THE JOANNA TOOLE FOUNDATION 1188301 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FOR THE JOANNA TOOLE FOUNDATION REGISTERED CHARITY NUMBER: 1188031 {A CHARITABLE INCORPORATED ORGANISATION) PaGE l of 19 THE JOANNA TOOLE FOUNDATION 1188301 Legal and administrative information Structure, governance and management Independent Examiners Report Accounts for the year ended 31 March 2024 PaGE 2 of 19 THE JOANNA TOOLE FOUNDATION 1188301 LEGALAND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charity Name The Joanna Toole Foundalion Registered Charity number 1188031 Principal Charity Office 31 Egremont Road Exmouth Devon EX8 IRX The Trustees serving during the year and to the date of this report were as follows.. _ Trustees Adrian Toole Victoria Toole Claire Bass Georgina Groves Nigel Gooding CBE - Chair - Trustee (resigned l January 2024) - Trustee - Trustee - Trustee & Treasurer Principal Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ PaGE 3 of 19 THE JOANNA TOOLE FOUNDATION 1188301 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report together with the financial statements of the Joanna Toole Foundation for Ihe year ended 31 March 2024. The financial slatements have been prepared in accordance with the charity's governing documeni, the Charities Act 2011 and Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities prepaiing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectivel January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Joanna Toole Foundalion is is a charitable incorporated organisation constituted on 20 February 2020 and registered wilh the Charity Commission on that date. Structure, management and recruitment and appointment of new Trustees Joanna Toole was a British animal welfare expert who died in the ET302 Elhiopian air crash on 10 March 2019. At the time of her dealh, Joanna was working as a marine expert for the UN'S Food and Agriculture Organisalion (FAO) and living in Rome. The Joanna Toole Foundation was registered as a CIO to continue her legacy., the Foundation's work is governed by ils constilution. There are no employed staff. The work of running the charity is undertaken on a voluntary basis by the trustees. None of the trustees received remuneration for their work with the charity as trustees. Two Iruslees lake on addilional roles: Adrian Toole, CEO and Nigel Gooding, Treasurer. Appropriate and reasonable expenses were claimed during the year by ihe trustees e.g., travel and accommodation cost for meeting attendance and other essential costs related to the governance of the charity. The trustees may at any time decide to appoint a new trustee, whether in place of a trustee who has retired, resigned or been removed, or as an addilional trustee. All trustees are appointed in accordance with the charity's constitution. One trustee, Victoria Toole, resigned on 0110112024. No trustees were appointed during the reporting year. The charity's constitution allows for meetings to be held and for decisions to be taken on- line and face to face. The trustees held regular on-line meetings during the period of this report. Our AGM was held on 9 January 2025 . Advisors In undertaking their responsibilities for making decisions lo award grants and other matters relating to the activities of the Joanna Toole Foundation the trustees are assisted by a team ot volunteer advisors. These are independent and have a wide range of expertise and experience on marine, animal welfare and environmental issues. The trustees are hugely grateful for Iheir valuable support during ihe year. PaGE 4 of 19 THE JOANNA TOOLE FOUNDATION 1188301 ACTIVITIES AND OBJECTIVES DURING THE YEAR The Irustees undertake their obligations to the CIO by providing grants to appropriate organisations and individuals in accordance with the constitution for the charity. The objectives for the Joanna Toole Foundation are- to continue the work of Joanna Helen Toole in advancing ihe welfare of animals, in particular, but not exclusively that of marine fauna, to advance education and training of Ihe public and appropriate professionals in matters pertaining io the anihropogenic ihreats to the welfare of animals, in particular. but not exclusively that of marine fauna, for the public benefit, to promote scientific research into the welfare of animals, in particular, but not exclusively that of marine fauna, and to advance all other such charitable purposes under the laws of England and Wales. The Joanna Toole Foundation's mission statement Is: 'To continue the global work of campaigner Joanna Toole in advancing the welfare of animals, in particular, bul not exclusively that of marine fauna., We achieve Ihis through grants for praclical aclion and training, for educalion on anthropogenic Ihreats and for scientific research. Funds and Fundraising Funds and donations to the charity have mainly been raised from Joanna's family. This year Adrian Toole, Chair of the JTF. very generously donated £200.000 to the charity. Additional funds have also been generously donated from a wide range ol supporters of the charity. The iruslees are incredibly grateftjl for all the donations received., these allow the JTF to provide grants in accordance with the charity's objectives and continue the legacy of Joanna Toole. The Joanna Toole Foundation co-operates and works with olher organisations io meet our objectives. No partnerships with other organisations were created. Apart from the significanl donations from Joanna's family, donations are mostly made through.. CAF Donate, a facility provided by our bank Just Giving These providers have managed Gift Aid claims for the charity. The charity has yet to claim Gift Aid on Adrian Toole's donations. None of the funds are restricled. Paoe 5 of 19 THE JOANNA TOOLE FOUNDATION 1188301 Investments During the year the trustees continued wilh their investment with Tribe Impact Capital for purposes of maximising ihe long-term return on the money available to the charity for use in good causes in accordance wilh the charity's constitulion. Tribe Impact Capital are specialists in Impact Investing allowing the truslees to make their inveslment decisions only in areas that meet the charity's overall ethical values. Unfortunately, like many investmenls, the downturn in the economic climate during ihe past Iwo years has meant an overall loss on these investments. Although there is still an overall loss from our original inveslment made in 2022-23, there was an improvement during this financial year with an increase in return of £861.00 when compared with the year end 31 March 2023. The trustees continue to liaise closely with Tribe Impact Capital and look fO￿ard to the situaiion on our investments improving. Newsletters and Website The Joanna Toole Foundation issued email newsletters during the year to inform supporters and the wider public of the work of the charity and latesl developments. Our websile is httPS:Iljoannaloolefoundation.orgl Communication with supporters and the wider public was also provided through social media. Grants and activity during the year During the year the trustees issued two grant awards to The Joanna Toole Ghost Gear Solutions Award for 2023 and 2024. This is an annual award managed by Ocean Conservancy l GGGI and provides grants towards projects ihai iackle the scourge of ocean ghost fi'shing gear. The two grant payments for The Joanna Toole Ghost Gear Solutions Award were as follows: 14 August 2023, £31,946.33 13 February 2024. £31.974.42 Information on the award and the projects our funds went to support are available on our website. The JTF continued ils annual sponsorship of Saitao, an orphaned elephant, via the David Sheldrick Wldlife Trust. FINANCIAL REVIEW Reserves Policy The agreed policy is as follows- 'The trustees ￿11 retain in the bank account sufficient reserves to meet the financial commitments already entered into ftjr the six months ahead.. The Irustees will continue to adhere to this policy when making investmenl decisions. Going concern The Irustees consider that Ihere are no material uncertainties about Ihe charity's ability to continue as a going concern. PaGE 6 of 19 THE JOANNA TOOLE FOUNDATION 1188301 Funds held as a Custodian Trustee None Future Policy he trustees reviewed the charity's policies and procedures during the year to ensure they delivered the objeclives effeclively and in accordance with Ihe charity's conslitution. No decision was taken to deviate from ihe overdl approach to managing the charity during the next reporting year. However. Ihe trustees recognise that the charity sector continues to face multiple challenges and many remain under pressure. The irustees will therefore continue to monitor the wider financial climate and make fijture decisions with due regard to the effective management of risk and delivering our objeclives as set out in our constitution. Objectives and Policies The charity's objectives expose it to several financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the Board of Trustees, which provide writlen principles on Ihe use of financial derivatives to manage these risks. The charity does not use derivalive financial instruments for speculative purposes. Cash flow risk The charity's activities expose it primarily to the financial risks of changes of foreign currency exchange rates and interest rates. To ensure thal non-UK granl recipients received the full giant amount, the trustees decided thal the JTF would absorb all changes of exchange rates and foreign exchange fees. All foreign transactions for the payment of grants to non-UK organisations were undertaken via the charity's CAF Bank. Investment risk There is a risk that inveslments show a loss on return. The trustees report that, at year end, the charity investments coniinued to show an overall loss compared with Ihe original investment, although the overall loss was reduced at year end compared with the financial year 2022-23. There is a risk that the investment may continue io show a loss. The ierms of the investment mean that the funds, in whole or in part. may be withdrawn from the investmeni company ai any time io reduce the Tisk of further loss of funds. The trustees will continue to monitor the situation closely lo manage any such risks and take appropriate action as they consider necessary. The CUTrent loss on inveslment has not impacted negatively on the overall operation of the charity. Credit risk The charity has nol traded and has no exposure to credit risk. Liquidity risk The Charity has no debts. The annual report was approved by the trustees of the charity on 9 January 2025 and signed on its behalf by= Adrian Peter Toole, Chair PaGE 7 of 19 THE JOANNA TOOLE FOUNDATION 1188301 STATEMENT OF TRUSTEES. RESPONSIBILtnES The trustees are responsible for preparing the trustees. report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires trustees to prepare fi'nancial statements for each financial year which give a Irue and fair view of the state of affairs of Ihe charity and of the accounting resources and application of the resources of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and then apply them consisteniiy, observe the methods and principles of Charities SORP. make judgemenls and estimates Ihat are reasonable and prudent, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on Ihe on-going concern basis unles5 It is inappropriate to presume ihai Ihe charity will coniinue in business. The trustees are responsible for keeping proper accounting records ihai disclose wilh reasonable accuracy al any time the financial position of the charity and enable them to ensure ihat the financial statements comply with the Charities Act 2011, the Charilies (AccoLJnts and Reports) Regulations 2008 and Ihe provisions of the constitution. The trustees are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for ihe prevention and deleciion of fraud and Olher irregularities. The trustees acknowledge Iheir responsibilities for Ihe mainienance and integrity of Ihe corporate and financial information included on the charity's website. Legislation governing the preparation and disseminalion of financial statements may differ from legislation in other jurisdiclions. Approved by the trustees of Ihe charity on 9 January 2025 and signed on its behalf by: Adrian Peter Toole, Chair PaGE 8 of 19 THE JOANNA TOOLE FOUNDATION 1188301 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 statement of compliance The financid statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The Joanna Toole Foundalion meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared using Paxton Charities Accounling SO￿are. Income and endowments Voluntary income including donalions, gifts, legacies and grants that provide Ihe core funding or are of a general nature is recognised when Ihe charity has entitlement to income, il is probable that the income will be received and the amounl can be measured with SLJflicient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can reasonably be measured. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable that settlement is required and the amount can be measured reliably. All costs are allocaied to the applicable expenditure heading thai aggregate similar costs to thal category. Where costs cannot be directly attributed to a particular heading, they have been ￿lOCated on a basis consisieni with the use of resources. The charity incurred no staff costs. Trustees remuneration and expenses No trustees, nor any person connected with them, received any remuneraiion from the charity during the year. Trustees received reimbursed expenses for necessary costs incurred by the trustees for meeting attendance and other essentid and legits'mate costs related to the governance of the charity. Raising funds These are costs incurred in atlracting voluntary income, the management of investmenis and those incurred in trading activities that raise funds. Trustees noted that in preparing this year's accounts the accounting system has altered the entry to prior year funds from £498 to £108. This has resulted in a consequential adjustment to the end of year balance to the 2023-24 accounts. It has been investigated but no reasons can be identified as to why this change has occurred. As this is nol considered material to the overdl 2023-24 accounts. no further action was considered necessary. PaGE 9 of 19 THE JOANNA TOOLE FOUNDATION 1188301 Charitable activities Charitable expenditure comprises those cosls incurred in the charity in the delivery of all its activities and seNices for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them. These include the costs attributable to the charity's compliance wilh constitutional and statutory requirements, including governance costs such as audit, strategic management and trustees. meetings and reimbursed expenses. Taxation The charity is a registered charity and is therefore exempt from taxation. The charity is considered lo pass the test sel out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore li meeis the definilion of a charitable company for UK corporation tax purposes. Accordingly, the charity is potenlially exempt from taxation in respect of income or capital gains received wilhin categories covered by Chapter 3 Part 11 of the Corporation Tax Aci 2010 or Seciion 256 of Ihe Taxation of Chargeable Gains Act 1992, the extent thal such income or gains applied exclusively to charitable purposes. Trade debtors None Cash and cash equivalenls Cash and cash equivalents comprise cash on hand and call deposits and olher short-term highly liquid investments that are readily convertible to a known amouni of cash and are subject to an insignificant risk of change in value. Borrowings The charity has no borrowings. Fund structure Unresiricied income funds are general funds thai are available for use at the trustees, discretion in furtherance of Ihe objectives of the charity. Financial instruments Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual provisions of the instrument entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilits'es. Paoe 10 of 19 **Independent examiner's report on the accounts** ## **Section A Independent Examiner’s Report** **Report to the trustees/ members of** The Joanna Toole Foundation **On accounts for the year** 31 March 2024 **Charity no** 1188031 **ended Set out on pages** 11 – 19 (including these pages) (Eleven to Nineteen) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2024 As the charity's trustees, you are responsible for the preparation of the accounts in **Responsibilities and** accordance with the requirements of the Charities Act 2011 (“the Act”). **basis of report** I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** - [I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **Signed:** Darren Warren **Date:** 20/01/2025 **Name:** Darren Warren – Paxton Independent Examiners **Relevant professional** FMAAT **qualification(s) or body :** **Address:** 61a High Street South, Rushden, Northants, NN10 0RA ## **Section B Disclosure** Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). - None Page 11 of 19 THE JOANNA TOOLE FOUNDATION 1188301 The Joanna Toole Foundation Statement of Financial Activities of the Year Ended 31 March 2024 Balance Sheet as at 31 March 2024 Paoe 12 of 19 THE JOANNA TOOLE FOUNDATION 1188301 r*gtiori ChaAty 118W31 Tht JoADng Toole Fo¥Dd#1￿m PriMted= 27111a024 Trtkl fund& ntangI￿ta$lQts an8iblt 176.161 17U61 2.747 39.101 r(dit￿ L747 3&447 417 374115 IMA47 ndsoltht ¢h*rlty'. lunds 234447 ¢hAifofall ihÈthu* s￿1¥ Pvlli D•1¢￿aPProval ddlllbmtyy)y ¢Jl | Paoe 13 of 19 THE JOANNA TOOLE FOUNDATION 1188301 SOFA Report as at 31 March 2024 Paoe 14 of 19 ||**Charity Commission SOFA Report as at 31/03/2024**
**Unrestricted**
**funds**
**Restricted**
**Income funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**Printed: 27/11/2024**
**Paxton**
**Page 1 of 1**
**The Joanna Toole Foundation**
**Charity no. 1188031**
**£**
**£**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
201,119
0
0
201,119
619
Charitable activites
0
0
0
0
0
Other trading activities
0
0
0
0
0
1,286
0
Investments
0
1,286
338
0
0
0
0
0
Separate material item of
income
Other
861
0
0
861
0
**Total**
**203,266**
**957**
**0**
**0**
**203,266**
**Expenditure on:**
Raising funds
0
0
0
0
108
Charitable activities
65,599
0
0
65,599
42,110
Separate material item of
expense
0
0
0
0
0
Other
0
0
0
0
0
**Total**
**65,599**
**0**
**0**
**65,599**
**42,218**
**Net income/(expenditure)**
**before investment gains/(losses)**
**137,667**
**0**
**0**
**137,667**
**-41,261**
Net gains/(losses) on
investments
0
0
0
0
-7,371
**Net income/(expenditure)**
**137,667**
**0**
**0**
**137,667**
**-48,632**
0
0
0
0
0
**Extraordinary items**
**Transfers between funds**
0
0
0
0
0
**0**
**0**
**137,667**
**137,667**
**-48,632**
**Net Movement in Funds**
**Reconciliation of Funds**
236,447
0
Total funds brought forward
0
236,447
**Total funds carried forward**
**374,115**
**374,115**
**0**
**0**| |---|---| THE JOANNA TOOLE FOUNDATION 1188301 SOFA Details Report Paoe 16 of 19 THE JOANNA TOOLE FOUNDATION 1188301 P¥xton CbATity I1880JI The Joanng Took Foundation Ch*rity comm￿10￿ SOFA Det*ib R¢w)rt Page l of3 PriDted: 2711112024 March 2024 SOI alld le88CiES Don&tion5 raxived Gift t&x income Gr&nts re£¢i¥ed Bcquests and It￿1¢$ 201.119 201.119 619 201,119 201,1 19 619 S02Charitab]eACtivitieg(in¢.I S03 IAhertyodingaGtiviti¢J Sulwioions rrfeival Fwdraising inec4ne Swisor$hip S04 Inveskn¢nts Divid¢Dds rece1T￿l Interesi Te¢eiv 1.286 1,286 338 1286 33B S05 Syrate mtiteriol item of inffjht s￿ ￿h¢r linc.) (Xhtr intthne SO8 ￿1$1￿& fithds Fvndr•isin8crots for mle 108 108 S09Cltaritable8aiwiies Grants made UK rdnts made UK Travel exFKt Subsistence costs Volt￿TreT expense5 35 63,921 35 63.921 16.635 23.360 THE JOANNA TOOLE FOUNDATION 1188301 PaIton ChATity SOFA Delails Rep P8ge2 of3 Charity 1188031 The Joanna Took FouDd*tio Printed: 27111n024 March 20?4 Utilities InsllrHnc Telephme Postage StdEioiiery Prinlingl r&rrtrwyiiii Wthite T￿bliCity CC615 IT casts F.quipm¢Dtpw¢hase5 Equipm¢ntrty•irs Sundri¢3 F￿r￿L￿d1￿c4￿tsthk Audit & act￿n￿nCY TrUs¢￿5￿tel1Trl¢xPE1lS Bank chAr¥es Iniercsi paid Ftoy paid 275 275 1.652 65.59) 05,5W 42.110 SIO S¢pra* maleri￿ it•n ofexpgw¢ Sl l lexp. S14 Net gain￿(k￿8¢$Ith in%tStsD¢n 7.371 7J71 S16 EXtr￿￿M￿y1￿0Lj S17 TT8nsfers ith¢¢n Tr￿￿terS ltheen fiEDth S18G•ins •Dd r￿￿)Itt offi%¢d assets awt rc¥*lll*i S19 (hkngalll￿(k65t3l THE JOANNA TOOLE FOUNDATION 1188301 Paxtoll Charity Commith SOFA Detsib Report Pa%e 3 of3 Chgrity 1188031 The Joanna Twk Foundati Prittted: 2711112024 March 2024 ENDS Paoe 19 of 19