The , FISHMONGERS, Company's FISHERIES CHARITABLE TRUST Annual Report and Flnancial Statements for the year ended 31 December 2023 Reglstered Charlty number 284888 Reglsterèd Scottlsh Charlty number SC042845
.1 Tlio fisliiiioib£ors Coinpaiiy's Fislieries ChariÉcilJle I'i'ust Contents Reference and administrative details.............................-................................................................. Trustees........... TIu5tee5' report for the year ended 31 December 2023.................................................................................................. Independent auditoi's report to the Tiustees........................... -12 Statement of financial activities for the year ended 31 December 2023............... Balance sheet as at 31 December 2023........................................................................................ .16 17 statement of cash flows for the year ended 31 December 2023................................................................... Notes to the fin3nclal statements for the year ended 31 December 2023.................................................................... 19 .18
Tlie Fishmoiigers, Compariy's Fislieries Cliaritahle Trust Reference and administrative details Address for eriquiries The Fisheries Secretary Fishmongers, Hall london Bridge London EC4R 9EL Prlnclpal Investment Managers CCLA Fund Managers Limited Senator House 85 Queen Victoria StTeel London EC4V 4ET Email.. Fish.Fisheries nshmon ers.or .uk Troy Asset Management Link Fund Solutions LlmSted PO Box 389 Darlington DLI 9UF Indepen(lenl Audltor5 Buzzacott LLP 130 Wood StrÈèt London EC2V 6DL Chelve¥ton Asset Management Colchester Road Chelmsford Essex CM25PW Solicitors Farrer & Co LLP 66 Lincoln'5 Inn Fields London WC2A 3LH Principal Bankers HSBC Bank plc 1-3 Bishop5gate London EC2N 3AQ
Trustees The Trustees at the date of thi5 report are the Flshmoneers, Company (the corporate trustee, currently chaired bv Charles Spicer Esol and Michael Nicholson Esq (appointed 4 October 20211, who Ss not a member of the governing body of the Company but 15 a senior member of the Livery of the Company and aet% as the Independent Trustee of the Trust. Mr Nicho150n wa5 appoinled for an Inltial 3-year term as a replacement for the Companvs Clerk, CornrnodorÈ Toby William50n MVO Ire5igned as TIu5tee on 4 October 20211 In order to improve the governance of the Trust owing to his greater independence from the Company. The Fishmongers, Company Is one of the Great Twelve Livery Companies of the City of London and received its first Royal Charter in 1272. The governing body of the Company Ss the Court of A5515tants, whose members at the date of this report are.. Fred Stroyan Esq Iprlme Warden- 21 June 2023- 19 June 20241 Charles Spicer Esq IPrime Warden- 25 June 2022- 21 June 2023 and Chair of Corporate Trustee from 9 Nov 20231 Alderman Sir Alan Yarrow Andrew Sutclifle Esq KC (Chaii of Corporate Trustee to 9 November 20231 Simon Barrowcliff Esq Dr Natalia Misciattelli The Earl of Erroll Andrew Martin Smith Esq R G Holland-martin Esq Andrew Morgan Esq James fforde Esq The Hon Michael McLaren KC Nigel Bankes Esq HRH The Princess Royal KG KT GCVO QSO Davld Robertson Esq David Jones Esq DL Bill S Mills Esq Hambro Esq Jolyon Thornton Esq Mis Charlotte Newson The Earl of Darnley Dr Henrietta Boyd Aldred Diummond Esq Richard Wi115 Esq Duncan Stirling Esq Rupert Cotterell Esq
The F15hmon8ers' Co)ni)aiiy's Fi51ierie5 Charitable Trust Trustees, report for the year ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Fishmongers, Companvs Fisheries Charitable Trust Ithe Trust) is an unincorporated Trust, governed by a Trust deed dated 19 May 1982, a5 amended by a Deed of Variation dated 10 November 2011. It is registered with the Charity Commission, Registration Number 284888, and the Office of the Scottlsh Charlty Regulator, ReÈistr3tion Number SC042845. The Trustees at the date of this report are the Fishmongers, Company Ithe Corporate Trustee) and Michael Nlcholson Esq, who is not a member of the governlnÈ body of the Company but Is a senior member of the Livery of the Company and atts as the Independent Trustee of the Trust. Member5 of Court Ili5ted on page 31 are drawn from the Livery of the CorporateTrustee and are selected so as to ensure that it and its charitSes can draw on a wlde range of approprlate experience and expertise. New Members of Court are given an induction to the finances and affairs of the Corporate Trustee and its charities by the Company's Senior executive officer, The Clerk, and by other Members of Court. In order to ensure effective separation of Trust business fiom the busine55 of the Corporate Trustee, the Court has reated the p051tion of Chair of the Coiporate Trustee and has stipulated that the Chair should be neither the Prime Warden of the Company nor a serving member of the Trust's advlsory Committee. The current Chair of the Corporate Trustee Is Charles Spiter Esq. The Court has established a Fish and Fisheries Committee comprSsed of members of Court and co-opted members of the Llvery. Its purpose Is to promote, develop and deliver the Corporate Trustee's historic duty to support the fish and fi5heiies Sector in the UK. When acting on behalf of the Trust, the Committee Chair is accountable to the Chair of the Corporate Trustee. In respect of the Trust. the Comrnittee's tasks include.. al Understanding the Fisherie5 sector bl Con5ideiing, and rnake recornmendation5 on, the Trust'5 Fisherie5 Strategy, which is devised of six principal piogrammes.. il Freshwater fish, fi5herie5 and catchrrent management ill Marine fish, fisheries and environmental management lill 5ustain8ble and Innovative development of aquaculture iv) SuppoTting and developing the fish trade vl Providing education and research in the fisheries secto¥ vil Providing an internatlonal network of best practlce These progiammes are all supported by generic themes, including: il Education and communications initiatives ill Working with research and academic establlshmentS to support an evldente-based approach Illl Consulting widely with a range of business, Conservation and policy stakeholders to understand need, and where possible, build consen5U5 iv) Development of international links cl Bidding for a sustainable level of income from the Corporate Trustee and the Trust's own funds.
.f) 'riie Flsliinoiike¥s' Coiniiai)v'5 Flslipi'l¢s Cl)HrltHblL. T¥ii%t Trustees, report for the year ended 31 December 2023 Icontinuedl STRUCTURE, GOVERNANCE AND MANAGEMENT Icontlnuedl dl To prepare and subrnit an annual Business Plan for the following year with an outllne up to 5 years ahead. When approved. to implement and control the budget and oversee the detailed managernent of the Trust's grants, programmes and projects. During the year, day to day management and administration of the Corporate Trustee wa5 delegated to Its 5enlor ExecutSve Orflcer, the Clerk. Toby Williamson MVO. In addition, the Couit has appointed the Corporate Trustee's Fi5heiies Director, Andrew Wallace, as Executlve Dlrector responsSble for leadine its support to the Trust and its Finance Director, Steve Maile, undertake5 the same role for the Trust. Together they tomprSse the Trust's Key Management Peisonnel. Their rernuneration is set by the Court, having regard to the mark@t rate for similar roles. Staff of the Corporate Trustee are jointlyemployed by the Flshrnongers, Company's Fisheries Charitable Trust and also by the Fishmongers, Company'5 Charitable Trust (Charity No. 2636901. In 2023, the Trust reimbursed the Corporate Trustee £313k In respect of joint employment costs and E48k for administration services. OBJECTIVES AND ACTIVITIES The obleets ol the Trust were widened Sn 2011 and are.. The odvancement of education on matters rel(Fted tofi5h andfAsherNe5 The conservotion of nuturolhobitt7ts ond environment thut support healthyfish undfish stocks The preservotion ond protectlon of public heulth The svpport of the work of other chorities tsnd orgonlstttlons ossocloted wlthflsh t7ndfisheries These objects are delivered through the Fisheries Strategy las referred to in Ibl abovel by part-funding the remuneration of four FTE current fisheries-focu5ed staff rnembeis.. Fisheries Director- Andrew Wallace 2 Programme Managers- Dr Eleanor Adamson & Allson Freeman A Charitie5 Communications Manager- Gavin O'Donnell (shared 50150% wlth the Flshmongers, Company) A CharitiesAdministrator- Natasha Taylor Ishared $0150% with the Fishmongeis, Company's CharitableTrustl and by making grants in support of Its oblectlves. As noted above Sts SSX maln areas of work are.. 11 Freshwater fish, fisheries, and catchment management ill Maiine fish, fi5herle5 and environmental mènagement iiil Sustainable and innovative development of 6quacult4tre iv) Supporting and developing ihe fish trade vl Providlng edutatlon and research In the fisheries sector vil Providing an international nelwoik of best practice Among the Trust's funding of educational programmes, the targeted academic sponsorship programme contributes to the funding of PhDs, Masters and Internshlps that help support the areas of work identified above, and a school education programme sUPPOlts teachers to Use sustainable seafood In thelr lessons. In 2023 the Trust opened up an international workstream - the Oceans, Programme- with a particular focus on fisherie5 management and marine conservation. The Trust also supports a wide variety of events, both at Fishmongers, Hall and elsewhere, to help further it5 objectives. The Trust also makes dlscretlonary grants in accordance with its objectives.
.Pl Tl)e Flsl)Inoi)gers' Compaiiy's Fislieries Charitable Trust Trustees. report for the year ended 31 Decèmbèr 2023 Icontlnuedl GRANT-MAKING POLICY l. The Fishmongers, Company's Fisheries Charitable Trust is wllllng to tonsider proposa15 from established Organisations to provide grants in support of projects related to the delivery of the fisheries strategy objectives, outlined above. In addition, the Trust's sister charityi the Flshmongers, Company's Charitable Trust. has a small, designated fund from which it can sometlmes support cause5 which, though fisheries related. are not directly in support of fish or fisheiles. Such projects may include.. a. Projects which may benefit individua15 (including disabled or otherwlse dlsadvantaged people) through fishing or their relationship with fishing. b. HTStoiical, archaeological or sociological studles related to fishing. c. Cultural and soclal prole¢ts In support of fishing communltles or the environment. 3. The Trust does not normally support: a. Projects dealing with marine mammals. although projects dealing with the impacts of predatSon by marlne mammals would not necessarily be extluded. b. Any applicatlons for coie-funding or for which there Is a statutory duty to provide a service, facility or undertaking. . Projects that compromise the Flshmongers, Company's independence and polillcal neutrality. d. Project proposals that seek to form new bodies. In considering bids for fundlng, preference will be given to projects: a. Put forward by re8lStered charities or not for profit organlsation5 already working in those areas for whlch the grant is sought. b. Where there Is matched funding by another donor, or there Is clear evidente of funding support or support In kind to ensure the viability of the project. c. Which demonstrate good collaboration or coordination with other organisatSons, avold duplication and make use of partnershlp arrangements. The following conditions may be applled.. a. In such cases where the grant Is rellant upon other grant5, any award may be condltlonal upon the applicant demonstrating that the other mtsnie5 are secured before any monies are released by the Trust. b. As a condltlon of any grant, the proposal must include provision lor reporting to the TTUSt on progress belng made and of final outcomes. c. As a further tondStion of any grant made, the Trust requires that itssupportls acknowled8ed in all publications andlor publicity material relating to the project. Where appropriate. and with the written consent of thè Company, permission may be eranted to Use the Companls crest. d. Under normal cireum5tances the Trust will not conside¥ a further grant to an organi5ation until a period of three years has elapsed from the date of approval of the prevlous grant. Exceptions to this policy might Include where significant development opportunltles as50cialed with the original application may be evldent. e. Where a grant is requested to help launch, or pump-prime a new initiatlve, the applicant will need to demonstrate In the application how the initiative wlll be sustalned over th@ longer terrn.
Tlie Fisl)iYiotiEers' Coriii?aiiy's F151ierlLs% cl1711tl)lL Trust Trustee5' report for the year ended 31 December 2023 Icontlnuedl GRANT-MAKING POLICY Icontlnuedl Appllcatlons for funding should be made, in con5ultatlon wSth a member of the Fisheries Staff Team, by completlng the application forms available from the Charitie5 Administrator: Fish.Fisherle5 fishmon ers.or .uk FUNDRAISING DISCLOSURES The Trust does not engage in fundralslng from the general public and does not work wlth professional fundraisers or commercial participators. Consequently, the Trustees do not regard it as necessary to subscribe to any voluntary fundralslnE standards. Members of the Livery and Freedom of the corporate Trustee, the Fishmongers, Company. are encouraged by the Company to support the work of the Trust, either by means of regular donations or via specifie fundraising events held by the Company, but these contributions are entirely voluntary and the Trustees are satisfied there is no undue pressure to contribute. Given the close relationship between the Trust and the Company, including shared Staff and resources, the Trustees do not con5id@r it is necessary to monitor formally the Company's fundralslng from its member5. No complaints have been received about the Company's fundraSslng activitles from its members. PUBLIC BENEFIT The Trustees continue to have regard to the Charity Commission guidance on publlc beneflt In setting their grant maklng policies and future plans and are satisfled that the grants that have been made piovide publle benefit to the ommunity. FINANCIAL REVIEW The Fishmongers, Company made a cash donation of £920k during 202312022.. £738kl and a donation of £450k was received from the Fishmongers, Company's Charitable Tru5t12022.. £1,415kl. The 10-year lease over an investment prope¥ty with a net annual rent of £IOOk pa that was gifted in December 2018 to mark the Flshmonge¥s' Company's 750, annlversary has been valued at £380k by the Trust's Surveyor, Cluttons LLP. The Trust received donations of £1.408k12022.' £2,178kl. The deciea5e compared to 2022 was due to a smaller donation from the Fishmong@rs' Company Charitable Trust, of £450k12022.. £1,415kl. Intome of EIOOk was received from the investment property12022.. £IOOkl and £120k from investment income12022= £117kl. Durlng 2022 the Trustee5 took the decision tci withdraw completely from Billingsgate Market and consequently expenditure this year ceased to occur12022.. £94kl. The Trust spent £1,186k on chaiitable grants12022'. £774kl and £389k on Fisheries Projects12022.' £610kl. RESERVES POLICY TheTrustees' policy is to maintain a balance on the Trust's unrestricted reserves, net of investments sufficlent to meet at least three months of total costs. The Trustees, current policy Is to avoid any requirement to Use expendable endowrnent or unrestricted Investments to meet ca5hflow need5. At the end of the period, the Trust held total unrestricted funds of £1,848k12022'. £1.821kl. El,301k tomprlsed Fixed A55et Investment512022'. £1,318kl and there were no designated funds12022'. Énill. After deducting investments, the Trust's available free reserves (net eurrent assetsl were £547k12022.. £503kl reflectlng an increase in available cash which is in line with the reserve5 policy above. The Fishmongers, Company's Charitable Trust grant will cover the Trust's projected shortfall of income against planned expendlture in 2024 with a grant of £871k12023= £450kl. This will avoid the iequirement to sell investments to cover ca5hflow.
I he r.islimonge.¥s' Coi))iJaiiy's F151iprles Chiirltable Trust Trustees. report for the year ended 31 December 2023 Icontlnuedl REVIEW OFTHE YEAR 2023 represented the final year of a 5-year plannlng cycle during which the Trust has significantly enhanced its reputation as one ol the biggest fisherie5/aquatic focused charities In the UK. New area5 of work included establishment of an Oceans programme and deepenlne the Trust's relationship with its namesake trade via its work with the seafood processing sector in Grlm%by. WoTk initiated or led by Ihe Trust in 2023 leveraged sienlflcant additional funding (estimated at c £12ml from other co-funding source5, directly supporting its partners, beneflcièries and Projects. One highlight here is the 'Fisheries Industry Science Partnership Network, in the Trust'5 Marine Programme. This initiative works with fishers and scient15ts to identify, shape, facilitate and match grant-funding for fisheTie5 science, unlocking approxlmately £6.8m in government grant funding and bringinE the flshlng sedor into the process of developing fisheries SCIen to support 5U5tainable management of UK fisheries land beyond). Grants awarded from our Freshwater Programme directly funded projects in Scotland, England, Wales and Northern Ireland to help build capacity in ¥iver management organisatlons to deliver a wide range of habitat restoration projects to aid the long-term ecological restoration of river catchments. Grants also supported a series of short films and technical manuals that promoted catchment restoration i55ues to a wide range of technical and public audiences. The Trust remains at the centre of a range of projects aimed al conserving the UK'S declining Atlantic salmon populations, in recognition of the importance of the Atlantlc salmon a5 a flagship indicator of wider freshwater environmental health. Contribut(ons undei the Flsh Trade Programme were centyed on the Seafood Grimsby and Humberside Alliance ISGHAI, a pre-competitive partnership of seafood processors which, In 2023, undertook 518nificant 5ector-wide work on.. the decarbonisation of the seafood supply chain,. developing skills and employment opportunities in the current and potential local workforce; developing education pro@rammes with local schools,. and supporting the local charitv "Catzero" in its efforts to help disadvantaged indlvlduals develop skills and find gainful employment in the sealood sector in the Humber and Grimsby region. The FCFcf also eontlnued to develop and manage the "Discover Seafood" website which te115 fresh stories about seasonal sustalnable British seafood. In 2023 Discover Seafood extended thls initiative with physical marketing packs and reclpe cards to help retailers grow their engagement with Brltish con5umeTS. The FCFCT'S Aquaculture Programme supported various aquaculture Industry foTums and, in 2023, it held a free, one- day conference "Aquaculture For A Thriving Future" bringing together more than 100 national and global experts to discus5 shellfish and seaweed aquaculture. Grants were also given for induslry led reef and shellfish restorative aquaculture activities in UK waters. The FCFCT'S Education Programme retained a strong focus th¥ou8hout 2023 on the Fish In School Hero Prograrnme, delivering teacher training for 200 teachers and free seafood meals to tsver 20,000 children. At University level the Trust contributed funding to seven Masters and six Doctora5 studles and students, as well as funding six industrv intern5hips.ll also part-funded one MBA and through the Trust's new Oceans exchange5, the FCFCT supported six
Tlie FF: Trustees, report foi the year ended 31 December 2023 Icontlnuedl REVIEW OF THE YEAR Icontlnuedl internat1onal visSts tc> learn about safety, shark by-catch, and octOPU5 and crustacean fisheries equipment and practices. The new Oceans Programme provided further international reach by directly funding fisheries sustainability work in AnBullla and training in St Helena. At the end of this 5 year cycle of the FCFCT, the Trust has become a well recognised and trusted chBiitable support brand in the fisheries and aquatlc Space. A new 5 year plan has been developed for the period 2024-2028 whlch will build on that reputation and continue to enhance the Trust's reputation as a trusted partner, financlal supportei and convenor in the fisheries and aquatic sector in the UK and beyond. INVESTMENT REVIEW The Trust's Statement of Investment Principles and Pollcy states that its investment objectives are-. To m(Jintoin its ossets In reol termsfrom generation to generation, while spendlng Ot ts sustoln(rble level. The Charity s assets will therefore tend to be invested In reol ossets (property and equAtAesJ which typically hove un underlying Income. The Chority would like to spend a growing stream of income and desires a higher current return th(Jn the MSCI World wlthout undue risk to thefuture growth of that income or50crifice of totol return. The Cht7rity regards equities ¢Fs o global tYSset cluss yet has Sterling needs (Ind does not wish to puy unnecessory tox ondfees. It hus minimulsterling property income and505terllng Income is u welcome mutch againstshort term need5, but not u permonent requirement. The Chority has an ethical constraint, which is thot It expects thut its investment managers ensure that there 15 good or improvlng corporate governunce ut the companies in which itNnve5ts, tsnd Itseeks to understund how the m(Jnogers link this re5ponslblllty to shoreholder returns. The Charlty will not secondgue55 the mtsnoger but impress on them the importance of thi5 responsibility. Investment Income in 2023 was £120k, representing a slight intrease on the previous year's £117k. After a difficult 2022, the Non-Property Investment portfolio ended the year up 6.3Yo In CBpltal terms and with a total return of 9.6%, ahead of average inflation atross the year. The CCLA holding finished the year Strongly and returned 12.5% compared to the MSCI World return of 16.8%, benefittlnE from Sts US equity exposure. On the other hand, both the Trojan Income Fund and Chelverton UK Equity Income Fund struggled, returning just 2.4% and 5.4% respectivelv. The Trustees believe that these ale as muth to do with the style of the fund5, Wlth the UK continuing to be out of favour, rather than specific manager issue5. However, the Trustees Intend to carry out a review of investments during 2024. On 12 June 2014, the Trustee passed a ie501vtlon as permltted by the Charities ITotal Return) Regulations 2013, to adopt a Tot31 Return approach to its permanent endowment- the Slmon Blrch Memorial Fund- with effect from I January 2015. The Trustee determined that on that date the value of the Trust for Investment was £147k comprising the value of the original gift plu5 subsequent capltal growth while the value of Unapplied Total Return was £115k comprising the historic exce55 of income over expenditure. During 2023, £6k was allocated for expenditure from the total return of £26k in the year. At 31 December 2023, unapplled total return was E106k12022.' E86kl.
Tlie Flslimongers, Coinpany's Fishories Chdritablo Trvst Trustees, report for the year ended 31 December 2023 Icontinuedl RISK MANAGEMENT The Trustees have a55essed the major risks to which the Trust is exposed. The most slgnlflcant rlsk Is assessed to be dlsunity wtth the Coiporate Trustee leading to a significant ieduction in income and other resources. Thls Is addressed by keeping the 5Erategic objectives of the Trust aligned with the interests of the Corporate Trustee and carefully handling the interface between the Trust and the Corporate Trustee. The Trustees a150 attach high importance to addressing the risk of bad governance and are currently undertaking a thorough review of all goveinance structures, processes and documentation. Although Investrnent Intome is a Minor part of the Trust's overall income, the major financial risk derives from market volatlllty and the potential knock-on effect on the Trust's income if markets struggle. The Trustees are keeplnE the Increased level of Spending from ihe portfolio followin8 the reslructurir)g of investments in 2018 under review. Additionally, the Trust's policy is to fund specific Projects rather than the core costs of other organisations and to ensure a balance of single-year and multi-year projects. Taken together, these should plovlde the fiexlblllty to temporarily ieduce the level of grants awarded if required without damaging existing projects. PLANS FOR THE FUTURE The Trustees are ambitious to develop the scope of the actlvltles of the Fishmongers, Company's Fisheries Charitable Trust further, with a paiticulai emphasi5 on 5tren8thening and deepening some of their existinE project actlvllies. The Trustees are particularly supportlve of partnership projects and helping to a551St in the building of coalitions of funders and fundees to increase the impact of their inveslments in projects. As a consequence. theTrustees have been veiy Supportive of developing high-quality relationships with a wide ranÈe of environrnental and welfare charities operating in the aquatic. envlronmental and flsherles spate. The Trustee5 are also keen to invest further in projects that build self-reliance and long-term flnancial viability in the project5 they are involved in. lo I Page
Trustees, report for the year ended 31 December 2023 Icontinuedl STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparine the Trustees, Report and the financial statements in acttsrdance with applicable law and United Kingdom Accounting Standard5 Iunlted Klnedom Generally Accepted Accounting Practicel. The law applicable to charities in England and Wale5 require5 the Trustees to prepare flnanclal statements for each fTnantial veèr whlch Èlve a true and fair view of the state of affairs of the Charity and of the income and expendlture of the Charity foi that period. In preparlng these financial statements, the Trustees are required to.. select suitable accounting policie5 and then apply them consistently observe the methods and principles in Accounting and Reporting by Charitie5-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republle of Ireland IFRS 1021 make judgements and estimates that tre reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial 5tatementS prepa¥e the financial statement5 on the going conce¥n basi5 unle55 It Is Inapproprlate to presume that the Charlly wlll contlnue In business. The Trustees are responsible for keeplng proper accountlng recoids that disclose, with reasonable accuracy at any time, the financial position of the Charity and enables them to ensure that the financial statements comply with the Charltles Act 2011, the Charity and Trustee Investment (Scotlandl Act 2005, the Charities Accounts Iscotlandl Regulations 2006 las amended) and the provisions of the Trust deed. They are also responsible for 5afeguardlng the a55ets of the Charity, and hente for taklng reasonable steps for the prevention and detection of fraud and other iiregularities. Charles Spicer Esq On behalf of the Tiustees 21 March 2024
Tl)e F15hrnongers' Company's Fisliories rharitablo Trust Independent audltor's report to the Trustees Oplnlon We have audlted the finèncial statements of the Fishmongers, Company's CharStable Trust I'ihe Charity'l for the year ended 31 December 2023 which comprise the statement of financial actlvities, the balance sheet, the statement of cash flows and the notes to the financial statements, including slenltlcant actounting policiès. Thè financial reporting framework that ha5 been applied in their pieparation is applicable law and United Kingdom Accounting Standards, Intluding 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.. glve a true and fair view of the state of the CharItS affairs as at 31 December 2023 and of Its Income and expenditure for the year then ended,. have been properly prepared in accordance with Unlted KlnÈdom GenÈially Accepted Accounting Practice,. and have been prepared In acc(>rdance with the Tequirements of the Charities Act 2011, the charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulation5 2006 las amendedl. Basls for oplnlon We conducted oui audit in accordance with International Standards on Audiling IUKI IISAS IUKII and applicable law. Ou¥ responsibilities under those standaids are further descrlbed In the AuditOF'S responsibilities for the audit of the financial statements section of our report. We are Independent of ihe Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial 5tatement5, we have concluded that the Trustees, use of the golnÉ concern basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltlons that, Indivldually or collectively, may cast significant doubt on the Charity's ability to contlnue as a going concern for a perlod of at least twelve rnonths from when the financial statements are authorised for Issue. Our responsibilities and the responslbllltles of the Trustees with respect to going concern are described in the ¥elevant sections of this report. Other Informatlon The Trustees are responsible for the other inforrnation. The other informallon comprlses the Information included in the Annual report and financial slatements, othei than the financial statements and our audltor's report thereon. Our opinion on the financial statements does not cove¥ the other informatlon and we do not express any form of assurance conclusion thereon.
Independent audltor's report to the Trustees Iconlinuedl other Informatlon Icontlnuedl Our iesponsibilitv 15 to read the other information and, in doing so, consider whether the other informatlon is materi311y inconsistent with the financial statements or our knowledge obtained in the course of the audlt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mlsstatements, we are requlred to determlne whether this gives rise lo a material misstatement in the finantlal 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 inlormation,. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothlne to report in respect of the following matters in relation to which the Charlties Act 2011 and the Ch3ritSes Accounts Iscotlandl Regulations 2006 las amended) requires us to report to you if, in our opinion: the information given in the Trustees, Report is inconsistent in any material Tespect with the financial statements,. or sufficient and proper accounting iecords have not been kept,. or the financial Statements are not in agreement wlth the accounting records and return5. or we have not received all the information and explan3tions we requlre for our audit. Respons5bllltles of Trustees As explained more fully In the Statement of Tyvstees, Responsibilities, the Trustees are iesponsible for the preparation of the financlal statements and for being satisfied that they give a true and fair view, and for such Internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or e¥ror. In preparing the fir)ancial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, m3tters related to eoing concern and using the going concern basis of accounting unless the Trustees either Intend to Ilquldate the Charity or to cease operations, or have no realistlc alternative but to do 50. Audltor's responslb151tles for the audlt of the flnanclal 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 auditors, 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 IUKI will always delect a material misstatement when It exists. Misstatements can arise from fraud or errol and ale 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 tlnanclal statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our re5ponslbilities, outllned above, to detect material mis5tatement5 in respect of irregularlties, Including fraud. The extent to whlch our procedures are capable of detecting irregularities, including fraud is detalled below.
I'lie Fislimor)gers' Comyaiiy's Fisliviies Charltal)le Ti'iist Independent audltor's report to the Trustees Iconlinuedl Audltor's responslbllltles for thè audlt of the flnanclal statements Icontlnuedl Our approach to identifying and assessing the risks of materlal misstatement In respett of irreÈularlties, IntludinÈ fraud and non-cornpliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilitie5, and skills to identify or recognise non-compliance with applicable13ws and regulatlons,. we identified the laws and regulations applicable to the Charity through discussions with those charged wSth governance and other management, and from our knowledge and experience of the settor,. we focused on specific laws and reguSations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Charltles Act 2011, the Charities and Trustee Investment (Scotlandl Act 2005 and the financial reporting framework referred to above,. and we understood how the Charity is complying with those legal and reÉulatory frameworks by making enqulrles of management and those responsible for legal and compliance p¥ocedures and through our review of the minutes of meetings of those char@ed with governance. We assessed the susceptibility of the Charity's financl31 statements to material rni55tatement, including obtaining B understanding of how fraud might occur. Audit procedures performed by the engagement team included.. makinE enquiries of management as to their knowledge of actual. suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and re8ulations. To address the risk of fraud through management bias and override of cont¥ols, we.. performed analytical procedures to identify any unusual or unexpected financial relationships- tested journal entries to identify unusual transactions; performed substantive testing of expenditure including testing the authorisation thereof,. and assessed whether judgements and assumptions made in dete¥mining the accounting estimates were Indlcatlve of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures whlch included, but were not limited to.. reading the minutes of meelings of those charged with governance,. and enquiring of those charged with governance and management as to actual and potential litigation and claims. Theie are inherent limitations in our audit procedures described above. The more removed that laws and reEulalions are from financial transactions, the less likely it is that we would become aware of non-cornpliance. Auditing standards also limit the audit p¥ocedures required to identify non-compliance with laws and regulations to enquSry of the tTUStees and other managemenl and the inspection of regulato¥y and legal correspondence. If any. Material misstatement5 that arise due to fraud can be harder to detect than those that a¥ise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Countll's website 3t www.frc.org.uklauditorsre5ponsibilitie5. Thi5 description forms part of our auditor's repoit.
Independent audltor's report to the Trustees Icontinuedl Use of our report This report is made solely to the Charlty's Trustees, as a body, in accordance with section 144 of the Charities Att 2011 and with Tegulations made under section 154 of that Act and in accordance with Section 44llllcl of the Charities and Trustee Investment Iscotlandl Act 2005 and Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state to the Trustees those malter5 we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllity to anyone other than the Charity and the CharitV'5 Trustee5 as a body, for our audlt work. for this report, or for the oplnlons we have formed. Buzzacott LLP Chartered Actountants Registered Auditor 130 Wood Street London EC2V 6DL Date.. 22 March 2024 Buzzacott LLP is eligible to act as an auditor in term5 of 5ectlon 1212 of the Companies Act 2006
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Tlie Fishinongers, Coimpany's Flslielies Charitahle Trust Statement of cash flows for the year ended 31 December 2023 2023 £000 £000 Cash flows from operatlng attlvltles Net cash lused Inl/provSded by operating activities 1971 224 Cash flows from investing activities Dividends, interest and rents from investments Net tash provided by investlng actlv5tles 220 217 220 217 Change in cash and cash equivalents In the reporting period Cash and cash equlvalents at l JarTruary Cash and cash equlvalents at 31 December 123 441 590 149 713 590 Reconclllatlon of net Income to net rash flow from operatlng actlvltles Net Income for the reportlng perlod las per the SOFAI Adlustrnent5 for.. IGaTnsl/Losse5 on investments Dividends, interest and rents from Investments Decreaselllncreasel In debtors IDec¥easelllncrease In creditors Net cash provlded by operatlng activities 214 240 11611 12201 75 12171 1761 14001 224 151 1971 Analysls of cash and cèsh equlvalents Short term dep051t account5 Cash at bank and in hand 22 22 568 i 590 691 Total Cash and cash equlvalents 713 Split between.. Unrestricted Funds 636 527 Restricted Funds 42 28 Endowment Fund5 35 35 Analysis of changes in net debt Cash and cash equlvalents at l January Cash-flows 590 149 123 441 Cash and cash equlvalents at 31 December 713 590 18 I Page
Tl)L' Fi,: Charitfiijle Trust Notes to the financial statements for the year ended 31 December 2023 I. ACCOUNTING POLICIES The principal accounting policies adopted, judEements and key source5 of e5tirnation untertainty In the preparation of the financièl statements are as follows: Basls of Preparatlon The accounts have been prepared under the historical tost tonventlon. as modified by the revaluation of tertaln flxed asset investments. the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and Accounting and RepoTting by Charltles.. Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reportlne Standard applicable in the UK and Republsc of Ireland IFRS 1021. The Charlty consÈltutes a PublSc Benefit Entity a5 defined by FRS 102. The financial statements have been prepared to @Sve a 'true and fair, view and have dep31ted fiom the Charities (Accounts and Reportsl Regulations 2Q08 only to the extent required to provide a 'true and fair view, This departure ha5 involved following Actounling and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 rather than the Accounting and Reporting by Charltles.. Statement of Recommended Practice effectlve from l Aprll 2005 which has since been withdrawn. The functional currency is GBP £OOOs. Preparatlon of the accounts on a golng concern ba51$ The TTUStees have considered the Trust's forecast income and expenditure and cashflow for the next 12 months and are satisfied that the Trust Is a golng concern and have prepared these finantial statements on that basls. Income Dor)ation income 15 retoEnised when the Trust has entitlement to the fund5, It Is probable that the income will be received, and ihe amount can be measured reliably and is not deferred. Investment Income, including interest, is recognised when receivable. Rents are recognised when receivable. Fund accountlng Unrestricted funds are available to spend on activltles that further any of the purposes of the Charity. Designated funds Bre unrestricted funds of the Charity which theTrustee5 have declded at their discretion to Set aside for a specific purpose. Restricted funds are donations which the donor ha5 spec&fied are to be solely used for particular area5 of the Trust's work. Endowment funds are funds which must be held indefinitely, although wlthin Ilmlts the capital of the funds may be spent temporarily where a Total Return approach has been adopted. Expendlture and Irrecovèrable VAT Expenditure is recognised once there is a legal or tonstructlve obligation to make a payment to a thlrd party, It Is probable that settlement will be required, and the amount of the obll8atlon can be measured reliably. Expenditure is classified under the following headings.. Investment Management Fees in Expendlture on Raislng funds represents the Trusvs share of fees charged to collective investments schemes in which it ha5 holdlnÈs where these are clearly identifiable. Expenditure on Charitable Activities includes both 8rant5 awarded and thelr assoclated support costs. Irrecoverable VAT is charged a5 a cost against the activity for whlch expenditure was incurred. 191 Page
Tlie r.IshiMoi)ger5' Con)pany's Fisheries Charitahle Trust Notes to the Ilnanclal statement5 Iconlinuedl I. ACCOUNTING POLICIES Icontlnuedl Allocatlon of support C051s Support costs are those functlons that assist the work of the Trust but do not directly undertake charitable actlvltles. Support tosts intlude the Tru5t'S Share of employment costs for staff jolntly employed by the Fi5hrnongers' Company and the Fishmongers, Company's Fisheries Charitable Trust, administration expenses, and audit fees. Support costs have been wholly allocated to Charltable Expenditure. Investment Propertles Investment properties are stated at falr value. Realised and unrealised gains are shown in total on the Statement of Flnancial Activities. Investments Investments are staled at marketvalue. Realised and unreallsed @alns are shown In total on thestatemenl of Financial Activitie5. Total Returh Where a Total Retuin approach has been adopted to the management of permanently endowed funds, income and gains initially accrue to Unallocated Tota1 Return, which is part of the endowment fund. Funds intended for applitation are then shown as a transfer to Restricted Funds. Since 2018. the Trustees, policy is to regard income a5 available in full for application. Prior to 2018, the Trustees had budgeted an amount available for application as approximately 2.5% of the forecast openlng market value of the capital. Debtors Trade and other debtors are Tecogni5ed at ihe settlement amount due. Credltors and provlslons Credltors and provlsion5 are recognised where the Charity has a present obligation resulting from a past evÈnt 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. Credltors and provis50n5 are normally recoEnised at their seltlement amount due. Flnanclal Instruments The Trust has only financial assets and nnanclal Ilabllltles of a kind that qualify as basic financial instruments. Baslc financial instruments are initially recognised at transaction value and subsequently measured at thelr settlement value except for investments which are stated at falr value. Penslons The Trust jointly employs staff wlth the Flshmon@ers' Company and the Fishmongeis, Company's Ch3ritableTrust. The FishmonEers' Company meet5 the obligations of the employers in respect to auto enrolment legislation. Accountlng estlmates and ludgements The most significant areas of judgement and key assumptions thataffect items in the accounts relate to the recognltion of multi-year grant commitments. In respect of the next reporting period the most signiflcant areas of uncertainty that affect the carrying value of assets ale the level of investment return and the performance of investment markets.
Tlic FlshiiioiiLivrs Coi))lJlr ny's Fislieries CliarttlL l)le Triisl Notes to the finantlal statements Icontlnuedl DONATIONS 2023 2022 £000 £000 Unrestricted funds Donation5 from the Flshmongers, Companv 920 738 Donation from the FlshmonBers' Company Cha¥itable Trust 450 1,415 other donatlons 25 1.395 2,156 Restrlcted funds Simmonds Watei QualSty Total donatlons 13 22 1.408 2.178 3. RENTAL INCOME 2023 2022 £000 £000 Total rental Income loo loo In December 2018 the Trust wa5 gifted a 10-year lease over an investment property wlth a net rent of £IOOk which has been valued at £380k at 31 December 202312022.. £450kl. 4. INVESTMENT INCOME 2023 £000 2022 £000 Restrlcted Investment Income Simon Birch Memorial Fund Unrestrlcted Investment Income 114 iii Total Investment Income 120 117 5. BILLINGSGATE MARKET DuTiMg 2022, the Trust ceased to provide inspection services at Billingsgate Market, with no more expenses related to this expected in coming years. During 2022, dSreet expenditure on Billingsgate Market was E61k, all of which was unrestricted and £33k wa5 added a5 an apportioned sUPPOIt C05t which made total expenditure E94k.
Tlie Fishmtsiiyers, Company'% Fl%hp.rl?% rltable Trust Notes to the linanci31 statements Icontinuedl 6. GRANTS 2023 £000 2022 £000 Marine Fisheries Industry-led Science UK River Woods- Catchment restoration through tree planting Targeted Academic Sponsorships National Good Practice Shellfish Aquaculture Industry support Marine Fisheries Co-management Marine Fisherie5 Management Oceans- International knowledge exchanges Ocean Projects Secretariat for the All-Party Parliamentary Group on Fisheries Misslng Salmon Alliance National Seafood Communlcatlons Aquaculture challenges-water qualitv j Welfare and Safety Local Authorities Discrelionary Grants Leaders In Industry.. Continuing Professional Development Bermuda Institute of Ocean Sclenees Mèldwln Drummond Award Simon Birch Fund Water Quality School Educatlon (Fish In School Heiol Catzero Small Grants1<£4kl Grants to organlsatlons 174 158 145 91 80 45 124 70 20 60 80 50 49 42 40 30 25 40 50 12 40 39 35 50 30 20 30 27 17 19 io io 50 20 14 733 13 1.130 Targeted Academlc Sponsor5hip5 Leaders in Indust¥y.' Contlnuing Professlonal Development Grant5 to individuals Apportloned support costs 49 33 Total Grartts 1,186 774 Expenditure on Èrants was £1,137k12022-. £741kl £1,128k was unre5tricted12022- £741kl and £9k restricted12022: £nill. An appoitioned 5UPPOIt cost of £49k12022.' £33kl has been added to this total bringing total @rant expenditure to £1,186k12022.' £774kl. Multiyear grants are not awarded.
Notes to the financial s13tements Icontlnuedl 7. FISHERIES PROJECTS 2023 2022 £000 £000 285 325 Fisheries Projects Project Support Costs Total Flsherles Projects 45 344 389 610 Expenditureon fisheries projects Wa5 £389k12022: £610kl. £lkwas restiicted12022'. £28kl and £388k was unrestrlcted 12022.. £582kl. 8. ANALYSIS OF SUPPORT COSTS 2023 Blllingsgate Market Grants Flsherles Prolects £000 £000 £000 Total £000 staff Costs 39 278 317 Adminlstration expenses Cal expenses and travel Other expendlture Total Support Costs 42 48 12 14 12 14 49 344 393 2022 Bllllngsgate Market Grants Flsherles Prolecls £000 £000 £000 Total £000 staff Costs 27 27 265 319 Admlnistration expenses Car expenses and travel Other expenditure Total Supporl C05t5 40 48 li li 13 33 33 325 391 Support costs were £393k12022: £391kl all of which weie unrestrlcted. Staff Costs comprise the Trust's share of the employment cost of staff who are jointly employed by the Flshmongers, Company and also the Fishmongers, Company's Fisheries Charitable Trust. The payroll 15 administered by the Fishmongers, Company and the appropriate proportion of the employment costs of the relevant employees Is recharged to the Trust. Admlnlstration expenses relate to the provision of other administrative support Servi$ to the Trust by the Fishmongeis, Company in connectlon with Ihe operation and irnplementatlon of the objectives of the Trust, the management of the Trust's assets and compliance with constitutional and statutory requlrements. An audit fee of £llk12022'. £IOkl is included under this heading.
Tlip Fi5hinonyer5' Compaiiy's r.islieries Chlr ritcible Tiiist Notes to the financlal statements Icontlnuedl 9. ANALYSIS OF STAFF COSTS 2023 2022 £000 233 £000 2341 27 Salaries and wages Social seeurlty tOSts Othei employrnent costs Total Staff Costs 26 58 58 317 319 There wa5 one employee for whom the Trust's share of employee benefits was between £IOOk and £IIOk12022.. One between £90k and £IOOkl Staff Costs includes E129k12022.. £118kl in respect of the proportion of remuneration of the Trust's Key Managemènt personnel which wa5 recharged fiom the Fishmongers, Company. The proportlon of staff tosts ihat were recha¥ged to the Trust represent approximately 4.3 people12022'. 5.21. 10. INVESTMENT PROPERTIES 2023 2022 £000 £000 590 | 11401 450 Value at l January Revaluation I Value at 31 December 450 1701 380 In December 2018, the Trust was gifted a share of a leasehold Snteie5t in the City of london. The valuatlon at 31 December 2023 wa5 carried out by Cluttons LLP, a flrm of Surveyors wilh significant. relevant experience in valuing long leases in ihe Cily. The valuer was a member of RICS. The valuation was paid for by the Fishmongers, Companv, which also holds a share in the lease. 24 | Page
Notes to the financial statements Icontlnuedl 11. INVESTMENTS 2023 2022 £000 £000 4,183 15051 1321 3.646 Market Value at l January Realised and unrealised galnslllossesl Investrnent management fees Market value at 31 December 3,646 260 1291 3,877 Consisting of- Unrestricted funds Endowment funds Total funds 921 868 2.956 3,877 2.778 3,646 Investments In Unlt Trusts are quoted at their Bid Prlee at year end. Investment management fees represent the Trust's Notional share of fees charged to its holdings in collective investment funds. They have been caltulated by applying the published Ongoing Charges Figure to a simple average of each fund's value lopening balance plus c105ing balance divided by two). Investment management fees are deducted from the capital of each of the funds held and the gain5 and losses shown in the financial 5tatement5 have therefore been grossed up by the amount of the notional fee. 12. DEBTORS 2023 £000 2022 £000 Trade debtor5 Prepayments and accrued Income 75 77 13. CREDITORS.. AMOUNTS FALLING DUEWITHIN ONE YEAR 2023 2022 £000 £000 Accruals and deferred income 41 39 Amount due to the Fishmonger5' Company Trade creditors 45 57 24 103 108
The Fislinionger£' Coinpany's Flshe¥le5 Charltable Trust Notes to the flnantlal statements Icontinuedl 14. MOVEMENT IN UNRESTRICTED FUNDS 2023 Balance balance 31 Detember l January £000 Income £000 Expendlture £000 Losses £000 £000 Income Fund: General Funds 1.821 1,821 1,609 1,609 11,5721 11.5721 iioi iioi 1,848 1,848 2022 Balance l January £000 Balance Income £000 Expenditure £000 losses £000 31 December £000 Income Fund: General Funds 1,173 1,173 2,367 2,367 11,4581 12611 11,4581 12611 1,821 1.821
Note5 to ihe finantlal statements Icontlnuedl 15. MOVEMENT IN RESTRICTED FUNDS 2023 Balance Balance 31 December £000 I january Intome £000 £000 Expendlture Transfers £000 £000 151 Simmonds Water Quallty Simon Birch Memorial Fund 13 21 22 21 13 iioi 30 2022 Balance l January Income £000 £000 22 Balance Expenditure Transfers £000 £000 1271 31 December £OOD Seafarers Donation Simon Blrch Memorial Fund 16 21 21 22 1281 zi The Simon Birch Mernorial Fund exlsts to support fish research projects at the Natural Hlstory Museum in London. The transfers represent the amount of unapplled total return of the permanent elldowment capital that was allocated to income.
Tlie Fl$l)I1]liverS, ComFiariy's r.ishi4¥j@s C.liaritable Triist Notes to the flnanclal statements Icontinuedl 16. MOVEMENT IN ENDOWMENTFUNDS Permanent Endowment Total Rèturn Trust for Unapplied Total Return Total Investment £000 Endowment £000 £000 At l January 2023.. Gift component of the pèrmanent endowment Unapplied total return Total at l January 2023: Investment return.. dividends Investment return.. unrealised gains Total return In 2023.. Unapplled total return allocated to income in 2023 Net movements in 2023.. 147 147 86 86 147 86 233 20 20 26 26 161 20 20 At 31 December 2023: Gift cornponent of the permanent endowment Unapplied total return Total 147 147 106 106 147 106 253 Trust for UnapplSed Total Return £000 Total Investment £000 Endowment £000 At l January 2022: Gift component of the permanent endowment Unapplied total return Total at l January 2022.. Investment return.. dividends Investment return: unrealised Ealns Total return in 2022: Unapplied total return allocated to income in 2022 Net movements In 2022.. At 31 December 2022: Gift component of the permanent endowment Unapplled total return Total 147 147 115 115 147 115 262 1291 1231 161 1291 1291 1231 1291 147 147 86 86 147 86 233 28 j Page
-4 Tlio FisliiFioiigi'rs' Coiiipaiiy's Flsh¢s1'los Clixrit£iblL, Trust Notes to the flnanclal stalements Icontinuedl 16. MOVEMENT IN ENDOWMENT FUNDS Icontlnuedl Endowment Funds 2023 Balance I January Income £000 £000 Balance 31 December £000 Expenditure £000 £000 Gains Transfer £000 161 Permanent endowment Expendable endowment 233 20 253 2,580 2.813 1221 1221 180 2,738 2.991 200 2022 Balance I January Income £000 £000 Balance 31 Decembei £000 I 233 i 2.580 Expendlture £000 Losses £000 1291 1241 13561 1241 13851 Transfer £000 Permanent endowment Expendable endowment 262 2,960 3.222 161 The Slmon Blrch Memorial Fund (permanent endowment) exists to support fish research projects at the Natural History Museum In London. The transfers represent the amount of unapplled total return of the permanent endowment capltal that was allocated to income. 17. CONNECTED CHARITIES AND RELATED PARTIES The Trust shares Trustees with the Fishmongers, Company's Charitable Trust, which donated £450k12022.. £1,415kl. Donations received from the Trustees were £920k12022'. £738kl. A payment of admlnlstration charges of £48k12022'. £48kl was made to the Flshmongers, Cornpany. At year-end. there was a balance due to the Flshmongers, Company of £5k12022.. £45kl. There are no other related party transactions requirfjng disclosure.