BIOLOGICAL ASSOCIATION The Freshwater Biological Association {A company Ilmlted by guarante81 Annual Report and Audited Financial Statements 31 March 2025 Company registratlon number: 00263162 Charity registration number: 214440 dOdd&co fy Investec
The Freshwater Biologlcal Association Contents Reference and Administrative Details Trustees, report Independent auditors, report (Co Acll Stat6ment of financial activities Balance sheet 13 Cash flow statement 14 Notes to the financial statemènt8 15
The Freshwater Biological Assoclatlon Reference and Administrative Details Charity name The Freshwater Biological Association Charity registratlon nujnber 214440 Companyregistration nurnber 00263162 Principal office Species Recovery Centre Far S2wrey Ambleside CUMBRIA LA22 OLP Réglstered office Species Recovery Centre Far Sawrey Arnbleside CUMBRIA LA22 OLP Auditor Dodd & Co Audit Llmited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Accountant Dodd & Co Limited FIFTEEN Rosehi51 Montgomery Way CARLISLE CA12RW Page 1
The Freshwater Biological Associatlon Trustees, Report forthe Year Ended 31 March 2025 The members of the Board of the Freshwater Biological ASSOCIaOn (the Association). acting as Directors of the Associ81ion submit their Annu21 Report and audited Accounts for the year ended 31 st March 2025. The financlal slataments have been prepared in accordance with the current Financial Reporting Standards in use and The Statement of Recommencjed Praclioe for Charities (the SORPI. The Accounting Standards Board recognises the SORP as baing in line wrth its Code of Praclice and the Freshwater Biological Association agrees to follow these principles. Trustees The following were memb6rs of the Board during the year, appointed in accord8nce with the Artlcl8s of Association. PSIdent Vacant Chairman of Council Chris Dessent Honorary Treasurer Vacant Representslive Members Royal Society Prof. K J Beven FRS Elected Members Dr PA Jackson- Appointed October 2021 Mr C Dessent- Appointed October 2022 Ms P Nolan- Appointed October 2022 Prof P Wood- Appointed March 2023 Mr G Sorby- Appointed 11 October 2024 Directors The malorfty of the members of the Board of Directors are nominated by either the Board or the general mernbership are proposed for election at the AGM. These appointments ar& for four years but can be reappointed lo serve a consecutive term after which they must ase lo be a Director for al least 12 months before they are eligible for re8ppoinlmenl. A further Director is nominated by The Royal Society. A review of Dire¢lors' skills is periodically undertaken and this is used lo infomi the nominatlon process for prospe¢live Directors. Board members are periodlc8lly appointed via an open recruitment process. This involves submission of expressions of interest, informal chat and initial screening and formal interview wlh the Executive Director, Chair and represenlats'ves from the exislino board. Once appointed new trustees are invited to an induction day to meet staff, visit facilities and be briefed on govemance and Iheir resptsnsibilities. Trustees are encouraged lo support the strategic direction of FBA by attending various working groups such as finance. strategy and programme development. The Association is currently reviewing its Articles of Association with Muckle LLP lo ensure that our govemance structures are appropriate in terms of legal mpliance and the requirements of the Charlly Commission. Page 2
The Freshwater Blological Association Trustees. Report for the Year Ended 31 March 2025 At the forth coming Annual General Meeting lo be held on Monday 3rd November 2025 Kellh Beven will step down as the Royal Society representative. We understand that they wll not be pulling forward a new nominee. The posltlon of Treasurer remains vacant. Status The Association is a Cornpany Limited by Guarantee Iregislered numbar 2631621 and a registered Charity {regislered number 2144401. The Board of Directors has no interests in the Association as defined by the Companies Act 2006 and receive no remuneration for their services to the Association. The Association's Eirectors do receive reimbursement of travel and subsistence costs necessarily incurred in the performance of their duties. The liability of the M8mbers Is laid out in clause 9 of the Articles of Associatlon and limits the liability of the members to £10 each. The Dirertors of the Association meet Iwice yearly for a formal Board Maets'ng and again midt8mi to concentrate on a particular aspect of the Gharilies work lo discuss and remew the strategic direction of the Association., the operational activities of the Association are fully delagated to the Executive Director. A sub-committee of the Board, the Finance Committee, has delegated strategic responsibilities and rneels on 8 gUlar basis to re1ve reports on activities from Simon Johnson the Executive Director. and Lesley H2dwin tha Business Mat)ager. The lerms of reference for the Finance Committee are reviewed periodically by the Board of Directors. The delegation of authority lo the Execullve Director is also fftvlewed by the Board of Dlreclors. Objectives of the Charity The objects of the Associ21ion, as defined by its Memorandum, are to promote the understsnding and the investigation of the biology lin the widest interpretation of the word) of the animals and plants and other organisms found in fresh lincluding brackish) vraters, and to promola the sound and sustsinable managemenl of freshwater ecosystems and resources. The current strategic objectives are.. . lo uriden active membership., . lo prowde evidence and information., to Influence and broaden advocacy., and lo facilitate the setting of the research agenda. Remuneration FBA staff salaries are set in accordan with direclly comparable or similar roles wlhin the sector. The board consider an annual pay award recommendation submilled by the FBA Finance Working Group and Executive Director. Decisions are based around factors such as financial stability I sustainability and the performance of the charity in the year preceding the award. Award decisions ara voted on at October ixjard meetings for implementation in the nèw financial year (March). From time lo lime. where staff take on new pem)anent I temporary responsibilities or change roles, discretionary uplifts in salary are awarded to reflect these changes in circumstances. Where possible, the costs of such increases are recovered via funders, grants, etG. Review of Activitiés The Association continues lo deliver on tha work packages and objectives in our Growth Plan. Annual Red. Amber Green IRAGI ovalualion of the plan found that overall the 23 work packages were at the following status x19 Green {830hl, x4 Amber117 % ). XO Red lo°hl- Given this consid8rabl8 level of success, FBA will be developing a new 5 year organisational plan that will go beyond our centenary in 2029. In terms of our three strategic priorities th8 following progress is reported. Page 3
Thè Freshwaler Biological Association Trustees. Report for the Year Ended 31 March 2025 Operational reslllenc8 The Finance Working Group IFWGI continues to maintain oversight of the '/4 management accounts which is supported by Dodd and Co accountants. FWG escalates any issues lo the board should the need arise. The focus of the Growth PlaN, strong governance and hard work of the team at FBA has enabled the Association lo move Into a sustained period of posting operational surpluses. This Is a considerablg achlevemenl given the current economic operating environment charilies are having to operate in. We also will be recruiting a Finance Director lo support the senior leadership team and board to develop our financial business planning and strategy. A recruitment process will be undertaken lo replace retiring members of the board in 2025 to maintain a membership of 7. FBA wll b8 moving lo new offioe5 in 2025 due to the sale of the site we currently OCGUPY on a tenancy. Freshwater Science Our Species Recovery work continues lo deliver exemplary conservation outcomes for the Freshwater Pearl Mussel in England and Wales, Through thls project FBA continues lo malntain and grow high impact partnership working and acts'on focused science. This has enabled the commencement of a new proj8Ct which wll focus on the management and conservation of Arctic Charr including the hosb'ng of an Arctic charr symposium in the Autumn of 2025. Citizen soence programmes continue lo deliver hlgh impact outcomes wth FBA, coordinating the activities of hundreds of volunteer scientists who are interested in the ecological health of rivers and lakes. The Rivertly programme is expandlng al pace and now has volunteer monitors on over 700 rlvers in the UK. The Big Windermere Survey has now delivered 10 surveys using 350 Citizen scientists. It is the largest temporal and spatial water quality survey tsf its typ6 in the United Kingdom. FBA will be reporting on the data and evidence gained through the project over its 10 surveys al 100 slles over 2.5 years, in Summer 2025. Training and Advocacy FBA delivers highly respected training courses for professional and citizen scientists. In 2025 we will be developing training partnerships with academic. private sector and academic partners lo expand our portfolio of courses. Feedback from course delegates is consistently high. FBA has invested in ils communications and advocacy work with the appoinlrnent of a new digital conlenl creator. This has 8nabled the Association to provide regular and engaging content updates on our website and monthly newsletter 'FBA Volce, Our social media actiwty Is coordinated with w&b and new51etter content lo maximize the reach of our communications activities. Flnancial Review There was an overall operating surplus before investment gainsllosses of £112,784 mpared with a surplus of £41,857 for the previous year. However, an unrealised loss in investments results in an overall deficil of £59,751 compared to a surplus of £130,935 in the prior year. The performance in 202412025 reflectsd an increase in costs for the running of Mitchell Whyke Bay arising out of tha sale of the Pearsall Building to Mikhail Holdings who refused lo share any of the costs of running the Biomass boiler. Results were also reflecllve of a small incraase in investment property income from £154,756 to £160,613 despite seeing a drop in demand and occupancy rates as was seen throughout the Lakes. Last years In-year surplus also included the release of the provislon of the USS pension valuation net income of £90,142, this remains in an assel position this year. Total income for 2025 was £1.066,46512024 - £1,000,493) and expenditure £953.70112024 - £958,636). Page 4
The Freshwater Biologlcal Assoc(ation Trustees. Report for the Year Ended 31 March 2025 Significant long-term investment sssels are held by the Association which are not readily avallable as free reserves. Investment assèts of £2,796,114 12024.. £2,980,979) are held by the Association lo generate both a short-term annual return through rental Income, dividends and interesl and a longer-lerm capital appreciation. The annual investment return of between £180,000 and £200,000 (see note 5 to the accounts) provides crucial unrestricted cash contributions towards the Association's core costs. allowing it lo focus more of the funding reIVed directly lo specifi¢ project use in line with its objeclivos. Total investments are represented by £1.380,000 investments properties 12024: £1,567,886) and quoted share investments of £1,416,114 12024.. £1,413,113), which includes £10,453 held as cash not yel invested in specific share schemes (see note 12 of the accounts). The Trustees deemed il appropriate to designate £2.796,114 of funds in proportion to the investments held to ring-fence those funds held for the reasons stated above. Flnancial Resenies PoliGy The purpose of the Association'5 reserves is to provide sufficient protection against changing financial circumstances and to maintain its long-term viability in order lo promote its princip81 charitable objecuves. The level of resetves, as reflected in the Unrestricted General Fund Account of £310,531 12024 £180,417). is represented by tangible assets, nel current assets and a liquid investment asset reserve. The remaining unrestricted designated funds of £9,344 12024: £14,344) are made up entirely of Cash at Bank and in Hand. These reserves are considered sufficient for the Association lo meet its short to madium term expenditure obligations. Investmant Policy The Association's investments are detailed in Note 12 to the Financial Statements. The Directors 2pproved an Investment Policy in De¢ember 2005, which provides the framework for tha complete investment portfolio of the Association. This was updated during the 202312024 year to remove any association with fossil fuels. The policy stales that the portfollo should be structured lo provide a balanced return between income and capital growih, whilst being sufficiently diversified lo spread risk. The Directors ensure that any investments held reflect the ethical considerations of the Association and that no inveslment shall be held that is conlrsry to its objectives. Investments Held at market value of £1,416,114 per the Mah 2025 accounis. As slated in the investment policy in tha accounts. these funds are held for both a short-lem funding source and longer-tem capital growth. In accorcJ8nce wlh charity guidance, the investments are held within portfolio's that offer the best retum for charity funds as well as those that match the objectlves and ethical stance of the charity. The investments again provide a source of income lo contribute the charity's core costs each year as well as being able to be drawn down against the anticipated futuro growth of the Investment portfolio. The future growth cannot, however, be relied upon year on year and will only be drawn down on when deemed advantageous lo maximise the charity's relum tsn funds and when there's a specific need for the charity. All investments are held for lollger-tÈmi goals and to liquidate them would only 8ssisI in the short-term cost contribullon but ultimately create more challenges surrounding the long-term viability of the charity and its operations. Plans for Future Periods 11 remains a continuing project to update and refine the original FBA growth slrat&gy, which is led by Simon Johnson and his senior management team in conjunction wth the Board of Directors. A new 12026-20311 year corporate plan is in developmanl. Reference has been made to the significant progress alraady achieved in forging stralesic partnerships with other like-minded businesses and this is still a rnajor focus for the team. The objective of maintaining a small profit has been achieved and this conlinulng trend of achievlng profitabilty remains the financial objective going forwards. Page S
Tho Freshwater Biological Association Trustees. Report for the Year Ended 31 March 2025 Capital investment in the holiday lets planned for 202412025 was undertaken and the hollday lets at Mitchell Whyke Bay are now 88lf-sufficient lor both heat and water. Using much of the existing infrastructure, mini boilers have been installed in each of the holiday units running on green electricity. The addition of a bore hole on the land opposite the jetty maans that our water supply is secure. It was also necessary lo make significant repairs to the balconies of the single bedrDom holiday units as the existing structure had become rotten and unsafe. Unfortunately. the existing jety is beyond economic repair. Planning pemiission is being sought to build a like for like replaMent. Our current landlords al the Hedley Wing continue lo manage the propety from a distsnce. Fund Ralslng Standards No fund raising activity ha5 been undertaken on behalf of the FBA by external partles. Risk Management The Directors rewewed the risks to which the Association is exposed. Changes were updated in the Association's Corporate Risk Register. This document, approved by the Board of Directors, is reviewed annually by the Board of Directors as part of ils governance arrangements. Public 8enefit Test Under the lems of Tho Charities Act 2011, the Directors have a sL91utory duty to report on the Association's Complian wlh the Public Benefit Test. The Directors consider th81 the aims and objectives of the Associabon are able to deliver a public benefit and have given due r8g8rd to that fact. The trustees (who are 8180 dlreclors of The Freshwater Biological Association for the purposes of company18wI are responsible for preparing Ihe Trustees, Annual Report and the financial sl8lements in accordance wth applicable law and the Financial Reporting Slandard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Statement of Trusteos. Responsibilities Company law requires the trustees to prepare Financial Statements for each financial year which give a true and fair view of the slate of 8ffalrs of the charitable company and of the incoming resources and application of resources, including income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustee8 8re required to.. "select suitable accounting policiès and apply them consistently.. "observe the methods and principlss in the Charities SORP., •make judgements and estimates that are reasonable and prudent. and state whether applicable UK aountIng standards have been followed. subj8cI to any material departures disclosed and explained in the financial statements- and 'prepare the financial statements on the going concem basis unless it 18 inappropriate to assume that the charitable company continue its aclivilies. The trustees are responsible for keeping proper accounting records thich disclose with reasonable accuracy al any tim8 the ffnanclal position of the charitable 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 charitsble company and hence for taking reastsnable steps for the prevention and delectlon of fraud and other irregularltles. In accordance wlh company12w, as the Trustees of the Association, we confirm that,. .So far as we are aware, there is no relevant audit information of which the Association's audilors are unaware '.and .We have tsken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit Information and lo establish that the Association's auditors are awara of that infomation. Page 6
The Freshwater Biological Association Trustees. Report for the Year Ended 31 March 2025 The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable Gornpany's website. Legislation in the United Kingdom governing the preparation and dissemination of financlal statements may differ from legislation in other jurisdictions. Small company provisions This report has been prepared in accordan with the small companies regime under the Companies Act 2006. Approved by the Board on 3 N er 2025 and signed on ils behalf by.. C S Dessenl Trustee Page 7
Independent Auditors, Report to the Members of The Freshwater Biological Assoclation Oplnlan We have audited the ff nanclal slalemenls of The Freshwater 8iological Association for the year ended 31 March 2025 which comprise the primary statements such as the Ststement of Financial A¢livilies including Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses, the Balance Sheet, Cash Flow Stslement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. in¢luding FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice),. In our opinion the financial $12temenls-. give a true 2nd f2ir view of the stale of the charitable companls affairs at 31 March 2025 8nd of its incoming resources and application of resources,. including its inGome and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generdlly Accepted Accounting Practice- and have been prepared In accordance wilh the requirements of the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance with Inlemalional Siandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those slandar(Js are further described in the Auditor's responsibilities for the audit of the financial statements S8¢tion of our report. We are independent of the cherilable company in acGordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we hav8 fulfilled our other ethical responsibilities in accordance with these requirements. We beliave that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial stalemenls, we have con¢lud8d that the trustees. use of Ihg going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the charitable company's ability to ontinue as a going concarn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information includod in the Iruslees annual report, other than the financial statements and our auditor's report thereon. The Irustees are responsible for the other information contained within the annual report. Our opinion on the financial statemellls doe% not cover the other information and, exp1 lo the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowtedge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identtfy Such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that f8cI. We have nothing to report in this regard. Page 8
Independent Audltors. Report to the Members of The Freshwater Biological Assoclation . continued Opinions on other mattgrs prescribed bythe Companies Act 2006 In our apinion, based on the work undertaken in the course of the audit.. the information glven in the trustees, report lincorporating the directors, report) for the financial year for which the financial statements are prepared is Gonsistenl wth the financial slatemenls,. and the iruslees, report has been prepared in accordance ufjth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge 2nd understanding of the charitable company and its environment obtsined in the course of the audit. we have not identified material misstalements in the trustees, report. We have nothing to report In respect of the followng matters in relatlon to which the Companies Ath 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the ffnancial statements are not in agreement wth the accounting records and returns.. or we have not received all the information and explanations we require for our audit., or certain disclosures of trustees, remuneration specified by law are not made. Responslbllltias of the trustees As explained rn0 fully In the Trustees. Responsibilities Statement set out on page 5, the trustees (who are also the directors of th8 charitsble cornpany for the purposes of company lawl are responslble for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal controls as they determine is necassary lo enable tha preparation of financial statements that are free from material misstalement, whether due lo fraud or error. In preparing the financial ststemenls, the trustees are responsible for assessing the charitsble company's ability lo continue as a going concern, discloslng, as applicable, matters related lo golng concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilitles for the audit of the financial 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 lo issue an auditor's report that includes our opinion. Reasonable 8ssur8nc6 is a high level of assurance but is not a guarantee that an audit conducted in accordance wth ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material If. individually or In the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. Irregul8ri1ies, including fraud, are instsnces of non-compliance wth laws and regulations. We design prwedures in line wth our responsibilities, outlined above, lo detect material misslatemenls in respect of irregularities. including fraud. The sp8cifiG procedures for this engagement and the extent to Mthich these are capable of detecting irwularities, including fraud is detailed below. Page 9
Independent Audltors. Report to the Members of The Freshwater Biological Association continued the nature of the industry and sector. control environment and charivs performance,. results of our enqulrtas of management about their own Idenlifi¢ation and assessment of the risks of irregularities., any matters we identlfled having obtained and reviewed the charlws documentation of their.. pollcies and procedures relating to.. ident[n9. evaluating and complying with laws and regulations and whether they are aware of any InStanS of non-complian., detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., . the intemal controls eslablish8d lo miligale risks of fraud or non-compliance vAth laws and regulations., The matters discussed among the audit team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and inntiveS that may exist within the organlsation for fraud and identified the greatest potential for fraud to be in latIon to revenue recognition and management override which, in common wlh all audits under ISAS IUKI, we are required lo perform specific procedures to respond lo this risk. We also obtained an understanding of the 5egal and regulatory frameworf< that the charity operates in, focusing on provisions of thos& laws and regLJlations that had a dlrect effect on the determlnalion of material amounts and disclosures in the financial slalements. The kay laws and regulations we Gonsiderad in this context was the Companies Act, Charities Act, pension legislation, employment18W, tax18gislation and relevant health and safety laws. As a resu of performing the above, in response to the risks idenlified. we did not Identify any key audit matters related to the potential risk ol fraud or non-¢ompliance rith laws and regulations. In addition lo the above. our procedures to respond to risks idenlifled Included th& following= revlewlng tha financial stslernent disclosures and testing lo supporting documentation to assess compllance with provisions of relevant laws and regulations described as having a direct effect on the financial ststements., enquiring of management concerning actual and potential litigation and claims., perfomiing analyUGal procedur9S to identify any unusual or unexpected relalion5hlps that may indicate risks of material misstatement dua lo fraud. • reading minutes of meetings of those charged wlh govemance, and in addressing the risk of fraud through management override of controls, testing the approprialenes5 of journal entries and other adjustments,. assessing whether the judgements made in making 2ccounling estimates are Indicallve of a potential bias,. 8nd evaluating the business rationale of any significant transactions that 8re unusual or outside the normal course of the charity's work. We also comrnunicaled relevant identified laws and regulations and potential fraud risks to all engagement team members and mained alert to Sny Indlcations of frdud or nonpcompliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counul's website at: W4¥W.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Page 10
Independent Auditors, Report to the Members of The Freshwater Biologlcal Association . Gonlinued Use of our report This report is made solely to the charitsble companys members. as a body. in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable compan¥s members those matters we are required to slate lo them in an audilo¢s report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibillly to anyone other than the charitsble c4)mpany and ils members as a body. for our audit work, for this report, or for the opinions we have formed. FIFfEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW Faye Armstrong (Senior Statutory Auditor) For and on behalf of Dodd & Co Limited, Statutory Auditor Dd & Co Audit Limited is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 P8ge11
The Freshwater Biological Association Statement of Financial Activities (including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the Year Ended 31 March 2025 Unrestrlctèd Designated Restrlcted Total Funds Totsl Funds Funds Funds Funds 2025 2024 Note Income Donations and legacies Other trading activities Investments 179.578 47,656 227,234 678 11.429 678 1,788 192,257 795,019 1,000.493 196,235 196,235 642,318 1.066,465 Charitable actimties 642,318 1,018,809 Total income 47,656 Expendlture Raising funds Charitable activities 107,546 798,499 906,045 107.546 846,155 953.701 109.584 849.052 958.636 47,656 Total expenditure 47,656 Nel gainsjllossesl on Investments 1172.5151 1172.5151 89,078 Net incom81expenditure 159,7511 (59,751) 130.935 Transfers between funds 189,865 1189,865) Nel movement in funds 130,114 1189,8651 159.7511 130,935 Reconclliation of funds Total funds brought fopNard Total funds carried fotward 180.417 3,285,323 3.095,458 3,465,740 3.405,989 3,334.805 310.531 3,465,740 All of the Charity's acllvilies deriv8 from continuing operations durlng the above periods. l income and expenditure in the prior year related lo unrestricted funds. The notes on pages 1 $10 28 form an integr81 part of these financial statements. Page 12
The Freshwater Biological Association Company registration number: 00263q62 Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Inv8slments 11 12 256.487 2.796,114 3,051.601 228,597 2,980,979 3,209,576 Current assets Debtors Cash at bank and in hand 13 116,775 349.409 466.184 148,367 207,667 356,034 Creditors: Amounts falling due withln one year 14 1111,7961 199,8701 Net current assets 354,388 256.164 Net assets 3,405,989 3,465,740 The funds of the charity.. Re$tricted funds Deslgnatéd funds Unrestricted funds Unrestricted income Mnds 3,095,458 3,285,323 310,531 180,417 Total charity funds These accounts have been prepared in a¢cnrdance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 21106. 3,405,989 3,465.740 Approved by the Board on 3 November 2025 and signed on its behalf by: C S Dessent Trustee The notes on pages 15 to 28 form an integral part of these financial statements. Page 13
The Freshwater Biological Association Cash Flow Statement for the Year Ended 31 March 2025 2025 2024 Net cash provlded by (used by) operating activities Net lexpenditurellincorne for the period Depreciation charges lossesllgainsl on investments DIdendS. interest and rents from investments Decrease in debtors Incre8sel{decreasel in Greditars Decraase in provisions 159,7511 16,900 168,223 {35,5321 31,592 11,926 130,935 16,898 175,1681 137,5011 59.144 {110,9681 190,1421 1106,802) 133,358 Net cash provlded by lused inl investing actlvltles Dividends, interest and rents fmm investments Purchase of property, plant and equipment Proceeds from sale of investm&nls Purchase of investments 35,532 143,7901 160.298 1143.6561 8,384 37,501 12.792) 430,623 1433,4371 32,095 Inerea8el{decreasel in cash 141,742 {74,7071 The notes on pages 15 10 28 form an integral part of these financial statements. Page 14
The Freshwater Biological Assoclatlon Notes to the Financial Statements for the Year Ended 31 March 2025 Status The Association is a Company incorporated in England Imthin the UK Limited by Guarantee and not having a Share Capital. The liability of the Members who constitute the Association is limited to £10 per Member. An elected Board of Directors who Gonstitute honorary directors of the A550cialion for Companies Act purposes man2ge5 the affairs of the Association. Details of the Board Members are given in the Directors. Report. The address of the registered office is Species Recovery Cenlre. Far Sawrey, Ambleside. Cumbria. LA22 OLP. Accounting pollcies Summary of signiflcant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial slaternents are set out below. These policie8 hav8 been consislenlly applied lo all the years presented. unless otherwise staled. Statemgnl of compliance The financial statements have been prepared in accordance with Accounting and Reporling by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 2019)- Icharities SORP IFRS 10211, the Financial Repong Standard applicablo in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basls of preparation The charitsble company maels the definition of a public benefit enliiy under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. The charstable company's functional and presentation currency is sterling rounded to the nearest pound. Going concern These financial slalements have been prepared on a going concern basis. as the trustees believe that no rnaterial uncertainties exist. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubl on the ability of the Charity to Continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Fund accountlng policy Unrestricted income funds are general fund5 that are available for use at th8 Iruslees, discretion in furtheran of the objectives of the charity. Designated funds are unrestrict8d funds set aside at the discretion of the IDJstees for specrfic purposes. Further details of eaGh fund are disclosed in note 19. Page 15
The Freshwater Biological Association Notes to the Flnancial Slatements for the Year Ended 31 March 2025 . continued Income and endowments Donalions arts recognised when the Charity has been notifled in writing of both the amount and settlement d8te. In Ihe event that a donation is subject to conditions that require a level of perfomance by the Charity before the Charity is entitled lo the funds. the income is deferred and not recognised until either those conditions are fully mel, or the fulfilment of those conditions is wholly within the control of the Charity and il is probable that these conditiong 11 be fuffilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administorlexeculor for the estate has communicated in writing both the amount and settlement date. In tha event that the gift is in the form of an assel other than cash or a financial asset traded on a recognised stock exchange. recognition is subject lo the value of the gift being reliably measured wth a degree of reasonable auuracy and the title to the asset having been transferred lo the Charty. Income from Government and other grants. whether 'capital' grants or 'revenue' grants. is recognised when the charity has entitlement to the funds, any performance Conditions attached to the grants have been met, il is probable that thè income will be received and the amount can be measured reliably and is not deferred. Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been reived. Such incorne is only deferred when.. The donor specifies that the donation musl only be used in future accounting periods,. or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. Inveslmenl inwme is recognised on a receivable basis. Income from charitable activities includes Income recognised as eamed las the related goods or services are provided) under contract. Expanditure Liabilities are rectsgnised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All exptsndilure is accounted for on an accruals basis and has been classified under headings th81 aggregate all costs related to the category. Costs of generating funds are the costs of trading for fundraising purposgs. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activitles and services for ils beneficiaries. It includes both costs that be allo¢ated directly to such acliiilies and those costs of an indirect nature nacessary lo support them. Support costs Support costs Include central functions and have been allocated lo activity cost Gategories on a basis consistent with the use of resources. for example, allocating propety costs by floor areas, or per capits. staff costs by the time spent and other costs by their usage. Irrecoverable VAT Irrecoverable VAT is charged 8gainsl the category of resources expended for which il was incurred. Taxation The Charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or ¢apitsl gains recelved within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applled exclusively lo charitable purposes. Page 16
The Freshwater Biological Association Notes to the Financial Statements for the Year Ended 31 March 2025 conlinued Fixed assets Individual fixed assets costing £1.000 or more are inlt1811y recorded at cost. Depreciation Depreaation is provided on tangible fixed assets so as lo write off the cost or valuation, less any eslimaled residual value, over their expected useful economic life as follows: Freehold land and buildings 50 years straight line basis Leasehold improvements 5 years slraighl line basis Scientific equipment 10 years straight line basis Computer & other equipment 4 years slraighi line basis Depreciation is charged on the buildings element only, which reprasents approximately 60ah of the total value of this class of tangible assets. Investments Investments are a form of basic financial instrument and are inilialty recognised at their transaclion value and subsequently measure at their fair value as at the balance sheet date using the closing quoled market price. Th8 statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Association does not acquire put options, derivatives or other complex financial instruments. The maln form of financial risk faced by the Association is that of volalilily in equity markets and investments markels due lo wider economic conditions. the altitude of investors to investment risk. and changes in sentiment Concernlng equities and wthin particular sectors or sub seclors. All gains and losses are taken lo the Statement of Financial Aclimlies as they arise. Realised gains and losses on Investments are calculated a8 the difference between sales proceeds and their opening Carrying value or their purchase value rf acquired after the first day of the financial year. Unrealised gains and losses are calculated as the dlfference between the fair value al the year and and their carying value, realised and unrealised investment gains and losses are combined in the Statement of Financial Aclivilies. Trade Debtors Trade debtors are amounts due from Customers for merchandise sold or services performed in the ordinary course of businass. Trade debtors are rtscognised initlally at the transaction pri. Thay are subsequently measured at amortised cost using the effective interest method, lèss provision for impairment. A provision for the impaimient of tra(Se debtors is established when there 15 objective evidence that the Charity will not be able to collect all amounts due according lo the original teTms of the receivables. Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-tem) highly liquid investments that are readily convertible lo a known amount of cash and are subject to an Insignificant risk of change in value. Liabilities Trade creditors are obligations to pay for goods or serwces that have been acquired in the ordirlary course of business from suppliers. Accounts payable are classified as Current Ilabilities if the Charity does not have an unconditional right, al the end of the reporting period. lo defer selllemenl of the creditor for al least Iwelve months after the reporting dale. If there is an uncondltional right to defer settlement for at least iwelve months after the reporting date, they are presented as non-current li8bililies. Trade creditors are recognised initially al the transaction price and subsequently measured at amortised cost using the effective interest method. Page 17
The Freshwater Biologlcal Association Notes to the Flnancial Statements foT the Year Ended 31 March 2025 continued Operating leases Leases In which substsnlially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Acliwties on a straight line basis over the lease lem. Penslons The Association partlcipates in the Universities Superannuation Scheme. The assets of the scheme are held in a Separate Iruslee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed lo individual institutions and a schame-wide contribution rate is sel. The Association is therefore exposed to actuari81 risks associated with the other inslilulions, employees and is unable lo identify ils share of the undedying assets and liabillties of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS102 Employee Benefits, the Association Iherefore aGGounts for the scheme as if il were a defined contribution scheme. As a result, the amount charged to the profil and loss account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme's Recovery Plan. Where a scheme valuation determines that the scheme is in deficit on a le¢hnical PTovisions basis las was the case followng the 2020 valuation). the Iruslee of the scheme musl agree a Recovery Plan that detemines how each employer wlhin the scheme will fund an overall deficil. The Association recognises a liability for the Contributions payable that arise from such an agreement {to extent that they relate to a deficit) with related expenses belng re¢ognised through the income statement. Further disclosures relating lo the deficit recovery liability can be found in Note 17. The Trustees are satisfied that the Universities Superannuation Scheme meets the definilion of a mulli-employer scheme and has therefore wognised the discounted fair value of the contractual conlributions under the recovery plan in existence at the date of approving these financial statements. At 31 March 2023, the Association's balance sheet included a liability of £90,142 for future contributions payable under the deficit recovery agreement which was concluded on 30 Seplembgr 2021, following the 2020 valuation when the scheme was in deficit. No deficit e0Very plan was required from the 2023 valuation, because the scheme was In surplus. Changes to contribution rates were implemented from 1 January 2024 and from that dale the Association was no longer required to make deficit recovery oontribLrtions. The remaining liability of £90,142 was reloased to the income and expenditure account. Further disclosures relating to the deficll reeovery liability can be found in Note 17. Donations and legacies Unrastricted Designated Rostrictad Totsl Funds Total Funds Funds Funds Funds 2025 2024 Donatlons and IaGleS Legacies and bequests Membership donations 174,748 4.830 179,578 174.748 52,486 227,234 47.656 47.656 11,429 11,429 Page 18
The Freshwater Biological Association Notes to the Financlal Statèments for the Year Ended 31 March 2025 continued Other trading activities Unrestricted Designated Restricted Totsl Funds Total Funds Funds Funds Funds 2025 2024 Miscellaneous income 678 678 1,788 Investments Unrestricted Designated Restricted Total Funds Total Funds Funds Funds Funds 2025 2024 Windermere linc. annexel Investment income 160,613 35,622 196,235 160.613 35,622 196,235 154,756 37,501 192,257 Charltable activities Unrestrict8d Designated Restricted Total Funds Total Funds Funds Funds Fund5 2025 2024 Membership services Scientific and special publications Scientific research & activity, diract funding and grants Training rseS and meellngs Miscellaneous Income 17.956 17,956 10.310 24.826 24.826 32,846 542,648 56,888 673,217 542.648 56,888 64,000 14.646 795.019 642.318 642,318 Page 19
The Freshwater Biological Assoclatlon Notes to the Financial Statements for the Year Ended 31 March 2025 . continued Expenditure Land & buildings Charitable activlties Total 2025 Total 2024 DirÈct Costs Administration of investments Membership SerS Scientific and special publications Scientific research actimty. direct funding and grants Training courses and meetings Windemiere 8ad debts written off 12,504 7.456 6.059 12,504 7.456 6.059 11,296 8.272 3,692 491.526 373.401 373,401 44,859 107,546 44,859 30,932 109,584 3,459 658,761 107,546 384 444,663 107,546 552.209 Support costs Employment costs Cornpuler 50fvare and maintenanee costs Cost of trustee meetings Accountancy fees The audit of the charitys annual accounts other professional fees 233,604 144,502 590 10,872 10.903 1,021 401.492 233,604 144.502 590 10,872 10.903 1.021 401,492 120.508 165.075 2.805 2.750 7.000 1.737 299.875 107.546 846.155 953,701 958,636 Governance costs 2025 2024 Cost of trustee meèllngs Accountancy fees Auditors remuneration Investment management fees other professitsnal fees 590 10,872 10,903 12,504 1,021 35,890 2.805 2.750 7,000 11.296 1,737 25,588 Twstees. remuneration and expenses No members of th8 Board received any remuneration during the year {2024 - none). Travel costs and board expenses amounting to £590 12024.. £533) were paid for or reimbursed lo 412024.. 41 members oflhe Board. Page 20
The Freshwater Biological Assoclation Notes to the Financial Statements for the Year Ended 31 March 2025 . cantinu 10 Employees. remuneration The monthly average number of persons (including senior management) èmployed by the charity during the year was as follows., 2025 No. 2024 No. Charitable activities 18 13 The aggregale payroll costs of these persons were as follows- 2025 2024 Salaries Employer's National Insurance Contributions Employer's pension contributions Death in service benefit contributions Employer's pension provision 430,887 36,321 25.910 3.039 427.823 37,917 31,790 {90.1421 407,388 496,157 One employee received emoluments of between £60,00, and £70.000 and one employee reiVed ernoluments of between £80,001 and £90.000 excluding pension contributions during the year 12024 between £70,001 and £80,000). The key management personnel comprise the Trustees and the ExecLrtive Director. The total employee benefits of the key management personnel of the Charity were £91,645 {2024- £93.755). Page 21
The Freshwater Biological Association Notes lo the Financial Statements forthe Year Ended 31 March 2025 . conlinued 1 l Tangible fixed assets Computer & other equipment Freehold land Leasehold and buildlngs improvements Scientific equlpment Totsl Cost As at 1 April 2024 Additions As al 31 March 2025 215,432 43,790 43,963 27,603 52,145 339,143 43,790 259,222 43,963 27.603 52,145 382,933 Depreciation As at 1 April 2024 Charge for the year As at 31 March 2025 24.387 23,726 10,288 52,145 110,546 2,585 8,794 5,521 16,900 26,972 32,520 15,809 52,145 127.446 Ngt book value As at 31 March 2025 As al 31 March 2024 232,250 11,443 11,794 255.487 191,045 20,237 17,315 228,597 Page 22
The Freshwater Blological Association Notes to the Financlal Staternents for the Year Ended 31 March 2025 . continued 12 Inve¥lments held as fixed assets Investment proparties Quoted Investments Total maet value As at 1 April 2024 Revaluation Additions Disposals As at 31 March 2025 1,567.866 1187,8661 1,413,113 19.643 143.656 1160.298) 1.416.114 2.980,979 {168,223) 143,656 {160,298) 2.796,114 1,380,000 Net book value As at 31 March 2025 As at 31 March 2024 1,380,000 1,567,866 1,416,114 1,413,113 2,798,114 2,980,979 Investment property The Annexe development completed in May 2018. The investment properties were last valued during the year ended 31 March 2025 by Edwin Thompson {Chartered Surveyors). The historical cost of the Annexe is £1,210,963. Quoted investments Quoted investrnents are valued in accordance their UK Stock Exchange lish.ngs at the balance sheet dates_ Investment Management fees of £12.504 were charged during the year12024 - £11,296). Represented by.. Investments held on UK Stock Exchange Cash held as part of Portfolio 1,405,363 10,453 1.415,816 13 Debtors 2025 2024 Other debtors Prepayments and accrued income 67,616 49,159 116,775 110,226 38,141 148,367 Page 23
The Freshwater Biological Assoclatlon Notes to the Financial Statements for the Year Ended 31 March 2025 - continued 14 Creditors- Amounts falling due within one year 2025 2024 Taxation and social security Other creditors Accruals and deferred income 30,688 16,245 64.863 111,796 13,128 37,944 48,798 99,870 Creditors amounts falling due wlhin one year includes deferred income.. 2025 2024 As at l April 2024 Amount released to incoming resources Amount deferred in the year As at 31 March 2025 34.597 19.6671 17.459 42.389 77,282 143.7681 1.083 34.597 15 Operatlng laasa commitments As al 31 March 2025 the charity had total future minimum lease payments under nOnncelIable operating leases as follows". Land and Buildings Other 2025 2024 2025 2024 Within one year Within and five years 12,000 10,173 17,509 27,682 32,296 32,286 12.000 During the year, lease payments lotalling £7,807 were recognis8d in the SOFA. 16 Other flnanclal commltments There are annual commitments of £10,643 for a six year lince to occupy various rotsms at the River laboratory. These were entered into shoruy after the year ended 31 st March 2021. Page 24
The Freshwater Blological Association Notes to the Financlal Statemenls for the Year Ended 31 March 2025 - confynued 17 Penslon schemes The Association participates In the Universtties Superannuation Scheme (USSI. a defined benefit scheme which is exlemally funded and contracted out of the State Second Pension IS2PI. There are current members of the USS pension scheme and in addition an allemalive defined contribution stakeholder penslon scheme is offered with Scottish Widows to those staff not eligible for the USS scheme. The lotal credit rel8ased to the inGome and expenditure account is £nil12023 - Credit of £90,142) a5 shown in note 10. A defiGIt recovery plan was pul in place as part of the 2020 valuation, which required payment of 6.20/. sa12rles over the period 1 Aprll 2022 until 31 March 2024, 8t which point th& rate would increase to 6.30A. As set ovl in Note 1. no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required lo make deficit recovery contributions from 1 January 2024 and accordingly releasad the outstsnding provision lo the statement of income and expenses in the prior year. The latest available complete actuarial valuation of the Retirement Income Builder, th8 defined benefit part of the scheme, is at 31 March 2023 {the valuation datel. which was carried out using the projected unll method. Since the insututs'on cannot identlfy Its share of the Retirement Income Builder Ideflned benefrtl assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2023 valuallon was the seventh valuallon for the schem8 undor the scherne-specific funding reglme introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their techni¢81 provisions (the statutory fundlng objeGtivel- Al th6 valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indlcating a surplus of £7.4 billlon and a funding ratlo of 111 %. The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principl8s. {uss.co.uklabout-uslvaluation-and-fundlnglstalement-of-funding-prinryplesl- Pension increases (CPI) 3.0°/D p.a Ibased on long-terrn average expected level of CPI, broadly ¢onsislenl wlth long-temi rnarket expectalionsl 1.0% p.a. to 2030, dUcIng linearly by 0.1'k p.a. from 2030 Penslon increases IsubjeGt to 8 floor of O°Al Benefits with no cap: CPI assumption plus 3bps Benefits subject to a "soft cap. of 5 /0 Iproviding inflationary increases up to 50k and half of any excess inflation over 5. up to a maximum of 1 OQ/al.' CPI assumption minus 3bps Dlscount Rate Ifotward rates) Fixed Inieresl gilt weld curve plus.. Pre-retirement: 2.5Vo p.a. Post retlrement.. 0.9010 P. The main dernographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the Scheme's experience as ¢arried out as part of the 2023 acluerial valuallon. The mortality assumptions used in the these figures are as follows: 2023 Valuatlon 1010/0 of S2PMA'light' for males and 95°/0 of S3PFAfor females Mortality base table CMI 2021 wlth a smoothing par8met8r of 7.5, an initial addiliorb of 0.40A p.a. and a long term improvement rale of 1.8Yo pa for males and 1.60/0 pa for females. Page 25 Future improvements lo mortality
Tho Freshwater Biologlcal Association Notes to the Financlal Statements for the Year Ended 31 March 2025 . continue(J The current life expectancies on retirement al age 65 are: Males currently aged 65 lyearsl Females currently aged 65 (years) Males currently aged 45 lyearsl Females currently aged 45 {yearsl 2025 23.8 25.5 25.7 27.2 2024 23.7 25.6 25.4 27.2 18 Related parllgs Controlllng entity The charity is controlled by the trustees who are all directors of the company. Related party transactlons Chris Dessenl IBoard member) is CEO of Creative Concern who have been appointed lo cary out work for the Freshwater Biological Association, during the year ended 31 March 2025 the work done totalled £50 (2024- £8,254). 19 Analys18 of funds Othar recognised galnsllosse At 31 March 2025 At 1 April 2024 Incoming Resources resources expended Transfers General Funds General funds 180,417 1,018.809 1906,0451 189,865 (172,515) 310.531 Designated Funds Frilsch Fund R I Webb Fund Retention reserve Investments 9,344 5,000 290.000 2,980,979 3,285,323 9,344 15,0001 290.000 2,796,114 3,095,458 1184,865) 1189,865) Restricted Funds Big Windermere Survey 47,656 147,656) 3.465,740 1,066,465 {953,701) (172,5151 3,405,989 Page 26
The Freshwater Biologlcal Association Notes to the Financlal Statements forthe Year Ended 31 March 2025 . conlinued Fritsch Fund fund established to support the scienttfic collection of alg81 illustrations together with taxonomi¢ references. R I Webb - this fund was established in 2018 folloifving a bequest uf £5,000 received from Mr R I Webb. a Life member of 42 years. This fund is lo be used far research projects and for the provision of equipment and support for trailling. Retention reserve this designated fund is to ring-fence fvnds held in case the charity was lo wnd up. and covers redundancy costs. legal costs, exit charges from existing contracts and 6 months premises expenditure that would be incurred in the expected wnd-up limeframe prior to assets being liquidated. Investments - This designated fund represents investment assets which are held by the Association to generate both a short-tem annual retum through rental income, diMd&nds and interest 8nd a longer-lerm capital appreciation. The annual investment retum of belween £180,000 and £240,000 {see note 5 to the accounts) provides crucial unrestricted cash contributions towards the Association's core costs, allowng it to focus more of the funding received directly to speGtfic project use in line with Ils objectives. Big Winderemere Survey- Donations recelved to enable the survey to be completed. Prior perlod Al 1 April 2023 Incomlng resourcas Resources expended Other re¢¢gnls¢d galnsjlosses Transfers At 31 March 2024 Designated Funds Fritsch Fund RIWebb Fund Retention reserve Investments 9,344 9,344 5,000 5,000 290.000 290,000 2,980,979 3,285,323 2.903.197 3.207,541 77,782 77,782 General Funds Unrestrlcled income fund 127,264 1,000,493 1,000.493 1958,6361 1958,6361 177,7821 89,078 180,417 3,334,805 89,078 3,465,740 20 Transfers The transfer of £5,000 from designated funds to unrestricted funds represents the R I Webb fund having been previously spent up bul not adjusted. Tha transfer of £184,865 from unrestrlct8d funds to designated funds represents tha movement in assets held as invaslmenls during the year. Page 27
The Freshwater Biological Assoclatlon Notes to the Financial Statements for the Year Ended 31 March 2025 contlnu8d 21 Net assets by fund Unrèstricted Fund$ Total Funds 2025 Total Funds 2024 Tangible assets Investments Current assets Creditors= Amounts falling due thIn one year Provisions for liabilities Nel assets 255,487 2.796.114 466,184 1111,796) 255,487 2.796.114 466,184 1111,796) 228,597 2,980.979 356,034 199,8701 3,405,989 3,405,989 3,465,740 Prlor parlod Unrestricted Funds Total Funds 2024 Total Funds 2023 Tangible assets Investments Current assets Creditors.. Amounts falling due WTthin one year Provisions for liabilities Net assets 228,597 2,980,979 356,034 {99.870) 228,597 2.980,979 356,034 199,8701 242,703 2.903.197 489.885 1210.8381 190,1421 3,334,805 3,465,740 3,465,740 Page 28