2023-04-05-accounts

YEAR END 5 APRIL 2023

The transfer of assets, business and undertakings of the United Kingdom Falkland Islands Trust (Registered Charity Number 282786) to the Foundation Charitable Incorporated Organisation (CIO) with the name ‘The Falkland Islands Trust’ (Registered Charity No: 1199145) has yet to be completed.

The Charitable Incorporated Organisation (CIO) with the name ‘The Falkland Islands Trust’ (Registered Charity No: 1199145) therefore holds no assets and has conducted no business in the year ending 5 April 2023.

For the record the Annual Report and Financial Statements for the United Kingdom Falkland Islands Trust (Registered Charity Number 282786) follow.

THE UNITED KINGDOM FALKLAND ISLANDS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 R•olst•rnd ¢harlty Nurnbor: 282786

THE UNITED KINGDOM FALKLAND ISLANDS TRUST CONTENTS Page Trustèès, Report Independent A￿Jito￿, Rtrport Ststernent of Finandal Ac)"Vit￿$ 10 Bai8n¢e Sheel 11 Cash Flow Statement 12 Notes to the FinanGal Statements 13-20

THE UNrrED KINGDOM FALKLAND ISLANDS TRUST Report of Th• Trustees 1. Introductlon This report is by the Trustees of the United Kingdom F8lkland Islands Trust IUKFIT) and covers the periotj 6 April 2022 to S April 2023 with additional (x)rnments up lo the date ol this Report. It ha$ been prepared in a(xordan with our governing document, Charitie5 SORP IFRS 102), the Charities Act 2011. and applicable arLounting standards. 2. Structur•, Govomance and Manag¢rn8rTrt 2.1 Legal SiatUS The UKFIT 15 r8gi5tered in England & Wales as charity nurn￿r 282786 also as a charity reC￿nISed in the Falkland Islands for tax deduction gurpuses under section 57121 of the Taxes Orijinance 1997. The goveming ssble Standard. The support of our Patron. Her Royal Highness Princess Al8xandra, 18 highty apprwat•d. 2.3 Relatlonshlws woth Other Organityotion8 The Trust M￿ntaInS strong links witt) the Falkland Islands Govemment IFIG) through its London Office. The FIG Repre58ntalive in London attends Trustee Btsard rneetin9s arKJ rourte5y calls a￿ made on FIG representatives, ¢nduding HE the Govemor and Members of the Leglslative Asstrnbly, during visits lo the Islanrjs by the UK-based CL)nsultant or trustees on UKFIT bu5in&ss. The FIT also has Ilnks with the Fakland Islands Assouatitsn, Falk18nds Conservation. Falklands Marltime Heritage Trust, Royal BOtsn￿ Gardens Kew. the Agii-Food & Biosciences Institute IAFBII at Queen's University. Beffast, the UnN8rsity of Maga118nes in soulhefn Chile and many other orgènisatK)r£ conne¢W wrth the Islands in various ways. 2A Publlc 3•Mflt The Trustees believe that the activib.es of th& thanty arè for the public bengfit and comply wth thé requiremenl Sn section 1715lof the 2011 Charities Act. 3. Obieetlvtrs and Activitles for th? publ1¢ benefit 3.1 Summary ofthe Obhctlves. The objects given in the Charita￿t Trust Deed are very wide and. in practice, the trustoes h8ve not had thè ources to use them to their full extent. They include the following for eXaM￿e= To advwce the education of the inhabitants of the Falk￿nd Is￿ndS and the South Atlantic Region by the provisKsn of prizes, bursaries and scholarships. To 8dv8nce the educaty.on ol the general public in UK and in the Falkland Islands by prornoting research into fauna. flora an¢ places of s¢ntthc Irnwrtar￿e and buildings ol historic Interest and to publish the resurt5 of that research. To prtsrrn)te the study and Tesearch of agriculture. animal husbandry, comrnerr, fisheries for8sty and 811 other industrie5 and scien￿$ In the Falklènd Iskgnds. To prowde medical supptsrt by providiThJ funds. equipment. apparatus et

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Report of The Trustee$ 32 Overviow of Past Acti￿￿e5 Since its foundiThJ In 1981, the man activiti85 of the Twsl have been to assist th6 popuiqlion of the FaI￿and 151ands using tsvo main SI￿arn$ of activity, the Core Fund and the Shackleton Stholarship Fund. Following a generous gift in Oecember 2020 a third fund was set up, The Patrick Davy Civic Fund. 3.2.1 The Gor¢ Fund Using the resoLtr¢es ol the Corè Funrj, Ihe charity has conduct&Y beneficial projects not nomially funded by the FIG. with an emphasis on soentific research. The primary effort has been directgd towards programmes tsl research and advic8 ofi agricultur8, forestry and rural devek)pment or through u59 of the conlacts and speual skills tsl ihe Tfusvs Consultanl, Dr Jtm McAdam OBE. The aim has been to promote the Sustainable growth tsf the rural econorny. Ovor Ihe year5, Ihe Trust has actNety proffloted 5cientrfic and development w)tenbal of the FaI￿and5 at many key nation81 and intemational events and work8d on a wide variety of rural developrffjnt prOJ￿t5, many of which have been Initiated by the Trust and then taken on by FIG. These have induded. for Research on kelp harvestlng for use as IKIUKI feFbllser. Rose8rch on soil improvement and soil surveys. Development of organic fam7ing and the marketSng of organic products. The seledion and estsblishment of t￿e species to ¢￿ate shelter b8M5. The development ol Tussac grass as 8 50urc8 of animal feed and erosion inhibitor. The devek)pment of a comprehen&ve so8nc8 database for the Islands. Climate ¢hang8 studies. 3.2.2 The Shackleion Scholarshlp Fund ISSFI The trustees of the Charty launched an appeal lin conjunction wbth others) on 25 January 1995 to ra￿e funds as a memorial to the life and work of the late Lord sh8c￿eton. KG, and of his father SIT Ernest Shackleton. vkno We￿ bDth c4ostrly associated with the Falkland Islands and the South Atlantic R￿lon. The Appeal was estsblished a5 a reslricled fund of the FIT and the Trustees delegate the day-to-day managernent of the fund to an Advisory Committee with branches in Stanley and London. A total of £350,881 has been granleij frorn the foundation ol the Sh*kleton Scholarship Fund ¢0 S April 2022. The S¢￿Iar$￿￿ps awarded are of fv¥o ￿"n￿$.. A¢ad8mi¢ S¢holarships. Academic Scholarships are to subsidise the travel and ￿￿MMOdation costs ol researchers who wsh lo study in the Falkland Islands or for which the Falkland Islands ￿ a good base. The range of projects supported is wde,. for 8XarnP￿, in June 2020, four scholarships We￿ awarded ltstalling £12,050, one of which was for £3,5CO to docUrn￿l "beetle diversity of the Falkland Islands using modem DNA-ba$ed twls" Quallty of Lrfe Scholarshlps. Quality ol Life Scholafships ar& to subsidisè the travel and accommtsdation costs of experts who have some knO￿ert9e or skill to imgart to p￿p￿? in the Falkland Islands.. teathing which is not available in a r8rn01e localon with a small populal'ot) on subj8cts such as sports cA)aching and the teaching of musical instruments. 3.2.3 The Patrl¢k Davy CÈ¥1¢ Fund The Patrick Dawy Civic Fund was set up wth a £750,th) dtsnst￿n at the gnd of 2020. Its purpose Is to focus on vic projects byhich ar8 aligned with the Charitable Trust Dee¢J13.11, but which ernanale from discussions with Falk￿[1d Islanders on their priorrti&8 particu18rfy in th8 a￿8 of ovSc development. To 8sSlSt the generatlon of project prorx)sals for ￿nSIderatIon by the Trustee5. a consultant based in the Falklands, Darren Christie. was appoint8d in 2021.

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Report of The Trustees 3.3 Summary of Core Fund Activiti88 in the Year Under Rgport The Consultant, Dr Jim McAdam OBE, rDntinued to suppty materlal Irorn the soenlific database to researchers working on the Falkland151ands. He visited the Falkland Islands in March 2023 and:_ Briefed members ol SAERI, FIG and the Departrnenl of Agriculture ￿ the outcom&8 of the Trust's research and SUPFX)rt aclivrties over almost 40 years Ensured that all the accumulatèd files on the appropri8¢e FIT LegaGy projects wèrè rnad6 8vai18bip to relevant p￿pa8 in the Islands. Organised Ihe handover of the TrLtst's ffagshlp legacy prtsj&t, the Alexwdra Wood at Port Howard. tg the farrn and generated publicity for the Trust's Involvement had widèr di5eussion5 on the potential for the FIT legacy projects to contribute to CAJrrent issues around dimate change aniJ wsslble futu￿ prO1￿t dire¢th)n5. His vlsh ovèrfappèd bwth Ihat ol lh8 Chairman and, with the Falkland Islands CL)nsultant, together they promoted Ihe legacy ol the Trusfs involvement in th8 Falklands and expk)red other potential funding support routes. 3.4 Summory of SSF ActlvWe$ In the Y•ar Undèr R•port The year from 6 April 2022 to 5 April 2023 saw a gradual return of SSF activity as tho impacts ol the pandemic diminished. In particular frorn rnid-2022 access to the FaI￿and Islands for SSF scholars became easier and we were able to begin to manage the bac￿09 of re5trarch visits accumulated Sin¢8 2020. Tht London and Stanley Committees met on 30 May and 23 June 2022 fesp8L1ivdy to consider scholarship applicats'ons Submitted by end March 2022. The tm) Commrttees were largety in agreern￿t in their assessrnenls of the applications. As a resutt the Fund offered Academic award5 10 6 appI￿ants totalling £21.5￿ and Quality of Lrfe awards to 3 appliG8nts tolalling £8.440, making an overall total of £29.940 awarded. Since the end of th¢ ￿riod urKYer report. The Shackleton Fund has awded further 5ch(Aarships to the value of £31,110. 3.5 Patrlck Davy Clvk FUY Thè trustoes agreed iwts proje¢ts, Ihe ￿nstrUCtion of a t)wling green, and restoration wrk on the hlstofic buildings at the race courso tts enable their use by th8 community. Work is under way on thè bowling green, but the difficulty in getting contractors to carry out ¢onslruction work noted in last yearfs report has slowed this down. Work ￿ the race rourse has yet to begln." as yel nobody has found williry or ablo to undertake the work. The chaiM￿n visted th• Falklands in March to raise 8warerw of the fLtnd and to encourag8 project proposals. He had a wde ran9e ol meets"n9s on both East West Falkland, including with the GOverr￿r. MLAS and the acting Chi8f Ex8cuts've, and gave TV, radio and newspaper interview5. The vi51t was in conjunction wth Dr McAdaffl s visit to cornpl8te the transfer of his proi8Cts to loo81 management. The Governor gave a re￿ptIOn to mark the launch of the Fund. at which she èlso fecogni5ed th8 (x)nsiderable role Dr McAdam had played in over forty years of supporting agricultural researth and development in Islands. At the time of this report (August 20231 approximately £61k has been spent on the separate PDCF projeca in respect of to Admiratty Cottage 4. Flnanclol Revi¥w 4.1 The Flnan¢lal Overylow The reopeniw of tt)e Islands to vitors follobwng the ￿laXatiOn of restrKtK)ns imposed by the COVID pandemic enabled funds to be spent both on the resumption of visits by Sh&Welon scholars and on the r8furbishment of Admiralty Cottage. The Trust lakes a loro terrn view on investments but made mimr adjustments to investmants * the ad￿ce of our fund managers 4.2 The Cofv Fund The Core Fund started the year wfth a value of £233k and ended wth a valug of £212k due to reduction in tl value ol investments.

THE UNITED KINGDOM FALKLAND ISLANDS TRUST R•port of The Trustees 4.3 Shackleton Scholarshlp Fund The Shackleton Sthol8r5hip Fund st8rted wrth a balan￿ ol about £1,006k 2nd lar9dy due to the volatile nature of the stock market ended with a value of £863k. 4A The Patrl¢k Davy Ciwk Fund Not beiry exposed to the markeL the Patiick Davy Fund r8dwesls and scholarships. Policy for all Invest￿ funds 18 bas8d on a medium risk strategy and the Trust8es ￿￿e1ve r&3uLgr reports from the Investment Managers. LGT Vestra. 4.7 Risk The Trustees regularty review the main risks f8¢in9 the charity antl have plans to miti9at8 those risks which include- Losses on investrnent portfollos leading to a reduction of incorng. SSF s¢￿)larS suffering financial loss, injyry or death during their pro1￿ts. Adverse gublioty linkeo 10 aty person Connected lo the chanty. 4.8 Pollcles The Trustees have docurnent&J Polises in respect ol the fdlowing which are kept under remew.. Confiict5 01 Inter85t. Risk Management lintluding a Pfotocol for h8ndliro aifverse publicity). Safeguarding Benolic4aries. ArchivirvJ. Complaints Handling. Data Protection Policy. Financial Procedures. 4.9 Insuran Special insurance cover is tsken out to cover contraduèl rtsks liabilrties inherent in the chartys work and il is renawed annually. 5. Future Plans In the imn￿dIate futur8, the charity intends to concentra¢e on the folkM"n9.' Restoring the activity ol both the Core Fund and th8 SSF to pre£ovid levels. Broadening its actNity for the benefit ol the people ol the Falkland Islands using the generous donatK)ns noted in the 2020-21 trustees report. 1¢ is hoped that there will bè an increase in g(xJd quality proposals for support from the Patrick Davy Civic Fund, and that the difficulty in getting cJ)ntractors to 8n9ag8 with projects will begin to ease. Converting the legal slaius from Charitable TrLtst lo Incorp)rated Charitable Organis8lion IICOI. It is hopeé that the various fomialities wll bg completed ir¢ tirne to make the change at th8 18t8St by eaty April 2024.

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Charlty Information for the financial year gndlng 5 April 2023 Patron HRH Princess Alex8ndra President IVa¢ant} Vlc• Presldent Air Commpdore PetsrJohnson. OBE Trustse$ NwJel Htywood. CVO Annie Bailey Hugh Normand Tim Miller Marlane Marsh Dick Sawle Tym Ma￿h Andrew Moffat Colin Roberts CVO Paula Fowmes David Pid<up CB Chairman Hon Treasurer {appointed 28 June 2￿22} (FI resident) (Fl r85identl Retired 10 June 2022 Hon Secretary Ichaimian SSF Commitieel Prlnclpal Consultants DrJim McAdam, OBE Darren Christie Audltors Azets Audrf( Servicgs 2nd ￿00r Regis House 45 Kir@ William Street LONDON EC4R 9AN Invgstm8nt Managers LGT Vestra LLP 14 Comhill, London EC3V 3NR Charlty Number 282786 Reglstsred Offlcg Falkland H(KJse 14 Broadway Westsninster London SW1H OBH A UKrfeglstered ¢harfty approved fortax deduction purpos85 undgr sectlon 57BI21 of the Falkland hland6 Taxes Ordinance 1997

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Report of The Trust•8s Trustees, re•ponsiblliti•s in relation to the fln?nclal ¥tatomonts The trustees are ￿￿)nsible for preparing TN$t￿$, Report an¢J the financi81 statements in ac(x)rdance with applica￿6 law 8nd United Kingdom Accounting Standards (United Kingdom Generally Accepted A￿o￿ntIng Practice). The law appll¢&)le to charit￿ in England and Wales. the charit￿$ Act 2011, Charity IA¢counts and Reportsl Regulation5 2008 8nd the provisions ol the trust deed requirtrs lh8 Irustee$ to prepa￿ financial 5t*ernents for each finan¢ial year whith give a true an<J fair view of the state of affairs of the charity &nd of the incoming resources and application ol resources, inclLKSing the in(x)m8 and expenditure. of the charity for that perio(J. In Preparing those financial staterTrents, th8 twstees are to.. select suitable accounting polic￿ and then apply them consistenily,. observe the methods and principles in the Charitie5 SORP.. mak8 judgements and estimates that are reasonable and prudenL prepare the finanryal ststernenls on the going concem basi5 ￿n￿sS it inappropriate to pr85ume Ihat the tharty will continue in operatKJn. The twslees are ￿spOnsible for kaèping proper accounl'ng records which diseltsse with reasonable accuracy at any lime the financial p05rtion of the charity and lo enable them to ensure that th8 fin8n¢ial stslements comply with the Charitie5 Act 2011, the Chanly IAco)unls and Reports) Regulations 2008 and the provisions of the trus¢ deed. They are also responsible for safeguarding the ￿set5 of the charity and heTh￿ for laking r8asonabl& steps for the preven¢lon and det￿tIOn of fraud and other irregularitye8. Signed on behalf of the Tru8t8es'. Dr N R Haywood, CVO Chaimian MS A J Balley Honorary Treasurer Date.. Jan 18, 2024 Date.. Jan 19, 2024

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Indep•ndent Auditors. Report To The Tru5ts0$ of Tho Unlted Klngdom Falkland Islands Trusl Opinion We have audit8d the frnanual statements ol The Uniled Kinodom Falkland 1818nds Trust Ilhe 'chanty'l forthe year ended 5 April 2023 which comprise the Staternent of Financial Acbvrties, the Balan¢￿ Shee¢ the Cash Flow Statement atld notes lo the financial sta18ments, including a summary of significant ￿COuntIng policies. The financial reporting framework that has been applied in th6yr prepzrdtion is applicable law and United KirKJdorn Accounting SlarKlards, includiro Financial Reportiru Standard 102 'The Finan￿81 Reporting Standard applicable in the UK and Republic of Ireland. (Unitsy KJffjdcTh G8fwdltyA(x•ed AMxJnb.￿ Pfthl. In ouropinion, the financial statements.. gNe a truts and tsir wew of the stste of the charity's affairs as at 5 April 2023 and of the ch8rty's incoming r&ources and 8pplirAtion of resour￿$. for the yearthen enéed,. have been properfy prepared in accordance wrth Unrted Kirng(k>m Generally Act8pted Acc(Junti Practice.. and have been prepared in accordan￿ with the requirernenis of th8 Charib'es Act 2011. Basls for oplnlon We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applKable law. Our reSponsi￿.11￿.85 under those standards are further described in th8 Auditor's responsibilities for the audit of the fin8ncial ststements secbon of our report. We are IndePend￿t of the chanty In accordance with the ethical requirements that are ￿levant to CMJf audit of the finanoal statements in the UK, including the FRC'S Ethical Standard. and we have fu￿111ed our oiher ethical responsibilities In accordance with these requ1￿MentS. We belleve that the audit evi(Jence we have obtained is suffirient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng ¢On￿rn We have nothing to ￿port in respect ol th8 following matter5 in relation to whlth the ISAS IUKI require us to rekKrt to you Whe￿.. the trustee5' use of the going concern bath of accountlng In the preparation of the financial statements is r￿)t appropriate", or the trustees have not disdosed in th& financi￿ Statem￿1$ any identthed material uncertainties that rnay cas¢ signrficant doubt about the group's or the charity's ability to continue lo adopt the going conrErn basE of accounting for a per￿d of at least ￿e1ve months from thè date when the finanrjal statements ar8 authoris8d lor issue. Other Iwrform8tk•n The trustees are ￿￿nSIble for the other inlomation. The 0th8r information cornprises the infomiation irrfluded in tre annual report, other than the finarrial statements and our audfLorf5 report the￿On. Our opinion on the financial Stat￿￿rIts does not cover the other infomiation and we do not express any form of assuraTr CL)nclusion thereon. In Connect￿}n with our audit of the flnandal statements, our responsi￿litY is to rgad the other inlom)ation and, in doing so, consider whether the other Information is materialfy inconsistent wilh the financial statements or our knowledge oblained in the audit or othelwse app88r5 to be materially mis6t8ted. If wè identify such maletial in(x)nsiSten￿eS or apparent material rnisststemenls, we are required to delem)ine whether there rs a material misstatement in the financial staternents or a material misstalement of the other inforrn2tion. If, based on the work we havts performed, we conclude that there is a rnatenal mtsstatennt of Ihts other infom)ation. we a￿ reqUI￿d to repc*rt that tscl. We have nothing to report In this regard.

THE UNITED KINGDOM FALKLAND ISLANDS TrUST Independent Auditorn, Report To The Trustoes of The Unlted Klngdom Falkland Islands Trust Mottors on whlch w¢ aN rèqulr¢d to rèwi by •xeeptlon We have nothing to ￿E￿)rt in respect ol the following matters in relats'on to which Ihe Charities (Accounts and RepK)rtsl Regulations 2008 requires US to report lo you rf. in our opinion.. the information given in the financial stalemeftts is Inconsistent in any material re5pe(* with the trustees, port,. tsr sufficient accounting record5 have not been kept,. or fina￿181 statements a￿ not in agreement with the accountyng recor($5.' or we have not received all the inlomiation and 9xplanathons we rgquirg for our audit. Responslblllilès of trusttès As explained more fulty in the Iruste8s' responSitMlit￿aS statement, the tnJstees are responsib￿ for the pr8P8ration of the finanaal ststements and for being satisfied that they give a true ané lair view, a￿1 for such intemal control 85 the trustees detemiine is ne￿$sary to enable the preparats'on of financyal 5taternents that are free from Material misstatement. whether due to frau¢J or èm)r. In pr8paring Ihe finan¢i81 statements, the trustees are resrx)nsible for assessing the charity'8 8bilty to continue as going concern. dis¢k)sing. as applicable, matters related to going concem and using the going concern basks of accounting unless the trustees either Intend to Ilquidate the charity or to ceasa operabons. or have no realistic altemalive but to do so. Audltor's r8spon8lbllltle8 for the audltof the flnanclal statements We have b&en aprM)inted as auditor under section 151 of the Charities Act 2011 and report in acwrdance wth I Act and relevant r￿ulat￿)￿S made or having èffect thorèuniSer. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 8re free fTom material rni5Staternent, whether due to fraud or error. and to issue an au4Jilorfs report that indud8s our opinK)n. Reasonable assuran¢e is a high level of assurance but ig not a guarantee that an audit conducted in a¢o)rd8nce with ISAS IUKI will always d&ecl a materia misstatement when it exists. Misstaternents can arise from fraud or error arTrd are considered material rf, individu811y or in the aggregate. they could reason8bly expected to infiuence the economic d￿ls￿)n5 of users taken on the basis of these finanaal statements. A further dewription of our responsibilities for the au(Jit of the financial ststements Ss located on the Fin8nThal Repoityng Coun¢il's website at ww.frc.org.uklauditor5￿SponSl1x1It￿s. This descriptK>n forms p2rt of our auditor's port. Extènt to whlch the audlt was consldered capabla of dgtectlng Irrggularltles. Includlng fraud Irregularities, indudiro fraud. are instances of non-complian¢e with laws and regulations. We de8ign prO￿dureS in line with our responsibilit￿$. oullined above and on the Financial Reporting Council's website. to delect material misstatements in respect of irregularities. Includw fraud. We obtain and U[￿al8 our Undar￿anding of the 8ntity, its activities. Its control environment, and likety fvture developments, induding in relation to the legal and regulatory frame¥vork appIl￿ble and how th8 ￿tity i Complying with that frarnework. Based on this understsndlng. we identrfy and assess the risks of material misstalemenl of the frnanryal slatemenls, whether due to fraud or error. éesvJn and perform audit procedu responsive to those risks. and Ob￿1Th audit evidencè that is sufficient and appropria¢8 to provide a basis for our opinion. This Includes consl(Jeration ot Ihe risk tsl acts by the entity that were (x)ntrary lo applicable law5 and rEgulations, includirvJ fraud. In response to the risk of irregularities and non-compliance with laws and regulations, includiThJ fraud, we designed procedures which induded." Enquiry ol managemeni and ttrK)se eharge(I wilh govem8nts an)und actual and potential litlgatbn anij claims as well as actual. suspected and alleged fraud., R&viewiThJ minules of rneeting5 of those charged wth governance.. As5&5sing the extent of ￿MplIance wth the la￿ and regulations considered to havt a direct material effect on the fin￿rIal statements orthe operat￿n$ of the company through enquiry and inspection". Reviewing finan¢ial statement disclosures testing to supporting docurnentrtKJn to assess complian￿ with ap￿iCable laws and regulatior6,' Perfomiing audit work over th8 risk of rnanagement bias and override of o)ntrols. including testing of journal entries and oth8r adjuslrnents for appropriateness, evauating the business rationale of srgnifirant tran￿tIonS outsidè the normal (x>ursg of busin8￿ and reviewing aco)unling estimates for indicators of potenb'al bias.

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Ind¢pendent AudStors' Report To The Trustees of The United Kingdom Falkland Islands Trust Because of the inherent limilatM)ns of an audit, the￿ is a risk that we will rrfjt de18Ct all irregularities, including those leadiThJ lo a material rnissiattrtnent in the financial slalements or non-compliance wrth Tegulabon. This risk increases the rn0￿ that Complian￿ wth 8 law or regulation is removed from the events and tra￿8¢￿10nS rdected In the financial 5tatemBnts, as we will be less likely to beccme aware of Instan￿$ of non-Ix)mpliance. The risk of not d&t8Cting a materi81 misstslemenl resuhing from fraud is higher than for one resulting from error, as Irdud may involve collusion. forgery. int￿li0nal omissrons, rni5representstions, or the override of internal control. Use of our report This report is rnade solgly lo th8 chanty's trustees. as a body. in acLoréance with Part 4 of the Ch8rrties (Attounts and R8POrtsl R￿ulationS 2008. Our audrt work has beEn undertaken so that we might state to the charity's trustees those matters we are requifed to state to them in an audito¢s retK)rt and for rK> other purpose. To ttr fullest extent permitted by law. we do not accept or as8urne responsibility lo anyone other than the charity and the charity's Irustee5 a5 a LK)dy, for our audi¢ work, for this rep)rt. or lor the opinlons we hav8 forrned. LLfr John Howard (Senior Ststutory Audttorl For and on behalf ol Azets AudEt Servkes, Statutory Auditor 2nd Floor, R￿15 House 45 Kiro Williarn Street London EC4R 9AN Date.. Azets Audit Services is digib18 for appointment 85 auditor by virtue ol its eligiblllty lor appoinlment as audltor of a L*Jmpany undersection 1212 of the compan￿ Act 2006.

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Ststemont ol Flnan¢ial Activitie5 For The Yejr Ended 5 Aprll 2023 R•strlcted Funds Unrestrlcted Shaekleton Other Scholarshlp Restrlctsd Fund Funds Total Totsl Funds 2023 2022 INCOME AND ENDOWMeNTS FROM Other tradin9 activiti Investrnent income other kr￿Orne 45 21.446 4,413 20,173 24.586 Totsi in¢oTr 4,413 20,177 24590 21,491 EXPENDITURE ON Raising funds Chadtable acvities 300 22.638 1,727 37.152 2,027 145,902 2,345 47,815 86,112 Total •xp•ndlturo 22,938 38,879 86,112 147,929 50,1PA) NET INCOMEIIExpeNDITUREI BEFORE NETGAINS ON INVESTMENTS 118.5251 118,7021 186,1121 1123,3391 128.6691 NET GAINSI ILOSSESI ON INVESTMENTS 114,669) 1124.8141 1139.4831 5,921 NET INCOME I (EXPENDITURE} 133,1941 1143.5161 {86.1121 1262.822} {22.748} Transfeis between funds 11 NET MOVEMENT OF FUNDS 133,1941 1143.5161 186,1121 1262.8221 122,7481 Total funds at 6 April 2022 11 283.256 1,006,493 978A51 1261200 2,29).948 Total funds at S Aprfl 2023 11 250.062 862,977 892.339 2.005,378 2.26B,200 CONTINUING OPERATIONS l incLJme and expendfture ha% 8rlsen from o)ntinuing actwities. The notes on pages 13 to 20 fom) part ofthese nancial stst&ments. 10

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Balancg Sheat As at 5 Aprll 2023 Notes 2023 2022 FIXED ASSETS Investments 1.092.680 1.232,331 CURRENT ASSETS Siod( Debtors Cash and cash equivalents 668 668 996.894 1,091,831 997,562 1,092,493 CUrT￿t Llabllltles Creditors 10 184,8641 156,6301 NET CURRENT ASSETS 912,698 1.035,869 NET ASSETS 2,005,378 2,268,200 FUNDS shaCk￿lon Scholarship fund Other Restricied fund5 11 11 862,977 892,339 1,006,4¥3 978,451 1,755.316 1.984,944 Unrestri¢leiS funtJ$_' Designated funds CO￿ ￿tiVitieS 11 11 38,125 211.937 50,000 233,256 250,062 283,256 2.00S.378 2,268,2N) TOTAL FUNDS The financiJ statements were approved by the B03ré of TrustÈes on signed ￿ its behaw by.. Jan.18,.2024....... and were ood Dr N R Hay¥w)od. CVO ChaimTrn Ms A J Bailey Honorary Treasurer The notes on page5 13 to 20 fomi part of these finanoal stat￿entS.

THE UNITED KINGDOM FALKLAND ISLAMDS TRUST Cash Flow Statement As at S April 2023 Notes 2023 2022 Cash flows from operating a¢tlwti#s- Cash generated fn)rn operations 14 1119.6911 130,5851 Cash flows frorn In￿￿tIng actlvltlos: Owidends ané interest from investments Proceeds from sale of inv8Stm8nts Ptjrchase of investments 24.586 5,155 14,9871 21,446 267,262 1264,0321 N•t cash provld•d by In¥e3tlng

¢tlvities

24,754 24.676 Change in eash and cash equlvalents in the reportlng perlod {94,9371 15,9091 Cash and cash equlvalents atth• beglnnln9 of the reporting perlod 1.091,831 1,097,740 Cash and cash tqulval8nts at th¥ •nd ¢ the reportlng period 996.894 1.091.831 The notes on pages 13 to 20 fom part of these financ￿1 statements. 12

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To The Financial Statements For the Year Ended 5 April 2023 ACCOUNTING POLICIES The princip81 ac￿Unting policies 8dopted. judgements and key sources of estimation unrertainty in the preparation of th8 fin8nri81 statements are as lollows.. Bas1$ of pr•paration The financial statements have been prep8red under the historical cost convention with items recJ)gnised at ct>st or transaction value un￿sS otherwise stat￿1 in the ￿le¥￿t note(s1 to these accounts. The financial ststernents have been prepared in accordance with the Statement ol Recommendencern basis in preparing it5 finanoal statements. Fund accountlng Vnreslricled funds can be used in accordance with the tharitalAe objective5 at the discrtriK)n of the trustees. Desigfjale<J fund5 are unrestricted funds of the charity which the trustees have decided, at their discretion, to set aside to use for a specffio purpose. Further explanation of the nature and purpose of eath fund 1$ included In the notes to the fftnanoal statements. Restricted funds can only be used for particular re51ricled purpose5 within the objects of the charity. ReStr￿tK)nS arise wh8n sp8crf￿d by ¢he dowjr or when funds are raised for particular wtricted purw)ses. Income rg¢0gnltlon All Incoming resources are ineluded in thè St8tement of Finanual Acl*vities ISOFAI when the ch8rity is legally entitled to the income after any perforrn8n(% wndrtions have been met. the arnount can be rnea5ured rdiably and rt ￿ probatAe (hal the iro)me will be r￿￿ed. In￿me from donations is induded in full In the Statement of Finanoal Activities when receivab￿. Income from trading actNities includes In￿￿8 eamed from fundraising events and trading activities to raise funds for the charity. Income is rgceivgd in exchange for supplwng goots in order to raise funds and is recognised when ent￿ernent h#5 occurred. Investrnenl in(x)me is eamed through holding assets for Investment purposes such as sh￿. It irtiudes dividends and interest. It is induded when the amounl can bè measured rel￿ably. 13

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To The Financial Statomants For tho Ygar End•d 5 April 2023 Expenditure rncognition All expendlture Is a¢￿VnIe￿ for on 8n accnjals basis and has been dÈssffied under headings that aggregate all costs related to the category. Expenditure is recogniswj where there Is a legal or nslructive obligation to make payments to thir(J partie5, It is probable that the settlement will be uired and the amount of the obligats'on can be rnea5urwl reliably. It Is categoris81J under Ihe following headings.. Costs of raising fund5 include those costs incurred in attracting voluntary inrK>me. Expenditure on charitable activities indudes those cA)sts incurred by the charity in Ihe delivery of its aciivities and selvices for ils beneficiaries. It incjudes both costs allocated directty to such act1w1￿$ and those costs of an indire¢t rtatU￿ necessary to support them. Irrecoverable VAT is charged as an exponse against the activity for whith expendKure arose. SGholar5hip5 Payable are aco)unled foron accnjals basis. Allocatlon of c￿ts Costs are allocated betwe￿ costs of g8n8ralng fund6 and charitable expenditure accortling to the natu￿ of the ctssl. D8tailed analysis of the allocation of cDsts is given in rK)te 5 to Ihe financrdl statements. Investments Investments are recognised initially at fair value %thich is normally the transaction price exdudi transacbon wsts. Subsequenlly, they are measured at fair value rmvemenls recognised In 'net gainsllk)55e51 on investments. in the SOFA. rf the shares are publidy trèded or their value can otherwi58 be measur8d reliably. Investments in unquoted equrty instruments w￿Se fair values cannot be rne&sur8d reli8bty are Measu￿ at C05t ￿$5 irnpairment. Slocks Stocks a￿ stated at the k)wer of (x)5t and ne¢ realisSe value. after makn'ny due allowance for obsolete and sk)w moving ilems. Debtors Trade and other debtors are reu)gnise<l at the settlement 8rn0unt due. Prepayments are valLed at the arnounl prepaid. Accru8d In￿￿e is measured at the arn￿nI due to be received. 1.10 Cr•ditorJ Creditors are rgcognised when there Is a present obligation r8sulting from 8 past event that will probabty In the transfer of lunds to a third paty and amount due to settle the obligatson can b& rneasu￿ or estimated reliably. Other ueditor5 accNals ar? reccmjnised al their settlement amount due. FInancI￿ Instruments The charity only has assets and financial liabilities of a kind that qualify as basic 1Snancial instruments. Basi¢ financial Instruments are initially recogni5ed al transaction value and subsequently measured at their settlèment valu8 with the eXC9Pt￿n of bank h)ans whlch are subsequentty me8surefl at amortised cost using the effective interest method. 1.12 Foraign currency Assets and liabilities in forelgn ¢urrenci8s ar& translated into sleding al the rates of 8xchange ruling at the balance Sheet date. Tr8nsaetitsns in foreign currencies are ¢ranslated into steding at the rale ruling on the date ol the transaction. All exchange diHerences are refiected in the Statement of Financial Activities. 14

THE UNITED KINGDOM FALKLAND ISLAIIDS TRUST Notes To T￿ Financial Statoments For the Year Ended S April 2023 INCOME FROM OTHER TRADING AcTrwnES Vnrestrl￿ed Règtricttsd 2023 2022 Other inc Book sales 45 INVESTMENT INCOME Unre8tTlctsd R•strrctsd 2023 2022 Dividends {413 20,173 21.446 The unrestr￿ed dividend inrA)me is generated from the 'Main Fund. investrnent portfolio whilst the restri￿ed dividend incorne is general￿* from the'shackleton Fund. inYes1rngnl portfolio. 15

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To The Financlal Statements For the Yoar Endod 5 Aprll 2023 ANALYSIS OF RESOURCES EXPENDED Unr¢s¢dc¢¢d Shackleton Other Funds Scholarship Re8trlct8d Fund Funds 2023 Total 2022 Total Raising funds: Webslte costs Investment 8dminKstralion charge 225 1,502 225 1,802 545 300 1,727 2,027 2,345 Charitablè a￿l¥lties. Consultancy and travel Soll mapping Fishiry Cardon Reduction Project 8,331 18.550 26.881 16,800 183 11.875 11.675 MU5eumlSian￿Y Coitage projeci 55,331 55,331 ement and A(Iministrat' Audit and accountancy costs Insurance Other general costs Changes to CIO Trustee expenses 750 230 4.339 459 4.315 458 4.631 2,571 256 9,404 1,147 4,631 6,428 465 7,828 4,240 1,286 166 2,571 43 Scholarships awarded 29.740 29,740 17,767 37,152 86,112 145,9)2 47,815 Total ￿oUrCeS expended 22.938 38.879 86.112 147,92 so.1f￿1 Historically costs incurred by th8 Charity that are not sp￿lf￿G to a partFcubr fund, are &k)cat￿ to Q￿h lund. broadly in proporuon to the relatively svie of each fund The ratio Is rev1ewed from time to time. By the end of Ihe period to 5th April 2021 Shar￿ wst were allocated 20% tt) Unrestricted Funds, 8nd 80% to Restfi¢¢ed Funds Ilhe Shad(leton ScWarshSp Fund). Payments made after 6th April 2021 will be allocated 200/0 to Unrestricted Funds. 40% to the Shackleton SChola￿￿1P Reslricled Fund, and 40,￿ to Other Restricted Funds. NET INCOMEIIEXPENDITUREI FOR THE YEAR 2023 2022 This is stated after charging". Auditors, ￿muneratiOn.. lor audit for other serwices 6,000 1,650 5.600 1,500 16

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Note5 To Tho Financlal Ststsments For Year Ended 5 April 2023 STAFF COSTS There were no staff empbyed in the current or previous year in either the Core 8ctiviti8s or the Shad(leton Sd)oL4rship Fund. The key Ma￿￿ement ofthe charfty comprises ofthe Trustees. The Trustees do not receive any rernuner8tK)n. During the ye8r four of th9 trustees were re1m￿rsed £5.095 for expenses incurred in thwr duts.es as trustees 12022.. nill. Stocks 2023 2022 Books held for resale 668 668 INVESTMENTS 2023 At mathet value.. Balance at 6 April 2022 Additions Disposal Gainsllbssesl on revaluatN)n 1.232,331 4.987 15,1551 1139,4831 Market value at 5 Aptfjl 2023 1,092,680 Cost a15 April 2023 866,141 The Charity's invesknent in the following represents more than 5% of tt)e total Investment portfolio as at 5 April 2023.. LINK FUND SOLUTIONS LTD TROJAN INCOME X INC BNY MELLON FUND MANAGERS LIMITED NE￿oN GRO￿￿ & INC FOR CHARI INC NAV SCOfflSH MORTGAGE INV TRUST ORD GBPO.05 58.546.15 79.1(6.43 tH.166.00

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To Th9 Financlal Statomgnts For tho Year Ended 5 April 2023 DEBTORS 2023 2022 Funds due from Shathlelon Scholarshlp Fund 10. CREDITORS- Amounts falllng due wlthln ono y•ar 2023 2022 Accrua Schtslar5hip (x)mmitments 21.401 63.463 8,500 48,130 84,864 $6,6SJ 11. STATEMENT OF FUNDS CURRENT YEAR 8alanc• at 6 Aprll 2022 Incorning Resour￿$ Resources Expènd•d Transfers, Galns & (lo￿e$l Balance at 5 April 2023 UNRESTRICTED FUNDS: Gener I fund.. Core aclivilies nated fund.. Research of re(luctth of carbon Omissions in the fishing industry 233.256 4,413 114,6691 211.937 50,000 111,8751 38,125 Totsl unrestrl¢ted fvnd8 283,256 4,413 122.9381 114,6691 250,062 RESTrICTED FUNDS.. Shackleton Scholarship fund The Patrick Davy CIV￿ Fund for the benefit of the people of the Falkland Islands Adrnirdlty Cottage Fun¢J 1.￿6,493 20,177 138,8791 1124,8141 862,977 728,451 130,7811 697,670 250.￿0 IS5.3311 194,669 Totsl r¢strlcted fund8 1,984,944 20.177 1124.9911 {124,8141 1.755,316 Totsl fundg 2,268200 24.590 1147.9291 {139,4B31 2,005,378 D8SI nat8d funds.. The 'Resear¢h of reduction of eart￿n emissions in the fishing industry, fijnd was created during financial year ended 5 Apnl 2021 to allocatè funds for research in the fidd of Ihe rgducUon of carboft emissK)ns in the fishSN industry. Restri The 'Shackleton Scholarship Fund, was restricted during 14nancial year endeij 5 April 2021 to allocat6 funds for providiro scholarships for researcb and educational purposes in the FaI￿and Island 'The Patrick Davy Civic Fund for the benefit of the people of the Falkland Islands. fund wgs created during rinancial year ended 5 April 2021 for the benefit of the people of the Falkland Islands. Th8 'Adrniralty Cottag8 Fund. was also (xeated dunrg flnanual year ended 5 April 2021. The restricted funds are to be Lssed to refurbish and refit Admiralty Cottage and to preserve it lor p05terily,' also to enable t￿ Falkland Islands Museum to ¢x)ntribute to the presetvation of the natural history of the F81klands induding its gardening heritage. 18

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notos To The Flnanclal Statsm•nts For the Year Ended S April 2023 11. STATEMENT OF FUNDS l¢ontinuod} PRIOR YEAR Balance at 6 April 2021 Incomlng Resourc•¥ Re$our¢•$ Expended Transfers, Gain5 & (1088e81 Balan￿ at S Aprll 2022 UNRESTRICTED FUNDS: neral fund.. Cor8 activiti 232,326 3,694 14,5041 1,740 233.256 Research of ￿duCtIon of carbon emissv)ns In the fishing industry 50.000 50,000 Totsl unr•slrrictgd fvnds 282,326 14,5041 1,740 283,258 RESTRICTED FUNDS- Shackleton Scholarship fund The Patrick Davy CIV￿ Fund for the benefit of the people of the Falkland Islands Admiralty Cottage Fund 1.CK)8.622 17.797 {24,107) 4,181 1,006,493 750,(K)O 121.549) 72B.451 250,(X)O 250,rrtJO Total re5tr1ctsd fund$ 2,008,622 17.797 (45.6561 4,181 1.984.944 Total funds 2.290,948 21A91 (so,1￿) 5.921 2.268.200 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Other Ntt Inve5trnent¥ General Funds Designated Funds Restitted Funds 210,485 1,452 38.125 873,121 211,937 38,125 1,755,316 882,195 1,092,680 912.698 2.005.37B 13. RELATED PARTIES Ttte￿ were no related paty trans￿l0r￿ in either the current orthe pri)r yèar, otherlh8n those d1scbse(J in nole 7- Staff G)sts 14. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 N•t Inco￿￿ forth¢ repO￿ng pgrlod Adjustments for: Divid8nds and Inte￿$t from investments Lossesllgainsl on investments Decrease in stock5 Decrease in debtors Increase1(d￿reasel in creditors 1262.8221 122,7481 124,5861 139.483 {21,4461 15,9211 28,234 19.530 Net ¢o$h Pro￿ded by operatlng aetivititis {119,6911 130.585) 19

THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To The FinancSal St8tements Forthe Year Ended 5 April 2023 15. SOFA Comparative Note$ Restrlcted Funds un￿$11¢10d Shackleton Other Scholarshlp Re$trlctgd Fund Funds Total Tal Funds 2022 2021 INCOME AND ENDOWMENTS FROM tkinations and I￿a¢le$ Other trading admties Investment income Other I￿)me 1,2￿,(￿)0 6,552 18,119 45 45 21,446 3,694 17,752 Tdal Incom• 3,694 17,797 21.491 1,2T4,672 EXPENDITURE ON Ra￿ing funts Charitable 8ctivities 390 4,114 1,775 22,332 180 21.369 2,345 47.815 1.981 46.102 Totsl expenditur 4,504 24.107 21.549 50,160 48.083 NET INCOME BEFORE NET GAIN 18101 16.3101 121.$491 12B,6691 1,226,589 NET GAINSI (LOSSES) ON INVESTMENTS 1,740 4.181 5,921 324,209 NET INCOME I IEXPENDITUREI 930 12,1291 (21,5491 122.748) 1,550.798 Transfe￿ betr￿Tr funds 11 NET MOVEMENT OF FUNDS {2,1291 121,549) 122,7481 1.550.798 Total funds at 6 April 2021 282,326 1,008,622 1.0(K>.(K)O 2,290,948 740.150 Total funds at 5 April 2022 283,256 1,006.493 978.451 2,268200 2,290.948 20