Company Number: 3396164
Charity Number: 1064185
THE SHARK TRUST
(LIMITED BY GUARANTEE)
ANNUAL REPORT
YEAR ENDED 31ST MARCH 2025
SHARK
TRUST

THE SHARK TRUST
(LIMITED BY GUARANTEE)
CONTENTS OF THE ANNUAL REPORT
YEAR ENDED 31ST MARCH 2025
Legal and Administrative Details
Message from the Chair/ Message from the CEO
Trustees' Report
Report of the Independent Examiner
Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
Balance Sheet
Cash Flow Statement
Notes and Accounting Policies
Summary of costs and resources expended
Page
1
2-3
4-22
23
24
25
26-27
28-36
37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE DETAILS
YEAR ENDED 31ST MARCH 2025
Trustees
R. Covey
R. Peirce
S.L. Fowler
D.J. Fairweather
C.S. Hood
J.C. Ensell-Bowen
D. Elliott
P. Gardiner
N. Oboloensky
M. Boothman
Directors
R. Covey
R. Peirce
P.B. Cox
S.L. Fowler
D.J. Fairweather
C.S. Hood
J.C. Ensell-Bowen
D. Elliott
P. Gardiner
N. Oboloensky
M. Boothman
Principal Staff
P.B. Cox
G. W. Heafield
A.R. Hood
Company Secretary:
Registered Office:
EU Office:
Registered Company Number:
Registered Charity Number:
Bankers:
Independent examiner:
Vice Chair
Resigned 15 January 2025
Resigned 15 January 2025
Chair
Appointed 19 January 2025
Appointed 4 April 2025
Appointed 28 January 2025
Vice Chair
Resigned 15 January 2025
CEO
Resigned 15 January 2025
Chair
Appointed 19 January 2025
Appointed 4 April 2025
Appointed 28 January 2025
CEO
Company Secretary/Head of Finance
Director of Conservation
G.W. Heafield
Unit 4 Creykes Court
The Millfields
Stonehouse
Plymouth
Devon PL1 3JB
Stephanie Square Centre
Avenue Louise 65
BrusseLs, 1050
Belgium
3396164
1064185
Barclays Bank Plc
Newbury
West Berkshire Group
C.B. Heslop & Company Ltd
Registered Auditors
Chartered Accountants
1 High Street
Thatcham
Berks RG19 3JG
Page 1 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
MESSAGE FROM THE CHAIR
YEAR ENDED 31ST MARCH 2025
This past twelve months has seen some truly tremendous achievements by the Shark Trust. Here are a few
highlights.
We have extended our work on high seas fisheries into the Indian Ocean, complementing, and building on, our
ongoing successful partnership work with Shark League for the Atlantic and Mediterranean.
We have expanded our production and distribution of multi-lingual resources to aid fishers in the Mediterranean
Sea in complying with protective legislation for angel sharks and guitarfishes. Through our angel shark partnership
work, we've also been able to identify key areas for angel sharks, informing spatial management and engagement
with fishers.
Our citizen scienceand outreach work continues to grow, enabling us to reach more people, inspire respect for
sharks and get people involved in shark conservation.
All these accomplishments only happened due to the continued generosity from our Members, grant-making
Foundations, Corporate Sponsors, Commercial Partners and Individuals -thank you everybody for your support.
Charles Hood (Chairman)
Page 2 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
MESSAGE FROM THE CEO
YEAR ENDED 31ST MARCH 2025
I'm delighted to report on another successful year for the Shark Trust, where significant progress has been
made, both for our organisation and for the cause to which we are dedicated. During the past year we have
redefined our activities under three major programmes of work, expanded our output and have continued
to develop our in-house expertise across key skillsets.
In the coming pages you will find a summary of the work under our three major programmes, insights into
how we are adopting a range of skills and approaches to address the challenges of shark conservation and
of course, a review of our financial performance over the 2024-25 financial year.
As ever, a huge amount of credit for our progress goes to our small but dedicated and highly skilled team.
As we steadily grow our charity, we hold dear our ability to recruit and retain a team that can drive shark
conservation, maintain and build our credibility with key external stakeholders and, importantly, make the
Shark Trust an enjoyable and inspiring place to work. My thanks go to the team and to our Board of Trustees
who create the environment for us to flourish.
A further year of growth in unrestricted income is hard won and gratefully received. Our donors, supporters
and funders encompass a broad range of individuals, businesses and foundations, all of whom put their faith
in us to deliver positive outcomes for sharks and rays, and for communities that share a connection with the
ocean and its inhabitants. We take this responsibility seriously and we, as a team, strive every day to bring
the best value for money and to maintain our positive outlook, whatever challenges come our way.
I hope you'll find this report informative and inspiring, and that it will leave you convinced of the effectiveness
of the Shark Trust in delivering our mission.
Paul Cox (CEO)
Page 3 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT
YEAR ENDED 31ST MARCH 2025
The Trustees, who are also the company's Directors, submit their report and the financial statements for the year
Status
The company is limited by guarantee, having no share capital. It is a registered charity.
Objectives & Activity
Our Purpose
The Shark Trust's purpose is to safeguard the future of sharks, skates and rays? through positive change. We
achieve this through science, education, influence and action.
We work globally to improve the conservation status of sharks, skates and rays by advocating for political change
and generating collective action to support our goals.
We believe that positive change is realistic. We have a vision of a future where sharks, skates and rays thrive within
a globally healthy marine ecosystem.
Our Objectives
The Shark Trust Memorandum of Association (1997) defines the following objectives for which the Trust was
established:
Advancing the conservation of sharks, rays and chimeras and their natural environment in the United Kingdom.
European and International Waters.
To raise public awareness of the threats to these species and their natural habitat and to promote and disseminate
research into their ecology and life history.
Please note: Sometimes within this report, the word sharks may be used as shorthand for sharks, skates and rays.
Page 4 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Our Activity
Conservation Action
We work through collaboration and partnerships to promote and champion credible solutions to the key
conservation challenges by:
• Providing compelling and persuasive evidence-based arguments to address overfishing of sharks and rays
globally
• Infering and inluencing decision-makers to ensure effective science-based management of shark and ray
• Engaging with a broad range of stakeholders from governments, non-governmental organisations
NGO's) and industry
• Developing and delivering science-based conservation and recovery plans for vulnerable shark and ray
species.
• Adopting scientific evidence to identify priorities, assess conservation options and produce robust data to
support policy advocacy.
Community Engagement
We strive to engage and influence people and communities, promoting the vital role of science in the
conservation of sharks and rays through:
Providing accessible evidence-based information about sharks and their conservation.
• Inspiring positive action by effectively communicating our work and engaging broad support for campaigns
and projects.
• Researching and sharing best practice in conservation communication.
Public Benefit
We give due regard to the Charity Commission's general guidance on public benefit as we plan and deliver our
activities. In particular, the Trustees consider how goals and priorities contribute to the delivery of our public
benefit obligations and how evidence of our impact can be gathered.
Governing Document
The Shark Trust is a non-profit company limited by guarantee, governed by its Memorandum and Articles of
Association incorporated on 2 July 1997, and registered as a charity on 1 September 1997. The charity Trustees
are directors of the charitable company. In the event of the company being wound up, its members (Trustees)
are required to contribute an amount not exceeding £1.
Structure, Governance and Management
The Shark Trust is led by a voluntary Board of Trustees which meets four times a year and is responsible for the
strategic direction and policy of the charity. The Board consists of eight Trustees representing considerable
ernational and sectoral expertise. Trustees are specifically selected to provide the governance necessary
ther the aims of the Trust. Skills include science and conservation, business and legal, media a
communications.
The Board oversees a dedicated staff team, which is further supported by a voluntary Scientific Committee.
operations of the Trust and represents the Trust at a senior level.
Page 5 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Company and charity law requires the Trustees to prepare financial statements for each financial year. Under that
law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom
Generally Accepted Accounting Practice (GAAP) and applicable law. Under company law the Trustees must not
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs
of the charity and of the surplus or deficit of the charity for that period.
In preparing those financial statements, the Trustees are required to:
Select suitable accounting policies and then apply them consistently.
• Make judgements and estimates that are reasonable and prudent.
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and
enable them to ensure that the financial statements comply with the Companies Act 2006.
The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps
for the prevention and detection of fraud or other irregularities and to provide reasonable assurance that:
• The charity is operating efficiently and effectively.
• Its assets are safeguarded against unauthorised use or disposition.
Proper records are maintained and financial information used within the charity or for publication is reliable.
• The charity complies with relevant laws and regulations.
Page 6 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Impact Overview
influence processes and outcomes that:
:
LEmbed science and evidence into the processes of fisheries management.
Increase the number and geographical extent of shark and ray species that are under effective science-
based management.
Secure necessary additional protections that complement and strengthen fisheries management and
improve shark population resilience.
• Engage communities in positive appreciation of sharks and rays and support for appropriate conservation
measures that ensure future safeguarding.
Our impact is not always easy to quantify, and much of our influence unfolds over a five-to-ten-year timescale. We're
acutely conscious of the necessary focus on impact measurement and success criteria, and we strive to ensure that
we focus our efforts on actions that support the above outcomes.
To tighten our focus, we have this year decided to reorganise our multiple projects under three major programmes:
Oceanics Programme
Mediterranean Programme
• Community Engagement Programme
Each of these represents a key area of work with its own discrete objectives and success criteria. Underpinning these
programmes, our core activities deliver a range of ongoing commitments, new projects and actions that contribute
to programme delivery. These include:
• Fisheries engagement
• Government relations
• Communications & marketing
• Data insights
• Fundraising
• Administration & compliance
We continue to build our team of specialists to ensure that we have diverse expertise that can view issues holistically
and approach projects with an understanding of different perspectives.
Page 7 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Programme Impact Reports
Oceanics Programme
Our Oceanics Programme is a wide-ranging advocacy effort, which targets the conservation of oceanic sharks
and rays. Oceanic sharks are some of the most iconic and functionally important species in our ocean. They are
exceptionally threatened by overfishing, and urgent collective action between fishing nations is required to ensur
heir long-term sustainability. Working with international partners, we are advocating for more effective high sea
fisheries management and the rigorous implementation of international fisheries and trade obligations.
PROGRAMME GOAL: ACHIEVE FULLY IMPLEMENTED SCIENCE-BASED CATCH LIMITS FOR HIGH SEAS SHARK AND
RAY FISHERIES.
Objective 1
Expand engagement with
global RFMO decision-
making processes to
advocate for science-based
catch ümits and the adoption
of best practices.
Objective 2
Conduct appropriate and
necessary advocacy activity
to engage REMO contracting
parties in developing and
supporting proposals and
actions.
Objective 3
Identify implementation
gaps and develop
strategies to engage
nationa comernes and
obligations
Objective 4
ommunicate programr
bals and actions with
wide public and engage
heir support throug
argeted campaign
Regional Fisheries Management Organisations (RFMOs)
Our effective engagement with the decision-making activities of the RFMOs requires us to be present and
lantic and Mediterranean tisheries, ar
International Commission for the Conservation of Atlantic Tunas (ICCAT)
All our engagement with ICCAT is conducted as a partner in the Shark League for the Atlantic and Mediterranean,
funded by the Shark Conservation Fund, Oceans 5, and donations to the Big Shark Pledge.
Influencing proposals (Objective 2)
This involves a suite of formal meeting opportunities and informal actions engaging with the science and fisheries
management communities to scrutinise and influence the gathering of evidence and development of proposals.
• Attendance and active participation in ICCAT shark science meetings to ensure profile for key conservation
concerns.
• Engagement and education of scientists through multiple shark science fora to encourage greater buy-in to
conservation priorities.
• Development and dissemination of shark conservation advocacy briefing materials at a Convention on
International Trade in Endangered Species
(CITES) Animals Committee side event held with Wildlife
Conservation Society to bridge the gap between Environment and Fisheries decision-makers
• Commitment to the 2025 Shortfin Mako Stock Assessment - engaged in person throughout the stock
assessment process to ensure scrutiny of key parameters and other influencing factors.
Page 8 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Policy Advocacy (Objective 2)
This work includes a variety of communication and advocacy actions in the lead-up to, and during, ICCAT annual
meetings of contracting parties. During this year advocacy included:
• Securing statements of conservation concern for Manta Rays & Whale Shark from Standing Committee on
Research and Statistics (SCRS) to underpin successful adoption of Prohibitions on retention at the annual
Commission meeting.
• Defending the North Atlantic Shortfin Mako Prohibition at ICCAT meetings, and scrutiny of the obligations for
bycatch mitigation and improved reporting.
• Attendance at the 2024 ICCAT annual Commission meeting, delivery of collaborative briefings, appeals, and
joint interventions contributing to more informed positions of government delegations.
Strengthening advocacy at the 2024 ICCAT Commission meeting for the adoption of Fins Naturally Attached
(FNA), including delivery of a side event hosting government speakers from seven influential Parties, resulting
in a record number of supporting Parties. FNA was ultimately not adopted due to two dissenting Parties.
Implementation (Objective 3)
Following the publication of the 2023 Shark League Gap Analysis, implementation activity involves a range of
dissemination and advocacy actions to engage governments and improve implementation and compliance with
existing obligations. During 2024-25 this included:
• Presentation of tailored versions of the Gap Analysis findings at the 2024 meeting of the CITES Animals
Committee, stakeholder fora, and various science meetings.
• Advocacy for specific gap analysis recommendations before and during ICCAT 2024 annual meeting.
• Delivery of a capacity-building webinar in partnership with the ICCAT Secretariat and Compliance Committee
Chair. Engagement of 50 representatives from 33 countries in this shark-focused compliance event.
• Presentation of the Gap Analysis to representatives of all the tuna RFMOs at a Common Ocean Tuna Project
- bycatch meeting at the FAO in February 2025.
• Development of tuna RFMO focused Shark Trust Fisheries Advisories are now underway.
Progress in ICCAT shark measures reporting was demonstrated by 24 Parties and problematical Party responses
(which claim no shark targeting) decreased by 57%.
Indian Ocean Tuna Commission (IOTC)
In line with the goal of harmonisation, engagement with IOTC increased with the first in-person participation in the
2025 IOTC annual meeting and inter-sessional
preparatory meetings, including the Shortfin Mako stock
assessment and data preparatory meetings for the Blue Shark stock assessment (Objective 1).
The annual meeting resulted in an agreed commitment to Shortfin and Longfin Mako management with the stated
intention to reduce mortality by 40%; and the adoption of a consolidated proposal which included the
implementation of tighter shark finning regulations, with a requirement for rigorous reporting in the absence of
Parties adopting alternative measures to Fins Naturally Attached.
Communication & Community Engagement
Continued promotion of the Big Shark Pledge (Objective 4) - 7500+ supporters were registered from 80 countries
by the end of 2024-25. This represents a mailing list that we can activate to support our shark conservation and
sustainable management proposals.
Partnership projects were established through the European Union of Aquarium Curators (EUAC) and AZA SAFE
(US Aquarium and Zoo collaborative conservation network) for online and in-house promotion through summer
2025.
* Fordham, S.V., Hood, A.R., Amold, S.J., Kachelriess, D., and Lawson, J.M. 2023. Bridging the Gaps that Hinder
Shark Conservation: An analysis of ICCAT Parties' policies for CITES-listed Atlantic elasmobranchs. The Shark League. London.
Page g of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
oduction of multiple video and graphic resources, including an RFMO-themed podcast delivered through o
vn social media channels, and broader engagement through corporate and conservation partner networ
Big Shark Pledge US supporters delivered a record number of responses to the US National Marine Fisheries
Service consultation on Oceanic Whitetip protections.
Page 10 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Mediterranean Programme
The Mediterranean Sea is a hotspot of extinction risk for sharks and rays. The threat of overfishing is especially
pronounced, with over half of shark and ray species listed in an IUCN threat category, versus a third globally.
Species management is further complicated by the dominance of small-scale boats, accounting for around 82%
of the total fishing fleet. Surrounded by 22 different countries across three continents, the Mediterranean Sea is
subject to diverse anthropogenic pressures. Working through a network of regional partners, our Mediterranean
programme spans policy engagement, species-specific recovery programmes, and community action.
PROGRAMME GOAL: PREVENT SPECIES EXTINCTIONS AND IMPROVE THE CONSERVATION STATUS OF SHARKS
AND RAYS IN THE MEDITERRANEAN SEA.
Objective 1
Objective 2
Objective 3
Objective 4
Engage with GFCM and Collaborate with local partners
Deliver sub-regional action
Communicate and engage
national governments to
to identify and prioritise
plan projects with local
partners and communities
ensure delivery of shark
regional conservation issues
partners to enable on the
to promote shark
and ray conservation
and develop species-specific
ground implementation of conservation and fisheries
and management
regional and sub-regional
conservation measures and
management across the
obligations.
action plans.
fisheries management.
Mediterranean region.
Project activity is divided between collaborative species-specific actions, with a particular focus on Critically
Endangered
species of angel sharks (Squatina squatina,
Squatina aculeata, Squatina oculata), guitarfish
(Rhinobatos rhinobatos) and giant guitarfish (Glaucostegus cemiculus). Policy activities are delivered at national and
regional levels, with the Trust acting as an observer to the General Fisheries Commission for the Mediterranean
(GFCM) and a Cooperating Partner to the Convention on the Conservation of Migratory Species (CMS) Sharks
Memorandum of Understanding (Sharks MoU), which addresses transboundary issues in the Mediterranean and
beyond.
These actions span all four of our Mediterranean programme objectives:
Angel Sharks
We continue to coordinate and deliver the Mediterranean Angel Sharks: Regional Action Plan? through a Shark
Conservation Fund project, collaborating
with six partners in the Eastern and Central Mediterranean. Through
observer coverage and collection of local ecological knowledge we have documented and extended the known
distribution of the three Mediterranean species and located potential Critical Angel Shark Areas. (CASAs)
Additional activities included:
• Collaborative actions catalysed by the GFCM FAO FishForum in Türkiye, February 2024, where the work of
Shark Trust's Flat Shark Showcase.
• Production and distribution of the Angel Shark Safe Handling Animation, now available in seven languages,
to improve likelihood of safe release and reporting of Angel Shark bycatch.
• Expansion of engagement with the Angel Shark Conservation Network - coordinated activities, especially
within regional fora and with Signatories to the Sharks MoU, to increase Range State engagement in existing
obligations.
• Knowledge transfer through a range of publications, including government briefings, grey literature, and peer
reviewed research papers - all contributing to an informed position for current and future management
requirements.
• Identification of previously undocumented CASAs, vital for informing spatial management and guiding
engagement with the fishing industry.
2 Gordon, C.A., Hood, A.R., AL Mabruk, S. A. A., Barker, J., Bartoli, A., Ben Abdelhamid, S., Bradai, M.N., Dulvy, N.K., Fortibuoni, T., Giovos, I., Jimenez
Alvarado, D., Meyers, E.K.M., Morey, G.. Niedermuller, S., Pauly, A., Serena, F. and Vacchi, M, 201g. Mediterranean Angel Sharks: Regional Action
Plan. The Shark Trust, United Kingdom.
Page 11 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Guitarfishes
Partnership activities in Tunisia have provided insight into target fisheries for the Critically Endangered Common
iuitarfish and Blackchin Guitarfish, both protected yet still commercially valued species. Direct engagemer
ith fishers is contributing to fishers' behaviour change and catch reductior
Page 12 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Community Engagement Programme
PROGRAMME GOAL: BUILD ACTIVE, DIVERSE COMMUNITIES IN SUPPORT OF SHARK AND RAY CONSERVATION
AND BEST PRACTICES.
Objective 1
Develop, deliver and maximise
participation in
citizen/ community science
projects to engage supporters
in the collection and analysis of
sightings data.
Objective 2
Engage active, diverse
communities of researchers,
NGO partners and interested
parties to foster knowledge
sharing and drive project
development.
Objective 3
Work with local
communities to identify
challenges and develop
best practices to tackle
the impacts of shark
conservation success.
Objective 4
Promote shark
conservation to a variety
of communities to
maximise engagement
with the goals and
objectives of Shark Trust.
Basking Sharks (Citizen Science/Research/Best Practice/Engagement)
This shark species has been a focus of citizen science, research and conservation action in the UK and Ireland for
well over 40 years. The project promotes, collects, collates and shares citizen science data on sightings around the
UK, and provides codes of conduct to support responsible ecotourism.
A Green Match Fund campaign in April 2024 generated E13K in donations that enabled us to develop and distribute
new promotional materials for the project and a series of educational videos to encourage recordings and drive
engagement with the code of conduct (Objective 1/Objective 3/Objective 4).
Since a scientific forum in early 2024, the Shark Trust has been working on better coordination of data sharing across
regions. We are developing a data directory that will act as an online reference tool and signpost to Basking Shark
data holdings and describe the types of data represented. Aligned with this effort, we are preparing the records
from the Shark Trust database (including inherited data from other archive sets) to be made available through open
access protocols (Objective 2).
The Data Directory and Open Access datasets will enable researchers/students to easily access data holdings and
build a fuller picture of Basking Shark movements. This will facilitate future conservation monitoring and action,
including collaborative scientific publications.
Great Eggcase Hunt (Citizen Science/Research/Education)
locations and in multiple languages.
In 2024/25, an interactive online tour and Eggcase Champion Training Guide were launched to deepen engagement
and diversify participation. In-person training sessions have been delivered to Plymouth Sound National Marine Park
staff and volunteers, enabling trained observers to verify submitted eggcase records (Objective 1/Objective 4). The
Trust also contributed to the inaugural Marine Citizen Science Week (March 2025) hosted by Natural England anc
The Rockpool Project.
Page 13 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Living with Sharks (Research/Best Practice)
n the first year of work on this project, our focus has been on scoping research and identifying key internationa
hotspots" for potential issues
A new communication toolkit under development in collaboration with the Ministry of Tourism will enable us to
guide communications delivery across the tourist sector to ensure accurate and consistent messaging on sharks to
visitors and local communities.
Outreach (Engagement)
Our outreach activity targets diverse communities through educational settings, visitor attractions and a range of
public events. Learning outcomes revolve around celebrating shark diversity, highlighting key threats to shark anc
ray populations, and delivering specific calls to action to support conservation objectives (Objective 4)
Work with the aquarium sector has focused upon securing support for our Big Shark Pledge campaign. The touring
art exhibition Oceanic31 visited three UK public aquariums as well as many art galleries and community spaces. The
tour concluded in November 2024 with a week of activities at the Royal Geographical Society in Kensington, including
a For the Love of Sharks public lecture attended by 700 people.
In early 2025, a series of interactive talks were delivered to pupils from eight schools engaged in the Plymouth Sound
National Marine Park's Sea in our Schools programme, in partnership with the Ocean Conservation Trust.
Summer 2024 saw the first Shark Month, a collection of partnership events based around Plymouth's historic Royal
William Yard. The event focused on reaching new audiences within our home city, establishing business partnerships,
and celebrating the work of the Shark Trust from its base in Britain's Ocean City.
Continued expansion of online content has included the first series of the Shark Trust podcast through YouTube,
Spotify and Apple Podcast. First season subscribers number over 1000. The second season is now in production.
Page 14
of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Core Activities
Fisheries Engagement
The primary threat to sharks and rays is, without doubt, the impact of excessive and inadequately managed
Our ongoing work in fisheries engagement, at national and international levels. includes:
• Identification & Advisory Materials: production of materials and digital resources to aid fisheries
management implementation and
compliance by facilitating species identification and clearly
communicating current regulations to fishers and enforcement officers.
• Influencing Total Allowable Catch (TACs), Quotas and new measures: advocating for the application of
credible evidence in securing fisheries management measures that adopt a precautionary approach and
will achieve sustainable stocks and fisheries.
• Fisheries Management Plans (FMP): providing input, supporting government agencies, and presenting the
strongest case for sustainable management of all elasmobranchs.
Government Relations
Effective change requires the engagement of policymakers. We adopt a pragmatic, evidence-based approach to
policy advocacy that supports the development and implementation of domestic and regional policies and
legislation to improve fisheries management and wildlife protection.
On an international stage, we engage with Multilateral Environmental Agreements - such as the UN Conventions
on International Trade in Endangered Species (CITES), the Convention on Migratory Species (CMS), and the CMS
Sharks MoU - to maximise their conservation potential and effectiveness of implementation.
Advocacy | Key Credentials & Associations
• Official observer status at RFMOs: International Commission for the Conservation of Atlantic Tunas (ICCAT),
Indian Ocean Tuna Commission (IOTC), General Fisheries Commission for the Mediterranean (GFCM),
Northwest Atlantic Fisheries Organisation (NAFO), and the Northeast Atlantic Fisheries Commission (NEAFC).
• Cooperating Partner to the Sharks MoU, observer at meetings of the Conference of Parties to the CMS, and
strong advocate of actions for the effective implementation of listings.
• Actively engaged in the CITES process - advocating for listing of shark species and the implementation and
enforcement of CITES trade regulations.
• Recognised by Defra as consulting Shark Conservation NGO for the UK Government and an active partner in
UK Elasmobranch project steering groups.
• National Advisory Board member to the Clean Catch UK bycatch mitigation initiative, Flapper Skate working
group, and Spurdog working group.
• Regular contributor to the European Commission and European Parliament - successfully advocating for the
adoption and implementation of key fisheries and wildlife protection policy objectives.
Communications & Marketing
Our Communications and Marketing output goes beyond simply raising awareness and generating income. We
strive to balance informed and factual messaging with impactful communications that drive conservation action.
We use a wide range of media to achieve this and apply the right tools to monitor their impact. We get the best
out of our messaging by making our communications accessible and credible, tailored to specific audiences and,
ultimately, enhancing audience engagement with shark conservation.
Page 15 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Data Insights
The Shark Trust's decision-making processes are guided by scientific evidence. Accessing and analysing data is
key to enable the Trust to identify data gaps and make informed decisions. We place data insights at the centre
of our policies and strive to employ appropriate technology and approaches to capture, analyse and share data.
The data insight's function is at the core of managing large citizen science datasets. This has been focused in the
past year on making our data holdings Open Source compliant and increasing their accessibility to researchers
and management bodies. Our clear intent is to ensure that data collected by the public are used for public benefit
and for the conservation of sharks.
Other activity has focussed on deeper analysis of UK fisheries data to build a clearer picture of trends and issues
that we can feed into fisheries management processes.
Artificial Intelligence (Al)
Over the past year we have been developing a secure Al agent and exploring how Al can reliably be used to
increase our productivity and impact. Applied across a range of activities, from administration to citizen science
recording verification, language translation, communications and research, we are cautiously optimistic that Al
can make a big difference to our charity's growth over the next 5-10 years.
Fundraising
Our fundraising streams include memberships, donations, community fundraising, events, legacies, grants and
major donors. Growing these fundraising streams allows us to develop more avenues of income for project
delivery, as well as covering our core costs and building financial sustainability.
We adhere to best practice in our fundraising. We're registered with the Fundraising Regulator, and we adopt an
Ethical Fundraising Policy that was developed to ensure we have a firm basis for accepting or declining funds.
Administration & Compliance
As we grow as a non-profit organisation, engaging with partners, funders, collaborators and supporters across the
world, we continually seek to upgrade our systems and skills to ensure that we run our business professionally.
efficiently, and compliantly. Access to data and analytics not only assists us with better management of our
finances but also enables the evidence-based decision-making required for our agile project approach. During
the financial year, we have upgraded our Customer Relationship Management (CRM) system and begun the
process of switching to a new digital accounting system, which will go online from April 2025.
Page 16 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Valuing Collaboration
Much of progress on the above projects is due to our engagement in the following formal partnerships:
Shark League
The Shark League was founded in 2017 as a coalition focussed on responsible regional conservation of sharks
and rays, initially in the Atlantic and Mediterranean. The partners - Shark Trust, Shark Advocates International
Ecology Action Centre, and PADI AWARE Foundation - work to each partner's strengths to examine and collate
an evidence base and maximise the impact of advocacy efforts targeting the Regional Fisheries Management
Organisations.
AZA SAFE
The Association of Zoos and Aquariums, based in the USA, enables collaborative conservation action through its
SAFE (Saving Animals from Extinction) programme. As an AZA conservation partner and member of the SAFE
Shark and Ray Steering Group, we have helped to steer the development and delivery of a comprehensive
conservation plan - launched in 2022 - that's now delivered across over 50 partner institutions. The conservation
plan includes messaging, public engagement, collaboration with in-situ researchers, policy support actions and
sustainability initiatives.
European Elasmobranch Association
The European Elasmobranch Association (EEA) was established in 1996 to coordinate the activities of national
European organisations dedicated to the study, management or conservation of chondrichthyan fishes (sharks,
skates, rays, and chimaeras). The Shark Trust provides the secretariat for the EEA, and we engage proactively with
other members to engage researchers and promote our policy objectives. This network is a vital element of our
continued active engagement with the EU policy making process and fisheries management.
Wildlife and Countryside Link
Countryside Link is the largest environment and wildlife coalition in England, bringing together go
organisations to use their strong joint voice for the protection of nature. Members campaign to conserve, enhance
and access landscapes, animals, plants, habitats, rivers and seas. Collectively the members have the support of
over eight million people in the UK and directly protect over 750,000 hectares of land and 800 miles of coastline.
European Union of Aquarium Curators (EUAC)
Established for over 50 years, EUAC is a community of best practice for aquarium curators. They meet on an
annual basis and conduct various collaborative projects to enhance the welfare of collection animals and the
effectiveness of aquariums. During 2024-25. we embarked on an externally funded partnership project to develop
tools to aid the network in delivering collaborative conservation policy actions. Twelve partner institutions, with
an annual audience reach of over 15 million visitors, will be taking part in Project Oceanic Whitetip during 2025.
Many more informal partnerships and collaborative projects enable us to deliver the breadth and range of work
that we do and reach diverse audiences to promote shark conservation and generate support.
Page 17 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
2025 and Beyond
At the beginning of 2024, the Board and leadership team agreed a five-year financial growth plan aimed at funding
an expansion of the team from 11 to 20+ over five years. We believe that steady and measured growth, investing in
a multi-skilled, flexible and responsive team and embracing new technologies, will enable us to make a major impact
on the end-goal of recovering shark and ray populations over the coming decade.
Our financial performance over the first year of the plan (see below) allows us to continue broadly with this trajectory.
However, our experience with data tools and Al over the past year highlight the need to remain agile and alert to the
opportunity to deliver greater impact with a smaller, focussed staff base. We will continue to cautiously explore the
potential for Al to support work across the team - from communications to coding, research and data analysis.
Our focus on fisheries, and broadening our influence in fisheries management decision-making, will be a key factor
in our future success. During 2025-26, we will actively seek funding to expand our fisheries team's engagement and
impact. This will include the continued upscaling of our Oceanics Programme, as well as attention to domestic and
regional issues. We are looking to secure a mix of funding from grants, brand partnerships and directed public
fundraising appeals, in the process, we will highlight the value of fisheries management as a conservation tool.
We have a long-held commitment to partnership working and collaboration. This becomes ever-more important as
we move forward, and we'll continue to strive to engage widely and create opportunities for sharing and
collaboration. Whilst working within a focussed and committed sector, we must ensure that we consider other
viewpoints. Conservation doesn't occur in a vacuum, so we take care to understand the rights of communities and
approach conservation in a holistic manner. Our new Living with Sharks project places social science alongside
conservation science in our continuing search for solutions to ease the pressure on shark populations while
maintaining positive connections between people and wildlife. We will be reaching out across the sector over the
coming year to explore partnerships for this work and build connections with key communities.
Communication of our work to an ever-diversifying audience is crucial to securing future support for conservation
action and outcomes. We will continue to create innovative and engaging content, continually evolving our use of
existing channels and seeking new routes to reach people both online and in person.
We are ever-grateful to have the support of funders, donors, partners and members who understand the nature of
our work and how we go about it. But we don't take them for granted; we will continually refine and explain our
approach with funders and the wider public.
Page 18 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Financial Review
In line with our five-year growth plan, we set a budget for a deficit in core funds of £62K, which included a planned
£75K spending down of funds designated for five specific projects. In addition, we targeted a f62K surplus in
restricted funds, with an overall break-even position.
Total income for 2024-25 was £763.509 (£319.410 restricted/£444.099 core). This represents a f190K increase in total
income against 2023-24. Outgoings for the financial year were £787.124, with £276,257 expended from restricted
(project) funds and £510,866 from core funds. The net overall deficit of {24K represents spending down of significant
restricted and designated core funds, in line with project plans, although core income fell behind the ambitions set
out in our five-year growth plan.
Core Funds (Including unrestricted reserve and designated funds)
Unrestricted income was up 18% on the previous year (the biggest annual increase since 2019-20), with record
income levels across all our main charitable income categories:
Membership subscriptions
Individual donations (and Gift Aid)
Community fundraising
Corporate donations and collections
: Major donors land unrestricted grants)
However, this core income total fell £27K short of our ambitious target so, despite holding expenditure back by
£22K against plans, the balance of core funds at the end of the year is £5K behind the target at £174.395.
Core funds include some monies that we have designated for specific projects. Our target for 2024-25 was to
spend these funds down by £75K (from £92.5K to £17.5K by the year end) across five projects. In the event, there
was an underspend of £22.5K on these projects, meaning that we end the year with a designated funds balance o
40K (£10K earmarked for Guitarfishes & £30K for the Oceanics Programme)
Taking designated fund movements into account, the unrestricted reserve has been reduced by £14K against a
target surplus of £13K. This means that we go into 2025-26 with a £27K lower than planned cash reserve of £134K.
The budget for 2025-26 has been adjusted accordingly to build this reserve back over the coming 12 months.
Restricted Funds
The conservation activities of the Shark Trust are largely supported by restricted project income from various
grants, trusts and foundations. During 2024-25, we delivered significant work across our projects, spending £78K
above projections on project delivery. However, in addition to previously secured funding, this was achieved
because we secured an additional £51K in funds for two new projects, ensuring an overall surplus on restricted
funds of £43K. This is f1gK lower than our budgeted target of £62K surplus by the year end.
Consequently, with a f5K budget deficit on core and figK budget deficit on restricted, we end the year with a
E24K overall deficit after setting a break-even budget. While this is disappointing, the majority of the shortfall
comes from the planned spending-down of restricted project funds on delivery of conservation objectives. We
remain comfortable financially, and confident that we can continue to grow our income and impact, as projected
for the coming years.
Page 19 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Thanks
The Trustees and management are extremely grateful to the individuals, organisations and businesses that have
supported The Shark Trust during the year. The progress that we have been able to make is enabled through
donations, subscriptions, adoptions, grants, partnerships and invaluable volunteer support.
Particular thanks go to:
Project Funding:
• The Shark Conservation Fund
• The Waterloo Foundation
• Save Our Seas Foundation
• Helvellyn Foundation
• Dashlight Foundation
• Project SIARC
• European Union of Aquarium Curators
• SeaLife Europe
Our Patrons:
• Steve Backshall
• Loyd Grosman
• Gordon Ramsay
• Mariella Frostrup
• Marc Dando
• Nick Baker
And our list of long-serving Supporting Patrons
Corporate Patrons:
Our Corporate Patrons supports us with donations and promotion of the Shark Trust through their networks:
• Sonardyne
• Animal Friends
• Ulysse Nardin
:
Paul&Shark
SHARK SUPS
Hallet Independent
SurfShark
Diverse Travel
Page 21 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED)
YEAR ENDED 31ST MARCH 2025
Sponsorship and In-Kind Support
:
Bear Grylls Adventure/ Merlin Entertainments
Oyster Diving
• Wild Nature Press/Marc Dando
• The Big Give
• Sealife Group
• The Deep
• Skegness Aquarium
• National Marine Aquarium/Ocean Conservation Trust
• Real Ideas Organisation
Tropicarium (Sweden)
Our many commercial supporters, for donations generated through sales of products.
Volunteers - everyone that has given their time freely to support us and help us to achieve more for sharks and
Everyone who swam, ran, walked, baked, rowed and jumped to raise money for the Shark Trust. You're all heroes!
Approved by the Board on 17 November 2025 and signed on its behalf by:
Entechuld
G.W. Heafield - Company Secretary
Page 22 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2025
Independent examiner's report to the Trustees of The Shark Trust ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March
2025.
Responsibilities and basis of report
As the charity's Trustees of the Company (and also its directors for the purposes of company law) you ar
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 200€
('the 2006 Act").
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006
Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts
as carried out under section 145 of the Charities Act 2011 (the 2011 Act". In carrying out my examination I have
followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in
section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of
ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe:
1.
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2.
the accounts do not accord with those records; or
3.
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any
requirement that the accounts give a true and fair view which is not a matter considered as part of an
independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practice for accounting and reporting by charities applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed RMco.e
Date
19/11/2025
Robert M. Moore ACA
for and on behalf of C.B. Heslop & Company Limited Chartered Accountants
1 High Street Thatcham
Berks RG19 3JG
Page 23 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31ST MARCH 2025
Notes
Restricted
Funds
Unrestricted
General
Fund
€
Incoming resources
Gifts and donations
Donations, gifts and sponsorships
Other Grants
Activities in furtherance of the charity's objects
Adoption fees received
Subscriptions
Activities for generating funds
Sale of goods and sundry income
Conference and event income
Consultancy fees
Investment income
Bank interest receivable
Coronavirus support income
HMRC JRS Scheme
Local authority grants
Total incoming resources
Resources Expended
Direct charitable expenditure
Fundraising and publicity
Management. govemance and
administration of the charity
Total Resources Expended
7
Net Incoming Resources for the year before transfers
- Net (deficit)/income for the year
Transfers
Gross transfers between funds
14
Net movement in funds
Balance arugh forward at ast April 2024
Fund balance carried forward at 31st March 2025
314.635
4,775
319.410
275,461
796
276,257
43,153
-
43.153
164,680
207.833
263.842
10,084
19.719
81,178
33.197
29,624
:
6.455
444,099
389,128
49,815
71.924
510,867
(66,768)
-
(66,768)
241,163
174.395
2025
Total
Funds
263.842
324,719
24,494
81,178
33.197
29.624
:
6,455
:
763.509
664.589
50,611
71.924
787.124
(23,615)
-
(23.615)
405.843
382,228
2024
Total
Funds
€
230,246
203.423
23.229
74.043
2,109
33.189
:
6.947
:
573.186
592,160
37.340
54.986
684,486
(111,300)
(111,300)
517.143
405.843
All of the above results are devised from continuing activities. All gains and losses recognised in the year are
included above. The deficit for the year for Companies Act purposes comprises the net outgoing resources
for the year of £23.615 (2024: £111,300).
Page 24 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
BALANCE SHEET
AT 31ST MARCH 2025
Notes
€
2025
2024
€
Fixed Assets
Tangible assets
Current assets
Stocks
Debtors
Fixed Term Investments
Cash at bank, Building Society and in hand
1,445
997
10
11
7.464
Creditors: Amounts falling due within one year
12
396.560
404.024
(23.241)
3.776
433.444
437.220
(32.374)
Net current assets
Total assets less current liabilities
15
380,783
382.228
404,846
405.843
Funds
Total unrestricted funds
Total restricted charity funds
14
14
Total Funds
174,395
207.833
382,228
241,163
164,680
405.843
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006
for the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended
31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The Trustees acknowledge their responsibilities for
al ensuring that the charitable company keeps accounting records that comply with Sections 386 and
387 of the Companies Act 2006 and
b)
reparing financial statements which give a true and fair view of the state of affairs of the charitabl
ompany as at the end of each financial year and of its surplus or deficit for each financial year i
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the
charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Act
Approved by the Board on 13 November 2025
and signed on its behalf by
stood.
C. Hood - Director
ensell-Bowen - Director
Page 25 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
CASH FLOW STATEMENT
YEAR ENDED 31ST MARCH 2025
Notes
2025
Cash Flows from operating activities
Cash generated from operations
Finance costs paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
change in cash and cash equivalents in the
reporting perior
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
1
(41.904)
(41.964)
(1,375)
6.455
5,080
(36,884)
433,444
396,560
Page 26 of 37
2024
(111,845)
(111,845)
6.947
6.947
(104,898)
538.342
433.444

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE CASH FLOW STATEMENT
YEAR ENDED 31ST MARCH 2025
1 RECONCILIATION OF NETY EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2025
(23.615)
Net expenditure for the reporting period las per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Finance costs
(Increase)/decrease in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations
927
(6,455)
(3,688)
(9.133)
(41,964)
≥ ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank and in hand
Total
At 1.4.24
433.444
433.444
Cashflow
(36,884)
(36,884)
Page 27 of 37
2024
(111,300)
1,834
(6.947)
(2,147)
(111,845)
At 31.3.25
€
396,560
396,560

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2025
1. Statutory Information
The Shark Trust is a private company, Limited by guarantee, registered in England and Wales. The company's
registered number and registered office address can be found on page 1 of these accounts
2. Accounting Policies
a) Basis of Accounting
The financial statements have been prepared under the historical cost convention and in accordance with
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
b) Fund Accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives
of the charity.
Restricted funds are subjected to restrictions on their expenditure by the donor or through the terms of an appeal.
The aim and use of each restricted fund is set out in Note 14.
c) Incoming Resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to
he income, and the amount can be quantified with reasonable accurac
Jonations received from members are accounted for in the year in which they are received and are disclosed i
the funds in accordance with the donor's wishes.
Grants receivable are accounted for in the year in which they arise and are allocated to the funds for which they
were donated.
Bank interest is accounted for on an accruals basis.
d) Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all
costs related to the category. Where costs cannot be directly attributed to particular headings they have been
allocated to activities on a basis consistent with use of the resources. Rent has been allocated on a floor area
basis. Staff salaries have been apportioned according to the time spent on each activity
Fundraising costs are those costs incurred in promoting the charity and its objects
Management and administration costs are those incurred in connection with the administration of the charity and
compliance with constitutional and statutory requirements.
e) Tangible fixed assets and depreciation
Tangible fixed assets costing more than £150 are capitalised and included at cost. Depreciation is provided on a
straight line basis, to write off the costs over their estimated useful lives, at the following rates:
Office equipment
25% on cost
Computers
25% and 33% on cost
f) Stock
Stock consists of purchased goods for resale and is stated at the lower of cost and net realisable value using the
irst in first out method of valuatior
Cost comprises the actual cost of purchase. Net realisable value is the estimate selling price less cost of sales
g) Leases and Hire Purchase Contracts
Rentals paid under operating leases are charged against income as incurred
Page 28 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
2. Accounting Policies (Continued)
h) Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date
of the transaction. Exchange differences are taken into account in arriving at the operating result.
i) Deferred taxation
Provision is made at current rates for taxation deferred in respect of all material timing differences except to the
extent that, in the opinion of the directors, there is reasonable profitability that the liability will not arise in the
foreseeable future.
) Irrecoverable VAT
harged ty the relevant est ter Yes as tis nes therefore no input VAT is recoverable, All unrecovered VATi
3. Net Incoming Resources
The net incoming resources for the year are stated after charging:
Directors' emoluments
Depreciation written off tangible fixed assets
2025
€
64.626
990
2024
61.564
1.833
4. Direct Charitable Expenditure
Salaries and consultancy
Employer pension contributions
Consultancy/partnersfees
Events
Adoption fees
Bursaries paid
Purchases
Training and conference fees
Newsletter, posters, leaflets and certificates
Depreciation
Other administration costs
Restricted
Funds
€
124.040
9,481
111.343
779
3.995
1.701
3,920
20.202
275.461
Unrestricted
General
Fund
213.837
17920
20,534
I I
7.306
834
21,812
742
106.143
389,128
2025
Total
€
337,877
27,401
111,343
21,313
3.995
1,701
7,306
834
25.732
742
126,345
664,589
5. Fundraising and Publicity
Promotions, exhibitions and website costs
Restricted
Funds
E
796
Unrestricted
General
Fund
49,815
2025
Total
50,611
2024
Total
37.340
Page 29 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
6. Management, Governance and Administration of the Charity
Restricted
Funds
Unrestricted
General
Fund
Salaries and consultancy
Employer pension contributions
Staff Advertising
Depreciation of fixed assets
Other administrative costs
-
53.459
4,480
81
185
13.719
71,924
7. Total Resources Expended
81
2024
Total
40,546
3,423
149
367
10,501
54.986
2024
Total
€
592,160
37.340
54.986
684,486
Direct charitable expenses
Fundraising and publicity
Management and administration of
the charity
Start Costs
365.278
57.939
423.217
Deprecation
185
927
Other Costs
298.56g
50,611
13.800
362,980
2025
Total
664.589
50.611
71.924
787.124
Staff Costs
Salaries and wages
Social Security costs
Pension contributions paid
361.035
30.301
31.881
423.217
323.657
26,750
27.632
378,039
he number of employees whose total benefits excluding pension contributions earning over £60,00
lassified within bands of £10,000 is as follow
£60,000 - £69.999
2025
2
2024
1
The average number of full-time equivalent employees (including casual and part time staff) during the year
was made up as follows:
2025
2024
CEO
Charitable
Administrative
1
12
1
11
8. Taxation
As a charity. The Shark Trust is exempt from tax on income and gains to the extent that these are applied to
its charitable objects. No tax charges have arisen in the Charity.
Page 30 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
9. Fixed Assets
Cost
At 1St April 2024
Additions
Disposals
At 31st March 2025
Depreciation
At 1st April 2024
Charge for year
Utilised on disposal
At 31st March 2025
Net Book Value
At 31st March 2025
At 31st March 2024
10. Stock
Leaflets, poster, goods for resale
11. Debtors
Amount falling due within one year
Other debtors
Prepaid expenses
Accrued Income
12. Creditors
Amount falling due within one year
Other creditors
Social security and other taxes
Staff pensions
Accruals and deferred income
computers
8,617
8,617
8,617
8,617
Office
Equipment
9.556
1,375
10,931
8,559
927
9.486
1.445
997
2025
€
Total
18,173
1.375
19.548
17.176
927
18,103
1,445
997
2024
€
2025
€
64
7,400
7.464
2025
€
9.654
8,213
2,704
2,670
23.241
2024
64
3.712
3.776
2024
€
21.044
6,380
2,340
2.610
32.374
13. Share Capital and Members Liability
The company is limited by guarantee. In the event of the company being wound up the liability of each
member is limited to f1.
Page 31 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
14. Movement in Funds
Transfers
Balance at
31st March
2025
Restricted Funds
Adoption fund
Waterloo Foundation 2022
Vulcan - CITES
Vulcan -19
Basking Shark
European Elasmobranch Association
Disney Conservation Fund -
Angelshark
McArthur Foundation
LDC Foundation
Outreach
Defra/CEFAS
Synchronicity Earth & Sea Life Trust
SOSF Great Eggcase Hunt
Marks & Spencer
Disney Conservation Fund -
Sawfishes
Great Eggcase Hunt hubs
Sea Changers
Varda Group 2018
Shark Conservation Fund - Angel
Shark 2018
Evolution Education Trust
Disney Year 6 Angel Sharks
Exeter University
WL C19
Sharks International 2022
SIARC
SOSF Guitarfishes
Shark Conservation Fund -
Mediterranean
Shark League 2022
CSIRO
Merlin GEH
CMS - Angel sharks
EUAC - Project Oceanic Whitetip
Unrestricted General Fund
Purpose of Restricted Funds
Balance al
st April z0z
1,889
11,347
37
1
4,215
7.910
1,838
116
29
2,007
258
101
140
-
273
-
72
65
28,146
93
1,353
7.594
51
6,579
2,882
41,861
25,284
20,439
100
164,680
241,163
405.843
Incoming
Resources
E
4.775
3,263
:
704
:
-
-
319,410
444.099
763.50g
Resources
Expended
(3.995)
(49,805)
(3084)
(1.735)
(1,833)
(1,114)
(687)
(170)
(10.905)
(800)
(459)
(6,442)
(12,301)
(21,498)
(84,333)
(46,684)
(91)
(22,606)
(7.648)
(276,257)
(510,867)
(787,124)
29
-
5
65
93
51
9
207.833
174.395
382.228
Adoption fees received are used to fund the Maldives Whale Shark Research, High Seas sharks (Oceanics
Programme), and the Great White Shark research programmes.
Waterloo Foundation 2022
Securing sustainable shark fisheries in the UK and internationally. Grant provides support towards staff time
and travel over a three-year period, thus enabling our comprehensive engagement across a broad suite of
fisheries activities.
Page 32 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
Vulcan CITES (Paul G. Allen Family Foundation)
Funds enabled active engagement in advocacy activities prior to and during the 18th Conference of Parties
of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), November
2022.
Basking Shark
Funds from adoptions, donations and grants to support the Basking Shark Project.
Cunts ences ed are used do remain rats rese intered yeaker and teresar on is
House fees and any other expenses incurred by the Shark Trust acting as the EEA Secretariat.
Disney Conservation Fund - Angelshark
Funds contribute to staff time, travel and materials to develop an Angelshark Action Plan for the Canary
Islands.
McArthur Foundation
Funding to continue our commitment to the Global Shark and Ray Initiative, covering staff time and travel to
the annual coordination meeting (2016-2018).
LDC Foundation
Funding enabled direct engagement with Regional Fisheries Managements Organisations, specifically the
International Commission for the Conservation of Atlantic Tunas (ICCAT) and the North Atlantic Fisheries
Organisations (NAFO) - the Trust is now acting as an official observer to both bodies.
Outreach
Funds donated specifically to support educational and outreach work through events in schools and with
the public.
Defra/CEFAS
Support for the update and production of annual Fisheries Advisories.
Synchronicity Earth & Sea Life Trust
Funds for the No Limits? campaign to facilitate public engagement in advocacy campaign to secure
science-based catch limits for the species that dominate EU landings from the Atlantic.
save our seas Foundation - Great egocase Hunt
Expansion and promotion of the Great Eggcase Hunt Programme and associated products.
Marks & Spencer
Funding provided for the production of a sustainable sourcing guide and associated educational resources
Disney Conservation Fund - Sawfishes
Funds contribute to staff time, travel and materials to secure information and data on the holdings of sawfish
rostra in private collections.
Great Eggcase Hunt Hubs
Funding from the Sealife Conservation Fund for the creation of a pilot interactive unit for engagement of
aquarium visitors with the Great Eggcase Hunt.
Sea Changers
To encourage responsible handling by anglers of sharks, skates and rays.
Page 33 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
VARDA Group 2018
Funded by Shark Conservation Fund. A continuation of RFMO activities, with specific focus ICCAT as
partners of the Shark League.
Shark Conservation Fund - Angel Shark 2018
This grant is for the development of a Mediterranean Angel Sharks Regional Action Plan and its initial
implementation.
Evolution Education Trust
Communications Research project a review of shark education & communication to create a tool kit for shark
educators.
Disney Year 6 Angel Sharks
Extension of funding to contribute to development of an Angelshark Action Plan for the Canary Islands.
Exeter University
Continuing our work on supporting sustainable fisheries in England, and associated costs.
Waterloo Covid 19
during the pandemic.
Funding provided as an ad-hoc grant to support continuation and development of communications activity
Sharks International 2022
The much-acclaimed Sharks International Conference is held every four years. It was co-hosted by the Shark
Trust and held in Valencia, Spain, in 2022. Expenses were met by sponsorship grants and conference fees.
SIARC
Supporting fisheries engagement and citizen science activities in Wales
Save Our Seas Foundation - Guitarfishes
Funding to develop a collaborative network of researchers to record landings of guitarfishes in the region
and work to educate fishers, retailers, and enforcement officers. Advocating for implementation of existing
regulations and increasing the profile of these vulnerable species.
Shark Conservation Fund - Mediterranean
Mediterranean Angel Sharks: Regional Action Plan Phase 2: Implementation: The Shark Trust is coordinating
Mediterranean partners collaborating towards effective implementation of overarching regional policy
objectives & Subregional Action Plan specific actions. Contributing to the delivery of the existing
Mediterranean Regional Action Plan goals & vision. The Shark Trust will collaborate and support capacity
building, knowledge transfer and the production and interpretation of specialist materials. Working with
national partners in priority Eastern & Central Mediterranean countries including Türkiye (with Mersea
Consulting); in the Republic of Cyprus (with iSea and Enalia Physis), in the North of Cyprus (with the Society
for the Protection of Turtles (SPOT)) and in Tunisia with (ASCOB Syrtis).
Shark League 2022
Bridging the Gap: Promoting Treaty Implementation to Recover Atlantic Sharks. The Shark Trust collaborates
with other partners of the Shark League (Shark Advocates International, Ecology Action Centre, and PADI
AWARE). Our objectives include the alignment and implementation of elasmobranch treaty obligations by
environmental and fisheries authorities of major Atlantic shark fishing Parties; science-based catch limits
and other sound fishery management measures by ICCAT; and ICCAT accountability through improved
shark catch data reporting and compliance. In so doing, we aim to deliver clear, actionable, precautionary
scientific advice for resource managers.
Page 34 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
ease nod to supr the davery of the single spocks action plan for angel thanks in tho
EUAC - Project Oceanic Whitetip
Funding provided by the Oak foundation to support a partnership project with the European Union of
Aquarium Curators. The project engages the collective visitor reach of a group of European aquariums to
advocate for effective implemementation of existing fisheries management measures for the Oceanic
Whitetip shark.
Page 35 of 37

THE SHARK TRUST
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (Continued)
YEAR ENDED 31ST MARCH 2025
15. Analysis of net assets between funds
Fund balances at 31st March 2025 are represented by:
Tangible fixed assets
Current assets
Current liabilities
At 31st March 2025
16. Transaction with the Trustees/Related Party Transactions
Restricted
Funds
E
215,734
(7.901)
207,833
Unrestricted
Funds
1,445
188,289
(15,339)
174.395
Total
1,445
404.023
(23,240)
382,228
2025
2024
Travel and subsistence
141
No trustee or other person related to the charity had any personal interest in any contract or transaction
entered into by the charity during the year (2024 - Nil
17. Commitments under operating leases
At 31st March 2025 the charity had annual commitments under operating leases as set out below:
Operations leases which expire
Within 1 year
Between 2 and 5 years
Land &
Buildings
2025
€
17,006
17,006
Land &
Buildings
2024
13.944
13.944
18. APB Ethical Standard - Provisions available for small entities
n common with many other companies and charities of our size and nature we use our accountants to
repare and submit returns to the tax authorities and assist with the preparation of the financia
statements.
19. Ultimate controlling party
The company is limited by guarantee and there is no ultimate controlling party.
20. Contingent Liabilities
There were no contingent liabilities at the balance sheet date.
Page 36 of 37

Cost of sales
Opening stock
Purchases
Closing stock
Office staff salaries and wages
National insurance
Development, management and co-ordination
Employer pension contributions
Consultancy/partners fees
Training and conference fees
Events
Adoption fees
Accountancy fees
Bookkeeping
Promotions, exhibitions, publicity and website
Newsletter, leaflets and certificates
Rent
Insurance
IT costs
Bursaries paid
Telephone
Postage, printing and stationery
Travel and subsistence
Subscriptions
Sundry expenses
Depreciation of fixed assets
Bank charges
THE SHARK TRUST
(LIMITED BY GUARANTEE)
SCHEDULE TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2025
Management
Administration
7.306
7.306
198.837
26,551
112.489
27.401
111,343
834
21,313
3.995
4.191
8,294
52.36г
25.732
22,808
2,196
27,245
1,701
2,124
5.423
39.247
2,700
2,606
742
7.760
715,200
:
49.709
3.750
4,480
:
1,048
2.074
81
5.702
549
531
1,311
:
652
185
1,852
71.924
This page does not form part of the statutory accounts
Page 37 of 37
7.306
7.306
248.546
30.301
112,489
31,881
111,343
834
21,313
3.995
5.239
10.368
52,443
25.732
28,510
2.745
27.245
1,701
2,655
6.734
39.247
2,700
3.258
927
9,612
787,124
2024
670
1,143
1.813
189,020
26,749
134.637
27.632
72.798
1,664
31,979
4.087
5.002
40,270
25.035
25.914
2,310
33.087
2,437
3.045
5.966
34.582
3,897
2,159
1,834
8,569
684,486