Mermaids was once, not long ago, the darling of the charity world: Starbucks sold Mermaids-branded cookies and famous faces including Emma Watson queued up to support the transgender organisation. But 2022 was the year Mermaids hit the rocks. The Charity Commission launched an inquiry into Mermaids last month after identifying concerns about its management. The charity which, a few years ago, could do no wrong in the eyes of corporations and policy makers faces an uncertain future. Despite what Mermaid’s dwindling band of supporters might say, this is good news.