2021-01-31-accounts

	Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report	2-13
Trustees' Responsibilities Statement	14
Independent Auditors' Report on the Financial Statements	15-18
Statement of Financial Activities	19
Balance Sheet	20-21
Statement of Cash Flows	22
Notes to the Financial Statements	23-43

Trustees	P F Friend, MA, PhD (resigned 9 October 2020)
	J R Parker, PhD
	DM D James, PhD
	C A G Pickton, MA •
	G J Nichols, PhD
	J E A Marshall, PhD, Secretary
	A Buckley, PhD
	SAGibson,PhD
	M J Whiteley, PhD
	B K Levell, PhD
	J P P Hirst, PhD, Chairman
	S J Kape, PhD
Company registered
number	02210675
Charity registered
number	298729
Registered office	Raleigh House
	14C Compass Point Business Park
	St Ives
	Cambridgeshire
	PE27 5JL
Principal operating	West Building
office	Madingley Rise, Madingley Road
	Cambridge
	Cambridgeshire CB3 OUD
Company secretary	J E A Marshall, PhD
Chairman	J P P Hirst, PhD
Independent auditors	Whitings LLP
	Raleigh House
	140 Compass Point Business Park
	Stocks Bridge Way
	St Ives
	Cambridgeshire
	PE27 5JL
Investment Advisors	Cantab Asset Management 35 Hills Road
	Cambridge
	Cambridgeshire CB21NT

		Unrestricted	Total	Total
		funds	funds	funds
	2021 Note E		2021£	2020 £
Income from:
Charitable activities	3	665,616	665,616	1,318,750
Investments	4	78,241	78,241	120,257
Other income	5	62,898	62,898
Total income		806,755	806,755	1,439,007
Expenditure on:
Raising funds	6	34,490	34,490	43,601
Charitable activities	7 1,716,489		1,716,489	2,103,998
Total expenditure		1,750,979	1,750,979	2,147,599
Net expenditure before net gains on investments		(944,224)	(944,224)	(708,592)
Net gains on investments		638,352	638,352	1.044,300
Net movement in funds		(305,872)	(305,872)	335,708
Reconciliation of funds:
Total funds brought forward		9,192,765	9,192,765	8,857,057
Net movement in funds		(305,872)	(305,872)	335,708
Total funds carried forward		8,886,893	8,886,893	9,192.765

	Note		2021£		2020 £
Fixed assets
Intangible assets	12		40,695
Tangible assets	13		126,435		152,510
Investments	14		8,352,771		8,235,642
			8,519,901		8.388,152
Current assets
Stocks	15	2,285		2,285
Debtors	16	692,325		817,073
Cash at bank and in hand		53,548		510,187
		748,158		1,329,545
Creditors: amounts falling due within one year	17	(381,166)		(524,932)
Net current assets			366,992		804,613
Total assets less current liabilities			8,886,893		9,192,765
Net assets excluding pension asset			8,886,893		9,192,765
Total net assets			8,886,893		9,192,765
Charity funds
Restricted funds	19
Unrestricted funds	19		8,886,893		9,192,765
Total funds			8,886,893		9,192,765

		As restated
	2021 2020
	E £
Cash flows from operating activities
Net cash used in operating activities	(1,004,567) (524,599)
Cash flows from investing activities
Dividends, interests and renls from investments	78,241	120,257
Purchase of intangible assets	(40,695)
Purchase of tangible fixed assets	(10,840)	(29,595)
Proceeds from sale of investments	2,369,752	1,393,180
Purchase of investments	(1,557,964)	(1,255,380)
Introduction of cash held in investment portfolio		355,871
Net cash provided by investing activities	838,494	584,333
Cash flows from financing activities
Net cash provided by financing activities
Change In cash and cash equivalents in the year	(166,073)	59,734
Cash and cash equivalents at the beginning of the year	866,058	806,324
Cash and cash equivalents at the end of the year	699,985	866,058

	Unrestricted	Total
	funds	funds
	2021 E	2021£
Subscription income	417,338	417,338
Extra workshops	248,278	248,278
Total 2021	665,616	665,616
	Unrestricted	Total
	funds	funds
	2020	2020
	£	£
Subscription income	1,179,464 1,179,464
Extra workshops	139,286	139,286
	1,318,750 1,318,750

			Unrestricted	Total
			funds	funds
			2021 £	2021£
	Income from listed investments		77,125	77,125
	Investment income - local cash		1,116	1,116
			78,241	78,241
			Unrestricted	Total
			funds	funds
			2020	2020
			£	£
	Income from listed investments		118,127	118,127
	Investment income - local cash		2,130	2,730
			120,257	120,257
5.	Other incoming resources
		Unrestricted	Total	Total
		funds	funds	funds
		2021£	2021£	2020 £
	Government grant income	62,898	62,898
6.	Investment management costs
		Unrestricted		Total
			funds	funds
			2021£	2021£
	Portfolio management fees		34,490	34,490

	Unrestricted	Total
	funds	funds
	2020	2020
	£	£
Portfolio management fees	43,607	43,607

	Unrestricted	Total
	funds	funds
	2021£	2021£
Legal & professional costs	1,030	1,030
Staff costs	1,257,379	1,257,379
Accountancy & audit fees	5,324	5,324
Exploration & fieldwork	1,263	1,263
Library services	633	633
Research activities	314,866	314,866
Other office costs	128,270	128,270
Promotion and publicity	3,720	3,720
Staff training	4,004	4,004
	1,716,489	1,716,489

Summary by fund type (continued)
	Unrestricted	Total
	funds	funds
	2020	2020
	£	£
Legal & professional costs	2,194	2,194
Staff costs	1,389,042	1,389,042
Accountancy & audit fees	4,725	4,725
Exploration & fieldwork	119,569	119,569
Library services	75?	751
Research activities	376,858	376.858
Other office costs	172,907	172,907
Scientific Advisory Board expenses	7,457	1,457
Promotion and publicity	3,554	3,554
Staff training	32,941	32,941
	2,103,998	2,103,998

				Total
	Staff costs Depreciation 2021 2021 £ £		Other costs 2021£	funds 2021£
Legal & professional costs			1,030	1,030
Staff costs	1,257,379			1,257,379
Accountancy & audit fees			5,324	5,324
Exploration & fieldwork			1,263	1,263
Library services			633	633
Research activities			314,866	314,866
Other office costs		36,915	91,355	128,270
Promotion and publicity			3,720	3,720
Staff training			4,004	4,004
	1,257,379	36,915	422,195	1,716,489

				Total
	Staff costs Depreciation Other costs 2020 2020 2020			funds 2020
	£ £ £			£
Legal & professional costs			2,194	2,194
Staff costs	1,389,042			1,389,042
Accountancy & audit fees			4,725	4,725
Exploration & fieldwork			119,569	119,569
Library services			75?	751
Research activities			376,858	376,858
Other office costs		62,211	110,696	172,907
Scientific Advisory Board expenses			1,457	1,457
Promotion and publicity			3,554	3,554
Staff training			32,941	32,941
	1,389,042	62,211	652,745	2,103,998

	Activities
	undertaken	Support	Total
	directly	costs	funds
	2021£	2021£	2021£
Legal & professional costs	1,030		1,030
Staff costs	775,612	481,767	1,257,379
Accountancy & audit fees	5,324		5,324
Exploration & fieldwork	1,263		1,263
Library services	633		633
Research activities	314,866		314,866
Other office costs		128,270	128,270
Promotion and publicity		3,720	3,720
Staff training	4,004		4,004
Total 2021	1,102,732	613,757	1,716,489

	Activities
	undertaken	Support	Total
	directly	costs	funds
	2020	2020	2020
	£	£	£
Legal & professional costs	2,194		2,194
Staff costs	955,060	433,982	1,389,042
Accountancy & audit fees	4,725		4,725
Exploration & fieldwork	119,569		119,569
Library services	751		757
Research activities	376,858		376,858
Other office costs		172,907	172,907
Scientific Advisory Board expenses		1,457	1,457
Promotion and publicity		3,554	3,554
Staff training	32.94/		32,941
	1,492,098	611,900	2,103,998

	2021	2020
	£	£
Fees payable to the Company's auditor for the audit of the Company's annual accounts	5,010	4,725

	2021	2020
	£	£
Wages and salaries	938,594	1,073,051
Social security costs	92,920	100,045
Contribution to defined contribution pension schemes	225,865	215,946
	1,257,379	1,389,042

	2021	2020
	No.	No.
Research services	17	17
Management and administration	2	2
Technical services	3	3
	22	22

		2021	2020
		No.	No.
In the band £60,001	- £70,000	1	1
In the band £70,001	- £80,000	1

	Computer
	software
	E
Cost
Additions	40,695
At 31 January 2021	40,695
Net book value
At 31 January 2021	40,695
At 31 January 2020

	Plant and Fixtures and	Plant and Fixtures and
	machinery fittings		Total
	£ £		£
Cost or valuation
At 1 February 2020	318,903	150,865	469,768
Additions	9,520	1,320	10,840
At 31 January 2021	328,423	152,185	480,608
Depreciation
At 1 February 2020	241,667	75,591	317,258
Charge for the year	33,006	3,909	36,915
At 31 January 2021	274,673	79,500	354,173
Net book value
At 31 January 2021	53,750	72,685	126,435
At 31 January 2020	77,236	75,274	152,510

		Listed
	investments£
Cost or valuation
At 1 February 2020		8,235,642
Additions		1,848,529
Disposals		(2,369,752)
Revaluations		638,352
At 31 January 2021		8,352,771
Net book value
At 31 January 2021		8,352,771
At 31 January 2020		8,235,642
15. Stocks
	2021£	2020 £
Consumables	2,285	2,285
16. Debtors
	2021£	2020 £
Due within one year
Trade debtors	299,076	432,535
Other debtors	32,218	25,777
Prepayments and accrued income	361,031	358,761
	692,325	817,073

reditors: Amounts falling due within one year
	2021£	2020 £
Other loans	25,095	28,797
Trade creditors	70,049	13.886
Other creditors	1,057	4,059
Accruals and deferred income	284,965	478,790
	381,166	524,932

	2021 2020
	£ £
Financial assets
Financial assets measured at fair value through income and expenditure	8,406,319 8,745,829

	Balance at 1					Balance at	Balance at
	February 2020 E	Income Expenditure £ £		Transfers in/out£	Gains/ 31 January (Losses) 2021 £ £
Unrestricted
funds
Designated
funds
Black Sea	192,481	70,206	(43,838)	(23,052)			195,797
Murzuq Greenland	143,250		(24,385)	(143,250) (11,139)			(35,524)
NW Black Sea	217,362		(1,020)	(216,342)
Flood Basalt
(Volcanic Basins)	23,090	119,398	(112,024)	(51,175)			(20,711)
Canadian Arctic			(3,342)	3,342
Barents Shelf	397,726		(212,896)	(97,255)			87,575
Circum Arctic	119,677		(313)	(143)			119,221
Microbialite
Project	(391,361)		(48,799)	(22,292)		(462,452)
North Atlantic
Margins	(316,536)		(97,358)	(48,014)		(461,908)
Pai Khoi			(1,004)	1,004
Dinarides	(124,578)	90,847	(146,609)	(66,974)			(247,314)
Paratethyan
Stratigraphy Project	180,661	246,040 (148,706)		(72,435)			205,560
Greater Caspian
Provenance Project	(3,804)	8,612	(38,102)	(17,406)			(50,700)
Uralian
Provenance
project	(158,660)	61,468	(67,715)	(57,972)			(222,879)
New project development			(25,628)	(11,707)			(37,335)
101			(93,795)	93,795
Charitable
expenses			(95,807)	95,807
	279,308	596,571	(1,161,341)	(645,208)			(930,670)

General funds
Strategic reserve	4,013,239	209,668	(585,732) 645,208	638,352 4,920,735
Investment
reserve	4,253,622			4,253,622
Building
improvement
reserve	646,596	516	(3,906)	643,206
	8,913,457 210,184		(589,638) 645,208	638,352 9,817,563
Total
Unrestricted
funds	9,192,765 806,755 (1,750,979)			638,352 8,886,893

tatement of funds (continued)	tatement of funds (continued)	tatement of funds (continued)
Statement of funds - prior year
	Balance at						Balance at
	1	February 20/9 £	Income Expenditure £ £		Transfers in/out£	Gains/ 31 January (Losses) 2020 £ £
Unrestricted
funds
Designated
funds
Black Sea		265,491	35,807	(108,817)				192,481
Greenland	(540,633)		66,662	(340,809)	814,780
Murzuq		143,250						143,250
NW Black Sea		233.398		(16,036)			217,362
Flood Basalt
(Volcanic Basins)		73,085	117,969	(167,964)				23,090
Canadian Arctic	(211,020)			(43,872)	254,892
Barents Shelf		477,915	149,415	(229,604)				397,726
Circum Arctic		168,366		(48,689)				119,677
Pai-Khoi	(171,747)			(5,920)	177,667
Microbialite
Project	(289,680)		23,424	(125,105)			(391,361)
North Atlantic
Margins	(129,685)		26,027	(212,878)			(316,536)
Dinarides		(19,388)	108,956	(214,146)			(124,578)
New Project Development		(19,151)		11,270	7,881
Charitable
Expenses				(117,846)	117,846
Project 101				(26,005)	26,005
Paratethyan
Stratigraphy Project		220,704	139,286 (179,329)					180,661
Provenance Project		1,818	^5,063 (30.685)					(3,804)
Uralian
Provenance
Project		(41,768)	109,951 (226,843)				(158,660)
		160,955	802,560	(2,083,278)	1,399,071			279,308

General funds
Strategic
Reserve	4,914,187	516,190	(18,067) (1,399.071)	4,013,239
Building
Improvement
Reserve	647.119	2,130	(2,653)	646,596
Brewin Dolphin	3,134,796	118,127	(43,601)	1,044,300 4,253,622
	8,696,102	636,447	(64,321) (1,399,071)	1,044.300 8,913,457
Total
Unrestricted
funds	8,857,057		(2,147,599)	1,044,300 9,192,765

	Balance at 1		Balance at
	February 2020 £	Transfers Income Expenditure in/out £ £ £	Gains/ 31 January (Losses) 2021 £ £
Designated funds	279,308	596,571 (1,161,341) (645,208)	(930,670)
General funds	8,913,457	210,184 (589,638) 645,208	638,352 9,817,563
	9,192,765	806,755 (1,750,979)	638,352 8,886,893
Summary of funds - prior year
	Balance at		Balance af
	1 February 2019 £	Transfers Income Expenditure in/out £ £ £	Gains/ 31 January (Losses) 2020 £ £
Designated funds	160,955	802,560 (2,083,278) 1,399,071	279,308
General funds	8,696,102	636,447 ('64,327; (1,399,071)	1,044,300 8,913,457
	8,857,057	1,439,007 (2,147,599)	1,044,300 9,192,765

	Unrestricted	Total
	funds	funds
	2021£	2021£
Tangible fixed assets	126,435	126,435
Intangible fixed assets	40,695	40,695
Fixed asset investments	8,352,771	8,352,771
Current assets	748,158	748,158
Creditors due within one year	(381,166)	(381,166)
Total	8,886,893	8,886,893

	Unrestricted	Total
	funds	funds
	2020	2020
	£	£
Tangible fixed assets	152,510	152,510
Fixed asset investments	8,235,642	8,235,642
Current assets	1,329,545	1,329,545
Creditors due within one year	('524,932;	(524,932)
Total	9.192,765	9,192,765

	2021£		2020 £
Net income/expenditure for the period (as per Statement of Financial Activities)	(305,872)		335,705
Adjustments for:
Depreciation charges	36,915		62,211
(Gains)/Losses on investments	(638,352)	(1,044,300)
Dividends, interests and rents from investments	(78,241)		(120,257)
Decrease/(increase) in stocks Decrease in debtors	124,748		(1,825) 52,5/3
lncrease/(decrease) in creditors	(143,765)		191,351
Net cash used in operating activities	(1,004,567)	(524,599)

nalysis of cash and cash equivalents
	2021£	2020 £
Cash in hand	53,548	510,187
Cash held in investment wrapper	646,437	355,871
Total cash and cash equivalents	699,985	866,058

	Ati	At 31
	February	January
	2020 Cash flows £	2021£
Cash at bank and in hand	510,187 (456,639)	53,548
Debt due within 1 year	(28,197) 3,102	(25,095)
	481,990 (453,537)	28,453

apital commitments
	2021£	2020£
Contracted for but not provided in these financial statements
Acquisition of intangible assets	4,500