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2023-03-31-accounts

Contents
Page
Company
information
Directors' report
Statement
of		 Directors' responsibilities
Independent auditor's report
Statement
of		 financial activities incorporating income and expenditure account
Balance sheet
Statement
of		 cash flows 18
Notes to the financial statements 19

Company
inform		 Company
inform		 ation
Charity name Atlantic Salmon Trust
President Earl Percy
Vice presidents Col HFQ Bewsher (resigned 29 September 2022)
Mr A Wallace
Hon Mrs SV Lopes
The Marquess
of Hamilton
Professor Ken Whelan (appointed 9 March 2023)
Directors Mr RP Douglas
Miller
Mr0 Reeve		 (resigned 6 December 2022)
Mr P Landale
Mr RHM Chaplin
Mr W Browne-Swinburne (resigned 30 March 2023)
Mr GT Wilson (resigned 6 December 2022)
Mr RA Scott-Dempster
Mr W Davies
Mr H Eiriksson
Ms L Irwin
Mr S Barr (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
London
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 5BW
Solicitors Gillespie Macandrew
5 Atholl Crescent
Edinburgh
EH3 8EJ
Investment managers Waverton
Investment		 Management Limited
16 Babmaes Street
London
SW1Y 6AH
Company registration number 904293
Registered charity number 252742
Scottish		 charity number SC037902

Directors induction Directors induction Directors induction and and training
The Directors have considered
a		 policy on Director Induction
and training
prior to new Directors
being
approached. This includes
awareness		 of a Director's
responsibilities,
the
governing
document,
administrative procedures and the history and philosophical
approach
ofthe Trust.
A new Director receives
copies of the previous year's financial statements, minutes
of Directors meetings
and a copy of the OSCR
leaflet "Guidance for Charity Trustees - acting with care and diligence" and Scheme of Delegation
for		 the
Atlantic
Salmon Trust.		 All Directors are required to complete a Declaration
of Interest form, annually,		 to
ensure transparency.
Risk Management
The Trustees consider risk on a regular basis and the key risks and their management
are set out below,
Risk Description Management
Donations and Fluctuating levels of This is being addressed
through
diversifying
Legacies donations and legacies to the income streams
for the Trust through
the
support core functions. development
of new initiatives,
this year the
RBSSshoot day along with existing
offerings
ofthe 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
expert
returns. investment
managers
and
having
a
diversified
investment
ortfolio.
Project Funding Failure or disruption to The Trust
will
only proceed
with a defined
project funding. project once all funding
has been approved.
The new role of Corporate
Ambassador
will
help
the
Trust
to
identify
new
funding
partners.
The Trust has also employed
a Restoration
Director,
who joined
the Trust
in
February
2023 who, along
with the Research
Director
will be working
to widen
the funding
base to
su
ort new and existin
ro'ects.
General operational Governance, long term- The Trust developed aScheme of Delegation
risks strategy, processes and in
February
2023
which
sets
out
the
framework, accountability respective
responsibilities
of AST Board
of
and
compliance		 with Trustees and its Chief Executive Officer
le islation

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Note 2023 2022
2
Fixed assets
Tangible fixed assets 400,542 453,517
Investments 10 614,009 631,554
Total fixed assets 1,014,551 1,085,071
Current assets
Debtors 11 682,645 820,668
Cash at bank and in hand 359,864 197,066
1,042,509 1,017,734
Creditors
Amounts
falling dus within one year		 12 (226,087) (146,473)
Net current assets 816,422 871,261
Creditors
Amounts
falling due after more than one
year 13 (23,575)
Total net assets 1,807,398 1,956,332
Funds
Unrestricted
funds
General reserves 14 1,275,891 1,044,604
Designated
funds		 14 100,689 179,447
Restricted funds 15 430&818 732,281
Members'
funds		 1,807,398 1,956,332

Note 2023 2022
Net cash gained/(used)
in		 operating 18 269,942 (340,011)
activities
Cash flows from investing activities
Interest and dividends 11,789 10,917
Payments
to acquire investments		 (119,843) (80,395)
Receipts on disposal
of investments		 134,196 102,303
Payments
to acquire fixed assets		 (133,286) (17,015)
Net cash (used in)/provided by investing
activities (107,144) 15,810
Change
in cash and cash		 equivalents in
the reporting
period
162,798 (324,201)
Cash and cash equivalents at the beginning 197,066 521,267
of the reporting
period
Cash and cash equivalents at the end of
the reporting
period		 359,864 197,066
Cash and cash equivalents compromise:
Cash at bank 261,767 119,748
Cash held in investments 98,097 77,318
359,864 197,066

2 Income
2023 2023 2023 2022 2022 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Donations
Gift Aid donations
including
tax
recoverable 36,722 36,722 25,252 25,252
General,
pledged
donations
and legacies		 414,224 414,224 368,357 368,357
Donations
in		 kind 24,000 24,000 13,439 13,439
450,946 24,000 474,946 393,609 13,439 407,048
Grants and donations
for specific projects 1,430,810 1,430,810 1,442,417 1,442,417
Investment income 11,789 11,789 10,917 10,917
Other trading
activities
Gross proceeds from
auction 133,123 133)123 110,672 110,672
Miscellaneous income 2,903 2,903 8,071 8,071
Event sponsorship
income 105,504 105,504 5,000 5,000
241,530 241,530 123,743 123,743
Total income 704,265 1,454,810 2,159,075 528,269 1,455,856 1,984,125

basis co nsis tent
with the us		 e of resources.
Promotion
Raising of salmon Total Total
Funds conservation Governance 2023 2022
2 2 2
Support costs
Staff costs 141,691 132,446 16,391 290,528 186,062
Meetings &Events 45,362 30,853 76,215 36,351
Office running costs 55,873 55,873 49,037
Subscriptions 1,334 1,334 703
Professional Fees 25,160 34,539 59,699 31,998
Website 8 Social Meeting 3,281 3,281 4,529
Miscellaneous 2,522 2,522 2,618
Allocation to projects (108,378) (108,378) (139,100)
Total 141,691 157,600 81,783 381,074 172,198

4 Expenditure
including		 support support costs costs
2023 2023 2023 2022 2022 2022
Unrestricted
Restricted		 Total Unrestricted Restricted Total
2 2 2
Raising funds
Staff costs (Note 3) 141,691 141,691 60,870 60,870
Annual
fishing
auction		 9,548 9,548 31,227 31,227
Investment
managers
costs		 6,718 6)718 5,048 5,048
Fundraiser
costs		 39)877 39,877 16,529 16,529
International
Year ofthe Salmon
costs 702 702
197,834 702 198,536 113,674 113,674
Direct charitable
expenditure
on promotion
ofsalmon
conservation
Scientific research expenditure
(Note 5)		 1,769,521 1,769,521 1,644,210 1,644,210
Other direct charitable
expenditure 85,932 85,932 73,121 73,121
London Chapter
and AST events		 11,445 11,445 16,679 16,679
97,377 1,769,521 1,866,898 89,800 1,644,210 1,734,010
Support costs (Note 3) 157,600 157;600 46,387 46,387
Governance
costs (Note 3)		 81,783 81,783 64,941 64,941
Total direct charitable
expenditure
on promotion		 of
salmon conservation 336,760 1,769,521 2,106,281 201,128 1,644,210 1,845,338
Total expenditure 534,594 1,770,223 2,304,817 314,802 1,644,210 1,959,012
5 Scientific project expenditure financed directly by Atlantic Salmon Trust
2023 2022
Likely Suspects Framework 277,195 259,258
Moray Firth Tracking Project 340,000 438,208
West Coast Tracking 999,615 674,758
Project Laxford 147,111 68,629
COP26 5,600 203,357
Total scientific projects financed by Atlantic Salmon Trust 1,769,521 1,644,210
6 Net income/(expenditure) 2023 2022
Net income/(expenditure) is stated after charging:
Audit fee -current auditors 5,750 5,880
Depreciation
of tangible
fixed		 assets 186,261 204,780
Auditor's
remuneration		 - audit fee (previous
auditors)		 1,000

Staff costs
2023 2022
Salaries 412,152 278,475
Social security costs 46,671 29,480
Pension costs 22,399 15,115
'
Total staff costs 481,222 323,070
The number of employees whose emoluments exceeded 860,000 fall within the undernoted
band:
2023 2022
Number Number
290,000 —2100,000

Tangible fixed assets
Property,
2023 Project
Equipment		 Plant and
Equipment		 Motor
Vehicles		 Total
Cost or valuation
At 1 April 2022 1,004,352 17,854 1,022,206
Additions 43,679 8,308 81,299 133,286
At 31 March 2023 1,048,031 26,162 81,299 1,155,492
Depreciation
At 1 April 2022 557,515 11,174 568,689
Charge for year 175,705 3,729 6,827 186,261
At 31 March 2023 733,220 14,903 6,827 754,950
Net book values
At 31 March 2023 314,811 11,259 74,472 400,542
At 31 March 2022 446,837 6,680 453,517

10 Quoted shares and securities
Investments
Historical cost at 31 March 2022 452,107
Unrealised
appreciation		 179,447
Fair value at 31 March 2022 631,554
Movements
during year:
Purchases
in year		 119,843
Sale proceeds (134,196)
Gain/(loss)
on sale in year at fair value		 (78,723)
increase/(decrease)
in unrealised		 appreciation 75,531
Fair value at 31 March 2023 614,009
Historical cost at 31 March 2023 513,320
Unrealised
appreciation		 100,689
614,009
11 Debtors 2023 2022
Amounts
falling due within one year:
Accrued income		 627,916 801,440
Prepayments 54&729 19,228
682,645 820,668
12 Creditors
2023 2022
p
Amounts
falling due within one year:
Trade creditors 26,446
Other creditors and accrued expenses 181,032 144,035
Other taxes and social security costs 18,609 2,438
226,067 146,473
Included in other creditors and accrual expenses is 250,334of deferred income (2022 - RNII)
13 Creditors
2023 2022
Amounts falling due after more than one year
Vehicle loan funding 23,575

14 Unrestricted
funds		 Unrestricted
funds		 Unrestricted
funds		 Unrestricted
funds		 Designated Designated funds
Total
Unrestricted Moray Firth Unrestricted
2023 funds Investments Tracking funds
2
At 31 March 2022 1,044)604 179,447 1,224,051
Net movement
in funds		 during
the year 166,479 166,479
Transfers
from designated		 funds 78,758 (78,758)
Transfers to restricted funds (13,950) (13,950)
At 31 March 2023 t)275,891 100,689 1,376,580
Total
Unrestricted Moray Firth Unrestricted
2022 funds Investments Tracking funds
At 31 March 2021 820,921 108,402 21,000 950,323
Net movement
in funds		 during
the year 294,728 294,728
Transfers
from 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
15 Restricted funds
Balance at Balance at
2023 31 March 31 March
2022 Income Expenditure Transfers 2023
2 2 2 2
(a) Moray Firth Tracking
Project 250,829 230,478 (340,000) 141,307
(b) West Coast Tracking 489,316 816,969 (999,615) 306,670
(c) Likely Suspects
Framework (6,745) 263,247 (277,195) 12,000 (8,693)
(d) Project Laxford 10,129 128,5'I 6 (147,111) (8„466)
(e) COP26 (11,950) 15,600 (5,600) 1,950
(f) International Year of
the Salmon 702 (702)
732,281 1,454,810 (1,770,223) 13,950 430,818
Balance at Balance at
2022 31 March 31 March
2021 Income Expenditure Transfers 2022
2 2 2
(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 12,071 240,442 (259,258) (6,745)
(d) Project Laxford 78,758 (68,629) 10,129
(e) COP26 1 9'I,407 (203,357) (11,950)
(f) International Year of
the Salmon 702 702
899,635 1,455,856 (1,644,210) 21,000 732,281

Analysis of net assets betwee n funds
2023 2023 2023
General Designated Restricted 2023
2023 reserves funds funds Total
2 2 2 2
Tangible fixed assets 53,896 346,646 400,542
Investments 513,320 100,689 614,009
Net current assets 732,251 84,171 816,422
Non-current liabilities (23,575) (23,575)
1,275,892 100,689 430,817 1,807,398
2022 2022 2022
General Designated Restricted 2022
2022 reserves funds funds Total
2 2 2
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

Reconcili tion
of net		 move ment in fun ds to net cash flow from operating
activitie		 s
2023 2022
2 2
Net (expenditure)/income for the reporting period (as per the
statement offinancial
activities)		 (148,934) 106,374
Adjustments for:
Investment income shown in investing activities (11,789) (10,917)
Depreciation charges 186,261 204,780
Loss/(gain) on investments 3,192 (81,988)
(Increase)/decrease
in debtors		 138,023 (442,571)
Increase/(decrease)
in creditors		 103,189 (115,689)
269,942 (340,011)
Financial instruments
Carrying amount offinancial assets 2023 2022
2 2
Measured at fair value through the statement of
financial activities 614,009 631,554
2023 2022
The Trust has commitments under operating leases as follows: 2 2
Payable within one year 7,128 20,461
Payable between two and five years 7,722 14,850
14,850 35,3111
Lease payments paid in the year 27,128 20,632