| Page | ||||||
|---|---|---|---|---|---|---|
| Company | information | |||||
| Directors' | report | |||||
| Statement | of Directors' | responsibilities | ||||
| Independent auditor's |
report | |||||
| Statement | offinancial | activities | incorporating | income and expenditure | account | 13 |
| Balance sheet | 14 | |||||
| Statement | ofcash flows | 16 | ||||
| Notes to the financial statements | 17 |
| Charity | name | name | Atlantic Salmon Trust | Atlantic Salmon Trust | |||||
|---|---|---|---|---|---|---|---|---|---|
| Patron | HRH King Charles | III | |||||||
| President | Earl Percy | ||||||||
| Vice presidents | Col HFO Bewsher | ||||||||
| Mr A Wallace | |||||||||
| Hon Mrs SV Lopes | |||||||||
| The Marquess of Hamilton |
|||||||||
| Directors | Mr RP Douglas Miller Mr0Reeve |
(Chairman) | |||||||
| Mr P Landale | |||||||||
| Mr PA Rippin (resigned 9 | December | 2021) | |||||||
| Mr RHM Chaplin | |||||||||
| Mr W Browne-Swinburne | |||||||||
| Mr GT Wilson | |||||||||
| Mr RA Scott-Dempster | |||||||||
| Mr W Davies | |||||||||
| Mr H Eiriksson | |||||||||
| Ms L Irwin | |||||||||
| Mr SBarr (appointed | 3 May 2022) | ||||||||
| Mr SWD Laird (appointed | 1 July 2022) | ||||||||
| Company | secretary | ||||||||
| Chief Executive Officer | Mr MA Bilsby —Key Management | ||||||||
| Registered | office | Fishmongers' Hall |
|||||||
| I ondon | |||||||||
| EC4R 9EL | |||||||||
| Principal | office | Battleby House | |||||||
| Perth | |||||||||
| PH1 3EW | |||||||||
| Auditors | Ingela Louise Presslie | ||||||||
| Senior Statutory Auditor |
|||||||||
| Whitelaw Wells |
|||||||||
| Chartered Accountants |
|||||||||
| 9Ainslie Place | |||||||||
| Edinburgh | |||||||||
| EH3 6AT | |||||||||
| Bankers | The Bank of Scotland | ||||||||
| 76 Atholl Road | |||||||||
| Pitlochry | |||||||||
| Perthshire | |||||||||
| PH16 SBW | |||||||||
| Solicitors | Gillespie Macandrew | ||||||||
| 5 Atholl Crescent | |||||||||
| Edinburgh | |||||||||
| EH3 8EJ | |||||||||
| Investment | managers | Waverton Investment |
Management | Limited | |||||
| 16Babmaes Street | |||||||||
| London | |||||||||
| SW1Y 6AH | |||||||||
| Company | registration | number | 904293 | ||||||
| Registered | charity number | 252742 Scottish |
charity number | SC037902 |
| Risk | Description | Description | Management | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Donations | and Legacies | Fluctuating | levels of | donations | This is being addressed | |||||
| and legacies to support | core | through diversifying the |
||||||||
| functions. | income streams forthe Trust | |||||||||
| through the development of |
||||||||||
| the Presidents Club, Salmon |
||||||||||
| Club, Auction and Corporate | ||||||||||
| Funding. | ||||||||||
| This is in conjunction with |
||||||||||
| raising the profile of the Trust | ||||||||||
| to attract more donations. | ||||||||||
| Investment | Returns | Variability | of investment | This is mitigated by retaining |
||||||
| returns. | expert investment managers |
|||||||||
| and having a diversified | ||||||||||
| investment portfolio. |
||||||||||
| Covid 19 | The impact | ofCovid-19 | The Trust reviewed all projects |
|||||||
| pandemic | on the Trust during | and only proceeded when | ||||||||
| the year | was in relation | to: | suitable safe working | |||||||
| Changes | in nature | and scale of | arrangements could be put in |
|||||||
| planned | activities; | possible | place; all staff worked from | |||||||
| infection | of key staff, | home during the pandemic. | An | |||||||
| additional | costs due | to | allowance was made in |
|||||||
| increased | level of health and | reducing expected donations | ||||||||
| safety requirements | or | due to a reduction in face to |
||||||||
| working from home | face fundraising events and |
|||||||||
| arrangements; volatility |
in | investment returns were |
||||||||
| donations | and investments. | monitored regularly. |
||||||||
| Project Funding | Failure or disruption | to | project | The Trust will only proceed | ||||||
| funding. | with a defined project once all | |||||||||
| funding has been approved. |
||||||||||
| Brexit | Disruption | to procurement | or | It is not envisaged that Brexit |
||||||
| project funding | will have a direct impact on | |||||||||
| core funding or approved |
||||||||||
| project. It is recognised that | ||||||||||
| UK organisations will not be |
||||||||||
| eligible for all future EU |
||||||||||
| projects. |
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| Note | 2022 | 2021f | ||||||
|---|---|---|---|---|---|---|---|---|
| Net cash gained/(used) | in | operating | 18 | (340,011) | 458,748 | |||
| activities | ||||||||
| Cash flows from investing | activities | |||||||
| Interest and dividends | 10,917 | 11,866 | ||||||
| Payments to acquire investments |
(80,395) | (110,742) | ||||||
| Receipts on disposal of investments | 102,303 | 103,350 | ||||||
| Payments to acquire fixed |
assets | (17,015) | (57,231) | |||||
| Net cash (used in)/provided | by | |||||||
| investing activities |
15,810 | (52,757) | ||||||
| Change in cash and cash |
equivalents | in | ||||||
| the reporting period |
405,991 | |||||||
| (324,201) | ||||||||
| Cash and cash equivalents | at the | |||||||
| beginning ofthe reporting |
period | 115,276 | ||||||
| 521 267 | ||||||||
| Cash and cash equivalents | at the end | of | ||||||
| the reporting period |
197,066 | 521,267 | ||||||
| Cash and cash equivalents | compromise: | |||||||
| Cash at bank | 119,748 | 471,797 | ||||||
| Cash held in investments | 77,318 | 49,470 | ||||||
| 197,066 | 521,267 |
| 2 | Income | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
| Donations | |||||||||
| Gift Aid donations | |||||||||
| including tax |
|||||||||
| recoverable | 25,252 | 25,252 | 74,321 | 74,321 | |||||
| General, pledged | |||||||||
| donations and legacies |
368,357 | 368,357 | 287,030 | 287,030 | |||||
| Donations in |
kind* | 13,439 | 13,439 | ||||||
| 393,609 | 13,439 | 407,048 | 361,351 | 361,351 | |||||
| Grants and | donations | ||||||||
| for specific | projects | 1,442,417 | 1,442,417 | 1,227,579 | 1,227,579 | ||||
| Investment | income | 10,917 | 10,917 | 11,866 | 11,866 | ||||
| Other trading | |||||||||
| activities | |||||||||
| Gross proceeds auction |
from | 110,672 | 110,672 | 144,839 | 144,839 | ||||
| Bank Interest | 9 | 9 | |||||||
| Miscellaneous | income | 8,071 | 8,071 | 10,019 | 10,019 | ||||
| Event sponsorship | |||||||||
| income | 5,000 | 5,000 | |||||||
| 123,743 | 123,743 | 154,867 | 154,667 | ||||||
| Total income | 528,269 | 1,455,856 | 1,984,125 | 528,064 | 1,227,579 | 1,755,663 |
| basis co | nsis | tent with the us |
e ofresources. | ||||
|---|---|---|---|---|---|---|---|
| Promotion | |||||||
| Raising | ofsalmon | Total | Total | ||||
| Funds | conservation | Governance | 2022 | 2021 | |||
| F | |||||||
| Support | costs | ||||||
| Staff costs | 60,870 | 111,311 | 13,881 | 186,062 | 193,630 | ||
| Meetings | &Events | 15,735 | 20,616 | 36,351 | 7,824 | ||
| Office running | costs | 49,037 | 49,037 | 34,643 | |||
| Subscriptions | 703 | 703 | 599 | ||||
| Professional | Fees | 1,554 | 30,444 | 31,998 | 24,544 | ||
| Website | & Social Meeting | 4,529 | 4,529 | 16,553 | |||
| Miscellaneous | 2,618 | 2,618 | 6,018 | ||||
| Allocation | to | projects | (139,100) | (139,100) | (83,460) | ||
| Total | 60,870 | 46,387 | 64,941 | 172,198 | 200,351 |
| 4 | Expenditure including |
support | costs | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |||
| Unrestricted | Restricted 6 |
Total | Unrestrictedf | Restricted | Totalf | |||
| Raising funds | ||||||||
| Staff costs (Note 3) Annual fishing auction |
60,870 31,227 |
60,870 31,227 |
60,691 30,837 |
60,691 30,837 |
||||
| Investment managers costs |
5,048 | 5,048 | 4,294 | 4,294 | ||||
| Fundraiser costs |
16,529 | 16,529 | 31,921 | 31,921 | ||||
| International Year ofthe |
||||||||
| Salmon costs | ||||||||
| 113,674 | 113,674 | 127,943 | 127,943 | |||||
| Direct charitable expenditure |
||||||||
| on promotion ofsalmon |
||||||||
| conservation | ||||||||
| Scientific research expenditure (Note 5) Other direct charitable expenditure |
73,121 | 1,644,210 | 1,644,210 73,121 |
15,442 71,052 |
1,333,479 | 1,348,921 71,052 |
||
| London Chapter and AST events | 16,679 | 16,679 | 1,642 | 1,642 | ||||
| 89,800 | 1,644,210 | 1,734,010 | 68,136 | 1,333,479 | 1,421,615 | |||
| Support costs (Note 3) Governance costs (Note 3) |
46,387 64,941 |
46,387 64,941 |
96,611 45,844 |
96,611 45,844 |
||||
| Total direct charitable | ||||||||
| expenditure on promotion salmon conservation |
of | 201,128 | 1,644,210 | 1,845,338 | 227,591 | 1,333,479 | 1,561,070 | |
| Total expenditure | 314,802 | 1,644,210 | 1,959,012 | 355,534 | 1,333,479 | 1,689,013 |
| 5 | Scientific project expenditure fi |
nanced d |
irectly by Atlantic Salmon T |
rust | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| F | |||||
| eDNA Technology in the Assessment of Pelagic Likely Suspects Framework Moray Firth Tracking Project West Coast Tracking Project Laxford University of Exeter —Sex Ratios in the Tamar COP26 |
by catch | 259,258 438,208 674,758 68,629 203,357 |
234,986 601,997 509,407 1,500 1,029 |
||
| Total scientific projects financed by Atlantic |
Salmon Trust | 1,644,210 | 1,348,921 | ||
| 6 | Net income/(expenditure) | 2022 | 2021 | ||
| Net income/(expenditure) is stated |
after charging: | F | |||
| Audit fee -current auditors | 5,880 | ||||
| Depreciation oftangible fixed assets |
204,780 | 203,751 | |||
| Auditor's remuneration - audit fee |
(previous | auditors) | 1,000 | 6,740 | |
| -other services | 15,833 |
| Staff costs | ||
|---|---|---|
| 2022 | 2021 | |
| Salaries | 278,475 | 253,026 |
| Social security costs | 29,480 | 22,028 |
| Pension costs | 15,115 | 14,561 |
| Tote Istaff costs | 323,070 | 289,615 |
| undernoted | band: |
|---|---|
| 2022 | 2021 |
| Number | Number |
| Tangible fixed assets | |||
|---|---|---|---|
| Property, | |||
| Project | Plant and | ||
| 2022 | Equipment | Equipment | Totalf |
| Cost or valuation | |||
| At 1 April 2021 | 991,535 | 13,656 | 1,005,191 |
| Additions | 12,617 | 4,198 | 17,015 |
| At 31 March 2022 | 1,004,352 | 17,854 | 1,022,206 |
| Depreciation | |||
| At 1 April 2021 | 356,003 | 7,906 | 363,909 |
| Charge for year | 201,512 | 3,268 | 204,780 |
| At 31 March 2022 | 557,515 | 11,174 | 568,689 |
| Net book values | |||
| At 31 March 2022 | 446,837 | 6,680 | 453,517 |
| At 31 March 2021 | 635,532 | 5,750 | 641,282 |
| 10 | Quoted shares and securities | ||
|---|---|---|---|
| Investments | |||
| Historical cost at 31 March 2021 | 463,072 | ||
| Unrealised appreciation |
108,402 | ||
| Fair value at 31 March 2021 | 571,474 | ||
| Movements during year: Purchases in year |
80,395 | ||
| Sale proceeds Gain/(loss) on sale in year at fair value |
(102,303) 11,761 |
||
| Increase/(decrease) in unrealised |
appreciation | 70,227 | |
| Fair value at 31 March 2022 | 631,554 | ||
| Historical cost at 31 March 2022 | 452,107 | ||
| Unrealised appreciation |
179,447 | ||
| 631,554 |
| The quoted shares and securities are valued at mid-ma 2022 by the investment managers to the Trust. |
rket prices, based on a report da |
ted 31 Marc | |
|---|---|---|---|
| 11 | Debtors | 2022 | 2021 |
| R | |||
| Amounts falling due within one year: Accrued income |
801,440 | 372,305 | |
| Prepayments | 19,228 | 5,792 | |
| 820,668 | 378,097 | ||
| 12 | Creditors | ||
| 2022 | 2021 | ||
| F | |||
| Amounts falling due within one year: Other creditors and accrued expenses Other taxes and social security costs |
144,035 2,438 |
253,633 8,529 |
|
| 146,473 | 262,162 |
| 13 | Unrestricted funds |
Designated funds |
||||||
| Total | ||||||||
| Unrestricted | Moray | Firth | Unrestricted | |||||
| 2022 | funds Investments |
Trackingf | funds E |
|||||
| At 31 March 2021 | 820,921 | 108,402 | 21,000 | 950,323 | ||||
| Net movement in funds |
during | |||||||
| the year | 294,728 | 294,728 | ||||||
| Transfers to designated | funds | (71,045) | 71,045 | |||||
| Transfers to restricted | funds | (21,000) | (21,000) | |||||
| At 31 March 2022 | 1,044,604 | 179,447 | 1,224,051 | |||||
| Total | ||||||||
| Unrestricted | Moray | Firth | Unrestricted | |||||
| 2021 | funds Investments |
Tracking F |
fundsf | |||||
| At 31 March 2020 | 693,796 | 39,418 | 933,216 | |||||
| Net movement in funds |
during | 259,223 | 259,223 | |||||
| the year | ||||||||
| Transfers to designated |
funds | (69,984) | 68,984 | 21,000 | ||||
| Transfers to restricted |
funds | (242,116) | (242,116) | |||||
| At 31 March 2021 | 620,921 | 108,402 | 21,000 | 950,323 | ||||
| 14 | Restricted funds | |||||||
| Balance at | Balance at | |||||||
| 2022 | 31 March | 31 March | ||||||
| 2021f | Income | Expenditure E |
Transfers | 2022f | ||||
| (a) Moray Firth Tracking |
||||||||
| Project | 390,956 | 277,081 | (438,208) | 21,000 | 250,829 | |||
| (b) West Coast Tracking |
495,906 | 668,168 | (674,758) | 489,316 | ||||
| (c) Likely Suspects |
||||||||
| Framework (d) Project Laxford (e) COP26 (f) International Year of |
12,071 | 240,442 78,758 191,407 |
(259,258) (68,629) (203,357) |
(6,745) 10,129 (11,950) |
||||
| the Salmon | 702 | 702 | ||||||
| 899,635 | 1,455,856 | (1,644,210) | 21,000 | 732,281 | ||||
| Balance at | Balance at | |||||||
| 2021 | 31 March | 31 March | ||||||
| 2020 | Income | Expenditure | Transfers | 2021 | ||||
| F | ||||||||
| (a) Moray Firth Tracking |
||||||||
| Project (b) West Coast Tracking |
394,895 359,191 |
346,722 642,333 |
(586,468) (511,907) |
235,627 6,289 |
390,956 495,906 |
|||
| (c) Likely Suspects |
||||||||
| Framework | 8,631 | 238,524 | (235,064) | 12,071 | ||||
| (d) International Year of |
||||||||
| the Salmon | 702 | 702 | ||||||
| 763,419 | 1,227,579 | (1,333,479) | 242,116 | 899,635 |
| Res | tricted funds (continued) |
|||||
|---|---|---|---|---|---|---|
| (a) | Moray Firth Tracking Project: tosave wild salmon | by acoustic tracking to boost | population. | |||
| (b) | West Coast Tracking: campaign which aims toprotect salmon by |
bringing people | together to | |||
| share knowledge, raise public awareness and take |
action. | |||||
| (c) | Likely Suspects Framework: collaboration to work |
to reverse the | collapse in wild | Atlantic | ||
| salmon around the UK. | ||||||
| (d) | Project Laxford: Project focusing on eDNA Characterisation ofAquatic Communities |
in the | ||||
| Laxford Catchment along with Project Laxford Sea |
Trout tracking, | all pmviding | a view | ofthe | ||
| (e) | catchment to monitor the effectiveness offisheries COP26: Cop 26Salmon Schoolis a project which |
management actions. highlighted Salmon as a Climate Change |
||||
| Adaptation Species rightin the heart ofthe delegates area ofCOP 26. Comprising |
of | an art | ||||
| installation of500Glass salmon they migrated towards COP. The project also featured an |
||||||
| educational outreach element on The River Clyde |
to bring 26primary schools to the river and | |||||
| engage with them on a pilot citizen science project |
to build a global species database. | |||||
| (f) | International Year ofthe Salmon Project to trackjuvenile salmon |
as they leave | their natal | |||
| rivers and migrate along the west coast ofScotland. | ||||||
| The | overdrawn funds are being funded by funding received post year |
end. | ||||
| Analysis ofnet assets between funds | ||||||
| 2022 | 2022 | 2022 | ||||
| General | Designated | Restricted | 2022 | |||
| 2022 reserves |
funds | funds | Total | |||
| E | ||||||
| Tangible fixed assets 6,673 |
446,844 | 453,517 | ||||
| Investments 452,107 |
179,447 | 631,554 | ||||
| Net | current assets 585,824 |
285,437 | 871,261 | |||
| 1,044,604 | 179.447 | 732,281 | 1,956,332 | |||
| 2021 | 2021 | 2021 | ||||
| General | Designated | Restricted | 2021 | |||
| 2021 reservesf |
fundsf | fundsf | Total | |||
| Tangible fixed assets 5,750 |
635,532 | 641,282 | ||||
| Investments 463,072 |
108,402 | 571,474 | ||||
| Net | current assets 352,099 |
21,000 | 264,103 | 637,202 | ||
| 820,921 | 129,402 | 899,635 | 1,849,958 |
| 17 | Reconciliation of net move |
ment | in fun | ds to net cas | h flow from | operating activitie |
s |
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Net income for the reporting | period | (as per | the statement | of | |||
| financial activities) | 106,374 | 153,323 | |||||
| Adjustments for: |
|||||||
| Investment income shown in investing |
activities | (10,917) | (11,866) | ||||
| Depreciation charges |
204,780 | 203,751 | |||||
| Loss/(gain) on investments |
(81,988) | (86,673) | |||||
| (Increase)/decrease in debtors |
(442,671) | 429,729 | |||||
| (Increase)/decrease in stock |
154,521 | ||||||
| Increase/(decrease) in creditors |
(115,689) | (384,037) | |||||
| (340,011) | 458,748 | ||||||
| 18 | Financial instruments |
||||||
| 2022f | 2021 | ||||||
| Carrying amount offinancial |
assets | ||||||
| Measured at fair value through |
the statement | of | |||||
| financial activities |
631,554 | 571,474 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| The Trust has commitments | under operating | leases as follows: | F | ||||
| Payable | within one year | 13333 | 20,000 | ||||
| Payable | between | two | and five | years | 12,932 | ||
| 13333 | 32,932 | ||||||
| Lease p | ayments | paid | in the ye | ar | 13,504 | 8,603 |