## **Ghost Fishing UK**
An unincorporated charity.
## **Charity No. 1174396**
## **Trustees' Report and Unaudited Accounts**
**30 September 2022**
Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS
**Ghost Fishing UK CONTENTS**
||Pages||
|---|---|---|
|Trustees' Annual Report|2 to 5||
|Independent Examiner's Report||6|
|Statement of Financial Activities||7|
|Balance Sheet||8|
|Notes to the Accounts|9 to|16|
Page 1
**Ghost Fishing UK TRUSTEES ANNUAL REPORT**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **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 present their report with the unaudited financial statements of the charity for the year ended 30 September 2022.
## **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 2021-22, and expected some ad-hoc projects as well. Our training activities are due to continue, further strengthening the team, and widening our reach.
## **ACHIEVEMENTS AND PERFORMANCE**
Team Survey about low engagement
Engagement with the projects this year has not been high as in previous (pre-pandemic) years. This is worrying as the size of the dive team has also shrunk due to illness, moving country and the like.
I sent out a short survey to the team to try to find out if there were any underlying reasons for the lower engagement. Given that we have 42 active divers on the team, I was sad to receive only 12 responses. But I think this is indicative of the problem we face. Now, I would add that, this is not a problem exclusive to Ghost Fishing UK. So it's not a finger pointing exercise. In all my professional life, email responses and general engagement is at, in my opinion, an all-time low. I include myself in this problem here also.
For the question "is there a barrier to your personal participation in Ghost Fishing UK projects at the moment" there were 10 "yes" responses:- DespiteThe Training Course.
2:10 moved away
1:10 family
1:10 not diving
3:10 work
1:10 cost 1:10 time 1:10 illness.
Based on this data, our biggest barrier is work commitments. While people still have leave, I suspect it is less flexible than prior to the pandemic.
Page 3
**Ghost Fishing UK TRUSTEES ANNUAL REPORT**
For the question "as a diver, do you feel valued by Ghost Fishing UK?" 7 of the 12 did answer "Yes" and one was unsure. Of the 5 who answered "No" the following reasons were given:3:5 toxic culture
- 1:5 undervalued
- 1:5 no reason given
Even with the small numbers in the survey, this is a disturbing result. Ghost Fishing UK was always a group of friendstrying to make the world a better place and have some fun along the way. The fact that some view what we have created is a toxic place is deeply saddening to me and one that I have started to address. I have invited all members of the team to a one-to-one interview with me to discuss their experiences with the charity. To date, I have conducted 27 interviews and am in the process of collating the results. I hope to share this within the committee and team soon, with some recommendations.
General Diver Numbers.
Many of the problems of failing to fill boats could be addressed by having a larger pool of divers to draw from. This is problematic as we have also lost several instructors due to medical reasons, moving away etc. If we can develop 6 more instructors then we will have the capacity to run more training and develop more divers which will then ease the burden on the existing team
## **FINANCIAL REVIEW**
The charity’s income for 2021-22 amounted to £50,751 (2020-21 £46,903) from various sources and its expenditure was £25,951 (2020-21 £36,405) giving a surplus of £24,800 (2020-21 £10,498). Total assets amount to £45,005 (2020-21 £20,205)
## 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.
Page 4
**Ghost Fishing UK TRUSTEES ANNUAL REPORT**
## 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 Operations Officer 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.
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 28 July 2023
Page 5
**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 30 September 2022 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:
- accounting records were not kept in accordance with section 386 of the 2006 Act ; or
- the accounts do not accord with those records; or
- the accounts do not comply with the accounting requirements under 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
- the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Debbie Risborough Association of Chartered Certified Accountants Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS 28 July 2023
Page 6
## **Ghost Fishing UK STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 30 September 2022**
|**Notes**
**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**
8
**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**
**2022**
**£**
23,836
26,913
2|**Total**
**funds**
**2022**
**£**
23,836
26,913
2|**Total**
**funds**
**2021**
**£**
34,739
12,164
-|
|---|---|---|---|
||50,751
25,951|50,751
25,951|46,903
36,405|
||25,951
-|25,951
-|36,405
-|
||24,800|24,800|10,498|
||24,800|24,800|10,498|
||24,800
20,205|24,800
20,205|10,498
9,707|
||45,005|45,005|20,205|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Page 7
## **Ghost Fishing UK BALANCE SHEET**
|**at**
**30 September 2022**
**Company No.**
**Notes**
**2022**
**£**
**Fixed assets**
Tangible assets
10
720
720
**Current assets**
Debtors
11
3,000
Cash at bank and in hand
43,079
46,079
**Creditors:**Amount falling due within one year
12
(1,794)
**Net current assets**
44,285
**Total assets less current liabilities**
45,005
**Net assets excluding pension asset or liability**
45,005
**Total net assets**
45,005
**The funds of the charity**
**Restricted funds**
13
**Unrestricted funds**
13
General funds
45,005
45,005
**Reserves**
13
**Total funds**
45,005|**2021**
**£**
1,080|
|---|---|
||1,080
-
20,436|
||20,436
(1,311)|
||19,125
20,205|
||20,205|
||20,205|
||20,205|
||20,205|
||20,205|
**----- Start of picture text -----**
For the year ended 30 September 2022 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 28 July 2023
And signed on its behalf by:
Richard Walker Trustee 28 July 2023
Page 8
**Ghost Fishing UK NOTES TO THE ACCOUNTS**
## **for the year ended 30 September 2022**
## 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 funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
These are unrestricted funds earmarked by the trustees for particular Designated funds purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Page 9
**Ghost Fishing UK NOTES TO THE ACCOUNTS**
## **Income**
|**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 related|Where income has related expenditure the income and related expenditure is|
|expenditure|reported gross in the SoFA.|
|Donations and|Voluntary income received by way of grants, donations and gifts is included|
|legacies|in 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 gifts|gift/donation to which it relates.|
|Donated services|These are only included in income (with an equivalent amount in|
|and facilities|expenditure) where the benefit to the Charity is reasonably quantifiable,|
||measurable and material.|
|Volunteer help|The value of any volunteer help received is not included in the accounts.|
|Investment income|This is included in the accounts when receivable.|
||This includes any gain or loss resulting from revaluing investments to|
|Gains/(losses) on|market value at the end of the year.|
|revaluation of fixed||
|assets||
|Gains/(losses) on|This includes any gain or loss on the sale of investments.|
|investment assets||
|**Expenditure**||
|Recognition of|Expenditure is recognised on an accruals basis. Expenditure includes any|
|expenditure|VAT 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|
|charitable activities|activities and services in the furtherance of its objects, including the making|
||of grants and 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 costs|These include those costs associated with meeting the constitutional and|
||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 expenditure|These are support costs not allocated to a particular activity.|
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
Page 10
**Ghost Fishing UK NOTES TO THE ACCOUNTS**
## **Tangible fixed assets and depreciation**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant & Machinery 25%% Straight line
## **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
Page 11
## **Ghost Fishing UK NOTES TO THE ACCOUNTS**
## 2 **Company status**
The organisation is an unincorporated charity and consequently does not have share capital.
## 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:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
34,739
12,164|**Total**
**funds**
**2021**
**£**
34,739
12,164|
|---|---|---|
||46,903
36,405|46,903
36,405|
||36,405|36,405|
||10,498|10,498|
||10,498|10,498|
||10,498
9,707|10,498
9,707|
||20,205|20,205|
## 4 **Income from donations and legacies**
|Appeals and donations
Gift Aid tax reclaimed|**Unrestricted**
**£**
21,931
1,905
23,836|**Total**
**2022**
**£**
21,931
1,905|**Total**
**2021**
**£**
33,461
1,278|
|---|---|---|---|
|||23,836|34,739|
Page 12
## **Ghost Fishing UK NOTES TO THE ACCOUNTS**
## 5 **Income from charitable activities**
|5
**Income from charitable activities**||||
|---|---|---|---|
|Grant Income:
Simon Gibson Charitable
Trust
Primary Purpose Trading:
Divers' Contributions
Merchandise Sales
Fundraising & Events
6
**Income from investments**
Interest on deposits|**Unrestricted**
**£**
5,000
2,015
10,083
9,815
26,913
**Unrestricted**
**£**
2
2|**Total**
**2022**
**£**
5,000
2,015
10,083
9,815|**Total**
**2021**
**£**
-
154
11,304
706|
|||26,913|12,164|
|||**Total**
**2022**
**£**
2|**Total**
**2021**
**£**
-|
|||2|-|
Page 13
**Ghost Fishing UK NOTES TO THE ACCOUNTS**
## 7 **Expenditure on charitable activities**
|_Direct expenditure on_
_charitable activities_
Boat Charter
Materials
Merchandise Purchases
Shipping Containers
Shipping Haulage
Fundraising & Events
_Support Costs_
Travel and subsistence
IT expenses
Printing, postage and
stationary
Subscriptions
sundry expenses
Marketing and promotion
Legal and professional
fees
Bank charges
Depreciation
_Governance costs_
Accountancy fees
Independent examination
of the charity's accounts
8
**Net income before transfers**
This is stated after charging:
Depreciation of owned fixed assets|**Unrestricted**
**£**
6,540
799
913
33
89
625
413
588
589
150
250
11,182
1,652
157
360
1,016
595
25,951
**2022**
**£**
360|**Total**
**2022**
**£**
6,540
799
913
33
89
625
413
588
589
150
250
11,182
1,652
157
360
1,016
595|**Total**
**2021**
**£**
13,767
1,693
3,481
-
-
-
688
554
4,610
275
502
9,052
440
155
360
-
828|
|---|---|---|---|
|||25,951|36,405|
||||**2021**
**£**
360|
## 9 **Staff costs**
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 14
**Ghost Fishing UK NOTES TO THE ACCOUNTS**
## 10 **Tangible fixed assets**
|**Cost or revaluation**
At 1 October 2021
At 30 September 2022
**Depreciation and**
**impairment**
At 1 October 2021
Depreciation charge for
the year
At 30 September 2022
**Net book values**
At 30 September 2022
At 30 September 2021
11 **Debtors**
Prepayments and accrued income
12 **Creditors:**
amounts falling due within one year
Other creditors
Accruals and deferred income
13 **Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Revaluation Reserves:**
**Total funds**|**At 1**
**October**
**2021**
20,205|**2022**
**£**
3,000
3,000
**2022**
**£**
1,200
594
1,794
**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
50,751
50,751|**Plant &**
**Machinery**
**£**
1,440|**Total**
**£**
1,440|
|---|---|---|---|---|
||||1,440|1,440|
||||360
360|360
360|
||||720|720|
||||720|720|
||||1,080|1,080|
||||**Resources**
**expended**
**£**|**2021**
**£**
-|
|||||-|
|||||**2021**
**£**
-
1,311|
|||||1,311|
|||||**At 30**
**September**
**2022**
**£**
45,005|
||||(25,951)||
||||||
||20,205||(25,951)|45,005|
Page 15
## **Ghost Fishing UK NOTES TO THE ACCOUNTS**
## 14 **Analysis of net assets between funds**
|**Analysis of net assets between funds**|||
|---|---|---|
|Fixed assets
Net current assets|**Unrestricted**
**funds**
**£**
720
44,285|**Total**
**£**
720
44,285|
||45,005|45,005|
## 15 **Related party disclosures**
## _**Controlling party**_
The charity is controlled by the trustees; thus no single party controls the company.
Page 16