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2021-03-31-accounts

Charity Registration No. 1189504

Company Registration No. CE021863 (England and Wales)

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2021

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr J Burton L Nicholls Mr A Bassford M Kochen

(Appointed 15 May 2020) (Appointed 15 May 2020) (Appointed 15 May 2020) (Appointed 8 July 2021)

Charity number 1189504

Company number CE021863 Principal address 1 London Street Reading Berkshire RG1 4PN

Registered office 1 London Street Reading Berkshire RG1 4PN Independent examiner DSA Prospect Limited The Old Chapel Union Way Witney Oxfordshire OX28 6HD Solicitors Field Seymour Parkes 1 London Street Reading Berkshire RG1 4QW

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 10

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE PERIOD ENDED 31 MARCH 2021

The trustees presents its report and financial statements for the period ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006 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) (effective 1 January 2019)".

Objectives and activities

The trust's objects are to protect fishing livelihoods and communities in marginalised coastal States .

The policies adopted in furtherance of these objects are to educate and enable small-scale fisheries in the disadvantaged coastal States to enjoy secure and sustainable livelihoods while protecting the environment for future generations, and there has been no change in these during the period.

The trustees has paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

Financial review

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trust is a company limited by guarantee, incorporated on 15 May 2020. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

The members of the trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

Mr J Burton (Appointed 15 May 2020) L Nicholls (Appointed 15 May 2020) Mr A Bassford (Appointed 15 May 2020) M Kochen (Appointed 8 July 2021)

Trustees' are recruited based on the skills, knowledge and experience that the Board requires to ensure that the charity is well governed.

None of the members of the trustees has any beneficial interest in the company. All of the members of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021 The cornpanrfs current policy conceming the paymènl of trade creditors is lo follow th8 CBI'S Prompt Payers Code Icopies are available from the CBI, Centre Point, 103 New Oxford Street. L¢)ndon WCIA 1DUI. The company's current poliGy concerning th8 payment of trade creditors is lo.. settle the terms of payment with suppliers whgn agreeing Ihg terms of gaGh trans4dion'. ensur8 that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts., and pay in accordanc8 with the companls contractual and other legal obligations. Trade creditors of the company ar8 aimed lo bo paid dLTrring the suppliers payment terns. Organlsational 8tructure Sustsinable Flsheries and Communilies Trust has been set up as a charitable company limited by guarante¢. It is managed by th& board of directors which fomis the body of trust tru3lees'. Empl¢y•e Involvfrmont AP￿1¢￿10n8 for employment by dl$abled persons are always fully considered. bearing in mind the aptitud8s of the applicant ¢on¢emed. In Ihe evenl of memb8rs of staff becoming disabled, every effort is made lo ensure that their employment within the trust continues and that the appropriate training is arranged. It is the policy of the trust that the training. career d8V8lopment and promotion of disabled persons should. as far as possible, identical to that of other employees. Disabl•d poTson# The trust's FM)Iicy is lo consult and diswss with gmployees, through unions, staff councils and at meetsngs, mattors likely to affect employees. interests. Infomation of matters of concern to employees is given through inforrnalion bulletins and reports which seek to achieve a common awareness on the part of all employoes of the financial and economic factors affecting the group's perforniance. The Irusle was app the Trustee5. Mr J Burton Trustee Dated.. 16

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE PERIOD ENDED 31 MARCH 2021

The trustees, who are also the directors of Sustainable Fisheries and Communities Trust for the purpose of company law, is responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the trustees is required to:

The trustees is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable it to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

I report to the trustees on my examination of the financial statements of Sustainable Fisheries and Communities Trust (the trust) for the period ended 31 March 2021.

Responsibilities and basis of report

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

Having satisfied myself that the financial statements of the trust 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 the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

DSA Prospect Limited

Mr Gary John McHale FCCA The Old Chapel Union Way Witney Oxfordshire OX28 6HD

Dated: 16 December 2021

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2021

Unrestricted
funds
2021
Notes
£
Income from:
Donations and legacies 3 133,920
Expenditure on:
Charitable activities 5 124,536
Net income for the year/
Net movement in funds 9,384
Fund balances at 15 May 2020 -
Fund balances at 31 March 2021 9,384
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST BALANCE SHEET ASAT 31 MARCH 2021 2021 Curr•nt a$s•ts Cash al bank and In hand 9,384 Net CU￿ent a8sels Income funds Unrestricted funds- general 9,384 9.384 The company is entitled to the exemption ffom the audit roquirem&nt contained in section 477 of the Companies Act 2006, for the period ended 31 March 2021. The directors acknowledge their responsibilities for complying with the r8quir@m8nts of th8 Companies Act 20C6 with respect lo accounting rocords and the preparation of financial slatemenls. The member has not required the company to obtabn an audit of its financial ststements for the perh)d in question in accordan(* with section 476. These financial statements have been prepared in accordance Ihe provisions applicable lo comp8nies subject lo the small companies regime. The financi te ntswe proved by th8 Trustees on ....... ........ Zc>VI MrJ Burton Trusts• mpany R•gS$tr•tlon No. CE021863

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Sustainable Fisheries and Communities Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 London Street, Reading, Berkshire, RG1 4PN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006 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) (effective 1 January 2019)". The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees has a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis as a liability incurred.

Charitable activities comprise of those costs incurred by the charity where the primary aim is the delivery of activities and services within the objects of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fess and costs linked to the strategic management of the charity.

All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of the resource.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
funds
general
2021
£
Donations and gifts 133,920

4 Description of charitable activities

Charitable activities

P rotect fishing livelihoods and communities in marginalised coastal States. Our charitable purpose is to educate and enable small-scale fisheries in the disadvantaged coastal States to enjoy secure and sustainable livelihoods while protecting the environment for future generations.

5 Grants payable

Charitable
activities
2021
£
Grants to institutions (5 grants):
Grant to institutions 99,766
Grants to individuals (2 grants) 23,558
123,324

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the period.

SUSTAINABLE FISHERIES AND COMMUNITIES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021

7 Employees

The average monthly number of employees during the period was:

2021 Number

Total -

8 Financial commitments, guarantees and contingent liabilities

The trustees does not believe there are any commitments, guarantees or contingent liabilities that need to be reported.

9 Events after the reporting date

As at the year end the trust does not have any adjusting or non-adjusting events to disclose.

10 Related party transactions

Transactions with related parties

During the period the trust entered into the following transactions with related parties:

Donations
received
2021
£
Other related parties 133,920

Donations received were pledged by World Wise Foods Limited a company in which one of the trustees is a director.