FAL FISHERY COOPERATIVE C.I.C.

Company limited by guarantee

Company Registration Number:
11915357 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

FAL FISHERY COOPERATIVE C.I.C.

Contents of the Financial Statements

for the Period Ended 30 April 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

FAL FISHERY COOPERATIVE C.I.C.

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Principal activities of the company

Principal activity of the company during the financial year was to carry out activities that benefit the community of fishers and their vessels in the unique Fal fishery and the Cornish coast.

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

Christopher Ranger


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
29 January 2025

And signed on behalf of the board by:
Name: Christopher Ranger
Status: Director

FAL FISHERY COOPERATIVE C.I.C.

Profit And Loss Account

for the Period Ended 30 April 2024

2024 2023


£

£
Turnover: 1,266 72,619
Cost of sales: ( 12,442 ) ( 14,019 )
Gross profit(or loss): (11,176) 58,600
Distribution costs: ( 669 ) ( 824 )
Administrative expenses: ( 45,613 ) ( 160,750 )
Other operating income: 37,038 118,630
Operating profit(or loss): (20,420) 15,656
Interest payable and similar charges: ( 505 )
Profit(or loss) before tax: (20,420) 15,151
Profit(or loss) for the financial year: (20,420) 15,151

FAL FISHERY COOPERATIVE C.I.C.

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 18,451 30,308
Total fixed assets: 18,451 30,308
Current assets
Debtors: 4 49,374 51,228
Cash at bank and in hand: 8 11,365
Total current assets: 49,382 62,593
Creditors: amounts falling due within one year: 5 ( 86,130 ) ( 88,649 )
Net current assets (liabilities): (36,748) (26,056)
Total assets less current liabilities: (18,297) 4,252
Creditors: amounts falling due after more than one year: 6 ( 4,505 ) ( 6,635 )
Total net assets (liabilities): (22,802) (2,383)
Members' funds
Profit and loss account: (22,802) ( 2,383)
Total members' funds: ( 22,802) (2,383)

The notes form part of these financial statements

FAL FISHERY COOPERATIVE C.I.C.

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 January 2025
and signed on behalf of the board by:

Name: Christopher Ranger
Status: Director

The notes form part of these financial statements

FAL FISHERY COOPERATIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

FAL FISHERY COOPERATIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 1

FAL FISHERY COOPERATIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 30,308 30,308
Additions 1,500 1,500
Disposals ( 13,357 ) ( 13,357 )
Revaluations
Transfers
At 30 April 2024 18,451 18,451
Depreciation
At 1 May 2023
Charge for year
On disposals
Other adjustments
At 30 April 2024
Net book value
At 30 April 2024 18,451 18,451
At 30 April 2023 30,308 30,308

FAL FISHERY COOPERATIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Debtors

2024 2023
£ £
Trade debtors 49,374 51,228
Total 49,374 51,228

FAL FISHERY COOPERATIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 10,871 10,553
Taxation and social security 10,289
Accruals and deferred income 250 16,680
Other creditors 64,720 61,416
Total 86,130 88,649

FAL FISHERY COOPERATIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 4,505 6,635
Total 4,505 6,635

COMMUNITY INTEREST ANNUAL REPORT

FAL FISHERY COOPERATIVE C.I.C.

Company Number: 11915357 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

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.

Consultation with stakeholders

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”

Directors' remuneration

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.

Transfer of assets

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