**Charity number: 1195940** 

## **THINKAQUA** 

## **UNAUDITED** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE PERIOD ENDED 31 DECEMBER 2022** 



## **THINKAQUA** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Examiner's Report**|5 - 6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 16|





**THINKAQUA** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

|**Trustees**|Dr David Little, Chair (appointed 11 October 2021)|
|---|---|
||Henry Graham Hughes (appointed 11 October 2021)|
||Richard Jones (appointed 11 October 2021)|
||Aisla Jones (appointed 11 October 2021)|
||Katherine Louise Prudden (appointed 11 October 2021)|
|**Charity registered**<br>**number**<br>1195940<br>**Principal office**<br>101 New Cavendish Street<br>London<br>W1W 6XH<br>**Independent examiner**<br>Harris & Trotter LLP<br>Chartered Accountants<br>101 New Cavendish Street<br>1st Floor South<br>London<br>W1W 6XH||



Page 1 



**THINKAQUA** 

## **TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022** 

The Trustees present their annual report together with the financial statements of the ThinkAqua for the period 27 September 2021 to 31 December 2022. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The objects of the CIO are: 

To promote sustainable development for the benefit of the public by: 

(a) the preservation, conservation and the protection of the environment and the prudent use of resources; (b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; 

(c) the promotion of sustainable means of achieving economic growth and regeneration. 

Sustainable development means “development which meets the needs of the present without compromising the ability of future generations to meet their own needs”. 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 

## **b. Activities undertaken to achieve objectives** 

Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.Para 1.17 and 1.19 ThinkAqua is delivering sustainability improvements for enhanced social, economic and environmental outcomes, particularly for smallholder farmers in developing countries. 

We have been working with smallholder fish farmers in Uganda, Kenya and Nepal to improve their productivity and reduce their environmental impact. We have been supporting smallholder shrimp farmers in Indonesia to reduce their environmental impact, disease burden and attain sustainability certification. 

We have also delivered global reference documentation on sustainable aquaculture development with international organisations. 

The information issued by the Charity Commission on public benefit was made available to all Trustees on joining the board of ThinkAqua and is used in evaluating and determining all activities of the Organisation. 

## **Achievements and performance** 

## **a. Main achievements of the Charity** 

ThinkAqua’s projects have: 

(a) Directly improved the livelihoods of 1,813 people through interventions on farms and through capacity building; 

(b) Improved the environmental, social and economic impact of 43,335 metric tons of fish and shrimp produced in Kenya, Uganda, Nepal and Indonesia; 

(c) Increased the capacity and understanding of 39 partner organizations about effective approaches for increasing sustainable aquaculture. 

(d) Two global reports on innovative approaches to addressing the potential of sustainable aquaculture. 

Page 2 



**THINKAQUA** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **Achievements and performance (continued)** 

## **b. Review of activities** 

The income for the Charity for the period under review was £290,622 and the expenditure in the furtherance of the Charity's objectives were £221,220. 

The Charity's restricted reserve at the period end was £550 and the unrestricted reserve was £68,852. 

## **Financial review** 

## **a. Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **b. Reserves policy** 

The Trustees have adopted a reserves policy whereby sufficient cash reserves are held to cover immediate and future committments. The balance of cash reserves at 31 December 2022 was £76,738. 

## **Structure, governance and management** 

## **a. Constitution** 

ThinkAqua is a registered Charity Incorporated Organisation, Charity number 1195940, and is constituted under a Foundation Model of Constitution. 

## **b. Methods of appointment or election of Trustees** 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the  Foundation Model of Constitution. 

Page 3 



THINKAQUA
TRUSTEES. REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
Statement of Trustees. responsibillties
The TDJstees are responslble for pr8parfng the Trustees. Report and the financlal statements in aGcordance with
applicable law and United Klngdom Accountlng Sland8rds (Unlted Klngdom Generally Accepted Accounting
Practiol.
Tha law appllcabl8 to thadties In England & Wales requlres the Trustees to prepare financid statements for
each financlal perfod whlch glve a twe and falr vlew of the slate of affairs of the Charity and of its incomin9
resources and appllGgtton of resources, Includln91ts Income and expenditur8, for that pertod. In preparing ihese
financlal statements, the Trustees a￿ requlred to:
select suitab16 accounting pollcles and Ih&n apply them ¢onslstenUy,
obseTve th6 method8 and principles of Ihe Chartties SORP (FRS 102);
make ludgments and accounting e$limat8s ihat are reasonable and prudent,.
state wh&ther applicable UK Ac￿Unting Standards IFRS 102) have b8@n follo￿d, 8ublect to any materfal
departures disclosed and explained in tho finan￿al statements-,
prepare the financial statements on tho going Goncem basls unte8s It Is In8ppropr18te to presumè that th8
Charfty w115 continue In business.
The Trustees are respon51b18 for keeplng adequate acuJuntlng records Ihal 8re $ufflclent lo show snd expl8ln
the Charftys transactions and dlsclose with Teasonable accuracy at any time the financial Fosition of the Charity
and enable them to ensure that the financlal statèments comply wllh the Ch8rftles Act 2011. th8 Charlty
(Aco)unts and Reports) Regulations 2008 and tho provision$ of th& Trust deed. They are 81so responsib18 for
safeguarding the assets of tho Charlty and henco for taklng reasonable steps for the prevenllon and de18Ctlon of
fraud and other lThegularfttes.
Approved
by
order
of
the
memb8r8
of
tha
board
Trusts88
and slgned on thelr behalf ty. 50
on
Dr Davld Llttle
Pag8 4

**THINKAQUA** 

## **INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **Independent Examiner's Report to the Trustees of ThinkAqua ('the Charity')** 

I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 December 2022. 

## **Responsibilities and Basis of Report** 

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). 

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent Examiner's Statement** 

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. 

Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

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: 

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do 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. 

Page 5 



**THINKAQUA** 

## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2022** 

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. 

Toby Webber ACA 

Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London W1W 6XH Dated: 30 September 2023 

Page 6 



**THINKAQUA** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2022** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Charitable activities:<br>Project costs<br>6<br>Grants paid<br>5<br>Governance costs<br>8<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Net movement in funds<br>**Total funds carried forward**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**42,009**<br>**-**<br>**42,009**<br>**41,459**<br>**-**<br>**-**<br>**41,459**<br>**550**<br>**550**<br>**550**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**248,563**<br>**50**<br>**248,613**<br>**162,997**<br>**6,000**<br>**10,764**<br>**179,761**<br>**68,852**<br>**68,852**<br>**68,852**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**290,572**<br>**50**|
|---|---|---|---|
||||**290,622**|
||||**204,456**<br>**6,000**<br>**10,764**|
||||**221,220**|
||||**69,402**|
||||**69,402**|
||||**69,402**|



The Statement of Financial Activities includes all gains and losses recognised in the period. 

The notes on pages 9 to 16 form part of these financial statements. 

Page 7 



THINKAQUA
BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
Currant assets
Cash at bank and In hand
76,738
76,738
17,336)
Cr8dltors: amounts falllng due within one year
12
N•t current assets
69,402
Total ass•ts1•88 currnnt Ilablllti
69,402
Nat ass•ts excludlng ￿Tr910n a$8ot
69,402
T¢)tal n•t as8•ts
69A02
Charlty funds
Restricted funds
Unr8strtcted funds
13
13
550
68,852
Total funds
69,402
The finandal stalements were approved and authorfsed for Issue by tho Tru8t888 on
<tr-Lt 2
and signed on thelr beh8W by.
Dr Davld Little
The noles on pages 9 to 16 forn part ofthese Itnancial ststements.
Page 8

**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **1. General information** 

ThinkAqua is a Charitable Incorporated Organisation registered with Charity Comission in England & Wales. Charity number 1195940. The registered office is 101 New Cavendish Street, London, W1W 6XH 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

ThinkAqua meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

## **2.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

Page 9 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **2. Accounting policies (continued)** 

## **2.3 Expenditure (continued)** 

Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.4 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.5 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.6 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

## **2.7 Financial instruments** 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.8 Pensions** 

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the period. 

Page 10 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **2. Accounting policies (continued)** 

## **2.9 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Income from donations and legacies** 

|Donations<br>Grants|**Restricted**<br>**funds**<br>**2022**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**£**<br>-<br>25,621<br>42,009<br>222,942<br>42,009<br>248,563|**Total**<br>**funds**<br>**2022**<br>**£**<br>**25,621**<br>**264,951**|
|---|---|---|
|||**290,572**|



## **4. Investment income** 

||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2022**|
||**£**|**£**|
|Interest receivable|50|**50**|



Page 11 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **5. Analysis of grants** 

Grants paid 

|**Grants to**|**Total**|
|---|---|
|**Institutions**|**funds**|
|**2022**|**2022**|
|**£**|**£**|
|6,000|**6,000**|



## **6. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Governance cost<br>Other project expenses<br>Staff wages and national insurance<br>Travel, hotel and subsistence<br>Legal and professional fees<br>Pension expense<br>Grants paid<br>Contractors fees|**Restricted**<br>**funds**<br>**2022**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**£**<br>-<br>10,764<br>-<br>16,071<br>24,000<br>58,902<br>2,661<br>13,011<br>-<br>8,510<br>-<br>3,567<br>-<br>6,000<br>14,798<br>62,936<br>41,459<br>179,761|**Total**<br>**2022**<br>**£**<br>**10,764**<br>**16,071**<br>**82,902**<br>**15,672**<br>**8,510**<br>**3,567**<br>**6,000**<br>**77,734**|
|---|---|---|
|||**221,220**|



Page 12 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **7. Analysis of expenditure by activities** 

|Governance cost<br>Other project expenses<br>Staff wages and national insurance<br>Travel, hotel and subsistence<br>Legal and professional fees<br>Pension expense<br>Grants paid<br>Contractors fees|**Activities**<br>**undertaken**<br>**directly**<br>**2022**<br>**£**<br>-<br>16,071<br>82,902<br>15,672<br>8,510<br>3,567<br>-<br>77,734<br>204,456|**Grant**<br>**funding of**<br>**activities**<br>**2022**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>6,000<br>-<br>6,000|**Governance**<br>**2022**<br>**£**<br>10,764<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,764|**Total**<br>**funds**<br>**2022**<br>**£**<br>**10,764**<br>**16,071**<br>**82,902**<br>**15,672**<br>**8,510**<br>**3,567**<br>**6,000**<br>**77,734**|
|---|---|---|---|---|
|||||**221,220**|



## **8. Governance costs** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Staff wages and national insurance<br>10,044<br>Staff pension costs<br>492<br>Independent examiner fee<br>5,400<br>Foreign exchange gain<br>(7,625)<br>Insurance<br>1,507<br>Telephone and internet<br>661<br>Bank charges<br>285<br>10,764|**Total**<br>**funds**<br>**2022**<br>**£**<br>**10,044**<br>**492**<br>**5,400**<br>**(7,625)**<br>**1,507**<br>**661**<br>**285**|
|---|---|
||**10,764**|



Page 13 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **9. Independent examiner's remuneration** 

||**2022**|
|---|---|
||**£**|
|Fees payable to the Charity's independent examiner for the independent examination of||
|the Charity's annual accounts|**5,400**|



## **10. Staff costs** 

|Staff wages and salaries<br>Staff national insurance costs<br>Staff pension costs<br>The average number of persons employed by the Charity during the period was as follows:<br>Employees|**2022**<br>**£**<br>**90,000**<br>**2,946**<br>**4,059**|
|---|---|
|||
||**97,005**|
||**2022**<br>**No.**<br>**2**|



One employee, the Chief Executive Officer  has received gross remuneration of £80,000 during the period. 

## **11. Trustees' remuneration and expenses** 

During the period, no Trustees received any remuneration or other benefits. 

During the period ended 31 December 2022, no Trustee expenses have been incurred. 

Page 14 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **12. Creditors: Amounts falling due within one year** 

|PAYE<br>Accruals and deferred income|**2022**<br>**£**<br>**1,936**<br>**5,400**|
|---|---|
|||
||**7,336**|



## **13. Statement of funds Statement of funds - current period** 

|**Unrestricted funds**<br>General Funds - all funds<br>**Restricted funds**<br>Restricted Funds - all funds<br>**Total of funds**<br>**Summary of funds**<br>**Summary of funds - current period**<br>General funds<br>Restricted funds|**Income**<br>**£**<br>**248,613**<br>**42,009**<br>**290,622**<br>**Income**<br>**£**<br>**248,613**<br>**42,009**<br>**290,622**|**Expenditure**<br>**£**<br>**(179,761)**<br>**(41,459)**<br>**(221,220)**<br>**Expenditure**<br>**£**<br>**(179,761)**<br>**(41,459)**<br>**(221,220)**|**Balance at**<br>**31**<br>**December**<br>**2022**<br>**£**<br>**68,852**|
|---|---|---|---|
||||**550**|
||||**69,402**|
||||**Balance at**<br>**31**<br>**December**<br>**2022**<br>**£**<br>**68,852**<br>**550**|
||||**69,402**|



## **14. Summary of funds Summary of funds - current period** 

Page 15 



**THINKAQUA** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022** 

## **15. Analysis of net assets between funds** 

**Analysis of net assets between funds - current period** 

|Current assets<br>Creditors due within one year<br>**Total**|**Restricted**<br>**funds**<br>**2022**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**£**<br>550<br>76,188<br>-<br>(7,336)<br>550<br>68,852|**Total**<br>**funds**<br>**2022**<br>**£**<br>**76,738**<br>**(7,336)**<br>**69,402**|
|---|---|---|



Page 16