**Shrimp Welfare Project** Trustee Annual Report
Charity Registration number: 1204414 Company number: 14013279
## **Shrimp Welfare Project**
Report and Financial Statements for the Year Ended 31 March 2025
**Shrimp Welfare Project** Trustee Annual Report
## **Index**
|Trustee Annual Report|1|
|---|---|
|Independent auditors’ report|5|
|Statement of financial activities|9|
|Balance sheet|10|
|Statement of cash flows|11|
|Notes to the accounts|12|
**Shrimp Welfare Project** Trustee Annual Report
## **Trustee Annual Report**
For the year ended March 2025
The trustees, who are also the directors for the purpose of company law, present their report and the financial statements for the year ended 31 March 2025.
## **1. Reference and Administrative Details**
Charity name: Shrimp Welfare Project
Charity registration number: 1204414
Company number: 14013279
Registered address: International House, 45-55 Commercial Street, London, E1 6BD
Trustees: Andrés Guillermo Jiménez Zorrilla, Vicky Cox, James Ozden, Manfred McKenzie
Co-Executive Directors: Aaron Boddy & Andrés Guillermo Jiménez Zorrilla
Auditors: Goldwins Limited, 75 Maygrove Road, London, West Hampstead, NW6 2EG
## **2. Structure, Governance and Management**
The Shrimp Welfare Project is a registered charity and a company limited by guarantee, governed by its Memorandum and Articles of Association.
Organisational structure: The charity is led by Co-Executive Directors, supported by a team of specialists in research, operations, and communications.
Shrimp Welfare Project maintains the following key internal policies:
- Conflict Management Policy: Addressing internal and external conflicts, featuring structured resolution processes and non-retaliation protections
- Anti-Harassment and Bullying Policy: Outlining complaint procedures, team member support, and external advisor provisions for leadership-related cases
- Equal Opportunities Policy: Prohibiting discrimination based on protected characteristics while promoting merit-based evaluation
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**Shrimp Welfare Project** Trustee Annual Report
- Risk Management Framework: Using a risk register to identify and mitigate organizational risks
- Reserves Policy: Maintaining adequate free reserves for financial stability during unforeseen circumstances
## **3. Objectives and Activities**
Charity's aims: To promote humane behaviour towards shrimps in shrimp farming and promote sustainable options for aquaculture.
Main activities undertaken to further the charity's purposes for public benefit:
- Conducted and published research on shrimp welfare and farming practices
- Engaged with corporate partners, producers, and retailers to promote higher welfare practices
- Developed and shared resources on shrimp welfare
- Organised and participated in industry events to promote shrimp welfare
- Collaborated with academic institutions on welfare studies
## **4. Achievements and Performance**
## **Corporate Engagement:**
- Secured a shrimp welfare policy with Morrisons, a major UK retailer
- Signed two new Memorandums of Understanding (MOUs) with industry partners
- Featured in the Welfare Matters October 2024 newsletter for our partnership with TP and Labeyrie
## **Research and Publications:**
- Published the "Shrimp Paste and Animal Welfare" scoping report on the EA Forum in May 2024
- Continued refinement of our Welfare Index for measuring welfare conditions in shrimp farming operations
## **Outreach and Communication:**
- Significantly increased website traffic, reaching 1,500 clicks in a 28-day period by December 2024 (up from previous best of 700)
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**Shrimp Welfare Project** Trustee Annual Report
- Published monthly newsletters with strong engagement, reaching over 200 subscribers with open rates of 71% and click rates of 18% by December 2024
- Participated in Effective Altruism Global (EAG) London and other industry events
## **Organisational Development:**
- Continued professional development of the Board of Directors
- Maintained robust OKR (Objectives and Key Results) systems
- Completed all statutory reporting requirements
- Hired a Full-Time Communications Lead
## **5. Financial Review**
Reserves policy and level of reserves: Shrimp Welfare Project (SWP) maintains a reserves policy to ensure financial stability, protect against unforeseen challenges, and support the organization's mission. The policy sets a target of unrestricted reserves equivalent to 6 months of core operating costs, reviewed annually to reflect financial needs and risks. Access to reserves requires Board approval, and plans are in place to replenish reserves if they fall below the target level. Reserves are monitored quarterly and reported annually in financial statements to ensure transparency and accountability.
## **6. Plans for Future Periods**
- Expand our corporate engagement efforts, focusing on large producers and retailers with potential to implement higher welfare practices
- Continue to develop and refine our Welfare Index for shrimp farming
- Further develop our research on alternative shrimp farming methods and welfare improvement techniques
- Strengthen our organisational capacity and governance structures
- Enhance our monitoring and evaluation processes across all workstreams
- Continue to build and engage our audience through targeted communications and outreach efforts
## **7. Statement of Trustees' Responsibilities**
Trustees (who are also directors of Shrimp Welfare Project for the purposes of company law) are 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).
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**Shrimp Welfare Project** Trustee Annual Report
Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
This report was approved by the Board of Directors and Trustees on 24 August 2025 and signed on their behalf by:
..........................................................
Andrés Guillermo Jiménez Zorrilla
Trustee
Page 4
**Shrimp Welfare Project** Trustee Annual Report
## **Independent auditors’ report to the trustees of Shrimp Welfare Project**
## **Opinion**
We have audited the financial statements of Shrimp Welfare Project (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statement s section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5
**Shrimp Welfare Project** Trustee Annual Report
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
- the financial statements are not in agreement with the accounting records and returns; • certain disclosures of trusteesʼ remuneration specified by law are not made; or • we have not obtained all the information and explanations necessary for the purposes of our audit.
Page 6
**Shrimp Welfare Project** Trustee Annual Report
## **Responsibilities of the trustees**
As explained more fully in the trusteesʼ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included the following: • We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charitable company's policies and procedures relating to: • Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
• The internal controls established to mitigate risks related to fraud or non -compliance with laws and regulations.
• We inspected the minutes of meetings of those charged with governance.
• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. • In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or
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**Shrimp Welfare Project** Trustee Annual Report
non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorʼs report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
………………………………………………….
**Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG**
Date: 8 September 2025
Page 8
## **Shrimp Welfare Project Ltd Statement of Financial Activities**
(incorporating an income and expenditure account)
## **For the year ended 31 March 2025**
|**Note**
**Income from:**
Donations
**3**
Investments
**4**
**Total income**
**Expenditure on:**
Charitable activities
**5**
**Total expenditure**
**Net income for the year**
**6**
**Net movement in funds**
**Reconciliation of funds:**
**13**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
_Total_
_funds_
**2025**
**2025**
**2025**
_2024_
**£**
**£**
**£**
_£_
2,179,624
-
2,179,624
_1,465,443_
62,651
-
62,651
_-_|
|---|---|
||**2,242,275**
**-**
**2,242,275**
_1,465,443_|
||592,743
-
**592,743**
_385,807_|
||**592,743**
**-**
**592,743**
_385,807_|
||**1,649,532**
**-**
**1,649,532**
_1,079,636_|
||**1,649,532**
**-**
**1,649,532**
_1,079,636_
1,467,381
-
**1,467,381**
_387,745_|
||**3,116,913**
**-**
**3,116,913**
_1,467,381_|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
Page 9
## **Shrimp Welfare Project Ltd Balance Sheet As at 31 March 2025**
|**Note**
**Fixed assets:**
Tangible assets
**9**
**Current assets:**
Debtors
**10**
Cash at bank and in hand
**Liabilities:**
Creditors: amounts falling due within one year
**11**
**Net current assets**
**Total net assets**
**Funds**
**13**
Restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
**Total funds**|**2025**
**2025**
_2024_
_2024_
**£**
**£**
_£_
_£_
**465,383**
_193,567_
9,966
_9,966_
2,647,564
_1,269,848_
**2,657,530**
_1,279,814_
**(6,000)**
_(6,000)_
**2,651,530**
_1,273,814_
**3,116,913**
_1,467,381_
**-**
_-_
**3,116,913**
_1,467,381_
**3,116,913**
_1,467,381_
**3,116,913**
_1,467,381_|**2025**
**2025**
_2024_
_2024_
**£**
**£**
_£_
_£_
**465,383**
_193,567_
9,966
_9,966_
2,647,564
_1,269,848_
**2,657,530**
_1,279,814_
**(6,000)**
_(6,000)_
**2,651,530**
_1,273,814_
**3,116,913**
_1,467,381_
**-**
_-_
**3,116,913**
_1,467,381_
**3,116,913**
_1,467,381_
**3,116,913**
_1,467,381_|
|---|---|---|
||**3,116,913**||
|||_1,467,381_|
|||_-_
_1,467,381_|
||||
|||_1,467,381_|
The financial statements were approved and authorised for issue by the trustees on 24 August 2025 and signedon their behalf by:
## **Andres Guillermo Jimenez Zorrilla**
## **Company registration number: 14013279**
The attached notes form part of the financial statements.
Page 10
**Shrimp Welfare Project Ltd Statement of Cash Flows For the year ended 31 March 2025**
|**Note**
**Cash flows from operating activities:**
Net cash provided by / (used in) operating
activities
**14**
**Cash flows from investing activities:**
Sales/ (purchases) of fixed assets
Interest income
**Cash provided by / (used in) investing**
**activities**
**Change in cash and cash equivalents in the**
**year**
Cash and cash equivalents at the beginning of
the year
**Cash and cash equivalents at the end of the**
**year**
**15**|**2025**
**2025**
_2024_
_2024_
**£**
**£**
_£_
_£_
**1,703,227**
_1,124,062_
(388,162)
_(219,864)_
62,651
_-_
**(325,511)**
_(219,864)_
**1,377,716**
_904,198_
1,269,848
_365,650_
**2,647,564**
_1,269,848_|
|---|---|
|||
Page 11
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
## **1 Accounting policies**
## **Basis of preparation**
The financial statements have been prepared 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 (Charities SORP FRS 102) and the Companies Act 2006.
The charitable company 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 or note.
## **Going concern**
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## **Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
## **Donations of gifts, services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **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 bank.
## **Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
Page 12
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
## **1 Accounting policies (continued)**
## **Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
- Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **Allocation of support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.
## **Operating leases**
Rental charges are charged on a straight line basis over the term of the lease.
## **Tangible fixed assets**
Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Plant and machinery
25% reducing balance method
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at bank and in hand**
Cash at bank and cash 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.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **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.
Page 13
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
## **2 Detailed comparatives for the statement of financial activities**
|_Income from:_
_Donations_
_Total income_
_Expenditure on:_
_Charitable activities_
_Total expenditure_
_Net income for the year_
_Net movement in funds_
_Reconciliation of funds:_
_Total funds brought forward_
_Total funds carried forward_
**3**
**Income from donations**
Donations
**4**
**Income from investments**
Bank interest|_Unrestricted_
_funds_
_Restricted_
_funds_
_Total_
_funds_
_2024_
_2024_
_2024_
_£_
_£_
_£_
_1,465,443_
_-_
_1,465,443_
_1,465,443_
_-_
_1,465,443_
_385,807_
_-_
_385,807_
_385,807_
_-_
_385,807_
_1,079,636_
_-_
_1,079,636_
_1,079,636_
_-_
_1,079,636_
_387,745_
_-_
_387,745_
_1,467,381_
_-_
_1,467,381_
**Unrestricted**
**Restricted**
**Total**
_Total_
**2025**
**2025**
**2025**
_2024_
**£**
**£**
**£**
_£_
2,179,624
-
2,179,624
_1,465,443_|_Unrestricted_
_funds_
_Restricted_
_funds_
_Total_
_funds_
_2024_
_2024_
_2024_
_£_
_£_
_£_
_1,465,443_
_-_
_1,465,443_|
|---|---|---|
|||_1,465,443_
_-_
_1,465,443_
_385,807_
_-_
_385,807_|
|||_385,807_
_-_
_385,807_
_1,079,636_
_-_
_1,079,636_|
|||_1,079,636_
_-_
_1,079,636_
_387,745_
_-_
_387,745_|
|||_1,467,381_
_-_
_1,467,381_|
||**2,179,624**
**-**
**2,179,624**
_1,465,443_||
||**Unrestricted**
**Restricted**
**Total**
_Total_
**2025**
**2025**
**2025**
_2024_
**£**
**£**
**£**
_£_
62,651
-
62,651
_-_||
||**62,651**
**-**
**62,651**
_-_||
Page 14
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
## **5 Analysis of expenditure**
For the year ended 31 March 2025
|Freelancers and contractors
Wages and salaries
Advertising
Bank charges
Legal and professional fees
General administrative expenses
Travelling expenses
Depreciation
Audit fee
Foreign exchange (gains)/losses
Support costs
Governance costs
**Total expenditure 2025**
**Total expenditure 2024**|**Charitable**
**activities**
**Support**
**costs**
**Governance**
**costs**
**2025**
**Total**
_2024_
_Total_
**£**
**£**
**£**
**£**
_£_
287,556
43,183
-
330,739
_322,130_
44,364
-
-
44,364
_-_
9,693
-
-
9,693
_-_
-
4,553
-
4,553
_1,458_
10,353
-
-
10,353
_-_
-
4,710
-
4,710
_2,804_
-
1,612
-
1,612
_-_
116,346
-
-
116,346
_48,392_
-
-
6,000
6,000
_6,000_
64,373
-
-
64,373
_5,023_|
|---|---|
||**532,685**
**54,058**
**6,000**
**592,743**
_385,807_|
||54,058
(54,058)
-
-
6,000
-
(6,000)
-
**592,743**
**-**
**-**
**592,743**
**385,807**
**-**
**-**
**385,807**|
Of the total expenditure, £592,743 (2024: £385,807) was unrestricted and £0 (2024: £0) was restricted.
_For the year ended 31 March 2024_
|_Freelancers and contractors_
_Bank charges_
_General administrative expenses_
_Depreciation_
_Audit fee_
_Foreign exchange (gains)/losses_
_Support costs_
_Governance costs_
_Total expenditure 2024_|_Charitable_
_activities_
_Support_
_costs_
_Governance_
_costs_
_2024_
_Total_
_£_
_£_
_£_
_282,402_
_39,728_
_-_
_322,130_
_-_
_1,458_
_-_
_1,458_
_-_
_2,804_
_-_
_2,804_
_48,392_
_-_
_-_
_48,392_
_-_
_-_
_6,000_
_6,000_
_5,023_
_-_
_-_
_5,023_|
|---|---|
||_335,817_
_43,990_
_6,000_
_385,807_|
||_43,990_
_(43,990)_
_-_
_-_
_6,000_
_-_
_(6,000)_
_-_|
||_385,807_
_-_
_-_
_385,807_|
Page 15
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
|**6**
**Net income / (expenditure) for the year**
This is stated after charging / (crediting):
Auditor's remuneration:
Audit fees|**2025**
_2024_
**£**
_£_
5,000
_5,000_|
|---|---|
|**7**
Staff costs were as follows:
Salaries and wages
Social security costs
**Analysis of staff costs, trustee remuneration and expenses, and the **
**personnel**|**2025**
_2024_
**£**
_£_
40,159
_-_
4,205
_-_
**cost of key management**|
|---|---|
||**44,364**
_-_|
Dr Aaron Boddy, one of the trustees (resigned on 25 July 2024) received £60,223 (2024: £45,596) for the provision of services to the charity as the chief impact officer.
Andres Guillermo Jimenez Zorrilla, one of the trustees received £16,162 (2024: £61,278) for the provision of services as the chief executive officer of the charity.
No other charity trustee received payment for professional or other services supplied to the charity.
## **Staff numbers**
The average number of employees (head count based on the number of staff employed) during the year was 1 (2024: none).
## **8 Taxation**
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## **9 Tangible fixed assets**
|**Cost**
At the start of the year
Additions in year
At the end of the year
**Depreciation**
At the start of the year
Charge for the year
At the end of the year
**Net book value**
**At the end of the year**
_At the start of the year_|**Plant and**
**Machinery**
**Total**
**£**
**£**
241,959
241,959
388,162
388,162|
|---|---|
||630,121
630,121|
||48,392
48,392
116,346
116,346|
||164,738
164,738|
||**465,383**
**465,383**|
||_193,567_
_193,567_|
All of the above assets are used for charitable purposes.
Page 16
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
## **10 Debtors**
|**11 **
**12 **|Other debtors
**Creditors: amounts falling due within one year**
Accruals
**Analysis of net assets between funds 2025**
For the year ended 31 March 2025
Tangible fixed assets
Net current assets
**Net assets at the end of the year**
_Analysis of net assets between funds 2024_
_For the year ended 31 March 2024_
_Tangible fixed assets_
_Net current assets_
_Net assets at the end of the year_|**2025**
_2024_
**£**
_£_
9,966
_9,966_
**9,966**
_9,966_
**2025**
_2024_
**£**
_£_
6,000
_6,000_
**6,000**
_6,000_
**Unrestricted**
**funds**
**Restricted**
**funds Total funds**
**£**
**£**
**£**
465,383
-
465,383
2,651,530
-
2,651,530|**2025**
_2024_
**£**
_£_
9,966
_9,966_|
|---|---|---|---|
||||**9,966**
_9,966_|
||||**2025**
_2024_
**£**
_£_
6,000
_6,000_|
||||**6,000**
_6,000_|
|||**3,116,913**
**-**
**3,116,913**||
|||_Unrestricted_
_funds_
_Restricted_
_funds_
_Total funds_
_£_
_£_
_£_
_193,567_
_-_
_193,567_
_1,273,814_
_-_
_1,273,814_||
|||_1,467,381_
_-_
_1,467,381_||
Page 17
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
|**13 **|**Movements in funds**
For the year ended 31 March 2025|**At 1 April**
**2024**
**Income and**
**gains**
**Expenditure**
**and losses**
**Transfers**
**At 31 Mar**
**2025**
**£**
**£**
**£**
**£**
**£**
1,467,381
2,242,275
(592,743)
-
**3,116,913**|
|---|---|---|
||
**Unrestricted funds:**
General funds
**Total Unrestricted funds**
**Total Restricted funds**
**Total funds**
_For the year ended 31 March 2024_||
|||**1,467,381**
**2,242,275**
**(592,743)**
**-**
**3,116,913**|
||||
|||**-**
-
**-**
**-**
-|
||||
|||**1,467,381**
**2,242,275**
**(592,743)**
**-**
**3,116,913**|
|||_At 1 April_
_2023_
_Income and_
_gains_
_Expenditure_
_and losses_
_Transfers_
_At 31 March_
_2024_
_£_
_£_
_£_
_£_
_£_
_387,745_
_1,465,443_
_(385,807)_
_-_
_1,467,381_|
||
_Unrestricted funds:_
_General funds_
_Total Unrestricted funds_
_Total Restricted funds_
_Total funds_||
|||_387,745_
_1,465,443_
_(385,807)_
_-_
_1,467,381_|
||||
|||_-_
_-_
_-_
_-_
_-_|
||||
|||_387,745_
_1,465,443_
_(385,807)_
_-_
_1,467,381_|
**14 Reconciliation of net income / (expenditure) to net cash flow from operating activities**
|**Net income / (expenditure) for the reporting period**
**(as per the statement of financial activities)**
Depreciation
Investment income
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in) operating activities**|**2025**
_2024_
**£**
_£_
**1,649,532**
_1,079,636_
**116,346**
_48,392_
**(62,651)**
_-_
**-**
_(9,966)_
-
_6,000_|
|---|---|
||**1,703,227**
_1,124,062_|
## **15 Analysis of cash and cash equivalents**
|Cash at bank and in hand
**Total cash and cash equivalents**|**At 1 April**
**2024**
**Cash flows**
**Other**
**changes**
**At 31 March**
**2025**
£
£
£
**£**
1,269,848
1,377,716
-
2,647,564|
|---|---|
||**1,269,848**
**1,377,716**
-
**2,647,564**|
Page 18
**Shrimp Welfare Project Ltd Notes to the Financial Statements For the year ended 31 March 2025**
## **16 Legal status of the charity**
The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £10 in the event of the charity being wound up.
## **17 Related party transactions**
There were no related party transactions during the year (2024: none) other than those disclosed under note 7.
Page 19