Charity registration number 1145586 (England and Wal> Company regostratlon number 07788763 INTERNATIONAL POLE AND LINE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
INTERNATIONAL POLE AND LINE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Hoosen Ichairrnan) Mr J Burton Mr M Mochtsr DrYLi Ms S Imende-ungadi Mr U Baumgartner Mr M Rasheed Dr C Brice Pit (Appointed 23 June 20251 Charlty numb•r 1145586 Company number 07788783 Regl8tered offlc• CIO Wnckworth Sheood LLP Cumnor Hill Oxford OX2 YGG Audltor DSA Prospect Audit Limited First Floor 1 Des Roches Square Wrtan Way tney OX28 4BE 8ankern HSBC UK Bank pk Thames Valley Corporate Level 7. Thames Tower Station Road Reading. Berkshire RG1 1LX Sollcltors nckworth Sheood LLP 2 Chawley Pa Cumnor Hill Oxford OX2 9GG
INTERNATIONAL POLE AND LINE FOUNDATION CONTENTS Page Tnjstees. feport Statement of trustees, responsibilities Independent audito¢s report 7-10 Statement ol financjal activitie B8lan¢e sheet 12 Slalemenl ol ¢gsh flows 13 Notes to the financial statements 14-24
INTERNATIONAL POLE AND LINE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees present their annual report and finanaal statements for the year ended 31 December 2024. The accounts have been prepared in accordance wih the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum of Assouation. the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applirable to charities preparing their account5 in accordance with the Financial Reporting Standard appliG4ble in the UK and Republic of Ireland IFRS 1021" 18$ amended lor accounting penods commenung from l January 20161. Oblectlves and actlvltles The charity's objedives and principal 8¢lNit*s are to promottr susl8in8ble de¥elopm&nl foi the benefrt of Ihtr public by-. the preservabon. conservation and protection of the environment in partlaT. bul not exdusively, the ¢oa$lal and marine envir¢)nm¥nt and the prudent us¢ of $Our¢$$'. the relief of poverty and the improvement of conditions of life in socialty and economicalty disadvantaged communrties., the promotion of sust8in8ble means of achieving e¢))ntsmic grolth and regen#r8tion', in partlcular, bul nol exclusivety, Ihe conservation of marine fish populations and the envSronment on which they depend and by promling lor the public benefit effective management ol fisheries, and ensuring the sustainability of global fish stocks and Ihe heamh ol aquaknc ecosystems generally." and advancernent ol the education of the public in subjects relating to sustainable developrnent and the prote¢lions, enhan¢ement and reh8bilit81ion ol the environrnenl in parti¢ular. bul not ex¢lusivety, $lr81¥gie$ for $u$lainoble development r¢labng lo the ¢oa$lal and marine trnvironmenl. En8urlng our work d•llvérs our alms We review our aims and activities each year. The VIeW looks al what we achieved and the outcomes of our work in the previous 12 rnonlhs and at the success ol each key activity helping us to ensu our airn, objectives and activities remain focused on our stated purposes. We have referTed lo the Charity Commissions general guidance On public benefit when reviewing our aims 8nd objectives and in plannin9 our fulure actNrts. In particular, lh& trusiee$' consider how planned activities wlll contribute to th6 aims and objectives they have set. Publlc 8enefit To achieve our mission, we collaborale wth stakeholders across science poli and the seafood sector, leveraging the influence of the market to drive 511Stainable change and creale public benefit by.. DEVELOPING SUPPLY". improve existing and create new socialty and environment81ty iesponsiblè pol& and line fisheries worfdwide. IPNLF initiate practical fishery projects and help facilrtate stakeholder co- operation. DRIVING DEMANO.. demonslrate the benefits of pole and line fishing lo coas¢al communities inlemationalty. and help promole these throughout the suppty chain. IPNLF act as a voice for the pole nd line sector to hèlp tell thè story Of the people and places behind the product.
INTERNATIONAL POLE AND LINE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees ha¥e paid due regard to guidance issued by the Chanty Commission in deciding what activities the charity should undertake. Th¥ focu¥ of our work The Intem81ional Pole and Line Foundation IIPNLFI works to develop and demon5tr8le the value of one-by-one caught tuna for thriving coastal fisheri8s. The chaiity's 8mbibon 1$ to improve thè wellbèing of ¢08Stal communrties and the people and seas they connect. IPNLF'S core activities are well aligned vnth the UN'S Sustainable Devebpment Goals ISDGSI. helping the sustainable management of the worfd's tuna fisheries while safeguarding the livelihood5 they support. Our work is evidence-based, solutions locused and guided by ouf Trustees, our Markèts Advisory Group IMAGI, and as required, by our Scientific & Technical Advisory Committee (STACI. We believe business has an important role to play in ensuring sustainable development. A deliberate collaboralNe effort lo work w((h our members- a netsyork ol induslry le8ders- to drive change and improvernents 8t sèa and within global tuna suppty chains. The projects and work streams in IPNLF'S operations are focussed to see its charitable objectives ol ensuring sustainable development. This includes the conlribution Ihat ony•one tuna fisheries can make to poverty relief, e¢onomic growlh, and environmental ¢onserv8tion.
INTERNATIONAL POLE AND LINE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Achlevom•nts and rf0Mlan¢• Throughout 2024 IPNLF has grown in influenco and ifflpad. Through collaborative efforts of our executive team, trustees, members and partners we are pleased to have had a successful year, with achievements induding.. Developed and refined our next &Year Slralegic Plan. to be launched in earfy 2025, through extensive consultation and collaboration with staff members. tnjstees and members of our advisory structures. Launched our solar-powered ice fnakeT in a remote fishing community in Indone518. producing more than a tonne ol ice per day, supptsrting low-impact fishers with sustainable, reliable cold storagè while reducing the carfoon footprint of Iheir operation$. Norninated as a finalist in the Outstanding Project category at the Smarter E AWARD at Intersolar Europe in Gerrnany for the solar ice maker projecl. Hosting a Think Tank in Bali lo promote innovation in smam-scale tuna fisheritrs by bringing MO than 40 participants from 14 countries wrth expertise in vessels design, Iow-COSt technology, renewable energy and blue finance. Launched the film 'A Truty Plastic Neutral Fishery at multiple inlemational film festivals in the USA, Iceland, Portug81, Itaty. Spain. and India to highlight pressing concems surrounding ocean plastic pollution and the commrtmenl ofAzore8 tun8 fi$hern*n lo help find Solutn$. Empowering women fish processors in the Maldwes U)rough comprehensive training programs focused on essential skills in digital lrteracy. business management, and food hygiene and by launching the e- Dhumashi trading platform. Provided technical silPPOrt to coaslal state delegaD'ons 8t the Indian Ocean Tuna Commission IIOTCI and the Intemalional CommisSn fcff thtr Constrrvalion ofAUanli¢ Tunas IICCATI. Conducted experiments in Indonesia to ffind amematives to live bait used In tuna pole-and-line fisheries, potential reducing the carbon footprint ol these fisheries and contributing to cost savings and operational effiaency. thereby enhanang living standards and promoting ocean conservation. Authored a 7-Slep Best Prarfl Handling Guide for Handline and Rod-and-Reel Tuna Fish&ri88, whi¢h has been published by the Ftsod an¢J Agri¢uNur¢ Organizabon of the United Nations IFAOI. Hosted fisher training w0shopS in Kenya. Indonesia and Tanzania to help improve fish handling practices anil preserve the qualty of the calch of smalkscale fishers. Advocated for improved markets access for SmalScale fisheries by working with national govemrnenls lo call for an update to the FAO'S Ecolabelling GuKlelines at the Committee on Fisheries ICOFI 361 meeting In Rom9.
INTERNATIONAL POLE AND LINE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Flnanelal re¥l•w Princip18 funding sources The charity 15 lun by lunds which are generated from member subscriptK)ns, donations and sponsorship trom retailers and brand owners. Reserves Pollcy We have examined the Charis requirements of reserves in light of the main risks to the organisation. There is a policy whereby the restricted funds not commrtted or invested in inlangible fixed assets held by the charty should be between 3 rnonths and 6 monlhs. The budgeted expendrture for 2024 is $ 1,481,409 Iherefore Ihe target resetves posthon is between $370,352 and $740,704. The reserves are needed to meet the w0ng capital requirements of the charity and we are confident at this level we would be able to conts'nue the 8clivitie5 of the charrty in the event of 8 5ignrficant drop in funding. Th¥ present lev¥1 ol unre$tn'¢t&d funding available to lh& ¢harrty 1$ th¢fefor¥ tyelow th¥ tsrg&1. Th¢r¥ hav¥ been many challenges to overcome and circumstances lo navigate under the current global pressu$ and landscape. This includes member bad debt and membership fees falling behind due to global instability. The strategy and locus is lo continue to build reserves for bjture activibes and attract new members while assisting long standing mernbers who are financialty constrained. We have also ¢on$idered the extenl lo whi¢h existing adivil$ and ¢xpendituw could b& curtail¥d, should su¢h cIrmstanceS arise as risk miligalion. Inv•8tm•nt pollcy and obl•etlv•8 Aside from retaining a prudent amount in reserves each year. mosl of the charity's funds are lo be spent on short to medium term projects of a maximum of 1 year, minimal funds are therefo available lor long iemi investment. The Iruslees have assessed the major risks lo which Ihe charity 1$ exposed. and arts $8tl8fd that syslerns and processe$ are in place lo mitigate exposure lo Ihe major ri$k$. Futur• plans The charity is working with the market lo encourage commitments to sourang pole and line tuna and supporting development of these ffisheries as part of their portfolio. The charrty is developing guidelines for better posl-harvesl managemenl provi(Jing training and teaching tools. Ir8cking and communicating global demand and fisheries for possible eng8gemenl. The charity will co1181e 8nd èngage In scientific research and gain expertise of academia glotmlty. In particular, IPNLF will shale best pr8ctis& amongst fisheries and regions and focus on advanang third party certtficab.on of fisheries and undertake constant and ongoing outreach with prospectNe fisheries and markets. Structure, governance and management Gov•ming doeumont The organisation is a charrtable company, limrted by guarantee. incorporated on 27 September 2011 and registered as a charity on 23 January 2012. The charitable company was established under a Memorandum of Association which established the objects and powers of Ihe charrtable company and is governed under its Articles of Association.
INTERNATIONAL POLE AND LINE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Dlrgetors and trusto•s The trustees, who are also the direclors for the purpose of company law. and who served during the year were.. Mr R Hoosen (Chaimanl Mr J Burton Mr M Mochtar DrYLi Ms S Imende-ungadi Mr U Baurngartner Mr M Rasheed Dr C Brice Prta Ms M Rann (Appointed 23 June 20251 (Resigned S May 20251 Rtrcrultment ond appolntm•nt of n•w trust¢os There were no changes to the trustees during the year. New trustses. a ¢iled based on the skill$, knowledge and experience that the Board requires to ensure thal the charity is well govemed. None ol the trustees has any beneficial interest in the company. All of the trustees are members of the cornpany and guarantee to contribute £1 in Ihe event of a winding up. organlsotlono18tructure Intemational Pole and Linè Foundolion has been $&1 up a$ a ¢haritsbl¥ company limit&d by guar¥nl&e.11 Is managed by th8 board of dir¥¢tor$ which foms lh& tw)dy of charty Iru$le&$'. D•cl8lon.maklng I relevant decAsions must go through the board of injstees. Inductlon and tralnlng ol new Iruste Th& Iruslee5 are lamiliar with the practi1 work of Ihtr charity, having either a personal involvtrmenl or a long lem interest in what il does. Additionalty, new trustees are invrted and eroUraged to attend any training sessions offered to familiarise themselves wth the charity and the conlext in which rt operates. Rlsk Management The Iruslees, have 8 duty lo idenlty and review the wisks to which the tharity is exposed and lo ensure 8ppropriate controls are in placè to provide reasonable assurance against fraud and èrror. Audltor In accordance with Ihe company's articles. a resolution proposing that DSA Prospect Audil Limited be reappointed as auditor ol the company wiu be pul 81 a General Meetin9. R•l•r•nc• and administratlvo d•talls Charity nurnber.. 1145586 Company number.. 07788763 Registered office." CIO Wincknrlh Sherwood LLP. Cumor Hil, Oxford OX2 9GG Thè tiusteos. rÈport was appioved by the Board of Trustees. fv,Ifirtr11Dtr•I-!sÈrf,-y)ii 1b 14 i7 Gk4F+21 Mr R Hoosen Ichalrnianl Dated.. ..j3802025
INTERNATIONAL POLE AND LINE FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees, who are also the directors of Intemational Pole and Line Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounts'ng Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the truslee$ lo prepare finanryal $taternents for eath finanryal ye8r which give 8 true 8nd fair view of the state ol aYfair5 of the chanty and of the incoming resources and applicAtion of resouices, induding th8 income and expendrture, ol the charrtable company that yeaf. In preparing these financial statements, the truslees are reqUId lo.. select suitable accounting policies and Ihen appty Ihem consislentty., observe the methods and principles in the Charrlies SORP.. Make judgernenls and esb'm8tes that are reasonable and pwdenl.. state whether applicable UK Accounting Standards have been followed, $ubie¢t to any material dèpartures disclosed and explained in the financial statements", and prepare the financial stalemenls on the going concem basis unless it 1$ inappropriate to presume that the ¢harfty 11 continue in operatson. The Iruslees are responsible for keeping adequate accounting COldS Ihat disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that Ihe financial s¢aiements comply wrth the Companies Act 2006. They are 81$0 responsible for safeguar(Jing the assets of ¢h& charty and hen¢e lor taking r¥8$on¥bl¥ st¥ps for ¢htr prevtnlion and del¢¢lth ol fraud and other irregul8nti¢s.
INTERNATIONAL POLE AND LINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL POLE AND LINE FOUNDATION Oplnlon We have audited the finanaal statements of Intemational Pole and Line Foundation Ithe'charity'l foi the year ended 31 Decernbei 2024 which comprise the Statement of financial activtties, the balance sheet, the statement of cash flows and the notes to the finanual statements, induding a summary of signthtsnt accounting policies. The finanaal reporting framewo that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finanaal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Pracbcel. In our opinion, the financial staternents.. give a tnje and lair view of the stale of the charitable companvs affairs as at 31 December 2024 and of its incoming resources and application of resources. for the year then ended.. havè baen propèrfy piepar$d bn accordance wrth Unrtèd ngdOM Genèralfy Acceptèd Accounts'n9 Pra¢tice," and havtr been prepared in 8¢cordan¢e with the requirements of the Comp8nies Ad 2006. Ba$1$ lor oplnlon We conducted our audit in accordance with Intemational Slandards on Auditing IUKI IISAS IUKII arid applicable law. Our responsibilities under those slandards are further described in Ihe Audiloffs sponSibl1111es for the audit of Ilje financial $18lem&nl$ section of our r&porl. We are independent of the charity in a¢¢ordan¢e wrth the ethical requlrements that are relevant to our audit of the finanual statements in the LIK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilil*s in accordance wrth these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basis for our opiniorj. ConcluBlon8 relatlng ¢0 golng concern In auditing the financial statements. we hav& conduded thai the trustees, use of the going concern basls of accounting in the preparation of the ffinancial statements is 8ppropriat8. Based on Ihe work we have perfonned. we have not identified any material uncertaintie5 relating to events or conditions that. individually or collectivety, rnay cast signffic8nl doubt on the charty's ability to continue as a going concern for a period of at least twefve months from when the financial statements are aulhorised for issue. Our responsibilrties and the responsibilrties of the trustees wth respect to going concern are described in the relevant sections of this report. Other Infomiatlon Thè other infomiats'on comprises the infomiabon included in the annual reKK)rt other than the finanaal statements and our auditors report thereon. The trustees are responsible for Ihe other inforniation contained within the annual report. Our opinion on the financial statements does not cover the other infomation and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infomiation and. in doing so. consider whether Ihe other information is materialty inconsi5tenl with Ihe financial statements or our knowledge obtained in the course of the audit. or otheise appears to be materialty ffli55tated. If we identify such m8teri81 inconsistencies or app3nt material misstatements, we are qUired to detemine whether this gives rise to a matenal misstatement in the financial statements themselves. If, based on Ihe work we ha¥e perfomied, we condude that there is material rnisstatement of this other infomation. we are required to report that fact. We have nothing to report in thi5 regard. Matters on which we are required to report by exception We have nothing to report in resped of the following matters in la110n to which the Chariiies (Accounts and Reports) Regulations 2008 requires us lo report to you rf. in our opinion.. the infomats.on given in the financial statements is inconsistent in any material respect with the trustees, port.. or sufficient accounting records ha¥e not been kept," 01 the financial slalements are not in agreement wrth the aco)unting records.. or we have not received all the inlomab.on and explanab.ons we require for our audrt.
INTERNATIONAL POLE AND LINE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL POLE AND LINE FOUNDATION R•sponslbllltl•s ol trusto•s As explained mor8 lully in the statement of tnjstees. responsibil*125. thè trustees, who are also the directors of the charity foi the purpose ol company law, are responsible foi the preparation of the financial staternents and for being satisfied that they give a true an¢J lair view, and for such intemal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finanual statements. Ihe Iruslees are responsible for assessing the charity's ability to continue as a going concern. disdosing. as applicable. matters lated to going concern and using the going concern b8S15 of accounting unless the trustees either intend to liquid8te the charitable cornpany or to ¢e8se oper8tions, or h8ve no realistsc 8ttemali¥e bul to do 50. Audltorfs responslbllbtles lor the audlt ol the financlal ststements We have been appointed as auditor under section 144 of the Charities Ad 2011 and report in accordan wrth the Act 8nd relev8llt regulations m8de or having ellect Ihereunder. Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misslatemenl. whether due lo Iraud or error. and lo issue an audilorfs report that indudes our opinion. Reasonable assurance is a high level of assuran but is not a guaranlee that an audit conducted in accordance with ISAS IUKI will afv4ays detect a material misstatement when it exists. Misstatements can 8rise frorn fraud or error and are considered malerial il, individualty or in Ihe ag9regale. they could reasonabty be expected lo influ&n¢ th& e¢onomi¢ de¢isions ol users tsktrn on thtr basis of Ihtrs¢ fin¥ntyal $t8tem&nl$. The extont lo which our procfjdures afe capable of dètecting irre9ularili&$. Indudin9 fraud, 1$ detaSled below. Our approach to identifying and assessing the risks of material misstatement in SpeCt of irregularities, including fraud and non-compliance with laws and regulations. was a5 follows.. the engagemenl partner ensured Ihat the engagement team collectively had the appropriate competence. ¢aP8bilities and skills to idenlty or recognise non<omplian¢e with the ¢h8rity law, Chariti&$ SORP IFRS 1021, safeguarding requirements, and relevant grant funding condrtion$", we Identified the laws and regulations applble to the company through discussions wth trustees and other management. and reference to sector-speufic gumlance Irom the Charity Commission and other regulators., we focused on specific18ws and gulationS which we consided may have a d1ct material effect on the financial stalements or Ihe operalions ol the company. including ch8rity law. gr8nl 89reernenls. data protection, employmenl18w. sale9uarding. anti-bribery. envifonmental and marin& Conse3110 regulations. the Companies Act 2006, taxation legislation and data protection, heatth and safety legislation, and intemational proieci compliance where overseas programmes are delivered,. we assessed the extent of compliance with the laws and regulats'ons identified above through making enquiries of management and inspecting legal correspondence, and review of ndIng ageMentS and donor reporting requiremenls.. and identrfied laws and regulations were eommunieated wthin the audrt leam regularty and the team remained alert to instanc8s of non-cofflplianc8 throughout the audit.
INTERNATIONAL POLE AND LINE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL POLE AND LINE FOUNDATION Vve assessed the susceptibilty of the company's finanaal statements to material misstatement, induding obtaining an understanding ol how fraud might occur. by.. making enquiries of mana9ernenl as to vknere they conSided there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud. and nsideiing the internal controls in place to mitigale risks of fraud and non-compliance wlh 18w5 8nd règulations. To address the risk of fraud through managemenl bias and override of controls, we". performed analytical procedures to idenbfy any unusual or unexpected Irends in project expenditure. income recognition Iparticulaty in relation to restricted ftjndsl. and staff allocations.. tested grant income 8nd membership subsCripln5 to confirm proper cut-0118nd compliance with funding restrictions. tested journal entries to identify unusual transactions", assessed whether judgements and assumptions made in delemiining the accounbng estimates, such as the allocation of costs lo charitable aclivrties. valuation of grants receivable, and provisions for project commitments. were indicative of potential bias.. and investigated the rationale behind significant or unusual transactsjns. particularfy those occurring near year- end or outside the tharty's norm81 operation81 scope. In response to the risk of irregularibes and non-complwnce vthh laws and re9ulab"ons, we deslgned procedures which included, bul were not limited to." agreeing financial statement disclosures lo underlying supporting documentation. including grant agreernents, donor reports. and projeci monitoring costs: reading the minutes of meetings ol twstee meetings to idtsnlfy decis)n6 or matters relevant lo finana81 reporting and ¢omplian¢e', Ènquiring ¢1 management as lo actual and polentlol legal mallers, funding di$pul&s and ¢ompli8n¢e wth safeguarding and environmental obligations". and reviewing correspondence wrth the Charrty Commission. HMRC, relevant regulators (including marine and environmental aulhoritiesl. and the company s legal advisors. There are inherent limitabons in our audit procedures described above. The more rernoved that laws and regulations are Irom fin8noal iran$action$. the les$ likety il 1$ Ih81 we w(iuld berne aware ol non-¢omplian¢e. Auditing Standards 81so limit thè audit procèdufès rèquired to idèntify non-compliance with 18WS and règulations to enquiry of the directors and other management and the 1nspecb.on of wulatory and legal correspondence, il any. Material misstatements that arise due to fraud can be hardei to detect than those that arise from error a5 they may involve deliberale concealmenl or collusion. A further description of our responsibilities is av8ilable on the Fin8nty81 Reporting Coun¢il'$ website at.. https'.11 www.fr¢.org.uklaudilor$re$ponsibilitie$. This des(yiption foms part of our audit(*s repgrt. Thi5 report 15 rnade solety to the chanty's trustees. as a body. in attordance wilh Part 4 of the Charities (Accounts and Reportsl Re9ulalions 2008. Our audit work has been undertaken 50 that we mwhl state to the ch81ity's tru5tee$ those matters we 8re required to state to them in an auditor's report and foi no other purpose. To the fijllest extent permrtted by law, we do not accept or assume responsibilty to anyone other than the charrty and the chanty's trustees as a body, for our audrt work. for this report. or for the opinions we have fomied.
INTERNATIONAL POLE AND LINE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL POLE AND LINE FOUNDATION G J MoFtale Mr Gary John McHale FCCA (Senlor Statutory Audltor) For and on behalf of DSA Prospect Audrt Limrted, Stabjtory Audrtor Chartered Accountants First Floor 1 Oes Roches Squarè Witan Way Witney OX28 4BE Dale.. . 08..5ep"2025 DSA Prospect Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment a5 audrtor of a company under secbon 1212 of the Companies Act 2006. 10-
INTERNATIONAL POLE AND LINE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 Unrestrlcted Restrlcted lunds funds 2024 2024 Total Unrestrlcted Restrlcted fund8 funds 2023 2023 Total 2024 2023 Notès Income from: Donations and grants receivable Mernbership fees Investments 6(rfJ,501 407.476 439 752.827 1,353.328 407.476 439 46,074 372.226 1.118,946 1.165,020 372.226 Total Income 1.008.416 752.827 1.761.243 418.300 1.118.946 1.537.246 Expendlture on.. Charitable activities Other expenditure 809,274 2,835 981,412 1,770,686 2,835 312.133 1.014.521 1,326,654 11 Totsl •xp¥ndllure 812,109 961,412 1,773,521 312,133 1,014,521 1,326,654 Nèt Incomèll•xpondltur¢l •nd mov•m•nt In fund$ 196,307 1208.585) 112.278} 1C6.187 104,425 210,592 Reconclllatlon of funds: Fund b8l¥n¢¥s 811 January 2024 164,440 394.771 559.211 58.273 290,346 348,619 Fund balanc•g at 31 December 2024 360.747 186.186 546.933 164.440 394.771 559,211 l income and expenditur6 derive from continuin9 8clivth"&s.
INTERNATIONAL POLE AND LINE FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investments 13 14 3.620 3.621 8,585 Current a8set8 Debtors Cash at bank and in hand 16 343.641 625.194 370.636 619.632 968.835 990.268 Cr•dltors'. amounts falllng du• vAthln one year 17 425.523 439.642 Net current assets 543.312 550.826 Total a8•ets leos current Ilabllllle8 546.933 559,211 The lund8 of the charSty Restricted income lunds Unrestricted funds 186.186 360.747 394,771 164,440 20 546.933 559,211 Tht diredors acknowledge their respon$ib'lrties for o)mptying wilh the wuirements of the Companies Aet 2006 %•thh respect lo a¢¢ounling r&¢ords and lh& pparatIon of finanual $tslem*nl$. The members have nol required the company to obtain an audrt of its financial statements under the requirements of the Companies Act 2006, for the year in queslion in accordance wih section 476. These financial s¢alements have been prepared in aCrdanCe wth the provisions applicable to companies subject to the small companies regime. The fin8ncial stslemenls were approved by the Iru$lees .Q8.-Sep-2a25. Mr R Hoosen Ichaimanl Trustee Company registration number 07788763 IEngland and Wales) 12_
INTERNATIONAL POLE AND LINE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2024 2024 2023 Note$ Cash flows from opèrating aetlvltl•s Cash generated from operations 22 5.123 273.557 Inv•stlng actlvltl•s Purchase of tangible fixed assets Investment Income received 12.9091 439 Net eash general Iromllu8ed Inl Inv•stlng actlvltle8 439 12,9091 Net cash genernted from flnanclng act1vlo• Net Increa•e In ca•h and ca•h ?qulval•nts 5.562 270,648 Cash and cash equivalents al beginning of year 619.632 348,984 Co$h and ¢a$h oqulval•nts •t •nd of y•ar 625.194 619,632 13-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 Aecountlng pollel•s Charfty Snforniatlon Intemational Pole and Line Foundation is a private company limrted by guarantee incorporated in England and Wales. The registered office is CIO Winckworth Sherwood LLP, Cumnor Hill, Oxford. OX2 9GG. The company has no share capital and the liabilty ol each member of a winding up is limited to £1. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 20[ and "Accounting and Reporting by Charities.. Statement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from 1 January 20161. The charity 15 8 Public Benefft Entity as defined by FRS 102. Thè fin8noal $t8tèment$ afg prèpared in US ddlars, which is the functional ¢urr•ney ol the ¢h8rity. Monèt8ry amounts in these financial slalements a rounded to the nearest $. The company changed its functional currency from Steding pounds lo US dollars from 1 January 2022 wrth prospective application on comparative figures according to FRS 102. The change was made lo reflect that US dollars is the predominant currency in the company. Th& Iruslee$ delemintrd that Ihe fvnctional antl reporting ¢unen¢y of th& ¢h8rty should be US do118r$ becausè the majorty of the ¢harrW$ in¢om& and expendilure is Jenominate¢J in USO. Thi$ reflè¢l$ the ts¢t that most grant funding agreements wrth international donors are specified in USD, and that a significant proportion of rnembership subscriptions from global corporate members are billed and receNed in USD. Presenting the accounts in US dollars Iherefore provides a more accurate reflection of the charity'5 financial perforrnance and position, and reduces the impaci ol exchange rale fluctuations on ported su8. The financial slalemenls have been prepared under Ihe historical 81 convtrnlion. Thè prin¢ip818ccounling policie$ adopted are strl out below. 1.2 Golng eonc•m At the time of approving the financial slalemenls. Ihe trustees h8ve a re8$onable expeclabon that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslee8 continue to adopt the 90ing con¢em basi$ of accountJn9 Jn preparing the finanaal ststements. 1.3 Charitable fund$ Unrestricted funds are available for use at the discretion of the tnjstees in furtherance of their charitable objectives. Restricted funds are subject to specific condil•Jns by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subjeci to specthc condrtions by donors that the capital must be maintained by the chanty. 1.4 Incom• Income is recognised when the charity is legalty enlitled to it after any performance condilions have been rnet. the arnounts can be rneasured reliabty. and it Is probable that inwme wll be received. Cash donations are recognised on receipt. Olher donalions are recognised once the charty has been nots'fied of the donation. unless perforniance conditions require deferral of the amount. Income tax iecoverable in relation to donations receNed under GIftAid or deeds of co¥enanl is iecognised at the tirlle of the donation. 14_
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounting policies (Continuedl Legacies are recogniseil on receipt or othemse rf the tharity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy Is treated as a contingent asset. 1.5 Expendlturè Expenditure is accounted for on an acuuals basis as 8 liabilty incurred. Ch8ritable activities comprise of Ihose costs Inrred ty the charity whgre the prirn8ry aim 1$ the delivery of activities and services wrthin the objects ol the charty. It includes both costs that can be allocated directty to such activities and those costs of an indirect nature to necessary to support them. Governance costs include those costs associated wth meeting the constitutional and statutory requirements of the charity and inc4ude the independent examinalion fees and costs linked to the strategic management of the charity. All costs are allocated befvM&n expendrtur• categoriès of the SOFA on a basis designed to reflect the use of the resource. 1.6 Tonglblè nxèd assè Tangible fixed assets are initialty measured at ojsl and subsequenty measured at cost or valuation, net of depreciation and any impairmenl losses. DeprecAabon is recognised so as to wriie off the CA)sl or valuation of assets less their residual values over their useful INes on the follow'ng bases.. Fixtures and fittings Computers Over the useful lile ol the asset Over the yfUl lil¢ of the asset The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the assei. and is recognised in the slalemeni of fin8nty81 activities. 1.7 Flxed asset Investments Fixed asset investments are inth.alty measured at transactron price exduding transactlon costs, and are subsequently measured at fair value at each porting date. Changes in fair value are recognised in net incomellexpendrturel lor the year. Transaction costs a expensed as incurred. A subsidiary is an entty controlled by the charty. Control is the power to govem the finanaal and operating poliaes of the entity so as lo obtain beneffts from rts activities. 1.8 Impairnent of fixed a#8et# At each reporting end dale, the charity viewS the carying amounts of it5 tangible assets to detemiine whether there is any indication thal Ih05e 8ssets have suffered an irnpairment 10$5. If any such indication exists, the recoveiable amount of the assel is esbmated in order to determine the extent of the itnpairmenl loss lif any). 1.9 Ca¥h and $h equivalents Cash and cash equivalents indude cash in hand. deposiis held at call with banks. other short-terrn liquid investments with original malurities of the months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in curTent liabilities. 15-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounting policies (Continuedl 1.10 Flnanelal Instrnm•nts The charity has elected to appty the provisions of Section 11 'Basic Financial Instwments, and Sects'on 12 'Other Finanri81 Instruments Issues. of FRS 102 to all of its financial instruments. Flnancial instruments are recognisefl in the chanty's balance sheet when the chailty becomes party to the contractual provisions of the instrument. Financial assets and liabilitEs are offset. wth the net amounts presented in the financial statements, when there is a legalty enforceable right lo set off the recognised amounts and there is an intention lo settle on a net b8515 or to realise the asset and 5elUe the liability simuhaneou5ty. Basle finanelal •ss•ts Basic financial asset5. whKh indude debtor5 and cash and bank balances. a initially measured at tr8ns8Ction price induding Iransaction costs and are subsequentty carried at 8morty.sed c05t Using the effective interest method unles5 the 8rr8ngemenl wnstilules a finann9 transaction. where the transaction 1$ measured at the present value of the lulure receipls discounl•d at a market rate of interest. Finanaal assets classified as r1Vable within one yeai ale not amortbsed. Baslc flnancial liabilltlos B8sic fin8n¢ial liabilities. indudin9 Creditors and bank 108n$ ao initk?Ily recognised al tr8n$adion pri¢e unl•$$ the arrangement conslilules a finanong transaction. where the debt Inslwment is measured at the present value ol the future payments discounted at a market ratè of inlerest. Finanaal liabilities classified as payable wrthin one year are not amortised. Debt instruments are 8ubsequentty carried at amortl8ed cosl. using the effective interest rate method. Trade ¢re¢Jilor$ a obligations lo pay for 9oc4Js or servi¢*$ Ihal have b¢•n acquirea in the ordinary ¢ours¥ of operations from suppliers. Amounts payable are dassified as current liabilrties if payment is due wthin one year or less. If not, they are presente¢J as non-current liabilitses. Trade credrtors are recognised iniually at transaction price and subsequentty measured at amortised cost using the effectNe interest rnethod. Dorecognition of finonclal liabilities Financial Iiabilrties are derecognised when the charty's contractual obligations expire or are discharged or cancelled. 1.11 Employee benellts The cost of any unused holiday entthment is recognised in the period in which the employee's seNus are received. Terrnination benefits are recognised immediatety as an expense when the charity is demonstrably cornmrtted lo tenninale the employment of an employee or to provKle lewrninatson beneffts. 1.12 R•tir•mènt btnèfits Payments to defined ntributn retiremenl benefft scheffjes are charged as an expense as they fall due. 16-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 ctIcal accounng •stlmat•s and ludg•mènts In the application of the charity's accouniing policies. the trustees are required to make judgements, estimates and assumpty'ons aboul the carying aTrUnt of assets and liabilrties that are not readily apparent from other source5. The areas where signfficant judgement and estimates are most signfficant to the financial statements include.. Valuatlon of grants recelvable- Where confim)ation or final settlement is dependent on the delivery of project milestones In suslainable fishing programmes. Allocation of staff and projec¢ costs- Oelemiining the proportion of expenditure attributable to specific marine conservation activities. advocacy work and member services. Us•ful 8eonomic Ilve# of tan9lble fixed assets- Such as research equipment, vessels or IT infrastructure used for data collection and fisheries monrtoring. Rècognltlon of mèmborshlp Ineomè- Where the timing of incomè recognltion dèpends on thè period ol membership benefits prOved. Foreign currency translatlon- Valuing transactions and balances for projects delivered intemationalty in multiple currencies. These eslimales 8nd a$so¢ialed 8s$umptitsn$ are inftsm by histori¢81 experi#n¢e of the charty's operations. current knowledgé of fisheries management and $u$tainabllity iv4u8$. and othèr relevant Information available to the trustees al the time of preparalKJn. Actual results may drffer from Ihese eslimates. The estimates and underlying assumptions are vieWed on an ongoing basis. Revisions to accounling estimales are recognised in the period in which the estimate 15 revised where the revision 8ffecls onty Ihal period, or in the period of Ihe revision and fulure periods where the revision affe¢ls both ¢urrenl and peiiods. Don•tlon$ and grants r¢e•lvablg Unr•strlcted R&8trlcted lund$ fund$ Total Unrestricted lunds Restricted fund$ Total 2024 2024 2024 2023 2023 2023 Gr8nts re¢&ivable 6(K),501 752,627 1,353,328 46,074 1,118,946 1,165,020 Grants recelvable for ¢ore activitie8 Grant income furthering charity objectives 61KJ.501 752.827 1.353.328 46.074 1,118,946 1,165.020 61)0.501 752.827 1.353.328 46.074 1.118.946 1.165.020 Income trom charltable actl¥lUes Unrestrtcted fund# 2024 Unrestrlcted funds 2023 Membership fees 407.476 372.226 17_
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Int•rnst Total Total 2024 2023 Interest receivable 439 Charltabla aetlvltlès 2024 2023 Staff and consultant costs Depreciation and impairment Project costs Travel costs Rent and rates Office costs Bank charges Insurance Advèrtising Telephone Profit or loss on foreign exchange Bad and doubfful debts 760,475 2,124 756.580 59,705 7.404 15,805 4.921 2,533 10,486 1,933 14,410 104,050 808.46S 2,962 335.940 48,207 15.194 13,198 5,223 2,268 10,685 2.051 38,942 12.541 1,740,426 1,293,676 Share ol govemance costs (see note 71 30,260 32,978 1,770,686 1,326,654 Analysls by fund Unrestricted lund$ Restricted fvnds 809,274 312,133 961,412 1.014,521 1.770,686 1.328.654 18-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Support eosts Governance costs 2024 2023 Accountan fees Professional lees 10.407 19.853 10.407 19,853 7.559 25,419 30.260 30,260 32,978 Analysed beNveen Gh8rilabbe 8cl1v.es 30,260 30,260 32,978 Governance costs includes payrnents to the auditors of $10,407 {2023- $7,559) for audrt fees. N•1 mov•m•ni In funds 2024 2023 The nel movement in fvnd$ is slalei1 aft&r ¢hargingllrJei1itsn91= Fees payable for the audit of the charity's fjnancial slatemenis Depre¢iali¢n ol owned tangib* fixed assets Loss on disposal of tsngible fixed assets 10,407 2,124 2.835 7,559 2,962 Tru8t••8 None of the trustees lor any persons connected with them) received any remuneration during the year, but some trustees We reirnbursed Iravelling expense5 of 58,0731202> $13,406). 19-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 10 Employ••s Number ol employees The average monthty number ol employees during the yearwas-. 2024 Numb•r 2023 Number 12 Employment co•t8 2024 2023 Wages and salarl&s SorAal security costs Other pension costs 519,552 4.813 1,422 511,968 9.280 2,683 525,787 523,931 The number of employee$ whose annual remuneration wa$ $80.O)O or moro were.. 2024 Number 2023 Number Over $100,QC4) 11 Other expgndllure Unr•sttted Unrn8trlet•d funds funds 2024 2023 Net loss on dlsposal oltanglble fixed assèts 2,835 12 Taxatlon The chanty is exempl from tsxalion on its activities bause all its income is applied for charit8ble purposes. -20-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 13 Tanglblè (lx ass•ts F[85 and fiWng$ eomputg Totsl Ct At 1 January 2024 Disposals 8.342 {8.3421 9.982 13,2761 18.324 At 31 December 2024 6,706 6,706 OepreclatSon and Impalrnient At 1 January 2024 Depreciation charged in the year Eliminated in respect ol disposals 4,370 917 {5.287) 5,375 1.207 13,4961 9,745 2.124 18,7831 At 31 December 2024 3,086 3,086 Carrylng amount At 31 Dècèmber 2024 3,620 3,620 At 31 December 2023 3,972 4,612 14 Flx•d as1 Inv•$tm•nts Other Inve8lment8 Cost or voluatlon At 1 January 2024 & 31 December 2024 C4rrylng amount At 31 December 2024 At 31 December 2023 2024 2023 Other investments comprise.. Note¥ Investments in subsKliaries 15 21
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 15 SubsldSarS•s Details of the charitys subsidiaries at 31 December 2024 are as folows.. Name of undertaking Registered office N4re of busineBg class of % Hel(1 shares held Dlrect Indlrect IPNLF LTD CIO Wncknrth Dormant o)nyany Sherwood LLP. Cumnor Hill. Oxford, En9land. OX2 9GG Ordinary 100.00 16 O•btorn 2024 2023 Amounts falllng due wSthSn one year: Trade debtors Other debtors Prepayments and oc¢w¢d incom& 238.831 102.200 2,610 239,735 125,726 5,175 343,fj41 370,636 17 Credltor#'. #rnounts falllng due wlthln one yr 2024 2023 Trade cditorS Other credrtors Accruals and deferred income 1,650 76.096 347,777 2,366 140,312 296,964 425.523 439,642 18 Retlrement benellt schem•8 2024 2023 Defined contrlbutlon schemes Charge to profit or103s in respect of defined cOntriblon scheme8 1.422 2.683 The charity operates a defined ntribUtIOn pension scheme lor all qualfying employees. The assets of the scheme are held separatety from those of Ihe charity in an independentty administered fund. -22_
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 19 R•strfet•d funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust Subject to specjfic condition5 by donors as to how they may be used. Al 1 January 2024 Incomlng f•soure• Resources •xpènd•d At31 Dèeèmb8r 2024 Grant income fvrthering chanty objecb'ves 394.771 752.827 1961.4121 188.186 394.771 752.627 1961.4121 186.186 Prevlou8 year: At 1 January 2023 Incomlng re•ource• Re8ource8 expended At31 December 2023 Grant income fvrthering chanty objecb'ves 29).346 1.118.946 11.014.521) 394.771 20 Unrestrlcted funds The unrestricted fvnds ol the charity comprise the unexpended balances of donations and grants which are not subject lo spe¢ifi¢ ¢onditions by donors and grantors 8$ to how they may be used. These include design8led lund$ which hav& been sel a$e out ol Unstrided fvnd$ by Ihe tru$lees for spe¢ifi¢ purposes. At l January 2024 Ineomlng re8ource8 Re8oure•8 expended AtJl Decèmber 2024 General funds 184.440 1.008,416 1812,1091 360,747 Prèvious yèar= At 1 January 2023 Ineoming resources R••ourc•• expended At31 Decèmber 2023 General funds 58.273 418.300 1312.1331 164.440 -23-
INTERNATIONAL POLE AND LINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 21 Analysls of nèt assèts b•tw••n funds Total 2024 Total 2023 Fund balances at 31 December 2024 are represented by.. Tangible assets Investments Current assetsllliabilitiesl 3,620 $43,312 S50,626 546,933 559,211 22 Ca¥h g•ner¥ted from operallon8 2024 2023 IDeficitllsuTrlus for the year 112.2781 210.592 Adlu3trn¥nts for.. Investment income recognised in stalement of financial aciivilies Foreign &x¢hange differen¢tss Loss on disposal of tangible fixed assets Depre¢iali¢n and impaimenl ol lan9ible fixed assets 14391 14631 2.835 2.124 2,962 Movements In worklng capltal: De¢re8sellincrea$el in debtor5 IDecreaselKincrease in Creditors 27,000 114,1191 154,5991 115,065 Cash gonerated from operatlons 5.123 273.557 23 Analysls of changes In net funds The charty had no material debt during the year. -24_