| Page | |
|---|---|
| Trustees' Report | 1-6 |
| Independent Auditors' Report | 7-8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12 -18 |
| Patron | HRH Princess Alexandra | |
|---|---|---|
| President | (Vacant) | |
| Vice President | Air Commodore Peter Johnson, OBE | |
| Trustees | Nigel Haywood, CVO | Chairman |
| Hugh Normand | Hon Treasurer | |
| Tim Miller | (FI resident) | |
| Marlane Marsh | (FI resident) | |
| Dick Sawle | (FI Resident) | |
| Tym Marsh | ||
| Andrew Moffat | Hon Secretary | |
| Colin Roberts CVO | (from 1 January 2021) (Chmn SSF Committee) | |
| David Ainslie | (to 29 August 2020) | |
| Principal Consultant | Dr Jim McAdam, OBE | |
| Auditors | Azets Audit Services | |
| 2nd Floor | ||
| Regis House | ||
| 45 King William Street | ||
| LONDON | ||
| EC4R 9AN | ||
| Investment Managers | LGT Vestra LLP | |
| 14 Cornhill, London EC3V | 3NR | |
| Charity Number | 282786 | |
| Registered Office | Falkland House | |
| 14 Broadway | ||
| Westminster | ||
| London | ||
| SW1H 0BH |
| Notes Restricted Funds Unrestricted Shackleton Other Scholarship Restricted Funds Fund Funds £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 250,000 1,000,000 Other trading activities 3 6,462 90 Investment income 4 1,003 17,116 Other income 1 Total income 257,465 17,207 1,000,000 EXPENDITURE ON Raising funds 300 1,681 Loan interest Charitable activities 9,690 36,412 Total expenditure 5 9,990 38,093 NET INCOME BEFORE NET GAIN 247,475 (20,886) 1,000,000 NET GAINS/ (LOSSES) ON 9 7,963 316,246 INVESTMENTS NET INCOME/ (EXPENDITURE) 255,438 295,360 1,000,000 Transfers between funds 12 (713,262) 713,262 NET MOVEMENT OF FUNDS (457,824) 1,008,622 1,000,000 Total funds at 6 April 2020 740,150 Total funds at 5 April 2021 12 282,326 1,008,622 1,000,000 |
Total 2021 £ 1,250,000 6,552 18,119 1 1,274,672 1,981 46,102 48,083 1,226,589 324,209 1,550,798 1,550,798 740,150 2,290,948 |
Total 2020 £ 3,200 23,229 108 26,537 250 108 23,022 23,380 3,157 (111,252) (108,095) (108,095) 848,245 740,150 |
|---|---|---|
| Notes | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| FIXED ASSETS | ||||||
| Investments | 9 | 1,229,640 | ||||
| CURRENT ASSETS | ||||||
| Stock | 8 | 668 | 708 | |||
| Investments | 9 | 715,723 | ||||
| Debtors | 10 | 200 | ||||
| Cash and cash equivalents | 1,097,740 | 26,736 | ||||
| 1,098,408 | 743,367 | |||||
| CREDITORS | ||||||
| Amounts falling due within one year | 11 | (37,100) | (3,217) | |||
| NET CURRENT ASSETS | 1,061,308 | 740,150 | ||||
| NET ASSETS | 2,290,948 | 740,150 | ||||
| FUNDS | ||||||
| Shackleton Scholarship fund | 12 | 1,008,622 | ||||
| Other Restricted funds | 12 | 1,000,000 | ||||
| 2,008,622 | ||||||
| Unrestricted funds: | ||||||
| Designated funds | 12 | 50,000 | ||||
| Core activities | 12 | 232,326 | 740,150 | |||
| 282,326 | 740,150 | |||||
| 2,290,948 | 740,150 |
| Notes Cash flows from operating activities: Cash generated from operations 16 Cash flows from investing activities: Dividends and interest from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ 18,119 156,524 (346,232) 1,242,593 (171,589) 1,071,004 26,736 1,097,740 |
2020 £ 23,337 24,990 (19,493) |
(24,781) 28,834 4,053 22,683 26,736 |
|---|---|---|---|
| 1. | ACCOUNTING POLICIES |
|---|---|
| The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the | |
| preparation of the financial statements are as follows: | |
| 1.1 | 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) issued on 16 July 2014 and | |
| the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS | |
| 102) and the Charities Act 2011. | |
| The United Kingdom Falkland Islands Trust meets the definition of a public benefit entity under FRS 102. | |
| Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated | |
| in the relevant accounting policy note(s). |
| The United Kingdom Falkland Islands Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). |
|
|---|---|
| The financial statements are presented in sterling (£) which is also the functional currency for the charity. | |
| 1.2 | Going concern |
| After reviewing the charity's forecasts and projections and taking into account the economic conditions | |
| (including the COVID-19 pandemic) and possible changes in trading performance, the Trustees have a | |
| reasonable expectation that the charity has adequate resources to continue in operational existence for | |
| the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its | |
| financial statements. | |
| 1.3 | Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the | |
| trustees. | |
| Designated funds are unrestricted funds of the charity which the trustees have decided, at their | |
| discretion, to set aside to use for a specific purpose. Further explanation of the nature and purpose of | |
| each fund is included in the notes to the financial statements. | |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. | |
| Restrictions arise when specified by the donor or when funds are raised for particular restricted | |
| purposes. | |
| 1.4 | Income recognition |
| All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is | |
| legally entitled to the income after any performance conditions have been met, the amount can be | |
| measured reliably and it is probable that the income will be received. | |
| Income from donations is included in full in the Statement of Financial Activities when receivable. | |
| Income from trading activities includes income earned from fundraising events and trading activities to | |
| raise funds for the charity. Income is received in exchange for supplying goods in order to raise funds | |
| and is recognised when entitlement has occurred. |
| 1.5 | Expenditure recognition |
|---|---|
| All expenditure is accounted for on an accruals basis and has been classified under headings that | |
| aggregate all costs related to the category. Expenditure is recognised where there is a legal or | |
| constructive obligation to make payments to third parties, it is probable that the settlement will be | |
| required and the amount of the obligation can be measured reliably. It is categorised under the following | |
| headings: | |
| • Costs of raising funds include those costs incurred in attracting voluntary income. |
|
| • Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its |
|
| activities and services for its beneficiaries. It includes both costs allocated directly to such activities | |
| and those costs of an indirect nature necessary to support them. | |
| Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. | |
| Scholarships payable are accounted for on accruals basis. | |
| 1.6 | Allocation of costs |
| Costs are allocated between costs of generating funds and charitable expenditure according to the | |
| nature of the cost. Detailed analysis of the allocation of costs is given in note 5 to the financial | |
| statements. | |
| 1. 7 | Investments |
| Investments are recognised initially at fair value which is normally the transaction price excluding | |
| transaction costs. Subsequently, they are measured at fair value with movements recognised in 'net | |
| gains/(losses) on investments' in the SOFA, if the shares are publicly traded or their value can otherwise | |
| be measured reliably. Investments in unquoted equity instruments whose fair values cannot be | |
| measured reliably are measured at cost less impairment. | |
| 1.8 | Stocks |
| Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete | |
| and slow moving items. | |
| 1.9 | Debtors |
| Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the | |
| amount prepaid. Accrued income is measured at the amount due to be received. | |
| 1.10 | Creditors |
| Creditors are recognised when there is a present obligation resulting from a past event that will probably | |
| result in the transfer of funds to a third party and the amount due to settle the obligation can be | |
| measured or estimated reliably. | |
| Other creditors and accruals are recognised at their settlement amount due. | |
| 1.11 | Financial instruments |
| The charity only has assets and financial liabilities of a kind that qualify as basic financial instruments. | |
| Basic financial instruments are initially recognised at transaction value and subsequently measured at | |
| their settlement value with the exception of bank loans which are subsequently measured at amortised | |
| cost using the effective interest method. | |
| 1.12 | Foreign currency |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at | |
| the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on | |
| the date of the transaction. All exchange differences are reflected in the Statement of Financial Activities. |
| Unrestricted | Restricted | 2021 | 2020 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Donations | 250,000 | 1,000,000 | 1,250,000 | 3,200 |
| 250,000 | 1,000,000 | 1,250,000 | 3,200 |
| Unrestricted | Restricted | 2021 | 2020 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Projects (Soil Mapping) | 6,462 | 6,462 | ||
| Book sales | 90 | 90 | ||
| 6,462 | 90 | 6,552 |
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Dividends | 1,003 | 17,116 | 18,119 | 23,229 |
| Unrestricted | Shackleton | Other | |||
|---|---|---|---|---|---|
| Funds | Scholarship | Restricted | 2021 Total | 2020 Total | |
| Fund | Funds | ||||
| £ | £ | £ | £ | £ | |
| Raising funds: | |||||
| Website costs | 181 | 181 | 250 | ||
| Investment administration |
300 | 1,500 | 1,800 | ||
| charge | |||||
| 300 | 1,681 | 1,981 | 250 | ||
| Charitable activities: | |||||
| Agriculture and forestey: | |||||
| Consultancy and travel | 556 | 556 | 963 | ||
| Soil mapping | 5,385 | 5,385 | |||
| Management and Administration: | |||||
| Audit and accountancy costs | 3,828 | 5,315 | 9,143 | 2,563 | |
| Investment administration |
1,800 | ||||
| charge | |||||
| Insurance | 200 | 598 | 789 | 797 | |
| Loan interest | 108 | ||||
| Meeting and travel costs | 1,565 | ||||
| Other general costs | (279) | (2,337) | (2,616) | 142 | |
| Scholarshi12s: | |||||
| Scholarships awarded | 32,836 | 32,836 | 15,192 | ||
| 9,690 | 36,412 | 46,102 | 23,130 | ||
| Total resources expended | 9,990 | 38,093 | 48,083 | 23,380 |
| Books held for resale 9. INVESTMENTS At market value: Balance at 6 April 2020 Additions Disposal Gains/{losses) on revaluation Market value at 5 April 2021 Cost at 5 April 2021 2021 £ 668 |
2020 £ 708 2020 £ 715,723 346,232 (156,524) 324,209 1,229,640 661,663 |
|---|---|
April 2021: |
|
|---|---|
| £ | |
| BNY Mellon Fund Managers Limited Newton Growth & Inc For Chari Inc Nav | 73,133 |
| Scottish Investment Trust ORD GBP0.25 | 67,410 |
| Scottish Mortgage Inv Trust ORD GBP0.05 | 389,940 |
| 10. DEBTORS Other debtors 11. CREDITORS: Amounts falling due within o Accruals Other creditors Scholarship commitments 12. STATEMENT OF FUNDS CURRENT YEAR UNRESTRICTED FUNDS: General fund: Core activities Shackleton Scholarship fund Designated fund: Research of reduction of carbon emissions in the fishing industry Total unrestricted funds RESTRICTED FUNDS: Shackleton Scholarship fund The Patrick Davy Civic Fund for the benefit of the people of the Falkland Islands Admiralty Cottage Fund Total restricted funds Total funds Balance at 6April 2020 26,888 713,262 740,150 740,150 |
ne year Incoming Resources 207,465 50,000 257,465 17,207 750,000 250,000 1,017,207 1,274,672 |
Resources Expended (9,990) (9,990) (38,093) (38,093) (48,083) |
2021 £ 2021 £ 6,550 30,550 37,100 Transfers, Gains& (losses) 7,963 (713,262) (705,299) 1,029,508 1,029,508 324,209 2020 £ 200 2020 £ 3,017 200 3,217 Balance at 5April 2021 232,326 50,000 282,326 1,008,622 750,000 250,000 2,008,622 2,290,948 |
|---|---|---|---|
| UNRESTRICTED FUNDS: General fund: Core activities Shackleton Scholarship fund Total funds Balance at &April 2019 28,798 819,447 848,245 Incoming Resources 4,419 22,118 26,537 Resources Expended (2,093) (21,287) (23,380) Transfers, Gains& (losses) (4,236) (107,016) (111,252) |
Balance at 5April 2020 26,888 713,262 740,150 |
|---|---|
| Other Net | |||
|---|---|---|---|
| Investments | Assets | Total | |
| £ | £ | £ | |
| General Funds | 223,435 | 8,891 | 232,326 |
| Designated Funds | 50,000 | 50,000 | |
| Restricted Funds | 1,006,205 | 1,002,417 | 2,008,622 |
| 1,229,640 | 1,061,308 | 2,290,948 |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Net income for the reporting period | 1,550,798 | (108,095) |
| Adjustments for: | ||
| Dividends and interest from investments | (18,119) | (23,337) |
| Losses/(gains) on investments | (324,209) | 111,252 |
| Decrease in stocks | 40 | |
| Decrease in debtors | 200 | 4,000 |
| lncrease/(decrease) in creditors | 33,883 | (8,601) |
| Net cash provided by operating activities | 1,242,593 | (24,781) |