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||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<br>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<br>35 Hills Road|
||Cambridge|
||Cambridgeshire<br>CB21NT|





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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
||2021<br>Note E||2021£|2020<br>£|
|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<br>£|
|---|---|---|---|---|---|
|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<br>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|






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## 

||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2021<br>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<br>£|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<br>£|
||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<br>2021 2021<br>£ £||Other costs<br>2021£|funds<br>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<br>2020 2020 2020|||funds<br>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<br>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<br>£|
|Consumables|2,285|2,285|
|16. Debtors|||
||2021£|2020<br>£|
|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<br>£|
|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<br>2020<br>E|Income Expenditure<br>£ £||Transfers<br>in/out£|Gains/ 31 January<br>(Losses) 2021<br>£ £|||
|Unrestricted||||||||
|funds||||||||
|Designated||||||||
|funds||||||||
|Black Sea|192,481|70,206|(43,838)|(23,052)|||195,797|
|Murzuq<br>Greenland|143,250||(24,385)|(143,250)<br>(11,139)|||(35,524)|
|NW Black Sea|217,362||(1,020)|(216,342)||||
|Flood Basalt||||||||
|(Volcanic<br>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<br>Project|180,661|246,040 (148,706)||(72,435)|||205,560|
|Greater Caspian||||||||
|Provenance<br>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<br>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<br>20/9<br>£|Income Expenditure<br>£ £||Transfers<br>in/out£|Gains/ 31 January<br>(Losses) 2020<br>£ £|||
|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<br>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<br>Development||(19,151)||11,270|7,881||||
|Charitable|||||||||
|Expenses||||(117,846)|117,846||||
|Project 101||||(26,005)|26,005||||
|Paratethyan|||||||||
|Stratigraphy<br>Project||220,704|139,286 (179,329)|||||180,661|
|Provenance<br>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<br>2020<br>£|Transfers<br>Income Expenditure in/out<br>£ £ £|Gains/ 31 January<br>(Losses) 2021<br>£ £|
|Designated<br>funds|279,308|596,571<br>(1,161,341)<br>(645,208)|(930,670)|
|General funds|8,913,457|210,184<br>(589,638)<br>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<br>2019<br>£|Transfers<br>Income Expenditure in/out<br>£ £ £|Gains/ 31 January<br>(Losses) 2020<br>£ £|
|Designated<br>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<br>£|
|---|---|---|---|
|Net income/expenditure for the period (as per Statement of Financial<br>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<br>Decrease in debtors|124,748||(1,825)<br>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<br>£|
|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<br>£|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||



## 



## 

## 

## 

##