Charity registration number 1189504 IEngland and Wales) SUSTAINABLE FISHERIES AND COMMUNITIES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J Burton Ms M Kochen Ms E Lukanga Charlty numb&r 1189504 Prlnclpal address 2 Chawley Park Cumnor Hill Oxford OX2 9GG Independent examlner DSA Prospect Limited First Floor 1 Des Roches Square Witsn Way Witney OX28 4BE Solicitors Winckworth Sherwood LLP 2 Chawley Park Cumnor Hill Oxford OX2 9GG
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST CONTENTS Page Trustees, report Statement of Iruslees. responsibilities Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial statements 7-12
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the trust's goveming document, the CharitiesAcl 2011 and"Accounling and Reporting by Charities. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Objectives and activities The trust's objects are to protect fishing livelihoods and communities in marginalised ¢oaslal Slates. The policies adopted in furtherance of these objects are to educate and enable small-scale fisheries in the disadvantsged coastal Stsles lo enjoy secure and sustainable livelihoods while protecting the environment for future generab'ons, and there has been no change in these during the year. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the trust should undertake. Achlevements and p&rfom)an¢e Financial review 11 is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that. in the event of a significant drop in funding. they will be able lo continue the trust's current activities while consideration is given to ways in which additional ftjnds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks lo which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. strUr&. gov9rnan¢e and managgm9nl The trust is a charitable incorporated organisalion ICIOI incorporated on 15 May 2020. It is governed by the constitution of a Charitable Incorporated Organisalion whose only voting members are ils charity trustees li.e. Foundation Model Conslilulionl. The trustees, who served during the year and up lo the dale of signature of the financial statements were.. Mr J Burton Ms L Nicholls Ms M Kochen Ms E Lukanga (Resigned 31 March 20251 Trustees, are recruited based on the skills, knowledge and experience that the Board requires lo ensure that the Charity is well governed. If the CIO is wound up, the members of the CIO have no liability to contribute lo ils assets and no personal responsibility for settling its debts and liabilities. The CIO'S current policy concerning the payment of trade creditors is lo follow the CBI'S Prompt Payers Ccxje (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DUI. The CIO'S current policy concerning the payment of trade creditors is lo.. sellle the terms of payment with suppliers when agreeing the terms of each Iransaclion., ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts., and pay in accordance with the charity's contractual and other legal obligations. Trade Creditors of the CIO are aimed lo be paid during the suppliers payment terms.
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisational structure Sustainable Fisheries and Communities Trust has been sel up as a chaiilable incorporated organisalion. 11 is managed by the Iruslees of the charity. The tru$lee$' report was approved by the Board of Trustees. Jo¥Wtoi.ilAug..12.2025 17."49."08 GMT+II MrJ Burton Trustee Dated.. 12-Aug-2025
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pradicel. The law applicable lo charities in England and Wales requires the Iruslees to prepare financial slalements for each financi81 year which give a true and fair view of the slate of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these financial stalemenls, the trustees are reqUId lo". select suitable accounting policies and then apply them ¢onsistenlly', observe the methods and principles in the 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 slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the finanaal position of the trust and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for t8king 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 report lo the trustees on my examination of the financial statements of Sustainable Fisheries and Communities Trust (the Irusll for the year ended 31 March 2025. Responsibilities and basis of report As the Iruslees of the trust you are responsible for the preparation of the financial stslemenls in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the Irusl's financial statements carried out under section 145 of the Charities Act 2011. In Carrying out my examination I have followed the Directions given by the Charity Commission under se¢tion 14515llbl of the Charities Act 2011. Independent examlnerfs statement Since the trust's gross income exeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confimi that l am qualified lo undertake the examination because l am a member ofACCA, which Is one of the listed bodies. Your attention is drawn lo the fact that the charity has prepared the finanaal statements in accordance with the relevant version of the Slalement of Recommended Practice applicable to charities preparing their financial statements in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities." Slalemenl of Recommended Practice issued on 1 April 2005 which is referd lo in the exlanl regulations bul has now been withdrawn. l understsnd that this has been done in order for the financial stslemenls lo provide a true and fair view in accordance with UK GenerallyAccepted Accounting Practi. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respe¢t'. accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011. the financial slalements do not accord with those records,. or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial slalements give a true and fair view, which Is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalements lo be reached. DSA Prospect Limited Mr Gary John McHale FCCA First Floor 1 Des Roches Square Witan Way Wilney OX28 4BE Dated..
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Unrestrlcted funds funds 2025 2024 Notes Income from: Donations and legacies 951,897 926,881 Total Income 951,897 926,881 Expenditure on- Charitable adivities 930,487 909,112 Totsl expendlture 930,487 909,112 Net income and movement in funds 21,410 17,769 Reconciliation of funds- Fund balances al 1 April 2024 21,982 4,213 Fund balances at 31 March 2025 43,392 21,982 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Current assets Cash at bank and in hand 66,716 23,532 CredFtors: amounts falllng due wlthln one year 11 123,3241 11,5501 Not current assets 43,392 21,982 The funds of the trust Unrestricted funds 12 43,392 21,982 43,392 21,982 The financial stsleTnents were approved by the trustees on ..1.2Au?2025 J•&lWu.r.ton IAug 12: 2025 17=49..08 GMT+II Mr J Burton Trustee
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity inforniation Sustainable Fisheries and Communities Trust has been sel up as a charitable incorporated organisation. It is managed by the board of directors which forms the body of trust trustees,. 1.1 Accounting convention The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 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 lo prepare a Slalement of Cash Flows. The financial slalements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practi which is referred lo in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees contsnue to adopt the going concern basis of accounting In preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Iruslees in ftjrtherance of their charitable objectives. Reslricled funds are subject to specific conditions by donors or grantors as to how they may bè used. The purposes and uses of the restricted funds are sèt out in the notes lo the financial slalements. Endowment ftjnds are subject lo speryfic conditions by donors that the capital musl be maintsined by the trust. 1.4 Income Income is recognised when the trust is legally entV(led lo il after any performance conditions have been mel, the amounts can be measured reliably. and il is probable that income will be received. Cash donations are recognised on reipl. Other donations are recognised once the trust has been notified of the donation, unless performan conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or otherwise rf 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 ntingent asset.
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is accounted for on an accruals basis as a liability incurred. Charitable activities comprise of those costs incurred by the charty where the primary aim is the delivery of activities and services within the objects of the charity. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature lo necessary lo support them. Govemance costs include those costs associated with meeting the conslitulional and slatulory requirements of the charity and indude the independent examination fess and costs linked lo the strategic management of the charity. I costs are allocated bebNeen expenditure categories of the SOFA on a basis designed to reflect the use of the resour. 1.6 Cash and cash equivalents Cash and cash equivalents indude cash in hand, depgsits held at call wth banks. other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 8aslc flnanclal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable wthin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale 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 CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequenuy measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Irusl's contractual obligations expire or are discharged or cancelled. 1.7 Employee benefits The cost of any unused holiday enlillement is re¢ognised in the period in which the employee's servi¢es are received. Temiination benefits are recognised immediately as an expense when the trust is demonstrably committed ID terminate the employment of an employee Dr to provide lerminalion benefits.
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the Irusl's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual resu115 Tnay differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales 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 ftjture periods where the revision affects both current and future periods. In¢omg from donatlons and 19gac19$ Unrestrlcted Unrestrlcted funds funds 2025 2024 Donations and grfts 951,897 926,881 Expenditure on charitable activities Total 2025 Total 2024 Direct costs Webs(te costs Sundry Conferences Subcontractor Costs Travel subscripb.ons 3,435 12,5831 51,855 128,984 154,148 875 3,049 850 2,543 81,474 336,714 87,916 Grant funding of adivib'es (see note 61 3e3,102 285,055 Share of support and govgrnance ¢o$ts l$ee not& 71 Governance 230,671 536,141 930,487 909,112 Analysls by fund Unrestricted funds 930,487 909,112
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Description of charitable activities Prole¢l fishing livelihoods and communities in marginalised coastal Slates. Our charitable purpose is to educate and enable small-scale fisheries in the disadvantaged coastal Slates to enjoy secure and sustainable livelihoods while proteding the environment for future generations. Grants payable Charltable Charltable actlvltles actlvltles 202S 2024 Other 129,465 80,229 Grants lo individuals 233,637 204,826 363,102 285,055 Support costs Govemance costs 2025 2024 Consultancy fees Accountsncy 229,121 1.550 229,121 1.550 534,701 1,440 230.671 230,671 536,141 Analysed beheen Charitable activities 230,671 230,671 536,141 Tru$lee$ During the financial year, one of the trustees received one payment lolalling £2,40012024'. £5,370.42). These payments were made as sponsorship contributions toward the trustee's PhD. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number 10-
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Employees Icontlnuedl There were no employees whose annual remuneration was more than £60,000. 10 Taxation The charity is exempt from laxalion on its activities because all Its income is applied for charitable purposes. 11 Creditors- amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 21,324 2,000 1,550 23,324 1,550 12 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These indude designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 General funds 21,982 951,897 1930,4871 43,392 Prevlous year: At 1 Aprll 2023 Incomlng resources Resources At 31 March expended 2024 General funds 4,213 926,881 1909,1121 21,982 13 Flnan¢lal ¢ommltmgnts, guarant99$ and ¢ontlng9nl Ilabllltlg$ The trustees does not believe there are any commitments, guarantees or conlingenl liabilities that need lo be reported. 14 Events after the reportlng date As al the year end the trust does not have any adjusting or non-adjusling events lo disclose.
SUSTAINABLE FISHERIES AND COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 15 Related party transactions Transactions with related parties During the year the trust entered into the following transactions wth related parties.. Donations r9¢9lv9d 202S 2024 Other related parties 951,897 911,881 951,897 911,881 The charity received donations from one or more of ils trustees during the year. These donations were made thoul condV(ions, and no related benefits were provided lo the trustees. 12-