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|||||||Page|
|---|---|---|---|---|---|---|
|Company|information||||||
|Directors'|report||||||
|Statement|of Directors'|responsibilities|||||
|Independent<br>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<br>of Hamilton||||||
|Directors||||Mr RP Douglas<br>Miller <br>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'<br>Hall||||||
|||||I ondon||||||
|||||EC4R 9EL||||||
|Principal|office|||Battleby House||||||
|||||Perth||||||
|||||PH1 3EW||||||
|Auditors||||Ingela Louise Presslie||||||
|||||Senior Statutory<br>Auditor||||||
|||||Whitelaw<br>Wells||||||
|||||Chartered<br>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<br>Investment||Management||Limited||
|||||16Babmaes Street||||||
|||||London||||||
|||||SW1Y 6AH||||||
|Company||registration|number|904293||||||
|Registered||charity number||252742<br>Scottish|||charity number||SC037902|





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|Risk||Description|Description||||||Management||
|---|---|---|---|---|---|---|---|---|---|---|
|Donations|and Legacies|Fluctuating||levels of||donations|||This is being addressed||
|||and legacies to support|||||core||through<br>diversifying<br>the||
|||functions.|||||||income streams forthe Trust||
||||||||||through<br>the development<br>of||
||||||||||the Presidents<br>Club, Salmon||
||||||||||Club, Auction and Corporate||
||||||||||Funding.||
||||||||||This is in conjunction<br>with||
||||||||||raising the profile of the Trust||
||||||||||to attract more donations.||
|Investment|Returns|Variability||of investment|||||This is mitigated<br>by retaining||
|||returns.|||||||expert investment<br>managers||
||||||||||and having a diversified||
||||||||||investment<br>portfolio.||
|Covid 19||The impact||ofCovid-19|||||The Trust reviewed<br>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<br>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<br>was made<br>in||
|||increased||level of health and|||||reducing expected donations||
|||safety requirements||||or|||due to a reduction<br>in face to||
|||working from home|||||||face fundraising<br>events and||
|||arrangements;<br>volatility|||||in||investment<br>returns were||
|||donations||and investments.|||||monitored<br>regularly.||
|Project Funding||Failure or disruption||||to|project||The Trust will only proceed||
|||funding.|||||||with a defined project once all||
||||||||||funding<br>has been approved.||
|Brexit||Disruption||to procurement||||or|It is not envisaged<br>that Brexit||
|||project funding|||||||will have a direct impact on||
||||||||||core funding<br>or approved||
||||||||||project. It is recognised that||
||||||||||UK organisations<br>will not be||
||||||||||eligible for all future<br>EU||
||||||||||projects.||





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|E<br>(0 KO<br>N9<br>m<br>2 Ng<br>I-<br>m<br>O 6)<br>0 C<br>mC<br>m Ic<br>(0 D<br>O C(0|E<br>(0 KO<br>N9<br>m<br>2 Ng<br>I-<br>m<br>O 6)<br>0 C<br>mC<br>m Ic<br>(0 D<br>O C(0|E<br>(0 KO<br>N9<br>m<br>2 Ng<br>I-<br>m<br>O 6)<br>0 C<br>mC<br>m Ic<br>(0 D<br>O C(0|||(0<br>0|Ih0<br> C <br>(0<br>O<br>L<br>(h6)|CI<br>c4|||~N(0<br>IA (0 (0<br>CO CO CO<br>(0 LA ~|~N(0<br>IA (0 (0<br>CO CO CO<br>(0 LA ~|~N(0<br>IA (0 (0<br>CO CO CO<br>(0 LA ~|CI<br>Pl<br>IA||Ch<br>IA<br>CLI<br>Ol<br>LA<br>CV|LA<br>cLI||CV) <br>~|CI<br> LA|CI0)<br>CO(0||IA<br>CI<br>CI<br>Ol<br>IA<br>CI|(0<br>OC||C4<br>IA<br>(0<br>(0||(0|||
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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<br>to acquire investments|||||(80,395)||(110,742)||
|Receipts on disposal of investments|||||102,303||103,350||
|Payments<br>to acquire fixed|assets||||(17,015)||(57,231)||
|Net cash (used in)/provided||by|||||||
|investing<br>activities||||||15,810||(52,757)|
|Change<br>in cash and cash||equivalents|in||||||
|the reporting<br>period||||||||405,991|
|||||||(324,201)|||
|Cash and cash equivalents||at the|||||||
|beginning<br>ofthe reporting|period|||||||115,276|
|||||||521 267|||
|Cash and cash equivalents||at the end|of||||||
|the reporting<br>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|





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|2|Income|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||2022|2022|2022|2021|2021|2021|
|||||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
||Donations|||||||||
||Gift Aid donations|||||||||
||including<br>tax|||||||||
||recoverable|||25,252||25,252|74,321||74,321|
||General, pledged|||||||||
||donations<br>and legacies|||368,357||368,357|287,030||287,030|
||Donations<br>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<br>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<br>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<br>including|support|costs||||||
|---|---|---|---|---|---|---|---|---|
||||2022|2022|2022|2021|2021|2021|
||||Unrestricted|Restricted<br>6|Total|Unrestrictedf|Restricted|Totalf|
||Raising funds||||||||
||Staff costs (Note 3)<br>Annual<br>fishing auction||60,870<br>31,227||60,870<br>31,227|60,691<br>30,837||60,691<br>30,837|
||Investment<br>managers<br>costs||5,048||5,048|4,294||4,294|
||Fundraiser<br>costs||16,529||16,529|31,921||31,921|
||International<br>Year ofthe||||||||
||Salmon costs||||||||
||||113,674||113,674|127,943||127,943|
||Direct charitable<br>expenditure||||||||
||on promotion<br>ofsalmon||||||||
||conservation||||||||
||Scientific research expenditure<br>(Note 5)<br>Other direct charitable<br>expenditure||73,121|1,644,210|1,644,210<br>73,121|15,442<br>71,052|1,333,479|1,348,921<br>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)<br>Governance<br>costs (Note 3)||46,387<br>64,941||46,387<br>64,941|96,611<br>45,844||96,611<br>45,844|
||Total direct charitable||||||||
||expenditure<br>on promotion<br>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<br>fi|nanced<br>d|irectly<br>by Atlantic Salmon T|rust||
|---|---|---|---|---|---|
|||||2022|2021|
||||||F|
||eDNA Technology<br>in the Assessment<br>of Pelagic <br>Likely Suspects Framework<br>Moray Firth Tracking Project<br>West Coast Tracking<br>Project Laxford<br>University<br>of Exeter —Sex Ratios in the Tamar<br>COP26||by catch|259,258<br>438,208<br>674,758<br>68,629<br>203,357|234,986<br>601,997<br>509,407<br>1,500<br>1,029|
||Total scientific projects financed<br>by Atlantic||Salmon Trust|1,644,210|1,348,921|
|6|Net income/(expenditure)|||2022|2021|
||Net income/(expenditure)<br>is stated|after charging:|||F|
||Audit fee -current auditors|||5,880||
||Depreciation<br>oftangible<br>fixed assets|||204,780|203,751|
||Auditor's<br>remuneration<br>- 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<br>appreciation||108,402|
||Fair value at 31 March 2021||571,474|
||Movements<br>during year:<br>Purchases<br>in year||80,395|
||Sale proceeds<br>Gain/(loss)<br>on sale in year at fair value||(102,303)<br>11,761|
||Increase/(decrease)<br>in unrealised|appreciation|70,227|
||Fair value at 31 March 2022||631,554|
||Historical cost at 31 March 2022||452,107|
||Unrealised<br>appreciation||179,447|
||||631,554|



||The quoted shares and securities are valued at mid-ma<br>2022 by the investment<br>managers<br>to the Trust.|rket<br>prices, based on a report da|ted 31 Marc|
|---|---|---|---|
|11|Debtors|2022|2021|
|||R||
||Amounts<br>falling due within one year:<br>Accrued income|801,440|372,305|
||Prepayments|19,228|5,792|
|||820,668|378,097|
|12|Creditors|||
|||2022|2021|
||||F|
||Amounts<br>falling due within one year:<br>Other creditors and accrued expenses<br>Other taxes and social security costs|144,035<br>2,438|253,633<br>8,529|
|||146,473|262,162|





## 

## 

## 

||||||||||
|---|---|---|---|---|---|---|---|---|
|13|Unrestricted<br>funds|||Designated<br>funds|||||
|||||||||Total|
||||Unrestricted|||Moray|Firth|Unrestricted|
||2022|||funds<br>Investments||Trackingf||funds<br>E|
||At 31 March 2021||820,921||108,402|21,000||950,323|
||Net movement<br>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<br>Investments||Tracking<br>F||fundsf|
||At 31 March 2020||693,796||39,418|||933,216|
||Net movement<br>in funds|during|259,223|||||259,223|
||the year||||||||
||Transfers<br>to designated|funds||(69,984)|68,984|21,000|||
||Transfers<br>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<br>E|Transfers||2022f|
||(a)<br>Moray Firth Tracking||||||||
||Project||390,956|277,081|(438,208)|21,000||250,829|
||(b)<br>West Coast Tracking||495,906|668,168|(674,758)|||489,316|
||(c)<br>Likely Suspects||||||||
||Framework<br>(d)<br>Project Laxford<br>(e)<br>COP26<br>(f)<br>International<br>Year of||12,071|240,442<br>78,758<br>191,407|(259,258)<br>(68,629)<br>(203,357)|||(6,745)<br>10,129<br>(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)<br>Moray Firth Tracking||||||||
||Project<br>(b)<br>West Coast Tracking||394,895<br>359,191|346,722<br>642,333|(586,468)<br>(511,907)|235,627<br>6,289||390,956<br>495,906|
||(c)<br>Likely Suspects||||||||
||Framework||8,631|238,524|(235,064)|||12,071|
||(d)<br>International<br>Year of||||||||
||the Salmon||702|||||702|
||||763,419|1,227,579|(1,333,479)|242,116||899,635|





## 

## 

|Res|tricted funds<br>(continued)||||||
|---|---|---|---|---|---|---|
|(a)|Moray Firth Tracking Project: tosave wild salmon|by acoustic tracking to boost||population.|||
|(b)|West Coast Tracking: campaign<br>which aims toprotect salmon by||bringing people||together to||
||share knowledge,<br>raise public awareness<br>and take|action.|||||
|(c)|Likely Suspects Framework:<br>collaboration<br>to work|to reverse the|collapse in wild||Atlantic||
||salmon around the UK.||||||
|(d)|Project Laxford:<br>Project focusing on eDNA Characterisation<br>ofAquatic Communities|||||in the|
||Laxford Catchment<br>along with Project Laxford Sea|Trout tracking,|all pmviding|a view||ofthe|
|(e)|catchment<br>to monitor the effectiveness offisheries <br> COP26: Cop 26Salmon Schoolis a project which|management<br>actions.<br> highlighted<br>Salmon as a Climate Change|||||
||Adaptation<br>Species rightin<br>the heart ofthe delegates area ofCOP 26. Comprising||||of|an art|
||installation<br>of500Glass salmon they migrated<br>towards<br>COP. The project also featured an||||||
||educational<br>outreach element on The River Clyde|to bring 26primary schools to the river and|||||
||engage<br>with them on a pilot citizen science project|to build a global species database.|||||
|(f)|International<br>Year ofthe Salmon Project to trackjuvenile<br>salmon||as they leave|their natal|||
||rivers and migrate along the west coast ofScotland.||||||
|The|overdrawn<br>funds are being funded<br>by funding<br>received post year||end.||||
|Analysis ofnet assets between funds|||||||
||2022|2022|2022||||
||General|Designated|Restricted|||2022|
|2022<br>reserves||funds|funds|||Total|
||||E||||
|Tangible fixed assets<br>6,673|||446,844|||453,517|
|Investments<br>452,107||179,447||||631,554|
|Net|current assets<br>585,824||285,437|||871,261|
||1,044,604|179.447|732,281|||1,956,332|
||2021|2021|2021||||
||General|Designated|Restricted|||2021|
|2021<br>reservesf||fundsf|fundsf|||Total|
|Tangible fixed assets<br>5,750|||635,532|||641,282|
|Investments<br>463,072||108,402||||571,474|
|Net|current assets<br>352,099|21,000|264,103|||637,202|
||820,921|129,402|899,635|||1,849,958|



## 



## 

## 

## 

|17|Reconciliation<br>of net move|ment|in fun|ds to net cas|h flow from|operating<br>activitie|s|
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||Net income for the reporting|period|(as per|the statement|of|||
||financial activities)|||||106,374|153,323|
||Adjustments<br>for:|||||||
||Investment<br>income shown<br>in investing||activities|||(10,917)|(11,866)|
||Depreciation<br>charges|||||204,780|203,751|
||Loss/(gain)<br>on investments|||||(81,988)|(86,673)|
||(Increase)/decrease<br>in debtors|||||(442,671)|429,729|
||(Increase)/decrease<br>in stock||||||154,521|
||Increase/(decrease)<br>in creditors|||||(115,689)|(384,037)|
|||||||(340,011)|458,748|
|18|Financial<br>instruments|||||||
|||||||2022f|2021|
||Carrying<br>amount offinancial|assets||||||
||Measured<br>at fair value through|the statement||of||||
||financial<br>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|