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2021-06-30-accounts

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

AUDITED FINANCIAL STATEMENTS & AUDIT REPORT

For the financial year ending 30 June 2021

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

1

www.south-atlantic-research.org

Charity number: 1173105

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 14
Independent Auditor's Report on the Financial Statements 15 - 18
Consolidated Statement of Financial Activities 19
Consolidated Balance Sheet 20
Charity Balance Sheet 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 48

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021

Trustees C. Peter Judge MBE, Chair
Prof Stuart Piertney
Dr Paul Brickle
Prof Richard Sanders
Stuart Wallace
Dr Teal Riley
Tracy Satherley (appointed 11 November 2021)
Charity registered
number 1173105
Registered office Falkland House
14 Broadway, Westminster
London
SW1H 0BH
Principal office Stanley Cottage North
Ross Road
Stanley
FIQQ 1ZZ
Falkland Islands
Independent auditor Mazars LLP
Chartered Accountants
90 Victoria Street
Bristol
BS1 6DP
Bankers HSBC Bank Plc
38 High Street
Exeter
EX4 3LP
Solicitors Bates Wells LLP
10 Queen Street Place
London
EC4R 1BE

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SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 July 2020 to 30 June 2021. The Trustees confirm that the annual report and the financial statements of the Group and the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements.

Objectives and activities

a. Objectives for 2020-21

The 2021 financial year marked our fourth complete year of independent operation. This is significant as it saw us move into a settled operation where our model as well as our internal procedures were well established and could be expanded and built upon. As a result, in the 2021 financial year, SAERI and SAERI (Falklands) Limited aimed to:

  1. Strengthen and diversify its funding streams;

  2. Development of the Annual Business Plan, after refining and finalising the 5-year strategic document and achieving Board approval;

  3. Embark on a 5-year strategic planning process for SFL, including the recruitment of a part-time resource to guide the process;

  4. Strengthen international relationships with a view to greater areas of operation; and

  5. Work closely with the Falkland Islands Government on strategic areas of mutual benefit such as the delivery and analysis of a science survey to ascertain the needs of the global science community to do science in the Falkland Islands.

b. Policy review

No new policies were developed this year, and the annual review by the employees was positive and collaborative. The Executive made changes to TOIL, reviewing allowances and parameters for those working at sea, as well as a review of our Working From Home (WFH) sections in our Leave and Attendance polices. The WFH policy amendments were in direct response to the COVID-19 pandemic.

c. Achieving our objectives

It is, of course, to be noted that mid-way through the prior financial year, the global COVID-19 pandemic struck. The effects were felt on our Business as Usual base case as outlined in our financial review contained herein but did not impact on our Strategic Annual Objectives.

d. Objective 1 – Strengthen and diversify funding streams

We are proud to say that we were awarded three Darwin Plus grants as lead organisation: two for the Falkland Islands and one for the Turks and Caicos Islands. This is testament to our leadership team who line manage our current and previous Darwin Plus projects, as well as the Project Managers themselves. A very successful Darwin Plus year for SAERI.

We also were successful in gaining funding from the John Ellerman Foundation (to continue work on the Marine Management Areas work funded by DPLUS081 and previous grants), the One Ocean Hub (OOH) (a United Kingdom Research and Innovation (UKRI) programme to work with the Namibia Nature Foundation (NNF) on a Natural Capital Assessment of the Namibian marine environment). A bid for funding through Oceans 5 in a partnership led by the NNF was also successful, along with other partner and smaller grants in collaboration with (for example) the Joint Nature Conservation Committee (JNCC), the Government of South Georgia and the South Sandwich Islands (GSGSSI) and private foundations such as the Jan Cheek Fund and the Ernest Kleinwort Fund for discrete additional project needs.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Objectives and activities (continued)

We also applied for funding to new donors for SAERI including Paul Angel Foundation and Tinker Foundation.

Some of these projects will only commence in the next financial year.

In SFL, we successfully assisted Royal Haskoning with some preliminary work for the Port Development in the Falkland Islands and consulted to the Turks and Caicos Government to undertake a Receptor Sensitivity Assessment. We also undertook a number of other discrete local projects.

e. Objective 2 – Development of the Annual Business Plan

The finalisation and approval of our 5-year strategic plan enabled us to begin work on a format for our Annual Business Plan which combines the strategic focus and the Key Performance Indicators for the Senior Leadership Team, which are then able to cascade down through the organisation.

This enables us to take our 5-year goals and translate them into annual SMART objectives.

The Business Plan is designed in such a way to enable the Executive to deliver the organisational objectives incrementally over a 5-year period. Progress of the Plan will be monitored quarterly at board meetings and the annual review at the year’s ultimate board meeting feeds into the formulation of the subsequent annual plan.

f. Objective 3 – Strategic planning in SAERI (Falklands) Limited (SFL)

A part-time employee was taken on in SFL to relieve workload for the operational Directors in the organisation. This role will be developed and enhanced to refine the strategy for the organisation. SFL is in the process of developing a 5-year strategic plan from which we will create annual business plans. The organisation is small but busy at its current size and has been in the fortunate position to attract work via word of mouth and through the reputation of its employees. There is a great deal of potential here and the strategy / business plans will facilitate growth through greater opportunity with the Falkland Islands and internationally.

g. Objective 4 – Strengthen international relationships

SAERI has a wealth of international relationships that continued to be consolidated, grow and develop over the last year.

We now have staff in 3 locations i.e. St Helena, UK and the Turks and Caicos Islands outside of the main office in the Falklands. In addition, through funding secured from OOH we are implementing a project in a 4th new location - Namibia.

SAERI's MOVE project, recently ended, has retained a legacy which we deliver through SFL, and we deployed a staff member to the Island. The MOVE-ON project is financed through the European Commission. Our Darwin Plus and SFL commercial work was borne out of such efforts with the Turks and Caicos Government, as was the success in further collaboration with the NNF.

Our Board endorsed the SAERI Fellows scheme which will further expand and consolidate our international relationships and strengthen the breadth and depth of our Scientific expertise.

We continued to lead the Austral Earth Observation Alliance (AEOA) and hosted an online symposium, supported by our South American and UK partners; and to support the growth and development of our ‘Sister’ Institutes as advisory members of the St Helena Research Institute (SHRI) Committee and as partners in the development of the Mid Atlantic Environmental Research Institute (MAERI) based in Anguilla.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Objectives and activities (continued)

h. Objective 5 – Strategic development in conjunction with the Falkland Islands Government (FIG)

SAERI worked with FIG on the development and delivery of a Science Demand Survey which was undertaken in 2020, and which culminated in responses from 161 international scientists. These responses validated the Falkland Islands as an important location for conducting regionally and globally important science across many disciplines.

The survey was also designed to understand the barriers to researchers for doing science in the Falkland Islands. The most important responses included identifying the need for laboratory facilities in Stanley, accommodation, logistics support, internet and access to the islands when they required it.

Given the results of the survey and discussions with researchers locally – it is plausible that dedicated facilities would increase the number and duration of stay in the Falklands of international scientists and students. The presence of a dedicated, well-equipped facility would lead to economic and reputational benefits for the islands resulting from the enhanced service offer and the consequent increase in the number of researchers spending money in the community.

As a consequence of these discussions with FIG and the potential Economic Benefit of increased number of researchers operating in the Falkland Islands, a feasibility study was included in their ‘Economic Measures, including tourism’ ExCo Paper in September 2020 under the Business Visitation section. “This is to determine the viability of a dedicated, well equipped scientific research facility offering logistics support leading to an increased number of researchers and potentially other agencies operating in the South Atlantic and Antarctic, basing their projects on the Falkland Islands. A staged approach would be taken to developing the concept and determining the viability of such a facility in terms of global demand for such a facility, operations, finance and human resources. The facility would be a centre for Falkland Islands science as well as attracting quality science internationally.”

i. Strategies and Activities for achieving our objectives

SAERI continues to conduct scientific research in the Falkland Islands, other UK South Atlantic Overseas Territories and the wider Atlantic coastal communities. It also earns revenues through the trading subsidiary SFL and the subvention provided by the Falkland Islands Government,

We achieved a high level of grant writing which translated into good gains, with an 82% conversion of our pipeline. Whilst this is a resounding success, we remain focused and do not assume that this success will continue into the future, especially with so much uncertainty as a result of the pandemic. Nonetheless we remain confident with a strong and healthy pipeline.

j. Main activities undertaken to further the charity's purposes for the public benefit

SAERI continues to undertake scientific research and support academic research through its PhD programme. We have also developed a network for students who are affiliated with us, and hold regular meetings for crossdisciplinary conversation and learning. We encourage and support the young people from our communities in the South Atlantic to consider post-graduate education and hosted both a Masters and PhD information session with the St. Helena Research Institute which received positive feedback. We also hosted an online Women’s Day event with inspirational female leaders from the islands and countries where we work, again to celebrate success, and inspire young potential leaders from our communities.

In addition, SAERI is developing its partnership relationships through growing our networks, and formalising key partnerships through Memorandums of Understanding.

Lastly, 2021 saw us begin our governance review, with a Board Effectiveness survey which should enable us to identify skills gaps and assist us with an effective and active Board. In addition to which, we began the formulation of our Science and International Advisory Committees, which we hope will take off in the next

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Objectives and activities (continued)

financial year.

Achievements and performance

a. Academic performance

This year, SAERI’s academic and research base consisted of 6 PhD students and 2 Masters projects. We also published 15 peer-reviewed papers.

We were pleased that with savings from travel in the DPLUS094 TCI project, after approval from the donor, we were able to support Turks and Caicos Islander - Oshin Whyte to undertake her Masters at the University of Kent where her study will focus on the cultural values of the Marine environment in TCI.

We are particularly proud that we have appointed our first Falkland Islands based PhD student - Amy Guest who is focussing on the sub-tidal ecology of the Falkland Islands, with Biogeographical comparison of the Straits of Magellan and Beagle Channel. Amy undertook a gap year with us and we are excited to welcome her back.

We congratulate Dr Emma Beaton for passing her PhD viva voce in 2020 through the University of Aberdeen. Emma’s work was on the shallow benthic and intertidal ecology of the Falkland Islands. An interesting and much needed study, as the ecology of this is area is not well known. Amongst other things Emma’s work provided insight into why our coastal biological diversity is so high in the Falkland Islands.

We also congratulate Emma Harte on her MSc thesis through the University of Otago. Emma worked on the connectivity of toothfish populations between southern South America and the Falkland Islands using individual based hydrographic models.

We have a number of other students working with SAERI and they are key to our science. Our students also go off into their careers as future collaborators and ambassadors for the organisation.

b. International Partnerships

SAERI continues to consolidate existing partnerships and build new ones to progress and develop our activities.

St. Helena Research Institute (SHRI): We proactively work together with SHRI and sit as an advisory member of their Committee including the provision of advice on research permits, and partnering on projects. Our SFL staff member on island spends 1 day a fortnight at the SHRI offices.

Mid Atlantic Research Institute (MAERI): We work closely with MAERI partners in Anguilla and UK to support the development of MAERI and will deliver a short report on the current status and ideas for the future in next financial year.

Austral Earth Observation Alliance (AOEA): SAERI continues to provide the lead and secretariat roles for AEOA, the key activity this year was a symposium and workshop held in May which saw our UK and South American partners come together online to share the collaborative work that they have been doing in South America.

One Ocean Hub (OOH): Through our existing network and activities, SAERI was invited to join the One Ocean Hub as a partner and has participated in OOH events throughout the year. We were also successful in securing funding to undertake a Natural Capital Assessment in Namibia where we work closely with our partners at the Namibia Nature Foundation.

During the year, SAERI has continued to develop partnerships and signed (non-project based) MOU’s with the Joint Nature Conservation Committee (JNCC), Namibia Nature Foundation (NNF), the Turks and Caicos Islands Government (TCIG) and the Centre for Ecology and Hydrology (CEH). Through SFL we have signed an MOU

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Achievements and performance (continued)

with the St. Helena Government (SHG) Our network of partnerships is growing from strength-to-strength and we have collaborators on all continents.

We also are invited to speak internationally and this year SAERI has led on sessions and presented at International Conferences including at the Virtual Islands Summit, where we co-hosted a panel session with SHRI; at the London NERC DTP ‘meet the partners’ events at UCL, at a fringe event at the UK Conservation Party Conference.

On the Falkland Islands SAERI has strong partnerships with many organisations and stakeholders. Collaboration remains key to how we operate – it is one of the building blocks for our future research. One of SAERI’s important roles is to provide logistics support and advice to researchers wanting to operate in and around the South Atlantic - we continue to do this very well. We operate in challenging environments, and we ensure our staff and collaborators conduct their science safely and cost-effectively.

Key financial performance indicators

In spite of challenges, this year’s financial performance outdid expectations, largely due to additional grant funding available to investigate the impact of COVID-19 in some of the regions in which we operate. This provided welcome cash flow support where continued delays in funding prevailed.

We saw stability in our income over previous year, as well as achieving some small but significant cost savings. Funds brought forward was decreased over previous year due to the termination of two of our Darwin Plus projects, with the new projects commencing only in the next financial year.

Our balance sheet continues to strengthen as a result of good performance in both the charity and the subsidiary, and various projects are giving us the opportunity to increase our corporate asset base.

c. Review of activities

In spite of the continued COVID-19 pandemic, the impact on the SAERI and SFL operations were thankfully minimal. Our territories had varying attendance impacts, with the Falkland Islands fairly stable, the UK team work from home as a matter of course, and the Turks and Caicos Islands followed a combination of office and work from home dependent on the state of the pandemic at the time. Travel arrangements were impacted and interritory visits were largely suspended.

Our team performed remarkably amongst such situations, and continued to deliver world-class project outputs.

As always it is important to acknowledge the great work of the SAERI team that keep the institute running and who deliver our projects in a timely and professional manner, spanning many other areas of our operation. We are also grateful to our Senior Leadership for their tremendous hard work ensuring that our governance structures and policies are maintained to the highest standards and for creating SAERI opportunities throughout the areas in which we work, or strive to work.

d. DPLUS071: Fine scaling the design of Falkland Islands Marine Management Areas (D+ MMA project)

This important project was completed in March 2021. Its key success was achieving stakeholder and FIG support to take forward the proposed MMAs, with the consultation process being led by the government. The project made a major contribution towards FIG meeting Convention on Biological Diversity (CBD) objectives, in particular Aichi Targets 11 (10% of oceans in marine protected areas), 10 (Vulnerable Ecosystems) and 19 (biodiversity knowledge improved). The project also contributed towards commitments under ACAP (Agreement on the Conservation of Albatrosses and Petrels) and CMS (Conservation on Migratory Species) for Appendix I and II species (cetaceans, fur seals, sea lions), through comprehensive analysis and modelling of at-sea distribution and overlap with Falkland Islands MMAs. The project helped FIG meet commitments under the Falkland Island Environment Charter and Falkland Islands Biodiversity Framework priority areas. Its legacy is a

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Achievements and performance (continued)

newly-developed Marine and Coastal Programme Co-ordinator role, which will take forward key elements of the MMA project, specifically supporting the development of MMA research and management plans. Public consultation by FIG on the proposed MMAs is anticipated to occur in 2022.

DPLUS083: Soil map and online database as climate change mitigation tools (D+ Soil mapping project)

Soil erosion in the Falkland Islands is due to dry and windy conditions as well as past uncontrolled grazing, and sporadic fires are widespread, unevenly distributed and a dynamic process. Climate change predictions show a rise in temperature and an increased soil moisture deficit through increased seasonal evapotranspiration which could alter soil organic matter content with knock-on effects on soil biological, physical and chemical properties. This would further increase the risk of erosion and some of the shallow soils with high organic matter could change from carbon sinks to carbon sources. Prior to DPLUS083, the Falklands had neither a soil map nor an accurate understanding of the extent and the state of the peatlands. DPLUS083 left a lasting legacy in the form of soil maps. It created a national soil map of the Falkland Islands and established a baseline for estimation of peat extent, carbon stock and erosion. Given the perceived threat of predicted climate change in the Falklands, the Islands are now at a significant advantage in moving ahead to develop sustainable soil management strategies. The availability of national and individual farm soil maps beyond the life of the project are the most enduring achievements of the project. In a virtual stakeholder workshop with global project partners, next-stage concepts - linked to local stakeholder interests - were discussed. A wide range of practical and applied research areas were identified. The project has motivated several funding bids, including an initiative to explore the science behind any future peatlands carbon credit scheme. DPLUS083 finished in September 2020 having generated considerable local interest, and leaving the door open for many legacy projects.

DPLUS094: Developing Marine Spatial Planning tools for the Turks & Caicos Islands (TCI project)

This Darwin Plus funded project is going from strength to strength and will draw to a close early in the next financial year. A series of online workshops and training sessions in the first quarter of the calendar year saw continued stakeholder engagement in the MSP process. Savings from (Covid-19 related) international travel restrictions enabled the project to support a Masters student (see above), and the MSP tools i.e. the TCI data portal and WebGIS that sit on the Turks and Caicos Islands Government Website were populated with a number of new marine data sets, significantly enhancing the breadth and depth of marine data available for the Turks and Caicos Islands. The project has been successful in bringing together a wide range of national and international stakeholders who are all working in the marine environment in the TCI.

DPLUS116: Falklands wetlands and aquatic habitats: baselines for monitoring future change (D+ Wetlands project)

The Falkland Islands (FI) wetland and aquatic habitats are not well-understood. Impacts including human induced climate change, could threaten wetland and aquatic habitats, with through changes in water quality and hydro-morphology of drainage systems. The effect of such changes on the aquatic biota can be understood by regular monitoring. The project has completed one field season, and the second and final field season is underway. Indicators for long-term monitoring will be selected. An indicator monitoring protocol will be produced. The project will also produce a report with recommendations to FIG for a Wetlands Action Plan. The legacy of the project will be through the provision of baseline data information to inform FIG’s environment strategy and to align management objectives into a Wetlands action plan. The Ernest Kleinwort Charitable Trust contributed to the DPLUS116 wetlands project. Specifically, the funds enabled a detailed assessment of biota communities using environmental DNA methods (eDNA).

DPLUS139: Improving Falklands marine management effectiveness for marine higher predators (D+ Higher Predators)

The Falkland Islands are home to globally significant populations of marine higher predators (seals, seabirds, cetaceans). Yet surprisingly, we know very little about the at-sea usage of the largest populations of Rockhopper penguins, Magellanic penguins, Thin Billed Prions and South American fur seals to name but a few. The project will fill data gaps and quantify the at-sea distribution for globally significant breeding colonies of seabirds and

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Achievements and performance (continued)

seals in the Falkland Islands. This data will be used to (i) quantify exposure to anthropogenic threats across the entire foraging range of these species and (ii) quantify important at-sea areas for seals and seabirds, by combining tracking data with an ensemble modelling approach. This will, in-turn, help support and inform the proposed Falkland Islands Marine Managed Areas (MMAs). The project will commence in the next financial year.

Marine and Coastal Programme Co-ordination Initiative

This is a non-project based initiative, created to build capacity and sustainability in ocean conservation, management and research co-ordination. It continues to work with FIG and stakeholders, providing evidence to support the proposed Marine Managed Areas (MMAs), establishing a framework to monitor the proposed MMAs and consolidating successful work that has already been completed including fine-scaling the design of the MMAs. Initial progress has been around working closely with the FIG’s Environment Unit to provide support in the development of a public facing document and a technical document that summarises and synthesises the scientific evidence supporting the proposed MMAs for the Islands. These documents will provide the background material for the public consultation led by FIG, but will require considerable input and support. The public consultation is planned for 2022. Other progress has been in helping deliver a Sub-Antarctic Connectivity and Climate Change symposium. Funding to support the research and monitoring elements of the role will be a focus over the coming 12 months, and several potential initiatives have been identified. This work is funded by the John Ellerman Foundation and although began in May, will commence in earnest in July.

VME project

Vulnerable Marine Ecosystems (VME) are biodiversity hotspots in the deep ocean, such as deep water corals. VMEs are characterised by high vulnerability to disturbance. The VME project will investigate the impact of Patagonian toothfish (Dissostichus eleginoides) deep-set longline fishing on VMEs in the Falkland Islands region of the Patagonian Shelf, South Atlantic. This is a Consolidated Fisheries Limited (CFL) funded project that supports Falkland Islands Fisheries Department (FIFD) obligations to support the MSC certification of the FK Patagonian tooth longline fishery. The VME project officer has continued to meet regularly with CFL and FIFD to ensure project research is fulfilling MSC requirements. Considerable progress has been made to the development of a robust benthic habitat map.

Biodiversity and Ecosystem Services in Territories of European Overseas (BEST 2.0)

This programme ended in February 2021, and the South Atlantic Projects produced some exciting outputs such as new research into the whales of the Falkland Islands, all of which have been featured on the Best 2.0 website. The next phase of the funding programme is continued through SFL with the BEST 2.0+ programme. SFL plays the role of the Regional Focal Point for Best 2.0+ which includes supporting the central partner (IUCN) in the region through providing information to regional stakeholders on the Best 2.0+ calls, undertaking (online) information and training sessions on the use of the online portals for submission; facilitating the review of applications, and supporting successful applicants through their Best 2.0+ journey. This regional role is an important one for SAERI to continue to support this important work in our region and to strengthen and developing our partnerships in the South Atlantic. This project will be audited in the next financial year.

MOVE: Mapping and Assessing Benefits coming from the European Overseas’ Ecosystems

The MOVE project is drawing to a close, and SAERI’s input has been mainly focussed on a case study that looked at the Blue Carbon value of kelp. The study has proven to be of great interest to both the consortium and international community, particularly with the ever-growing global interest in better understanding blue carbon and its role in the development of a blue economy. The work that was undertaken was delivered to a high standard, on budget and on time to the consortium coordinator and since delivery of the internal report, a scientific peer-reviewed paper has also been published in an online journal and has been cited by a number of succeeding Kelp studies.

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Achievements and performance (continued)

St. Helena data management and QGIS training

Through our SFL staff member on island, we continue to provide support for St. Helena data management and to support the delivery of training as required. SFL received funding from the Joint Nature Conservation Committee to develop a data portal for the St. Helena Government - this was undertaken based on the model developed for the Falkland Islands and Montserrat and was delivered in March 2021. The data portal has proven to be a great success and has catalogued c. 300 St. Helena environmental data sets. SAERI’s data manager and SFL’s MOVE ON officer continue to provide support for the maintenance and development of the St. Helena data portal.

Fur Seal Project

Funding was obtained from the Winfred Violet Scott Estate Trust to support tracking juvenile marine predators. Juvenile survival also disproportionately influences population dynamics in many mammal and seabird species. However, the at-sea distribution of juveniles is largely unknown because most tracking effort is biased towards adults. This study will deploy state of the art miniaturised biologging tags on South American fur seal pups, and follow their movements during the first year of independent life. After a 1-year setback due to COVID-related delays in global freight, the first field season was completed successfully in October 2021. A second field season will occur in October 2022.

BBA fine scale winter movements (ACAP)

Black-browed albatross (BBA), where 75% of the global breeding population breed at the Falkland Islands, are partial migrants, with some proportion of the population remaining in close proximity to breeding colonies during winter months. This project addresses these basic knowledge gaps in the winter foraging ecology of blackbrowed albatross and quantifies overlap with fisheries. Field work is scheduled for July 2022.

IMS-GIS Data Centre

In 2014, the Information Management System and Geographical Information Systems (IMS-GIS) Data Centre was created in the Falkland Islands at SAERI. Its vision was to establish a system for managing environmental data, making it accessible and displaying it spatially. Since the initial establishment phase of the Data Centre, from September 2016 and particularly in the Falkland Islands, the activities and the services provided have grown considerably to the point that the Data Centre plays a key support role in GIS and data management for numerous departments within the Falkland Islands Government as well as providing international services to other OTs. The IMS-GIS Data Centre has helped to initiate a step-change in the way people and spatial data users can access and view data in the Falkland Islands and beyond. The IMS-GIS Data Centre provides:

Partner projects

SFL projects

MOVE ON: From Case Studies to Anchor Projects –Setting the ground to advance MAES in Europe´s overseas Grant Agreement No. 07.027735/2019/808239/SUB/ENV.D2 May 2020 – October 2022.

The MOVE-ON project aims to advance MAES methodology implementation in European ORs and OCTs. The project also intends to create and strengthen the scientific and technical MAES community in those territories, tackling the bottom-up approach initiated in MOVE project and demonstrating the benefits of ecosystems conditions assessments and their services to support decision-making. The project is a consortium of 14 partners of which SFL is one. SFL is leading on an anchor project in the South Atlantic which will focus on bridging the gap between evidence and decision-making in St. Helena. The main focus of the SFL delivery work

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will be in 2021/2022.

NHM seaweed project

This project will commence in the next financial year. The project is being led by Dr J. Brodie of the Natural History Museum. “Seaweeds constitute a huge proportion of South Georgia's unique and charismatic marine biodiversity but are highly vulnerable to environmental change. To fill critical gaps in baseline knowledge of inshore seaweed-dominated habitats, this project integrates innovative molecular techniques with two centuries of specimen data and involves the first major field expedition to understand seaweed diversity and distribution around South Georgia. This wealth of knowledge will be transformed into tools with which to build capacity for monitoring and protecting these vital habitats.”

South Georgia Red List

This project will commence in the next financial year. The project is being led by Dr J. Sigwart, Queens University Belfast. “The IUCN Red List is the international standard for conservation, a crucial tool to communicate threats to species, which can be applied to all species and ecosystems. Molluscs represent a diverse group with commercial and ecological significance in almost all habitats, from reef-forming mussels to pelagic schools of squid. The first Red List for Antarctic and Subantarctic marine molluscs, for the British Antarctic Territory, Falkland Islands, South Georgia and South Sandwich Islands will provide conservation tools for both these and global UKOTs. The GSGSSI Marine Protected Area includes a few rare endemic species in submarine volcanic areas recently listed as “Least Concern”, explicitly because of the legal protection in place. This reflects the international impact of GSGSSI local conservation measures. Our area-based project will encompass shelf and coastal species at extreme risk from climate change, combining the IUCN Red List protocol with novel trait-based climate change vulnerability assessments. This project will complete assessments for over 100 species at greatest risk and provide training to empower local agencies in all UKOTs to apply Red List criteria. This project will be a critical step in developing prioritisation mechanisms for conservation action in UK overseas territories through area-based conservation.”

Financial review

a. Financial review

In spite of continuing COVID-19 challenges SAERI and SFL have held out well and managed the moving targets of grant start-dates, application deadlines and general grant and project management.

SAERI continues to operate with its working capital, which is beginning to recover after the pandemic. Current grants require cash flow support at certain times of year, and this is the primary function of the working capital surpluses. The Board is considering a Reserves Policy, which is in draft, and which will be operational as the surpluses exceed the working capital requirement.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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c. Principal funding

Principal funding for SAERI (unrestricted and restricted income) was split between territories thus:

Falklands Islands Companies, trusts 23% UK 73% ROW 4%

FIG subvention accounted for:

SFL’s contribution to SAERI core costs has remained impressive, with a 10% increase over previous year and with total movements at 75% of the government subvention.

Structure, governance and management

a. Constitution

South Atlantic Environmental Research Institute is a registered charity, number 1173105, and is constituted under a Trust deed.

The Charity’s Objects remain:

  1. The advancement of education and research;

  2. The advancement of environmental protection or improvement; and

  3. The promotion of sustainable development

and the Group is to ensure the continued arm’s length relationship between the charity and its subsidiary so that the subsidiary can donate its profits to cover core costs of the charity, to progressively reduce the government support through its subvention.

b. Methods of appointment or election of Trustees

The management of the Charity and the Group is the responsibility of the Trustees who are elected and co-opted under the terms of the Charitable Incorporated Organisation. As the Trustees have a 3-year tenure, the 2022 financial year will see a review of the induction packs and at the AGM will discuss future appointments. An addition to the Trustee Induction pack has been the Charity Commission guidance ‘Public benefit: the public benefit requirement’.

Policies adopted for the induction and training of Trustees

The Board undertook a Board Effectiveness Survey, the results of which were disseminated amongst the Board Members. The outcomes will be used by the Chair and the Executive Director to inform future appointments, as well as informing specific areas of support for each Trustee.

Pay policy for senior staff

Senior staff at the Charity are remunerated according to the band commensurate with their title, position and experience. It is reviewed alongside and in line with all other staff members and there are no other differentiators or benefits offered to the senior staff.

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SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

With the completion of the Science and International Committees, the Board will have better structure and information available to support decision-making.

d. Risk management

An annual risk review is undertaken by the Trustees, and with the advent of the COVID-19 pandemic, SAERI generated additional risk assessments for the crisis response. The Trustees continue to annually assess the major risks to which the Charity and the Group is exposed, in particular those related to the operations and finances of the Charity and the Group, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The Trustees consider the following most significant risks:

Page 12

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Plans for future periods

The strategy for the next financial year will be to define and recruit for one Focal Area leader, as well as to complete the Funding and Donor strategy. It is the Board’s intention to seek fundraising expertise so that this process may be streamlined and properly informed.

Information on fundraising practices

Due to extenuating circumstances as a result of the pandemic, the planned workshop for delivering a Funding and Donor strategy was not able to be held. With the appointment of a fundraising specialist Board Member, it is hoped that this process will be undertaken in the next financial year.

Funds held as custodian

SAERI has been custodian of funds for albatross research, which we administer on behalf of the researcher and manage on instruction due to the limitations of holding funds in the Falkland Islands when not a resident. These funds are from the Falkland Islands Government Environmental Studies Budget, which seeks to support environmental research in the Falkland Islands. SAERI also holds funds for higher predator research, where fur seals and other marine higher predators are tagged.

Page 13

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditor

The auditor, Mazars LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 19 April 2022 and signed on their behalf by:

C. Peter Judge MBE Chair

Page 14

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

INDEPENDENT AUDITOR'S REPORT TO THE OF SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

Opinion

We have audited the financial statements of South Atlantic Environmental Research Institute and its subsidiary (the 'Group') for the year ended 30 June 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 15

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

INDEPENDENT AUDITOR'S REPORT TO THE OF SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 16

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

INDEPENDENT AUDITOR'S REPORT TO THE OF SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 14, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either choose to liquidate the Charity or to cease operations, or the Trustees have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the Group and Charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities Act 2011.

Page 17

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

INDEPENDENT AUDITOR'S REPORT TO THE OF SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

In addition, we evaluated the Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees 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 charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mazars LLP Chartered Accountants and Statutory Auditor 90 Victoria Street Bristol BS1 6DP

Date: 22 April 2022

Page 18

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Note
Income from:
Donations and legacies
3
Other trading activities
4
Other income
5
Total income
Expenditure on:
Raising funds
4
Charitable activities
8
Total expenditure
Net (expenditure)/income
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
2021
2021
2021
£
£
£
180,292
499,966
680,258

399,295
-
399,295
94,227
20,129
114,356
673,814
520,095
1,193,909
343,513
-
343,513

331,769
425,844
757,613
675,282
425,844
1,101,126
(1,468)
94,251
92,783
79,279
(79,279)
-
77,811
14,972
92,783
68,407
208,047
276,454

77,811
14,972
92,783
146,218
223,019
369,237		 Total
funds
2020
£
626,633
410,781
173,639
1,211,053
380,207
882,065
1,262,272
(51,219)
-
(51,219)
327,673
(51,219)
276,454

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 48 form part of these financial statements.

Page 19

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2021

Fixed assets
Intangible assets
Note
12
Tangible assets
13
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Provisions for liabilities
18
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 168,303
262,716		 2021
£
537
133,161		 77,358
248,337
325,695
(145,251)
 2020
£
537
95,473
133,698
236,040		 96,010
180,444
431,019
(194,979)
369,738
(501)		 276,454
-
369,237 276,454
223,019
146,218		 208,047
68,407
369,237 276,454

The financial statements were approved and authorised for issue by the Trustees on 19 April 2022 and signed on their behalf by:

C. Peter Judge MBE

(Chair of Trustees)

The notes on pages 23 to 48 form part of these financial statements.

Page 20

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

CHARITY BALANCE SHEET AS AT 30 JUNE 2021

Fixed assets
Intangible assets
Note
12
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 68,965
232,460		 2021
£
537
113,634
1
114,172

219,813
333,985
333,985
223,019
110,966
333,985		 68,094
215,566
283,660
(111,232)		 2020
£
537
87,722
1
88,260
172,428
301,425
(81,612)
260,688
260,688
208,047
52,641
260,688

The financial statements were approved and authorised for issue by the Trustees on 19 April 2022 and signed on their behalf by:

C. Peter Judge MBE (Chair of Trustees)

The notes on pages 23 to 48 form part of these financial statements.

Page 21

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 48 form part of these financial statements		 2021
£
113,747		 2020
£
(111,702)
(99,368)
(99,368)
14,379
248,337
262,716		 (56,770)
(56,770)
(168,472)
416,809
248,337

Page 22

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. General information

South Atlantic Environmental Research Institute is a Charitable Incorporated Organisation, registered with the Charity Commission in England & Wales with a registered number 1173105 on 17 May 2017. Its registered office is Falkland House, 14 Broadway, Westminster, London, SW1H 0BH.

The financial statements are presented in Sterling which is the functional currency of the Group and are rounded to the nearest £.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

No separate SOFA has been presented for the Charity alone. The income and expenditure account for the year for the Parent Charity, South Atlantic Environmental Research Institute, was a surplus of £73,297 (2020: deficit of £57,081).

South Atlantic Environmental Research Institute meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

Page 23

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' Report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment.

2.6 Tangible fixed assets and depreciation

All assets costing more than £200 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Consolidated Statement of Financial Activities.

Page 24

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - Plant 10 years straight line, hi-tech equipment 3 years straight line Motor vehicles - 10% reducing balance Office equipment - 2 years straight line Computer equipment - Computer equipment 4 years straight line, lab/research equipment 10 years straight line

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Page 25

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2. Accounting policies (continued)

2.11 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

2.12 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 26

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

3. Income from donations and legacies

Donations
Grants
Donations
Grants		 Un-
restricted
funds
2021
£
122,000
58,292
180,292
Un-
restricted

funds
2020
£
112,090
10,615
122,705		 Restricted
funds
2021
£
-
499,966
499,966
Restricted
funds
2020
£
3,500
500,428
503,928		 Total
funds
2021
£
122,000
558,258
680,258
Total
funds
2020
£
115,590
511,043
626,633

Page 27

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

4. Trading activities

Subsidiary trading income
SAERI (Falklands) Limited income
Subsidiary trading expenses
Staff costs
Advertising & marketing
Transport
Bank fees
Direct expenses
General expenses
Printing and stationery
Postage, freight and courier
Legal expenses
Subscriptions
Insurance
Corporation tax
Accountancy
Specialist consultants
Project delivery cost
Depreciation of tangible fixed assets
Net income from trading activities		 Unrestricted
funds
2021
£
399,295
55,859
86
950
776
575
263
565
722
1,147
283
6,738
5,889
5,621
171,186
81,415
11,438
343,513
45,986		 Restricted
funds
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2021
£
399,295
55,859
86
950
776
575
263
565
722
1,147
283
6,738
5,889
5,621
171,186
81,415
11,438
343,513
45,986

Page 28

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021


Subsidiary trading income
SAERI (Falklands) Limited income
Subsidiary trading expenses
Staff costs
Bank fees
Consulting
General expenses
Legal expenses
Insurance
Corporation tax
Accountancy
Specialist consultants
Project delivery cost
Depreciation of tangible fixed assets
Net income from trading activities		 Unrestricted
funds
2020
£
410,781
12,000
472
622
1,907
592
10,960
888
1,900
84,994
263,288
2,584
380,207
30,574		 Restricted
funds
2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2020
£
410,781
12,000
472
622
1,907
592
10,960
888
1,900
84,994
263,288
2,584
380,207
30,574

5. Other incoming resources

Recharges
Other income		 Un-
restricted
funds
2021
£
53,359
40,868
94,227		 Restricted
funds
2021
£
12,619
7,510
20,129		 Total
funds
2021
£
65,978
48,378
114,356

Page 29

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

5. Other incoming resources (continued)

Recharges
Rents received
Other income		 Un-
restricted
funds
2020
£
41,724
23,214
85,478
150,416		 Restricted
funds
2020
£
-
-
23,223
23,223		 Total
funds
2020
£
41,724
23,214
108,701
173,639

6. Analysis of expenditure by activities

Activities
Activities		 Activities
undertaken
directly
2021
£
353,346
Activities
undertaken

directly
2020
£
451,405		 Support
costs
2021
£
404,266
Support
costs
2020
£
430,660		 Total
funds
2021
£
757,612
Total
funds
2020
£
882,065

Page 30

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Direct expenses
Project delivery costs
Specialist consultants
Travel and subsistence
IT costs
Medical insurance and other staff costs
Employment/recruitment costs
Staff costs
Direct expenses
Project delivery costs
Specialist consultants
Travel and subsistence
IT costs
Medical insurance and other staff costs		 Activities
2021
£
186,554
3,501
127,263
10,857
11,346
2,813
10,989
23
353,346
Activities
2020
£
220,530
6,101
138,303
50,794
22,212
1,019
12,446
451,405		 Total
funds
2021
£
186,554
3,501
127,263
10,857
11,346
2,813
10,989
23
353,346
Total
funds
2020
£
220,530
6,101
138,303
50,794
22,212
1,019
12,446
451,405

Page 31

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Advertising & marketing
Bank fees
Cleaning
General expenses
Insurance
IT costs
Other staff costs
Motor vehicle expenses
Postage, freight & courier
Printing & stationery
Realised currency (gain)/loss
Repairs
Subscriptions
Telephone & internet
Travel - air transport
Utilities
Asset disposals
Governance costs (Note 7)		 Activities
2021
£
267,373
49,248
13,507
685
2,269
3,480
16,407
3,213
3,184
1,744
797
713
3,865
1,149
3,510
6,192
1,401
5,244
994
19,291
404,266		 Total
funds
2021
£
267,373
49,248
13,507
685
2,269
3,480
16,407
3,213
3,184
1,744
797
713
3,865
1,149
3,510
6,192
1,401
5,244
994
19,291
404,266

Page 32

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Advertising and marketing
Bank fees
Cleaning
Consulting
Entertainment
General expenses
Insurance
IT costs
Legal expenses
Medical insurance and other staff costs
Motor vehicle expenses
Postage, freight & courier
Printing & stationery
Realised currency (gain)/loss
Rent
Repairs & maintenance
Staff training
Subscriptions
Telephone and internet
Travel - air transport
Travel & subsistence
Utilities
Governance costs (Note 7)		 Activities
2020
£
248,424
16,674
8,341
642
3,626
11,827
909
15,911
28,468
4,796
35
6,706
2,644
181
3,605
1,679
16,188
1,021
812
2,220
6,210
8,416
6,589
10,772
23,964
430,660		 Total
funds
2020
£
248,424
16,674
8,341
642
3,626
11,827
909
15,911
28,468
4,796
35
6,706
2,644
181
3,605
1,679
16,188
1,021
812
2,220
6,210
8,416
6,589
10,772
23,964
430,660

Page 33

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

7. Governance costs

Auditors' remuneration
Auditors' non audit costs
Board expenses		 Unrestricted
funds
2021
£
4,818
9,462
151
14,431		 Restricted
funds
2021
£
4,860
-
-
4,860		 Total
funds
2021
£
9,678
9,462
151
19,291
Auditors' remuneration
Auditors' non audit costs
Board expenses		 Unrestricted
funds
2020
£
7,080
14,761
443
22,284		 Restricted
funds
2020
£
1,680
-
-
1,680		 Total
funds
2020
£
8,760
14,761
443
23,964

Page 34

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

8. Analysis of Expenditure by expenditure type

Costs of raising funds
Expenditure on fundraising trading
Costs of raising funds
Charitable activities
Direct costs
Expenditure on governance
Total 2021
Costs of raising funds
Expenditure on fundraising trading
Costs of raising funds
Charitable activities
Direct costs
Expenditure on governance
Total 2020		 Staff costs
2021
£
-
-
509,786
-
509,786
Staff costs
2020
£
12,000
12,000
468,954
-
468,954		 Depreciation
2021
£
11,438
11,438
49,248
-
49,248
Depreciation
2020
£
2,584
2,584
21,266
-
21,266		 Other costs
2021
£
332,075
332,075
179,288
19,291
198,579
Other costs
2020
£
365,623
365,623
367,881
23,964
418,929		 Total
2021
£
343,513
343,513
738,322
19,291
757,613
Total
2020
£
380,207
380,207
858,101
23,964
882,065

9. Net income/(expenditure)

This is stated after charging:

2021 2020
£ £
Depreciation of tangible fixed assets:
- owned by the charitable group 60,686 21,266
Auditor's remuneration - audit 9,768 8,760

10. Auditor's remuneration

The auditor's remuneration amounts to an auditor fee of £9,768 ( 2020 - £8,760 ) , and other accounting, payroll and VAT services of £9,462 (2020 - £14,761).

Page 35

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2021
£
462,864
24,603
22,319
509,786		 Group
2020
£
439,512
17,817
23,625

480,954		 Charity
2021
£
418,106
8,062
20,510
446,678		 Charity
2020
£
430,532
14,797
23,625
468,954

The average number of persons employed by the Charity during the year was as follows:

Group
2021
No.
Employees
12
The number of employees whose employee
£60,000 was:
benefits (excluding employer pension costs)
Group
2021
No.
In the band £60,001 - £70,000
1		 Group
2020
No.
13
exceeded
Group
2020
No.
1

The Board considers that the Trustees, the Executive Director, the Deputy Director – Business & Programmes, Teresa Bowers, the Deputy Director - Innovation, Tara Pelembe, the Deputy Director Science, and Dr Al Baylis, are the key management personnel of the charity. During the year, the total remuneration of key management personnel, including employers' pension contributions, amounted to £225,511 (2020: £192,881).

No Trustees were paid for their role as a Trustee. However Paul Brickle, a Trustee, is remunerated in his capacity as Executive Director (Note 26).

Page 36

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

12. Intangible assets
Group and Charity
Patents
£
Cost
At 1 July 2020 537
At 30 June 2021 537
Net book value
At 30 June 2021 537
At 30 June 2020 537

Page 37

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

13. Tangible fixed assets

Group

Cost or valuation
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
On disposals
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Plant and
machinery
£
76,413
15,675
(1,356)
90,732
12,290
42,770
(362)
54,698
36,034
64,123		 Motor
vehicles
£
14,500
18,000
-
32,500
3,142
1,488
-
4,630
27,870
11,358		 Office
equipment
£
2,722
627
-
3,349
1,716
975
-
2,691
658
1,006		 Computer
equipment
£
40,037
65,066
-
105,103
21,051
15,453
-
36,504
68,599
18,986		 Total
£
133,672
99,368
(1,356)
231,684
38,199
60,686
(362)
98,523
133,161
95,473

Page 38

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

13. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Charge for the year
On disposals
At 30 June 2021
Net book value
At 30 June 2021
At 30 June 2020		 Plant and
machinery
£
63,027
4,060
(1,356)
65,731
6,655
34,392
(362)
40,685
25,046
56,372		 Motor
vehicles
£
14,500
18,000
-
32,500
3,142
1,488
-
4,630
27,870
11,358		 Office
equipment
£
2,722
627
-
3,349
1,716
975
-
2,691
658
1,006		 Computer
equipment
£
40,037
53,467
-
93,504
21,051
12,393
-
33,444
60,060
18,986		 Total
£
120,286
76,154
(1,356)
195,084
32,564
49,248
(362)
81,450
113,634
87,722

Page 39

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

14. Fixed asset investments

Investments
in
subsidiary
companies
Charity £
Cost or valuation
At 1 July 2020 1
At 30 June 2021 1

15. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Registered office or principal Principal activity Class of
place of business shares
SAERI (Falklands) Limited P O Box 609, Stanley Cottage Environmental Ordinary
North, Ross Road, Falkland consultancy and
Islands, Stanley, FIQQ 1ZZ support

Holding

100%

The financial results of the subsidiary for the year were:

Name Income Expenditure Surplus for Net assets
£ £ the year £
£
SAERI (Falklands) Limited 399,295 (379,809) 19,486 35,254

Page 40

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

16. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
Group
2021
£
2020
£
61,175
65,221
67
379
107,061
11,758
168,303
77,358		 Charity
2021
£
836
1
68,128		 Charity
2020
£
65,221
378
2,495
68,965 68,094

17. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Corporation tax
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 July 2020
Movement in the year		 Group
Group
2021
£
2020
£
-
-
18,268
5,157
5,388
110
5,711
-
4,725
969
160,887
139,015
194,979
145,251
Group
Group
2021
£
2020
£
88,868
124,616
20,490
(35,748)
109,358
88,868		 Charity
2021
£
1,000
17,485
-
5,711
4,725
52,691		 Charity
2020
£
-
7,187
-
-
969
103,076
81,612 111,232
Charity
2021
£
59,805
(44,805)		 Charity
2020
£
124,616
(64,811)
15,000 59,805

Deferred income comprises monies received in advance for projects, where the costs have not yet been incurred.

Page 41

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

18. Deferred taxation

Group
2021 2020
£ £
Charge for the year 501 -
501 -
Charity

The deferred tax liability is made up as follows:

Accelerated capital allowances Group
Group
2021
2020
£
(501)
£
-
(501)
-

Page 42

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

19. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
SAERI (Falklands) Limited
Restricted funds
VME Post-Doc
GAP
MSP
Coastal Mapping
Montserrat
Fur Seals Tracking
D+ MMA
TCI
MOVE
Natural Capital Assessment
D+ Soil Mapping
Best 2.0
Discovery 100
PHD Students
JNCC TCI
Ellerman
C-19 Wildlife Diseases
GSGSSI
D+ Wetlands
Total of funds		 Balance at 1
July 2020

£
52,641
15,766
68,407
380
37,971
3,050
10,268
14,644
6,017
26,472
7,950
11,719
150
18,961
10,340
31,083
2,042
27,000
-
-
-
-
208,047
276,454
 Income

£
274,519
399,295
673,814
56,612
-
-
-
-
37,054
54,035
103,957
-
-
19,633
-
-
17,168
-
38,751
28,750
23,513
140,622
520,095
1,193,909
 Expenditure
Transfers
in/out
£
£
(295,473)
79,279
(379,809)
-
(675,282)
79,279
(30,997)
(513)
(17,163)
-
(1,880)
-
-
(8,102)
-
-
(22,804)
(2,984)
(48,590)
(12,550)
(100,337)
2,557
(12,206)
493
-
(1)
(19,280)
(19,314)
(6,037)
(4,000)
(29,259)
(1,337)
(10,834)
(600)
(13,000)
(14,000)
(10,764)
(1,388)
(7,210)
(21,498)
(10,830)
738
(84,653)
3,220
(425,844)
(79,279)
(1,101,126)
-		 Balance at
30 June
2021
£
110,966
35,252
146,218
25,482
20,808
1,170
2,166
14,644
17,283
19,367
14,127
6
149
-
303
487
7,776
-
26,599
42
13,421
59,189
223,019
369,237

Page 43

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
SAERI (Falklands) Limited
Restricted funds
VME Post-Doc
GAP
MSP
Coastal Mapping
Montserrat
Fur Seals Tracking
D+ MMA
TCI
MOVE
Natural Capital Assessment
D+ Soil Mapping
Best 2.0
Discovery 100
PHD Students
JNCC TCI
Total of funds		 Balance at
1 July 2019
£
119,654
15,642
135,296
-
28,745
3,229
9,205
14,844
15,400
22,386
22,617
6,165
11,254
28,081
(892)
36,054
(4,711)
-		 Income
£
273,121
410,781
683,902
-
15,000
6,800
60,280
-
-
120,257
125,401
18,545
1,600
110,629
20,335
-
21,304
27,000
527,151
527,151		 Transfers
Balance at
30 June
Expenditure
£
in/out
£
2020
£
(325,698)
(14,436)
52,641
(410,657)
-
15,766
(736,355)
(14,436)
68,407
(120)
500
380
(5,774)
-
37,971
(6,979)
-
3,050
(59,202)
(15)
10,268
(200)
-
14,644
(8,564)
(819)
6,017
(116,707)
536
26,472
(139,990)
(78)
7,950
(12,186)
(805)
11,719
(11,669)
(1,035)
150
(118,568)
(1,181)
18,961
(17,590)
8,487
10,340
(4,971)
-
31,083
(23,397)
8,846
2,042
-
-
27,000
192,377
327,673		 (525,917)
14,436
208,047
(1,262,272)
-
276,454

Page 44

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

20. Summary of funds

Summary of funds - current year

Balance at 1
July 2020
£
General funds
68,407
Restricted funds
208,047
276,454
Summary of funds - prior year
Balance at
1 July 2019
£
General funds
135,296
Restricted funds
192,377
327,673		 Income
£

673,814
520,095
1,193,909
Income
£

683,902
527,151
1,211,053		 Transfers
Expenditure
£
in/out
£
(675,282)
79,279
(425,844)
(79,279)
(1,101,126)
-
Transfers
Expenditure
£
in/out
£
(736,355)
(14,436)
(525,917)
14,436
(1,262,272)
-		 Balance at
30 June
2021
£
146,218
223,019
369,237
Balance at
30 June
2020
£
68,407
208,047
276,454

Page 45

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Provisions for liabilities and charges
Total 2020
Analysis of net assets between funds - prior year
Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total 2020		 Unrestricted
funds
Restricted
funds
Total
funds
2021
£
2021
£
2021
£
19,527
113,634
133,161
537
-
537
240,022
190,997
431,019
(113,367)
(81,612)
(194,979)
(501)
-
(501)
146,218
223,019
369,237
Unrestricted
funds
2020
£
Restricted
funds
2020
£
Total
funds
2020
£
16,749
78,724
95,473
537
-
537
185,922
139,773
325,695
(134,801)
(10,450)
(145,251)
68,407
208,047
276,454

Page 46

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
(Increase) in debtors
Increase/(decrease) in creditors
Increase in provisions (deferred tax)
Net cash provided by/(used in) operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt		 Group
Group
2021
2020
£
£
92,783
(51,219)
60,686
19,258
994
-
(90,945)
(23,691)
49,728
(56,050)
501
-
113,747
(111,702)
Group
Group
2021
£
2020
£
262,716
248,337
262,716
248,337
Cash at bank and in hand At 1 July
2020
£
248,337
248,337		 Cash flows
At 30 June
2021
£
14,379
£
262,716
14,379
262,716

Page 47

SOUTH ATLANTIC ENVIRONMENTAL RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

25. Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £22,319 (2020: £23,625). Contributions totalling £983 (2020: £967) were payable to the fund at the balance sheet date and are included in creditors.

26. Related party transactions

During the year trustee Dr Paul Brickle was paid £62,106 (2020: £60,878) for his role as Executive Director rather than for being a trustee.

No other trustees were paid any remuneration nor reimbursed any expenses during the year.

Page 48