South Georgia and the South Sandwich Islands: Financial Highlights for 2012

The British overseas territory of South Georgia and the South Sandwich Islands has released its financial statements for the year ended December 31, 2012. This report provides an overview of the territory’s financial performance and highlights several key areas.

Expenditure Totals £5.6 million

Total expenditure for the year was £5.6 million, a slight increase from the previous year’s total of £5.3 million. The majority of the expenditure went towards operating costs, including:

• Salaries
• Utilities
• Maintenance

Hydroelectric Scheme

The territory invested £4,000 in its hydroelectric scheme, aiming to reduce reliance on imported fuel and lower energy costs.

Electric Boiler Plant

A new electric boiler plant was installed at a cost of £22,000. The plant is expected to improve efficiency and reduce operating costs.

Small Grants Scheme

The Small Grants Scheme provided funding of £50,000 to support local projects and initiatives.

Scientific Equipment

The territory spent £43,000 on scientific equipment, including instruments for monitoring the island’s unique wildlife and ecosystems.

Tangible Fixed Assets

At the end of the year, the territory had tangible fixed assets worth £10.4 million, with a net book value of £9.8 million. The largest categories were:

• Buildings (£7.2 million)
• Infrastructure (£3.1 million)

General Revenue Account Summary

The General Revenue Account Summary shows that the territory generated revenue of £5.4 million in 2012, with expenditure totalling £5.5 million. The surplus for the year was £93,000.

Overall, the financial statements highlight the territory’s ongoing efforts to invest in its infrastructure and reduce costs, while also supporting local projects and initiatives.