REGISTERED CHARITY NUMBEIL" 1194573 TC Group The Old Carriage Wwks R¢*J C(Ynwall Trl IDG CONTEM OF THE FINANCIAL STATEMENTS R THE YEAR ENDED 5 APRIL 21 Report Of the Trustees Independent E%&nhlner's Re￿rt Statement of FSnaDCl￿ AcllvltleB Statement OfFIn￿￿18[ P&sitlo Notes to the Flnandal Statemen18 7 ￿ 10 Detslled Ststement •)fFlnandal A¢tlvlll¢s THE PRIL 2024 The thjstees preseni their [¢￿t with the financial statements of the C?￿Lty for the year ended 5 April 2024. The trusiees have adopted the pmvisions of Accounting aT￿ Rewrting by CharitLes'. StAtemeni of Recommended Pracii¢¢ uppli¢Jble to charities prepaTing their in aeeordance with the Fin9￿claI Reporting Stsndard applicable in the UK and Republic of Ircland (FRS 1021 (effethivc l January 2019). oBJE￿IVEs AND ACTIVITIFS ObJvtlY¢s ODd aln The object of rhe Foundation is ￿ promotr the conservation of the biodiversity of Ihe Central Arai¢ Ocean's IEAO,) hL8h region for the FwKfii of the Arciic c¢rcump)lar peoples. benefit and the widerBlobal public. Slgnlfleknt 4ctlvltle8 A- cond￿ting i)r commissioning rnarine wi]dllfe and ec05ysiem reseorth and prornotiTI8 the pro8r¢ss 8nd publication of such rtseareh. B - Orwising projects, programw and adiviti¢% thai infomi the k¢y $taknhold¢r wups ond tho Brilish and internaiional public about the issues and solutions fuciTh8 ihe region's biodiversity. C- Ptomotin8 WLenc¢-b￿d Wnserv￿lOn meosures which can underpin the esiablishmeni of a marine prolecied area (or equivaltntl for the hL8h 8ea8 region of the CAO. GranemAkln# A ￿l1¢Y on grani.making WLS Approved by the FoUnd￿lOn,8 board for the awoJding of gronis for [ese9￿h io be IIDdenaken by the Urtiversity of Exe¢er. Volunteers We hlld niThe Briii%hloverseos volunteers working Wlthin our Spe¢ia] Advisory Group and one volunteer workitt8 on projects with only Oul-of.F￿kcf expenses payJbk. The four trustee5 C￿ the board of trus￿$ are satisfied Ihc public benefit Tequiremertt dern￿ded of ￿ North Foundation 1$ meL All tritsiees 8re 2wll￿ of th¢ relevoni guidonce and are kept infomied of any ehonges by the Chllriti&$ Commission by emaileA upknt¢s. ACHIEVEMEFn AND PERFORMANCE Ch8rltabl¢ aci1v1￿¢S From April 2023-Apftl 2024 {Year 31 WOTk ¢oniinuuJ ￿ be r￿used on resetrehing the science, issues artd S¢Hkeholders rel￿1ng io biodiversity in the CAO in preparation forthe FoundAtion's public launch in September2022. A compr¢hen5ive and subswiii&l webslte w&4 kept ypdAwl.' and 4 ¢ompreh¢nsiv¢ Ni$sion Overview. dOcurn￿l was updated. LLtters of Engagement continue to ￿ active with ary0Unt￿y p￿17¢¢ (IAng B¢nDeitsrrc GrowJ> and legal practice (Siephens Scown). A MeMorar￿um of Understanding regarding a research partncr5hip between the University of Exeter arld ￿ North Foundatioll continue5 to be active: &nd the fixmework for the envisaged A￿tiC Ocean Re5carch Unit w&% set up within the Univernity of Exeler aTKi dixounkdcosrs were offered fora rangeof r&%eorch pos A photographic exhibition about ihe Arciie lkn'$ bi¢xliversity $ts8ed ai s¢v¢r41 int¢rnational wnf¢renvs, A series of keynoie sp*eches were made at Intern￿lOnal confettnces ab)ut the F¢xmdaiion's work. PcKlwt intetview5 were given and promotdResearch w&8 Ut¥Jettsken to develop an effectiv¢ cons¢rYation adv(w strategy. FINANCIAL REVIEW FIDandal posltlon The turnoverof th¢ Fourtdation bElow £150,000. It rematned in cffdit. It had no outs￿ding liabilities. RT FTHETR HE YEAR ENDED 5 APRIL 2024 FINANCIAL REVIEW Prlnclp81 fvndlng sources Ini80 Ltd rnade donations of £125,Crf)O artd £18,000. Reserves poilcy Jnsuificient funds to d4t4 but it Is planned to ac¢umulate £30.000 resetves as soon Is reasonably possibl¢. Rlsk5 the cbarlty Jrtsufficient fundin8 to undertake the three aTCaS of work at the plann￿ scale. STRUCTURE, GOVERNANCE AND MANAGEMEKT GovernlD% document The chariry is eontrolIed by its Bovernlng documen( a deul of trusi and const1w￿ an unincorp)rat￿l charity. Cknrlly comtllullon ) North Foundoiion is a ChArirable Jneorry)rateAI Organi541i¢)n JDd 15 gov¢rned by a conslitution. Reernllrn¢n¢ and ￿P￿In(Ment ofnew trusttts Ap8rt from the fwst trysie¢, every In￿tte must be #PPJInt￿ (or 4 tenn of thre¢ year6 by A resolution passul ai a prcwly eonvened m¢¢ting of the Foundatioll's trustCC.S. In selectlng individtJt¢ls for ￿p￿IntMent Aa trust¢e$. the Foundaiion's Irustees mus¢ have regard ￿ the skil]s. knowledge and experien¢¢ needed for the effective adminlstrdtion of the CIO. InducllDn *nd lrnlnlng ofnew Irnsle The trustees will make available to new tNsiee, on or Ixfore his or her first apw)intmeni'. a eopy of the cuntni version of the consliwiionlgovernlng do¢um¢nt: 4 copy of the FOut￿￿10n's Illtest Trt￿le¢s ArtnuAI Report tnd statemeni of Accoun￿. Wlder network The Foundation had no employ¢¢8 on o payrnll. All paid work wos undertaken on y freelance basis by individyals or through Contr￿ted wy services. All work for the period Apr 2023 - Apr 2024 was ¢omrnissioned by the board of trus*es and deliveredlrnanased by th¢ ¢haTity'S executive director who w&8 puid through P¢n Hodow Consulwn¢y Ltd. REFERENCE AND ADMIN￿RATIvE DETAILS Reglstered Charlty number 1194573 Prlndpal 4ddreBS Little Orchard Bedehestcr 5HAFfsBURY Dorset SP7 OJU Trusle¢s MrD J Williams MrP B Hinchliff¢ Pmfessor B J G(￿leY TC Group The Old Carriage Works Moresk Road Comwati Trl IDG Page 2 FOR THE YEAR ENDED 5 APRIL 2024 1911112024 ApProv￿bY orderof the Of￿￿￿¢S IM.............................---- aThJ sig￿￿ onits beI￿fby. Mr DJ Wdliams-TnL8t Eprf EXAMINER'S RE RTTO I report to the m￿re¢S on my examit)ation of the financial $i*ements ￿ Nonh F￿ndati 38550 (31 J92) RECONCILIATION OF FUNDS Totsl fvndsbrought fonvard (31.161) 431 TOTAL FUNDS CARRIED FORWARD 7389 (31.161) S APIUL 2024 )24 Unrestiiaed Tothl fimd CURRENT ASSETS Cash at b￿k 14242 2266 CREDITOI Amounts fallingdue within year (6,853) (33.427) 7,389 {31.161) TOTAL ASSETS LESS CURRE LIABILTri&s 7389 (31.161) NET ￿SETsY{UABILjT1LS) 7.389 (31.161) 7,389 {31.161) TOTAL FUNDS 7.389 {31.161) The ftnancial stsie¥nents wete aAxot4ed by thE Bo2rd of TnL4ees atyj *utlN)ri5aJ for i&sue 121.1.112024.....-...- wue sig￿1￿) its Eth8lf by. MrD J Williarns-Tru#ee ORTH F #J YEAR ENDED S APRIL 2024 ACCOUNTING POLICITrS Thc fmancAal sts*ments of the chariry. wh*h is a ￿￿TrIC iuefit C￿lty FILS 101 bav¢ been prepara in cordantt with the Clwities SORP IFRS IW2) 'AccLM]ntin8 a￿1 RerAKDng by Chariiie&' Skiemeni of Recommended Pl￿tIce atry>licabk ￿ ¢haritias rKeparin8 their actounts in ac¢(the with the Financial R¢p)rring Standard applicabk in the UK arxl Republic of Ire]oThJ IFRS 102) (efftttive l January 2019),. Financiat R¢tffjing StsTrJaYd 102 Tr FUja￿l￿ Rew1llig arvlieable in the UK and Republtc of lttland. and the Clwitses Act 2011. Tr statements have t*en prepared under the histi)rical Cost convention. Ino)me All tncome is T￿O￿ls￿l in the Statrmert of F￿ncial A¢ttviiies the ch8xity h&$ erttiijemefjt to the fim(Ls. it is pmbable that th¢ irKome will Lr received the 8nKxJmcan te n￿aSUr￿ reliably. Liabilitie5 a￿ re¢wistiJ &$ ex[￿1￿￿¢ as s￿) as is a kgal or C4X￿[uctivt obli8ation ￿mmItt1n8 the h￿lty to thai expendittut. it is tKobable that a transfcr of ec(mmic TrKnefits will be wuired in settlemeni a>)d the ￿n￿rtt of the oblL8ation can It reliably. Ext¢nditsI￿ is ¥¢oun*d for on an accnrals b&sis a￿[ has be￿ Classified uThJer he&tings thai aggrydtr all c(￿t relatyl ￿ the ca*gory. WheTf costs cannot ￿ ditecdy attribui&l io pmrticular headings they have been athKat￿ tr) activities on a basis cortsistent with the use of Charlthble Adlvl Charitsbk a￿l¥ltI4￿ I￿]u& all exEaKlitUteass￿l￿￿ with Wtin8 theclwitable wThk UnresttiL￿￿ be ￿1n with theclmrithkobiectives at￿di￿ra1￿ of th¢ ￿￿tres. RestTiCLed can be used for ￿[tiCUlar rtstriual pwpxes within thc objects of the clwity. Restrietions ise when stttirl￿ by the do￿rorW￿￿n fLtrwJs arerai￿ fly p•niothirtStric*d Pur￿￿. Further explan￿1￿ of the natw¢ cach fund is indu0￿1 iti the ts)tes to the financial $ta¢ernent& 2024 74 continued... R ThE YEAR ETr4 PRIL 20 Supi costs (see 4) C￿Sts awitabk kniviiies 1012f 3258 104324 SiJPPORT CIM3 Totsls Charitable Acti￿711¢4 314 3,258 TRUSTEFS. REMUNERATION AT4D BENEFITS There were ￿ Irustee5' other benefits f(r the yw 5 AFYil 2024 ncr year ¢nded 5 April 2023. There were no ¢r￿￿ttes, eXpth￿ ￿ld forthe yearath 5 Arffil 2024 fty the ended 5 April 2023. COMPARATIVLS FOR ThE STATEMEKfoF FINANCIAL ACTIVITIFS INCOME AND ENDOWMENfs FROM Investsneni iKome EXPENDITURE ON Cknrlthbit adlvltlts ChaTithble Auivii¢es 31,59) NET INCOMFJ(EXPENDTfuRE) (31,592) RECONCILIATION OF FUNDS Total funds brought lorw8rd 431 (31.161) E FINANCIAL TATEME HE YEAR ENDED 5 APRIL 2024 CREDITORS: AMOiJNTS FALLING DUE wrrHIN ONE YEAR 2024 2￿23 OthercTalit( 6.853 33A27 Net mov¢ment in funds At 614r23 514r24 Unrestrleled fvDds General fund (31.161) 38,550 7,389 TOTAL FUNDS {31.161) 38J50 7.389 Net mov¢rnent in fuThJs, Inclu￿ in the above are as follows., Incomin8 Resourceg Cxr¢[￿Cd Movement in funds Unrutrtcted fundi G¢n¢rul fund 143,074 {104J24) 38JS0 TOTAL FUNDS 143.074 (104,524) 38.550 Compar&llves for rnovement In Net movement In funds At 514r23 At614122 Unrulrfcted funds General fvnd 431 (31 J92) (31,161) 431 (31,5921 (31.161) Comparntive net movement in funds, included in above tr¢ as follows.. IncoTnin8 resources Resources expended Movement in fvnds Unttstrleted tsnds General fwid (31599) (31,592) TOTAL FUNDS (31,599) (31592) Page 9 contiAU•4... NORTH ATION OR THE ED 5 APRJL MOVEMENf IN FUNDS. eonlithued Acurreni year 12 months 8t￿ prior year 12 n￿nthS ¢ombined trt)si¢ton is 8$ follows.. Net rnovement in fLEnds At 514ll4 At 614r22 UnrestAcW fwm Getternj fund 431 0.958 7,389 TOTAL FUNDS 431 6.958 7.389 A Cu￿¢￿1 Ye￿ 12 monihs and prior year 12 months combirted n¢t n]ov¢m¢nl in funds, included lrt the alKJve 8rc follows.. Incomin8 Res