##
##
##
||**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)|