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South Georgia and the South Sandwich Islands: Overview of Financial Statements and Annual Statistics

For the Year Ended December 31, 2011

The British Government’s overseas territory of South Georgia and the South Sandwich Islands has released its annual financial report for 2011. The report reveals a total expenditure of £4,899 million.

Expenses

The largest portion of the territory’s expenses was allocated towards fisheries research and protection, with £2,420 million spent on patrol costs. This is followed by contributions to the Fisheries Research and Protection administration, which accounted for £40 million.

  • Auditors’ fees and charges: £5.5 million
  • Bank charges: £1.1 million
  • Pensions: £5.5 million
  • Contribution to FIG Administration: £40 million
  • Medical services: £142 million

Revenue

The report also shows that the territory’s income from fishing licenses has been steadily increasing, with a total revenue of £4,719 million for 2011.

  • A significant increase in expenditure on fisheries research and protection, which has risen by £600,000 compared to the previous year.
  • A slight decrease in contribution to FIG Administration, down from £44 million in 2010 to £40 million in 2011.
  • An increase in revenue from fishing licenses, up from £3,012 million in 2005 to £4,719 million in 2011.

Budget Management

The report highlights the territory’s ongoing efforts to balance its budget and manage its finances effectively. Despite facing challenges in recent years, the territory has maintained a positive overall surplus/deficit balance.

Accessing Financial Statements

A full breakdown of the financial statements is available on the South Georgia and the South Sandwich Islands government website.