YEAR END 5 APRIL 2024
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 2024.
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 2024 R•gl8t•r•d Charlty Numb•r. 282n6
THE UNITED KINGDOM FALKLAND ISLANDS TRUST CONTENTS P*9• Trustees, Report lTrdependent Auditors. Report Statgmènt of Firt8n¢i8f A¢tivilies 10 8818nce Sh 11 Cash Flow Statement 12 Notes to the Financial Statsments 13-20
THE UNITED iaNGDOM FALKLAND ISLANDS TRUST Report of The Trustees 1. Introduetlon This port Is by the Trustees ol the United ngdorn Faland Islands Trt IUKFITI 8nd covers the p•iiod 6 April 2023 to S April 2024 with addib.onal comments up to the dale of this Report. It has been pfepared in a¢cordance with our 90vem1 docurnent. Charities SORP IFRS 1021, the Charit$ Ael 2011. a1 apKable accounting standards. 2. Stru¢ture. Governanc• •nd Managgrngnt 2.1 Lgg¥l Stsl The UKFIT is registered In England & W8185 a5 charity number 282786 and a150 as a charity recognised ith the Falkland Islands for tsx deducts'on poSeS under section 57121 ol the Taxes Ordinance 1997. The governirrfJ document is a Charrtable Twst Deed. made on 1 Jun8 1981. 2.2 The Board of Trust& The UKFIT has a Board which, according to the Ch8ritable TTUSt Dèèd. shall have no more than ten and no fewer than three trustees. During the year under vIeW there were ten tiust80s and they are 8 mix tsf people from vanous walk5 of life including Falklands Tesidents. Annie Bailey took over as Treasurer from Hugh Normand, who remains a trusts&, on 22 September 2023. David Pickup took over 8s Ch8ir frcffl Nigel Haywood on 11 July 2024 Trustees are ¢Ited by the 8oard for their interest in the Islands and for the expertise Ihey bring in furthering the objects of the Trust. The Board usually meets to three ty'mes per year. either in person or. following changes Instituted during the pandemic. online. The trustees ar& responsible for all policy deosions on the running and futur¢ diredion of UKFIT. and in particular for. Ensunng that the Trust has a clear vision. mission and strategic direction. and is focusèd on achiewng these, The performance of the Trust and for its corporate behawour.. Ensuring Ihat the Trust complies with all legal and regulatory qUirements.. Acting as guardian ol the Trusfs assets, l)olh tangib an(J intangible. takin9 dua cara over their 58cvrty. deployment and proper applicatson., EnsuriThJ that the Trust's govemance is ofthè highest possib stsndard. The support of OUT Patron. Her Royal Hvjhress Princess Alexandra, is highly appreciated. 2.3 Relatlonihlps wlth Othgr Organl¥allon¥ The Trust maint8ins strong links Wlth the Falkland Islands Govemment IFIGI through its London Office. The FIG RepSentatIve In L¢)ndon attends frustèe 8oaid maèts.ngs and courtesy calls are made on FIG representatives, includir¥J HE the Governor and Members of the Legislthve Assembly, during visits to the Islands by the UK-based consultant or trustee5 on UKFIT business. The FIT also has links th the Falkland Islands Association, Falklands Conservation. Falklands Maritime Heritage Trust. Royal Botanic Gardens Kew. the Agri-Food & Biosciences lnsts.tutè IAF811 at QLwn'$ University. Belfast, the University of Magallanes in southern Chile and many other organisations connected wth the Islands In varKUS ways. 2A Publ1¢ B•n¢ Th8 Trustees believe that the activibes ol the challty are for the public b&nafit and ¢omply wth the requirement in section 17151 of Iht 2011 chavth.ès Act. 3. Objective8 and Activitie8 for the public benefit 3.1 Summary of the Objectives. The objects given in the Charilable Trust Deed are very and. in practice. the truste8s have n had thè resources to use them to thaif full èxtent. Thèy include the followng forexarnple. To advance the edUtIon of the inhabitants of the FalklarKI Islands and the Soutt) Attan¢ Region by the provision ol prizes. bursaries and scholarships. To advance the education ol the general public In UK and in the Falkland Islands by promoting research Into fauna, fiora and pla¢es of scientsfic Importance and buiklings of historic iThtèrèst and lo publish the results of that researd). To promote the study and research of agriculture. animal husbandry, ¢ommercE, fisher$ forestry and all other industr$ and scien$ in the Falkland Islands. To provide medical support by prOv1rj ful$. •quiprn*nt, apparalu5 etc.
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Report of The Trusteos 3.2 Ovevview ol P•$t Activitie• Since its founding In 1981. the rnain xtNth"es of the Trust have been to 8sSlSt the population of the Falkland Islands using bwo main 5trearn5 of actiwty, the Core Fund and the Shackleton Scholarship Fund. Following generous gift In Deomber 2020 a third fund was set up, The Patrick Davy Civic Fund. 3.2.1 Th• Cor• Fund Using the resource5 of the Core Fund. the charity ha$ conducted beneficial projects not norrnalty ftjnded by the FIG, with an emphasis on $entIfiC research. The primary effort has been directed towards programmes ol search and alYvi on agriculture. forestry and rural development or through use ol the contacts ar special skills ol the Trusys UK-based consuttant. Dr Jim McAdam OBE. The aim has been to promote the suStainae growth of the rural economy. Over the years, the Trust has actively promoted the saentific and development potential of the Falklands at many key national and International events and worked on a wde variety of rural dèvelopment prqects. many of which have bten initiated by the Trust and then taken on by FIG. Thè$È have include£l. for eXaMe. Rtsèareh ¢)n ktlp harv•sb"ng fef usè 8$ liquid ferliser. Research on Soil Improvemènt and soil surveys. Development of organic laming and the marketing ol organic prcxjucts. selection and establishment of tree SleS to Create shelter bells. The development of Tussac grass as a source of animal feed and erosion inhibitor. The develorhment of a comprehensive science datsbase fr>r the Islands. Climate charye studies. 3.2.2 Th• Shaekloton Seholawship Fur ISSFI The trustees ol the Charty launched an appeal lin conjunction wth otheTsI on 25 January 1995 to rase funds as a mernorial to the life and work of Ihe lat8 Lord Shackleton, KG, and of his father Sir Ern85t Shackleton. who were both dosely associated with the Falkland Islands and the South Atlantic Region. The Appeal was established as a restricted fund of the FIT and the Trustees delegate the day-to-day management ol the fund lo an A¢Jvisory Committtsfr with branches in Stanley and London. A lotal of £380.821 has b•en granted trorn tha foundatson of th8 Shackleton Scholarship Fund to S April 2023. The scholarships awarcled a of fv40 kinds. Aead•ml¢ Seholarshlps. Academic Scholarships are to subsidise the travel and accommodatK)n costs of researchers who wish to study In the Falkland Islands or for which the Falkland Islands Is a good base. The range ol projects supporte<J Is wde", lor example, In June 2022. SLX scholarships were awarderl totalling £21,500. one of which was for £3,000 to explore "Famiing Carbon vealing how grazing practices have Influen above and below ground carbon stock in the Falkland Islands.. Qu•llty of Llle S¢hol•rshlps. Qualty of Lile Scholarships are lo subsidise the travel and a¢moda.0n costs of experts who have s¢)me knowledge or skill to impart to people in the Felkland Islands., teaching which is not availab in a remote Iocatson with a small pryulalion on subjects such as SForts coaching ar the teaching of musical instruments. 3.2.3 The Patrick Oayy Civic Fund The Patrick Davy Civic Fund was set up wth a £750.000 donatyon at the end of 2020. Its purpose to focus on civic projects which are aligned with the Qharitable Trust Deed 13.11, but which ernan8le from d1xusss wth Falkland Islanders on their pnorities particarlY In ar83 of ovic d8velopffl8nL To assist thg ggnefation of proiect proposals for consideratitsn by the TtU5teas, a eonsubiant basèd in tha Falklands, Darrèn Christi8, Wa appointed In 2021.
THE UNITED KINGDOM FALKLAND ISLAMDS TRUST Report of Thg Trustees 3.3 Summary of Cor• Fund A¢tivltl•s In tho Y•ar Und•r Rtport As set out in the previous year's Report. the Trust's Consultant 1riSlted the Falkland Islands in March 2023 and SUCC855fully wrapped up his involvernent In the various Project5 described in that Report. The Trvst owes a huge dèbt of gratitudè tts Dr McAdatn for his excelnt work over many yea15 and hopes that Dr McAdarn c8n continue to be involved In tt)e Tst'S athvities gIn his kno%8d9e and contacts. and thè COn5idÈfable T85pect that he is held in by the people of the Islands. A project to Investigate opknons for reducing carbon emissions In the Falklands. fishing Industy Is largely complete.The work has been Carr ovt by the South Atlantic Environmental Research Inskn"tute. and consisted of analyzin9 data from the fleet lo establish a baseline, and a Series of visits to Universit$, manne archrtects and ship yards to l¢)ok at options current and futu which can be used by the industy as a roadmap to a Iowth emission5 luture. This work should bt cornpleted In August 2024. 3A Summary of SSF Aetivltles In the Y•ar Under Report In the year to S April 2024 improvements in a¢5$ to the Falkland Islands allowed an Increase in the number of SSF scholars visrting and progress in working through the b8¢klog of awards created by the pandemic. Thè London and Stanlèy Cornmtttèès mtrt on 12 May 2023 and 25 June 2023 respectiv8ty to consider applications submitted by 31 March 2023. FollowirwJ broad agreement botwsèn thè two Cornmrttaès the Fund offered six ACa(leM awards totalling £23.110 and the Quality of Life awards totalling £8,000. an overall total of £31, 110. Some pVIouS awards re relirwuished by scholars no longer ab to take them up to lea a n award for the year of £13.425. The Fund paid out a total of £34.638 in the course of the year under report. This included p8ymeTht5 of scholatships awarded In pr•vious yèars. but dlayad by th• pand8rn1C. Since Ihe end ol the period under report. The Shackleton Fund has awarded lurth•r schokrships to tha ValL of £28.990. plus a number of small 9rant$ totalling £2.000 to enable past scholars to attend academic conferences In order to present their research to a wider audience. 3.5 Patrlck Da¥y Clvlc Fund The trustees agreed three fvrther projects. 1. the purchase and installation of a generator for the Darwin Harbour Sports Association to prOVe facilit5 for their annual race meetings 2. Irwrilp1e funding for the provision ol a barbèqu• sh8lt•r and tornposting toiLts for the MilKnium Camp51tè on West Fakland. 3, in-prinaple funding for a mu1114Jse skate park In Stanlèy. Of previousty a9reed projects. the bowling green project is largely cornplete, wilh f8nang Constructed. Gates have yet tg be fitted as the Club rry out Some resurfacing w¢)rk on the 9reens. The project to tOre th& histor buildings on the raCOurse lo enable their use by the cornmunity is yet to start. with Trv5tees awaiting a work plan and budg•t fof final approval. A contractor has bn Idèntifisd who is willing to undertake the work, but they are fvlly committed on other projects until the austral summer. The difficulty of gettin9 Contra¢lors to bid for work on the l$lands continues, and this extends to getting estimates for the anticipated c05t of work 85 well a5 Ihe carrying out of the required work itself. This makes the allocation of funds to Projects wrth any degr•• of Certainty v•ry difficult. so that many of the Project5 have only received nominal allo¢atson ol fundiThJ unbl ests'mates have been a9reed and a timetabl• lor tho has bo8n established. Thè wotk to Admiralty Cottage has changd significanuy during the #r following ein¢rIng analysis of the Structu and foundatK)ns of tho building. with th6 original r8novats.on proposal becoming a demoli"0n of the exists'ng building and the construction of a new building to the original design. This work is largely completé. 4. Flnancial Review 4.1 Th• Flnanclal Overvlew The reopening of the Islands lo visitors following the relaxation of reslricts'ons imposed by the COVID pandem1C onabled funds to be sllt bolh on Ihe fesutnption of visits by Shacklèton scholars and on projects fgr the Patrid( Davy Civic Fund.
THE UNITED KINGDOM FALKL4ND ISLANDS TRUST Roport of The Trustees The Trust takes a long terrn view on invesbnents but made minor adjustments to investments at the advicè of our fvnd rnanagers. 4.2 Thg Core Fund The Corè Fund startèd Ihè year wth a value of £2SOk and ended wrth a value of £239k with an increase in Ihe valuè ol Investments offsatting somè of thè SLMS èxpondÉd. 4.3 Shackl•ton Seholarshlp Fund The sha(tOn Scholarship Fund started with a balancè of £863k and tndod wdh • valuo of £909k as the rise in the values of investments exceeded the ex$ ol expenditure over Inwmè. 4A The Patrlck Dawy Clvl¢ Fund Not being exposed to the market, the Patrick Civic Fund duced in value by sums spent. 4.6 Ro$erv Pollcy It Is the policy of the Board to kéep a short tsTm. ¢a5h r8serv¢ to cover CO Fund management expenses, and to protect planned research. developrnenl projects and scholarships taking into account likèly cash In-fiows from investments. In Ihe case of SSF, the capit81 value of the invested fvnd5 is svfficienl to cover the award ol extra scholarships beyond the nom)al bu¢Jgètad lèvd ts1 £30,000. 4.6 Inve$knent Poll¢y It Is the policy of the Board lo sustain the capital values of invested funds, Whi seeking an Incom• for the Core Fund to cover basic adrninistr8tive costs. and aboLtt £30.000 per year for the SSF to cover administrative costs and schdarships. Policy for all invested funds is based on a medium risk strategy and tt)è r[ust$ recgiv8 regular reports from the Inv•stment Manag8rs. LGT V•stra. 4.7 Rl$k The Trustees reguLqrly review the main risk5 facing the charity arKI have anS to mitvJate those risks which inclJe." Losses on investrnent portfolios le&liro to a ru¢ll0n ol income. SSF stholars svffering financjal loss. iryury or death during their projects. Ad[s8 publicity linked lo any person connected to the charity. 4.8 Poli¢1•8 The Trustees have documantèd Polia•s in of thè following whith are kept uTrJer review. Conflicts of Interest. Risk Managernent (including a prot01 for handlirg a¢fverse publicityl. Safèguarding Boneficiarios. Archiving. Complaints Han¢JlirKJ. Dats Protection Policy. Financial Procedures. 4.9 Insurance Spe¢ial insurance cover 15 taken out to cover ¢ontractual nsks and liabilities inherent in the charity's work and it is renewed annualw. 5. Futur¢ Plan$ In the next year the charty proptsses to cornpte its change In 981 statu8 to an Incorporated Charitsb Or9anisation mentioned in previous Reports. It Is hoped to ¢Jo this by 1st October 2024 or 85 soon arter that date as the Trustees de¢ern)Ine to be possib. It will conts'nue to seek proposals from Ihe Islands for civic projects which will befit the Islanders whilst recognising the realitie$ of carrying out construthon worf< in the Islands as sèt out above and continue tts work to restore the activity of the Shackleton Scholarship Fund to pre-COVID levels.
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Charty Infomi•tion for th• financ141 yoar •ndlng S Aprll 2024 Patron HRH Prin¢e8$ Abxandfa PrMld•nt (Vacant) VI Pr••ld•nt 'r Commodore Petsr Johnson. OBE TN•ts•¥ David Picup CB Ni9el Haywood. CVO Anni¢ BaiLy Hugh Normand Tim Mil1 Martane Marsh Di¢k Sawl¢ Andr Mollat Colin Roberts CVO Paula Fovmies Ichaimianl lappoinied 11 JY 2024 (Retired 11 July 20241 Hon TaSurer14ppOINtOd 22 Soptembtsr 20231 Hon Tr¢asuf•r Ir•$fjn•d 22 S•pl•ml 20231 IFI r•sldanti IFI identI Hon S•¢rètary Ichaiman SSF Committ••l IFI rosidantl Prln¢lp•l consultants Dr Jim M¢Adom, OBE Darren Christ Audltor• Azets Audrt Sorwc•s 2nd Floor Regis House 45 King Wllliam streot LONDON EC4R 9AN Inv•tm•nt Mang•r¥ LGT Ve8tr8 LLP 14 Comhill. London EC3V 3NR Charlty Numb•r 282786 R•gk•t•r•d om Falkl•nd House 14 Broathay Wèstr)Inst•r London SW1H OBH A UK.r•9ht•r•d ¢harlty approv•d lor tx d•du¢W)n purpo¥ und•r ¢lln 1579121 olth• F•lkl4nd l•l•nds Taxm Ordln•n¢• 1997
THE UNITED KINGDOM FALKLAND ISLANOS TRUST Report of The Trustees Trustees, re•pon8ibili¢ies In rel•tlon to the flnanclal $tat•m•nts The trustees are responsiblè for prtparing thè Trustees. Report and the finanual ststements in accordance wilh applicable law and United Kingdom Accounting Standards (Unrted Kingdom Genèrally Acceptad A¢¢ounting Practsl. Thè law 8pplieablè trs charit8 in England and Wales. the Charitie5 Act 2011. Charity (Accounts and Rèportsl Re9ulatson$ 2008 and the provisions ol the trust dtsed r•quir6s truste$s to PfèPaT8 fin8ncial statements for each financ¢al year which give a true and fair view ol the statè of affai of the charity and of the incoming resourcè5 and applicatiori of resour5, Including the income and expenditure, of the charity for that period. In preparing those finan¢ial statements, the trustees are required to.. select surtable accounth.ng policies and then apply them eon$islenly', observe the rn8thods and principles in thg Charities SORP,. rnake Judgements and estimates that are 3$onable and prvdent., prepa the finanual statements on the going concem basis unless rt is inappropriate to pr¢$ume that tt)8 thanty wll conkn"nu• in op•iats"on. The trustees are responsl)le for keeping proper accounting cOrdS ¥which disdosa t raasOn accur8¢y at any bme the financial position ol the charty and to enable them to ensure that the financial statements compty th thè Charitses Act 2011. the Ch8lrty (Accounts and R8POrt$l Rggulations 2CK)8 and the provisions ol the trust deed. They a also sponsible for safegu8rdin9 the assets ol the charity and hence for taking reasonable step5 lor the prevention and detecbon of fraud and other Irregularit$. Signed on behalf of the Trustees.. Mr Davi(1 Pickup CB Chairman Ms A J Basley Honorary Treasurer Date. 1510112025 2010112025
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Independent Audltors. Report To The Trustees ol The Unit•d Kingdom Falkland Island$ Trust Opinlon We have audited the financial statèmènts of The Unitèd Kingdorn Falkland Islands Trust lthe '¢harity'l for the year ended 5 April 2024 which comprise the Staternent of Financial Actiwties, the BalanTr Sheet, the Cash Flow Statement and notes lo the financial statements, induding a $iMary of significant 8cwunting poli¢ig3. The financid porting tramewoth that has been applied in thèir prtparatson 1$ ¥)plicable law and United Kingdom Accounting Standard5. In¢luding Financial ReportiThJ Standard 102 'The Financial Reportir@ Standard applicable in the UK and Republic ol Ireland, {unrt KJ'rydrTh GerwalyActepled AtcJJnNJ Pracltel. In our opinion, tlw financral ststements. give a true and fair viw of the state of the charity's affairs as at 5 April 2024 and of the charity's Incotning fysources and application of resour¢95. for the year then ended,. havo properfy prepared in accordan with United Kingdom Generally Accepted AcUntr.ng Practice., and have been prepared in occordance wrth the requirements of Ihe CharitS Act 2011. B#$ls loy oplnli>n We ¢ondu¢ted our audil in acrdanCe wth Intemational Standards on Audits"ThJ IUKI IISAS IUKII an¢J applicab law. Our SponSibl11t1es under those standards a further descnbed In thè Auditor's rè5ponsibilities for the audit ol the finanaal statements s&clion ol our report. We are indèpendènt of thè charity in accordarn with Ihe ethical reqU1MentS that are relevant to our 8udrt of the financial Stslements In the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical spOnsibl1111es in accordance with these ffjquirèments. Wè believe that the a11 evideTh we have obtained Is suffiaent and appropriate to provide a basis for our ¢pinion. Conelusoons relatlng to golng eone•m We have nothing to report in respect of the followin9 maiters in relation to whth Ihe ISAS IUKI require us to r8pDrt to you where. the trustees, use of the going conc•rn basis of accounting In th8 preparation of the financial ststerngnts is not appropriate, or the trustees have not disdosed in the financial statements any identified matelial uncertaintiès that may cast significant doubt about tho group'$ or the charity's ability to contr'nue to adopt the going concem basis ol accounting foi a period of at least Iwelve month5 frorn the date whon the financial statements ara aLrthonswJ lor Iss. Other Informatlon The trustees are responSie for Ihe other infomiabon. The other infom)ation ccrpri8es the infomats.on included in the annual report, otker than the financial statements and our Audrtors raport thèreon. Our opinion on the financial statements does not covei the other infom)ation and wè do not axprèss any form of assuran conclusitsn th&[n. In connecb'on wilh our audit of the finanryal statements. our responsibility is to read the othor inlomation 8TrJ, In doing $0. consider whether the other information Is materially Inconsistsnt with the financial statements or our knovAe(Ige obtain•d In th• audrt or otherwise appear5 to be rnaterially mis5taled. If we identify suth material Inconsistenoes or apparent mattnal misstatéments. w8 are requirgd to determine wk*ther there Is a matenal rn1SStatement In the financial statement5 or a matefi21 misstaternent of the other infom)ation. If. based on th8 Yrk w¢ have p&rfotm¢d. wo condude Ihat there is a maierial misstaternent of this other infomats"on. we arè required to pOrt that fact. We have Th)thing to report In this regard.
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Independent Audltors, R?port To The Trustws of The UnSted Klngdom Falkland Islands Trust Matt•rn on whlth w• are rèquired to report by exception We have nothing to report in respect ol the following matters in relatron to which the char"eS (Accounts and Reports) Regulations 2008 requi$ us to report to you Il, in our opinion.. tha infotmatson giv¥n in the financial $tatern¢nts 1$ irnlsnt in any material respect wth the tNst88S' report, or sufficient accounting records have not kèpt". or the financial statements are not in agreement with the accounting recor¢Js". or we have not received all thè infomation and explanations requitt for our audit. R•sponsibilltles of tru8t•o As explained more lully in the trustees, re5ponsibilitses 5tstement, the trustees are responsib lor bhe preparation ol the financial statements and for being satssfied that they give a true and faif view, and for such Internal control as the trustees detemiine Is necessary to enable the preparab.on of financial st8ternènt5 that arè free from matenal mis5tstement, wh8th8r due to fraud or error. In preparing the finanaal statemènts, tha trust•es are spOnsIb lor assessing the chanty's ability to ctsntinue a5 a going cOnrn. ¢Jisck)sing, as applicabla, mattèrs ralatad to going conc&m and using th8 going concern basi5 of accounting unlèss thè trustet5 either intend to Iv4uhlate lh8 charty or to cease oper8tr'ons. or have no reIst alternative but to do so. Audltorfs r•sponslblllti•s for th• audlt of th• financlal $tat•nwnts Vve have been appointéd as auditor under section 151 of the Charities Act 2011 and report in accordan with the Act and relevant r8gulabon5 made or having effect Ihereunder. Our ots'ectives a to obtain rea$onaNe assuranc& about wh8ther the financial ststements as a wh)18 are free from matenal mL%statement. whether due to traud 01 error, and to IS5U8 an auditor'5 report that inUde$ our opinion Reasonab assurance 15 8 high level of assuT8nce but is not a guarantee th8t an audit ¢ondu¢ted in a¢cordanc& wtth ISAS IUKI will always detect a material misstaternent when It exists. Misstaternents can arise from fraud or error and a conSided material if. individualty or in the aggregate. they could reasonabfy b expected to influence the economic dacisions ol usèrs takèn on thè basis ol thèsa financial statéments. A furthèr dè5cripb.on of our rgSPon$ibilities for the audit of the financial $tatemenl$ is Iated on the Financial Reporting Counryl s website at www.frc.Org.uJaudrtorsSpoTr$1.tie$. This descnpts.on fom)s part ol our audrtorfs report. Extent to which audit VAI considered capable of detsctlng iThegularities. In¢ludlng fraud lThegularity'es. Including fraud. are instances of nortr<omplIan with laws and regulations. We design procedu$ in line with our responsibilrties, outlined above and on U)e Finanoal Reporting Council's bsit, to detèct material misstatements in respect of irregularth"es, including fraud. Wè obtain and updat? our under$tanding of the entity, its adivibos. it$ ntrol environment. and likely future developments. including in relation to the legal and regulatory framework applicable and how the entity is ¢omplyin9 Wrth that framework. Based on this understanding. we identify and assess the risks ol material misstatement ol the financial statements, whetrr due to fraud or error. design an¢J perfom) audrt procèdurès rèsponsive to thos• nsks, and obtsin audit evidance Ihat IS 5uffici8llt and appropriate to provide a basi$ for our opinion. This includes considèration of Ihe risk of acts by Iho enb'ty th8t were contrary to applicable laws and Tegulations, irrt11n9 fraud. In response to the risk of irregularit$ and non-compliance wth laws and regulaOn$. induding fraud, we designed prdU$ which Included". Enquiry of rnanagement and those Gharged with governan arouThl actu and potgntial litigation and claims as well as actLJal. suspected and alleged fraud,. Rewewing minutes of meetsngs of those charged wrth governance, Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statetnènts or thè oporations ol the company through erNuiry and insp8Ction. Reviewing financial statamant disclosurès and testing to supporting documèntathjn to assess Complian with applicable laws and regulations.. Perforrning audit WO over the risk of management bias and override of controls. induding testing ol journal entries and other adjustments for appropriateness. evaluats.ng the business rationale of significant transactions oUtse the nomial course ol business and reviewing accounting 6Stimatss for Inditators of potential knas.
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Ind9p?ndent Audltors. Report To The Trust5 of The Unlted Klngdom Falkland Islands Trust Because of the inherent limitatrons of an aLKlrt, the 1s a nsk that we will not deteet all Irregularitiès. indudirrfJ those leading to a mat•rial misstatèmènt In th• financial stat•m•nts or non<ompliance with regulatson. This risk Increases tha ffl0 that cofflpliance wth a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be $$ likely lo become awa of instances of non40mpl1an. The risk ol not detecting a matenal misstatement rèsulting from traud is higher than for onè resultiw froffl error. as troud may involve collusion, forgèry, Intentional omissions, m15f8presentations, or the override of internal control. U•e of our POrt This port is made sobèly to the charrty's truste8S. as a body. in 8¢cordancg with Part 4 01 the Char.e8 (Accounts and Reports) Regulations 2C4)8 Our Judit work has bÈ8n undertaken $0 that we rnigm State to the charty's truste8S tho$¢ matters we are required to state to them in an auditoffs report and for no other purpose. To the fullest extent pemrtted by law. we do not accept or assume responsibility to anyone other than tht charity and th8 charty's trustees as a body, loi our audit wotk, for this report, or for the opinions w havg forrned. John Howard (Senior Statutory Auditor) Foi and on bahalf of Azets Audit Servi¢e$. Statutory Auditor 2fKI Floor. Regis House 45 King Wlliam Street Londo EC4R 9AN Date. 23 .J 2ets Audit Servi$ is eli9ible for appointment as audilor by virtue ol its eligibility for apwntrnant as auditor ol a company uThJer sethon 1212 01 the COMpanS Act 2006.
THE UNITED KINGDOM FALKLAND18LANDS TRUST Stat•m•nt ol Flnanclal Actlvllles For The Year Ended 6 Aprll 2024 RtrIct•d Funds Unr••trf¢t•d Sh•¢kl•ton Oth•r 8¢hol•r•hlp R••trlct•d Fund Fund• Totll Totsl Fund• 2024 2023 INCOME AND ENDOWMENTS FR¢)M Inv•stm•nt incom• Oth8r in¢oma 5,474 22,861 28,33S 8,298 8.292 Total Incom• 5,474 22,887 8.292 36.633 24,59) EXPENDITURe ON Raising frjnds Charitabb ath"wti•$ 1,870 17.973 2.170 229.703 2.027 145.W2 28.043 185,887 Tol•l •xp•ndltur• 26,343 19,843 185.887 231.873 147,929 NET INCOMEIIEXPENDITUREI BEFORE NET GAINS ON INVESTMENTS 120.8891 3.024 (177.3951 1196,2401 1123,3391 NET GAIN81 ILOSSESI ON INVESTMENTS 10.190 43,166 03.366 1139,4831 MET INCOME I IEXPENDITUREI 46.190 {177.3951 1141.8841 1282,8221 Transfèrs b•en hJnd$ 11 NET MOVEMENT OF FUNDS 1262,8221 Total funds at 6 April 2023 11 250,062 162,977 892,339 2.006,378 2,268,2CX) Toill fund• at S Aprfl 2024 11 239.383 909,167 714944 1,863,494 2,008,378 CONTINUING OPERATIONS All inccme and •xpenditLtr• has aris•n from ¢ontinuiNJ othbe8. Th¢ nots8 on page8 13 to 20 lonn part ol thes• financial stat•m•nts. 10
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Balance Sheet A$ at 5 April 2024 Notss 2024 2023 FIXED ASSETS Invostments 1.146.355 1.092.680 CURRENT ASSETS Stock Debtors Cash and cash 8quival•nts 794,290 996.894 794,958 997.562 Current Ll•bllltle• Creditors 10 177.8191 184,8641 NET CURRENT ASSETS 717,139 912.698 MET ASSETS 1,863,494 2,005,378 FUNDS Shackleion Scholarship lund Othèr R•strictsd fvnds 11 11 9.167 714.944 862,977 892,339 1.624,111 1.755,316 Unrestricted funds.. Designated funds Core activit5 11 11 14.375 225.008 38.125 211,937 239.383 250.062 1,863,494 2,006,378 TOTAL FUNDS The financial statemants wére approvgd by the B¢ard of Twstse$ on ZLJ !¥rt signèd on its behalf by". . and we Mr David Pickup CB Chairman Ms A J Bailey Honorary TreasUr Thtr notès on page5 13 to 20 fom part of these financial statements.
THE UNITED KINGDOM FALKLAND18LAND8 TRUST Cash Flow Stat•ment As at S Aprll 2024 Not•• 2024 2023 Cash fl4xM from op•rntlng aetlvltlm: Cash generated frorn op8ration5 14 1230,8201 1119.8911 Cash flows fr+Jm Inv•stlng actlvltl••: Dividonds and intérest from inv8strnents Proceeds from sale ol investrn8nts PuTthas• 01 invoslm8nts 28,33S 27.43S 127.7541 24.586 5.155 14,9871 N•t ca•h provbd•d by Inv••tSng 28,016 24.754 Chartgo In ¢•¥h and ¢••h •qul¥*l•nts In th• r•portlng pgrlod 1202,8041 194.9371 Ca•h and ca•h •qulv•l•nts at th• b•ylnnlng of th• Y•portln4 p•rl 996.894 1.091.837 Cash and Cash •qulvahnt• •t th• •nd ol th• r•portlng p•rlod 794,290 996.894 Tha not•$ on pag•$ 13 to 20 fomi p•rt ofth•s• fin)n¢i¥l st•tsrn•nl$. 12
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To Th8 Financial Statements Forthe Year Ended S Aprfl 2024 ACCOUNTING POLICIES Thè pnneipAI accounbng polirye$ adopted. judgements and key sources ol estimatson UnrtaInty In Ihè preparats'on of the financial ststements are as follows.. Basis of pr•paration The finanual statements have been prepared under the histoncal cost convention wrth items recognisèd at cost or transa¢tion value unless otherwise stste(l in the revant not61sl to these accounts. The financial slatètnènts havè been pr8par8d in accordance with the Statement of Recornmended Practice.. Atcounting and Reporhng by Chanties preparing their a¢counts In a¢cordan¢e with the Finala1 Reporting Standard applicable in the UK and Republic ol Iland IFRS 1021 issued on 16 July 2014 and the Finanaal Reporting Standard applicable In the Unite(J Kingdom and the Republic of Ireland IFRS 1021 and tha Charitias Act 2011. The United lfj'ngdom Falkland Islands Trust meets the ¢JelinitKJn ol a public benefit enbty under FRS 102. Assets and liabilrties are initially recognised at histoncal cost or transacbon value unless otrwise stated in the revant accounting poIY not•lsl. The financi815tstements are presented In slerting 1£) which is also the functional curr8ncy for the charity. Golng ¢oncem After reviewing th8 eharity's foracasts and projection5 and taking into accounl the economic condth.ons (including the COVID-19 pandemic) and possible changes In trading perfom)an¢e. the TrUstS have a reasonable expectation that the charity has adequate $oUrCeS to conts.nue in operthonal axistence fgr the foreseeable future. The chanty therefo eontinues to Jopt the going concèrn bas in preparing its financi statemènts. Fund accountSn9 Un$tn¢ted fvnds can be us•d in accordance wrth the charrtable objective$ at the discreb'on of the trustees. Designated funds are unrestricted fvjnds of the charrty which the trustees havfr ¢J8odad. at their discretion. to set aside to use lor a specffjc purptsse. Further explanatson of the nature and purpose of each fund Is included In thè notes to the financial ststernents. Restricted funds can only be used for parlicular restricted purposes within the objects of the charity. Restrictions anse when specified by the ¢Jonor or when funds are raised lor particular festrFcled purposes. Intom• r•¢ognition l incoming resour¢es are included in the Stalernent of Financial Activiks ISOFAI wfn the charity 1$ le9ally enb'tled to the income after any performance tondrtions have been mèt. thè amount can be measured reliably and rt is probable that the Income will be received. Inti)m8 from donation5 15 included in full in the Staternenl of Finan¢ial Activitss when receivable. Income trom trading activities includes income earned frc*n fundraising events an(1 trading activrties to raise funds frir the charity Income Is received In exchange for supplying goods in order to raise funds and is recognised when entiuement has ¢xcurred. Investment income Is earntd Ihrtsugh holding assets for Investment purposes such as shares. It indudes divKl8nd5 and interest. It is included when the amount can be measure(1 reliably. 13
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To The Financlal Sialgrnonts Forthe Year End•d 5 April 2024 Exp•ndltur• rocognitityn All expenditure Is accounted fgr on an ac¢ruals basis and has been cjassified under headings that aggregate all costs related to the category. Expenditure Is Tecognised Whe there is a legal or constructive obligatson to make payments to third parbès. It is probable Ihat th8 Sett18rn8nt will be required and the arn¢)unt of the oblvJ8tion can be me85ured reliabiy. 11 is categorised under the following headings". Costs ol raising fvnds include those costs InCue in attracting voluntary Income. Expenditu on charitable athvities Includes those costs Incurred by the chanty In the delivery ol rts activib.es and sèMe¢s foi its bon•ficiaries. It Includès both costs allocattd direcly to suth •Gbvities and those costs of an indirect naturè necÈssary to support them Irrecoverable VAT is char9ed as an expense against the actNity for which expenditure arose. Schdatships PaYae arè accounted for on accrua15 basis. Allo¢8tion of costs Costs are allocated beiween costs of 9enèratng funds 8ThJ charitablè 8xpendilur¢ according to t nature ol the cost. Detailed analysis tsf the allocth'on of costs is given in note 4 to the finanrAal statements. Inv•$tm•nts Inveslments arè rocognisèd inits.alty at fail valuè which is normally the trans8ctyon price excluding transactron costs. Subsequently, they are measured at fair value with movements reco9ni$ed in 'net gainslllosses) on investments. in the SOFA, if the shares are publicly traded or their value can otheise measurecl lIablY. Investrrents in unquoted equrty Instruments bvhose fair values cannot be measured reliably are measured 8t cost kss Impairmant. Slock8 Stocks are ststed at the lower of cost and net realisable value. after making due allowan lor obsolete and slow moving it•ms. D•btorn Trade and other debtors are re¢ognised at the setdernent amount due. Prepayments are valld at Ihe amount prepaid. Accrued income Is Measured at the amount due to be received. 1.10 Cwedltors CTèditors arè recogn15ed wh8n there is a present obligation resulting from a past event tha¢ will probabty result In the transfer of funds lo a third party and the amount due to Sett the obligation can be measured or estimated reliably. Oth•r cr•ditors and accruals arè rèeognis•d at thr Sèttltment arnount due. Financlal in•truments The charity only has assets and finanual liabilities of a kind that qualify as basic financial instrumants. Basic financial Instruments a iniknally recognised at transaction value and subsèquenljy measured al their setuement value Nwth thè excèption of bank bans whh ara $ubsequonUy rnea5ured at arnortised cost using thÈ effective inter8st method. 1.12 Forei9n ¢urren¢y Assets and liabilities in foreign currencies are translate(I Into sterf1NJ at thts rat8s of exchange ruling at the balance sheet date. Transathons in foreign cUrn¢$ are translated Into steiling at the rate ruling on the date ol the transaction. AJI trxchangtr differèncès ar• rèfl&ct8d in th8 Staternent of Financial Activities. 14
THE UNITED KINGDOM FALKLANO ISLANDS TRUST Notes To The Flnanclal Statements For th• Year Endèd S April 2024 OTHER INCOME Unr••trlct•d R••trlct•d 2024 2023 88nk Inter8St 8,296 8.298 8.298 8,298 INVESTIIENT INCOME Unr•strl¢t•d R•8trfct•d 2024 2023 Oiwdonds SA74 22,881 28.335 24,$86 Thè unr•$trictsd dividand ineom• is ganèratsd from the 'Moin Fund, inv¢strn¢nt portlolits whilst th• re$trictgd ¢Jiwd¥nd in¢om$ is gen&r•tsd from tha'Sha¢kbton Fund. investment portfolio. 15
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notes To The Financial Statements For the Year Endod S April 2024 ANALYSIS OF RESOURCES EXPENDED Unrestricted Shackleton Other Fund¥ Scholarshlp Rgstrlct¢d Fund Fund$ 2024 Total 2023 Totsl Ralsong funds.. Website costs Investment administrab.on chargè 370 1.500 370 1,800 225 1.802 300 300 1.870 2,170 2.027 Charitsble activiti.. riculture and lores Consultancy and travel Soil mappin9 Fishing Cardon Reduction 8.331 23.750 23,750 11,875 umlstanle Co Museumlstsnley Cottage project 155,847 155,847 55.331 Assocation ro ect Falkland Islands Bowls Assocation project 9.052 9.052 Datwin Harbour Sport A5socatson project 395 395 Mana ement and Administrath"on'. Consultancy and travel Audil and accountancy costs Insuran Othèi gera1 costs Chang85 to CIO Trustee expenses 15,750 4.219 403 15,750 10,423 1,008 18.550 9,404 1.147 4,631 6.428 465 2,080 202 4.124 403 21 21 53 Scholarshi Scholarships awardad 13.425 13,425 29.740 26.043 17,973 185,687 229.703 145.902 Totrl resourr*s expended 26.343 19,843 185.687 231,873 147.929 Historically costs incurièd by Ihe Charity that are not specific to a particular fvnd. are allo¢a¢ed to each hjnd. broadly In PToporbon to th8 relatively size of each nd. The raty'o 15 revWed from I'me to time. By the end of the period to 5th April 2021 shared cost were allocate(120% to Vnrestricted Funds. and 80Vh to Restricted Funds (the Shackleton Scholarship Fund). Payrnènts made after 6th April 2021 will be allocated 20% to Unrestricted Fund$. 40. to the Shackleton Sche4arship Rè$triclgd Fund, and 40% tg Other Rgslri¢ted Funds. 16
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Not•s To The Flnanclal Statements For the Year Ended S April 2024 NET INCOMEIIEXPENOITUREI FOR THE YEAR 2024 2023 This is stated after charging.. Auditors, r•mun8rafjon". r audrt - for olher $eTvies 6.600 1.81S 1.850 STAFF COSTS There were no staff employed in tha curmnt or pr•vious y•ar in •ith•r tho Core act89 or Shacloton Scholarship Fund. The key managwnènt oftt)è charty compnse5 ofthe Trustees. The Trustees do not reteNe any r8rnun•ratson. During th• y•ar on• of th• tru$t••$ w•1• r•irnburs•d £53 for expenses in¢urred in their duti09 •S trustees 12023.. £5.0951. Sto¢k 2024 2023 Books hold lor r•sa INVE8TMENTS 2024 At markèt valu•. Balance at 6 April 2023 Additions Disposal Gainslllossesl on Tevaluaticn 1.092.680 27.754 127.4351 53,356 Mrk•t v4lu• •t S Aprll 2024 1.146.35S Cost 015 April 2024 868.444 The Charty's inveBtrnont in the following ropresents mor8 than 5% ofthe total Invoskngnt portfollo 8$ al S April 2024. LINK FUND SOLUTIONS LTD TROJAN INCOME X INC BNY MELLON FUND NAGERs LIMITED NWON GR0H & INC FOR CHARI INC NAV SCOTTISH MORTGAGE INV TRUST ORD GBPO.OS 57,885.19 84,012.44 188.782.00 DE8TORS 2024 2023 Funds due from Shackletw Scholarship Fund 17
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Notgs To The Financial Statgmgnts For the Ygar Ended 5 April 2024 10. CREDITOR8= Amounts f•llin9 due withln one y•ar 2024 2023 Accruals Scholarship commibnents Other credrtors 19,833 42.250 15,736 21,401 63,463 77,819 84.864 11. STATEMENT OF FUNDS CURRENT YEAR Balan¢• at 6 April 2023 Ineomlng Resources R•8oure•8 Expended Tranif•rs, Gains & Ilos$•$l Balance at S Aprll 2024 UNRESTRICTED FUNDS.. ner Core activibes na 211.937 5.474 12.5931 10.19) 225.008 Research of reduction of carbon emissions in the fishing Industry 38,125 123,7501 14.375 Total unmtriet•d funds 260.062 5,474 126.3431 10,190 239,383 RESTRICTED FUNDS: Shackleton Scholarship fund The Patrick Davy Civic Fund for the benefrt of the pecfjle of the Falkland Islands Admiralty Cottage Fund 862,977 22.867 119.8431 43.166 909.167 697.670 8.292 129.8401 676.122 194.669 1155.8471 38.822 Total mtrfctsd fund$ 1.755,316 31.159 {205.$301 43,166 1,624,111 Total fund8 2,005,378 36,633 1231,873} 53,366 1I63A94 The 'Resear¢h of reductson of carbon emissions in the fishing industry, fund was created during financial year èrKlèd 5 April 2021 to allocate funds for rèsearch in the field of Ihe reducts'on of carbon emissions in the fishing industry. Rgstricted fund5 The 'ShacklettJn Scholarship Fund, was restncted dunng finanaal year ended 5 April 2021 to albcatè fuThl$ for providing scholarships for SearCh and educational puTp05es in thè Falkland Island 'Thé Patrid( Davy Cwic Fund for the benefit ol the people of the Falkland Islands, fund wa$ created during financial year ended S April 2021 for the benefrt of the people ol the Falkland Islands. The 'Admiralty Cottage Fund. was also created during financial year ended 5 April 2021. Thè f•stiictd funds are to be used to refurbish and fit Admiralty Cottage and to pserve it for Posterity, also to enable thè Falkland Islands Mu58Urn to contributs to th• praSaatIOn of the natural history ol the Falklands including its gardening kritage.
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Nots$ To Tho Financial Statements For the Year Ended 5 Aprll 2024 11. STATEMENT OF FUNDS leontSnu•d} PRIOR YEAR Balanc• at 6 Aprfl 2022 Incoming Resou88 R850urc•s Expended Transf8r8, G•inB & Ilos$•sl 8olan¢¢ at 6 April X123 UNRESTRICTED FUNDS.. General Yund. Core activities Desi nated fund. 233.256 4,413 111,0631 114,6691 211,937 Research ol reductK)n ol carbon emissions In the fishing Industry 50.OCrt) 111.8751 38,125 Totsl unrnBtrlct•d funds 283,256 4,413 122,9381 114,6691 260,062 RESTRICTED FUNDS: Shackleton Scholarship lund The Patr Davy Civic Fund for the benefit ol the peop of the Falkland Islands Admiralty Cottage Fund 1.008,493 20.177 138.8791 1124.8141 862,977 728,451 130.7811 697.670 250,(K)O 155.3311 194.669 Totsl r•stri¢t•d lunds 1.984,944 20,177 1124,9911 1124.8141 1,755,316 Total fund$ 2,268,200 24,590 1147,9291 1139,4831 2.006,378 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Oth•r N•t A$8ets In¥estmontS Total General Funds Designated Funds R6stiict8d Funds 220.994 4.014 14.375 698.750 225.008 14,375 1.624,111 925,361 1,146,355 717,139 1,863A94 13. RELATED PARTIES In the year endèd 5 April 2024, £135k12023 £52kl was paid. and £10k12023 £4kl was accrued to The Friends of the Falkland Islands Museum and the Jane Cameron National Archives. an enlity with a cornmon trustee. As at the yearnd. there was an outstanding creditor balan( of £15k12023 £nill. 14. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERAnNG ACTMTIES 2024 2023 Net income for the reportlng perlod Adlustm•nts lor: Dividends and Interest from Investments Lossesllgainsl on in9nntS Deerease in stod(s Decrease in debtor6 Increaselldecreasel in (Trditors 1141.884) 1262,8221 128.3351 153,3561 124,5861 139,483 17,0451 28.234 N•t cash provld•d by op•r4tlng aetlvltbè8 1230.6201 1119.6911 19
THE UNITED KINGDOM FALKLAND ISLANDS TRUST Not•s To Th• Flnan¢lal St•t•m•nts For th• Year Ended S Aprll 2024 15. SOFA CoMp•r¥• RMtrf¢t•d Fund• Unmtrlct•d Shackl•ton Oth•r Sehol#Mhlp R•trl¢t•d Fund Fund• Total Totsl Fund• 2023 2022 INCOME AND ENDOWMENTS FROM Donattons and l•gaeies Oth&r trading ath"viti•$ Investrnent income Othr Inm¥ 45 21,446 4,413 20,173 24,686 Totsl In¢om• 4.413 20,177 24,590 21,491 EXPENDITURE ON Roising fvnd¥ Charrtabl• ath"vi"•s 3QJ 22.638 1.727 37.152 2,027 146.902 2,345 47.815 86.112 Tot1 •Xp•ndIr• 22.938 38,879 86,112 147,929 50.160 NET INCOME BEFORE NET OAIN 118.0251 118,702} 1123.3391 128,8691 NET GAINSI ILOSSESI ON INVESTMENTS 114,6691 1124.8141 1139A831 5.921 NET IN¢OME I IEXPENDITUREI 133.1941 1143,518) 186.1121 1262.8221 1217481 Transfers btheen funds 11 NET MOVEMENT OF FUNDS 133.194} 1143,816) 186.1121 1262.8221 122,7481 Tot•1 funds •t 6 April 2022 11 283.256 1,006.493 978,451 2,288,200 2.290.948 Totsl fund• •t S Aprll 2023 11 250,062 861.977 892,339 2,006,378 2,268,200 20