Company Registration Number: N1042580 Charlty Number." 104712 North Atlantic Salmon Fund (Nl) IA company limited by gvarant•è, not having a shar8 ¢apital} Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2024 Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co Antrim BT28 1TP
North Atlantic Salmon Fund (Nl) IA company limited by guarantee, not having a share capltsll CONTENTS Page Trustees, and Other Information Trustees, Annual Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-12 Supplementary Infomialion relating to the Financial Statements 14-16
North Atlantic Salmon Fund (Nl) IA ¢ompany limited by guarantèe, not having a share ¢apitall TRUSTEES. AND OTHER INFORMATION 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 Charlty Number in Northern Ireland 104712 Company Registration Number N1042580 Registered Office Garvey Studios 14 Longstone Street Co Antrim BT28 1TP Independent Examiner Mccleary & Company Ltd Chartered Accounlanls Garvey Studios 14 Longstone Street Lisburn Co Antrim BT28 1TP
North Atlantic Salmon Fund (Nl) IA company limited by guarantee, not having a share capltsll TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2024 The trustee5 present their Trustees, Annual Report, combining Ihe Directors, Report and Trustees, Report, and the unaudited financial slalemenls for the financial year ended 31 March 2024. The financial statements are prepared in accordance wllh the Companies Act 2006, FRS 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. The Trustees, Report contains the infomialion required lo be provided in the Trustees, Annual Report under the Statement of Recommended Practice {SORP) guidelines. The trustees of the charity are also Charity trustees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees. In this report the trustees of North Allantic Salmon Fund (Nll present a summary of its purpose, govemance. activities. achievements and finances for the financial year 31 March 2024. The charity is a registered charily and hence the report and results are presented in a forrn which complies with the requirements of the Companies Act 2006 and. although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recornmendations where relevant in these financial statements. Mission, Objectlves and Strategy Mlssion Statement The North Atlantic Salmon Fund (Nl} was fomied to further the cause of the conservation of wild Allanlic salmon. One of the primary means of doing this was to contribute to the retirement of salmon netting which has 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 measures lo reduce exploitation of the species. This has included the cessation of all netting. In addition, research into the life cycle of wild Allantic salmon across its range in north-west Europe indicates that there are problems with sea survival. in many counlrres. The production of juvenile salmon in rivers appears to be reasonable at present. The problem cenlres on the lack of retuming adults from sea to the rivers lo spawn. In this scenario. we find ourselves in a position where expenditure of monies available is not the best use of resources, in that conseNation rneasures in freshwater c8n do nothing to address the central problem of poor sea survival. The buyout of nets which presently are not permitted to fish is not sensible as it is likely that many nels 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 date in the expectation that at some point in the future when circumstsnces Change, we can resume our core activities Govorning document The charity is controlled by its governing document, a deed of trust. and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. Flnancial Review The results for the financial year are set out on page 8 and additional notes are provided showing income and 8xpenditure in greater detail. Flnancial Results At the end of the financial year the charity has asset5 of £36.499 (2023 - £36,437) and liabilities of £355 12023 £355). The net assets of the charity have increased by £62. Reserves Position and Policy The Trustee's are to review the level of unrestricted reserves, that it is approprtale to hold taking account of the current and ongoing commitments. It is the policy of the Trustees to hold at least three months expenditure.
North Atlantic Salmon Fund (Nl) (A company Ilmitad by guarantèe, not having a shar• eapitall TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2024 Truslees The trustees who served throughout the financial year, except as noted, were as follows.. Mr Samuel John McBride Ms Madeline Kelly Mr Robert James Haughey Mr Robert Francis Marshall Mr Gary William Houston The secretary who served during the financial year was.. Mr Paul Moore Johnston Compliance with Se¢tor-Wide Legislation and Standards The charity engages pro-actively with legislation, standards and codes which are developed for the sector. North Atlantic Salmon Fund {Nl} subscribes to and is compliant with the following.. The Companies Act 2006 The Charities SORP IFRS 102) Approved by thè Board of Trustees on 26 November 2024 and signed on It$ behalf by: Mr Samuel Trustee ohn McBri
North Atlantic Salmon Fund (Nl) IA company Ilmlted by guarantee. not having a Share capital) STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 March 2024 The trustees. who are also directors of North Atlantic Salmon Fund INI) for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the tfuslees as the directors to prepare financial statements for each financial year. Under that law the Iruslees have elected lo prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Iland.. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a Inje and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for that pertod. In preparing thes8 financial statements, the trustees are required lo.. select suitable accounting policies and apply them consistently., make judgements and estimates that are reasonable and prudent., state whether the financial statements have been prepared in accordance with the relevant flnancial reporting framework, identify those standards, and note the effect and the reasons for any material departure from those standards,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confirm that they have complied with the above reqU1ments in preparing the financial statements. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence ft)r taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trustees on 26 November 2024 and $igned on its behalf by: Mr Sam Truste l John NcBride
North Atlantic Salmon Fund (Nl) IA company Ilmlt•d by guarante8, not having a sharè capltall INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF NORTH ATLANTIC SALMON FUND (NI) I have examined the financial statements of the charity for the financial year ended 31 March 2024, which comprise the Statement of Financial Activities {incorporaling an Income and Expenditure Account), the Balance Sheet and the related notes. This report is made solely lo the charitys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My work has been undertaken so that I might compile the financial statements that I have been engaged to compile, report to the Board of Trustees that I have done so. and state those matters that I have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity and the charity's members, as a body, for my work. or for this report. Respoctivo responsibilities of trustees and ¢xamlner The charity's trustees (who are also the directors of the company for the purposes of company lawl are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. The charity's Iruslees consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent examination is required. It is my responsibility to: examine the financial slalements under sedion 65 of the Charities Act.. follow the procedures laid down by the general Directions given by the Charity Commission for Northern Ireland under section 65{9){b} of the Charilies Act- and state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity financial statements 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. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from the Iruslees concerning any su¢h matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'lnJe and fair. view and the report is limited to those matters set out in the statement below. In connection with my examination, no matter has come lo my attention which gives me cause to believe that in, any material respecl.. accounting records were not kept in accordance with section 386 of the Companies Act 2006 the financial statements do not accord with those accounting records the financial statements have not been prepared in aceordance with the accounting requirements of section 396 of the Cornpanies Act 2006 and with the methods and principles of the Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland (FRS102} there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements lo be reached. John Mc MCCLEARY & COMPANY LTD Chartered Accountants Garvey Studios 14 Longstone Street Lisbum Co Anlrim BT28 1TP Date: 26 November 2024
North Atlantic Salmon Fund (Nl) IA company limited by guarantee, not havlng a sharè capital) STATEMENT OF FINANCIAL ACTIVITIES {Incorporatlng an Ineom• and Expenditure Aceountl for the financial year ended 31 March 2024 Unrestricted Funds 2024 Total Unrestricted Funds Funds 2024 2023 Total Funds 2023 Notes Income Donations and legacies Investments 414 92 414 92 732 89 732 89 Total in¢ome 506 506 821 821 Expenditure Charitable activities 408 408 Net incomel{expendlture} 62 62 413 413 Transfers between funds Net movement in funds for the financial year 62 62 413 413 Reconciliation of funds: Total funds beginning of the year 36,082 36.082 35.669 35,669 Total funds at the ènd of the year 36.144 36,144 36,082 36.082 The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities. The notes on pages fo lo 12 form part of the financial stalernenls
North Atlantic Salmon Fund (Nl) IA eompany Ilmited by guarantee. not having a sharè ¢apitall Company Number.. N1042S80 BALANCE SHEET as at 31 March 2024 2024 2023 Notes Current Assets Cash at bank and in hand 36,499 36,437 Creditors: Amounts falllng due wlthin one year Net Current Assets {3551 (355) 36.144 36,082 Total Assets less Current Liabilitles 36,144 36.082 Funds General fund (unrestricted) 36,144 36.082 Total funds 36.144 36.082 These financial statements have been prepared in accordance with the special provisions relating lo small companies within Part 15 of the Companies Act 2006. For the financial year ended 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006., and no notice has been deposited under section 476. The trustees confirm that the members have not required the company lo obtain an audit of its financial slalemenls for the financial year in question in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 and for preparing financial slalemenls which give a true and fair view of the state of affairs of the charity as al the end of the financi81 year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial $latemenls, so far as applicable to the charity. Approved by the Board of Trustees and authorlsed for issue on 26 November 2024 and signed on its behalf by am Trusto John The notes on p8ge8 10 10 12 form part of the financial statements
North Atlantic Salmon Fund (Nl) IA Company Ilmlt•d by guarantèe. not havlng a shara eapitall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 GENERAL INFORMATION North Atlantic Salmon Fund {Nl) is a company limited by guarantee incorporated in Northern Ireland. The registered office of the charity is Garvey Studios. 14 Longslone Street. Co Antrim. BT28 1TP. The financial statements have been presented in Pound (£1 which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to Ihe charit$ financial slalements. Basis of preparation The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items al fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice {SORP} "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" As pemiitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formals are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compliance The financial statements of the charity for the financial year ended 31 March 2024 have been prepared on the going concern basis and in accordance wlh the Statement of Recommended Practice ISORP} 'Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland FRS 102.. Cash flow statement The charity has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement bec8use it is classified as a small charity. Fund accounting The following are the categories of funds maintained.. Unrestrlctsd funds Unrestricted funds consist of General funds. General funds represent amounts which are expendable al the discretion of the board. in fvrtherance of the objectives of the charity- Income Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled lo the income, performance conditions attached to the item{s) of income have been mel, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity. Expenditure Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and dlsclosed, and analysed according to their major components. Expenditure is recognised when a legal or conslruclive obligation exists as a result of a past event. 8 transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be allributed to one activity- Such costs are allocated to activities in proportion lo staff time spent or other suitable measure for each activity- Cash at bank and In hand Cash at bank and in hand comprises Cash on deposil at banks requiring less than three month5 notice of withdrawal. Taxation and deferred taxation No current or deferred taxation arises as the charity has been granted ¢harilable exemplion. Irrecoverable valued added tax is ex ensed as incurred. 10
continued North Atlantic Salmon Fund (Nl) IA company limited by guarantee. not having a share ¢apitall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 INCOME DONATIONS AND LEGACIES Unrestrlcted Restricted Funds Funds 2024 2023 Donations and legacies 414 414 732 INVESTMENTS Unrestrl¢ted Restrlctod Funds Funds 2024 2023 Investments 92 92 89 EXPENDITURE CHARITABLE ACTIVITIES Dlre¢t Costs other Costs Support Costs 2024 2023 Expenditure on charitsble activites 408 SUPPORT COSTS Charitable A¢tivities 2024 2023 Support 408 ANALYSIS OF SUPPORT COSTS 2024 2023 Support 408 INVESTMENT AND OTHER INCOME 2024 2023 Bank interest 92 89 CREDITORS Amounts falling due wlthln ong year 2024 2023 Accruals and deferred income 355 355 RESERVES 2024 2023 At the beginning of the year Surplus for Ihe financial year 36,082 62 35,669 413 At the end of the year 36.144 36,082 11
North Atlantic Salmon Fund (Nl) continued IA company Ilmited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 FUNDS RECONCILIATION OF MOVEMENT IN FUNDS Unrestrlcted Funds Total Funds At 1 April 2022 Movement during the financial year At 31 March 2023 Movement during the financial year At 31 March 2024 35,669 413 35.669 413 36,082 62 36,082 62 36.144 36,144 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 April 2023 Income Expendlture Transfers between funds Balance 31 March 2024 Unrestricted funds Unrestricted General 36,082 506 444 36.144 Total funds 36.082 506 36,144 ANALYSIS OF NET ASSETS BY FUND Current assets Current liabilities Total Unrestricted general funds 36,499 (355) 36,144 36,499 {3551 36,144 10. STATUS The charity is a company limited by guarantee not having a share capital. TRUSTEES. REMUNERATION 11. There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. There were no trustees. expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 12. RELATED PARTY TRANSACTIONS There were no related party transactions for the year ended 31 March 2024. 13. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial ye8r*n(J. 12
NORTH ATLANTIC SALMON FUND Nl IA company Ilmited by guarantèè. not having a share ¢apitall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 13
North Atlantic Salmon Fund (Nl) (A company Ilmited by guarantee, not having a shar• ¢apitall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS OPERATING STATEMENT for the financial year ended 31 March 2024 2024 2023 Schedule Income 414 732 Charitable activities and other expenses (444) (408) {301 324 Miscellaneous income 92 89 Net surplus 62 413 The supplementary information does not forrn part of the financial statements 14
North Atlantic Salmon Fund (Nl) IA company limited by guarantèe, not havlng a share capltall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 1 . CHARITABLE ACTIVITIES AND OTHER EXPENSES for the financial year ended 31 March 2024 2024 2023 Expenses Accountancy Bank charges 414 30 378 30 408 The supplementary information does not form part of the financial statements 15
North Atlantic Salmon Fund (Nl) IA Company limltèd by guarantee. not having a share capltsll SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 2 . MISCELLANEOUS INCOME for the financial year ended 31 March 2024 2024 2023 Miscellaneous In¢ome Bank Interest 92 89 The supplementary information does not fomi part of Ihe financial statements 16