Registered number: 05474362 Charity number: 1110501
CAPTAIN PAUL WATSON FOUNDATION UK
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
CAPTAIN PAUL WATSON FOUNDATION UK
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 12 |
| Independent Examiner's Report | 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 - 28 |
CAPTAIN PAUL WATSON FOUNDATION UK
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023
| Trustees | A L Oliver, Trustee |
|---|---|
| S P Watson, Trustee | |
| P F Watson, Trustee | |
| D A Vince, Trustee | |
| O Todd, Trustee (appointed 27 October 2023) | |
| A H Cornelissen, Trustee (resigned 17 January 2023) | |
| Company registered number 05474362 Charity registered number 1110501 Registered office 27 Old Gloucester Street London WC1N 3AX Charity secretary R D Read Accountant Anderson Anderson & Brown Audit LLP Chartered Accountants 133 Finnieston Street Glasgow G3 8HB Bankers Natwest Bank PLC P O Box 281 156 Fleet Street London EC4A 2LL Solicitors Russell-Cooke LLP 2 Putney Hill London SW15 6AB |
Page 1
CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Objectives and Aims
The objectives of the Captain Paul Watson Foundation UK (CPWF UK), as set out in the Articles of Association, are to conserve and protect the UK’s and the world’s marine ecosystems, habitats, and species. CPWF UK may also engage in conservation activities to protect freshwater habitats and species (if those habitats or species are linked to marine ecosystems).
The organisation endeavours to accomplish these goals through public education, investigation, documentation and, where appropriate (and where legal authority exists under international law or under agreement of national governments) to help enforce violations of international treaties, laws and conventions designated to protect the oceans. CPWF UK’s campaigns to defend marine wildlife or habitats are guided by the United Nations World Charter for Nature and applicable national or international conservation laws, treaties, and regulations.
The charity exists to secure funding for marine conservation projects and to engage in campaigns and actions primarily in UK coastal waters and the North Atlantic and NW European regions. It is also the charity’s goal to engage in outreach to members of the public via talks, presentations, and events to educate people about marine conservation issues.
Funding is secured mainly from individual donors, company partnership agreements, trusts, legacies and occasionally via fund-raising events. Education and outreach are achieved through attendance with information stands at events across the UK and by visiting clubs, societies, universities, colleges, and schools to give presentations about marine conservation issues and the charity’s campaigns.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Objectives and activities (continued)
b. Public Benefit
CPWF UK has referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. The Trustees consider how planned activities will contribute to the aims and objectives they have set.
CPWF UK achieves our stated aim of marine conservation by carrying out investigations, documentation and exposing of crimes against marine wildlife which is then followed by taking legal action and/or direct physical intervention to defend species and habitats at risk. The Charity also achieves our stated aims by engaging in outreach, research and education.
CPWF UK’s campaigns are also to the benefit of the human population since protecting and restoring the oceans to pre-industrial conditions ensures both food security for future generations and a healthy environment for all life on planet Earth, especially as our oceans are the greatest natural source of global oxygen production while also providing the largest atmospheric carbon sink allowing all life to survive and combat climate change. Protecting the health of the oceans, ecosystems, habitats, and all ocean wildlife for the world’s future generations is the primary goal of CPWF UK.
Outreach events and educational talks by CPWF UK are open to all members of the public, no limitations are put on people who may volunteer with our charity or attend outreach events, less instances where the Trustees believe there is a risk that any individual may intend to break a national law or otherwise where any individual may be assessed as liable to bring the Charity into disrepute by virtue of inappropriate behaviour, including particularly any racist acts, discrimination, religious or other hate speech of any kind.
CPWF UK has continued to build on and improve outreach and educational activities undertaken at both closed and public events, universities, schools and clubs in England, Wales, Scotland, and Northern Ireland. CPWF UK acts entirely within the laws of the UK and other relevant national legislation where the charity operates. CPWF UK had no court/legal proceedings against the charity, company or trading subsidiary CPWF UK Trading Limited during the reporting period.
c. Risk Management
The Trustees and Officers continue to assess and identify the major risks applicable to the charity and believe that all appropriate action has been taken to mitigate potential risks. The Trustees will continue to keep the adequacy of the systems under review.
d. Strategic Objectives for Year 2022/2023
The strategic objectives for CPWF UK during the year 2022/2023 were to raise awareness of current marine conservation issues (both in UK territorial waters and internationally), to investigate, document and expose to the media and/or relevant agencies issues facing marine wildlife. CPWF UK also engages in campaigns when required to protect marine wildlife around the UK and North Atlantic region while also actively restoring coastal waters by removing marine debris and lost/discarded fishing gear which may harm marine wildlife.
The Charity also aims to positively influence changes in behaviour of the public, companies, and policy makers by promoting ethical and beneficial changes which benefit both the marine environment and the human population. CPWF UK also liaises with environmental, legal, regulatory and enforcement agencies as necessary when planning and engaging in campaigns.
CPWF UK also provides funding via grants, specialist equipment, small boats or practical assistance for marine conservation projects and campaigns by similar charities and NGOs which conform with CPWF UK’s mandate and are related to marine conservation issues associated with our ongoing or future planned campaigns.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Achievements and performance
a. Charitable activities
Presentations and educational talks were given at a variety of events, clubs, societies and institutions around the UK and the charity has 23 Regional Coordinators who have the skills and knowledge to support our increasing talks, events and conservation activities to reach a wider audience and to help manage our team of around 280 volunteers primarily in England but also in Wales, Scotland, Northern Ireland, Jersey and Orkney.
b. CPWF UK's Ghostnet Campaign
Recovering ghost nets and other lost/discarded hazardous fishing gear which indiscriminately kills marine wildlife for hundreds of years.
Marine debris derived from the fishing industry is known as ‘Ghost Gear’ because of its particular ability to continue killing wildlife long after the fishing boats have left it behind. Around the UK this lost and discarded fishing gear is the second largest source of marine debris with over 1250 kilometres of nets alone being lost in UK waters each year.
There are many reasons that fishing gear is lost or discarded at sea:
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Entanglement with other vessels gear, snagging on wrecks or on natural topography such as reefs and rocks
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Fishing nets and lines breaking loose or having to be cut free for vessel safety reasons
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Risky deployment in poor sea conditions
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4, Illegal discarding of unwanted fishing gear while at sea to avoid safe disposal costs back on shore.
Once lost or discarded, sections of fishing net and other fishing equipment can drift through the ocean or be left snagged on wrecks, rocks and reefs indiscriminately killing marine wildlife for decades, or even hundreds of years depending on the material it is constructed from.
How CPWF UK helps:
Since January 2018 our Ghostnet campaign has used our highly experienced volunteer divers with our boats Ghost and Spectre to survey UK coastal waters looking for discarded fishing gear (DFG) who recover all for safe disposal or recycling where possible. The divers are deployed to a potential or reported ghost gear site on one of our vessels which have underwater 3D sonar to pinpoint wrecks and debris sites to dive.
Our boat crew look for intensive netting and creel fishing areas where equipment often becomes snagged on wrecks and rocks.
Our technical divers who are all highly experienced cold-water divers (who have been trained on our accredited SDi Ghostnet Recovery course) survey wreck sites first to ensure that any nets or post can be removed safely and have not been down there so long as to have formed a habitat for marine life. Care is taken not to damage any wreck sites and permits are obtained as necessary working within the regulations and guidance of the Maritime Management Organisation (MMO), Natural England and Historic England who have approved our campaign method statements.
CPWF UK is also a founding member of the ‘UK Ghost Gear Coalition’ (UKGGC) which works collaboratively to act rapidly to reports of washed up or lost nets and ropes around the UK’s coastline.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Achievements and performance (continued)
c. CPWF UK's SDI accredited Ghostnet Recovery Course - Training divers to safely and responsibly clean our costal waters
To support our Ghostnet campaign, our charity teamed up in 2018 with training agency Scuba Diving International (SDI) to offer the world’s first fully accredited speciality course in Ghostnet Recovery on a non-profit basis.
Working with SDI means that the charity can ensure that all our divers remain as safe as possible in challenging conditions, that our boats and crew are properly insured and recognised for ghost gear recovery, and that all ghost gear is removed with no impact on the marine environment or underwater archaeology.
d. CPWF UK's Coastal Debris Campaign Beach cleans around England, Scotland, Wales and Northern Ireland
Recent estimates state that there are 86 million tonnes of plastic in the oceans - more than 5 trillion pieces with most being less than 5mm in size.
Often the only time people come face to face with marine debris is when walking along the beach, but what they do not often see is the damage that litter and discarded ?shing gear does to wildlife. Our volunteers see the terrible effects of marine debris and plastics on sea birds while ocean plastics are blamed for many deaths (ultimately by starvation) of whales and dolphins around the UK.
How CPWF UK helps:
Our Coastal Debris Campaign brings volunteers and members of the public together to undertake beach cleans in their local area. Beach cleans are an excellent opportunity for people to witness first hand the effects their everyday choices as consumers have on our most valuable natural resource, the oceans.
Our charity encourages people of all ages and backgrounds to join us for a few hours to clean an area of local beach, examine the ?ndings and talk about how everyone present can encourage others to reduce their impact on our beaches. CPWF UK provides and/or funds litter picking equipment and personal protective equipment for volunteer groups (and occasionally schools) who then ensure that the collected rubbish is disposed of responsibly in cooperation with local councils - or it is recycled where possible.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Achievements and performance (continued)
e. CPWF UK’s Operation Bloody Fjords
Documenting and exposing the cruel and unnecessary grindadráp drive hunts of Pilot Whales and Dolphins in the Faroe Islands every year since 2017.
Every year in the Faroe Islands around 1150 small cetaceans, primarily long finned pilot whales and Atlantic white-sided dolphins are killed in drive hunts called grindadráp in Faroese. The ‘grind’ as the hunts are commonly called, can happen at any time at any one of the 26 designated killing bays around the islands, with most of the hunts statistically occurring between June and September.
The grindadráp hunts have no season, no quota and the Faroese rarely do not authorise a hunt when a pod is spotted, unless the weather or sea conditions are too hazardous for their boats. Every member of the pod is killed including pregnant mothers and young calves. The grind would be totally illegal under UK and European Union legislation, because in the EU (including the kingdom of Denmark, of which the Faroe Islands is a part) it is not only illegal to kill pilot whales but illegal to harass, stress, chase or touch any whales or small cetaceans.
The Senior Veterinarian at the Faroe Veterinary Service calculated the average duration of killing during grindadráp hunts at 12.7 minutes, but our crew often record killing at grindadrap hunts taking well over 20 minutes.
In 2008, an article in the New Scientist told how Faroe chief medical officers whale meat unsafe for human consumption because of high mercury content. They detailed how mercury poisoning could trigger a range of ailments including foetal neural development, high blood pressure, circulatory problems, and possible infertility.
How CPWF UK helps:
Our charity once again sent UK and International crew both in 2021 and 2022 to the Faroe Islands to investigate and document the hunts in order to expose the cruelty inherent in the ‘grind’ and provide reports to the world’s media and interested parties in the absence of any other organisations working to end the practise.
In 2021 CPWF UK launched our 6th campaign year in the Faroe Islands, and in 2022 our 7th consecutive campaign using primarily UK and Scandinavian volunteer crew generating massive UK and foreign media interest around the issue – especially after the unprecedented massacre of 1142 Atlantic white sided dolphins at Skalafjord on 12st September 2021 after which our charity co-founded the ‘Stop The Grind’ coalition with ‘Shared Planet’ which then worked on the issue with policy makers, influences and celebrities.
Our charity has also been working on a factual documentary about the Faroe Islands and the pilot whale and dolphin hunts with the French film company ‘Les Bonnes Resolutions’ which will be released in 2024 in partnership with The Source.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Achievements and performance (continued)
f. CPWF UK’s Operation Northern Exposure
Documenting and exposing the cruel commercial hunt of fin whales in Icelandic waters.
From June to October 2022 our charity launched ‘Operation Northern Exposure’ to work to end commercial fin whaling in Icelandic waters. The campaign involved both land-based crew working on investigation, documentation, and filming – while the charity chartered the commercial vessel ‘Glomar Artic’ to document the two whaling ships as they operated at sea with no AIS tracking activated (in contravention of both Icelandic and International law).
This campaign was followed with ‘Operation Paiakan’ from early June 2023 in cooperation with Captain Paul Watson Foundation (USA) and their new flagship ‘John Paul Dejoria II’ (former Scottish fisheries protection vessel ‘Vigilant’.
How CPWF UK helps:
The 2022 and 2023 campaigns which are continuations of the charity’s 2018 campaign ‘Operation Mjolnir’ continued to effectively document and expose illegality, cases of environmental pollution, and animal cruelty in the commercial fin whaling conducted by Icelandic company Hvalur hf. Our evidence by way of records, photos and video footage is then submitted to Icelandic authorities, lawyers and coalition partners for use to end fin whaling in Iceland and progress and success is demonstrated by increased monitoring, inspections, government and veterinary interventions and the increasing anti-whaling views of Icelandic citizens.
g. CPWF UK raising public awareness and education
CPWF UK continues to increase our supporter base and followers, working to engage more people in our work and increase our funding support. The charity currently shares our campaign news, activities, and events via through our website, Adobe Portfolio site and various social media pages.
The charity also improved our Education Project (launched in 2020) with dedicated pages designed for Key Stages 1 to 4 teachers and students showcasing both teacher resources and student self-led activities. This education project also provided schools with talks, materials, and equipment to tackle plastic and other debris which can pose a threat to waterways, the sea and wildlife.
Other achievements in 2022/2023 also included:
• CPWF UK launched in 2022 our new DIVE initiative with our scuba diving volunteers and partners to promote ethical diving and educate the UK public about the habitats and wildlife around our shores. Two of the first projects involved seabed surveys in the coastal waters off Cornwall, and seagrass surveys in a Scottish loch.
• The dive boat ‘Spectre’, an Offshore 105 was launched in March 2022 with our crew upgrading its electronics for safe day and night operations. Spectre has proved its worth on many ghost fishing gear recoveries off the coast of Yorkshire helping remove dangerous ropes and creels which can trap and entangle marine wildlife for decades or centuries.
• The RHIB ‘Shadow’ is on loan to our partner charity ‘Fathoms Free’ in Cornwall working 8 months of the year to remove ghost fishing gear around Devon and Cornwall.
• CPWF UK’s landing craft ‘Selkie’ is being upgraded and maintained to carry out patrols, marine debris collections and has also supported British Divers Marine Life Rescue on their large whale disentanglement training as are our fast boats Siren and Phantom from their bases in Inverkip and Largs on the Firth of Clyde.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Financial review
a. Financial position
CPWF UK is committed to optimising our operating costs while growing and developing our charity while increasing revenue to allow maximum financial benefit for the marine conservation campaigns, projects, and outreach education which the charity manages or supports. As a result, the Trustees and staff work continue to work from home while over 280 volunteers assist in supporting a diverse range of campaign actions, events, training, education, and outreach activities.
The financial activities of charity are as set out in the attached financial statements. During the period under review, the overall income was £586,712 (2022: £1,347,422) and overall expenditure was £1,307,925 (2022: £632,914) resulting in net expenditure of £721,213 (2022: £715,228 net income). The total of the accumulated Unrestricted General Fund at 30 June 2023 was £684,528 (2022: £1,079,326).
CPWF UK (charity) is the sole shareholder of a charitable trading company called CPWF UK Trading Ltd' which is administered by its own board of unpaid Directors and from which merchandising profits are donated to CPWF UK (charity).
b. Additional information
Captain Paul Watson Foundation UK is the sole shareholder of a charitable trading company called CPWF UK Trading Limited which is administered by its own board of unpaid Directors and from which merchandising profits are donated to CPWF UK.
The trading company has utilised the services of an ethical fulfilment centre based in the Isle of Wight and has increased its range of ethical and environmentally responsible merchandise items. The trading subsidiary also supplies merchandise to the charity’s volunteer lead outreach events and raises funds via a web store selling primarily to UK customers, but also to a smaller percentage of European customers.
The process of restricting costs and improving structure by utilising skills from an increasingly talented volunteer base continues. CPWF UK continues our policy of not paying for dedicated office space and has negotiated discounts whenever possible while engaging the services of One Blue Marble (a specialist charity development consultancy) and worked until May 2023 with Shared Planet (a UK communications company) on a co-founded project called ‘Stop The Grind’.
CPWF UK continues to seek to encourage engagement with our Honorary Patron, Ambassadors, and growing Board of Advisors. CPWF UK is represented on a website which has been designed and maintained by Wintercorn, a specialist provider based in Norfolk. The website is on a secure, dedicated UK server backed up to an encrypted cloud server. The Charity utilises secure online forms for data collection and is fully UK-GDPR compliant.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
c. Reserves policy
The Trustees have reviewed the reserves of the charity and CPWF UK maintains a £80,000 reserve on account.
While the charity does not own premises or land or deal in investments - it has many significant physical assets in the form of boats, trailers, and vehicles used in the daily operations of the charity which include the following:
'SHADOW'
Humber Ocean Pro 7.5m RHIB Asset value: £19,220
'SIREN'
Humber Destroyer 5.5m RHIB Asset Value: £5,360
'GHOST' Atlantic 75 RHIB Asset Value: £14,080
'PHANTOM' Humber Destroyer 5.8m RHIB Asset Value: £6,720
‘SPECTRE’ Type: Offshore 105 dive boat Asset value: £40,275
LCVP Selkie Type Landing craft Asset value £142,275
Plus three support and boat trailer towing and launching vehicles:
Yr.2014 Toyota Hilux Value: £nil
Yr.2013 Jeep Grand Cherokee Value: £2,350
Yr 2018 Land Rover Discover Value: £29,830
As at 30 June 2023, the unrestricted, free reserves of the charity (that is those funds not tied up in fixed assets and restricted reserves) amounted to £365,990 (30 June 2022: £785,829).
d. Going concern
The charity and group has cash resources and has no requirement for external funding. The trustees have a reasonable expectation that the charity and group have adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. There are no material uncertainties about the charity's or group’s ability to continue as a going concern.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
e. Future development
Planning for 2023-2024 aims to develop new partnerships with other NGOs/charities and activists, especially investigating fisheries crimes and pollution. CPWF UK will continue our determination to bring about the end of the Faroese grindadrap hunts of small cetaceans - and we will return in 2024 for a major campaign for 6 to 7 months. CPWF UK will be engaging in more ghost fishing gear retrievals especially along the Northeast coastline of the UK utilising the dive boat ‘Spectre’ and collaboratively using ‘Shadow’ with Fathoms Free in Cornwall.
CPWF UK will launch the new DIVE initiative for the scuba diving and freediving community across the UK to promote ethical diving, promote the UK’s amazing marine wildlife, and encourage reporting of marine conservation issues by divers nationwide.
The charity will continue to upgrade our fleet of boats so we can become more effective in our marine conservation work. CPWF UK’s new DIVE initiative will continue to promote the UK’s amazing marine wildlife and encourage reporting of marine conservation issues by divers nationwide.
The charity will continue to upgrade our fleet of boats so we can become more effective in our marine conservation work. Our charity will aim to acquire a larger ghost fishing gear recovery vessel for 2025 to carry out patrols, marine debris collections, dive operations and to support the work of several new collaborations/coalitions of conservation groups and agencies working to combat wildlife and habitat threats around the coastline of the UK and NW Europe. CPWF UK also aims to carry out some new patrols/inspections of fish farm sites and monitor illegal fishing around the West coast of Scotland and around the Scottish islands.
Structure, governance and management
a. Governing document
The organisation is a charitable company limited by guarantee, incorporated on 7 June 2005 and registered as a charity on 20 July 2005. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association (amended and adopted on the 17th of December 2014). The company changed its primary name by special resolution to the ‘Captain Paul Watson Foundation UK’ (CPWF-UK) on the 18th of May 2023 and has registered the working names of ‘Neptune’s Pirates UK’ and its former name of ‘Sea Shepherd UK’. In the event of the company being wound up, members (trustees) are required to contribute an amount not exceeding £1.
b. Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law. Currently there are five serving trustees (see page 1) and under the requirements of the Articles of Association the trustees are elected to serve for a period of three years until the third AGM from the date of election (and no longer than third anniversary from the date of election). Retiring trustees are eligible for re-election. In any event, the number of serving trustees should be not less than two.
c. Organisational structure
The charity is managed by the Board of Trustees, who delegate day-to-day tasks to the Chief Operating Officer. The COO then delegates tasks to the Charity’s Volunteer and Events Officer, Campaigns Coordinator (P/T). The charity also may appoint contractors to undertake specialist tasks which the charity’s staff cannot fulfil, and the charity’s volunteers may also fulfil roles on behalf of the charity particularly for regional volunteer coordination or marine conservation campaign related roles.
The Trustees, Staff members, campaign coordinators and contractors are in regular direct communication and internal reports are compiled as required by the Chief Operating Officer to record the charity’s activities.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Structure, governance and management (continued)
d. Group structure
Captain Paul Watson Foundation UK is a parent company. It has one wholly owned subsidiary company: CPWF UK Trading Ltd.
e. Induction and training of new trustees
New Trustees would be made familiar with the objectives, business plan and financial status of the charity. Trustees will also be given a copy of the relevant guidance material from the Charity Commission. All Trustees are also given copies of relevant material to assist them in carrying out their governance roles (such as the Public Benefit Guide of the Charity Commission of England and Wales) and undertake training through their normal employed activities.
f. Key management remuneration
The Trustees consider that the trustees and the Chief Operating Officer are the Key Management team being those with the authority and responsibility to direct and control the charity. The remuneration policy for all employees is to match the skills, experience and qualifications of each position consistent with a framework allowing market levels in the locality of the employment base.
g. Risk management
The Trustees and Officers continue to assess and identify the major risks applicable to the charity and believe that all appropriate action has been taken to mitigate potential risks. The Trustees will continue to keep the adequacy of the systems under review.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Anna Oliver ~~..........................~~ Anna Oliver (Feb 6, 2025 13:30 GMT) ...................... A L Oliver Trustee Date: 06/02/25
Robert Read ~~..........................~~ Robert Read (Feb 6, 2025 13:28 GMT) ...................... R Read Charity Secretary 06/02/25
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CAPTAIN PAUL WATSON FOUNDATION UK
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2023
Independent Examiner's Report to the Trustees of Captain Paul Watson Foundation UK ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity 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 the Charity's accounts 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 Charity'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 Institute of Chartered Accountants in England and Wales, 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:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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: Natalie Boyle Dated: 06/02/25 Natalie Boyle (Feb 6, 2025 14:22 GMT)
Natalie Boyle (Independent Examiner) ICAEW
Anderson Anderson & Brown Audit LLP 133 Finnieston Street Glasgow G3 8HB
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CAPTAIN PAUL WATSON FOUNDATION UK
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 470,902 47,051 53,000 570,953 273 965,478 965,751 (394,798) 1,079,326 (394,798) 684,528 |
Restricted funds 2023 £ 15,759 - - 15,759 - 342,174 342,174 (326,415) 326,415 (326,415) - |
Total funds 2023 £ 486,661 47,051 53,000 586,712 273 1,307,652 1,307,925 (721,213) 1,405,741 (721,213) 684,528 |
Total funds 2022 £ 1,221,062 83,360 43,000 |
|---|---|---|---|---|
| 1,347,422 | ||||
| 10,152 622,042 |
||||
| 632,194 | ||||
| 715,228 | ||||
| 690,513 715,228 |
||||
| 1,405,741 |
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CAPTAIN PAUL WATSON FOUNDATION UK REGISTERED NUMBER: 05474362
BALANCE SHEET AS AT 30 JUNE 2023
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
15,621 372,069 387,690 (21,701) |
2023 £ 318,538 1 318,539 365,989 684,528 684,528 - 684,528 684,528 |
17,221 1,110,803 1,128,024 (15,781) |
2022 £ 293,497 1 |
|---|---|---|---|---|
| 293,498 1,112,243 |
||||
| 1,405,741 | ||||
| 1,405,741 | ||||
| 326,415 1,079,326 |
||||
| 1,405,741 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:
Anna Oliver
The notes on pages 17 to 28 form part of these financial statements.
Page 15
CAPTAIN PAUL WATSON FOUNDATION UK
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 17 to 28 form part of these financial statements |
2023 £ (678,122) (60,612) (60,612) - (738,734) 1,110,803 372,069 |
2022 £ 732,783 (237,645) (237,645) - 495,138 615,665 1,110,803 |
|---|---|---|
Page 16
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. General information
The charity is a company limited by guarentee, incorproated and registered in England, under company number 05474362, and has no share capital. The liability of each member in the event of winding up is limited to £1.
The charity's registered number is 1110501.
The registered office is 27 Old Gloucester Street, Longon, WC1N 3AX.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Captain Paul Watson Foundation UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The charity has cash resources and has no requirement for external borrowings. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe that going concern basis of accounting is appropriate in the preperation of the annual financial statements. There are no material uncertainties about the charity's ability to continue as a going concern.
2.3 Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the the funds, it is probable that the income will be received and the amount can be measured reliably.
2.4 Expenditure
Expenditure relating to raising funds and charitable expenditure whether direct or support costs is charged to the Statement of Financial Activities on an accruals basis, inclusive of irrecoverable Value Added Tax. Expenditure is recognised when there is a legal or constructive obligation to pay for expenditure.
All costs have been directly attributed to one of the categories of expenditure.
Raising funds expenditure is the costs of fundraising events.
Charitable activities costs includes costs incurred directly in meeting the objectives of the charity, and also includes support costs incurred in support of direct costs.
Support costs are costs attributable to the management of the charity and it's financial affairs.
Governance costs, a category within support costs, are costs attributable to compliance with the charity's constitutional and statutory requirements.
Page 17
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2. Accounting policies (continued)
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
| Boats and Equipment | - | 15% and 10 - 25% on cost |
|---|---|---|
| Motor vehicles | - | 25% |
| Computer equipment | - | 25% |
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
Page 18
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2. Accounting policies (continued)
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Legacies |
Unrestricted funds 2023 £ 467,902 3,000 470,902 |
Restricted funds 2023 £ 15,759 - 15,759 |
Total funds 2023 £ 483,661 3,000 486,661 |
Total funds 2022 £ 1,211,562 9,500 |
|---|---|---|---|---|
| 1,221,062 |
4. Income from other trading activities
Income from non charitable trading activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Fundraising events | 47,051 | 47,051 | 83,360 |
Page 19
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
5. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Investment income - subsidiary company | 53,000 | 53,000 | 43,000 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Total | Total | |
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Marine Conservation | 965,478 | 342,174 | 1,307,652 | 622,042 |
7. Analysis of expenditure by activities
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Funding of | Support | Total | Total | |
| directly | activities | costs | funds | funds | |
| 2023 | 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Marine Conservation | 980,432 | 152,718 | 174,502 | 1,307,652 | 622,042 |
Page 20
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Marine Conservation 2023 £ Staff costs 63,446 Boat expenses 14,063 Travel and meetings 11,062 Vehicle expenses 30,568 Campaigning 782,038 IT services 43,684 Depreciation 35,571 980,432 |
Total funds 2023 £ 63,446 14,063 11,062 30,568 782,038 43,684 35,571 980,432 |
Total funds 2022 £ 83,860 4,976 3,606 26,910 326,333 40,645 19,470 |
|---|---|---|
| 505,800 |
Analysis of support costs
| Marine Conservation 2023 £ Staff costs 24,649 Sundry office costs 68,824 Accountancy 1,298 Governance costs 79,731 174,502 |
Total funds 2023 £ 24,649 68,824 1,298 79,731 174,502 |
Total funds 2022 £ 23,990 44,687 1,351 30,886 |
|---|---|---|
| 100,914 |
. Governance costs
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Independent examiner's remuneration | 14,721 | - |
| Auditors remuneration | - | 7,698 |
| Legal and professional fees | 65,010 | 23,188 |
| 79,731 | 30,886 |
Page 21
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
8. Analysis of funding activities
| Grants to | Donations to | Total | Total | |
|---|---|---|---|---|
| Institutions | Institutions | funds | funds | |
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Grants - Marine Conservation | 4,915 | 147,803 | 152,718 | 15,328 |
9. Independent Examiner
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Independent examiner's remuneration | 4,240 | - |
| Independent examiner's remuneration for non exam. work | 2,000 | - |
| Auditors'remuneration | - | 9,910 |
| Auditors'remuneration for non audit work | - | 2,000 |
| 6,240 | 11,910 |
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 61,597 20,719 5,779 88,095 |
2022 £ 99,179 6,256 2,415 |
|---|---|---|
| 107,850 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 3 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management remuneration
The key management personnel of the charity consists of the trustees and the Chief Operating Officer. The total employee benefits of the key management personnel in the year, including Employer's National IInsurance and pension costs were £47,272 (2022: £45,972).
Page 22
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 30 June 2023, no Trustee expenses have been incurred (2022 - £NIL).
12. Comparatives for the Statement of Financial Activities
| Unrestricted funds |
Restricted funds |
Total funds |
|
|---|---|---|---|
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 738,827 | 482,235 | 1,221,062 |
| Other trading activities | 83,360 | - | 83,360 |
| Investments | 43,000 | - | 43,000 |
| Total | 865,187 | 482,235 | 1,347,422 |
| Expenditure on: | |||
| Raising funds | 10,152 | - | 10,152 |
| Charitable activities | 622,042 | - | 622,042 |
| Total | 632,194 | - | 632,194 |
| Transfer between funds | 155,820 | (155,820) | - |
| Net income/ (expenditure) | 388,813 | 326,415 | 715,228 |
| Reconciliation of funds: | |||
| Total funds brought forward | 690,513 | - | 690,513 |
| Total funds carried forward | 1,079,326 | 326,415 | 1,405,741 |
13. Tangible fixed assets
| Cost or valuation At 1 July 2022 Additions Disposals At 30 June 2023 |
Motor vehicles £ 31,523 46,160 - 77,683 |
Computer equipment £ 5,309 - - 5,309 |
Boats and Equipment £ 332,709 14,452 (4,460) 342,701 |
Total £ 369,541 60,612 (4,460) 425,693 |
|---|---|---|---|---|
Page 23
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
13. Tangible fixed assets (continued)
| Depreciation At 1 July 2022 Charge for the year On disposals At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 |
Motor vehicles £ 25,648 8,065 - 33,713 43,970 5,875 |
Computer equipment £ 3,459 462 - 3,921 1,388 1,850 |
Boats and Equipment £ 46,937 27,044 (4,460) 69,521 273,180 285,772 |
Total £ 76,044 35,571 (4,460) |
|---|---|---|---|---|
| 107,155 | ||||
| 318,538 | ||||
| 293,497 |
14. Fixed asset investments
| Cost or valuation At 1 July 2022 At 30 June 2023 Net book value At 30 June 2023 At 30 June 2022 |
Shares in group undertakings £ 1 |
|---|---|
| 1 | |
| 1 | |
| 1 |
15. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2023 £ 170 15,451 15,621 |
2022 £ 91 17,130 17,221 |
|---|---|---|
Page 24
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
16. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Accruals and deferred income |
2023 £ 425 940 20,336 21,701 |
2022 £ 292 1,824 13,665 |
|---|---|---|
| 15,781 |
Page 25
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
17. Statement of funds
Statement of funds - current year
| Unrestricted funds General Fund Restricted funds ISED Foundation Donation ReWild Grant SSCS Grant Keep Northern Ireland Beautiful Total of funds Statement of funds - prior year Balance at 1 July 2021 £ Unrestricted funds General Fund 690,513 Restricted funds ISED Foundation Donation - ReWild Grant - SSCS Grant - - Total of funds 690,513 |
Balance at 1 July 2022 £ 1,079,326 24,180 231,178 71,057 - 326,415 1,405,741 Income £ 865,187 180,000 231,178 71,057 482,235 1,347,422 |
Income £ 570,953 - - - 15,759 15,759 586,712 Expenditure £ (632,194) - - - - (632,194) |
Expenditure £ (965,751) (24,180) (231,178) (71,057) (15,759) (342,174) (1,307,925) Transfers in/out £ 155,820 (155,820) - - (155,820) - |
Balance at 30 June 2023 £ 684,528 |
|---|---|---|---|---|
| - - - - |
||||
| - | ||||
| 684,528 | ||||
| Balance at 30 June 2022 £ 1,079,326 |
||||
| Unrestricted funds General Fund Restricted funds ISED Foundation Donation ReWild Grant SSCS Grant Total of funds |
||||
| 24,180 231,178 71,057 |
||||
| 326,415 | ||||
| 1,405,741 |
Page 26
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Trade investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 318,538 1 387,690 (21,701) 684,528 |
Total funds 2023 £ 318,538 1 387,690 (21,701) 684,528 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Trade investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 293,497 1 801,609 (15,781) 1,079,326 |
Restricted funds 2022 £ - - 326,415 - 326,415 |
Total funds 2022 £ 293,497 1 1,128,024 (15,781) 1,405,741 |
|---|---|---|---|
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operating activities |
2023 £ (721,213) 35,571 1,600 5,920 (678,122) |
2022 £ 715,228 19,470 (6,467) 4,551 732,782 |
|---|---|---|
Page 27
CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
20. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2023 £ 372,069 372,069 |
2022 £ 1,110,803 |
|---|---|---|
| 1,110,803 |
21. Analysis of changes in net debt
| Cash at bank and in hand | At 1 July 2022 £ 1,110,803 1,110,803 |
Cash flows £ (738,734) (738,734) |
At 30 June 2023 £ 372,069 |
|---|---|---|---|
| 372,069 |
22. Related party transactions
The related party transactions incurred in the year were the dividend distributions of £53,000 received from Captain Paul Watson Foundation UK Trading Limited.
23. MEMBERS' GUARANTEE
Every member of the charitable company undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while he is a member or within one year after he ceases to be a member, for payment of the company's debts and liabilities contracted before he ceases to be a member. If on the winding-up or dissolution of the company there remains, after the satisfaction of all its debts and liabilities any property whatever, the same shall not be repaid or distributed among members of the company, but shall be given or transferred to some other charitable institution or institutions having objects similar to those of the charitable company and in so far as effect cannot be given to such provision, then to some other charitable object.
Page 28
Captain Paul Watson Foundation UK, Jun 23 - Accounts for signing
Final Audit Report
2025-02-06
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