Charity registration number 1110501
Company registration number 5474362 (England and Wales)
CAPTAIN PAUL WATSON FOUNDATION UK ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
CAPTAIN PAUL WATSON FOUNDATION UK
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees Secretary Charity number Company number Registered office Independent Examiner Bankers Solicitors Website |
A L Oliver S P Watson P F Watson D A Vince (Resigned on 27 March 2025) O Todd (Resigned on 27 September 2025) R D Read 1110501 5474362 27 Old Gloucester Street London WC1N 3AX Jeffrey Bor FCA SCB (Accountants) Ltd. Chartered Accountants 31 Sackville Street Manchester M1 3LZ Natwest Bank PLC P O Box 281 156 Fleet street London EC4A2LL Russell Cooke LLP 2 Putney Hill London SW156AB www.paulwatsonfoundation.uk |
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CAPTAIN PAUL WATSON FOUNDATION UK
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 9 |
| Independent examiner's report | 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 - 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 - 24 |
CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2025
The trustees present their annual report and financial statements for the year ended 30 June 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "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).
Objectives and activities
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.
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.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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 aims to act within the laws of the UK and other relevant national legislation where the charity operates. CPWF UK had no court proceedings against the charity/company or it’s dormant trading subsidiary CPWF UK Trading Limited during the reporting period.
Risk Management
The Trustees and Officers continue to assess and identify the major risks applicable to the charity and takes action when necessary to mitigate potential risks. The Trustees continue to keep the adequacy of the systems under review.
Strategic Objectives for Year 2024/2025
The strategic objectives for CPWF UK during the year 2024/2025 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 prior to, and during campaigns.
The charity may under its articles, provide 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.
Achievements and performance
Presentations and educational talks were given at a variety of venues and meetings around the UK and the charity has 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 core active team of approximately 50 volunteers, and extended team of 220 volunteers primarily who are based in England, Wales, Scotland, Northern Ireland, and the Orkney Islands.
The charity also has appointed Ambassadors based on merit and their dedication to our charity who represent and promote our conservation work during their professional activities and at key events during the year.
MAJOR CAMPAIGNS:
1, PROJECT ONE WAVE
A united movement tackling ocean plastic through collective action bringing together conservationists, artists, businesses, and volunteers across the UK.
Project One Wave (POW) is the charity’s new project launched officially in May 2025 which combines our long running Ghostnet Campaign and Coastal Debris Campaign with new collaborations to increase our effectiveness in removing harmful waste from the UK’s coastline.
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. 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 marine mammals around the UK, with some of the most hazardous debris being derived from the fishing industry known as ‘Ghost Gear’ because of its 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.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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.
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.
Meanwhile on land, our volunteers assisted by members of the public undertake beach cleans and river cleans where members of the public see first hand the issues of litter, illegal dumping and the mechanisms that transport harmful materials to the seas around our island nation.
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 findings 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 by local contractors, in cooperation with local councils, or as part of POW specific materials such as ropes, bottles, and small plastics can be recycled into new products or even into educational artworks.
2, 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 2016.
Every year in the Faroe Islands over 1000 small cetaceans, primarily long finned pilot whales and Atlantic whitesided 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.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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 and for some animals, especially younger calves where the tools used by the hunters are not appropriate leading to longer times to death and therefore unacceptable and potentially illegal suffering caused.
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 caused by bioaccumulation in these apex predator species. The article, and several others since detailed how mercury poisoning could trigger a range of ailments including foetal neural development, high blood pressure, circulatory problems, and possible infertility. Our charity continues to highlight in the media and in discussions with Faroese citizens the hazards of eating whale and dolphin meat.
How CPWF UK helps:
Our charity has now for 10 consecutive years sent our staff and crew both 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.
Our charity co-founded the ‘Stop The Grind’ coalition with ‘Shared Planet’ which then worked on the issue with policy makers, influences and celebrities – but this partnership came to an end in July 2023 (though our charity retains the trademark rights to ‘Stop The Grind’ in the UK as this is a term we have used regularly over our many years of campaigning).
‘Stop The Grind’ was then replaced by our charity with two more focused initiatives with differing strategies to achieve the same ultimate objective of ending the hunts:
Firstly the ‘Blubber Butcher’ who as a fictional character co-designed by ‘Don’t Cry Wolf’ agency was introduced to catch the media’s attention and for publicity representing cetacean hunters especially on the Faroe Islands but also at protests and events most especially at the Labour Party conference in London. Secondly, the creation of a new universal pledge called 'FaroeFree' which encourages individuals and companies to refuse to travel to – or trade with the Faroe Islands until the grindadrap hunts end.
Our charity also launched a full length documentary about the Faroe Islands with specific focus on the pilot whale and dolphin hunts with the French film company ‘Les Bonnes Resolutions’ which was released in late 2024 and then promoted and was made available to the public on the streaming platforms Waterbear and Ecoflix.
3, Operation Ice Storm
Documenting and exposing the cruel commercial hunt of fin whales in Icelandic waters.
The second largest mammal on the planet, the massive fin whale is hunted exclusively in the North Atlantic by Icelandic company 'Hvalur hf' under the direction of CEO Kristján Loftsson. CPWF-UK is the ONLY organisation to document every single harpooned whale landed in Iceland during entire whaling seasons.
Our charity co-launched ‘Operation Paiakan’ from early June 2023 in cooperation with Captain Paul Watson Foundation (USA) and their new flagship ‘John Paul Dejoria II’.
How CPWF UK helps:
The 2024/25 campaign ‘Ice Storm’ (also known as ‘Isstormur’ in Icelandic) was an extension of the charity’s determined work to end commercial fin whaling in the Northern Hemisphere.
In 2018 we launched the campaign ‘Operation Mjolnir’, followed by the 2022 campaign ‘Operation Northern Exposure’, 2023 collaboration campaign ‘Operation Paiakan’ which 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 was 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.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Our activities continued in 2024 and 2025 in Iceland with local partners who were continuing to monitor the whaling company while helping build pressure from within Iceland to finally end the commercial hunting of large whales.
CPWF UK raising public awareness and supporting UK students’ education:
CPWF UK continues to develop our supporter base and outreach, 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 continued our Education Project 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 2024-25 also included:
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CPWF UK continued 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.
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The dive boat ‘Spectre’ operated from Grimsby/Hull 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 before relocating the Firth of Clyde in Scotland in late 2025.
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The RHIB ‘Shadow’ continued on loan to our partner charity ‘Fathoms Free’ in Cornwall working to remove ghost fishing gear around Devon and Cornwall in 2024 before being recalled in 2025 and now being based in Devon for a new upcoming campaign to monitor illegal and destructive fishing off the UK’s South coast.
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CPWF UK’s landing craft ‘Selkie’ is being upgraded and maintained to carry out future activities on Project One Wave.
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RIB Siren was retrieved from the CPWF flagship ‘John Paul Dejoria’ and is now based in Dublin, Ireland.
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RIB ‘Lion Heart’ was upgraded and has been used on Project One Wave as well as being loaned for Large Whale Disentanglement Team training by the charity ‘British Divers Marine Life Rescue’ from a marina in West Scotland as well as being available for urgent rescue assignments.
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Our charity collaborated with veteran campaigned Don Staniford to expose the pollution, disease and cruelty of the Salmon aquaculture industry with ‘Operation Blood Salmon’.
Fundraising practices
The charity is registered with the Fundraising Regulator and is committed to complying with the Code of Fundraising Practice and the Fundraising Promise.
The charity raises funds primarily through donations, partnerships and events, and does not engage professional fundraisers or commercial participators.
The trustees monitor fundraising activities to ensure they are conducted in a transparent, ethical, and responsible manner, and take steps to protect members of the public, including vulnerable individuals.
The charity received no fundraising complaints during the year.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Financial review
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 rather than pay for office premises - while our 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 £569,432 (2024: £516,779) and overall expenditure was £518,061 (2024: £804,018) resulting in net expenditure of £51,371 (2024: £287,238 net expenditure). The total of the accumulated Unrestricted General Fund at 30 June 2025 was £448,661 (2024: £397,290).
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 but since 1st January 2024 has been dormant (non-trading) with scaled-down merchandising now being undertaken by the parent company.
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) until mid-2025 when this relationship was mutually ended.
CPWF UK continues to seek to encourage engagement with our growing team of Ambassadors who are based in the UK, Canary Islands, Faroe Islands and Isle of Jersey. CPWF UK also has a small board of advisors based in the UK. Our charity is represented on an archived website which is maintained by Wintercorn, a specialist provider based in Norfolk – while our new primary website is maintained internally and on a day to day basis by our Media and Communications Officer. The Charity utilises secure online forms for restricted data collection and is fully data protection compliant.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Reserves policy
The trustees have reviewed the level of reserves required to ensure the charity can continue to operate effectively and meet its obligations as they fall due.
In determining the appropriate level of reserves, the trustees have considered:
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the level of ongoing operational expenditure;
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the risks to income streams, including reliance on donations and variable fundraising income;
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the need to fund commitments to ongoing campaigns and projects;
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the absence of long-term contractual income; and
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potential unforeseen costs arising from operational or campaign activities.
Based on this assessment, the trustees have determined that a minimum reserve equivalent to approximately 3–4 months of core operating expenditure is appropriate. This equates to approximately £60,000, which is held as unrestricted funds.
At the year end, free reserves amounted to £164,484, which is above the target level. The trustees are satisfied that this provides sufficient financial resilience while allowing funds to be applied to further the charity’s objectives. The trustees will continue to monitor reserves levels on an ongoing basis to ensure they remain appropriate in light of changing circumstances.
Major Physical assets
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 typical day-to-day operations of the charity which includes two boat/campaign support vehicles, an ever increasing number of aerial drones (ADs), two marine remote operated vehicles (ROVs), four inflatable boats (SIBs) and the following fleet of CAT-2 boats:
‘SHADOW’ - Humber Ocean Pro 7.5m twin engine boat (+ trailer) ‘SIREN' - Humber Destroyer 5.5m single engine boat (+ trailer) ‘GHOST’ - Atlantic 75 (ex-RNLI) twin engine boat (+ trailer) ‘SPECTRE’ - Offshore 105 (10.5m) inboard single engine dive boat ‘SELKIE’ - Ex MOD operated LCVP Mk5 14m landing craft
Plans for future periods
Planning for year 2025-2026 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 every summer for 4 to 6 months each in duration.
The charity will continue our campaign to bring an end to commercial whaling by Iceland, working with our allies in Iceland while whaling has been called off during 2025 - and will again send our officers and volunteer crew to document and where possible oppose whaling both on land and at sea in 2026 as necessary.
CPWF UK will be engaging in new coastal debris collaborations and retrievals in mid/late 2025 especially along the North-West coastline of the UK utilising RIB ‘Lion Heart’ and LCVP Selkie while RIB ‘Shadow’ will be assigned a new role monitoring illegal and destructive fishing off the South coast of England (Operation Shadow Watch).
The dive boat ‘Spectre’ is going to undergo refurbishment in early 2026 prior to sale via a broker (asset disposal). During 2026 our fleet will be re-assessed and may be significantly changed/reduced to suit our upcoming campaigns in future years especially due to our increasing effective use of drones to achieve campaign aims in place of more expensive to operate boats (TBC).
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Structure, governance and management
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’ (CPWFUK) on the 18th of May 2023 and has the registered working names of ‘Neptune’s Pirates UK’ and ‘Sea Shepherd UK’ (former primary name) with the Charities Commission of England and Wales.
In the event of the company being wound up, members (trustees) are required to contribute an amount not exceeding £1.
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.
Per the Articles of Association, the members may propose and appoint any willing person to act as a Trustee for the charity. A Trustee’s term of office is 3 years from the date of appointment. When considering a nominated Trustee, the charity will consider the skills required, the skills of existing Trustees and those of the proposed Trustee.
Organisational structure
The charity is managed by the Board of Trustees, who have delegated day-to-day management to the Chief Operating Officer (COO). The COO then delegates tasks to the Charity’s Volunteer and Events Officer (F/T), Campaigns Coordinator (P/T), and Investigations Officer (F/T). The charity also may appoint contractors to undertake specialist tasks which the charity’s staff cannot fulfil such as with our specialist Media and Communications Officer who is currently based in France, and the charity’s volunteers may also fulfil occasional roles and duties on behalf of the charity - particularly for regional volunteer coordination, boat operations, or marine conservation campaigns in the UK or abroad.
The Trustees, Staff members, Campaign Coordinators and Contractors are in regular direct communication with scheduled team meetings every two weeks, additional task specific meetings as required, and reports annually to document the charity’s activities.
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.
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CAPTAIN PAUL WATSON FOUNDATION UK
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
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 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by order of the members of the board of Trustees and signed on their behalf by:
The trustees' report was approved by the Board of Trustees.
A L Oliver Trustee
R Read Charity Secretary
28 May 2026
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CAPTAIN PAUL WATSON FOUNDATION UK
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CAPTAIN PAUL WATSON FOUNDATION UK
I report to the trustees on my examination of the financial statements of CAPTAIN PAUL WATSON FOUNDATION UK (the charitable company) for the year ended 30 June 2025.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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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4 the financial statements 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 financial statements to be reached.
Jeffrey Bor FCA 31 Sackville Street For and on behalf of SCB (Accountants) Ltd. Manchester M1 3LZ
Chartered Accountants
Dated: 28 May 2026
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CAPTAIN PAUL WATSON FOUNDATION UK
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
| Unrestricted funds Notes £ Income and endowments from: Donations and legacies 3 539,550 Charitable activities 4 14,872 Investments Income 5 2,520 Other income 6 12,490 Total income 569,432 Expenditure on: Raising funds 7 8,934 Charitable activities 8 509,127 Total expenditure 518,061 Net movement in funds 51,371 Fund balances at 1 July 2024 397,290 Fund balances at 30 June 2025 448,661 |
Total Total 2025 2024 £ £ 539,550 463,704 14,872 26,855 2,520 22,080 12,490 4,140 569,432 516,779 8,934 8,271 509,127 795,746 518,061 804,017 51,371 (287,238) 397,290 684,528 448,661 397,290 |
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes on pages 15 to 24 form part of these financial statements.
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CAPTAIN PAUL WATSON FOUNDATION UK
BALANCE SHEET
AS AT 30 JUNE 2025
| Notes Fixed assets Tangible assets 13 Investment properties 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 Income funds Unrestricted funds Designated funds 17 |
2025 £ 7,890 178,054 185,944 (21,460) 448,661 |
£ 284,176 1 284,177 164,484 448,661 448,661 448,661 |
2024 £ 5,604 87,571 93,175 (16,479) 397,290 |
£ 320,593 1 |
|---|---|---|---|---|
| 320,594 76,696 |
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| 397,290 | ||||
| 397,290 | ||||
| 397,290 |
The notes on pages 15 to 24 form part of these financial statements.
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CAPTAIN PAUL WATSON FOUNDATION UK
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2025.
The trustees acknowledge their responsibilities for
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ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 28 May 2026 and signed on their behalf by
A L Oliver Trustee
Company registration number 5474362
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CAPTAIN PAUL WATSON FOUNDATION UK
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 21 Investing activities Purchase of tangible fixed assets Investment income received Net cash used in investing activities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2025 £ (5,657) 2,520 |
£ 93,620 (3,137) - 90,483 87,571 178,054 |
2024 £ £ (271,101) (35,477) 22,080 (13,397) - (284,498) 372,069 87,571 |
|---|---|---|---|
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
Charity information
The charity is a company limited by guarantee, incorporated 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, London, WC1N 3AX.
1.1 Accounting convention
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
“The charity has a wholly-owned trading subsidiary CPWF UK Trading Ltd which carries out retail business.
In accordance with the Charities Act 2011 and the Charities SORP (FRS 102), group accounts have not been prepared because the aggregate gross income of the group (charity and subsidiary) is less than £1,000,000, and the results and net assets of the subsidiary are not considered material to the charity’s financial statements.
The investment in the subsidiary is stated at cost, and any income received are recognized in the Statement of Financial Activities when receivable.”
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 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 preparation of the annual financial statements. There are no material uncertainties about the charity's ability to continue as a going concern.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Boats and Equipment | 15% and 10 - 25% on cost |
|---|---|
| Computers | 25% |
| Motor vehicles | 25% |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9 Creditors and Provisions
Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
1.10 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.
1.11 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.
1.12 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.
1.13 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 Critical accounting estimates and judgements
In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted funds £ Donations and gifts Donations 350,847 Legacies 188,703 539,550 For the year ended 30 June 2024 463,704 |
Total 2025 £ 350,847 188,703 539,550 |
Total 2024 £ 360,457 103,247 |
|---|---|---|
| 463,704 | ||
| 463,704 |
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
4 Charitable activities
| Unrestricted funds £ Fundraising events 14,872 14,872 Analysis by fund Unrestricted funds 14,872 14,872 For the year ended 30 June 2024 Unrestricted funds 26,855 26,855 5 Investments Income Unrestricted funds £ Dividend income - subsidiary company 2,520 2,520 For the year ended 30 June 2024 22,080 6 Other income Unrestricted funds £ Other income 12,490 12,490 For the year ended 30 June 2024 4,140 |
Total 2025 £ 14,872 14,872 14,872 14,872 Total 2025 £ 2,520 2,520 Total 2025 £ 12,490 12,490 |
Total 2024 £ 26,855 |
|---|---|---|
| 26,855 | ||
| 26,855 | ||
| 26,855 | ||
| 26,855 | ||
| 26,855 | ||
| Total 2024 £ 22,080 |
||
| 22,080 | ||
| 22,080 | ||
| Total 2024 £ 4,140 |
||
| 4,140 | ||
| 4,140 |
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
7 Raising funds
| Unrestricted funds £ Other fundraising costs 8,934 8,934 For the year ended 30 June 2024 Other fundraising costs 8,271 8,271 |
Total 2025 £ 8,934 8,934 |
Total 2024 £ 8,271 |
|---|---|---|
| 8,271 | ||
| 8,271 | ||
| 8,271 |
8 Charitable activities
| Unrestricted funds £ Direct cost: Staff costs 134,272 Depreciation 42,074 Boat expenses 22,710 Travel and meetings 677 Vehicle expenses 40,350 Campaigning 93,014 IT services 34,464 Stock purchase 22,103 Grants to Institutions - Donations to Institutions 90 389,754 Share of support costs (see note 9) 75,768 Share of governance costs (see note 9) 43,605 509,127 Analysis by fund Unrestricted funds 509,127 509,127 For the year ended 30 June 2024 Unrestricted funds 795,746 795,746 |
Total 2025 £ 134,272 42,074 22,710 677 40,350 93,014 34,464 22,103 - 90 389,754 75,768 43,605 509,127 509,127 509,127 |
Total 2024 £ 116,519 33,422 18,371 2,263 105,564 290,166 36,136 5,414 15,000 1,848 |
|---|---|---|
| 624,703 71,814 99,229 |
||
| 795,746 | ||
| 795,746 | ||
| 795,746 | ||
| 795,746 | ||
| 795,746 |
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
9 Support costs
| 10 | Sundry office Cost Accountancy Independent examiner's remuneration Legal and professional Analysed between Charitable activities Net movement in funds Net movement in funds is stated after charging/(crediting) Depreciation of owned tangible fixed assets Independent examiner's fees Independent examiner's fees |
Support Governance Total costs costs 2025 £ £ £ 65,691 - 65,691 10,077 - 10,077 - 10,152 10,152 - 33,453 33,453 75,768 43,605 119,373 75,768 43,605 119,373 75,768 43,605 119,373 2025 £ 42,074 10,152 |
Total 2024 £ 59,137 12,677 9,000 90,229 |
|---|---|---|---|
| 171,043 | |||
| 171,043 | |||
| 171,043 | |||
| 2024 £ 33,422 9,000 |
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
12 Employees
The average monthly number of employees during the year was:
| Direct charitable work Total |
2025 Number 4 4 |
2024 Number 3 |
|---|---|---|
| 3 |
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
| 12 Employees Employment costs Wages and salaries Social security costs Other pension costs |
(Continued) 2025 2024 £ £ 122,918 107,063 6,578 5,173 4,776 4,283 134,272 116,519 |
(Continued) 2025 2024 £ £ 122,918 107,063 6,578 5,173 4,776 4,283 134,272 116,519 |
|---|---|---|
| 116,519 |
The average monthly number of persons employed by the charity during the year was 4 (2024 - 3).
Key management remuneration
The key management personnel of the charity consist of the trustees and the Chief Operating Officer.
The total employee benefits of the key management personnel in the year, including Employer's National Insurance and pension costs were £69,613 (2024: £59,909).
There were no employees whose annual remuneration was more than £60,000.
| 13 Tangible fixed assets Boats and Equipment Computers Motor vehicles £ £ £ Cost At 1 July 2024 378,178 5,309 77,683 Additions 2,500 3,157 - At 30 June 2025 380,678 8,466 77,683 Depreciation and impairment At 1 July 2024 99,284 4,268 37,025 Depreciation charged in the year 30,139 395 11,540 At 30 June 2025 129,423 4,663 48,565 Carrying amount At 30 June 2025 251,255 3,803 29,118 At 30 June 2024 278,894 1,041 40,658 |
Total £ 461,170 5,657 |
|---|---|
| 466,827 | |
| 140,577 42,074 |
|
| 182,651 | |
| 284,176 | |
| 320,593 |
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
| 14 Investment Fair value At 1 July 2024 At 1 July 2024 and 30 June 2025 Carrying value At 30 June 2025 At 30 June 2024 15 Debtors Amounts falling due within one year: Other debtors Prepayments 16 Creditors: amounts falling due within one year Other taxation and social security Accruals |
Share in Undertaking 2025 £ 1 1 1 1 2025 2024 £ £ 170 3,421 7,720 2,183 7,890 5,604 2025 2024 £ £ 1,758 (271) 19,702 16,750 21,460 16,479 |
|---|---|
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
17 Unrestricted funds
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |
| 1 July 2023 | resources | expended | 1 July 2024 | resources | expended | 30 June 2025 | |
| £ | £ | £ | £ | £ | £ | £ | |
| General | |||||||
| funds | 684,528 | 516,779 | (804,017) | 397,290 | 569,432 | (518,061) | 448,661 |
| 684,528 | 516,779 | (804,017) | 397,290 | 569,432 | (518,061) | 448,661 |
Funds structure and restricted funds
The charity has reviewed all sources of income during the year and confirms that no funds were received subject to specific donor-imposed restrictions.
Consequently, the charity does not hold any restricted or endowment funds at the reporting date, and all income has been recognised within unrestricted funds.
The trustees have considered whether any income should be treated as restricted by virtue of its nature or associated conditions and are satisfied that no such restrictions apply.
All funds are therefore available for application at the trustees’ discretion in furtherance of the charity’s charitable objectives.
18 Analysis of net assets between funds
| Unrestricted funds £ Fund balances at 30 June 2025 are represented by: Tangible assets 284,176 Investment properties 1 Current assets/(liabilities) 164,484 448,661 |
Total Unrestricted 2025 funds £ £ 284,176 320,593 1 1 164,484 76,696 448,661 397,290 |
Total 2024 £ 320,593 1 76,696 |
|---|---|---|
| 397,290 |
19 Related party transactions
The charity has a wholly-owned subsidiary, Captain Paul Watson Foundation UK Trading Limited. During the year, the charity received dividend income of £2,520 (2024: £22,080) from the subsidiary.
There were no other transactions with related parties during the year that require disclosure under the Charities SORP (FRS 102).
The charity has not entered into any material transactions with trustees or related parties requiring additional disclosure.
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CAPTAIN PAUL WATSON FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
20 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.
| 21 Cash generated from operations Surplus/(deficit) for the year Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Movements in working capital: (Increase)/decrease in debtors Increase/(decrease) in creditors Cash generated from/(absorbed by) operations |
2025 2024 £ £ 51,371 (287,238) (2,520) (22,080) 42,074 33,422 (2,286) 10,017 4,981 (5,222) 93,620 (271,101) |
|---|---|
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