REGISTERED CHARITY NUMBER: 1205984
Report of the Trustees and
Unaudited Financial Statements
for the Period 30 November 2023 to 31 December 2024
for
GLOBAL FISHING WATCH UK
Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
GLOBAL FISHING WATCH UK
Contents of the Financial Statements for the Period 30 November 2023 to 31 December 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
GLOBAL FISHING WATCH UK
Reference and Administrative Details for the Period 30 November 2023 to 31 December 2024
| TRUSTEES | T Lewis (appointed 30.11.23) |
|---|---|
| H B Tagholm (appointed 30.11.23) | |
| S Stares (appointed 30.11.23) | |
| PRINCIPAL ADDRESS | 7 Bell Yard |
| London | |
| WC2A 2JR | |
| REGISTERED CHARITY NUMBER1205984 | |
| SOLICITORS | Filanthropia Consulting |
| Heath House | |
| Alldens Lane | |
| Godalming | |
| Surrey GU8 4AP | |
| BANKERS | The Co-operative Bank Plc |
| 1 Balloon Street | |
| Manchester M4 4BE |
Page 1
GLOBAL FISHING WATCH UK
Report of the Trustees for the Period 30 November 2023 to 31 December 2024
The trustees present their report with the financial statements of the charity for the period 30 November 2023 to 31 December 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the CIO are:
(1) to promote for the benefit of the public the conservation, protection and improvement of the physical and natural environment by promoting (i) the preservation of fish and other marine wildlife and (ii) the prevention of marine biodiversity decline and in particular, but without prejudice to the generality of the foregoing, by:- (a) promoting, or supporting the promotion of, ocean sustainability and stewardship through increasing the transparency of commercial fishing and other human activity at sea worldwide by the collection and publication of data on commercial fishing practices and other human activity at sea; (b) promoting, or supporting the promotion of, new approaches, technology, behaviours and policies that support sustainable fishing practices and sustainable fisheries management; and
(2) to advance the education of the public in the conservation, protection and improvement of the marine environment by undertaking, or supporting the undertaking of, research into commercial fishing practices and new approaches, technology, behaviours and policies that support sustainable fishing practices and sustainable fisheries management and disseminating the results of such research to the public; in such ways as the charity trustees shall from time to time think fit and in particular, but without prejudice to the generality of the foregoing, by supporting such activities of Global Fishing Watch, INC.
Significant activities
The CIO is yet to commence activities. Plans and structure have been established ready to commence charitable activities in the next reporting period.
Public benefit
The Trustees confirm that they have had regard for the Charity Commission guidance in respect of public benefit when reviewing the charity's aims and objectives and planning future activities.
FINANCIAL REVIEW
Financial position
The CIO is yet to commence activities. It has incurred £991 in formation and administrative costs in the period.
Reserves policy
The Board of Trustees is in the process of establishing a Reserves policy for when activities in the CIO commence.
Funds in deficit
The CIO is yet to commence activities and unrestricted funds are in deficit by £991. The parent charity, Global Fishing Watch, INC has undertaken to financially support the charity whilst it becomes established. The Trustees are therefore satisfied that the CIO remains a going concern.
FUTURE PLANS
Global Fishing Watch UK plans to work closely and collaboratively with policymakers, industry stakeholders, academics and civil society in the U.K in order to foster a deeper understanding of the challenges facing our ocean and the actions needed to address them.
The insights generated by our UK and global team will help policymakers and fisheries managers make informed decisions to sustainably manage fishing activity, enforce regulations and protect marine ecosystems.
Page 2
GLOBAL FISHING WATCH UK
Report of the Trustees for the Period 30 November 2023 to 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is a Charitable Incorporated Organisation (CIO) and is controlled by its governing document, the foundation registered on 30th November 2023,. The CIO's Registered Number is 1205984.
Recruitment and appointment of new trustees
Trustees are recruited as required with the aim of having a Board of Trustees with a range of relevant skills and experience. The required experience of the Board of Trustees will be kept under review as activities commence in the UK CIO.
Induction and training of new trustees
New trustees are informed of their legal obligations under charity law, the Charity Commission guidance on public benefit, the content of the foundation, the committee and decision-making processes, and recent financial performance of the Charity.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 22 August 2025 and signed on its behalf by:
H B Tagholm - Trustee
Page 3
GLOBAL FISHING WATCH UK
Statement of Financial Activities for the Period 30 November 2023 to 31 December 2024
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Outreach | 991 | |
| NET INCOME/(EXPENDITURE) | (991) | |
| TOTAL FUNDS CARRIED FORWARD | (991) |
The notes form part of these financial statements
Page 4
GLOBAL FISHING WATCH UK
Balance Sheet 31 December 2024
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| CREDITORS | ||
| Amounts falling due within one year | 3 | (991) |
| NET CURRENT ASSETS/(LIABILITIES) | (991) | |
| TOTAL ASSETS LESS CURRENT | ||
| LIABILITIES | (991) | |
| NET ASSETS | (991) | |
| FUNDS | 5 | |
| Unrestricted funds | (991) | |
| TOTAL FUNDS | (991) |
The financial statements were approved by the Board of Trustees and authorised for issue on 22 August 2025 and were signed on its behalf by:
H B Tagholm - Trustee
The notes form part of these financial statements
Page 5
GLOBAL FISHING WATCH UK
Notes to the Financial Statements for the Period 30 November 2023 to 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 December 2024.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 December 2024.
Page 6
continued...
GLOBAL FISHING WATCH UK
Notes to the Financial Statements - continued for the Period 30 November 2023 to 31 December 2024
3. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| £ | ||||
|---|---|---|---|---|
| Bank loans and overdrafts (see note 4) | 351 | |||
| Other creditors | 640 | |||
| 991 | ||||
| LOANS | ||||
| An analysis of the maturity of loans is given below: | ||||
| £ | ||||
| Amounts falling due within one year on demand: | ||||
| Bank overdrafts | 351 | |||
| Global Fishing Watch Inc | 100 | |||
| 451 | ||||
| MOVEMENT IN FUNDS | ||||
| Net | ||||
| movement | At | |||
| in funds | 31.12.24 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | (991) | (991) | ||
| TOTAL FUNDS | (991) | (991) | ||
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | - | (991) | (991) | |
| TOTAL FUNDS | - | (991) | (991) |
4. LOANS
5. MOVEMENT IN FUNDS
Page 7
continued...
GLOBAL FISHING WATCH UK
Notes to the Financial Statements - continued for the Period 30 November 2023 to 31 December 2024
6. RELATED PARTY DISCLOSURES
The parent charity, Global Fishing Watch, INC, loaned the CIO £100 in the period. This amount remained payable to Global Fishing Watch, INC at 31 December 2024.
Page 8
GLOBAL FISHING WATCH UK
Detailed Statement of Financial Activities for the Period 30 November 2023 to 31 December 2024
| INCOME AND ENDOWMENTS Total incoming resources EXPENDITURE Support costs Finance Bank charges Bank interest Governance costs Accountancy fees Total resources expended Net expenditure |
£ - 450 1 451 540 991 (991) |
|---|---|
This page does not form part of the statutory financial statements
Page 9