FISHMONGERS' AND POULTERERS' INSTITUTION (Registered charity no. 209013)
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Report and Accounts
FISHMONGERS' AND POULTERERS' INSTITUTION
REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Board of Trustees' report | 2 |
| Independent Examiner's Report | 6 |
| Statement Of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the financial statements | 9 |
FISHMONGERS' AND POULTERERS' INSTITUTION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 December 2023
| President | F. Michael Everard | CBE |
|---|---|---|
| Trustees | A. Kenny (Chairman) | |
| C. R. S. Link FCA (Hon Treasurer) | ||
| C. S. Caisey MBE (Hon. Secretary for Fish Trade) | ||
| T. Silverthorne | ||
| S. Mackenzie | (appointed June 2023) | |
| C. E. C. Bourns | ||
| Corporate Secretary | A. Woolgar-Toms | |
| Charity reg. no. | 209013 | |
| Registered office | 7-14 Great Dover Street | |
| London | ||
| SE1 4YR | ||
| Independent Examiner | Knox Cropper LLP | |
| 65 Leadenhall Street | ||
| London | ||
| EC3A 2AD | ||
| Investment Advisers | Rathbones | |
| and Portfolio Nominees | 8 Finsbury Circus | |
| London EC2M 7AZ | ||
| Bankers | CAFBANK Ltd. | |
| Kings Hill | ||
| West Malling | ||
| Kent ME19 4TA |
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FISHMONGERS' AND POULTERERS' INSTITUTION
BOARD OF TRUSTEES' REPORT For the year ended 31 December 2023
As Chairman of the Committee of Management, I am pleased to present the Committee’s Report on the proceedings of 2023 .
The Board of Trustees confirms that the annual report and financial statements of the Institution comply with current statutory requirements, the requirements of the Institution's governing document and the provisions of the Statement of Recommended Practice (FRS 102).
Structure, Governance and Management
The Institution is a registered charity – registration number 209013. The object of the Institution is to provide relief for members and their dependents in reduced circumstances. The Institution is governed by a book of published rules established and periodically reviewed at general meetings of members as set out in the Institution’s rule book.
The Institution is currently managed by a Committee comprising the President, the Chairman, the Honorary Treasurer, an honorary secretary and three general committee members who are also Trustees by virtue of the Charities Act 2011. The President and Trustees are elected at the Annual General Meeting. Investment powers are vested with the Committee. All investments held have been acquired in accordance with these powers.
Objectives and Activities
The rules and objects of the Institution, as laid down by the founders, state that its purpose is to provide pensions, grants and other relief for aged or infirm people, whether members of the Institution or not, who are in reduced circumstances and who at any time have been engaged or employed in the fish or poultry trades; also for dependants of such people and for the needy widows and children of deceased former employees from the trades.
The Institution raises money by means of donations and the income from investments. This is used to further the purposes of the charity and we are willing and able to help all those who ask for the Institution’s assistance and who come within the rules.
The Institution has close connections to the Butchers’ and Drovers’ Charitable Institution, and many other food industry benevolent funds, and benefits from exchange of information about best practice.
Grant Making Policy
The Institution encourages applicants from all sectors of the trades by making its services known to those potentially in need or those who come into contact with those in need. There has been no change of this policy during the year. The Committee meets three times a year to discuss new applications, with an Annual General meeting held in the summer. All decisions are made by the Committee or decisions of the Chairman are confirmed by the Committee at the following meeting.
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FISHMONGERS' AND POULTERERS' INSTITUTION
BOARD OF TRUSTEES' REPORT For the year ended 31 December 2023
Achievements and Performance
The Trustees are very grateful to all those who made donations to the Institution during the year.
The Institution has increased its awareness within the poultry trade with positive results. The Trustees continue to consider the future direction of the charity.
Financial Review
The Trustees report that the portfolio value increased by £59,417 to £923,678.
Total income was £32,116 against £28,972 last year. Expenditure was comparable at £26,977 against £30,599 last year.
The net result is a surplus of the year of £42,522 (2022 - deficit of £121,446).
At the year end net assets were £947,224, up from £904,702 last year.
Reserves and Investment Policies
The investments are held to produce income for normal annual expenditure. The trustees have appointed an investment manager and nominee to act on their behalf, and they regularly review his actions at each meeting. The trustees have been advised by their investment manager that in order to produce enough income for the current beneficiaries as well as increase the capital base each year to enable the expansion of services in the future, a policy of Total Return should be followed. The trustees appreciate the inherent risk such a policy contains, especially in years of negative capital growth, and review the policy on a regular basis.
As is common with other grant-making charities the Committee have agreed that reserves at their present levels are necessary to ensure the maintenance of present charitable payment levels for current beneficiaries and future beneficiaries. Whilst the retail fish and poultry trades have consolidated and changed appearance to become led by the supermarket chains, it is no longer possible to rely on the charity's traditional donors for support. A strong capital base is therefore essential. Nevertheless, it is the intention to promote greater awareness of the charity to the processing and wholesale merchants’ sectors of the trades.
The Institution's assets are available and adequate to fulfil its obligations, notably in ensuring that the present levels of pensions and grants to existing beneficiaries are maintained, and that the administrators are remunerated. The assets are easily realisable into cash without delay.
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FISHMONGERS' AND POULTERERS' INSTITUTION
BOARD OF TRUSTEES' REPORT For the year ended 31 December 2023
Risk Statement
The Institution is not required under current Charity Commission and SORP guidelines to carry out a formal review of the major risks the charity faces, since the income and expenditure do not exceed £250,000. Nevertheless, recognising that risk assessment is an important element of good practice in all organisations, the trustees have continued to monitor the matter during the year.
The trustees are satisfied that the current levels of internal financial controls mitigate the risk of error and fraud. Consideration of investment risks has been an important element of the current tender process for an investment manager. Finally, the wider concepts of strategic and business risk were considered during the financial year and have been reported.
The trustees aim to continue monitoring risk as an ongoing process that is part of the normal daily management of the Institution. It is felt that this method is proportionate to the levels of income and expenditure typical of this charity.
Plans for The Future
The Trustees anticipate no significant changes in way that the charity operates during the coming year.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The trustees have considered the requirement that the Charity's activities continue at all times to be for the public benefit, and the Charity meets this purpose by applying its income to relieve hardship suffered by those who have been engaged or employed in the fish and poultry trades and their dependants.
Statement of Trustees' Responsibilities
The trustees 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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FISHMONGERS' AND POULTERERS' INSTITUTION
BOARD OF TRUSTEES' REPORT For the year ended 31 December 2023
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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 constitution. 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 the Board of Trustees on ______. and signed on their behalf by:
…………………………………………………………………………………………..
ANDREW KENNY CHAIRMAN
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FISHMONGERS' AND POULTERERS' INSTITUTION
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF FISHMONGERS' AND POULTERERS' INSTITUTION FOR THE YEAR ENDED 31 DECEMBER 2023
I report to the charity trustees on my examination of the financial statements of Fishmongers' and Poulterers' Institution for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the Fishmongers' and Poulterers' Institution you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Act 2011 (‘the 2011 Act’). You are satisfied that the accounts are not required by charity law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the Fishmongers' and Poulterers' Institution are not required to be audited under charity law and are eligible for independent examination, I report in respect of my examination of the accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followedthe Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of 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.
Shoaib Arshad ACA, FCCA
Knox Cropper LLP
Chartered Accountants 65 Leadenhall Street, London EC3A 2AD
Date: ________
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FISHMONGERS' AND POULTERERS' INSTITUTION
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 December 2023
| Unrestricted Restricted Funds Funds Note 2023 2023 £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 2 1,117 - Investments 3 30,999 - TOTAL 32,116 - EXPENDITURE ON: Investment management costs 7,541 - Charitable activities 19,436 - TOTAL EXPENDITURE 4 26,977 - 5,139 - 37,383 - 42,522 - NET MOVEMENT IN FUNDS 42,522 - RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1 JANUARY 2023 904,702 - TOTAL FUNDS AT 31 DECEMBER 2023 947,224 £ Nil £ Net income/(expenditure) before gains and losses on investments Net gains/(losses) on investments Net income/(expenditure) |
Unrestricted and Total Funds 2023 £ 1,117 30,999 |
Unrestricted and Total Funds 2022 £ 1,100 27,872 |
|---|---|---|
| 32,116 | 28,972 | |
| 7,541 19,436 |
7,630 22,969 |
|
| 26,977 | 30,599 | |
| 5,139 37,383 |
(1,627) (119,819) |
|
| 42,522 | (121,446) | |
| 42,522 904,702 |
(121,446) 1,026,148 |
|
| 947,224 **£ ** |
904,702 _£ _ |
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FISHMONGERS' AND POULTERERS' INSTITUTION
BALANCE SHEET As at 31 December 2023
| Notes Charity 2023 £ FIXED ASSETS Investments 9 #REF! #REF! CURRENT ASSETS Cash and cash equivalent - CREDITORS: amounts falling due within one year 10 (3,398) NET CURRENT ASSETS (3,398) TOTAL ASSETS LESS CURRENT LIABILITIES #REF! TOTAL NET ASSETS #REF! #REF! FUNDS Unrestricted funds: General fund 11 947,224 947,224 947,224 **£ ** |
Group Charity 2023 2022 £ £ 923,678 #REF! 923,678 #REF! 26,944 - (3,398) #REF! 23,546 #REF! 947,224 #REF! 947,224 £ #REF! 947,224 904,702 947,224 904,702 947,224 £ 904,702 _£ _ |
Group 2022 £ 864,261 |
|---|---|---|
| 864,261 | ||
| 43,683 (3,242) |
||
| 40,441 | ||
| 904,702 | ||
| 904,702 _£ _ |
||
| 904,702 | ||
| 904,702 | ||
| 904,702 _£ _ |
The financial statements have been prepared in accordance with the Financial Reporting Standard 102.
The financial statements were approved, and authorised for issue, by the Board of Trustees on ______ and signed on their behalf by:-
ANDREW KENNY, Trustee
The annexed notes form part of these financial statements
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FISHMONGERS' AND POULTERERS' INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparation of financial statements
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011. The presentational currency of the financial statements is Pound Sterling (£).
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Incoming resources
Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. All other incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investment Income is recognised on an accruals basis.
Other income is included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources Expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Support costs, including governance costs, which cannot be directly attributed to particular activities, have been apportioned proportionately to the direct staff costs allocated to the activities. Governance costs include the costs of servicing Trustees' meetings, audit and strategic planning.
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.
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FISHMONGERS' AND POULTERERS' INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023
Cash and cash equivalent
Cash and cash equivalent includes cash, bank balances and liquid funds held with the investment managers.
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.
Judgements and key sources of estimation uncertainty
Judgements and key sources of estimation uncertainty are detailed in the above accounting policies, where applicable.
2. DONATIONS AND LEGACIES
| £ £ Donations 1,117 - 1,117 £ Nil £ |
Unrestricted and Total Funds 2023 £ 1,117 1,117 **£ ** |
Unrestricted and Total Funds 2022 £ 1,100 |
|---|---|---|
| 1,100 _£ _ |
3. INVESTMENT INCOME
| Unrestricted Restricted Funds Funds 2023 2023 £ £ Dividends 30,999 - 30,999 £ Nil £ |
Unrestricted Unrestricted and Total and Total Funds Funds 2023 2022 £ £ 30,999 27,872 30,999 £ 27,872 _£ _ |
|---|---|
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FISHMONGERS' AND POULTERERS' INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023
4. RESOURCES EXPENDED
| Staff costs £ Cost of charitable activities Grants and pensions - Total charitable expenditure - Investment management costs - Nil £ Resources expended include: Independent Examiner's fee Comparative resources expended 0 £ Cost of charitable activities Grants and pensions - Total charitable expenditure - Investment management costs - Nil £ 5. Direct costs Grants to individuals Pensions Investment management fees 6. SUPPORT COSTS General overheads Secretarial services Independent Examiner's fee Details of direct costs and support costs are given in notes |
Direct costs £ 14,350 14,350 7,541 21,891 £ Direct costs £ 16,164 16,164 7,630 23,794 £ 5 and 6. |
Support costs £ 5,086 5,086 - 5,086 £ 2023 1,512 Support costs £ 6,805 6,805 - 6,805 £ 2023 £ 1,500 12,850 7,541 21,891 £ Total 2023 £ 970 2,604 1,512 5,086 **£ ** |
Total 2023 £ 19,436 |
|---|---|---|---|
| 19,436 7,541 |
|||
| 26,977 **£ ** |
|||
| 2022 1,440 Total 2022 £ 22,969 |
|||
| 22,969 7,630 |
|||
| 30,599 _£ _ |
|||
| 2022 £ 1,764 14,400 7,630 |
|||
| 23,794 £ |
|||
| Total 2022 £ 4,365 1,000 1,440 |
|||
| 6,805 _£ _ |
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FISHMONGERS' AND POULTERERS' INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023
7. TRUSTEES REMUNERATION AND BENEFITS
During the year, no members of the Board of Trustees received any remuneration (2022 - £nil). Members of the Board of Trustees received reimbursement of travel and IT expenses amounting to £nil (2022 - £nil).
8. Taxation
Fishmongers' and Poulterers' Institution is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes.
9. INVESTMENTS
| Market value At 1 January 2023 Additions at costs Sales proceeds from disposals (Losses)/gains on market value At 31 December 2023 |
2023 £ 864,261 182,871 (160,837) 37,383 923,678 **£ ** |
2022 £ 977,591 64,568 (58,080) (119,818) |
|---|---|---|
| 864,261 _£ _ |
The total market value of investments of £923,678 (2022 - £864,261) includes £369,149 (2022 - £467,628) which were also listed outside the United Kingdom. There are no investments representing more than 5% of the total portfolio (2022 - nil).
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Charity Group 2023 £ Accruals 3,398 3,398 **£ ** |
Charity Group 2023 2022 £ £ 3,398 3,242 3,398 £ 3,242 _£ _ |
|---|---|
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FISHMONGERS' AND POULTERERS' INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023
11. STATEMENT OF FUNDS
| Brought Incoming Forward Resources £ £ 2023 SUMMARY OF FUNDS General Funds 904,702 32,116 904,702 £ 32,116 £ 2022 SUMMARY OF FUNDS General Funds 1,026,148 28,972 1,026,148 £ 28,972 £ 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds 2023 £ Fixed asset investments 923,678 Net current assets 23,546 947,224 **£ ** |
Transfers and Resources investment Expended gains/(losses) £ £ (26,977) 37,383 (26,977) £ 37,383 £ (30,599) (119,819) (30,599) £ (119,819) £ Total General Funds Funds 2023 2022 £ £ 923,678 864,261 23,546 40,441 947,224 £ 904,702 £ |
Carried Forward £ 947,224 |
|---|---|---|
| 947,224 **£ ** |
||
| 904,702 | ||
| 904,702 £ |
||
| Total Funds 2022 £ 864,261 40,441 |
||
| 904,702 £ |
14. RELATED PARTIES
There are no related party transactions during the course of the current year.
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