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2022-06-30-accounts

The Island Initiative, Annual Report: 2021 - 2022

The Island Initiative

Annual Report: 2021 – 2022

The Island Initiative, Annual Report: 2021 - 2022

Contents

Page(s)
Reference and administrative information 2
Chairman’s Introduction 3
Independent Examiners report 4
Trustees’ Annual Report 5-9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the financial statements 13 - 16

The Island Initiative, Annual Report: 2021 - 2022

Reference and administrative information

Charity number 1179271
Country of registration England
Registration date 20 July 2019
Organisation type Charitable Incorporated Organisation (“CIO”)
Operational address The Boat House, Bridgemarsh Lane, Althorne, Chelmsford CM3 6DQ
Trustees Charles Watson
Hinano Bagnis
Mathew McHugh
Michael Youkee (resigned 31/12 2024)
Tobias Coe
Vae Tracqui
Bankers Barclays Bank
Solicitors Trowers & Hamlins
Independent examiner Ark Accountancy

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The Island Initiative, Annual Report: 2021 - 2022

CHAIRMANS INTRODUCTION

The last 12 months, the Island Initiative’s work has been hampered again by the covid pandemic and its impact on the small islands we work with.

COVID 19 restrictions in the remote areas of French Polynesia meant that no members of our team could visit the region until February 2022 which effectively meant again putting on hold the many planned projects that we were hoping to develop.

The above being noted, we have managed to continue to collect scientific data on our main conservation project on Anaa atoll on preliminary data are presented int he the following report. Excitingly the work implemented over the previous 4 years is now bearing fruit with the data showing a significant recovery in the kio kio population of Anaa atoll, an extremely important species for food security and tourism on the island.

Our second major project, The FarmSmart app designed to provided critical information for growing a variety of crops on coral islands will be completed and launched in 2023 which we are excited to finally progress. Several new conservation projects are also planned and have community support and willingness to help in implementation due to the success of the project on Anaa atoll.

We very much look forward to reactivating our important work to help small island communities in the coming months and we thank all The Island Initiative’s friends and supporters for their forbearance and continued support during such a challenging time for all concerned.

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The Island Initiative, Annual Report: 2021 - 2022

Independent Examiner's Report to the Trustees of The Island Initiative

I report on the accounts for the year ended 30 June 2022, which are set out on pages 10 to 16.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. that accounting records were not kept as required by section 130 of the Act; or 2. that the accounts do not accord with those records; or

  2. that the accounts do not comply with the accounting requirements of the Act; or 4. that there is further information needed for a proper understanding of the accounts.

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.

Mary E Ryan FCCA Ark Accountancy Chartered Certified Accountant 31 Cheam Road Epsom Surrey KT17 1QX

Date: .............................................

This page does not form part of the statutory financial statements

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The Island Initiative, Annual Report: 2021 - 2022

Trustees report for The Island Initiative year ended 30 June 2022

Covid-19 impact on French Polynesia:

Covid-19 continued to impact our work in French Polynesia during the year through to the end of June 2022. Travel to the small islands of the Tuamotu’s where much of the work is undertaken has been severely restricted, however the island of Anaa was opening up towards the end of the period and our scientific advisor Alex Filous did manage one trip to Anaa atoll in early 2022.

With an economy mainly base on tourism and relying on importation for food and goods Covid-19 has impacted all sectors of the economy and will have significant ramifications for some time.

Achievements and work programs

The fourth year of TII’s operations was difficult which much of our planned work put on hold, however in early 2022 we began to plan for reopening of the island of Anaa proposed projects to be undertaken within that community. Whilst the board made a decision early in the pandemic to stop travel to the islands in order to protect local communities from exposure to covid-19 in early 2022 it became clear that we would be able to recommence our work in the remote Tuamotu islands either late in 2022 or early 2023. Work has continued on the core goals of the charity and several major developments have occurred :

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The Island Initiative, Annual Report: 2021 - 2022

2022 - Update on the Efficacy of Rahui at Anaa Atoll

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The Island Initiative, Annual Report: 2021 - 2022

7

The Island Initiative, Annual Report: 2021 - 2022

----- Start of picture text -----
In 2021 and 2022 the egg
The blue line is the production almost reached the
minim egg production minimum limit for sustainability
required (20%)
(20%) spawning potenital ratio
From
2016-2018
the egg
production
was less Start of the Rahui in 2019 (red dashed
than 20%
which is low,
and the
----- End of picture text -----

Figure 1: The egg production of female kiokio harvested at Anaa Atoll, from 2016 to 2022 and the increase in SPR to approximately 20% in 2021.

----- Start of picture text -----
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----- End of picture text -----

The Island Initiative, Annual Report: 2021 - 2022

with expenditure of £14,994. The closing balance at 30 June 2022 was £70,092.

…………………………………… Trustee Mathew McHugh

18th April, 2023

The Island Initiative, Annual Report: 2021 - 2022

Statement of Financial Activities for the year ended 30 June 2022

Notes
Income from:
Donations
3
Interest income
Total income
Expenditure on:
Raising funds
Charitable activities
Research
Travel and subsistence
Support costs
Other
Total expenditure
Net income/(expenditure)
before investment gains/
(losses)
Net gains/(losses) on
investments
Net income/(expenditure)
Other recognised gains/
(losses):
Exchange difference on
translation
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried
forward		 Unrestricted
funds
Restricted
income
funds
2022
Total funds
2021
Total funds
£
£
£
£
2,284
-
2,284
22,510
-
-
-
231
2,284
-
2,284
22,741
-
-
-
4,310
2,672
-
2,672
-
465
-
465
12,412
3,656
-
3,656
33,695
8,151
-
8,151
2,328
14,944
-
14,944
52,745
(12,660)
-
(12,660)
(30,004)
-
-
-
-
(12,660)
-
(12,660)
(30,004)
8,925
-
8,925
(11,243)
(3,735)
-
(3,735)
(41,247)
73,792
-
73,792
115,039
70,057
-
70,057
73,792

There were no recognised gains or losses except those stated above. The notes on pages 13 to 16 form part of these financial statements.

The Island Initiative, Annual Report: 2021 - 2022

10

Balance Sheet as at 30 June 2022

Notes
Current assets
Cash at bank and in hand
7
Debtors
Prepayments
Total current assets
Liabilities
Creditors: amounts falling
due within one year
6
Net current assets/
(liabilities)
Total net assets
Funds of the Charity
Restricted income funds
Unrestricted funds
Total Funds		 Unrestricted
funds
Restricted
income
funds
2022
Total funds
2021
Total funds
£
£
£
£
70,029
-
70,029
74,893
-
-
-
1,062
1,090
-
1,090
958
71,119
-
71,119
76,913
(1,062)
-
(1,062)
(3,121)
70,057
-
70,057
73,792
70,057
-
70,057
73,792
-
-
-
-
70,057
-
70,057
73,792
70,057
-
70,057
73,792

The notes on pages 13 to 16 form part of these financial statements.

These financial statements were approved by the Trustees on the 18th April 2023 and were signed on their behalf by:

…………………………………… Trustee

Mathew McHugh

18th April, 2023

The Island Initiative, Annual Report: 2021 - 2022

11

Statement of Cash Flows for the year ended 30 June 2022

The notes on pages 13 to 16 form part of these financial statements.
Net income / (expenditure) for the year
Adjustments for:
Decrease/(increase) in debtors
(Increase)/Decrease in prepayments
(Decrease)/Increase in creditors
Net cash provided by operating activities
Net cash used in investing activities
Net cash provided by financial activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Change in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the
reporting period		 2022
Total
funds
2021
Total
funds
£
£
(12,660)
(30,004)
1,062
(1,062)
(132)
112
(2,059)
2,821
(13,789)
(28,133)
-
-
-
-
(13,789)
(28,133)
74,893
114,269
8,925
(11,243)
70,029
74,893

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The Island Initiative, Annual Report: 2021 - 2022

Notes to the Financial Statements for the year ending 30 June 2022

1. Accounting Policies

a) Statutory information

b) Basis of preparation

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 note(s) to these accounts.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (September 2015) 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

c) Foreign currency

The presentation currency of these financial statements is sterling. The functional currency of the Charity is considered to be United States Dollar, as that is the currency in which donations are predominately received, in which receipts are usually retained and in which costs are mostly incurred. A presentation currency of sterling has been used in these financial statements instead of United States Dollar as the Charity is administered in the United Kingdom and a presentation currency of sterling is considered to better reflect the reporting requirements of the Charity.

Transactions in foreign currencies are translated to the Charity’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account. For the purposes of presenting the financial statements, the assets and liabilities of the Charity are translated at the exchange rates prevailing on the balance sheet date. Income and expense items are translated at average rates for the period. Exchange differences arising are recognised in other comprehensive income.

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The Island Initiative, Annual Report: 2021 - 2022

Notes to the Financial Statements for the year ending 30 June 2022 (continued)

1. Accounting Policies (continued)

d) Public benefit entity

The Charity meets the definition of a public benefit entity under FRS 102.

e) Going concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

f) Income

Income is recognised and included in the accounts when the Charity has entitlement, any performance conditions attached to the income have been met or are fully within the control of the Charity, there is sufficient certainty that the receipt of the income if probable and the amount can be measured reliably.

Donated services are measured and included in the accounts on the basis of the value of the gift to the Charity.

h) Expenditure and irrecoverable VAT

All expenditure is included on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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The Island Initiative, Annual Report: 2021 - 2022

Notes to the Financial Statements for the year ending 30 June 2022 (continued)

1. Accounting Policies (continued)

k) Creditors and provisions

2. Taxation

The Charity is exempt from corporation taxation as all its income is charitable and is applied for charitable purposes.

3. Summary of Donations

Donations
Donation of services
Total		 2022
2021
£
£
-
19,944
2,284
2,566
2,284
22,510

During the year, the Charity received donations of services in respect of accounting services with a total value of £2,284 (2021: £2,566).

4. Analysis of staff costs, Trustee remuneration and expenses

The Island Initiative does not employ any members of staff directly, instead employing the services of consultants, contractors and third party organisations as and when required.

The Trustees received no renumeration for their role as trustees in the year, nor received any other benefit from employment with the Charity. Related party transactions with Trustees are disclosed in note 5.

5. Related party transactions

During the year, Hinano Bagnis (Trustee) was reimbursed for expenses of £nil in respect of travel, accommodation and subsistence (2021: £12,412), as allowed by the Charity’s governing document. As at 30 June 2021, the Charity had a debtor receivable of £1,062 due from Fly Odyssey, of which Mathew McHugh (Trustee) is a Director. During the year, the debtor was paid.

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The Island Initiative, Annual Report: 2021 - 2022

Notes to the Financial Statements for the year ending 30 June 2022 (continued)

6. Creditors: amount falling due within one year

7.
Cash and Cash equivalents
Accruals
Trade Creditors
Total
Cash at bank and in hand
Total Cash and Cash equivalents		 2022
2021
£
£
300
300
762
2,821
1,062
3,121
2022
2021
£
£
70,029
74,893
70,029
74,893

8. Subsequent events

The Trustees are not aware of any material subsequent events that require disclosure.

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