THE JOANNA TOOLE FOUNDATION 1188301 ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FOR THE JOANNA TOOLE FOUNDATION REGISTERED CHARITY NUMBER: 1188031 (A CHARITABLE INCORPORATED ORGANISATION)** Page 1 of 18 THE JOANNA TOOLE FOUNDATION 1188301 Legal and administrative information Structure, governance and management Independent Examiners Report Accounts for the year ended 31 March 2025 Page 2 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 ## REFERENCE AND ADMINISTRATIVE DETAILS ## **Charity Name** The Joanna Toole Foundation ## **Registered Charity number** 1188031 ## **Principal Charity Office** 31 Egremont Road Exmouth Devon EX8 1RX The Trustees serving during the year and to the date of this report were as follows: - ## **Trustees** Adrian Toole - Chair Claire Bass - Trustee Georgina Groves - Trustee Nigel Gooding CBE - Trustee & Treasurer ## **Principal Bankers** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Page 3 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** The trustees present their annual report together with the financial statements of the Joanna Toole Foundation for the year ended 31 March 2025. The financial statements have been prepared in accordance with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective1 January 2019). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Joanna Toole Foundation is a charitable incorporated organisation constituted on 20 February 2020 and registered with 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 Ethiopian air crash on 10 March 2019. At the time of her death, Joanna was working as a marine expert for the UN’s Food and Agriculture Organisation (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 its constitution. 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 trustees take on additional roles: Adrian Toole, Chair and Nigel Gooding, Treasurer. Appropriate and reasonable expenses were claimed during the year by the 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 additional trustee. All trustees are appointed in accordance with the charity’s constitution. No trustees resigned or were appointed during the reporting year. The charity’s constitution allows for meetings to be held and for decisions to be taken online 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 to award grants and other matters relating to the activities of the Joanna Toole Foundation the trustees are assisted by a team of 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 their valuable support during the year. Page 4 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **ACTIVITIES AND OBJECTIVES DURING THE YEAR** The trustees 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 the welfare of animals, in particular, but not exclusively that of marine fauna, - to advance education and training of the public and appropriate professionals in matters pertaining to the anthropogenic threats 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, but not exclusively that of marine fauna.’ We achieve this through grants for practical action and training, for education on anthropogenic threats and for scientific research. ## **Funds and Fundraising** The trustees are incredibly grateful for all the donations received during the year; 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 other organisations to meet our objectives. No partnerships with other organisations were created. Donations this year were mostly made through CAF Donate, a facility provided by our bank. None of the funds are restricted. Page 5 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **Investments** During the year the trustees continued their investment with Tribe Impact Capital for the purposes of maximising the long-term return on the money available to the charity for use in good causes in accordance with the charity’s constitution. Tribe Impact Capital are specialists in Impact Investing allowing the trustees to make their investment decisions only in areas that meet the charity’s overall ethical values. Unfortunately, there was an overall loss of £5146 in our investments this year. The trustees note the high volatility in the world markets which have impacted on our investments, particularly during the last 3 months of the financial year ending 31 March 2025. Trustees continue to liaise closely with Tribe Impact Capital and look forward to the situation 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 latest developments. Our website is https://joannatoolefoundation.org/ Communication with supporters and the wider public was also provided through social media. ## **General Grants and activity during the year** During the year the trustees held a grant round seeking applications that focused on projects and work that aimed to tackle emerging and under-represented animal welfare issues, particularly those exacerbated by the effects of climate change _._ We received a large number of excellent applications After careful consideration the trustees were delighted to award a total of £91,888 in grants to eleven projects in the UK, USA, India, Indonesia, South Africa and Brazil. |**Name of grant recipient**|**Amount of**
**grant award**
**£**| |---|---| |Animal Equality UK|6250| |SAMAYU–Aparna Jairaj|11519| |Center for Animal Law Studies at Lewis & Clark Law
School|7500| |Tri Unami|1808| |Tigers 4 Ever|5000| |National Council of Societies for the Prevention of
Cruelty to Animals|7500| |Grup de Estudus Mamiferos Aquaticos do Rio
Grande do Sul|8651| |Aquatic Life Institute|15000| |Zootronic Productions CiC|8960| |For Tigers|4700| |British Divers Marine Life Rescue|15000| |**Total**|**91,888**| Page 6 of 18 THE JOANNA TOOLE FOUNDATION 1188301 A further grant of £15,000 was awarded to Ethical Seafood Research (ESR) but due to a change in project scope, ESR withdrew the project and returned the grant to The Joanna Toole Foundation. A revised project was submitted to us by ESR after the end of the financial year and a new grant payment was made to them. This grant will therefore be included in our 2025-26 Annual Report and Accounts. ## **Grant to The Global Ghost Gear Initiative** The Global Ghost Gear Initiative (GGGI) was a project close to Joanna’s heart. GGGI, now hosted by Ocean Conservancy in the U.S. is the world’s leading authority and activist on Ghost Gear elimination, counting 155 organisations as members. The Joanna Toole Foundation has supported the GGGI with grants for several years and the trustees were delighted to award a grant of £24,241 to The Joanna Toole Ghost Gear Solutions Award for 2025. This is an annual award managed by Ocean Conservancy / GGGI and provides grants towards projects that tackle the scourge of ocean ghost fishing gear. The recipients of our funding to the Joanna Toole Award 2025 were: Instituto Ecomar (Maruhlo), “Breaking the Ghost Fishing Cycle in a small island in Brazil”, Tunisian Taxonomy Association and The University of Sfax, “ECO-GEAR: Empowering Communities and Optimizing the Code of Conduct for Ghost Gear Management in the Gulf of Gabès”. Further information on all the grants awarded by the The Joanna Toole Foundation during the year is available on our website. Page 7 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **FINANCIAL REVIEW** ## **Reserves Policy** ## The agreed policy is as follows: _‘The trustees will retain in the bank account sufficient reserves to meet the financial commitments already entered into for the six months ahead.’_ The trustees will continue to adhere to this policy when making investment decisions. ## **Going concern** The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. ## **Funds held as a Custodian Trustee** ## None ## **Future Policy** The trustees reviewed the charity’s policies and procedures during the year to ensure they delivered the objectives effectively and in accordance with the charity’s constitution. No decision was taken to deviate from the overall approach to managing the charity during the next reporting year. However, the trustees recognise that the charity sector continues to face multiple challenges and many remain under pressure. The trustees will therefore continue to monitor the wider financial climate and make future decisions with due regard to the effective management of risk and delivering our objectives 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 written principles on the use of financial derivatives to manage these risks. The charity does not use derivative 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 that non-UK grant recipients received the full grant amount, the trustees decided that 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. Page 8 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **Investment risk** There is a risk that investments show a loss on return. The trustees report that, at year end, the charity investments continued to show an overall loss. There is a risk that the investment may continue to show a loss. The terms of the investment mean that the funds, in whole or in part, may be withdrawn from the investment company at any time to reduce the risk of further loss of funds. The trustees will continue to monitor the situation closely to manage any such risks and take appropriate action as they consider necessary. The current loss on investment has not impacted negatively on the overall operation of the charity. ## **Credit risk** The charity has not 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 25 October 2025 and signed on its behalf by: Adrian Peter Toole, Chair Page 9 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 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 financial statements for each financial year which give a true and fair view of the state of affairs of the 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 to: - select suitable accounting policies and then apply them consistently, - observe the methods and principles of Charities SORP, - make judgements and estimates that 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 the on-going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees acknowledge their responsibilities for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 25 October 2025 and signed on its behalf by: Adrian Peter Toole, Chair Page 10 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** ## **Statement of compliance** 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. ## **Basis of preparation** The Joanna Toole Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared using Paxton Charities Accounting Software. ## **Income and endowments** Voluntary income including donations, gifts, legacies and grants that provide the core funding or are of a general nature is recognised when the charity has entitlement to income, it is probable that the income will be received and the amount can be measured with sufficient 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 allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to a particular heading, they have been allocated on a basis consistent 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 remuneration from the charity during the year. Trustees received reimbursed expenses for necessary costs incurred by the trustees for meeting attendance and other essential and legitimate costs related to the governance of the charity. Page 11 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **Raising funds** These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. This year’s accounts carry forward the adjustment made in the 2023-24 accounts where trustees reported that the accounting system altered the entry to prior year funds from £498 to £108. This resulted in a consequential adjustment to the end of year balance to those accounts. It was investigated but no reasons were identified as to why this change occurred. As it was not considered material to the overall 2023-24 accounts, no further action was considered necessary. This is not considered material to the 2024-25 Accounts. ## **Investments** The investment outturn in these accounts includes all costs, fees and charges. ## **Charitable activities** Charitable expenditure comprises those costs incurred in the charity in the delivery of all its activities and services 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 with 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 to pass the test set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, the extent that such income or gains applied exclusively to charitable purposes. ## **Trade debtors** ## None ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Borrowings** The charity has no borrowings. Page 12 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the 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 liabilities. Page 13 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **Independent Examiner’s Report to the trustees of the Joanna Toole Foundation** **Report to the trustees/ members of** The Joanna Toole Foundation **On accounts for the** 31 March 2025 **Charity** 1188031 **year ended no Set out on pages** 14 – 18 (including these pages) (Fourteen to Eighteen) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2025 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. [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 **Independent** material respect: **examiner's statement** • 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:** 25/09/2025 **Name:** Darren Warren – Paxton Independent Examiners **Relevant professional** FMAAT **qualification(s) or body : Address:** 61a High Street South, Rushden, Northants, NN10 0RA Page 14 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **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 **Give here brief details of any items that the examiner wishes to disclose** . Page 15 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **The Joanna Toole Foundation Statement of Financial Activities of the Year Ended 31 March 2025** ## **Statement of Financial Position as at 31 March 2025** Page 16 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **SOFA Report as at 31 March 2025** Page 17 of 18 THE JOANNA TOOLE FOUNDATION 1188301 ## **SOFA Details Report** ## **ENDS** Page 18 of 18