Whitby Charter Skippers' Association's summer angling festival has £12,000 of prize money up for grabs, with £5,000 earmarked for the overall winner.
There will be other major cash prizes up for grabs too, with £2,000 for the second heaviest fish and £1,000 for the third.
Chairman of Whitby Charter Skippers' Association (WCSA), Paul Kilpatrick, said: "Total cash prizes are in excess of £12,000 with £8000 in tackle prizes.
"This festival puts Whitby on the map as being the angling port all other ports envy.
"Whitby is on the map as the top port in the boat angling calendar in 2008 and is by far the best port in the UK and offers some cracking cod fishing.
"The festivals in Whitby keep going from strength to strength every year with bigger and better prizes on offer."
There will be big presentation night at Whitby Pavilion on 26 July with a band and a disco.
WCSA is also holding a charity auction in aid of Whitby lifeboat. Many prizes have been pledged for the auction.
"The charter skippers know these lads do a great job and have pledged their full support in raising as much cash as possible on the presentation night," said Mr Kilpatrick.
"We would be grateful to anybody who would like to give a prize for the auction and it would be fantastic if any more businesses would like to sponsor a table on the night."
If you would like to give a prize for the auction or sponsor a table you can call Mr Kilpatrick on (01947) 811329, on his mobile (07748) 705695 or you can email paul.kilpatrick@virgin.net
Alternatively, call Mick Leonard on (07855) 439380.
Mr Kilpatrick thanks festival sponsors MC Electrical Ltd, Mark Stringer Buildings Ltd and Stagecoach Supertram from Sheffield.