Atlantic Salmon Trust Limited Dlrectors, report and financlal statements for the year ended 31 March 2024 Company regTStratlon number 904293 Atlantic Salmon Tru81 Limlted Directors, report and ffnancial statèments 31 March 2024 Contents Page Company information Dlre¢tors' report Statement of Directors, responsibilities 15 Independent auditorfs report 16 ststement of financial activltles incorporating income and expenditure account 195 Balance sheet 21 ststement of cash flows 22 Notes to the financial statements 23 Company information Charity name Adanlic Salmon Trust President Earl Percy Vicg presldents MrA Wa118ce Hon Mrs SV Lopes The Marquess of Hamilton Professor Ken Whelan Dlrectors Mr O Re8ve Mr P Landale Mr RHM Chaplin Mr RA Scott-Deinpster Mrw Davies Mr H Eiriksson Ms L In￿1n Mr S Barr Mr SWD Laird Mr K Wallinglon Company s9¢￿tary Chief Exgcutive Offlcer Mr MA 8ilsby Reg]stered offlco Fishmongers, Hall London EC4R 9EL Principal offlco Orchard House Kilgraston Walled Garden Bridge of Earn Perthshire PH2 9HN Audltors Ingela Louise Presslle Senior Statutory Auditor Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Bankers The Bank of Scotland 76 Atholl Road Pillochry Pèrthshire PH16 5BW Sollcitors Gillespie Macandrew 5 Alholl Crescent Edinburgh EH3 8EJ Investment managern Waverton Investment Management Limited 1 S Babmaes Street London SW1Y 6AH Company reglstratlon number R8glst8red charlty number 904293 252742 Scottlsh GhaNty number SG037902 Directors, report The Dlreclors have pleasure in submithng the annual report and financial statements of the company for the year ended 31 March 2024. The company information set out on page 1 forms part of this r6porL This report is prepared in accordance with the recommendations of Accounting and Reporting by Charities.. Stalefflent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and in a￿Ordance with applicable law. structure, govemance and management Legal and admlnlstrative Infomiatlon The SORP issued by the Charity Commissioners for England and Wales requires certain legal and other administrative information lo be supplied by Directors of registered charities as part of Ihelr annual report. This infomiation is detailed b8low, or is included elsewhere in the report. The full narne of the Gharity is Atlantio Salmon Trust Limited, in¢orpora16d on 21 April 1967 under the Companies Act1948 as a Company Limited by Guarantee and not having a share capital. The goveming document is the Memorandum and Articles of Association which were amended by resolution on 20 February 2002, 19 June 2007, 8 December 2009, 23 November 2018 and on 21 March 2019. b) The company is registered as a charity with the Charity Commissioners for England and Wales under number 252742,. the company registration number is 904293,. the Scottish Charity registration number is SC037902. Thè managemènt of the Trust is vested in its Board of Directors, who are the sole Tnjstees reGognised by the Charity Commissioners. Day to day decision making of the trust is delegated to the chi8f executive officer dl The melhod of appolnlrnenl or election of DireGtors is governed by the Company's Memorandum and Articles of Association which, inter alia, also provides for perlodic retirement by rotation, and re-election where 8ppropriale. Recruibnent is by invilalion, depgndent upon skills, lalenl. expertise and experience, followng approval by the Board. New Directors are provided with the Charity's Memorandum and Articles of Association. and given open acGess b the activities and personnel of the Trust Tre names of the Directors at the date of this report are shown on page l. During the year and to the dale of this report the following directors weff appointed and resigned. Resignatlons 3 directors resigned by way of rotation, Oliver Reeve, Robert Scott-Dempster and HaRldur Eiriks50n, they were all eligible lo ￿ stand and did so. Appointments Oliver Rgeve, Robert Scott-Dempster and Haraldur Eiriksson were all re appointed at the December AGM. Kerfch Wa15ington was appoint8d as a new Trustee 16 September 2024. Directors, report (corptinued) Structure, governan¢e and management (continued) Legal and adminlstrative infomiation (continued) The Directors ¢onfirm that the Trusvs govemlng document does not impose any specifi reslriclions on the manner in which the charity is empowered to operate. The Trusys investment powers are govemed by Clause 3(Ll of the Memorandum and Articles of As50cialion. which places no restnotion on the nature of the securities or property concemed. In practice, investrnenl in shares and securities is restricted to equities and loan stocks (government and corporate) quoted on the London Stock Exchange. At 31st March 2024 the charity held reserves of £1.991,816 with £213,064 being designated, £435,104 being restri¢led and £1,343,648 being general reserves. The Directors have established a policy whereby the unrestricted funds not committed I'the free reserves'l held by the charity should be equivalent to 4 months of the resources expended, which is in the region of £695,000. At this level the Dioclors feel that they would be able to continue the ¢urrenl a¢twities of the Trust in the event of a significant drop in funding. It would obviously be necessary lo consider how the funding would be replaced or activities changed. The free reserves of the Trust at 31 March 2024 were £543,488 being the net Cu￿nt asset position less long terms liabilities as shown in note 16. In reGognilion of kn significant Segacies receNed during the year, the Trustees agffted to designate £125,000 from general funds to a new Legacy Fund, this fund will be split be￿een two funds. A Fellowship scheme lo support early career stage professionals and a Novel Project Development Scheme- whereby the Trust takes novel concepts and delniers pilot projects for others to piGk up and use. g) h) The Trust has complied with the duty in Se¢tion 4 of the Charities Act 2011 to have due regard to public benefit guidanGe published by the Charity Commission. Obje¢tivas of the Trust As staled in the company's Memorandum and Articles, the principal objectives of Atlantic Salmon Trust are to promote the conseNation and improvement of wild Atlantic salmon and sea trout stoGks, in the ountries bordertng the North Atlantic Ocean, for the public benefit. In pursuance of this objective, the Trust promotes, encourages and directly finan￿S practical scientific research, arranges workshops and international conferences, and publishes booklets and reports on matters of scientific interest conceming wild salmon and sèa trouL It works for better fishery man2gement at all levels, drawing particular dangers and problems lo the attention of the appropriate authorities, and offering advice to Government Ministers and their Departments, and to the inter-Government81 North Atlanlie Salmon Conserv21ion Organisation, whose meetings the Trust attends as an acC￿d11ed Non-Governmental Organisalion. Achievements and Actlvltles of the Trust Research ActTvltio$ of the Trust In the current period, the Trust has continued to progress its ongoing ￿search projects and has also advanced the design and delNery of several up¢oming research projects. In all, the live research projects are'.11) The Likely Suspects Frarnework,12) Moray Firth Tracking ProjeG(13) Wesl CoastTracking Project. (41 Proje¢t Laxford. 151 Project Daveron, and16) Save the Spring. Further projects are also now in the pl2nning stages for delivery in the comlng years. The Trust contlnues lo work collaboratively on tts resear¢h projects with other members of the Missing Salmon Alliance {comprised of Fisheries Management Scotland, Game & Wildlife Conservation Trust, The Rivers Trus[ Angling Trust and Fish Legall, as well as the River Dee Trustand Dee District Salmon Fishery Board {Save the Sprfngl and in some cases, with the Scottish Govemment, with unpiersities, and private industy. Dlrectors, report fcontlnued) Activities of the Trust (continu8dJ A majorfocus of the Trust In the curnnl period has been to develop a new strategic direction in anticipation of the major acoustic tracking projects, Moray Firth Tracking Project and Wesl Coast Tracking ProjecL coming towards the end of their fleldwork phase and entering their data analysis and scientific output phase. The Trust has therefore fvrther advanced its first calchmént-scale salmon restoration project, Projocl Laxford {launched in 20221, and launched that proje¢fs sister project, Project Deveron, in 2023. These two projects represent efforts from the Trust to maximise the potential of ils scientific reseaffh, establishing two exemplar rfver systems which it hopes will demonstrate successful salmn restoration techniques and deliver wider biodiversity and ¢limate gains via large-scale habitat restoration and environmentsl rnonlloring. The Save the Spring programme. the Trusys newest partnership inilialive, launched in January 2024 and is trialling innovative wild salmon repopulation methods in addition to large-scale habitat resloraliDn work aiming lo further our collective knowledge on wild salmon restoration strategies. Llkely Suspects Framework The Likety Suspects Framework ILSFI is a key project being delwered on behalf of the Missing Salmon Alliants. Based on an agreed 5-year implementation plan that commenced in 2022, the LSF aims lo.. Provide and mobilise new knowledge on the drfvers of salmon mortality from across the full life- cycle in freshwater and al sea. Generate new scenario-testing capacities to support salmon managers, apprak8al of options and guide their activities (the Salmon TrAanagement Decision Support Tool) Research over the last year into the drivers of salmon mortality at sea ha5 led to the discovery of Possible explanatory factors during the initial marine migration that explain regionally varying return rates in north- eastAtlanti¢ populations. Coupled wth the development of individual-based models for the firstfew months of marlne mlgration from a range of UK and Irish populations, this will enable a more detailed understanding of regional ¢onditions and P￿ssureS facing migrating salmon at sea. The Salmon Management Declsion Support Tool IDSTI has progressed significantty over the last year, based largely on feedback from two workshops in Summer 2023. Considerdble steps were made to reflect user requests for specific functionality, priority scenarios and comprehensive reporting capabilities. The model underlying the DST Ithe 'salmon mortelity framework'l has also advanced considerably, with the provision of a stage and state responsive population model. Bullt first lo reflect the population dynamics of the River Bush in Northern Ireland, the model has undergone intensive tuning and Sensitivity testing. The online tool will reflect continued model developments and be available for Mder use later in 2024. Moray Flrth Tracklng Project The Moray Flrth Tracking Proje¢t is an ambitious programme of research to understand the movements of juvenile salmon as they migrate down their natal rivers to the sea on the east coast of Scotland. The project ran 2019 - 2023 Iwilh a break in 2020 due lo the pandemic) and used acoustic telemetry to understand the migratory behaviours of juvenile salmon. In 2022, a collaborative study was also developed and piloted with University College Dublin and University of the Highlands Invemess to use environmental DNA to understand predalorlprey interactions acros5 the Moray Firth. As well as the in-river work, the 2022 study year also saw a network of acoustic receivers deployed in two freshwater loch systems and the tagging of predatory fish (trout and plke) to gain a better understanding of how these species intsract with migrating juvenile salmon. Data from this project will give fishery managers and policymakers insights into how to better protect juvenile salmon on this downstream migration from some of the threats they face in the freshwater and coastal zones. With the third and final f eldwork year completed in 2022, the project has now entered its data analysis phase, wherèby an initial suite of scientific papers have been published, following independent peer review. Once the project data is analysed and interpreted, the outcome will be to provide management advice on howjuvenile salmon can be bètter protected. Dlrector6' rgport (continued) A¢tlvltie8 of the Trust (Continued) We8t Coast Tracking Project The West Coast Tracking Project is a partnership wlth Fisheries Management Scotland and the Marine Directorate (formerly Marine Scotlandl with support from the University of Glasgow. The project started in 2021 and the12sI year of data collection was in 2023. The aim of the proj&ct was to use aGoustic telemetry to understand the migratory behavitsur of juvenile salmon in sea lochs. nearshore wastal and marine waters from 11 13 rivers across the west coast of Scotland. The dats collected will provide insights into the broad migratory pathways ofjuvenile salmon, as well as the tlming and speed of their migration. The project has now entered its data analysis phase and two initial soientific papers have been published. following independent peer review, will be used lo infomi management and regulation of a¢tivitie5 in the coastal zone. Once the project data is fully analysed and interpreted, the outcome will be lo provide management advice on howjuvenile salmon can be better protected. For example The information gleaned from the project will be used to inform the ongoing development of Wild Salmon Protection Zones and the new sea lice regulatory fra￿EwOrk for the fin fish aquaculture industry under development by the Scottish regulator, Scollish Envlronmènt Protection Agency. Project Laxford Project Laxford is a partnership bethen Grosvenols Reay Forest Estate and the Atlantic Salmon Trust, supported by the S¢ottish Govemmenl's Marine Directorate and the West Sutherland Fisheries TNst It represents the Trust's, first catchment-scale, ecosystemknbased wild salmon restoration project It commenced in 2022 and aims to identify primary factors limiting salmon and sea trout production in the Laxford catchment. This will inform targeted management actions to resbre the catchment and provide the best possible conditions for salmon and sea trout to thrThie. The effectiveness of these management actions will be assessed over tim8 using robust science and upto-dale monitorlng techniques. The programme aims to be an exemplar river catchment, whereby the restoration solutions pul in place and their effects recorded through cutting-edge environment81 monitoring, wi15 generate knowledge which can be shared ou￿rd for the benefit of salmon managers and communities nationally and intemationally. In the current period we developed a targeted monitoring programme for the Laxford. This provides a framework for the assessment of the health Df ils fish populations, together ￿t￿ the environment within which they exisL As part of thls programme. we monitored the downstream migration of PIT (passive integrated transponder) tagged salmon smoSts as they embarkèd on their ocean journey in Spring 2023. Sn collaboration with the Wesl Sutherland Fisheries Trust. we delivered a Laxford-specific sampling frame as part of the Scottish Government's National Electrofishing Programrne for Scotland INEPS). An ARIS {sonar f sh counter) scope situated al the mouth of the river enabled us to enumerate the number of adult salmon {or spawners) returning to the river in 2023. Environmental DNA leDNAI sampling across three key spawning tributaries enabled us to determine the dThiersity and distribution of vertebrate and invertebrate species, together with the presen¢e of the invasive non-native Pacific pink salmon. In terms of physical restoration works, in partnership with the team al Grosvenorfs Reay Forest Estate, we developed outline restoration plans. These plans were pfftsented to the public vla a local community event, with a Project Laxford Technica5 Workshop having been held to dlscuss restoration plans with presentalives from key GovernmentAgencies and NG05. These are based around the reduction of deer grazing pressure across the entire watershed, together with the creation of three large deer-free restoration enclosures. These total just under 2,700 heCta￿S and will allow the plantlng and natural regeneration of native riverside woodland, together with a range of other important habitats. The restoration of native riverside woodland 58 seen as key to boost1ng biodiversity and building Glimale resilience into the catchment, to benefit wlld salmon, wildlife more generalty, and the local communlty. Dlre¢tors' report (Gontinuedj Actlviti8s of the Trust (continued) Project Deveron In 2023, in partnership wth the Deveron, Bogie & Isla Rivors Charitable Trus( we commgnced Project Deveron- the sister project of Project Laxford- as part of our wider Core R Thiers Programme. The project has recruited a Gatchment Re$toralion Manager to deliver the projeot The restoration of the catohment will be monitored using the installed ARIS fish counter and PIT arrays and will feed into wider national objectives such as Salmon Conservation Regulations and delivery of the Scotbsh Governmenys Wild Salmon Strategy Implementation Plan. The c81chmentwill be audited lo establish limitab'ons and pressures on its ability to support a vibrant population of wild Allanlic salmon and Iroul. This will be followed by an agreed programm8 of works. Save the Sprlng The Atlantic Salmon Trust worked in partnership wth the Rlver Dee Trust and Dee District Salmon Fishery Board, lo launch the Save the Spring initiative, a 20-year programme of work to restore and fvtureproof the upper River Dee catchmen( in January 2024 after initial planning in 2023. As part of its Community and stakeholder engagement strategy, the Atlanti¢ Salmon Trust designed and delNered a series of stakeholder engagement sessions in January 2024 In partnership with the Rbjer Dee Trust and Dee District Salmon Fishery Board, holding both in-person presentstions and discusslons on Deeside, as well as a live online evening seminar. The programm8 employs a kn-pronged strategy to restoring the Dee's spring-run wild Atlantic salmon which have declined dramatically in recent years, largely due lo impacts from severe weather events and damage to upland salmon spawning areas, Firstly, there is * focus on landscap8-scale habitst restoration of the upper catchment lo restore natural processes ancs provide climate resilience, and secondly, closely monitored wld fish repopulation at a local scale to boost salmon populations using conservation translocation protocols. Tr8 Trust and its partners at the River Dee have been working with the Unwersity of Stirling, University of Highlands & Islands Inverness, Sootti$h Governmènt, its agencies, and others to develop and ￿fine the wild fBh repopulation methods, ensuring that detailed genetic monitoring will enable success to be measured over time. At present. th8 wild fish repopulation focuses on a technique known as 'smolt-to-adult supplementation, whereby wild salmon smolts are captured, transferred into captivity, reared to adulthood, with plans lo then release the fish ba¢k into the wild to support natural spawning. Wlld Salmon Conngctlons Wild Salmon Connections is an event and long-term collaboration being delivered on behalf of the Missing Salmon Alliance, sel to lake place in London b8fj￿een 27-29 January 2025. Wild Salmon Connections aims to activate an urgent, renewed international focus on wild salmon restoration and the event is sel to focus around the themes of People, Leadership and Partnership. It also alms to energise routes for river restoration for the benefit of salmon investment to fiow into ¢atchment-s¢ale salmon restoration projects as a way to achieve biodiversity net gain. Watershed Connections Development of Watershed Connections as a programme continued in 2023-24 working with partners on the fffining of the outputs and raising funding to deliver the central hub and the pilot watersheds. The process will bring together 8lakehold&rs and partners as well as the inforniation needed to support the delivery of projects at a landscape scale and ensure this information is accessible to landowners, NGOS and other initiatives. Watershed Conne¢tions will link back and feed into the work of the Likoly Suspects Frnmework and the Core Rwers Programme. Dlrectors, report (continued) Actlvities of the Trust (continued) Further Work and Proleot Support As well as undertaking its own resèarch projects, the Trust provldes assistance, eilherfinancialty orthrough scientific support, to other organisations whose actwilies are in-line with the objectives of the AST. In the financial year ending March 31 st 2024 the Trust funded or supported proFcts in kn areas (11 Education and Outreach and121 ResearGh'. Education and Outrèach NOWPAS - Thg Atlantic Salmon Trust provided sponsorship again this year for this workshop of PhD and Post-Doctoral fellows working on anadromous salmonids. The workshop aims to build and maintain an international network of young scientisis working on salmonid research, including Atlantic salmon and brown trout The conference wa5 hosted from the 26th of February- 2nd of March 2024 in Gromaty. SIX Rivers conference In Icefand Aprll 2023 -third International Symposium on the Futurt of Atlantic Salmon on 18th and 19th April 2023. Held in Reykjavik, experts from Iceland, Norway, Denmark, North America, United Kingdom, Ireland, and Africa dis¢usied the decline in the North Atlantic salmn population which has fallen lo one-quarter of ils 1970s level. The Trust's Research Director, Professor Melanie Smith, gave a presentsllon entitled 'Next steps for the Likely Suspects Framework.. A Landscape Scale Approach for Restoration of Allanlic Salmon,. Our CEO, Mark Bilsby, sat on a panel discussion regarding the challenges facing Gonservatitin work to protect the Atlantic salmon. Decision Support Tool Conference In Blmilngham The Missing Salmon Alliance IMSAI Likely Suspects Framework programme is researching mortality processes, building data sharing system5 and a new sUPPOrt tool for fishery and catchrnent managers. This tool provides a landscape of salmon life-cycle dynamics upon which lo cary out"what-iTr' s¢enario-testing and forecast population responses. In June 2023, workshops were hosted by the MSA, led by the Allanlic Salmon Trust, to facilitate infomal discussion between potential users of this tool, capturing feedback to help guide future co-developmenl. Representatives trom river Trusts and government agencies wntributed to lively group discussion sessions. The meetings lin Battleby, Perth and Birmingham) were extff mely helpful In Identifylng th8 requirements for creating user-defined archNes of multiple scenarios. dlstilling a sub-set of r8levant population responses and the final formatting for output reports. IFM Sea Trout Symposlum, Cardlff, September 2023 a very successful IFM Sea Trout Symposium was held in Cardiff in September to identify the key pressures affecting our sea trout populations. A subsequent workshop was held in Fishmongers. Hall, London, in December 2023, to distil the information arising from the Symposium and to reinvigorate actions forsea trout Gonservation, management, protection and research. AST was represented al both meetings and is an active participant on the Working Group which Is continuing lo support and guide this process. Currently a project propos25 15 bèing developed to map sea trout and their habttal using Gollaborations between professional and citvLen scientists. European Trackin9 Network Symposium: Salmon and Man, Brloude, France {Des Saumons 8t des Homm9s 111) - Octobèr 2023 - As a former Chaimian of the Scientific Committee for Salmon Resloralion on the Loire River {2009 to 20201, AST Vice-Presidenl Professor Ken Vvhelan, was invited to address and participate in this important confrrence. Irish Fly Fair in Ennlsklllen, County Femianagh Novgmbor 2023. AST Vice-President Professor Ken Wtheelan attended where he gave very well attended presentations on Tracking Salmon in the Ocean Ic¢>aulhored by Jon Carr of th8 Auantic Salmtsn Federation, Canada). The presentation covered both the tracklng work recently carried out along the coasts of Scotland and Ireland by AST and collaborators, in addition to his experien¢e5 in working with Jon Carr tagging adult, rod caught, feeding salmon along the wesl coast of Greenland. International Atlantlc Salmon Research Board IIASRB, NA8COI- Interce68lonal Meetlng8 - February 2024 - AST VICe-P￿S7dent Professor Ken Wheelan represented the national and the international NGO'S on the IASRB at a series of intsr-sessional meetings this spring the Research Board, following the advice of its Scientific Advisory Group SAGI. agreed on key research priorities. The Board's work relates to research on tran5-basln marine challenges facing Atlantic salmon. Directors, report (continued) Activities of th8 Trust (continued) Unlver8ity of Hull, ETN (European Tracking NelAvorkl Workshop, - February 2024 AST was represented at this event which was tsrgeted at researchers active￿ perfomiing aquatic animal telemetry research in freshwater and marine environments across the UK and Ireland. evidenced by the recent work of AST and partners, technological advances in telemetry have transformed our abilty lo observe aquatic animal behaviour and movemenL These developments are revolutionising the scope and scale of questions that can be asked about the causes and consequences of movemenL which directly influence how we manage fish Populations, anthropogenic pressures and entire ecosystems. The frequency and exient of telemetry proje¢ls in the UK and Ireland are increasing, but they typically happen under locally or regionally motivated initiatives. Hen¢8, lo achieve a bigger impact, a degree of cenlralisalion, collaboration and coordination is necessary. There are attempts to coordinate telemetry research al a European scale via The Euro ean Trackin Netsvork IETNI. Thus, the overall intention of the workshop was to examlne how the ETN platform could be used lo transition from local I regional telemetry initiatives in the UK and Ireland towaTd8 a coordinated and efficient nebNork of telemety re$earchets and infrastructure. The North Paclflc Marlne Sclence Oryanlzatlon IPICESI - Our Ecologlcal Modeller with the Likely Suspects Framework team, Dr Neil Banas, gave a talk on "Modelling resilience and its limits from phytoplankton to 5almon.' Learning from AUantiC-Pacific Gomparisons at four trophic levels" and met with salmon and food-web scientists from US NOAA, University of British Columbia, the Farallon Institute, and others. 9th World Flsheries Congress, held in Seattle, Washington, USA 3rd 7th MaTch our Principal Investigator for the Likely Suspects Framework tearn. Dr Colin Bull, presented on day 2 in the session "Management, mitigation, restoration. givlng a talk on our new decision-support tool for Atlantlc salmon fisheries managers facing stock collapse. Workshop: RTver Catchment BiodSv8rsity Improvement In Scotland. This workshop was held in Banchory in July 2022 and was organised by the Trusys MSA partner, Fisheries Management Scotland. The Trust contributed organisalional support and a presentation, along with another MSA member, The Rweff Trust Additional speakers were present from the Scottish Governm8n( Dee District Salmon Fishery Board, Forth Rivers Trust, and Natu￿ Scot. The workshop sought to discuss the ImportanGe of a catchment-wide approach to salmon rèstoration which takes into account an area's wider biodwersity, as we51 as how to define natural capital and attract green finance. North Atlantic Salmon Fund (NASF} Salmon Summlt 2024. Reykjavlk. Iceland. Employees from the Trust attended this conference in March 2023 and gave a presentation on the work of the TrusL 2. Research Salmonid Management Around the Channel {SAMARCHI- The Trust contributed scientiffc support to the SAMARCH Projecl led by MSA member Game & Wildlife Conservation Trust whose aim was to better understand the fate of salmon and sea trout smolts as they left two English and two French rtvers, as part ofa European Union INTERREG Project Directors, report (continued) Fundlng Funds are the life blood of the Trust and the 2023-2024 financial year was a key period for fundralsing to enable both the ¢ore activities of the Trust and allow for the development of our tracking and restoration projects. Core Fund Ralslng Presldents Club The Presidents Club continued to grow during the ffnanGial y8ar, with members contributing a minimum of £5,000 per year, with a five-year commitment. Salmon Club The Trust laun¢hed the Salmon Club in March 2019 to provide an enty point into supporting the organisation and salmon conservation. This membership base has continued to grow throughout the year with more members joining regularty. Each member contributes £250 per year to the organisation Auction We held another successful auotion in autumn 2023 raising over £94,000 and our thanks once again go to all who donated items for our auction and Lycetts for sponsoring our auction catalogue. East Ranga Prlze Draw With thank5 to our friends at RIPP Sporting, we held our annual Spring Prr£e Draw for Ihe Chance to win a flshing trip lo the East Ranga River in Iceland, raising over £13,000. Charlty Clay Pigeon Shoot 2023 was our second year hosting our invitational fundraising event for a days. clay pigeon shooting at the Royal Berkshire Shooting School. It was an extremely successful event and is now part Of our annual calendar. Our thanks to Ineos Grenadier and Schoffel for their sponsorship. Corporate Fundralslng In March 2022 tre Tmst engaged the services of a Corporate Ambassador to service and develop our funding partnerships with the corporate world. Thi$ ha5 resulted in Several new ¢orporate partners this year. The Trust is selective in the organisalions it works with to ensure that they share our objectives and recognise our charitable aims. Donatlons from Charitable Trusts The Trust was extremety gratsful for support from a number of Charitable Trusts towards our core funds, including King Charles 111 Charltable Fund, Fishmongers, Company, The Worshipful Company of Grocers, Jordan Charitable Foundation, John Swire Charitable Trust, lan Maclaggart Trust, Scott {Eredine} Charitable Trust The Intrepid Charitable Trust, The G.Unger Vedesen Foundation, INC, Morley Family Charitable Trus( Martin Wills Charitabl6 Trust Haywood GharitabSe Trust. and the Demigryphon Trust. Project Fund Ralslng The Trust set itself a target of raising £1.5 million in donations to enable the projects to proceed and Gore finances maintained. Through the kind generosity of partners and donors this allowed for the continued delivery of the projects. Dlrectors, report (continued) Dlrectors induction and training The Directors have considered a policy on Director Induction and training prior to new Directors being appmached. Thi5 includes awareness of a Directors responsibilities, the goveming document, administrative procedures and the history and philosophical approach of the Trust A new Director ￿CeiVeS copies of the previou5 yea¢s financial statements, minutes of Directors meetings and a copy of the OSCR leaflet"Guidan¢e for Charity Trustees - acting with care and dilig9nce' and Scheme of Delegation for the Atlantic Salmon TrusL All Directors are required to complete a Declaration of Interest form, annually, lo ensure transparency. Risk Management The Trustees consider risk on a regular basis and the key risks and their management are set out below, Management This is being addressed through diversifying the income strearns for the Trust through the development of new initiatives, this year the RBSS shoot day along with existing offerings of the Presidents Club. Salmon Club, Auctk)n, and Corporate Funding. This is in Gonjunction with raising the profile of the Trust to attract more donations. This is mitigated by retaining expert investment managers and havlng diversified investment ortfolio. The Trust will only proceed with a defined project once all funding has been approved. The new role of Corpofftle 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 lo su ort new and existin ro ecls. The Trust developed a Scheme of Delegation In February 2023 whi¢h sets out the respectwe responsibilities of AST Board of Trustees and ils Chief Executwe Offi¢er Risk Descrlptlon Fluctuating levels donallons and legacies to support core functions. Donations Legacies and Investment R8turns Varlability of investment Telums. Project Funding Failure or disruption to projeGt funding. General tsperational risks Governance. long temi- strategy, processes and framework, acGountability and Compl￿nce with le islalion Key Management Mark Bilsby, Professor Melanie Smith and Alison Baker are the key management personnel of the Trust in charge of delivering the operations of the organisalion on a day-to-day basis. Remuneration of key management is set annually by the Trustees ahead of the new financial year, followng staff appraisal5. Details of key managerrEnt personnel remuneration are disclosed in note 8 to the financial staternents. All other directors give their time freely. Plans for the year ahead We Saunched our 2023-2028strategy in spring 2023 which focuses on the three core elements of Evidence, Solutions and Partnership. This is to address the crisis in salmon stocks caused by the twin threats of biodiversity Ios5 and cllmate Ghange through targeted18ndscape level restoration programmes based upon the outputs of the Likety Suspects Framework. Core The Trust will continue to diversify its sources of Income to ensure that the core alms of the Trust can be met and adequatety resourced. io Directors, report (¢ontinu8d) Project Llkely Suspects Framework Work over the next year is focussed on the continued development of the Salmon Managers, Decision Support Tool IDST), as we begin to look lo embed the tool within salmon fishery managément. Workshops were held in Summer 2024 to provide salmon managers With a chance lo test the tool themselves, provide feedback and discuss how best to embed the tool within management strategy evaluation. This will form part of a wider stakeholder engagement plan to help increasé the awareness and understanding of the tool. The underlying model will also b8 developed lo address the need lo represent multiple life-history strategies, varying regional conditions and the impact of increasing lemperalures dua to climate change. Knowledge of the drivers of marine mortality will also be included as our understanding improves through continued research. Moray Firth Tracking Project Work will continue lo fully analyse and interprèt the data collected to proV￿e management advi￿ on how juvenile salmon can be better protected, as well as to Gontinue publishing the findings as sGientific publications. A workshop will be held in 2025 to present the main findings, Culminating in the production of a AST Bluo Book that brings together the technical and non-tschnical findings of the project. The Wèst Coast Tracklng ProSect Work will continue to fully analyse and interpret the data collected to inform the protection of wild salmonids from potential pressures in the near-shore and Goastal marine environment, as well as to continue publishing the findings as scientific publications. This ground-breaking project, because of its scale and scope, has worked with other tracking projects across the West Coast and in lff land to Co￿[dinate comprehensive ne￿Ork of arrays to detect the smolts tagged for the Project and other marine animals. A significant amount of data has been generated over the past three years and this will be carefully analysed to address a range of questions, and ultimately infomi development of marine policy. ProSect Laxford In the forthcoming year. the Trust will Continue to work with Grosvenorfs Reay Forest Estats to ensure the effitsient operation of telemetry equipmen( including the PIT A ￿aYS). ARIS f5sh counters land evaluallon of the resultant datal and temperature loggers (feeding into the Scottish River Temperature Monitoring Network). As part of our ongoing research and monitoring plan, additional monltoring wll Include the enumeratlon of the Laxford smolt run using a rotary screw trap positlon in the lower river. An aqu8ti¢ invertebrate monitoring programme will invo5ve sampling at 20 sites across the ¢atchment each year in April and October. Working in collaboration wkth the Grosvenor Sustslnability Team, an aerial habitat Survey utili5ing ultra- high-resolulion cameras and LIDAR mapping systems will be completed in early summer 2024. This will Map terrestrial habitats a￿ordIng to the UK Habitat Assessment Mapping classification scheme, estimate the biomass and carbon storage of different treefvegetation species and complete a Fish Habitat Assessment In terms of distribution, quality and quantity of key habitats. A terrestrial biodiversity assessment across the watershed will provide information ￿ lating to natural capitsl lo inform enhancement and management of local biodiversity. Environmental DNA analysis of soil wi51 allow an understanding of the bacteria, fungus and invertebrate species. All the above will provide a baseline of the current situation, allow us to monitor change in fftspon5e to our resloralion management action5. Our physical resbration works will move into the detailed deslgn and del￿ery stage. This involves ground and ecological surveys, together with grant applications. We plan lo have over 70,000 trees in the ground at Kinloch in the upper catchment by the end of Spring 2024, wth trees in the ground at Lower Laxford by winter 2025. Options for woody Structure placements wi51 be priorilised, ecological surveys and consent appliGations completed. Directors, report (conlinu&d) Project Dgvoron In 2024 th8 Catchment audit wlll commence the gathering of information and data on wild Atlantic salmn and trout populations in the cstchmenL together with supporting information and dats on the key components of the environmBnt on whiGh they depend. This work will feed into the process of establishing the key pressures and lead to the developing of an agreed delivery programme of works. This programming will include a costed programme of works, and detsiled plan lo deliver funding, dissemination and stakeholder engagement. The data Mfjll continue to be processed and used by the Marine Directorate to support national data collection for the setting of the ConseNalion Regulations for Sa5mon and supporting the Wild Salmon Strategy Implementation Plan. We are thankful lo the Missing Salmon Alliance, thg William Grant Foundation, YETI and a myriad of charitsble donations for their continued financial support of this projecL Save the Sprlng In the upcoming period, the Trust and its partners in the River Dee Trust and Dee District Salmon Fishery Board will progress both elements of the programme.. habitat restoration an(J wild fish repopulation. The partnership wlll begin its smolt-to-adult-supplementation trail in spring 2024 as part of the wild fish repopulation strategy, working with the Universlty of Stirling Institute of Aquaculture lo rear juvenile wild salmon, captured in spring 2024, to adulthood with the aim to release these fish back into the wild in the future. Throughout 2024 this process will be carefully managed and monitored. The projectwill also develop habitat restoralion pSans for priority areas, as well as widerstrategies in¢luding management and communication. in order to ensure that both local ¢ommunlty and wider stakeholder groups art engaged with the programme. Watershed Connections Working in collaboration with agencie5. NGOS and stakeholders, the Trust is developing a Gls-based infomiation 'cenlre' which will allow for high level auditing of catchments and provide information on their potential - both in terms of salmon numbers (using links to the Likely Suspects Fram8work} but aSso resources required to make the improvements. This will be supported with an advisory area whi¢h will over legal, financial and praclic818dvice lo allow local managers to scope out landscape scale projects for discussion. This will bring together exlsling information, maknng it accessiblg and, where required, Gommission newwork to be done where knowledge gaps are found. This will link into the work being undertaken on Project L8xford and Proj8Ct Deveron which act as pilot projects, as well as catchment restoration programmes in other areas of Scotland. Watershed Connections seeks to transfer the solutions and knowledge from the Trust's core prolects outward, for wider environmental and community benefit. Wlld Salmon Conne¢tlons The showcase event wi51 lake place In January 2025 in Fishmongers, Hall, London, focused around the themes of People, Leadership and Partnership. These elements are now being developed and a short summary of eaGh Is as follows.. nsplring People.. We want to Inspire action to ensure a thriving future forwild salmon. We will demonstrate the value of wild salmon to communities, the econonry and the environment. This wlll focus advocacy, policymaking and galvanlse action lo protect and restore this iconic species. Environmental Leadership- By showing that success is possible, we want to push stakeholders to go further. We will demonstrate inspiring solutions such as land$cape-sGale restoration. barrier removal, approaches to sustsinable aquaculture and action at sea. Delivering Partnetships.. The Grilical role of finance- public and privats - in supporting environmental storation and climate resilience is now established. We seek to mobilise this finance for watershed restoration for the benefit of wild salmon. 12 Directors, report (continued) As part of the Wild Salmon Connections initiative, we are working in partnership wth like-minded organisations acmss the Northern Hemispheffj, including the AUantio Salmon Federation in Canada, Norwegian Salmon Rivers, The Wld Salmon Conservation Fund INASFI Iceland, Pacific Salmon Foundation, and Long Livg the lQngs. Thls event, and the ongoing collaborati n it will energise, seeks to inspire action, enhance advocacy and Increase funding to secure Ihrwing d salmon at the heart of healthy ecosystems and empOWe￿d communities. Cold Claan Wat&r Wild Atlantic salmon need ¢old clean water but the resolution of the infomiation currenuy being collected méans, in many cases. that it is not related to the refined ffquirements for wild salmon and trout. The Trust will insÈll a flow-through water quality monitoring system on the River Spey to raise awareness of this need and roll out water quality equipment to looal managers around Scotland with the information linked tQ 8 publicly available data portal. Funding is now in the process of being confirmed. Related partle¥ Related party transactions are identifled with notes 8 and 17 of the financial statements. Flnan¢lal revlew Investment perfomance The Trust's investment portfolio has the objectNe to deliver a total return (the combination of income and capital groth) in order to outpace inflation over the medium term. The portfolio Is invested In a range of liquid assets. including alternatives, bonds, propety lin dlrectlyl and global equities. We require our fvnd manager to be a signatory of United Nations Principles for Responslble Investment and have an embedded ESG approach. The Trust holds aC￿essible. sufficient short-lem reseN8s in cash at all times and manages its short term operational cash In high in18rest bearing cash accounts where possible to benefit from higher interest rates. FIDanclal review The net income for the year was £184,418 cOMpa￿d wtth net expenditur8 of £148.934 last year whi¢h inGludes unrealised gains on the revaluation of the investments of£103,68512023- £75,531). Investment income dee￿aSed by £1,320 to £10,469 Total donations in¢luding legacies and gift aid increased to £792,97312023 - £474,946). This includes £ Nil12023.' £24,000) on Donations in Kind for the West Coast Tracking Project Total ffsources expended were £831,471 lower than last year at £1,473,346 (2023 - £2.304,8171, with an overall decrease in ¢haritable expendlture of £ 837.968 (Nole 41. Expenditurt on sclentific research project5 lotaSled £741,210 a decrease of £1,028,311 on the previous year (Note 5). There were in¢￿a59$ on the investment valuation of £99,10412023.. £3.192 losses). bl d) 13 Dlrector8' report (conlinuedj statement of dlsGlosur• of Infomiation to audltor The Directors of the company confim that: So far as they are aware, there is no relevant audit infomation of which the charitable company's auditor is unaware.. and The Diffclors have taken all the steps that they ought to have taken as a Dire¢tor to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Small company exemptions The above report has been prepared in accordance with the provisions applicable to Gompanies subject to the sm811 oompanies, regime. Signed on behalf of the Directors. Mr P Landale Chairman September 2024 14 statement of directors, responsibilities The Directors {who are also the trustees of the charitable company for the purposes of charitable lawl are responsible for the preparation of the Directors, Report and finan¢ial statements in accordance with applicable law and regulations. Law applioable to incorporated charities in Scotland requires the Diffctor5 to prepare an annual report and finan¢i81 statements for each financial year in accordance with applicable law and regulations. Under that law the Directors have elected to prepare the financial statements in accordanoe with United Kingdom Generally Actspled Accounting Practice (United Kingdom A¢¢ounting Standards and applicable law}. Under company law the Directors must not approve the financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity at the end of the year and of ils financial activities including its income and expenditure during the year then ended. In prep8ring those financial statements, the Directors are required to.. select suitable accounting policies and then appty them consislenUy,' make judgements and estimates that are re8sonable and prudent, slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financwl statements-, and prepare the fin8n¢ial statements on the going concern basis unless it ts inappropriate to presume that the Charity will continue in operation. The Directors are responsible for keeping proper and adequate accounting records whlch disclose with reasonable accuracy al any lime the financial position of the charity and which enable them to ensuff that the financial statements comply with the Companies Act 2006, with the Charities Act 2011, the Charities and Trustee Investment {Scotlandl Act 2005 and the Charities A¢Gounts Iswllandl Regulations 2006 las amended). They are also responsible for safeguarding the asset5 of the charity and for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The Dlrectors a￿ also responsible for the maintenance and Integrity of the charity. The Directo￿ have fulfilled their legal responsibilities wth ￿SPect to the Directors. Report and Financtal Statements. To the kno￿edge and belief of each of the persons who is a Diwtor at the Om8 this report is approved- al So far as the Director is aware, there is no relevant information of wh￿h the organisalion's audllors are unaware" and bl Helor she has taken all steps that helshe ought to have taken as a Director to make himselflherse aware of any relevant audlt information and to establish that the auditors are aware of that infomiation. 15 AtlanUc Salmon Trust Limited Dlrectors, report and financial stalements 31 M8r¢h 2024 Independent auditor's report to the Directors and members of Atlantlc Salmon Trust Limlted Oplnlon We have audited the financial statements of The Allanllc Salmon Trust Ilhe 'Gharitable company'l for the year ended 31 March 2024 which comprise the Statement of Flnancial Activities, the Balance Sheet, th8 statement of Cashflows and notes to the financial stal8men15. including a summary of significant accounting policies. The financial reporting fr8mework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndard$, including FRS 102 The FinanGial Reportlng stsndard appliGable in th8 UK and Republlc of Ir&land (United Kingdom Generally Accepted Accounting Practi¢e). In our opinion the financlal statements.. gNe a true and fair view of the stale of the charitable company's afkirB as at 31 March 2024 and of its income and expenditure for the period then ended., have been properly prepared in accordan¢e with United Kingdom Generally Accepted Accounting Pracli¢e', and have been prepa￿d In accordance with the requirements of the Companies Act 2006, the Charities Act 2011, the Charities and Twstee Investment IScolland} Act 2005 and R8gulation 8 of the Charities Accounts (Scollandl Regulations 2006 las amended) Basi5 of opinion We conducted our audtt in accordance with International Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of thg financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢al Standard, and the provisions available for the audit of small entities, in the circumslanco5 set out in note 1 to the financial statements, and we have fulfilled our other olhical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and apprgpriate to provide a basts for our opinion. Concluslons relatlng to golng con¢ern In auditing the financial statements, we have concluded th8t the Directors, use of the going con￿rn basis of awunting in the preparation of the financial statements Is appropriate. Based on the work we have p9rformed, we have not identified any material uncertalntles relating to events or Gondilions that. individually or coll¢GtNely, may cast significant doubt on the charity's ability lo continue as a going conGern for a period of at least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Directors with respect to golng Qoncem are described In the relevant seotions of this reporL Other Info￿TIatIOn The other information comprises the infomation included in th6 Directors, report, other than the financial statements and our auditorfs ff port thereon. The directors are responsible for the other infomiation. Our oplnion on the financial statements does not coverthe other information and. exceptto the extent otherwise explicitly stated in our report we do not express any fomi of assurance conclusion thereon. In conn8¢tion with our audit of the financial statements, our ￿SponsIbl11ty is lo read the other infomialion and, in doing so, consider whether the other information is materially inGonsistent with the financial statements or our knowledge obtained in the audit or othe￿iSe appears to be materially misstated. If we 1dentify such material incon5iStencies or apparent material misstatements. we are required to determina whether there Is a material misststement In the financial statsmenls or a material misstatement of the other infomalion. If. based on the work we have performed. we conclude that there is 8 matertal misstatement of this other information, we are ffqulred to repgrt that fact. We have nolhlng to report in thES regard. 16 Atlantic Solmon Trust Dlrectors. report and financlal staternents 31 March 2024 Independent auditor's report to the DireGtors and members of Atlantic Salmon Trust Limited (continu8d) Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the Gourse of our audit the information gDien in the Direclor5' Report which includes the Trustees, Report for the financial period for which the financial statements are prepared ts consistent with the financial statements-, and the Directors, Report which includes th8 Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whl¢h we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report which includes the Tw8tees' Report. We have nothing to report in respect of the following matters where the Cctmpanies Act 2006, the Charities Act 2011. the Charities and Trustees Investment {S¢otlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 {as amended) require us to report lo you if, in our opinion: adequate accountlng records have not been kepL or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting re¢ords and retums,. or rtain disclosures of directors, remuneration specified by law are not made., or we have not receDied all the information and explanations we require for our audiL or the directors We￿ not entltled to prepare the financial statsments in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparfng the directors. report and ftom tho r9qU1￿ment lo prepare a strategic report. Responslbllltles of directors As explalned more fvlly in the Directors, ResponsibilTties Statemen( the dlrectors (who are also the trustees of the charitable company for the purposes of charitable lawl are ￿sponSible for the prepar8tion of the flnancial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors detemine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financlal statements, the dire¢tors are ffsponslble for assessing the Charitable company's ability to continue as a going concem, disclosing, as applicable, mallers related to going Concern and using the going Concern basis of accounting unless the directors either intend to liquidate the wmpany or to cease operations, or have no rgalistic alternative but to do so. Audltotrs respon8ibilltl85 for the audlt of the financlal statoments We have been appointed as auditor under sections 144 of th¢ Charltles Act 2011 and 44{1 Ilcl of the Charities and Trustee Investment Iscotlandl Act 2005, and under the Companles Act 2006 and report in aGwrdan¢e with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole a free from material misstatement. whether due to fr¢ud or error, and lo Issue an auditoffs report that includes our opinion. Roaionable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordancs with ISAS IUKI will always detect a material misstal8ment when it exists. Misststements ¢an arise from fraud or error and are considered material if, individually or in the aggregate, tmey could reasonaLily be expected to InfluenGe the eGonomiG deGlslons of users taken on th6 basls of these finanGial statemènts. 17 Atlantie Salmon Trust Dlreclors, report and financial statemenis 31 March 2024 Independent auditor's report to the Trustees and members of Atlantic Salmon Trust Limited (continued) Auditor's responsibilitles for the audit of the financlal gtatemgnts (continued) Irregu1arilies, including fraud, are instanGes of non40mplian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiring with management about any known or suspected instan¢es of non-compliance with laws and regulations, including GDPR, health & Safety and employment law, and fraud., Review of Gor￿SpOndence Mqth regulato￿ including OSCR and the Health & Safety Executive. Review of legal fee expenditure and board minutes., Challenging assumptions and judgements made by management in their significant accounting eslimales. including stock provisions,. and Auditing the risk of management override of controls. including through testing joumal entries and other adjustments for appropriateness. Because of the field in which the client operates, we Identified the following areas as those most likely to have a material impact on the finanGial stslements.. Health and Safety., employment law (including the Working Time Directive),. GDPR,. and compliance wth the UK Companies AGL Charities and Trustee Investment (Scotlandl Act 2005 and the Gharities Accounts Regulations 2006. Owing to the inherent limitations of an audic there is an unavoidable risk that some material misstatements in the financial slalements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS {UKI. For instance, the further removed non-Gomplian¢e is from the events and transactions reflected in the finanGial statements. the less likely the auditor 1$ to become aware of it or to recognize the non4ompliance. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at htt s'.Ilwww.frc.or .uklauditorsres ollsibilities. This d6s¢ription fom% part of our audttorfs report. Use of our report This report is made solely to the members, as 8 body, In accordance with Chapter 3 of Pgrt 16 of the Companies Act 2006, and lo the charty's dirèctors, as a body. in accordance with Section 154 of the Charities Act 2011, Section 441111¢} of the Charities and Trustee Investment Iscouand) Act 2005 and regulation 10 of the Charities Accounts IS¢ollandl Regulations 2006 las amended). Our audit work has been undertaken SQ that we might state to th8 members and the charity's directors those matters we ar required to state to them in an auditols report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity, its members as a body anrj Its directors as a body, for our audit work, for th15 report, or for the opsnions we have formed. Ingela Lou18e Presslle Isgnlor Statutory Auditor) For and on b8haMof Whit&law Wells Chart&red Accountants statutory Auditor (Eligible to aGt as 8n auditorln tem?s of section 1212 of the Comp8ni&s Act 2006) 9 Ainslie Place Edinburyh EH3 6AT 30 September 2Q24 18 (oouj 017J T5 illl 11 1 35 Allanli¢ Salmon Tru8t Limited Directors, report and financlal slalernents 31 MarGh 2024 Balance sheet at 31 March 2024 Ntslo 2024 2023 Flxed assets Tangible fixed 8ssetO 304,804 400,542 Investments 10 809,364 614.009 Total fixed assets 1.114.168 1,014.551 urrent assets Debtors Cash at bank and in hand 11 278,851 881,101 682,fj45 359,864 1.159,952 1.042,509 rgditors Amounts f811ing due within one year 12 1241,412) 1226,08n Ngt ¢uThent as$8ts 918.540 816,422 Credltors Amounts falllng due after more than ong year 13 140,8921 {23.575) Total ngt assèts 1,991,816 1,807.398 Funds Unrastrlctsd funds General reserve8 Designated fund8 14 14 1.343,646 213,064 1.275,891 100,689 Restrlcted fund¥ 15 435,104 430.818 Membors, fund8 1,991,816 1.807,398 The above report has b8en prepared In awordance with the provisions applicable to Gompanies subject to the small companies, regime. Approved by the Directors and signed on their behaw by r P Landalg Chairman 30 September 2024 The notes on pages 23 to 36 fonn part of these financial statements. Cornpany registr81ion number 904293 21 Atiantic Salmon Trust Umiled Diredors, report and financial statements 31 March 2024 statement of cash flows for the y•ar ended 31 March 2024 Note 2024 2023 Net ¢ash galnèdllusedl In operating actlvities 18 662.548 269,942 Cash flow6 frorn Investlng activttl8s Interest 8nd dividends Payments lo acquire rnvestrn￿ts Receipts on disposal of inveslmenls Payments lo a￿UIre fixed ass8ls Net ¢ash lu¥8d Inllprovldod by Invostlng aGtivltle8 10,469 1239,7331 143,482 155.5271 11,789 1119,8431 134.196 {133,28$1 1141.3091 1107,144) Chang¢ in cash and ca8h pquivalents in thè reporting perfod 521,237 162,798 Cash and cash equivalents atlhe beginning ol the reporting period 359,884 197,066 Cash and cash equivalents attha ond of fhg reporting pèrlod 881,101 359.864 Cash and ca8h $qulvalents compromi$g'. C8sh at bank C8sh held in Investments 873,125 7.976 261,7e7 98,097 881,101 359,864 22 Atlantic Salmon Tnjsl Llmiled Plrectors, report and financial slalèmenls 31 March 2024 Notes to the financial statsments Accountlng pollcies Status of trust Atlantic Salmon Trust is a company limited by guarantee and does not have a share capltal. Every member, being the company d1￿ClOrS, undertakes lo contribute to its assets in the event of its being wound up for payment of any debts and liabilities contracted prior thereto of such an amount as may be required, bul not exceeding £5 per member. Atlantic Salmon Trust Is a charfty registered in Scotland and England & Wales. Tho registered address is Fishmongers, Hall, London, EC4R 9EL. Accountlng convention The financial statements have been prepaEd under the hlstori¢al cost ¢onvention, as modified by the revaluation of the investments at fair value. The financial statements been prepared in ac¢ord3nce with the Companies Act 2006, applicable accounting standards, Charities SORP IFRS 1021. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021, the Charities and Truslee Investment IScotSandl Act 2005, the Charities Accounts IS¢ollandl Regulation$ 2006 as amended in 2010, and the Charities Act 2011 las amended). The Trust constltutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterfing, which is the functional Cur￿ ncy of the Trust Monetary omounts in these financial statements are rounded to the nearest £. The following is a summary of the significant accounttng policies adopted by the Twst In the preparation of the financial statements. Going concern The Directors consider that there are no material uncertainties about the TTusYs ability to continue as 2 going ¢oncern. The Board, having considered the cash flows and future operations of the harity, is of the view that it would be rea$onable to assume that Tmst will continue to operate for the foreseeable futtjre and, accordingly. the financial statements have continued to have b¢en prepared on the going conGern basis. Income Income is included in the Statement of Finan¢ial Actwitie5 when the ¢harity is entitled to the Income and the amunt can be quantified ￿th reasonable accuracy. The following speclfic polioies are applied to particular categories of Sn¢ome.' Donations and legacies are included in full in the Statement of Financial Activities when reGèTvable. Income from aGtThiities for generating funds is recognised as earned, as the related services are provided. Investment income is included when receivable. Grants, where ent￿ement is not conditional on the delivery of a Specific performance by the Charity, are recognised when the charity becomes unconditionally entiued to the grant • Income is only delerred where enlillemenl conditions have not been metor ￿lated seNic85 have not been provided as at the year end. Donated servitss are in¢luded at the value ta the charity where this ¢an be quantified, which 18 the value th8 charity would have pald on the open market. Income from other trading activities are accounted for as the Charfty, eams the right to consideratitsn by its performance. A118ndc Salmon Trust ￿rn[ted Directors, report and ffinancial statements 31 March 2024 Notes to the financlal statements (continued) Accountlng pollclgs (continued) Expenditure is included in the financial statements on an accruaL8 basis. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Raising funds are those incU￿ed in attractlng voluntary Sncome, and those incurred in activities that raise funds. Charilablg aotlvities include expenditure associated with promotion of salmon conseNalion and inolude both the direct costs and support costs relating to these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with ¢onstitulional and statutory requirements. Support costs include central fun¢tions and have been allocated on a basis consistentwith the use of resources. Opgrating leases Rentals are included in the financial stat8ments on a straighl-line basis over the period of the lease. Forolgn currency tran51atlon Monetary assets and liabilities denominated in foreign Gurrencies are translated into sterling at ffttes of exchange ruling at the balance sheet date. Transactions in foreign currenGies are recorded at the rate Nling at the date of the Iransactlon. All differen¢es are taken to the income and expenditure acoount. Judgements in applying accountlng policles and key sources of estlmatlon Uncertalnty In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the Garying amount of assets and Ilabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on histori¢al experience and other factors that are considered to be relevanL Actual results may differ from these estimates. In preparing these financial statements. the dlrectors have made the following judgements.. In arriving at the valuation of stock it may be necessary frr management to make an assessment over the carrying value of stock items and, whgre applicable, apply a provision to amend this carrying value to a MO￿ accurate level. These provisions are arrwed al using management's knowledge and understanding of the business. Tangible fNed assets are depreciated over a period lo reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors su¢h as physical condition, maintenance and obsolescence. Fixed assets are also assessed as to whether Iheff are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used. Penslon8 The Trust makes contrlbutions to a personal pension schem8 on behalf of Its employees. Contributions to this fvnd are charged to the profit and loss account as incuffed. Tanglblo fixed asset8 Depreciation is recognised so as to write off the cost of assets less their residual values over their useful livgs on the following basis.. Property Plant & Equipment Motor vehiGles 4 years straight line 3- 4 years slralght line 24 Atlantlc S81mon Trust Limited Directors. report and flnancial statements 31 March 2024 Notes to the financial statements (continued) Accountlng pollcles (continued) Tanglble fixed assgts (continued) Project equipment.. 200/0 of the Cost of MSP acousti¢ receivers is written off immediatety to reflect the proportion of these assets that will never be re¢overed from rivers. All other project equipmen( and the remaining cost of MSP a¢oustlG receNers, is depreciated over a 4 year useful life. Items purchased exceeding £2,000 are capitalised wth depreciatlon charged in the year of purchase. Fixed asset Investmonts Investsments are a form of basic financial instrument and are initially recognised at their tran5actlon value and subsequently measured at their fair value at the balants sheet dale using the closing quoted market price. The statement of financial aCt￿ltIeS includes the net gains andlosses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of investment risk faced by the Trust is that of volatility in equity markets and investment markets due to wder economic conditlons, the attitudes of investors lo investment rfsk, and changes In sentiment conceming equities and within parkncuL8r sectors or sub sectors. Any unrealised net gains accumulated in the investment reserve account are regarded by the Directors a5 part of the permanent capital of the Trust and therefore not avaSlable to finance either the admini5traltvg expenditure of the charity, or scientific research costs. Financial instruments The charity only has financial assets and financial liabllities of a klnd that qualify as basic flnancial instruments. Basic financial instruments are initially recognised as transaction value and subsequenly measured at their settlement value. Debtors Trade and other debtors are rewgnised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. ash at bank Cash at bank Includes cash held In a deposit or held by inv8slment managers. Credltors and Provlslon$ reditors and provisions are recognised where the charity has a present obligation resulting from past event that will probabty result in a transf¢r of funds lo a thlrd paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade di%counts due. 25 Atlanuc Salmon Trust Limited Dir&ctors' report and finanaal statements 31 March 2024 Notes to the financial statements (continued) Accounting poll¢lgs {continu8dJ Funds With the adoption of the FRS 102 SORP, all inGome and expenditu￿ Is dealt with through the Statement of Financial Activities. Funds are classified as restri¢led, unrestricted or designated funds, defined as follows.. Restrictgd funds are funrjs subject to specific purposes, which may be declared by the don0￿ or th their authority {8.g. by restrict￿e wording or resulting from a spe¢ific appeal). Unrnstrlcted funds are expendable at the discration of the Directors In furtherdnca of the objects of Atlantic Salmon Trust Limited. Deslgnated funds comprise unrestricted funds that have been set aside by the Directors. If required, a transfer will be made fmm unrestricted funds to restricted funds to compensats fully all funds which would otherwise bo in defi¢it at the a¢¢ounting date. 26 Atlantic Salmr>n TN$t Llrnited DlrectorB' report and financial stalernenls 31 MarGh 2024 Notes to the financial statements (continu$d) Income 2024 2024 Unre8trlcted Re8tri¢ted 2024 2023 Total Unrèslricled 2023 Restrlcted 2023 Tot81 Donations Gift Aid donations including lax Tecoverable General, pledged donations and leg3dgs Legacy Inex>m9 Don2tions in kind 12,748 12,746 36,722 36.722 489,080 127,000 184,147 653,227 127,000 414.224 414,224 24.000 24,000 628,826 184,147 792.973 450.946 24,000 474,948 Grnnts and donatlon8 for Speclflc prolecls 559.047 559,047 1,430,810 1,430,810 Investment Incom& 10.469 10.469 11.789 11,789 Other trading actlvrtles Gross proceeds ftom 8uetion Miscellaneou$ income Exlemal Gonsultan* 107,544 2,970 2,000 107,544 2,970 2,000 133.123 2,903 133,123 2,903 Event spons¢r$hip in¢om Merchandise sales 71,140 207 71,140 207 105.504 105.504 Sale of &qulpmenl 2,310 2,310 183,881 2,310 186.171 241.530 241.530 Totsl income 823,158 735.504 1,558,660 704,285 1,454,810 2,159,075 Included in gran15 and donations for specffic projects 1$ £Nil (2023 £651,891} that has been re¢eived from the Scottish Government 27 Atlantic s￿mon Trust Limlled Dire¢tor8' réport and ffinancial statèments 31 March 2024 Notes to the financial statements (conllnued) Allo¢ation of support eosts The trust allocates ils support costs as shown in the table below. Support costs are allocat* on a basis consistent wilh the use of resources. Promotion of salmon con$ervatlon Rai¥ing Fund¥ Total 2024 Total 2023 Gov•manGe Support costs Staff costs Meeting5 & Events offi￿ running costs Subscriptions Profe55ional Fees Website & Social Meeting Miscellaneous AIIoGation to projects 160,349 293,166 67.296 90,253 17,940 471,455 67,298 90,253 2,343 26,547 2,508 4.448 l35,8311 290,528 76,215 55,873 1,334 59,699 3,281 2,522 (1D8,378} 26,547 2,508 4,448 135,6311 Total 160.349 424,383 44.487 629,219 381.074 28 Atlantic Salmorl TNSI ￿mil￿d Dlreclots, report and Inancial slalements 31 March 2024 Notes to the financial statements (oontinued) 4 Expenditurg including $UPPOrt costs 2024 2024 Unrestrlcted Restricted 2024 Total 2023 2023 Unrestrided Restrl¢led 2023 Total Ra181ng fund8 Staff ¢osls (Note 31 Annual flshlng aucllon Investment tnanagers costs Fundraiser costs Inlemational Year of the Salmon costs 160.349 180,349 141,891 9,548 6,718 39,877 141.691 9,548 6,718 39,877 4,376 40,300 4,376 40,308 702 702 205.025 205,033 197,834 702 198.538 Dirèot charitsble gxp$ndltur8 on promotion of salmon ¢on$ervation Scientific research expenditure (Note 51 Other direct ¢harilable expenditute London Chapter and AST events 741,210 741,210 1,769,521 1,769.521 48.456 9,777 48,456 9,777 85,932 11,445 85.932 11,445 58.233 741,210 799,443 97.377 1.769,521 1,866.898 Support costs (Note 31 Govemanee ¢os18 INole 3) 424.383 44.487 424,383 44,487 157,600 81,783 157.600 81.783 Total dlrect charltable expendlture on promotlon of salmon consèrvation 527,103 744,210 1,268.313 336,760 1,76Q,521 2,106,281 Total expendlture 732,128 741,218 1,473,346 534,594 f.770.223 2.304,817 5 ScièntEfic proSoCt expendlture financèd diroctly by Atlantlc Salmon Tru$t 2024 2023 llkdy Su$peGts Framework Moray Firth Tracking Project Deveron West Coast Tracking Project Laxford COP26 Spring to Dee Wild Salmon Conne¢tion 194,174 75,178 121,051 194,857 116,770 277,195 340.000 999.615 147,111 5.600 16,091 23.089 Total Sclgntific proJ•cts financed by Auantlc Salmon Tru8t 741,210 1.769.521 Not Incomellexpendlture) 2024 2023 Net In￿me/{expendItU[e) is stated after ¢harging.' Audit foe DeprerAation oftangible fixed 8s58ts 7,970 151.265 5,750 186.281 29 Atlantic Salmon Trust Limll& DIr￿t0[$. report and financial ¥tglements 31 Maich 2024 Notes to the financial statements (continued) staff costs 2024 2023 Salartes Social security costs Pension c05tS Redundancy costs 594,094 60,648 39,36 6 7,646 412.152 46,871 22,399 Total staff costs 701.754 481.222 The number of employees whose emoluments exrEeded £60.000 fall wlthln the undernotèd band.. 2024 Numbèr 2023 Numbttr £60,000- £70,000 £80,000- £90,000 £100.000- £110,000 The average monthly number of persons employed by the Twst during the year ended 31 March 2Q24 was 1312023 - 101. Al the end of the year, pension contributlons of £11,052 was outstanding12023= £3.8641. The Policy for redundancy follows the statutory ￿dundanCieS provlsions. Key manag6m¢nt personnel Total remuneration, including employer pension and national Insurance contributions, paid to key management personnel was £280.10012023'. £113,776 CEO only). Travel and meeting expenses totalling £Nil weff reimbursed to no trustees in the year (2023.. £Nill. Tangible flxed assets Propèrty. Plant and Equlpmènt ProJect Equlprnont Motor Vghlcl•s 2024 Total Cost or valuatlon At 1 April 2023 Addition8 1,048.031 26,162 20.113 81,299 35,414 1.155.492 55,527 At 31 Ma￿h 2024 1,048,031 46,275 116.713 1,211,019 Depr•clation At 1 April 2023 Ch8rge lor year 733,220 112,234 14,903 4,623 6,827 34,408 754,950 151,285 At 31 March 2024 845,454 10,526 41,236 906,215 Net book valuèB At 31 Mareh 2024 202.577 26,749 75,477 304,804 At 31 March 2023 314.811 11,259 74,472 4PO.542 3Q Allanlic Salmon Trust Llmlted Directors, report and financial slalemenls 31 March 2024 Notes to the flnancial ststements fcontinu8dJ 10 Quoted shares and Securities Inve¥tments Historical cost al 31 March 2023 Unr$ali8ed appr¢cAalion 513,320 100,889 Fair value at 31 March 2023 614.009 Movements during yeAr. Purchases in year 581e proceeds Gainll10551 on Sale in yaar at fair value Increaselldecraasel in unrealised approoatTon 239,733 1143,4821 14.5811 103,685 Falr valua at 31 March 2024 809,384 Historical cost al 31 March 2024 Unrealised appreaalion 721,300 88,064 809,364 Tne quoted shares and seGurities aro valued at mid-markel price5, based on a report dated 31 Ma￿h 2024 by the investment managers to the Trust. Investments are held in a UK Fund 2024 Debtorn 2023 Amounts falling duo wlhln one year Ac¢nJed incoma Prepaym8nls 182,652 96,199 627.916 54.729 278,851 682.645 12 Credltors 2024 2023 Amount8 f811ing due wlhin one year.. Trade credttors Other crèditors and ac¢wed exponses Other taxes and SOCA81 $ecurfty costs 60,977 159,522 20,913 26,446 181,032 18,eOg 241,412 229,087 Included in olher creditors and accrual expenses Is £64.400 of deferred Income12023- £50.334} which are payments r&c¢lved In advance for evenl$ o¢currlng in the n8wfinan¢ial year. 13 Credltors 2024 2023 Amounts falling duo 8fter more than one y8ar Vehlde loan fvnding 40.892 23,575 Atlantic Salmon Trust Llmltod Diredorn. report 8nd ffn8n¢ial statements 31 M8rth 2024 Notes to the financial statements (oontinu8d) 14 Unrestricted lunds Deslgnated funds Legacy Total Fund Unrastricted fund8 Unre8trfcted funds 2024 Investments At 31 Marth 2023 Net movement in funds during the year Transfers from designated funds Transfer lo designated funds TT8nsfeB to reslricled funds 1,275,891 190,132 100,689 1,376,580 190,132 12,625 1125,0001 110,0001 112.6251 125,000 110.0001 At 31 March 2024 1.343,648 88,064 125,000 1,556,712 Total Unresttict6d funds Unrestricted Fund5 2023 Inveslments At 31 Mar¢h 2022 Net movement in during the year Transfars fmm designated fvnds TTansfers to reslricled funds 1.044.604 179.447 1.224,051 166.479 78,758 113.9501 166.479 (78.7581 113,9501 At 31 Mar¢h 2023 1,275,891 100,689 1,376,58Q The Legacy fijnd has been set up to fvnd 8 fellowshlp SGhema and 8 Novel Project Development Schame as sel out Sn the trustee's annual ￿ port. 32 Atlantic Salmon Trust Llmited Dlrector3' report 8nd financAal slalements 31 March 2024 15 Restrl¢tad funds Balance at 31 Maich 2023 Balance at 31 March 2024 2024 Income Expenditure Tran5fer8 181 Mtsray Firth Tracknng Proie¢t Ibl Deveron (¢) Wesl Coast TT8cking Idl Likèly Suspects Framework lel Project Laxford In COP26 Ig) Save the Spring Ih) Wild Salmon Connection 141.307 175,1781 1121,0301 1194.8581 66.129 33,097 124,492 154.147 12,680 306,670 18,6931 18,4661 328.721 129,956 110,0001 110.000 1194,1741 1116,7701 125,854 4.720 10,000 116,Q911 93,909 10.000 123,0971 113,0971 430,818 735,504 (741,2181 10,000 435.104 Balance at 31 March 2022 Balance al 31 March 2023 2023 Incom8 xpenditure Transfèrs {8) Moray Firth Tra(*5ng Project Ibl Wesl Coast TTacking {cl Likely Suspects Framework Idl Project Laxtord lel COP26 111 International Y08r of th& Salmon 250.829 489,31e 230,478 816,969 1340,0001 1999,6151 141,307 308,870 16,7451 10,129 111,9501 263,247 128,516 15.600 1277,195] 1147,111} (5,600) 12,000 (8,6931 {8,4661 1.950 702 (7021 732.281 1,454,810 (1.770.223) 13,950 430,818 33 Atlantic Salmon Tru8t Llmmed Directors, report and financlal statemonls 31 March 2024 Notes to the financial statements (Continued) 15 Rgstricted fund8 (continued) {al Moray Firth Tracking Project '. to sav8 wild s81mon by acoustic tr8¢king to boost population. {bl Deveron - sister project to Project Laxford to maximise the potential of its scientific research, which il hopes Mfjll demonstrate successful salmon restoration techniques and deliver wider blodiversity and climate gains via large-scale habitat restoration and environmental monitoring. {¢) Wesl Coast Trdcking.. campaign which aims to protgcl salmon by brtnging peopl8 together to share knowl&dge, raise public awar&ngss and t8k6 action. (dj Likely Suspects Framework .' collaboration to work to r8vgrse the collapse in wild At18ntic salmon around the UK. le) Project Laxford .' Project focusing on 8DNA Ch8raGtensalion of Aquatic Gommunities in the Laxford Catchment along with Project Laxford Se8 Trout traGkiiFg, 811 providing a view of the atchment lo monitor tha 8ff8ctiveness of fishe17es management 8cÈrons. (fj COP 26 .' Cop 26 Salmon School is a projeot which highlightgd Salmon as a Glim8ta Ch8ng6 Ad8Ptation spe￿9s 17ght in the h88rt ofthe delegates ar88 of COP 26. Comprising of an 8rt insta118tion of 500 Glass salmon th&y migrated towards COP. Th& project also featured an 8ducation81 outrgach 818m8nt on The River Clyde to b17ng 26 primary schools to tl?e 17V6r and engage wth them on 8 pilot citizen sci8nce proj6Ct to build 8 global species database. (gl Save the Spring- a partnership with the River Dee Trust and Dee District Salmon Fishery Board a 20-year programme of work to restore and futureproof the upper RNer Dee catchment. (h} Wild Salmon Connections is an event being delivered on behalf of the Missing Salmon Alliance. set b lake place in London January 2025 to activate an urgent, renewed international focus on wild salmon restoration li) International Year of the Salmon Projoct to track juv8nil8 salmon as they leave theirnalal rivers end migrafg along the west coast of Scotland. The overdrawn ftjnds are being funded by fun¢ing received post year end. 16 Analy818 of net assots between funds 2024 General reserve¥ 2024 Deslgnated funds 2024 Restricted fund8 2024 rotal 2024 Tanglble fixed a55ets Investmènts Net current asse18 Non-current Ilabilitlos 78,880 721,300 584,380 140,892} 22S.924 304,804 809,364 918,540 140,8921 88,064 125.000 209.180 1,343.648 213,064 435,104 1,991,816 2023 General reseN&s 2023 Designated funds 2023 Re51ricled ftJnd6 2023 Totsl 2023 Tangible fixed assets Investments Net cu￿ent assèts Non-current liabilllles 53,896 513.320 732,251 123,57&1 346,646 400,542 e14.CQ9 816.422 123,575) 1QO,689 84.171 1,275.892 100,689 430,e17 1.807.398 34 Allanlic Salmon Twsl Llmiled DireGtots' report and finonGiAI statements 31 March 2024 Notes to the financial statements (continuedj 17 Related party transactlons During the year the company incurred costs amunling to £1,633 12023 - £1,253} from GiSlespie MacAndrew LLP, an LLP in which Mr RA Scott-D¢mpster is a member. £Nil12023'. £10,000) of sponsorship income was received from HBS London Limited a company in whioh Mr RA Scott- Dempsler is a director. Mr P Landal8 is a dlre¢lor of Edinburgh Self Storage Limited, a company from which sbrage costs of £Nil 12023 - £1,298) were incurffd in the year. Mr P Landale is a trustee of Nith Calchmenl Fishery Trust, a ¢harity for which goods of £Nil were purchased on their behalf and subsequentw reimbursed12023.. £12,518). £Nil12023 '.£8,5281 was paid lo them in th8 year for services provided on projects. Mr RP Douglas Miller is a Iruslee of Kyle Sutherland Fisheries Trust, a Charity from which donations of £ Nil weff received12023. £2,100). A donation of £Nil 12023 '. £5,000) was received from Chaplin Properties. a company in which RHW Chaplin is a director. £5,00012023.. £5.0001 was received from Thurso Rnier Limited a company which SWD Laird is 2 d1￿Clor. Mr Simon Barr. a director for Field Sports Limited receDied a payment of £165 for magazine subscriptions. 35 Atlanti¢ S81rnon Trust Limited Directors. report and fin8ncial statèments 31 March 2024 Notes to the financial statements (continued) 18 Reconclllatlon of not movement In funds to not cash flow from operating actlvltles 2024 2023 Net incomellexpenditurel for the reportln9 perlod {a8 per the statement of Ilnan¢ial acUvitte81 Adjustments for-. Investment income shown Sn investing activitie8 Dèpreci81ion charges LO5￿(gaIn> on investment8 decrease in debtors Incteaselldecr69881 in creditor8 184A18 1148,9341 110,4691 151,265 199,1041 403,794 32,642 111.789} 186,261 3.192 138,023 103,189 662,546 269,942 19 Flnanclal Instruments Carrylng amount of flnancial assèts 2024 2023 Measured at f81r value through the statement of financ4al aclivitles 809,364 614.009 Financial 8ssels rneasured al f8lr value through the stgtèment of ffnandal 8ctivities are listed invgslments. 20 Commitments 2024 2023 The Trust has commitments under operalng leases as follows.. Payable wthin one year Payable b8lweon kn and five y¢arB 18.333 40,000 7.128 7.722 58,333 14,850 Lease payments paid in the ￿ar 23.910 27,128 36