing rninLrtes of meebngs of those charged wrth governan., Assessing the extent of complianc8 Wlth the laws and re9ul8tions considered to have a direct material effect on the nancial staternents or the operation5 of the cornpany Ihrough enquiry and inspection". R8viewing financial statement di5dosures and testing to supporting documentatron to assess compliance wth applicable laws and regulations.. Perfomiing audit work over the risk of management bias arKI ovemdÈ of Controls, Includi testing ofjoumal entries and other adjuslrnents for appropriateness. evaluating the bu51nes5 rationa18 of significant transacb'ons outswje tt)e nomal course of business and ieviewing accounting estimates for Indi¢alors of potential bias. Because of the inherent limrtations of an audit, tttere Is a risk that we will not ¢Jetect all Irregulanties, Including those adIng to a material misstatement In the financial statements or non-wtnpliance wrth regulation This risk increases the moffj that compliance with a law or regulation is removed from the events and transactions iéflected In the financial stalernents, as we will be less Iikèty Its bacomè awarè of Instances of non-compliance The risk Is also greater regarding Irregularities ocrAJrring duè to fraud lalhèr than èrror, as fraud involves intention81 Concealrrnt. forgery. collusion, omission or misrepresentatyon. A further descripb'on of our responsibilibes Is available on th8 Financial Reporting Ctsuncil's website at.. htt s.Ilwww.frc or .uhlOur-WorklA Audit-and-8ssuran1standardS4nd uid8n audilorslAuditOfS-re$ onsibililies-for-audivoescri tion-of-auditor5-res our auditor's repotL x This descriptDn foms part ol Page 7
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FALKLANDS MARITIME HERITAGE TRUST U•• of our r•port This report is rnade solely to the chantabk• company's m8mbers, as a body. in aOrdan wth Chapter 3 of Part 16 of th8 Companies Act 2008. Our audrtwork has bè•n uThlÈrtgkèn $0 th•1 w¥ might Slate to the charitsble company's m•mb8rs tho$$ mattérs w8 ar• requirèd to stats to tham in an eudf(or'$ report and for no other purpose. To th8 full•st ext•nt prmrti¢d by law, we do nota¢ceptoras5urne responstsilty to aryon8 otherthan the chantablo eomp4ny•nd the ¢harilable cornpany's members as a boty, for osjr audit work, forthts r8POrt. or for thè opinions wè hav* fomi¢d. Sv-'LL4 John Howard FCA IS•nlor Statutory Audltorl For and on b•h811 of ktsts AuJit Serwces charter Accountants 2nd Floor, Regis House 45 "rj Wlliam Strè•t Lon¢Yon EC4R 9AN Date.. 29 May 2026 Page 8
THE FALKLANDS MARITIAIÉ HERITAGE TRUST STATEMENT OF FINANCIAL ACTNfTies (INCORPORATING AN INCOME AND EXPENDITVRE ACCOUNTI FOR THE YEAR ENDED 31 OCTOBER 2025 Note Unr••trf¢t•d fund8 R•8trlct•d funds Total 20215 Totsi 2024 INCOME ANO ENDOIVhlENTS FROM Donations and legac$ Charitable activrtios Oth¥r in¢om& 2,179 2,179 1,500.000 11.926 1,500,000 1.501.500 197,325 11,926 Totsl 14,105 1,500,000 1,514,105 1.698.825 EXPENDITURE ON Charltabl• actlvltl•8 Maritime history and heritage 102,409 1,632,707 1,735,116 1,693.772 NET IEXPENDITUREV INCOME BEFORE TIIANSFERS 188.3041 1132.7071 1221.0111 5.053 Transfsrs b&tsve$n funds I.928) 90,928 NET hlOVEMENT IN FUNDS 1179,2321 141,7791 1221.0111 S,053 RECONCILIATION OF FUNDS Total fvnds brought fOard 523,776 61,779 585.555 580.502 TOTAL FUNDS CARRIÉD FORWARD 344,544 20,OCKI 364.544 585.555 All incorn• and •xp8ndrtur• has arin from contrnuirKJ advities The notes on pages 12 to 17 loryn part ol these financKal stst•ments. Pag• 9
THE FALKLANDS IAARITIME HERITAGE TRU8T STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025 Cornpany number: 092569 Not• 202S 2024 FIXED ASSETS Tatb fixgd 9¥8¢1s Herilage awts 9.973 96,776 11 106,749 94.038 CURRENT ASSETS Cash at bank Dtbtors 293,458 2,030 357,186 148.485 12 29S.486 $05.671 CREDITORS Amounts f•lling dug wlthln cth y•ar 13 137,6931 (14.154) IIET CURRENf ASSETS 2S7,79S 491.517 TOTAL A88ETS LESS CURRENT LIABILMES 364,S44 $85,SS5 NET ASSETIS 585.555 FUNDS Unrè#tricttd lund R•sfficl8LI funds $23,n6 61,779 20,000 586.655 These ffnancial statemlS hav8 bgen pryred In xcordance the spedal woTrAskJns of Por4 15 of the Cr1npan Ac4 2W6 r¢l8ting to charitabl& 8msll companlès. 21 fv4AY 26 Th• finantaal Staternts W•T• 4ppfDvod ty Ihe 80grd ofTOte8¥ on ....................................... ... Sne4 ¢n its t•holf by.. and r* - Ch81rof Tru¥teeJ T not•s on pag•$ 12 to 17 form part olth•s• financial statem•nlJ. Pago 10
THE FALKLANOS MARifiMÉ HÈRITAGE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025 Not• 2026 2024 Ca•h flo from op•ratlng a¢tJvlll•• C8$h generated trom operations 16 145.0341 1135,5751 N•t cash {u••d Inl oporatlng •cthIltl 145.0341 1135,5751 Ca•h flo frorn Inv••tlng •ct5vltl Purchas8 of haritage gssel Purcha$• of fix•d awt 17.3601 111.3341 Net ci•h {ed Inl Invmtlnq •¢tlvltles 118,6941 Chang• In ca•h and ¢a•h •qufval•nts In th• r•portSng p•rlod Cash and cash •qulval•nt• at th• b•glnnlng of th• reportlng porl¢d 163.7281 1135.5751 357.186 492.761 C•¥h and cash equSv*l•nt8 at th• •nd of th• r•portlng p•rlod 293,458 357.186 ANALYSIS OF CHANGES IN NET FUNDS At 0111112024 Co$h fl At 3111012025 Net ¢a•h Cash at bank 357,188 183.7281 293.458 Totsl 357,186 163.7281 293.458 Th8 notes on page5 12 to 17 fom part olth•se finaneAal stat•m8nt$. P8g•11
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR eNDED 31 OCTOBER 2025 ACCOUNTING POLICIES G•noral infomiation and basls of prnparatlon The Falklands Maritime Heritage Trust is a company Iwnited by guarantee In the Unitèd Kingdorn. The add$$ ol the registered Offi is given In the charity Information on page 2 01 thesa finan¢ial statoments. The nature of the chanty's operthons and princip81 activitsès are set out on page 1 The financial statements have been ppared in accordance wrth Atcounts'ng and Reporting by Charities". Statement of Recommended Practice applicable to charities pr8paring their ac¢ounis in accordance with the Financial Reporting Standaid 8pplic3ble in the UK and Republ¢ of IrelaThJ IFRS 1021 issued on 16 July 2014 las updated through Update BUltin 1 published on 2 February 20161. the Financial Reporting StandarLI applicabk in the United Kingdom and Republic ol Ireland IFRS 1021, the Companies Act 20[ and UK Gttnerally Accepted practi as It applies from 1 January 2015. Falklands Mantimè Hent8ge Trust meets the definibon of a public benefft enbty under FRS 102. The finana81 statements are prepared on a going conrn basis underthè historical cogt convention. modified to include rtain Items at fair value The fin8ncial statements aTè ppared in sterfiro which is the functional currency of the charity. The significant accounting policies applied in the pparatIOn ofthese finana81 statsments are Setoutbelow. These policies havè bèen consistèntly applied to all year5 pre58nted unbs5 olherwise stated Le901 $t¥tus The charity Is a company limited by guarantee aThJ has shafe caprtal. TM• Iiabilty of èach mèmber in the event of winding up Is Iwnite(I to £1 Preparation of the accounts on a golno ¢on¢em b•s The Trust has reasonable expectabon that there affj adequate resources to continue In 0ratIonaL existence for the foreseeable future. It has therefore conunued to adopt the goirKJ concem basis in prepallng its financial stat•ments Income All incoming resources are included In the Statement of Financial Acbvthes ISOFAI when the charity is legally entItd to the Income after any perfomiancè condition5 have been met. ihe amount Can be Measu reliably and it is probabk that the Incomè will b? r¢¢sivgd. Donations and legacies are recognised in the financial statements when the Trust is convinced that there is entitkrnentto the Income. there is rtaInty ol reiptand the amount in question 15 measurable. Any administration fee Is charged recognised as unrestrictod Incomè. Expenditure All expen¢Yilure is accounted for on an accruals basis and has been classified under headings that agggate all ¢o$ts related lo the ¢8le90ry. Expenditu is re¢ognise(I Whe there Is a legal or constructive obligation to make paymènts to third partiès, it is probable that the settlement will tE required and the amount ol the obligation can be mtsasud reliably. It is categorised under the following heading5'. Expgnditure on ¢hant8ble activitEs indudes costs in relab.on to the maritime history and hetitage. IrCoVerable VAT is charged as an expense against the &ctMty lorwhieh èXF4ndrture arose Alloeatlon ol support and governane• eosts Support costs are those that aSSls1 the wod( of the charity but do not direcuy represent eharitablè acts'vitye5 aThY include governan costs They are incur0 directly In support ol expenditure on the objects of Ihe charitatje company Govèmance costs ctsrnprise all costs involwng the PLJlK account8bility of the Twst and its ccmplianctr with regulation and good pracbca These w$t$ in¢lude costs lated ¢0 the independent examination. statutory audit and al fees Support aTh3 G0Veman costs have been allocated 8crtsss the charit8N• aetimties using various perTrtage allocatM)ns. Page 12
THE FALKLANDS hlARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 ACCOUNTING POLICIES- continu•d Taxation The charity is exempt from corptsr8tion tsx on rts charit8te activity'es Fund accountlng Unrestricted funds can be used in accordance with the chantabla objactiV8s at the discY*ion of the Trustees. Restricte(I funds can only be used for parbcular restricted purposes within the ot4ects ol thè charity. Restrictions arise wh$n spwfied by the donor or wtEn fvnds a raised for pa"Cular rastrictèd purpws. Further explanation olthtr naturo and purpose of each fund B induded in the notes to the finanoal ststernents. Flxed a8$¢¢s Tangible fi'xed assets and herrtage assets are cOgnised on the balancè shtètand inrtially measured atcostwhen purchased. Assets are subsèquèntty $tatod at wst less accumulated depreciation or amortisation. Depf8rJatson and arnortisalion is provKled on all fixed assets. at rates calculated to wntè ¢ff thg cosi ol each asset on a stiaight4ine basis over the asset's estimated usefu5 lives as follows. Heritage asset Fixtufys & FingS Offi¢¢ gquipment 25 year 5traKJht Ibne 33¥0 on cost 33% on cost Cash at bank and In hand C8s# at bank and cash in hand indudes cash and short temi highly liquid Investrnents wrth a short Maturity or three monlhs or less from date of acquisition or opening ol the deposit or similar account. D•btors Trade debtors aThJ othèr debtors artr re¢o9ni8ed at the settlement arnount due. Prepayments are valued al the amount PmPaKJ. Creditors Creditors are recognised whèrè thè Trust has 8 pre58nt obligation re5u.ng from a past event that will probab result In the transfer of funds to a third party and the amount due to settk the obligation can bo rneasured or èstimated rèliably. Other creditors and accruals are rècognisad at thair sètuamènt amount due. Financial instrumènts The trust only has finanual assets and financia1 liabilit$ of a kind th8t qU81ify as basi financial instwments. Basic financial instruments are initially recognised at transacts.on valuè and subsequently rne85ur8d at their settlement value with the exptIOn of bank loans whjch ar¢ subsequgnyy measured at wnortised c05t using the effective Intewt meth. Judg•m•nts •nd key sOue8 of estsmatlon uncertalnty The preparation of finanri81 statements requires management to mak6 judgèmènts, 9stitnates and assumptions about the carrying values of assets and 15abilthes that are not readily 8pp8rent from other soure£s The estimates a1 underfying assumptions are bas8d on hisioric31 exFerience and other factors that are cOnSor0d to vant. Actual resuts tnay diffew from these estimates. Thè èstimates and underfyiry assurnpbons are vieWed on a continuing basis. Revisions to aCCnting esty'mates are recognised In the period In whith the estimate is iev158d if the revision afFects only th8l peri¢)Y or in the pèriod of the revisK)n and future penods Il the revision affects both curr£nt and futLSre perio¢Js. DONATIONS AND LEGACIES Unfes¢ted R•striet•d 2025 2024 Oonaty'ons 2,179 2,179 Page 13
THE FALKLANDS MARITIME HERAGE TRUST MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTO8ER 2026 CHARITABLE ACTIVITIES Unrvotrlct•d RHtrlcl•d 2023 2024 Use of imags Grant in¢ome 1.500.OCKI 1.500.000 1,501,500 1.500.000 1,500.000 1,501.500 OTHER INCOME Unr••trl¢t•d R•strl¢t•d 2025 2024 Manwmenl f¢& in¢om¢ Royalty income LinCe fee income Bank TrnI$t 38.5Qh) 1.200 148.125 9,500 4.401 4.401 7.525 7.525 11.926 11.926 197.325 CHARITABLE ACTIVITrES ¢OST Support ¢ts (••• not• 71 Dlr•ct ¢08ts l¥ts nots 61 Tot*1 Maritirne history and heritage 1,504.221 230.895 1,735,116 DIRECT COSTS OF CHARITABLE ACTIVITIES Unrg8trl¢t•d R••trlct•d 2025 2024 Exp8ditiOll Costs 1,504.221 1,504,221 1,524,651 SUPPORT COSTS 2025 2024 Bank charges Web$its ¢osts Adv•r)$in9. m¢dia and ¢omrnunKation8 Professional fees DepciatIOn Amortisab"on Sundry Donationg Trustee Expenses Comput8r costs Insuranc8 P¥yroll Re¢Nthenl F•&$ Gainl los¥ on forei9n exchange Governance costs 257 67.610 17.288 52,771 1,361 4.622 4.205 2,000 2,601 3,582 3,468 61.250 273 S9.620 15.OCQ 48.273 4.345 833 4.OCX) 1.283 173 1.801 22.720 1,020 8.880 lo.8) 230.695 169.121 Gov•rnanc• co•ts 202 2024 Auditor's r8mun•ration Non-audit foes paNd lo 8udrtor 7,880 1.000 7.8CfftJ 3.oc 8.880 10,81)) Pag8 14
THE FALKLANDS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 OCTOBER 2025 TRUSTEES, REMUNERATION AND BENEFITS Therè wèiè no Ttustees, remurieration or other tenefits for ts year ended 31 Octoter2025 nor forthe yearended 31 October 2024 The key Management of the charity ccThprise of the Truste•s only. Trustees. e¥pen$es In thè y¢ar Trustees had expenditure of £3.14112024'. £1.3141 reimbursed to them by thè tharity. STAFF COSTS 2025 2024 S818ritt$ and wag Pension costs 58.333 2.917 61,250 The average number of full-time equivalent employeès during thè year was 1 12024. 01 with all employee tme involved in providing erther support to govemance of thè chaity or support services to charitable acts"viknes. No 8rnployees had emPYee benefits In ex$$ of £60.0(X)12024'. nil) 10. TANGIBLE FIXED ASSETS Flxtur•s & Fittlngs Offlcg Equlpm•nt Total COST At 1 NovemtEr 2024 Additions Disposals At 31 October 2025 8,000 3,334 11,334 8.000 3,334 11,334 DEPRECIATION At 1 Novernber 2024 Charge for the year At 31 October 2025 12501 11,3611 12501 11.3611 NET BOOK VALUE At 31 October 2025 At 31 Oetober 2024 11. HERITAGE ASSETS 2025 2024 Cost At 1 November 2024 AdditH)ns 108,621 7.360 108,621 At 31 Octobor 2025 115,981 108.621 AmortISaOn At 1 Novernber 2024 Charge for the year 14,583 4,£22 10.238 4.345 At 31 October 2025 19.205 14.583 Carrying amount At 31 October 2025 ,776 94.038 At 31 October 2024 94,036 98.383 The Archive consist of over 200 interviews with partirjpants In the 1982 Falklands War and Indudes all major decision rnakers on both sides and trom mediat'on countnes, such as th& USA, both political and military. No other collects'on of primary material contains such a comprahansive account of the lead LJP to war and tre war itself By ils very nature rnost of the matenal Is uniqLt and irréplaceab1•. Page 15
THE FALKLANDS MARITIME HERITAGE TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2026 12. DÉBTORS 2025 2024 Trade Débtors PPaYments 450 1.580 148,485 2.030 148.485 13. CREDITORS: AMOUNTS FALUP4G DUE WITHIN C*IE YEAR 202S 2024 Otrer Creditors 37,693 14,154 14. MOVEMENT IN FUNDS N•t m¢)vgmgnt In fundB Al 01111r2024 At 31110r2026 Unre8trlct•d lund• G8noral lund 523,776 1179.2321 Ro•tri¢tsd lund• Enduran¢e 22 Education Fund 41.779 20 000 141.7791 20,OLbJ TOTAL FUNDS 585.555 1221.0111 364.544 Net movement irs fvnds. induded in the above are as fdlowa In¢omlng rer¢ol ROuT¢O• •xp•nded Mvv•mont In funds Tran•l•r• Unr••trlct•d fund• General fund 14.105 1102.4091 190.9281 1179.2321 Ro•trl¢t•d fund• Endurance 22 Education Fund 1.SOO.000 11.632,7071 90.928 141,7791 TOTAL FUNDS 1.514.105 11,735,116) 1221.0111 Page 16
THE FALKLANOS MARITIME HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2028 15. RESTRICTED FUNDS BF Incom• Exp•ndltur• Tran•hr• CF Enduranc• 22 Edu¢ation Fund 41,779 20,000 1,500.LKJO 11.632,7071 90.928 TOTAL FUNDS 61,779 1,500.0 11.e32.7071 90.928 20,0 RECONCILIATION OF NET INCOME TO hlET CASH FLOW FROM OPERATING ACTIVITIES 2026 2024 N•t In¢om• for th• r•portlng p•rlod148 p•r the $tat•m•nt of Ilnanehl a¢tivitio$1 Adlustm•nts lor.. De¢rease in ¢r•ditOfS Increase in debtors Amortsation 1221.0111 5.053 23,539 146,455 5.983 3,512 1146.4851 4.345 Not ¢Mh provldod by1{ud Inl op•ratSng act1v1¢8 145,0341 1135,5751 Page 17
THE FALKLANDS MARITIME HÉRITAGE TRUST DETAILED STATeMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2026 Total 2025 Total 2024 INCOME AND ENDOWMENTS FROM Donatlon• #nd 109#¢10$ Donations Charltabl• acilvltl•s Grant income Sale tsffilm ri9hts Oth•r Incom• Management fee incorne Royalty income Li¢ttn¢& feo income Interest rOCAgIVOd 2.179 1,500,CpJO 1,501.5OJ 38.50) 1.2( 148.125 4,401 7,525 Totsl In¢omlng mour¢•8 1.514,105 1.698.825 EXPENDITURE ON Charitable octSvltlo8 Exp&Yition 1.504,221 1.524,651 1.504.221 1,524,e51 Support ¢M¢o Bank charges Website costs Advèrrising, media and ¢ornmuni¢ab"rm$ Profèssional ts$ Depretyaiion Arnortt5abon Sundry Donatsons Tru$te¢ $xn8¢s Computer costs Insurance R8cruitsnènt F Payroll Gainl Los$ tsn fortl9n trx¢hange 257 67.610 17,268 52.771 1,361 4.622 4,205 2,000 2.601 3,582 3,468 273 S9,620 15,000 48,273 4.345 833 1.283 173 1.801 22.720 61,2SO 1,020 Gov•manc• co•ts Auditor's remun•raton Non-audil fees paid t¢ auditors 7.880 1,fJ)O 7.8CMJ 3.OQJ 230,895 169.121 Total mourc•s •xp•nd•d 1.735,116 1.693,772 N•t In¢t)m•ll•xp•ndltur•l 1221,0111 5.OS3 Paw 18