## **FISHMONGERS' AND POULTERERS' INSTITUTION (Registered charity no. 209013)**
## **REPORT AND FINANCIAL STATEMENTS**
**YEAR ENDED 31 DECEMBER 2024**
Report and Accounts
## **FISHMONGERS' AND POULTERERS' INSTITUTION**
**REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024**
## **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 2024**
|**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) (retired May 2025)|
||T. Silverthorne (retired May 2025)|
||S. Mackenzie|
||C. E. C. Bourns|
|**Corporate Secretary**|S. P. Sinclair|
|**Charity reg. no.**|209013|
|**Registered office**|110 Firmley Road|
||Camberley, Surrey|
||GU15 2QN|
|**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|
1
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 December 2024**
As Chairman of the Committee of Management, I am pleased to present the Committee’s Report on the proceedings of 2024 .
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.
## **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.
2
**FISHMONGERS' AND POULTERERS' INSTITUTION**
**BOARD OF TRUSTEES' REPORT For the year ended 31 December 2024**
## **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 £23,501 to £947,179.
Total income was £34,266 against £32,116 last year. Expenditure was comparable at £22,121 against £26,977 last year.
The net result is a surplus of the year of £25,841 (2023 - surplus of £42,522).
At the year end net assets were £973,065, up from £947,224 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.
3
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 December 2024**
## **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:
- 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 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.
4
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 December 2024**
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**
5
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF FISHMONGERS' AND POULTERERS' INSTITUTION FOR THE YEAR ENDED 31 DECEMBER 2024**
I report to the charity trustees on my examination of the financial statements of Fishmongers' and Poulterers' Institution for the year ended 31 December 2024.
## **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:
1. accounting records were not kept in respect of the Trust 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 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: ____________________
6
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 December 2024**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Note**
**2024**
**2024**
**£**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
2
**1,600**
**-**
Investments
3
**32,666**
**-**
**TOTAL**
**34,266**
**-**
**EXPENDITURE ON:**
Investment management costs
**8,030**
**-**
Charitable activities
**14,091**
**-**
**TOTAL EXPENDITURE**
4
**22,121**
**-**
**12,145**
**-**
**13,696**
**-**
**25,841**
**-**
**NET MOVEMENT IN FUNDS**
**25,841**
**-**
**RECONCILIATION OF FUNDS:**
TOTAL FUNDS AT 1 JANUARY 2024
_947,224_
_-_
**TOTAL FUNDS AT 31 DECEMBER 2024**
**973,065**
**£ **
**Nil**
**£**
Net income before gains and losses
on investments
Net gains on investments
Net income|**Unrestricted**
**and Total**
**Funds**
**2024**
**£**
**1,600**
**32,666**|_Unrestricted_
_and Total_
_Funds_
_2023_
_£_
_1,117_
_30,999_|
|---|---|---|
||**34,266**|_32,116_|
||**8,030**
**14,091**|_7,541_
_19,436_|
||**22,121**|_26,977_|
||**12,145**
**13,696**|_5,139_
_37,383_|
||**25,841**|_42,522_|
||**25,841**
_947,224_|_42,522_
_904,702_|
||**973,065**
**£ **|_947,224_
_£ _|
7
## **FISHMONGERS' AND POULTERERS' INSTITUTION**
## **BALANCE SHEET As at 31 December 2024**
|**Notes**
**Charity**
**2024**
**£**
**FIXED ASSETS**
Investments
9
**#REF!**
**#REF!**
**CURRENT ASSETS**
Cash and cash equivalent
**-**
**CREDITORS: amounts falling due**
**within one year**
10
**(3,582)**
**NET CURRENT ASSETS**
**(3,582)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**#REF!**
**TOTAL NET ASSETS**
**#REF!**
**#REF!**
**FUNDS**
Unrestricted funds:
General fund
11
**973,065**
**973,065**
**973,065**
**£ **|**Group**
_Charity_
**2024**
_2023_
**£**
_£_
**947,179**
_#REF!_
**947,179**
_#REF!_
**29,468**
_-_
**(3,582)**
_#REF!_
**25,886**
_#REF!_
**973,065**
_#REF!_
**973,065**
**£ **
_#REF!_
**973,065**
_947,224_
**973,065**
_947,224_
**973,065**
**£ **
_947,224_
_£ _|_Group_
_2023_
_£_
_923,678_|
|---|---|---|
|||_923,678_|
|||_26,944_
_(3,398)_|
|||_23,546_|
|||_947,224_|
|||_947,224_
_£ _|
|||_947,224_|
|||_947,224_|
|||_947,224_
_£ _|
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
8
**FISHMONGERS' AND POULTERERS' INSTITUTION**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024**
## **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.
9
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024**
## _**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
**1,600**
**-**
**1,600**
**£ **
**Nil**
**£**|**Unrestricted**
**and Total**
**Funds**
**2024**
**£**
**1,600**
**1,600**
**£ **|_Unrestricted_
_and Total_
_Funds_
_2023_
_£_
_1,117_|
|---|---|---|
|||_1,117_
_£ _|
## **3. INVESTMENT INCOME**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2024**
**2024**
**£**
**£**
Dividends
**32,666**
**-**
**32,666**
**£ **
**Nil**
**£**|**Unrestricted**
**and Total**
**Funds**
**2024**
**£**
**32,666**
**32,666**
**£ **|_Unrestricted_
_and Total_
_Funds_
_2023_
_£_
_30,999_|
|---|---|---|
|||_30,999_
_£ _|
10
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024**
## **4. RESOURCES EXPENDED**
|**4.**
**RESOURCES EXPENDED**|||
|---|---|---|
|**Staff costs**
**Direct costs**
**£**
**£**
Cost of charitable activities
Grants and pensions
**-**
**11,400**
Total charitable
expenditure
**-**
**11,400**
Investment management
costs
**-**
**8,030**
**Nil**
**£**
**19,430**
**£ **
Resources expended include:
Independent Examiner's fee
**_Comparative resources expended_**
**_0_**
**_Direct_**
**_costs_**
**_£_**
**_£_**
_Cost of charitable_
_activities_
_Grants and pensions_
**_-_**
**_14,350_**
_Total charitable_
_expenditure_
**_-_**
**_14,350_**
_Investment management_
_costs_
**_-_**
**_7,541_**
**_Nil_**
**_£_**
**_21,891_**
**_£ _**
**5.**
**Direct costs**
Grants to individuals
Pensions
Investment management fees
**6.**
**SUPPORT COSTS**
General overheads
Legal and professional costs
Independent Examiner's fee
Details of direct costs and support costs are given in notes 5 and 6.|**Support**
**costs**
**£**
**2,691**
**2,691**
**-**
**2,691**
**£ **
**2024**
**1,680**
**_Support_**
**_costs_**
**_£_**
**_5,086_**
**_5,086_**
**_-_**
**_5,086_**
**_£ _**
**2024**
**£**
**1,000**
**10,400**
**8,030**
**19,430**
**£ **
**Total**
**2024**
**£**
**471**
**540**
**1,680**
**2,691**
**£ **|**Total 2024**
**£**
**14,091**|
|||**14,091**
**8,030**|
|||**22,121**
**£ **|
|||_2023_
_1,512_
**_Total 2023_**
_£_
_19,436_|
|||_19,436_
_7,541_|
|||_26,977_
_£ _|
|||**2023**
**£**
_1,500_
_12,850_
_7,541_|
|||21,891
£|
|||_Total_
_2023_
_£_
_970_
_2,604_
_1,512_|
|||_5,086_
_£ _|
11
**FISHMONGERS' AND POULTERERS' INSTITUTION**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024**
## **7. TRUSTEES REMUNERATION AND BENEFITS**
During the year, no members of the Board of Trustees received any remuneration (2023 - £nil). Members of the Board of Trustees received reimbursement of travel and IT expenses amounting to £336 (2023 - £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 2024
Additions at costs
Sales proceeds from disposals
(Losses)/gains on market value
At 31 December 2024|**2024**
**£**
**923,678**
**161,437**
**(151,632)**
**13,696**
**947,179**
**£ **|_2023_
_£_
_864,261_
_182,871_
_(160,837)_
_37,383_|
|---|---|---|
|||_923,678_
_£ _|
The total market value of investments of £947,179 (2023 - £923,678) includes £403,062 (2023 - £369,149) which were also listed outside the United Kingdom. There are no investments representing more than 5% of the total portfolio (2023 - nil).
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**Charity**
**Group**
**2024**
**£**
Accruals
**3,582**
**3,582**
**£ **|_Charity_
**2024**
**£**
**3,582**
**3,582**
**£ **|_Group_
_2023_
_£_
_3,398_|
|---|---|---|
|||_3,398_
_£ _|
12
**FISHMONGERS' AND POULTERERS' INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024**
## **11. STATEMENT OF FUNDS**
|**Brought**
**Incoming**
**Forward**
**Resources**
**£**
**£**
**2024 SUMMARY OF FUNDS**
General Funds
**947,224**
**34,266**
**947,224**
**£ **
**34,266**
**£ **
**_2023 SUMMARY OF FUNDS_**
_General Funds_
**_904,702_**
**_32,116_**
**_904,702_**
**_£ _**
**_32,116_**
**_£ _**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**General**
**Funds**
**2024**
**£**
Fixed asset investments
**947,179**
Net current assets
**25,886**
**973,065**
**£ **|**Transfers and**
**Resources**
**investment**
**Expended gains/(losses)**
**£**
**£**
**(22,121)**
**13,696**
**(22,121)**
**£**
**13,696**
**£ **
**_(26,977)_**
**_37,383_**
**_(26,977)_**
**_£_**
**_37,383_**
**_£ _**
**Total**
**_General_**
**Funds**
**_Funds_**
**2024**
**_2023_**
**£**
**_£_**
**947,179**
**_923,678_**
**25,886**
**_23,546_**
**973,065**
**£ **
**_947,224_**
**_£ _**|**Carried**
**Forward**
**£**
**973,065**|
|---|---|---|
|||**973,065**
**£ **|
|||**_947,224_**|
|||**_947,224_**
**_£ _**|
|||**_Total_**
**_Funds_**
**_2023_**
**_£_**
**_923,678_**
**_23,546_**|
|||**_947,224_**
**_£ _**|
## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **14. RELATED PARTIES**
There are no related party transactions during the course of the current year.
13