##
##
##
##
|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Company,|its Trustees and Advisers|1-2|
|Trustees'
Report||||3-14|
|Trustees'
Responsibilities
Statement||||15|
|Independent
Auditors'|Report|on the Financial Statements||16-19|
|Statement of Financial|Activities|||20|
|Balance Sheet||||21 -22|
|Statement ofCash Flows||||23|
|Notes to the Financial|Statements|||24-46|
##
##
##
|Company|secretary|secretary|J E A Marshall,|PhD|
|---|---|---|---|---|
|Chairman|||J P P Hirst, PhD||
|Independent||auditors|Whitings
LLP||
||||Raleigh House||
||||14CCompass|Point Business Park|
||||Stocks Bridge Way||
||||St Ives||
||||Gamb ridges hire||
||||PE27 5JL||
|Investment||Advisors|Cantab Asset Management||
||||50 Station Road||
||||Cambridge||
||||Gamb ridgeshire||
||||CB1 2JH||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
#
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2022|2022|2021|
||||Note|F|||
|Income from:|||||||
|Charitable
activities||||446,913|446,913|665,616|
|Investments||||88,839|88,839|78,241|
|Other income||||8„353|8,353|62,898|
|Total income||||544,105|544,105|806,755|
|Expenditure
on:|||||||
|Raising funds||||41,480|41,480|34,490|
|Charitable
activities||||1,390,030|1,390,030|1,716,489|
|Total expenditure||||1,431„510|1„431,510|1,750,979|
|Net expenditure|before net gains on investments|||(887,405)|(887,405)|(944,224)|
|Net gains on investments||||123,778|123,778|638,352|
|Net movement|in funds|||(763,627)|(763„627)|(305,872)|
|Reconciliation|offunds:||||||
|Total funds brought||forward||8,886,893|8,886,893|9,192,765|
|Net movement|in funds|||(763,627)|(763,627)|(305,872)|
|Total funds carried forward||||8,123,266|8,123,266|8,886,893|
##
##
##
|||||||2022||2021|
|---|---|---|---|---|---|---|---|---|
|||||Note||E|||
|Fixed assets|||||||||
|Intangible
assets||||11||38,504||40,695|
|Tangible assets||||12||233,222||126,435|
|Investments||||13||7„334,762||8,352,771|
|||||||7,606,488||8,519,901|
|Current assets|||||||||
|Stocks||||14|||2,285||
|Debtors||||15|423,535||692,325||
|Cash at bank and|in hand||||99,974||53,548||
||||||523,509||748,158||
|Creditors: amounts|falling||due within one||||||
|year||||16|(146,331)||(381,166)||
|Net current assets||||||377,178||366,992|
|Total assets less|current||liabilities|||7,983,666||8,886,893|
|Net assets excluding||pension asset||||7,983,666||8,886,893|
|Total net assets||||||7,983,666||8,886,893|
|Charity funds|||||||||
|Restricted
funds||||18|||||
|Unrestricted
funds||||18||7,983,666||8,886,893|
|Total funds||||||7,983,666||8,886,893|
#
#
#
##
##
|||STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS|||
|---|---|---|---|---|---|
||FOR|THE|YEAR ENDED 31 JANUARY 2022|||
|||||2022|2021|
|Cash flows from operating
activities||||||
|Net cash|used
in operating
activities|||(1,034,210)|(1,004,567)|
|Cash flows from investing
activities||||||
|Dividends,|interests
and rents from investments|||88,839|78,241|
|Purchase|of intangible
assets|||(4,559)|(40,695)|
|Purchase|oftangible
fixed assets|||(145,432)|(10,840)|
|Proceeds|from sale of investments|||6,903,936|2,369,752|
|Purchase|of investments|||(5,762,148)|(1,557,964)|
|Movement|in cash held
in investment
portfolio|||1„663,613||
|Net cash|provided
by investing
activities|||2,744,249|838,494|
|Cash flows from financing
activities||||||
|Net cash|provided
by financing
activities|||||
|Change
in cash and cash equivalents||in|the year|1,710,039|(166,073)|
|Cash and|cash equivalents
at the beginning||ofthe year|699,985|866,058|
|Cash and|cash equivalents
at the end of||the year|2,410,024|699,985|
|The notes|on pages 24 to 46 form part|ofthese financial statements||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|iation
is provided
on the following|basis:||
|---|---|---|
|Plant and machinery|20% Straight|line|
|Plant and machinery|33% Straight|line|
|Improvements
to property|2% Straight|line|
##
##
##
##
##
##
##
##
##
##
##
##
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2022|2022|
|Subscription|income|355,064|355,064|
|Extra workshops||91,849|91,849|
|Total 2022||446,913|446,913|
##
##
##
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2021|2021|
|Subscription|income|417,338|417,338|
|Extra workshops||248,278|248,278|
|||665,616|665,616|
|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2022|2022|
|Income from listed investments||88,839|88,839|
|||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|
|5.|Other incoming|Other incoming|resources|||
|---|---|---|---|---|---|
|||||Unrestricted|Total|
|||||funds|funds|
|||||2022|2022|
||Government|grant|income|8,353|8,353|
##
##
##
##
|||||Unrestricted|Total|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2021|2021|
||Government|grant income||62,898|62,898|
|6.|Investment|management|costs|||
||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2022|2022|
||||E|F|
|Portfolio|management|fees|41,480|41,480|
||||Unrestricted|Total|
||||funds|funds|
||||2021|2021f|
|Portfolio|management|fees|34,490|34,490|
##
##
||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2022|2022f|
|Legal & professional||costs|1,480|1,480|
|Staff costs|||1,082,989|1,082,989|
|Accountancy|& audit|fees|5,763|5,763|
|Exploration|&fieldwork||10,845|10,845|
|Library services|||572|572|
|Research activities|||119,873|119,873|
|Other office|costs||157,184|157,184|
|Promotion
and publicity|||6,324|6,324|
|Staff training|||5,000|5,000|
||||1,390,030|1,390,030|
||||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|
##
##
##
##
##
|||||||Total|
|---|---|---|---|---|---|---|
||||Staff costs|Depreciation|Other costs|funds|
||||2022|2022|2022|2022|
|||||E|||
|Legal 8 professional||costs|||1,480|1,480|
|Staff costs|||1,082,989|||1,082„989|
|Accountancy|8 audit|fees|||5,763|5,763|
|Exploration|8 fieldwork||||10,845|10,845|
|Library services|||||572|572|
|Research activities|||||119,873|119,873|
|Other office|costs|||45,394|111,790|157,184|
|Promotion
and publicity|||||6,324|6,324|
|Staff training|||||5,000|5,000|
||||1,082,989|45,394|261,647|1,390,030|
|||||||Total|
||||Staffcosts|Depreciation|Other costs|funds|
||||2021|2021|2021|2021|
|Legal 8 professional||costs|||1,030|1,030|
|Staff costs|||1,257,379|||1,257,379|
|Accountancy|8 audit|fees|||5,324|5,324|
|Exploration|8 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, 7'I 6,489|
##
##
##
||||Activities|||
|---|---|---|---|---|---|
||||undertaken|Support|Total|
||||directly|costs|funds|
||||2022|2022|2022|
||||E|E||
|Legal 8 professional||costs|1,480||1,480|
|Staff costs|||654,649|428,340|1,082,989|
|Accountancy|8 audit|fees|5,763||5,763|
|Exploration|8, fieldwork||10,845||10,845|
|Library services|||572||572|
|Research activities|||119,873||119,873|
|Other office|costs|||157,184|157,184|
|Promotion
and publicity||||6,324|6,324|
|Staff training|||5,000||5,000|
|Total 2022|||798,182|591,848|1,390,030|
|||||Activities|||
|---|---|---|---|---|---|---|
|||||undertaken|Support|Total|
|||||directly|costs|funds|
|||||2021|2021|2021|
|||||E|||
|Legal 8 professional|||costs|1,030||1,030|
|Staff costs||||775,612|481,767|1,257,379|
|Accountancy||8, audit|fees|5,324||5,324|
|Exploration||8 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|
|||||1,102,732|613,757|1,716,489|
##
##
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|Fees payable to the Company's||auditor||for the audit ofthe Company's|||
|annual
accounts|||||4,515|4,385|
|Fees payable to the Company's||auditor||in respect of:|||
|All non-audit
services|not included||above||645|625|
|Staff costs|||||||
||||||2022|2021|
|Wages and salaries|||||797,268|938,594|
|Social security costs|||||84,250|92,920|
|Contribution
to defined|contribution||pension schemes||201,471|225,865|
||||||1,082,989|1,257,379|
##
|||2022|2021|
|---|---|---|---|
|||No.|No.|
|Research services||15|17|
|Management|and administration|5|2|
|Technical services||3|3|
|||23|22|
|2022|2021|
|---|---|
|No.|No.|
##
##
##
##
|Intangible
assets||
|---|---|
||Computer|
||software|
||F|
|Cost||
|At 1 February 2021|40,695|
|Additions|4,559|
|At 31 January 2022|45,254|
|Amortisation||
|Charge for the year|6,750|
|At 31 January 2022|6,750|
|Net book value||
|At 31 January 2022|38,504|
|At 31January 2021|40,695|
##
##
##
##
||Plant and|Fixtures and||
|---|---|---|---|
||machinery|fittings|Total|
|||f.||
|Cost or valuation||||
|At 1 February 2021|328,423|152,185|480,608|
|Additions|144,780|653|145,433|
|Disposals|(172,143)|(33,964)|(206„107)|
|At 31 January 2022|301,060|118„874|419,934|
|Depreciation||||
|At 1 February 2021|274„673|79,500|354,173|
|Charge for the year|34,529|4,116|38,645|
|On disposals|(172,143)|(33„964)|(206,107)|
|At 31 January 2022|137,059|49,652|186,711|
|Net book value||||
|At 31 January 2022|164,001|69,222|233,223|
|At31January 2021|53,750|72,685|126,435|
##
##
##
##
|||||Listed|
|---|---|---|---|---|
|||||investments|
||Cost or valuation||||
||At 1 February|2021||8,352,771|
||Additions|||5,762,148|
||Disposals|||(6,903,936)|
||Revaluations|||123,779|
||At 31 January|2022||7,334,762|
||Net book value||||
||At 31 January|2022||7,334,762|
||At 31January|2021||8,352,771|
|14.|Stocks||||
||||2022|2021|
||||F||
||Cons umables|||2,285|
|15.|Debtors||||
||||2022|2021|
||Due within one year||||
||Trade debtors||42,250|299,076|
||Other debtors||30,195|32,218|
||Prepayments|and accrued income|351,090|361,031|
||||423,535|692,325|
##
##
##
##
|||2022|2021|
|---|---|---|---|
|Taxes and social security||17,017|25,095|
|Trade creditors||58,672|70,049|
|Other creditors||226|1,057|
|Accruals
and deferred|income|70,416|284,965|
|||146,331|381,166|
##
|||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Financial|assets|||||||||||
|Financial|assets|measured|at|fair|value|through|income|and|expenditure|99,974|53,548|
##
##
|Statement offun|ds - current year||||||
|---|---|---|---|---|---|---|
||Balance at 1|||||Balance at|
||February|||Transfers|Gains/|31 January|
||2021|Income
E|Expenditure|in/out
f.|(Losses)
f|2022
E|
|Unrestricted|||||||
|funds|||||||
|Designated|||||||
|funds|||||||
|Black Sea|195,797|25,630|(58,618)|||162,809|
|Data Collection|||(71,056)|71,056|||
|Greenland|(35,524)||(27,931)|||(63,455)|
|NW Black Sea|||(1,688)|||(1,688)|
|Flood Basalt|||||||
|(Volcanic|||||||
|Basins)|(20,711)|48,896|(90,961)|||(62,776)|
|Canadian
Arctic|||(3,782)|3,782|||
|Barents Shelf|87,575||(119,482)|||(31,907)|
|Circum Arctic|119,221|||(119,221)|||
|Microbialite|||||||
|Project|(462,452)||(21,886)|484,338|||
|North Atlantic|||||||
|Margins|(461,908)||(60,714)|522,622|||
|8unter|||(12,961)|||(12,961)|
|Impact of|||||||
|Volcaniclastic|||||||
|rocks on CO2|||||||
|stores|||(1,785)|||(1,785)|
|Dinarides|(247,314)|49,841|(59,264)|||(256,737)|
|Paratethyan|||||||
|Stratigraphy|||||||
|Project|205,560|91,848|(100„156)|||197,252|
|Greater Caspian|||||||
|Provenance|||||||
|Project|(50,700)|3,900|(78)|46,878|||
|Uralian|||||||
|Provenance|||||||
|project|(222,879)|25,610|(49„354)|246,623|||
|Critical Minerals|||||||
|project|||(17,204)|||(17,204)|
|Mudrock Seals|||||||
|project|||(22,507)|||(22,507)|
##
||Balance at 1|||||Balance at|
|---|---|---|---|---|---|---|
||February|||Transfers|Gains/|31January|
||2021|Income|Expenditure|in/out|(Losses)|2022|
||E|E||F|F|F|
|New project|||||||
|development|||||||
|and charitable|||||||
|expenses|(37,335)||(83,404)|81,188||(39,551)|
|Reactions and|||||||
|flow project|||(24,654)|||(24,654)|
||(930,670)|245,725|(827,485)|1,337,266||(175,164)|
|General funds|||||||
|Strategic reserve|4,920,735|209,541|(386,543)|(1,337,266)||3,406,467|
|Investment|||||||
|reserve|4,253,622|88,839|(357,082)||123,778|4,109,157|
|Building|||||||
|improvement|||||||
|reserve|643,206|||||643,206|
||9,817,563|298,380|(743,625)|(1,337,266)|123,778|8,158,830|
|Total|||||||
|Unrestricted|||||||
|funds|8,886,893|544,105|(1,571,110)||123,778|7,983,666|
##
##
##
|Statement
offunds|(continued)||||||
|---|---|---|---|---|---|---|
|Statement offunds|- prior year||||||
||Balance at|||||Balance at|
||1 February|||Transfers|Gainsi|31January|
||2020|Income|Expenditure|in/out|(Losses)|2021|
|Unrestricted|||||||
|funds|||||||
|Designated|||||||
|funds|||||||
|Black Sea|192,481|70,206|(43,838)|(23,052)||195,797|
|Murzuq|'/43, 250|||(143,250)|||
|Greenland|||(24,385)|(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|||
|Dina rides|(124,578)|90,847|(146,609)|(66,974)||(247,314)|
|Paratethyan|||||||
|Stratigraphy|||||||
|Project|180,66'l|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|||
|New project|||||||
|development|||||||
|and charitable|||||||
|expenses|||(95,807)|95,807|||
##
##
##
|Statement offund|s - prior year (|continued)|||||
|---|---|---|---|---|---|---|
||Balance at|||||Balance at|
||1 February|||Transfers|Gainsi|31January|
||2020|Income|Expenditure|inlout|(Losses)|2021|
|||||||E|
||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|
##
##
|Summary
offu|nds - current year||||||
|---|---|---|---|---|---|---|
||Balance at 1|||||Balance at|
||February|||Transfers|Gains/|31 January|
||2021|Income|Expenditure|in/out|(Losses)|2022|
||||E|E|F||
|Designated|||||||
|funds|(930,670)|245,725|(827,485)|1,337,266||(175,164)|
|General funds|9,817,563|298,380|(743,625)|(1,337,266)|123,778|8,158,830|
||8,886,893|544,105|(1,571,110)||123,778|7,983,666|
|Summary
offun|ds - prior year||||||
|---|---|---|---|---|---|---|
||Balance at|||||Balance at|
||1 February|||Transfers|Gains/|31January|
||2020|Income|Expenditure|in/out|(Losses)|2021|
|Designated|||||||
|funds|279,308|596,571|(1,161,34 1)|(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|
##
|Analysis|of net assets between
funds - current ye|ar||
|---|---|---|---|
|||Unrestricted|Total|
|||funds|funds|
|||2022|2022|
|Tangible|fixed assets|233,222|233,222|
|Intangible|fixed assets|38,504|38,504|
|Fixed asset investments||7,334,762|7,334,762|
|Current assets||523,509|523,509|
|Creditors|due within one year|(146,331)|(146„331)|
|Total||7,983,666|7,983,666|
##
##
##
##
|Analysis|of net assets between funds - prior year|||
|---|---|---|---|
|||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|
##
||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||F||
|Net expenditure
for the|||year (as per Statement||of Financial|Activities)|(763,627)|(305,872)|
|Adjustments
for:|||||||||
|Depreciation/amortisation|||charges||||45,394|36,915|
|(Gains)/Losses
on investments|||||||(123,778)|(638,352)|
|Dividends,|interests|and|rents|from investments|||(88,839)|(78,241)|
|Decrease|in stocks||||||2,285||
|Decrease|in debtors||||||129„190|124,748|
|Decrease|in creditors||||||(234,835)|(143,765)|
|Net cash|used in operating|||activities|||(1,034,210)|(1,004,567)|
##
##
##
##
##
|||||2022|2021|
|---|---|---|---|---|---|
|Cash|in hand|||99,974|53,548|
|Cash|held|in investment|wrapper|2,310,050|646,437|
|Total|cash|and cash equivalents||2,410,024|699,985|
##
|||||At 1||At 31|
|---|---|---|---|---|---|---|
|||||February||January|
|||||2021|Cash flows|2022|
||||||F|F|
|Cash|at bank and||in hand|53,548|46,426|99,974|
|Debt|due within|1|year|(25„095)|8,078|(17,017)|
|||||28,453|54,504|82,957|
|||||2022|2021|
|---|---|---|---|---|---|
|||||F||
|Contracted|for but not|provided|in these financial statements|||
|Acquisition|of intangible|assets|||4,500|
##
##
##
##
##
|cancellable|o|perating
leases as follows:|||
|---|---|---|---|---|
||||2022|2021|
|Not later than||1 year|2,698|'/0, 792|
|Later than|1 year and not later than 5 years|||2,698|
||||2,698|13,490|
##
##
##