for the Period Ended 30 April 2024
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 30 April 2024
Principal activities of the company
Additional information
The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit and loss for the company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures, disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors
The director shown below has held office during the whole of the period from
1 May 2023
to
30 April 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2024 | 2023 | |
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£ |
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Turnover: |
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Cost of sales: |
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Gross profit(or loss): |
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Distribution costs: |
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Administrative expenses: |
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Other operating income: |
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Operating profit(or loss): |
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Interest payable and similar charges: |
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Profit(or loss) before tax: |
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Profit(or loss) for the financial year: |
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As at
Notes | 2024 | 2023 | |
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Fixed assets | |||
Tangible assets: | 3 |
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Total fixed assets: |
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Current assets | |||
Debtors: | 4 |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: | 5 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: | 6 |
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Total net assets (liabilities): |
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Members' funds | |||
Profit and loss account: |
( |
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Total members' funds: |
( |
( |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 30 April 2024
Basis of measurement and preparation
Turnover policy
for the Period Ended 30 April 2024
2024 | 2023 | |
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Average number of employees during the period |
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for the Period Ended 30 April 2024
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
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Cost | £ | £ | £ | £ | £ | £ |
At 1 May 2023 |
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Additions |
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Disposals |
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Revaluations | ||||||
Transfers | ||||||
At 30 April 2024 |
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At 30 April 2024 | ||||||
Net book value | ||||||
At 30 April 2024 |
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At 30 April 2023 |
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for the Period Ended 30 April 2024
2024 | 2023 | |
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£ | £ | |
Trade debtors |
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Total |
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for the Period Ended 30 April 2024
2024 | 2023 | |
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£ | £ | |
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Total |
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for the Period Ended 30 April 2024
2024 | 2023 | |
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£ | £ | |
Bank loans and overdrafts |
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Total |
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In 2023-24, the second and last year of the funding from the Co-op Foundation, we did not manage to secure funding for the hatchery RAS, but we did collaborate on an application for funding with the University of Essex. The purpose of the application was to investigate hatchery techniques that would benefit both the Native Oysters on the Fal Fishery, and also the Pacific Oysters on another East Coast Fishery, supplying both with a RAS. We had a similar significant challenge at the aquaculture site, where the trays were overwhelmed by mussel spat and restricted maintenance/harvesting, due to lack of key infrastructure, which we are seeking direction on, and subsequent funding support for. The member owned Cornish Canning Co (CCC) received full approval for in-house processing and thermal validation, becoming the forts Cornish / English cannery for 80 years. The CCC has now purchased all the equipment from the CIC at full value consideration, as declared in the company accounts and the form CIC53. The CIC also received applications from 3 new trustee / non exec directors, potentially forming a new ‘Board of Trustees’ in 2024-25. Finances – Two significant issues arose at the end of January 2024. Firstly, Truro Harbour Office denied the aquaculture site rent was waivered for the past three years, as motioned by Cllr Jayne Kirkham, accepted by Cornwall Council, stating they had ‘not made a profit for the past two years’ themselves, so needed to go back and recover the debt, the sum is recorded as a liability on the bank account. If the lease is revoked, there will be significant costs of clearing the aquaculture site, and along with ‘potential’ debt recovery, ‘potentially’ leaving the CIC insolvent. Discussions with the Harbour Master continue. Secondly, the company accountant presented the Director with the annual financial reports 17:00 on 31 January 2024, and gave the director until 19:00 to agree to them before HMRC/CH submission deadline. Upon review the Director noticed the Xero accounts did not match the reports and refused to sign. Immediate action was taken by the Director, to request a late filing date and an extra three months was agreed by Companies House. A new accountant was appointed in the following months, they found that the previous accountant had failed to maintain company accounts at the end of year, this was corrected, accounts submitted. Both these challenges gave the Director grave concern for the future viability, and indeed ‘solvency’ of the CIC, and the Director decided it would not be appropriate to accept any new appointments of trustees, until resolved. Crew, that were supported by the CIC in previous years, have found the fishery to be unviable as a primary income, and could not ‘donate time’, given the costs of living challenges and have had to seek work elsewhere, leaving the CIC with no active crew to maintain and operate its key assets: the hatchery and aquaculture site.
We hold an Annual General Meeting (AGM) in January / February each year where we invite license holders, stake holders and authorities to discuss both work to date and future plans. At the 2024 AGM, we invited 2 of the now 3 potential trustees, one attended and this was recorded via Zoom. Despite the sudden resignation from the authority that provided the secretariat duties to the FFMX, the ECM was held in July 2023, at which the CIC’s founding Director was elected as the new secretariat for the FFMC. The meeting was a quorum of 4 and committee members discussed the benefits of an increase to the MLS, and by majority vote of 4 of 7 the motion of an increase from 67mm to 72mm was passed. This was a hugely ‘significant policy change’ recommendation and represented the first proactive management increase for the Fal Fishery, of the MLS, since 1924. The Fal Fishery’s regulation Authority, Cornwall IFCA, held their own committee meeting in December 2023, where the FFMC proposal was discussed as an agenda item. Cornwall IFCA later confirmed in January 2024, that the recommendation had been accepted and a formal 28 day consultation would be carried out before it submits the proposal to amend regulation 2 (MLS) to DEFRA and the Secretary of State. At the beginning of February 2024, the CIC held an online AGM and welcomed the new Non Executive Directors who, along with the existing Founder Director / Secretary and current Non-Executive Director, who agreed to continue in office until a replacement 2nd Director was appointed, the prospective new directors would form the new ‘Board of Trustees’, whose role is to give strategic guidance and direction to the Fal Fishery Cooperative CIC, and also qualify the CIC as eligible for future applications in the funding landscape, that required minimum 3 unaffiliated / non-employed trustees. At the AGM the chair presented the current company accounts including the Profit & Loss and Balance Sheets, and the trustees discussed reasonable remuneration for the Founding Director / Secretary. Despite the inauguration of the new FFMC in 2023, and the successful application to DEFRA for the increase to ‘minimum landing size of native oysters’ in 2024, 100 years since the last increase, as at 30/04/2024, no confirmation of change to regulations have been received. The FFMC secretariat requested to the chair, for a General Meeting, to inform stakeholders, was rejected on the grounds he “didn’t have time”
In recognition of the past 5 years work, and significant achievements in the regulation policy change, with the full application for an increased minimum landing size, building sustainable future for the fishery community, mostly unpaid, the director was remunerated for the services in the two key years, 2022-23 and 2023-24, in April 2024. This remuneration allowed the Director to purchase the equipment for the cannery from the CIC and is recorded in this year's financial statements.
No transfer of assets other than for full consideration
This report was approved by the board of directors on
29 January 2025
And signed on behalf of the board by:
Name: Chris Ranger
Status: Director