RÉGISTERED COMPAflY NUMBER.. 03527313 IED%land and Wale51 REGISTERED CHARITY NUMBER.. 1105434 THE NATIONAL LOBSTER HATCHERY IAcompany Ilmstsd byBuaranteel Artnual Report and unaudited FI￿8￿¢1•1 Statements ForthÈ Year Ended 31 March 2024 THE NATIONAL LOBSTER HATCHERY CONTENTS Report of the Trustees Independent Examiner'5 Rewrt 5t?tement ol Flnanclèl Ac￿VItIeS 8alance Sheet Mole5 to the Fl*ar*dèl Statements Ito8 io li 12to23 THE NATIONAL L08STER HATCHERY F THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REPORT The trustees who are also director5 of the charity for the purposes of the Companies Act 2Q06, present their report with the flnancial statements of the charlty for the year ended 31 March 2024. The trustees have adopted the provlslon5 of Accounting and Reportin8 bycharldes: Statement Df Recommended Pratlite appli¢able to charities preparlng their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. When reviewing the aim5 and objectlves of the Company and in planning futurè aetivities, the Trustee5 have complied with the duty in section 17 of the Charlties Act 2011 to have due regard to public beneht guidancè publlshed by the Commlsslon. AWORD FROMTHECHAIRMAN The 2023124financialygar sawihe charity r&ach 8 much improved flnancial position foliowinga challengingfewyears. The year was forecast to make a 225k loss, however through cost $8vlngs, hard work and an improvad off8ring. Bnd the launch of a newwebsite. th8 team delivered a profit and crucially, incieased ¢ash reserves. The charity's princlpal source ol income is the visltor centre which was kept open all year, apart from a four woek closure in january 2024 tor planned maintenancè and Ihe installation of the blggest tank project slnce Ihe centre opened it) 2000. Visitor numljers to the county in 2023 s8w 3 15-20% reduction vs 2022, however our vlsitor c8ntre achleved a 10% increase in footfall, which is in its8lt a significant achl8v8m8nt alld a credltto manAgemeni and staff. Our research outputs continued w(th Involvement In a large genetlcs project. Delivered in collaboratlon with Universiiyof Exeter. GEMALOR comm8nced in jun8 2023 and will contlntJ8 until September 2024, operatlng oul ofour NBwlyn facility. Education remains at the very heart of what we do and. alongside our expanded Visltor Education Ctsntro. we ¢ontinued to engage with Schools. Colleges, Universities and other interesled groups and delivered education outputs at a widp range of levels. This ye8r the team rolled out a new juvenile lobster release strategy, designed to increase publlc Oducation, greaier awareness and Inoreased engagement. This proved to be incredibly successful wilh hundreds of people turning up around the coast on release days. sharing wlth our staff the exclt8ment of releaslngjuvenile lobsters into Cornish waigrs and learnlng about our restocking programme. On behall of the Trustee's, I would like to thank ell the staff, volunteers and students who hav8 worked tir818851y lo ensure the charity delivers Its cole chariiable outputs. Rob Clifford-wlng Chairman The Natlon81 Lobster Hatchery Pagel I THe NATIONAL L BSTER HATCHERY eTRU FOR THEYEAR ENDED 31 MARCH 20Z4 REPORT OF T ASUMNARYOFTHE CHARITY'SWORK More than 75% orthè world's t18h stocks are eitherfully exploited, ove¥explolted, dapleted or rttove¥ing. TheW￿Ld'S hurnan populatlon surp88s8d 8 billion in 2023 and ther8 has nevgr bBe￿ a greater demand for soafood. Pressure on th** world's fish stocks is therefore dromaiieèlly Inerea8ing. Commonly accapted approachBS tD flsh81las rnanag8rnent Dftèn lalled to dellver theiy key target Df Maximum Sustalnable Yield 8nd slgnific8nt damage to habitats a￿d 8cosysi8ms h88 occurred in many Brea¥. We need to understand how we can gnhsnce or re-stock popuiatlonsofthls high v8lue, nutiltlous spgGle5. and thework ofThe National LobslerHotchèrylNLHI hlnges around this ¢entrsl13sU8. The European IDb5ter (Homarus g2mmarusl Is incredibly valuable In térms of Its economic. ecologlcal and SOGIBI importonc&. UKc8tches areworth around £SO million egchyearand provide much-needed in¢ornoforfisherm8n whe Ilve and work In small, economlcglly fragile coastal communli18s. The h¥gh value of lobster and Intensè prassure tD (ish them means thatthe spoci8818vulnerabletO 8tockcoll8p3e. A5 both predator and scavengtsr, lobsters perform a fitical ￿t)lOgiC￿l s•rvlce bycleaning up dead and dylng creaivr85 from the sgabed. Thecatchforthewholeof Europetotgls approxlmatoly5.o00tonThes,whltthderlvÈsÈxcluslvelyfrom capturefi$h8wiès. Stocks In Scandlnavla land m8ny pgrt5 of the Medlterrona8nl collaps8d in the 1960s Bnd have lallod to recover. The wgters surroundlng the British1stBS pr8S8nt the lasi r8malning area of prtsductlve lobster fishery. We are therefortr a unique po¥ition to g81n 8 btstter UnderSta￿ding of howto Inerè8S8 tha rtative populgtion and 8ilStainably re-stock it Should naturalstecksfall. Lobster fishing Is cit11c￿l[Y importanl to the 50 or $0 port$ 8nd h8rbou¥s scattor0d around Cornw811's 320 mile¥ of coastllne. Most bDats frotn the58 InshDr8 lisheries ale small pnd owner-operated, and the income generatBd through shelltisheriel tEnd$ to r8mainwithin local communitiBs. Lob8t?r stockenhancementthèrefore offers the potenttalto Incieasg the productivityof su$t8ln&ble fisheri88 ènd th8 prosperlty of lobster flsh8rm8n. The princlplè 8im of The NLH Is to develop tho sclence ot lobster sto¢k Ènhancement in Cornw811 and furthBr afi61d. Th1¥ 1$ u*d8rtakenthrough Inteiventionsihat compl8mgnttradltlonglfl$harles managementtools. Ourlong-tBrm aim is toapply the conGept8 and procedures that we have develop8d for lobster to other &pecl£# to provide a sustainable future forotherv8luL4bla sources of fopd. Our work is FNad8 possible by thB dedication and hard work of ourtegm ￿ staff.volunte8rs, Tru51ees and memberts of our SGientlllc Advlsory Groupi whith ineludas leadirsg academics. and r*proS8niatives from the fishlng industry 88 wtsll as the local communlty. 0￿( programs are supported by incotne rais8d through our vi$itor centre, corporate partngrshlps, fundraising inlii81wes. grant old Ènd phllanthropic individusls. W8 hevg thr88 main charitable outputs. whlch we deliver in collaboratlon wlth other partners to m&ximls8 avallable resour¢e¥- ConsBrvstion.' we operate a sto¢k.enh$ncement p¥ogram for the European lobsterwlthin ourln&horewÈters. Aesearch.. we conduGt ploneering lesearch that aim8 to assess the Impactol thi$ stoek-8nh8ncemeThl program 89 well as lurth8r develop stooklngand culture technlques. Educgtlon.. wé seek to r&lse awarones$ about fisheries and aquaculture su8t8lnabillty issues, &B WÈLL 88 how to rosolv& them. A ￿tter-InfOrmed approach io lobster stock enh8nceTngnt will result in better managed stock8, bett8r informed policy and Tnoreprosp8rous coastal¢ommunilt&8. Can38rvatlon Our lob$tÈr stock enhancernent program. whÉch Involves r8Islng luvenll&s through thBlr vulntrable stages gnd r8le8slngthern Into the wlld, Is thefocus of Ihis aGli￿rY.Wh1l$t a large lemalo lobster can carry inthe region of 20,000 10 40,000 eggs, only one in every 20,aoD Ère thoughi to surypie to m8turity. Building on thewark of researchers in the UK, Norway and G8rmanywhD h8ve 6sr8blished clear proof ol prlnclple relating to the posltlve Impact& of stocking. out Snnov8tNe techniques c8n improvethi¥ survwol rate by $8verglorder5 of m8Knltude. PèEe12 THE NATIONAL LOBSTER MATCHERY REPORY OF The TRUSTEES FQR TH YEAR ENDED 31 MARCH ZOZ4 The hatchery process in a nutshell.. Brood aE4uisition.' egg besrlnd, or berried hens are 9cquired from tlsh8rmon lund8r special Ilcencel 8r¢d r¥t8ined at thè hatchery untllihe eggs haich. The hen8 8rethen rol￿rn￿d to the wlld. L8rv8lculture'. thedelicate18rva&&r8 reared in commun8lconesforaioundtWOlNO8kÉ 8ndgothroughsgver81 m8tatnDrphic si8gÉTrs. Post.18rval ¢ullUm' wh8n the c8nnibalistic 18rvae have rg8Ghed thpirthird And fourth stage of developmant, they 8lt saparated Into indlvldu81 compartmÈnts and are ready for r818ase at 1.5 to 3 rll(>nths tsld. Juvenile dBpl¢ym&nt.' luv8nil8s ar8 released into appFoprlote habltats on th8 seabed with the assistance of flsher8 and dlvers Research Rwearch 15 essential to the conrfnued success of our work. To maximlse resource5, we havÈ Ègtsb11shÈd effectlve partnerships with leadlng academics and Institution5. and much of our research is collabora￿Ve. The silence behlnd restocking 15 still evolving and there are o bewlldering arTay of quÈstlons for whlch we have no adequate Bn5wer5. This m£ke5 the practical appllcatlon of thls sclen£e both drflicult bnd rSsky. For thls rea50n, wp have develappd a Research. Development and Innovation stratÈ8y that sets out the key developmentsl areas for the charity to further examlne. Th 5tratÈgy acts as a worllng docyment that underplns the NLH Research, DÈvdopment. and Innovation IRD&II CDtnrnittee and 8uldes NIH scientthc tollaborators. Wlth this strategy we alm to improve the NLH stock enhancement work throu8h both on the 8round Innovatton and development and Collabor2￿Ve sclentific re5earchfocusingon cot)5ervation, culturE and SU5tsinable lisherles. wlth the overarchinggoal Df Ènhanced and predictable prodyction ènd quanttrted stock enhancernent. As such our focvs Is on improvlngtht prorocols and developingthe tachnology requiled to producB lobsters thstwlll thrive, 91 gn Épproprl&t8 costforstockingpurpo$8s. W8 ara slmultaneouslyworkingon monltuilngand understgndlng the ¢mpsct of reieaslng IBrge nutnbBrsoljuv8nile6 Into the seaon native lotssterpopulgtionsond fishèrm8n'scatches. We 9130 nèed io further under8taThd and evaluÉt8 our stock enhoncement work through coii8borative scl8ntlflc research that will develop our protoco18 to complement $petl*s and environmental neBds and $8cure a sustainable future We r8Éularly pubL*$h ourwork In r818V8nt scientific lourn8l8 and present at appropr58te scl6ntSflc and trade meetlng8 globally. Thè charity's work is supparted by a RD&I committee. who closely monitor. guide and adviso our dlrection. W8 also have NLH Collaborative Scientific Network who 1¥8d our coiiaboraiive g¢ientifie r8s8arch. We 8re co- founders of the Europe8n Lobster Cantre of Excellence IELCEI who are a multi-dssciplinary European consortium of conserv8tionists, aquaculturists. scienttrst$. l8chnologi8is and r8nchers who ar8 worklng tOEether to fast track the m8nyt8chnoto&cal and scientiflc barrièrs involved In lobstgr siocklng ond aquaculture. Educetlom Oui Vlsitor Centre promDl&S tha lrnportance Df sustalnablllty and responsible marSne les0￿r¢e management. u8fing the EuropeBn lobstBras 8n example species, and routinelywelcomEs 8ppro¥imat8ly40.000 people 8 yéèr. We attract Students and volunteers from around the wortd who wish to traln wilh u& and work with $¢hooLs, colleges and universltie8 In thÉ ￿gI￿n In a torm8llsed way. Our educatltsnal objective8 8re to.. Promote tha consérvatlon of ihg lobster populatlons around tho Cornl8h eo88t lor the public bEnBflt. Fostor8n understanding trf the ImportaTh¢e of the EuTopgan lobstar liom an eGologlcÈl. economic and 50ciHI per$p8ctive. ighiight sustaingble fl$hlng and f48herie5 managem8nt practlc8S. Page13 YHE NATIONAL LOBSTER HATCHERY REPORT Cf THE TRUSTEES FOR THE YEAR ENDED JI MARCH Z014 Howdo wa ra18etund87 As ¥ve rec8lv8 no recurrent gov8rnm8nt funding, we genergte the m&loriiy of our revenue from the incom8 generated through ouiviyitor Educatian Ctntr8. alonEside $upportfrom Charli8bte Twsts & Foundatlons and our innovative Buy 0né.sot On8 Frac IBOSOFlsoheme. throughwhich customerygre encourag8d to make a modest donstlon 8v8rytime they ord8r lobster from a rest9ufBnt tn8nu or sh8llfish supplier or wh&n they purchase 8 lob3ter r8lat8d item from 8 st¢pportingbu5in$&$. We also reeeive donationBfrotD Frl8nd8 otthe Hatch¢iy, o $èl&ct group of Patrons and generous benef3ctor8. 2022 we have also introducod a siructure to recgive fees fvr the various conyult8tion woik we carry Dut followlng more than two decodes of research, REPORT ON PROORE55 2023124 CONSEAVATION The 23124 season startedwlthlust Dur PqdstDW hatcheryoperationel, tsnd the Nawlyn site Closedfollowingthe end of EUROSWAC research prolèet In March 2023. Qur technicians focu5 on brood 8cqulsllion and mon&gèment played dividends wlth the season dalivÈFing their highest relev$e numbers 8inc8 2016117. N&wlyn re-opened as we began oui noxt molor réséarch project GEMALOFI In lune 2023. Thls site desplte comm¢n¢lng partwaythrough theyear $tlll man8ged to rele￿e over d,OOOluveniles. Wiftiér of 2023 $8w the Newlyn op8ration hit hgrd v4ith the November storms. lots of hard woyk and quick o¢tloTh ensured the site we$ able to continue ¥e)dylor th8 2024125 se8son, gnd yaai two of GEMALOR. RESEARCH The research slr8t8gyfocuse8 on 3 key8￿881hSt are core to OUT ¢har4table airns and objectlv8S:. Culture. An enhanced understanding of tho Intricacles of lobstpr ¢ultur& is keyto providlng Improved proce5525 ènd techniques that ollowfof pred5Giable cuiiuf8 Success and thu$ optlmlsed stockenhancom8nt outputs. Con¥ervatlon, A broader identification of the interaction b&tw8én stock enhancem8nt and ecosystams is 08sentlal. QuantlfylnÉ su¢ces$e$ and imp8cis of 8tockSng8fforts is keyto Bnsulng 8ust81nalJl8 Stock enhanc8meni praciices. Flsherles. Stock enhÈncament¢s aform of proactlva fisheries rnBnagement. Having a widgf understanding of lobster fisheries InGludinÈstocka55essm?nt8and msn8gement maasures Is keyto m81ntainlngsustainHb19 lObSterf￿5h9rles. Our 8tralegy is met through a serles of in house and collaborgtivB proje¢ts whlch alk>w us to 8nsw8r key 4uestions 8ssoolai8d within the focus Brea$. Sea-Changers-Innov¥tlva larval Culture Tha NLH were 8wardBd a grant of £2.$00 to continue developm&ni of novel design for 2 laN81 rearlnE ves?el. Thls 1$ continuing ¢ollaborative involvement from University of Exater and Univer$ity of Plymouth bu5ine85 rlèvèlopment fellowwho have conducted the1nltial d88ign 8$$e$$m8nts ofthe concept origin811y pioduced by Falmouth UD¢wer8lty. The fvndingw88 awarded ID SprSng 2023 thé NLH decld8d to sub.¢ontr8Ct Falmouth Universlty io build the new prgtotype. This prototyp8 W88 received In Autumn 2023. EvaLuatlng ih8 prototypg was done init1811y u3lng oriiflclal laryae to look at flow dynamics. Ar888 of improvèment were sdefitified 8nd suggosted ta FBlmDUth University who mad8 approprlate modlficatlons. Further modlficatlonswere m&da byth8 NLHtechnlcaltéom 8ndthe prototype wo$ then rete5t8d. The prDlgttt manag8d ro prove the concept otthe NLH'S new18Nalvessel d8sign In terms ol achl?vlng excellent fluld dyngmlcs and water flaw after 8XtensDIg Work and destgn rnodific4tlons. The NLH 1$ now In a posltion to undèrt8k8 Ihe next pha$e of prorotype testing. UNDP-Innovatlvo fl$h•rl88 managem•ni And aquaculturé praetlcos for CoTlbboan splny lobstèr. Aft&r nBgrty 2 years. thls project due to fi'n1sh In June 2024. The proje¢t led by the UniverBlty of Exéterwas Set up to help ensure 8*JStainabte fl$hlng and 8quacuItLir8 of Caribbean 8plny lobsters. This has bÈ6n done by firstly bulldlnga 'genetic tool thBt has enabled an8lysls of lobstpr populatlon Eeneti¢s Énd connectivity. Tho team have then progres¥8d to worklngwith loial flshers, to trial thè lat8sI aquacultur? ttschnotogy for sustainably farming l¢bst&r in The 88ham8s 8nd 8¢ross thewiderCaribb68n. Page14 THE NATIONAL L()USTER HATCHERY E TRUSTEES FOR THE YEAR ENDED REPORTOF I MARCH 2024 The NLH has been dlrpGtly involved in the s$cond p8rt ot the project by Supplying some of the se8-bg8£d ctsltura contalnersfor lobsteTswhich were d8v8lopgd during Dnts otour prav6ous research project$. Lob$t&rGrower2. Th8 final part of the proloctwlll bo evoluating how the¥e seg-based cullure systgtns have p8Fform8d. The NLH te¥m wlll otso be 8981511ng to d6vlse a policy for luture su5talnsble exploitatlon of thls eritically importBnt organlsm. This will include uslng the NLH'S proven track r8cord ot edu¢8lion to ptoduca 8 resource pa¢k to be dlsiributed to the ¥elevant stakehotder5 in the Bah8mas and wlder Cerlbbéan. GEMALOR-Genellc managamont of lobster r¢Le¥$•s The NLH is ¢oUaboratiTrg wlih the University of Exeter on this pTojectwhlch Is funded by DEFRA* FISP schème. The project 1$ r8s•arching rhe impaGi on lobster populatlon gÈnetic8 cau8e(J by stock 8nhanc8ment proy8mmes. The NLH 18 the industry partn￿r and will h8lp conducithe research LÈslng Its Satel￿[* f8cility at Newlyn. The project *8rted inthe summer of 2023 end sofar has b&en focused on tonductive larval triBls in Newlyn. Thls has involved undertgking sysi¥m modificatlons In order to isolate larvae hatchlng from 6 indlvldual bèrried hens. The purp0$0 of thls18 to looklng into whoth8r larvae from certoinlemale lob81ers perform $urvlve betterthan othars. GEMALOR part B wlll look at ass888lng recruitment SUCBes5 8nd genetic diverslty of h8tchery-reared lobsters In the wiltg. This p8rt of the projèct￿11 involwe the sampllng of wild-caught lob$t8rs from NLH releasp sit8s, collecting and analyslngggn8tlcsampl8s,in ordertoseelftheycan be m8tchedtothtsNLH￿ broodstD¢kg6netlc8rchNe.Theprol8ct Is due to befinlshing in January2025. R8s08rch Cornmltttg The NLH Research, Development and Innovatlon IR, D & 11 commlttee meet bi-anThuaWy. Ndde up of Curient NLH m8Tl8gement, board member$ and outslde partles, th8 committee's role 18 to discuss tho GUTrent prog¥e5S Wlth rese8reh projecis ihat the NLH 1$ Involved in Identifyany Issues movingfo¥ward. In the most reo¥nt meetlng In February 2024, the NLH'S R, D & I strstegy WgB revlew•d. where th8 NLH's luture research aims werè discussed In detg118nd opportunities hlEhiighied. Collaboratlve ¥tud¥nt ¥èsearch Lou15a Thur8ton-Unlvètsliy ot Brlstol This ygaT we hgvo h8d 8 student, Lou188 Thurston, from the Unlver8ity of 3rlstol conducting collaborotlw rese8rch. Louise focused herwork on the effÈct& of c8rbonat8 chemistryAnd microplastics oh lobster18￿88. Mlthael 8owlgq-lJnlv&rslty of Exfjter Mlchael is currently undertaking hls PhD looksng Into th& European lobster (Homarus gammaru318nd the troplcal Bplny lobster IPanullfUS argusl. has b88n collabor#tln8Wlth the NLH. reseèrehing the nutritlOn81 requirements of juvenile lobstars, looknng into dlei development using alternative SOLSrce8 DI protein. He has &lso been investiggtifig the effettt of alkalinityl¢&lclum fl¥x in relation io nutritiors forluvenilB lobsE8f8. AESEARCH PUBLICATIONS Clatk8 L.J. Griffln RA.. gomoney E., Smlth H.C.M.. Tilsley L.J.. Ellis C., Theobald E.. Slater M., Seoldlng J.. Uiherbert¥on S., Jones R.E., JohÈnning L.. Dgnipis C.L. 2023. LOW￿lMPatt re8ring of a comtn•rclally valuablp shellflsh.. sea-b8sed container Gulture of Eur¢pÈ8n lobster Homaiu3 gammarus in the Unlted Klngdom. Aquaculturè Enviionmental Intèractions, 15. 215-230. PaÉe15 THE NATIONAL LOBSTER HArc HE TRUSTEE5 FOR THEYEAR ENDED 31 MARCH 20Z4 EP VISITOR CENTRE PAOMOTINGOURWORK From Ioc81, national and inlernationalTV and iadlo bro4d¢o*$ to expenslve coveiage In an ariay ottrade and gfrn8¥81 Interest publl¢£tions, w8 hav? continued to raise ou¥ profile during thig fln8ncialye2r, Theteam have $l$o workéd hard to Incr8asa thei¥pr88ence and re8ch new8udieThces online. Contentc8pturgd bylh8 team has now been seen by mllllons aGross the world. Our dlgital r8ach hès had tha opportunity 10 coveri to action with the13urtch of a brand newwebsite in June 2023, forthe first time selling admission tickets onlinBand in advance. Thls now platform has enablèd the c8nir8 io form partnerships with loc81 orK8ni*#tlon's to drlve footfall and raise 8W8reness. Nlcola was apptsintud board director of Cornwall AssooiAtlon of tourlst attractlons In March 2023. This role helps tEI keep ourattractlDn at the fDrelrontof Induatryir8ncfs. data, collabor8tion8 ond key m8rketlngtèmpÈigns. FUNDRAISING Pation$ Hembership numbor$ r8rn8in8d con8lStent, and many Df our patron5 have madg addltltsnaldonations this yeai. Wts hèld ourflrst P81ron8 8V8lIt post comd itt Apri12023, thè ￿8111 saw our pstrons and fishers 8njDy a pFivat8 tour of the National NaritimB Museum asthey 8njoy8d &n &veningwith the team trusteés. Corporate ¥pon¥ois Following a review ol Ihft corporate offering w& were delighted tc wel¢ome ABpert$ Holidoys and Sky88 Holid8y Cottages as brand-new hèsdllne corporate sponsors. We a150 reGelved Vlsltor Centre tank sponsorship fFDm local bu51nBSS8S Mothar Iv8y¥ Bay and P8dstow Séallfe Saftsrls. Buy On•, Stt One Free IBOSO Our new HB8d of fundraising joined the charity In March 2023 wlih naw Ideas and connectlolls, and donations contlnuingto grow. Key partner ptrrformance In S¥mmer 2023 s8w RiGk Stpin rÉstaurant¥'Summer of Shellfi8h' 08mpalgn rals& £11,000 fortha charity. Adopt a Lobster Our'Adopt a lobBter'lAALI Inlt18tlve r8m8lns strong4nd alongsld8 g8neratlngYunds, sn exc8LtenttooLto engag8 the publiG Wlth ourworkand learn 8bvut the lifecycle DI a lobster. A slight price increasg pre.Chrlstma8 2023 and a pugh on wèddlnEf8vour adoptlon$ have h81p6d keep s8les consistent. Friends olthe Hatchery We are very grgtelul to ottr"Frlends of the Hstcherf who havè contlnued to support us, we now added thls productto th8 newwebsite to engblt digital glBn up. STRUCTURE, GOVERNANCE AND MANAGEMENT The NLH w85 originally incarporBted a$ a not for profit oompbny, limited by gusrantee, on 13th Mfjfrh 1998 unu are responsible for the p¥eparation of th8 accounts In accordance wilh the requirements of the Companies Act 20061.the 2006 Act'l. Having satl81ied my8ell that the accounts of the Company are nol required to be audited under Part 16 of the 2006 Act and are eliglb18 for Independent examlnation. I report in respect of my 8xamlnailon ot your charlty's a¢counts as carrled out under section 145 of the Charities Act 20111'ihe 201 l Act'l. In carryingout my examination I havetollowed the directions given by the Charlty Commission under section 14515llbl of the 2011 Act. Ind8pendent 6xamlner'5 Statement Sinceyour charity's gross income exceeded £250.OOOyourex8mlnei mu81 ba a member of 8 Ilsted boijy. I can confi¥m that l am a qualified to undertake the gxamination because l am a member of Instltut6 of Chartered Accountants in England and Wales which Is one of the registered bodies. I have completed my examinBtion. I confirm Ihal nD matt8rs have Come to my 8ttention In connecilon with the 8xamlnat1on glving me Gavse to believe.. 11 accountlng records wèrè not kept in respect ofthe Company as required by section 386 of the 2006 Act: or 21 the accounts do not accord wlth those records. or 31 the accounts do not comply wilh the eccouniing requlrements of section 396 ofthe 2006 Act otherthan any requirem8ni that the accounts give a true and fair view whlch is not a matter consldered as part of an independent examination: or 41 the a¢¢ounts have not be&n prepared In accordance with the method8 and prlnciples of the Statement of Recommended Practice for accounting and reporting by charllies18pplicable to charities preparing their eccounts in accordance with the Flnancial Reporting Standard applicablè in the UK and Republic of Ifeland IFRS1021}. I have no concerns and have come across no other mattels In connection wlth the ex3minatlon to whlch attention should be drawn In this report in ordèr to enable a prop8r understanding of Ihts accounts io be reached. David HBstings FMAAT ACA InstitLJte ol Chartered Accountants in England and Wales 8K Plus Limited Alverton Pavilion Trewithen Road Penzan¢e Cornwall TR18 4LS Date: 19 December 2024 Pa8è19 THE NATIONAL LOBSYER HATCHeRY STATEMENT OF HNANCIAL ACTIVITIE5 FOR TIIEYEAR E DED 31 MARCH 202 INCLVOING INCOME AND EXPENDITURE ACCOUNT AND ST TE ENT OFTOTALR£CQGN ND LOSSES 2024 2023 Unrestricted Rè8trletad fund$ Totsl fund8 Total lunds Note In¢oma and Endowment5 from: Donations and 18E8Ci85 Charit&ble actNitles.' Research Education Other 135.900 6,050 141.950 146,147 67.171 67.171 251.968 82.004 233.815 251,968 OthÈf trading activirl8S Inveslment income Other Income Total Income 37,223 354 37,223 354 32,910 43 42S.445 73,221 49B,666 494.919 ExpBndlture on: R818ingfund$ ChBrit8ble g¢tfvlties'. Re&88rch Educ8tlon Conservgtio Total Expendlture 121,260 121.aeo 94,939 84.969 84,969 98,205 389.503 68,387 12,870 153,356 97,339 98,205 470,260 204,608 90,081 88,6S8 478,286 80.757 Net InGomo11oxpandltur•l 35,942 17.5361 28.406 16,633 Transfers betW88n funds 21 113,2611 13,261 Net movemeni In fund8 22.681 5,725 28,406 16.633 Reconclllatlon Of fund8 Tot81 fund8 brou¢htfofward 318,404 47,615 366,019 349,388 Tot81 funds cariled lorwgrd 21 341,085 53.340 394,425 366.019 All of the ¢hBrlty's aetiviti¢$ dÈrfvefrom continuing QP8MiiOThS duringthe aLiov$ two pevÉods. The luDds l)reHkilown for 2023 18 Shown In not8 14. The notes form part of the finan£lèl siatem2nt5 Page l io 15E NATIONAL LOBSTER HATCHER EGISTRATION NUMBER: 03527313 BALANCE SH ET A5 AT 31 MARCH 2024 2024 2023 Unrestrlct8d Restilcted funds .fund8 Total funds Total Note Flxed BSSEt Tangib18 assets Investments 225.S85 35,925 2S1,810 262.124 17 225,886 35,925 261,811 262.125 Current assets stocks Debtors Gash al bank and In h8nd $,114 31,224 133,265 169.603 5.114 31,224 150.680 187,018 18 129.958 17,210 147.168 17,415 17,415 Cr8dltors'. Amounts falling due withln one yÈsr Net current assets 19 154,4ll41 115,199 154,4041 132,615 143,2741 103,894 17,415 Net asjets 341,085 53,340 394A25 366,019 F4Jnds of the charity.. At 31 March 2024 At 31 March 2023 21 34t.08'5 318,4D4 53,340 47.615 .39.4,425 368.019 Forth8fln2niialyear ending31 March 2024 the charitable companywas entitled io exemption trom aucslt under Sactlon 477 of the Conlpanles Act 2006 r6larlngto small companigs. The member8 h2ve not requlied th& company to obtaln anlaudlt of kts flnantrlal statements for the year 8nd8d 31 March 24 in accDrdance with SBCtion 476 ofthe Comp8nles Act 2006. The tru8tees a¢knowledge their responsibillties for.. 8nsuring that the chsritable company keeps gccountlng records ihat comply wlth Section5 386 and 387 ofthe Companlès Act 2006 and pr&paringfingncial stglements whlch glvg atrue anQ tairvlew oythe stat8 of affalrs of the chafll8ble Cotnpany at the p.nd Df each tin8ncial year and of Its surplus nr d8ticittor ftach flnanrial year in 9ccord8nse with the r9qu5rements of Sections 394 and 395 and which otherwlse comply wlth the requirements of the Cotnpanlss Act 2006 rglating to tinanclal statements. so far 08 applicBble to the charii4ble comp8ny. ThÈsÉ Ilnancial statements hqv2 been prepÉrod in aecDrdanoe wlth the provisltsn5 2ppIIEable to ch3iltable COrnP2n5es subjeclto th￿ stnall companle5' reglme. The finanoial gt8te Oecembe enÈs were appro er on its behalf aid ofTrustees 3nd author158d tor issu$ on the.18 RD CllffDrd.Wl Chalr The notes form part of the flnancial staternentS Page | li THE NATIONAL LOBSTER HATCHERY NOTES foTHE FIt4ANCIALSTATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 I. CHARITY SVATUS The ch8rlty is Umited byguarantee. InrorpDrÈtod In England, and COnBequentlydue$ not hov8 sh8r8 e8pitsI. E8ch of the members is liable to Gontribut$ an ￿￿O￿n￿ not •xctedSnÉ £10 towards the 8s$èts (>f thè chorlty in the 8veTht ol liquid8tion. The addr8ss of its registered office is.. The Ngtlon81 Lobster Hatchery South Quay Podstow Cornw811 PL28 8BL 2. ACCOUNTING POLICIES Bas1* of preparlngthe flnan¢ial slat*m¢nts The flnancl81 st818ments of the chqritgblg comp8ny. whlch is a publlc bènèfit entity und8r FRS 102, h8ve been prtspared In accordance with the Charities SORP IFRS 102 'Account¢ng 8nd Reporting by Charlties: Statement of R8camm8nd8d Pr8CtIc8 applic8ble to Gharltles pr&pÈrlng their accounts in accotd2nce wlth thè Flnancial Report¥ng Standard 8pplic8blÈ In th8 UK and Republic of IrelBnd IFRS 102118tt6cttve 1 J8ThU8ry 20191,. Financlal R8porting Stsndard 102'The Finan¢ial Reportingstdndard applicable In the UK and Republic ol Ireland, gnd the CoTnpanl8s Act 2006 and Charit185 Aet 2011. The linanG181 sta18meThts have btrpn prépared under the hislorlcal cost ionvsntlon, exc8Pt for investment5 which aig inCl￿ded ai n)arketvalue. Golngconcern The trustEe5 Consider that th¥r& 8r6 no material un¢ertaintl8s aboui lh8 chariiys ability to Gontinue as a goifig concern rsow qry signillGant ar888 of unc8rt8intythat affÈcttha carryingv81ues of Bssets held byth¥ eh8rity. Incomg All in¢orne i¥ re¢ogni$ed in th8 St8ternent of Fin8ncialAGtivltl&s once the charity has eDtStlÈment to the tund, it Is probable that the Income wlli ba rec8lv8d. and the Bmount Can b8 m&asur8d reliably. Turnoverls the amountd8rN8d fromthe prpvlslon ofgoodslservices Énd st8téd 8ft8rdiscounis, othersales t8XOS 8nd net ofVAT. DoM8*Ion8, legacles and Krant In¢uma Income from dLin8tions 8nd grants Is recognised ther8 18 8vld8nce of ontitlemeut. re¢èlpt Is probable and its amountC8n be measured rellably. Grant income is recognis8d underihe performgnoe Thodal. If a donation is subj£ct io performance condltions. the income is not rèeDgnisgd untll it is probable that the$0 ctsnditionswill be fulfiLied. Doferred InEom Deferred Sncorne r&pr8sentS arnounts received fDrfuture p8riodB and ie relé8s6d to incoming resources ITr the p¢riod forwhi¢h It hBs been received orthe perfortngnc• conditions impo$8d h8vè bÉ8n m8l. Donattsd sarvlces and taGlliti¢s Th8valu8 of seryices provldad byvolunteers is not Incorporated InEO these finan¢iel8tot8mènts. Further detgi15 olthe ttontiÈbution m8de by voluntÈ8rs can ba found in theTw5tees' f&port. Exp8ndltur¥ Uab*lities Bre rettsgnlsed as expenditure as sL>on as th8r8 is a legal or Constructlve obllgatlon cornmittTngthe ¢h8rlty to that trxpenditure, it is probèbl8 that 8 tr8nsler of economle benafits will be r¢quirtd in $8tt18mentan(J the amount of thtr obiigatlon can be mèssurod rellably. Expenditurg I59¢¢ount8d foronan a¢crua15 basls and h8s been clEssiflffil undBrh&aLllngsthat aggregaté allcosr related to the Category. Where cost3 cannot be dlrgctly atirlbuted to paitioular headings they hAvo been allocated to actlvltles on e basis conglstent wlth th8 use of resour¢eB. The notes form part of the financial statements Page112 THE NATIONAL LOBSTER HATCHERY E FINANCIALSTATEMENTS FOR THÉ YEAR ENDED al MARCH 2024 NOTES TO T Ralslngfunds Cosis of generating voluntary iThGome are those costs incurred in obtalnlng gi8llt& and mèrkering costs involved in increasing8warene45 gnd vÉ$ltoi numYJef8. Charltable actiV4ties Charitable 3CtivitiBs inGludB g119xp8ndltu¥6 associated with the runnlng tsf Iha shop* h81ch8ry and visilorcentrfj And iocludes t)oth diiect support costs. AIIoe8tloM and apportlonment of costs Support costs Include centralfunotions and hav8 b88n allocated to activtycoBtc•tÈEOTle8 on a b88is consi8tentwith thÈ u$0 of r88ource8, e.g. alloc8ting staff CDSts by tlme spent and other costs by Ihéli u8&g6. Tanglble flxed assets Fixed assetsare initI811yreco¢dod at cost, less sub$equ¢nt actumulated dapr8ci8tion. and subs¢quéni 8ceumuiated Impairmeni Ioss88. Depre¢latlon is pYovid8d at thefollowng annual rgtos ord6r to w¥ite olf ea￿￿ Jssét Dv8r Its 8Stlmated usefvl life. Asset Gla85 Depièelatlon method and rBtg L88s8hold pioperty 10% ptr onnum straight Ilne 1246 per8nnum $tr01ght line Plant 8nd m8chlnery 10% PeT ennum 8tralght tine basis Flxtures and flttlng8 20% per annum straighi Une basis Library 10% per annum stiÈight Une basts ComputBr e4ulpm•nt 33% perannum stmight Llne b&sis Taxstlo Thè chBrlty is exemptfyom corporatlon t6xon Its charit8ble a¢￿vIties. Trado er•dltors Tr8de creditors gre obllgAtlonstOP8y forgoods or¥ervlotr$thath8ve been acqulred inthe ordlnary ¢our$eof buslness from Suppllars. Accounts rJayobl8 ar8 class¢lled 85 current IlebllltSes If the chErlty does not h8v8 an unconditional right. atthp ¢nd of the reportingperiod.to d8t8r seitlementofthe¢retlltorf0ratle8si￿eIveMDnths 3ft8rthe repo¥ilng d8te. If there Is 3n uncenditional rlghttts defèr &8til8merst for 8t lea¥t (Wel￿ months afterthe rBPOrtillgd8te, thay ar8 Plesented as non-current liabilitios. Trade credirors are Terognls¢d Inltially gt tho trAnsaction prlc8 and subsequently measured at amortlsèd tO&l U81ng th8 effective interest method. Tr4dg dèbtor8 Trade debtors amounts due Irom cu5tomersfor merchandlse sold or seNlc8s performed inthe ordln8ryGours8 of busin8SS. Trod6 debtors ara recognlsed Inltlolly 81 the trgnsactlon prlce. They ar8 subsequently mè8sured ai amortised cost uslng the effectlve interest mothod, 168s provislon for irnp8lrment. A provision for the impairment of trade Ilebtor 1$ Èstablished when thefe is vbjectlvo evidenca that th8 Gharliy will not be abl8 to coll8ct 811 amount5 due BcBDrdingto the origlnalterms of recÈiv8bies. Fund accountlng Unrgstricted lunds are avai18bl&for use atthB dl$tratlon of the irusi88s in further8n¢6 ofthe gener)loblectives olthe cha¥ity and whioh h8ve not b8en designated forother purposes. R8stiiGted funds a*8 lunds whiBh are to be used in 8ccord&nc8 wlth the specific restriGtions Imposed by the donors orwhioh have been r81s8d bythe chaiity fpr particular purposes. Tho costol raislngond 8dtninisterlngsuch funds ar8 charged aggin*tha sp8cific tvnd. Invéstment income alld gèlns are allocgted to the 2ppiopriatefvnd. The t￿te$ form part of the h"ttèndal staternerts Page | 13 THE NATIONAL LOBSTER HATCHERY NOTES TOTHÉ FINANCIAL STATEMENTS FOR THE YEA DED 31 MARCH 2024 Penslo* costs and other po$l-r6tlr8ment benellts Tha charitable company operates a defined contribution pÈnsion sth8ma. Contributions pay8ble to the chaiitable company's pansion scheme are oh8ig8d *0 th8 Statement of Fin8ncialActivitiÉÈ in th8 period to whi¢h thèy relat•. FlnHnclal In51fumentts Classlflcatlo The charilyonlyhasfinanBlèl &ss8ts and flnane181 Ilèbllltle8 01 a klnd that quglify a$ baslc flnanc191 insirumÈNt8. R8cognltlon measuremant Basic financiel ÈÉsets and Ilèbll¢tie8 gre inltlally me88ur8d at tr8nsactioTh price Ilncludlng transaction costs) and subsequeThtly mèè8ur8d attheir settlemglltvelue. Financial assets and Ilabllities are only off8el in tho stotsment of tinsncigk position wh8n, and onlywhen ther8 Èxists legally enforceable right to sèt otttho recognssed amount$ and th8 Ch8rity intend5 85thBrtO SBttlè en a net basis, or tv 1091i$&th8 asset and $ettlétho118bll1ty simultaneously. Financial assets arB der8t0￿l8ed when and only when al the contr8Gtval rights to the cash flow$ from the flnsncial ssset expire or Bre settl8d. bl the Charity tr#nsf8rs to another party $ubst8nii8lly 811 of th9 rlsks and rewards of ownership of the financial a8S8t, or cl the Charity, despite havlng retained stsme. but not all, Signlfltant risks and Fewards otownershipj h85transferrÈd control of th¢ a$sétto another party. Financial liabilitI$8 ar• derecogni8trd only when the obtig8tion spe¢ltled In the conlr8Ct is disohatged, cancelled or explre. The note5 form part of the tinanciHI statement5 Page114 THE NATIONAL IOB ÉR HATCHERY NOTES TO THE FINAF4CIALSTATEMENYS FOR THE YEAR ENOED 31 ARCH 2024 3 DONATIONS AND LEGACIES 2024 2023 OonatlOThS Gift aid don8tlons Adopta IDbsier 63.730 63,355 14,865 141,950 95,594 33.353 17,200 146,147 4 OTHER TRADINGACTivrriES 2024 2023 Dgnatlon from NLH Entèrprls88 Functlons and events MlscBllaneoias Income ADOM hire Juvenile 531 20.512 7,065 .721 175 750 5.783 21,464 5.548 115 37,223 32,910 From 1 April 2015 the trading Hctlvlty ot the ¢hÈrlty WAS ir8nsferred to NLH Enta¥priseÈ Ltd. a subsidiary wholly ownBd by Th8 National Lobster Hatchery (sèè nots 171. From 1 Aprll 2024, thB trÉding activity w411 rBGommenoe in the charlty. 5 INVESTMENT INCOME 2024 2D23 Deposit 8ccoU￿t Interest 354 43 354 43 6 INCOME FAOM CHARITABLE ACTIVITIES 2024 2023 Activity ResBarch Education Révènue grants R8venue grants 67,171 62,000 129,171 189,968 319,139 82.004 61.040 143.044 172,775 315.819 Admisslons Education Grants r¥Gtlved, InGlud8d In the ebove. Ére ss foUuw2.' 2024 2023 UTrivÈrslty ol Exeter CArfleld Weston FoundatioTh HaadleyTiyst Cornwall Marine Network Horlt8Ee Loiiery Funtj The Steel ChBrltable Trust 67,171 50,000 10,OIJO 2,000 82,004 50,000 3,340 7,700 143,044 129,171 The notes forrD part of the firkÈnclal statements Page115 THE NATIONAL LOllSTER HATCHERY IAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OTÉ5fo THE FINAN 7 RAISING FUNDS 2024 2023 Ralslng donatlons and leg•elè8 staff costs Functlon and events costs 40.531 2.380 42,911 21,Q96 701 21.797 Othertr8dlng4¢tlvltla$ Purchase Stall costs Support coyt¥ Isea notÈ 91 637 48,064 31.748 78,449 121.380 937 43.S08 28.697 73,142 94,939 Aggfégat8 amounts 8 CHARITABLE ACTIVITIES COSTS Support eosls15ee note 91 Direct 0sE$ Tot915 Research Educ8tlDn Cons8rv81ion 72,821 29,851 38.241 140.913 BO.535 67,488 59,964 207,987 153,356 97,339 98,205 348,500 9 SUPPORTCOSTS Othar trading activltlgs Resea¥ch Edueatlon ConseNatlon 2024 Total 2023 Total Wages and staff costs So¢l31 seculity PeTh5ions Establishment costs In5uranE Office costs Marketing PiotessionBI fees Vehicle Bxpense8 Flnance ¢0sts Interè8t payable Dèproc8tion- lea¥6hoid property Depreeiatlo Depreciation otflxtur88 & flttings D8preci¥tion- computeiequlpm6nt 11.626 156 276 4,391 1,104 2.839 3.194 4.198 457 916 293 1.157 464 553 124 21.960 294 520 15.611 2,086 6.376 6,033 8,927 21,980 294 520 8,293 2,086 5.362 6,033 7,227 864 1.731 554 2,186 877 2,148 6.653 67.488 21.960 77,506 294 1,038 520 1.836 8.293 36.588 2,086 7.362 5,362 19,939 6,033 21.293 7,927 28,979 864 3,049 1,731 6.109 554 1,9SS 2,186 7.715 7,724 877 14.334 13.215 1,043 4.787 4,416 234 7.245 7,24S 59.964 239,725 222,935 61,453 4.804 1,279 4B,248 7,836 25,720 14,845 18,745 1,360 6.045 1.731 554 2,186 12.116 1,043 234 31,7d8 80,535 Basls of alLo¢ali•n: Support CDSts hava been alloeated directlyto thB actlvltyto whlch It r&lat88 Wlth remalnlnd costs allocated to on a basis consi8tentwith th8 b8St estimBte ofthe use of ￿￿oUrCeS. Funds: £211,64212023- £191,310) of thB above expendituiÈ was attributab16 to unrestricted funds and £28,093 12023- £31,825) to r88tricted funds. GovernollC8 COSt¥.' Included intheexpendlture analysed 8boveaiegovernÈnce costsof£9,61812023-£11,0661. See not8 10 forfurthar d8tails. The notes form part of the th'nancial statements Page116 THE NATIONAL LOBSTER HATCHERY NOTES TO THE FINANCIALSTATEMEN THE YEAR ENDED 31 MARCH 2024 10 GOVERNANCE COSTS 2024 2023 Profp$slonalfe¢s Examinati¢n ¢f the flnoncl&l stattrments Other occountgncyfoès N15cellsnaous legal fees HR 3ervltos 2,3QO 4,150 48 3,OOQ 4,514 48 3.120 9.618 3,504 11,066 11 NETINCOMEIIEXPENDIWREI Net In¢omèll8XP8ndltur8 Is stated after cho¥gingl Icredftlngl.. 2024 2023 Interest payable DapreGlatlon-own8d assets 1,954 34,084 735 32,800 12 TRusfEES' REMUNERATION AND BENEFITS Therewere no trustees, remyner8tion or Other benefits for the yegrendetl 31 M8r¢h 2024 norfvrthe yèar ended 31 March 2023 Trustee3' expgn¥¢$ Thoro w8ra no trustees, expenses forthe year 8nd8d 31 Mèrch 2Q24 Thorforthe yea¥end¥d 31 March 2023 13 STAFF C05rs 2024 2023 Wages and salaries So¢ig1 $gGurlty COSIS Otherpens¢on costs IdBfinBd Ggntributlonl 268,497 14.520 5,835 288,852 276,321 18,989 5,712 301,D23 The ov8rage monthly numbef ol employe88 durlngtheyearwas H folltsw$ 2024 2022 Wages and 8alarl8$ No employ0&$ raceiv8d emoluments in excess of £60,000 ThetotBI employee benelits ofthe key mBThogemeni parsonnel of the Charlty wer8 ES5.80812023- Ee3.1801 17 17 The note5 form part of the Nnancial statements PaEe | 17 THE NATIONAL LO TER HATCHERY OTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES 2023 2023 2023 Unrestricted funds Restricted funds Tot41 funds Income and Endowments Irom.. Donations and legacies Charitable 8Ctivities'. R8s8arch Education Other 136,147 10,IK>O 146.147 B2,004 7.700 82.004 233,815 226.115 Othertrading sctivities Inve8tment inGotne OtherlnGome Total Income 32,910 43 32.910 43 395.215 99,704 494.919 Expendlture on: Ratsingfunds Charitable ect￿ties. Research EducatlDn Con58rv8tlon Totsl Expgndltut8 89,150 5.789 94,989 76.731 76,732 88,￿8 331,271 127,877 13,349 204,608 90,081 88,65B 478,286 147,015 Net INcomellexpendltural Tran5ferB b6tw88n funds N8t movement in fund$ Reeonolllatlon of fund$ Totalfund? breught forward Ttstal funds ca¥ised torward e3.944 147.3111 16,633 63.944 147.3111 16,633 254,460 318.404 94,926 47,615 349,386 366,019 15 INDEPENDENT EXAMINÉRIS REMUNERATION 2024 2023 Exambnation ottha flnancial staternents 2.300 3.DOO Other assurance s6rvlces Ipqidto pr8vious exgminerl otherfees to oxamln8is All othpr5eNIG$$ All Dther $&rvlces Ipaid to pr8ViOUS 8xaminerl 1.250 4.150 3.250 14 The notes form part of the financlal 5t?tÈmÈnts Page118 THE NATIONAL LOBSTER HATCHERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH ZO 16 TANGIBLE FIXED ASSETS Leasehold Plant and prop8rty machinery Flxturps and Compuior equlpm8nt Library Totals COST 1-Apr-23 Additions: 31-Mar-24 8.767 301,705 33.770 335.475 77.883 356 27,457 766,188 33,770 799,938 358,767 77,883 356 27.457 DEPRECIATION 1-Apr-23 Charge 31-Mpr-24 168.175 7,714 175,889 249,217 14.337 263,554 66.085 4.788 70,873 356 20,211 7,245 27,456 504.044 34.084 538.128 366 NET BOQKAMOUNT 31-Mar-24 182,878 190,592 71,921 52,488 7,010 261,810 262,124 31-M8r-23 11,798 7,246 I￿lud￿d In Lea8ghold property The National Lob8ter H8tchery building whlch was coostructed by the Chotlty 8nd brought into Us8 on 1 April 2001. The traehold land 58 subl8ct to 8 125 y08r lts&se from 25 Dpcember 2000 qt a ptsppcrcorn rate Irorn the local authority. The Charitywas donated a vehic18 in 2D12for its own use. Thovéhicl8 h£s not been c6pltblis&d and ha8 no car￿￿¥Ve1ua Sncluded within flxed 8ssets. 17 FIXED ASSET INVESTMENTS Sh8r&s In EFoup und8n8klngs MARKETVALUE At 1 April 2023 and 31 M#rcb 2024 NÉT&OOKAMOUNT 31-Mar-24 31-Mar.23 The investment in tho 8ubsldiaryl$ Intluded 81 markgtvgluo whi¢h has been determined bythet¥ust8e$. The notes foTm pèrt of the finhncial ststements Page119 THÉ NATIONAL LO8SfER HATCHER ES TOTHE FIN NCIALSTATEMENTS FOR THE EAR ENOEO 31 MA 17 Tho company's inVFJStmont 8tthe b818ncÉ she81 d818 in the sharo ¢8pltalot companies includ8 th¥ lollowin NLH Ent8rprlso8 Ltd ReKl8terod office.. The Nailon81 Lobste¥ H8tch8ry, Souih Quay, P8dstow, Cornwall, PL28 88L 09487885 trading 8¢tivitl68 881es of merGhandlse hotding 100 RBgistered number Nature of busin885'. Class of shere.. Ordinary NHLEnt8rprises Limited Is 8 wholly owned fjubsldiaryi whl¢h op8r8tès è shop atthe Naiional Lob¥tèr Hatchery. Tha Natsongl Lobster H8ichery is ex$mpt from p¥eparing Gonsolldated financial stai8m8nis as the gfoup meets the definition ot o small g¥oup. Acoount$ 8re flled with th8 Aeglstrar of Companies. The prollt lor the flnanci81 period of NHL Enlerprises Limltedwas £Nllandthe oggregate 8mtrufitaf c8pIt81 and reserves ottheend ofth6 perlod was£1. 18 DEBTORS: AMOUNTS FALLINGDUEwrrHINONEYEAR 2024 2023 Trad0 debtors Amounts tyw&d by group undert8klngs Other deL>tor$ Prep8yment$ 8,851 106,857 9,257 1,710 12,134 129,958 6,155 16,21B 31.224 19 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tr8de creditors Othei credEttrrs T8Xatloo gnd soelalsecurlly Pension scheme credito¥ Deferred incomt Accrued expens0$ 8,104 512 23,IX19 1.100 1.500 20,179 54,404 12,943 2.423 11.275 1,188 4,500 9.945 43,274 2024 2023 Deferred Income at l Apr6L Resouroes deferred in tbe perlod Amount$ released from prevlous periods Deferred incom8 at 31 March D8lerYed inGom8 88 81 31 M4f¢h 2024 conslsts of paiFon dontrt(on8 for future pgriods. 4,500 14,500 13.0001 1,500 110.0001 4,500 Th? noies form part of the financial statement5 Page120 THE NATIONAL LOBSTER HATCHERV NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20 PENSION AND OTHEA SCHEMES Thè ch8rlty operates a defined contrlbutlon penslon schemè whlch are held s8paretely 8#d independently $dmlnisttsred. The pension co* charge for ihe year represents cont¥ibutlDns payable by the charity to th£ SGhem8 and amounted to £5.83512023 - £5,713). At the balance sheet date, cofitrlbutlons of £1,10012023- £1.1881 were due tothe fund and sr8 Included ¢n Qredltors. 21 MOVEMENTIN FUNDS At 1 Aprll 23 Net mov8ment In funds Ibelowl Transler between funds At31 March 24 Unre8trletod funds Gtnaralfund Design8ted fund 129,907 188,497 318,404 42,674 16,7321 35,942 113,2611 159,320 181,765 341,086 113.2611 Rèstrlcted funds Lobstéf Grower 2 Lobster Modulè New ChBpter 2020 LotJsterAeelng UEA UNDP Euro SWAC GemAlor 5,259 44.956 22,57e 3,439 15,8261 122,7891 15.2591 111.2291 17,5231 1.326 14,8471 14.942 11951 17.5361 28,d06 33.717 15,Q53 4,765 10.673 7.847 11951 53,340 394,425 47.615 366.019 13.261 Tota4Yund$ Net movèm8nt In funds, includln8 In the abovB ale a$ follDWS'. Incemifig re8ourra8 Re8ourc8s expersdÈd Movoment In funds Unrestrlcted funds G8neralfund D8signated fund 425,445 1382,7711 le,7321 1389,5031 42,674 16,7321 35.942 425,445 Rtt5trlctEd funds Lob5tBI G*ower 2 LobstEr Module NÈwChapter2020 Lobster Ageing UEA UNDP Euro SWAC G8malor 111,2391 17,5231 12241 14.8471 17,0571 149.8671 180,7571 1470,2601 111.2391 17,5231 1,326 14.8471 14,Y42 11951 17.5361 28,406 1.550 21,999 49,672 73.221 498,666 Tot8llumd8 The notes fomi part of the financial statements Pase121 THE ATIONAL LOBSTÉR HATCHERY NOTES TO THE FINANCIAL5TATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 21 ContinuBd Comparatlves lor movem•nt In funds Al 1 Aprll 22 Net movtrmcnt in tund Transfer between funds At31 March 23 UnrÈ&trlei•d funds Gonéraltund De&ignatÈd fund 59,231 195,229 254,460 70,676 16.7321 63,944 129,907 188,497 318,404 Re8irl¢tad funds Lobster Grow81 2 Lobster Modul& N6wChapter 2020 LobsterAg8ingUEA UNDP Euro SWAC 5,259 56.195 22.399 5,£36 5,2S9 44,956 22.576 3,4Sg 15,8261 122.7891 47.615 366,019 111.2291 177 12,1971 15,8261 5.437 128,2261 94,926 147,3111 Totalfund 349,388 16,633 ComparatNè net movement In funds, in¢ludln8 In the above are as follows.. Incoming Résources resourc88 expènded Movement in fund¥ Unre8trl¢t¢d tunds G8neralfund Designated fund 395,215 1342,5391 16,7321 1331,2711 70,676 16,7321 83,944 395.215 Rtsstrlcted lund& LobsterGrow&r 2 Lobster Modulè New Ch8ptgr202D Lobster AgeinKUÉA UNDP Euio SWAC 111.2391 17.5231 12.1971 15,8261 1120.2301 1147.0151 1478,2861 111,2391 177 12,1971 15,8261 128,2261 147,31)> 16,É33 7.700 92.004 99.704 494,919 Totallund DetBILs ol lunds The Gen8ral fund inGlud8d in unrostrlctÈd fundB, less flxad 88sets. rBprÈs8nt Ihe fr&e funds of thfj Ghgrlty, which ere nDt d85ign8ted for particular purpose. The Designated fund is an unyestricted fund and repre8eDt$ the book volu8 of ihe initial bulld cost of The National Lobster Hatcherypremlsés andviyitor centr& In Pad5tow. Re8trict&d funds are fund5 which ara to be used in accordgnGe with the spe¢ific r88rriciions impos8d by the donors or which h8ve been 18lseil by th8 charlty for p8rtioutar purpos8s. 'UNDP' and 'N8W ChBpt8r2020' are for th8 purpo$tss of education.'EuroSWAC LobsterAgeingUEA.'Lobster Nodule, 'Lobster Grow8r 2, and'Gemaior' are re5eaich funds. Further det8ils on the ¢h8rliy's obje¢tives ca be found In the report ofth8 trustees. The notes form part of the financial statements Page | 22 THE NATIONAL LOBSTER HATCHERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 21 contiThugd Tw8nsf•r$ betwè&n lunds Transferto restriot8d funds from unrestrictedfunds re18tetocontributions rn3debytheCharityforthe 5pgcific projects.Where grants areTecelved fDrthe purposEsofotheroperatlngcostslov8rhead GOSt3 thls Is also shown as a transf81 from re8trlct8d to ￿nIestrICtert r8th8r than an allocation vAthin the SOFA 22 RELATED PARTY DISCLOSURES The aggregatedon8tions recolved fromtruste8s ènd relaied p8rt18&durlngtheyè8rwithout condhlDn8 totalled E34,73612023- £30,143>. NLH EntErpr186s Ltd Isubsid18ry of The National Lobster Hatchery) Wag85 cosis were recharged for use of employee tirne duf¢ng the year, the total arnount ve¢herged duringtheyearwas È8,50012023- £9,000). A donation from th¢ sub$ldi)ry lo thÈ parent totalling £20.51212023- E5,7831 w88 m8d8 durlng tha y&¥r. At the baLance sheet date the amount due f¥om NLH Enterp¥¢ses Ltd was £Nil12023- £9,2571. RD Cllfford-wlni It¥U5teel Wlngof St Mgwe8 Limited, o companyowned byth*trustee. InvDIc8d Ihe ch8rlty £1.25212023-£8691 for product¥Bupplig¢J toth0 chgiity. At8mpo*aryloan of£6,OOOw88 advanced ¢n the prioi year. tothg Charlty, and also repaid duving the prioryear. The loan wo8 interest flee and ropayabie on demand. Atthe baianoe sheet dale the arnountowingbythe GhorltyW8s £Nil12023- £591. CCThompson Itru8teel Im8gin8aar Ltd, a company In whlch the trustee is 8 8hareholdBr. InvDlcBd the Gharlty £1.43012023- £6.500lfor prtsfes8ional $¢ivites. Atthe baiancèsheet dat&.th8 8mountowlngiolfromih8charitywas £nil12023 £nS11. PJD Hodgson Itru$taÈl Hodgsons, acompanyown8d by8 clos•f8mllymemberofthetrustee. Involced the¢harlty£94012023 £1.1701 for profe88ion81 service8. At the bolgnGe 8hetrt tl818. th& amount owng tollrom the ch8rlty was£nil12023 £nill. 24 ULTIMATE CONTROLUNG PARTY Th8 charity Is controlled bythe board of Trusteeswho are o1$0 dlr8¢tors of th8 eompany ThÈ notes fom) part of the financlal stitement5 Pa8e123