**Charity number: 1195940**
## **THINKAQUA**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 - 17|
**THINKAQUA**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Trustees**|Dr David Little, Chair|
|---|---|
||Henry Graham Hughes|
||Richard Jones|
||Aisla Jones|
||Katherine Louise Prudden|
|**Charity registered**
**number**
1195940
**Principal office**
101 New Cavendish Street
London
United Kingdom
W1W 6XH
**Independent examiner**
Harris & Trotter LLP
Chartered Accountants
101 New Cavendish Street
1st Floor South
London
W1W 6XH||
Page 1
**THINKAQUA**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees present their annual report together with the financial statements of the ThinkAqua for the 1 January 2024 to 31 December 2024.
## **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, Rwanda and Nepal to improve their productivity and reduce their environmental impact through implementing better practices and utilising technological solutions. 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 studies on the future of aquaculture development in partnership with other 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 3,500 people through interventions on farms and through capacity building in local supply chains;
(b) Improved the environmental, social and economic impact of 26,000 metric tons of fish and shrimp produced in Rwanda, Uganda, Nepal and Indonesia;
(c) Increased the capacity and understanding of 42 partner organizations about effective approaches for increasing sustainable aquaculture.
Page 2
**THINKAQUA**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Achievements and performance (continued)**
## **b. Review of activities**
The income for the Charity for the year under review was £223,701 (2023: £211,146) and the expenditure in the furtherance of the Charity's objectives were £220,870 (2023: £236,838).
The Charity's unrestricted reserve at the year end was £46,541 (2023: £43,710).
## **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 2024 was £51,941.
## **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**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 year ended 31 December 2024.
## **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**
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 YEAR ENDED 31 DECEMBER 2024**
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 Date: 2 July 2025
Page 6
**THINKAQUA**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Charitable activities:
5
Project costs
Governance costs
**Total expenditure**
**Net income/(expenditure)**
Prior year reallocation of expenses
**Total transfers**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**223,570**
**131**
**223,701**
**195,792**
**25,078**
**220,870**
**2,831**
**-**
**-**
**2,831**
**43,710**
**2,831**
**46,541**|**Total**
**funds**
**2024**
**£**
**223,570**
**131**
**223,701**
**195,792**
**25,078**
**220,870**
**2,831**
**-**
**-**
**2,831**
**43,710**
**2,831**
**46,541**|_Total_
_funds_
_2023_
_£_
_210,990_
_156_
_211,146_
_216,655_
_20,183_
_236,838_
_(25,692)_
_-_
_-_
_(25,692)_
_69,402_
_(25,692)_
_43,710_|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
##
##
||Note||2024
E||2023f|
|---|---|---|---|---|---|
|Cunentassets||||||
|Debtors|11|||2s,499||
|Cash at bankandin hand||st,gar||35,508||
|||51,941||59,107||
|Cunent liabilities||||||
|Creditors: amounts falling due withinone||||||
|year|12|(5,400)||{15,397)||
|Netcurrent assets|||46,541||43,710|
|Total assets less currentliabilities|||46,541||43,71CI|
|Netassets excluding pension asset|||46,541||43,71CI|
|Totalnetassets|||46,541||43,710|
|Charityfunds||||||
|Unrestrictedfunds|13||46,541||#,714|
|Totalfunds|||46,541||43,714|
##
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **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 YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.3 Expenditure (continued)**
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 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.6 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.
## **2.7 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.
## **2.8 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.
## **2.9 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 year.
Page 10
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.10 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
Grants
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
100
-
223,470
-
223,570
_30,000_
_180,990_|**Total**
**funds**
**2024**
**£**
**100**
**223,470**
**223,570**
_210,990_|_Total_
_funds_
_2023_
_£_
_60_
_210,930_|
|---|---|---|---|
||||_210,990_|
|||||
## **4. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Interest receivable
131
_Total 2023_
_156_|**Total**
**funds**
**2024**
**£**
**131**
_156_|_Total_
_funds_
_2023_
_£_
_156_|
|---|---|---|
||||
Page 11
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Governance cost
Staff wages and national insurance
Travel, hotel and subsistence
Legal, professional and training fees
Pension expense
Project consultancy expenses
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
25,078
-
68,830
-
2,773
-
-
-
3,528
-
120,661
-
220,870
_19,376_
_217,462_|**Total**
**2024**
**£**
**25,078**
**68,830**
**2,773**
**-**
**3,528**
**120,661**
**220,870**
_236,838_|_Total_
_2023_
_£_
_20,183_
_89,418_
_12,278_
_30_
_5,748_
_109,181_|
|---|---|---|---|
||||_236,838_|
|||||
## **6. Analysis of expenditure by activities**
|Governance cost
Staff wages and national insurance
Travel, hotel and subsistence
Legal, professional and training fees
Pension expense
Project expenses
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
-
68,830
2,773
-
3,528
120,661
195,792
_216,656_|**Governance**
**2024**
**£**
25,078
-
-
-
-
-
25,078
_20,183_|**Total**
**funds**
**2024**
**£**
**25,078**
**68,830**
**2,773**
**-**
**3,528**
**120,661**
**220,870**
_236,839_|_Total_
_funds_
_2023_
_£_
_20,183_
_89,418_
_12,278_
_30_
_5,748_
_109,182_|
|---|---|---|---|---|
|||||_236,838_|
||||||
Page 12
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Governance costs**
|**Unrestricted**
**funds**
**2024**
**£**
Staff wages and national insurance
14,911
Staff pension costs
262
Independent examiner fee
5,400
Foreign exchange (gain) loss
(68)
Insurance
1,246
Telephone and internet
484
Bank charges
310
Advertising
2,340
Expo and conference fees
193
25,078
**8.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts|**Total**
**funds**
**2024**
**£**
**14,911**
**262**
**5,400**
**(68)**
**1,246**
**484**
**310**
**2,340**
**193**
**25,078**
**2024**
**£**
**5,400**|_Total_
_funds_
_2023_
_£_
_10,613_
_482_
_5,400_
_1,431_
_1,155_
_493_
_609_
_-_
_-_|
|---|---|---|
|||_20,183_|
|||_2023_
_£_
_5,400_|
## **9. Staff costs**
|Staff wages and salaries
Staff national insurance costs
Staff pension costs|**2024**
**£**
**80,851**
**2,890**
**3,790**
**87,531**|_2023_
_£_
_94,500_
_5,531_
_6,231_|
|---|---|---|
||||
|||_106,262_|
Page 13
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. Staff costs (continued)**
The average number of persons employed by the Charity during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Employees|**2**|_2_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2024**|_2023_|
|---|---|---|---|
|||**No.**|_No._|
|In the band £70,001|- £80,000|**1**|_-_|
|In the band £80,001|- £90,000|**-**|_1_|
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 December 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
## **11. Debtors**
|**Due within one year**
Trade debtors
Other debtors|**2024**
**£**
**-**
**-**
**-**|_2023_
_£_
_23,139_
_360_|
|---|---|---|
||||
|||_23,499_|
## **12. Creditors: Amounts falling due within one year**
|Trade creditors
PAYE
Accruals and deferred income|**2024**
**£**
**-**
**-**
**5,400**
**5,400**|_2023_
_£_
_7,856_
_2,141_
_5,400_|
|---|---|---|
||||
|||_15,397_|
Page 14
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds - all funds
**Statement of funds - prior year**
_Balance at_
_1 January_
_2023_
_£_
**Unrestricted funds**
General Funds - all funds
_68,852_
**Restricted funds**
Restricted Funds - all funds
_550_
**Total of funds**
_69,402_|**Balance at 1**
**January**
**2024**
**£**
**43,710**
_Income_
_£_
_181,146_
_30,000_
_211,146_|**Income**
**£**
**223,701**
_Expenditure_
_£_
_(217,462)_
_(19,376)_
_(236,838)_|**Expenditure**
**£**
**(220,870)**
_Transfers_
_in/out_
_£_
_11,174_
_(11,174)_
_-_|**Balance at**
**31**
**December**
**2024**
**£**
**46,541**|
|---|---|---|---|---|
|||||_Balance at_
_31_
_December_
_2023_
_£_
_43,710_|
|**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Restricted Funds - all funds
**Total of funds**|||||
|||||_-_|
|||||_43,710_|
Page 15
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Summary of funds**
**Summary of funds - current year**
|General funds|_Balance at_
_1 January_
_2023_
_£_
_68,852_
_550_
_69,402_|**Balance at 1**
**January**
**2024**
**£**
**43,710**
_Income_
_£_
_181,146_
_30,000_
_211,146_|**Income**
**£**
**223,701**
_Expenditure_
_£_
_(217,462)_
_(19,376)_
_(236,838)_|**Expenditure**
**£**
**(220,870)**
_Transfers_
_in/out_
_£_
_11,174_
_(11,174)_
_-_|**Balance at**
**31**
**December**
**2024**
**£**
**46,541**|
|---|---|---|---|---|---|
||||||_Balance at_
_31_
_December_
_2023_
_£_
_43,710_
_-_|
|**Summary of funds - prior year**||||||
|General funds
Restricted funds||||||
||||||_43,710_|
**15. Analysis of net assets between funds Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Current assets
51,941
Creditors due within one year
(5,400)
**Total**
46,541|**Total**
**funds**
**2024**
**£**
**51,941**
**(5,400)**|
|---|---|
||**46,541**|
Page 16
**THINKAQUA**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **15. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_59,107_
_(15,397)_
_43,710_|_Total_
_funds_
_2023_
_£_
_59,107_
_(15,397)_
_43,710_|
|---|---|---|
Page 17