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2020-03-31-accounts

Ghost Fishing UK

An unincorporated charity

Charity No. 1174396

Trustees' Report and Unaudited but Independently Examined Accounts

31 March 2020

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Ghost Fishing UK CONTENTS

Pages
Trustees' Annual Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 to 15

Page 1

Ghost Fishing UK TRUSTEES ANNUAL REPORT

REFERENCE AND ADMINISTRATIVE DETAILS

Company No.

Charity No. 1174396

Registered Office

Silverwell Farm Lestraynes Lane Penryn Cornwall TR10 9EL

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Alfred Nunn Christine Grosart Richard Walker

Accountants

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Bankers

HSBC Bank PLC Frome Branch 24 Market Place Frome Somerset BA11 1AJ

Page 2

Ghost Fishing UK TRUSTEES ANNUAL REPORT

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2020.

OBJECTIVES AND ACTIVITIES

To identify, survey and catalogue, then remove marine litter and abandoned, lost and discarded fishing gear (ALDFG). To include but not limited to nets, lines, creels, lobster pots and trawls from shipwrecks, reefs and other scuba diving sites around the UK, including England, Wales, Scotland and Northern Ireland

Objectives for the year GF-UK is the biggest and most active project in the UK dealing with the problem of ALDFG. We had multiple scheduled projects for 2019-20, and expected some ad-hoc projects as well. Our training activities are due to continue, further strengthening the team, and widening our reach.

2019 promised to be an exciting year. We anticipated increased ghost gear recoveries, more public engagement, and a higher level of media coverage.

ACHIEVEMENTS AND PERFORMANCE

Training Course

Since the inception of GF-UK, the importance of proper training for our diving members has been a central concern. We began with an ad-hoc approach, but as the team grew this developed into a more formal course. Christine Grosart, Secretary of GF-UK, has produced a comprehensive training program unmatched in this sphere. During the 2019-20 period, we conducted three training events.

Online reporting system

The ability of GF-UK to survey and recover abandoned, lost or discarded fishing gear (ALDFG) is highly dependent on information about the loss, or sighting, of the gear. To assist the gathering of this intelligence, our IT team have developed an on-line reporting system for divers. Recreational divers are encouraged via our social media and other channels to report when they come across ALDFG. This system captured over 60 reports in 2019-20.

January Event

Over the weekend of 8th and 9th January, 2020, GF-UK organized an outreach event. The event gave divers the opportunity to dive with the GF-UK team members, and to get an introduction to the activities of the charity. The evening event was well attended, with some after dinner speakers providing superb perspective and a wider view of the problem of ALDFG, ocean plastics and recycling strategies.

Outreach

During 2019, GF-UK team members gave multiple talks around the country, and attended several outdoor shows and exhibitions. These continue to help promote awareness of the problem of ALDFG, and educate divers and the public about the work that we do. One aspect of outreach that continues to be difficult is the fishing community. GF-UK has not yet managed to develop a working relationship with the fishing industry. We will increase our efforts in this area with the aim of working alongside the fishing community to retrieve nets as soon as they are lost, and to exchange information about ALDFG in a non-judgmental and supportive way.

Healthy Seas Funding

In January of 2020, Ghost Fishing UK and Healthy Seas parted ways. This has cost us a significant element of our funding, but allows us to maintain our independence.

Page 3

Ghost Fishing UK TRUSTEES ANNUAL REPORT

FINANCIAL REVIEW

The charity’s income for 2019-20 amounted to £43,745 (2018-19 £33,489) from various sources and its expenditure was £38,950 (2018-19 £32,401) giving a surplus of £4,795 (2018-19 £1,088). Current assets amount to £9,707 (2018-19 £4,912)

Risk management

The trustees regularly review the risks to the Charity from both external factors and its operations. The trustees consider that they have taken appropriate steps to reduce such risks. Risk assessments are made for each individual dive.

STRUCTURE, GOVERNANCE AND MANAGEMENT

On 25th August, 2017, Ghost Fishing UK (GF-UK) was awarded UK charity status. This allows us to apply for a wider range of funding, and also provides a legal structure under which we can operate.

Governing document

GF-UK is governed by a constitution that was last reviewed on 18th August 2017. The charity’s Mission Statement is available on our website and was last updated in 2018.

Recruitment and induction of trustees

Trustees are recruited from amongst its volunteers. Training is a mix of mentoring, advice from the Charity Commission website and support from Cornwall Community Accountancy Service

Organisation

The charity has three trustees who are also the Chair, Secretary and Treasurer respectively. There is also a team of “core” members who make up the committee. These members are qualified scuba divers who have been invited to free training courses. There are a number of unpaid officers including a Sales Officer, membership secretary and training officer.

TRUSTEES RESPONSIBILITIES

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

•�there is no relevant information of which the charitable company’s independent examiner is unaware; and

•�the trustees have taken all steps that they ought to have taken as trustees to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Richard Walker Trustee 29 January 2021

Page 4

Ghost Fishing UK INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the trustees of Ghost Fishing UK

I report to the charity trustees on my examination of the accounts of Ghost Fishing UK for the year ended 31 March 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Debbie Risborough Chartered Certified Accountant Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS 29 January 2021

Page 5

Ghost Fishing UK STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2020

Note
s
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total
Expenditure on:
Charitable activities
7
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
2020
£
14,478
12,981
1		 Restricted
funds
2020
£
-
16,285
-		 Total
funds
2020
£
14,478
29,266
1		 Total
funds
2019
£
4,875
28,614
-
27,460
24,701		 16,285
14,249		 43,745
38,950		 33,489
32,401
24,701
-		 14,249
-		 38,950
-		 32,401
-
2,759
2,501		 2,036
(2,501)		 4,795
-		 1,088
-
5,260 (465) 4,795 1,088
5,260
4,447		 (465)
465		 4,795
4,912		 1,088
3,824
9,707 - 9,707 4,912

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 6

Ghost Fishing UK BALANCE SHEET

at

31 March 2020

Company No.
Notes
2020
£
Current assets
Cash at bank and in hand
10,784
10,784
Creditors:Amount falling due within one year
9
(1,077)
Net current assets
9,707
Total assets less current liabilities
9,707
Net assets excluding pension asset or liability
9,707
Total net assets
9,707
The funds of the charity
Restricted funds
10
Restricted income funds
-
-
Unrestricted funds
10
General funds
9,707
9,707
Reserves
10
Total funds
9,707		 2019
£
6,397
6,397
(1,485)
4,912
4,912
4,912
4,912
465
465
4,447
4,447
4,912

----- Start of picture text -----
For the year ended 31 March 2020 the company was entitled to exemption under section 477 of the
Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the
Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the
Companies Act 2006 with respect to accounting records and the preparation of accounts.
----- End of picture text -----

Approved by the board on 29 January 2021

And signed on its behalf by:

Richard Walker Trustee 29 January 2021

Page 7

Ghost Fishing UK NOTES TO THE ACCOUNTS

for the year ended 31 March 2020

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS102.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted These are available for use at the discretion of the trustees in furtherance of the funds general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation These are unrestricted funds which include a revaluation reserve representing funds the restatement of investment assets at their market values. Restricted These are available for use subject to restrictions imposed by the donor or funds through terms of an appeal.

Page 8

Ghost Fishing UK NOTES TO THE ACCOUNTS

Ghost Fishing UK
NOTES TO THE ACCOUNTS
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the
income charity becomes entitled to, and virtually certain to receive, the income and the
amount of the income can be measured with sufficient reliability.
Income with Where income has related expenditure the income and related expenditure is
related reported gross in the SoFA.
expenditure
Donations and Voluntary income received by way of grants, donations and gifts is included in
legacies the the SoFA when receivable and only when the Charity has unconditional
entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gift/donation to which it relates.
gifts
Donated These are only included in income (with an equivalent amount in expenditure)
services and where the benefit to the Charity is reasonably quantifiable, measurable and
facilities material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment This is included in the accounts when receivable.
income
Gains/(losses) This includes any gain or loss resulting from revaluing investments to market
on revaluation value at the end of the year.
of fixed assets
Gains/(losses) This includes any gain or loss on the sale of investments.
on investment
assets
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT
expenditure which cannot be fully recovered, and is reported as part of the expenditure to
which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income,
raising funds fundraising trading costs and investment management costs.
Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities
charitable and services in the furtherance of its objects, including the making of grants and
activities governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for
grants that have been approved by the trustees at the end of the year but not yet
paid.
Governance These include those costs associated with meeting the constitutional and
costs statutory requirements of the Charity, including any audit/independent
examination fees, costs linked to the strategic management of the Charity,
together with a share of other administration costs.
Other These are support costs not allocated to a particular activity.
expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Page 9

Ghost Fishing UK NOTES TO THE ACCOUNTS

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Statement of cash flows

The charity is exempt from preparing a statement of cash flows on the grounds that it is a small charity

2 Company status

The organisation is an unincorporated charity and consequently does not have share capital.

Page 10

Ghost Fishing UK NOTES TO THE ACCOUNTS

3 Statement of Financial Activities - prior year

Income and endowments
from:
Donations and legacies
Charitable activities
Total
Expenditure on:
Charitable activities
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward
4
Income from donations and
legacies
Appeals and donations
Gift Aid tax reclaimed		 Unrestricted
funds
2019
£
4,875
9,672
14,547
9,640
9,640
4,906
4,906
(4,283)
623
3,824
4,447
Unrestricted
£
11,844
2,634
14,478		 Restricted
funds
2019
£
-
18,943
18,943
22,761
22,761
(3,818)
(3,818)
4,283
465
-
465
Total
2020
£
11,844
2,634
14,478		 Total
funds
2019
£
4,875
28,614
33,489
32,401
32,401
1,088
1,088
-
1,088
3,824
4,912
Total
2019
£
2,813
2,062
4,875

Page 11

Ghost Fishing UK NOTES TO THE ACCOUNTS

5 Income from charitable activities

Unrestricte

Grant Income
World Animal
Protection
Healthy Seas
Sea Life Trust Ltd
Grants under £1,000
Primary Purpose
Trading
Diver Contributions
Merchandise Sales
Fund Raising
Other Income
6
Income from investments
Interest on deposits		 d
£
-
-
-
2,200
1,915
6,077
2,729
60
12,981		 Restricted
£
-
13,017
3,268
-
-
-
-
-
16,285
Unrestricted
£
1
1		 Total
2020
£
-
13,017
3,268
2,200
1,915
6,077
2,729
60
29,266
Total
2020
£
1
1		 Total
2019
£
9,800
-
-
1,025
8,743
3,941
5,045
60
28,614
Total
2019
£
-
-

Page 12

Ghost Fishing UK NOTES TO THE ACCOUNTS

Expenditure on charitable 7 activities

Direct expenditure on
charitable activities
Boat Charter
Diving Gas
Materials
Merchandise Purchases
Cost of Fundraising
Support Costs
Volunteer Expenses
Travel and subsistence
Insurance
IT expenses
Printing, postage and
stationary
Specialist Shipping
Marketing and
promotion
Legal and professional
fees
Bank charges
Governance costs
Accountancy fees
Independent
examination of the
charity's accounts		 Unrestricte
d
£
6,750
343
2,555
4,314
-
451
314
274
111
309
-
8,224
349
114
108
485
24,701		 Restricted
£
8,143
2,778
87
-
-
2,252
-
-
-
-
-
989
-
-
-
-
14,249		 Total
2020
£
14,893
3,121
2,642
4,314
-
2,703
314
274
111
309
-
9,213
349
114
108
485
38,950		 Total
2019
£
18,600
3,589
876
2,974
180
406
507
266
-
235
254
3,879
100
50
-
485
32,401

Trustee and employee

8 remuneration and expenses

The charity does not have any employees. All persons working for the charity are volunteers and give their time freely. They are not reimbursed for the costs they incur in so doing.

Trustees received no remuneration or benefits in kind during the current or previous year. Expenses incurred in respect of attendance at board meetings for the current and prior year totalled £nil.

Page 13

Ghost Fishing UK NOTES TO THE ACCOUNTS

9 Creditors:

amounts falling due within one year

Other creditors
Accruals and deferred income
10 Movement in funds
At 1 April
2019
Restricted funds:
Restricted income
funds:
Cornwall Summer
Project 2019
-
Healthy Seas
-
HMS Landrail
195
Portland 2019
270
Total
465
Unrestricted funds:
General funds
4,447
Revaluation Reserves:
Total funds
4,912		 Incoming
resources
(including
other
gains/losses
)
£
3,268
13,017
-
-
16,285
27,460
43,745		 2020
£
-
1,077
1,077
Resources
expended
£		 Gross
transfers
£
439
(2,475)
(195)
(270)
(2,501)
2,501
-		 2019
£
1,000
485
1,485
At 31
March
2020
£
-
-
-
-
Restricted funds:
Restricted income
funds:
Cornwall Summer
Project 2019
Healthy Seas
HMS Landrail
Portland 2019
Total
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds
(3,707)
(10,542)
-
-
(14,249)
(24,701)
(38,950)
-
9,707
9,707

Purposes and restrictions in relation to the funds:

Restricted funds: Cornwall Summer Sea Life Trust funding for our annual summer activities. Project 2019 Healthy Seas BBC Falmouth funding which was largely overspent in 2019 and funded from unrestricted funds, these funds have now been re-imbursed.

HMS Landrail Charter funded from restricted grant and diver contributions. Diver contributions have been refunded from unrestricted funds.

Portland 2019 Charter funded from restricted grant and diver contributions. Diver contributions have been refunded from unrestricted funds.

Page 14

Ghost Fishing UK NOTES TO THE ACCOUNTS

11 Analysis of net assets between funds

Analysis of net assets between funds
Net current assets Unrestricted
funds
£
9,707
9,707		 Total
£
9,707
9,707

12 Related party disclosures

Controlling party

The charity is controlled by the trustees; thus no single party controls the company.

Page 15