REGISTERED COMPANY NUMBER: N1042580 INorthern Ireland) REGISTERED CHARrrY NUMBER: 104712 Report of the Trustees and Financial Statexnents for the Year Ended 31 March 2023 for North Atlantic Salmon Fund (ND (A Company Limited by Guarantee) Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 ITP North Atlantic Salmon Fund (NI) Contents of the Financial Statements for the Year Ended 31 March 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Finaneial Statements 7 to 11 Detailed Statement of Financial Activities 12 North Atlantic Salmon Fund (ND Report of the Trustees for the Year Ended 31 March 2023 The Trustees who are also directors of the charity for the purpose of Companies Act 2006, present their report and financial statements for the year ended 31 March 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities, in preparing the annual report and financial ststements of the charity. OWECTIVES AND ACTtvrriES Review of year The North Atlantic Salmon Fund (NI) was fornied to further the cause of the conservation of wild Atlantic salmon. One of the primary means of doing this was to contribute to the retirement of salmon netting which ha8 been done on a considerable level in the past. The overall conservation status of the wild Atlantic salmon in Northern Ireland at present is poor and the fishery authorities have taken widespread conservation me&sures to reduce exploitation of the species. This has included the cessation of all netting. In addition, research into the life cycle of wild Atlantic salmon across its range in north-west Europe indicates that there are problems with sea survival, in many countries. The production of juvenile salmon in rivers appears to be reasonable at present. The problem centres on the lack of retuming adults from sea to the rivers to spawn. In this scenario, we find ourselves in a position where expenditure of monies available is not the best use of resources, in that conservation m¢asures in freshwater can do nothing to address the central problern of p(ior sea survival. The buyout of nets which presently are not permitted to fish is not sensible as it is likely that many nets men who are of pensionable age are unlikely to return to the activity if and when netting is again permitted. Therefore, at present our situation is best served by retaining the monies garnered to datc in the expectation that at some point in the future when circumstances change, we can resume our core activities. FINANCIAL REVIEW Financial review The main source of income at present is bank interest, 2023 £89 (2022 - £101). Expenditure in year was £408 (2022 - £388) Reserves policy The Trustee's are to review the level of unrestricted reserves, that it is appropriate to hold taking account of the Current and ongoing commitments. It is the policy of the Trustees to hold at least three months expenditure. At the end of the year unr¢stricted reserves were £36,082 (2022 - £35,669). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document. a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number NE042580 (Northern Ireland) Registered Charity number 104712 Page I North Atlantic Salmon Fund (ND Report of the Trustees for the Year Ended 31 March 2023 Registered office Garvey Studios 14 Longstone Street Lisburn Co. Antri BT28 ITP Trustees Mr Samuel John McBride Ms Madeline Kelly Mr Robert James Haughey Mr Robert Francis Marshall Mr Gary William Houston Company Secretary Mr Paul Moore Johnston Independent Examiner Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 ITP Approved by order of the board of trustees on 14 December 2023 and signed on its behalf by: Mr Sam John McBride - Trustee Page 2 Independent Examiner's Report to the Trustees of North Atlantic Salmon Fund (ND I report on th¢ accounts of the company for the year ended 31 March 2023, which are set out on pages four to eleven. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under Section 65 of the Charities Act follow the proCedU￿S laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act state whether particular matters have come to my attention. Basis of the independent examiner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you &8 charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting records That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting St8J]dard applicable in the UK and Republic of Ireland That there is further infonnation needed for a proper understanding of the accounts to be reached. Independent examiner's ststement I have completed my examination and have no concerns in respect of the matter5 (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing to your attention. John Mccleary FCA Mccleary & Company Ltd Chartcred Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 ITP 14 December 2023 Page 3 North Atlantic Salmon Fund (ND Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2023 31.3.23 Unrestricted fund 31.3.22 Total fimds Notes INCOME AIYD ENDOWMENTS FROM Donations and legacies 732 650 Investment income 89 ioi Total 821 751 EXPElYD￿uRE ON Charitable activities Support cost 408 388 NET INCOME 413 363 RECONCILIATION OF FUNDS Total funds brought forward 35,669 35,306 TOTAL FUNDS CARIUED FORWARD 36,082 35,669 The notes form part of these financial statements Page 4 North Atlantic Salmon Fund (ND Balance Sheet 31 March 2023 31.3.23 Unrestricted fund 31.3.22 Total funds Notes CURRENT ASSETS C&8h at bank 36,437 36,024 CREDrroRS Amounts falling due within one year (355) (355) NET CURRENT ASSETS 36,082 35,669 TOTAL ASSETS LESS CURRENT LLIBILITtES 36,082 35,669 NET ASSETS 36,082 35,669 Unrestricted funds 36,082 35,669 TOTAL FUNDS 36,082 35,669 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the Ye￿ ended 31 Mar¢h 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charttable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requiretnents of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 5 continued... North Atlantic Salmon Fund (NI) Balance Sheet- continued 31 March 2023 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 14 December 2023 and were signed on its behalf by: Mrs el John McBride - Trustee The not¢s form part of these financial statements Page 6 North Atlantic Salmon Fund (ND Notes to the Financial Ststements for the Year Ended 31 March 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entlty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities= Statement 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 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities ar¢ recognised as expenditure as soon as there is a legal or constructive obligation ommitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activiti¢s on a basis consistent with the use of resources. Taiation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds Can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted pury)oses. INVESTMENT INCOME 31.3.23 31.3.22 Deposit account interest 89 ioi Page 7 continued... North Atlantic Salmon Fund (N Notes to the Financial Statements - continued for the Year Ended 31 March 2023 TRUSTEES, REMUNERATION AND BENEFTrs There were no trustees, remuneration or other beneftts for th¢ year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. COMPARATIVES FOR THE STATEIVIENT OF FINANCIAL ACTIVITIES Unrestricte fund INCol￿[E AND EIYDOWMENTS FROM Donations and legacies 650 Investment income ioi Total 751 EXPElYD￿uRE ON Charitable activities Support cost 388 NET INCOME 363 RECONCILIATIOIY OF FUNDS Total funds brought forward 35,306 TOTAL FUNDS CARRIED FORWARD 35,669 Page 8 continued... North Atlantic Salmon Fund (N Notes to the Financial Statements- continued for the Year Ended 31 March 2023 cRED￿ORS. AMOUNfs FALLING DUE wrrHIN ONE YEAR 31.3.23 31.3.22 Accrued expenses 355 355 MOVEMENT IN FUNDS Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 35,669 413 36,082 TOTAL FUNDS 35,669 413 36,082 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Gencral fund 821 (408) 413 TOTAL FUNDS 821 (408) 413 Comparatives for movement in funds Nct movement in funds At 31.3.22 At 1.4.21 Unrestricted funds General fund 35,306 363 35,669 TOTAL FUNDS 35,306 363 35,669 Page 9 continued... North Atlantic Salmon Fund (Nl) Notes to the Financial Statements - continued for the Year Ended 31 March 2023 MOVEMEIYT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 751 (388) 363 TOTAL FUNDS 751 (388) 363 A Cu￿ent year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.23 At 1.4.21 Unrestricted funds General fund 35,306 776 36.082 TOTAL FUNDS 35,306 776 36.082 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,572 (796) 776 TOTAL FUNDS 1,572 (796) 776 Page 10 continued... North Atlantic Salmon Fund (N Notes to the Financial Statements - continued for the Year Ended 31 March 2023 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2023. Pagell North Atlantic Salmon Fund (ND Detailed Statement of Finanei21 Aetivities for the Year Ended 31 March 2023 31.3.23 31.3.22 INCOME AND ENDOWMENTS Donations and legacies Donations 732 650 Investment ineome Deposit account interest 89 ioi Total incoming resources 821 751 EXPEIYDrruRE Support eosts Finance Bank charges 30 24 Governance Costs Accountancy and legal fees 378 364 Total Tesources expended 408 388 Net income 413 363 This page does not fonn part of the statutory financiaI statements Page 12