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% cl1￿711t￿l)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 CharIt￿S 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)I￿1]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.