North Atlantic Salmon Fund (Nl) IA ¢ompany limited by guarantèè, not having a share capital) TRUSTEES. ANNUAL REPORT for the flnancial year ended 31 March 2024 The trustees present their Truslees, Annual Report, combining the Directors, Report and Trustees, Report, and the unaudited financial statements for the finanaal year ended 31 March 2024. The financial statements are prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and AcuntIng and Reporting by Charities.. Statement of Recommended Pracli¢e applicable lo charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Trustees, Report contains the information required lo be provided in Ihe Trustees, Annual Report under the statement of Recommended Practice (SORPI 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 Injstees of North Atlantic Salmon Fund INI) present a summary of ils purpose, governance. 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 form which complies with the requirements of the Companies Act 2006 and, although not obliged lo comply with the Slalemenl of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements. Mission, Oble¢tivos and Strategy Mis$ion Statement The North A118ntic Salmon Fund (Nl) was formed 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 has been done on a considerable level in the past. The overall cOnSeallOn slalus of the Tmld Allanlic salmon in Northern Ireland at present is poor and the fishery authorities have taken widespread conseNalion measures to reduce exploilalion of the species. Thi5 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 8ppears to be reasonable at present. The problem Centres on the lack of returning adults from sea to the rtvers to spawn. In this snarIO. we find ourselves in a position where expenditure of monies available is not the best use of resoUrs, in that conseNation measures in freshwater can 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 nets men who are of pensionable age are unlikely to return to the activity rf and when netting is again pemiitted. Therefore. al present our situation is best served by retaining the monies garnered to date in the expectation that at some point in the future when circumstances change, we can resume our core activities Governing document The charity 15 controlled by its governing document, a deed of trust, and conslilutes a limited company, limited by guarantee, as defined by Ihe Companies Act 2006. Finan¢ial Review The results for the financial year are set out on page 8 and additional notes are provided showing income and expenditure in greater detail. Financial Results At the end of Ihe financial year the charity has assets of £36,499 12023 £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 appropriate to hold tsking account of the current and ongoing commitments. It is the policy of the Trustees to hold al least three months expenditure.
North Atlantic Salmon Fund {Nl) IA ¢ompany limited by guarantee, not havlng a share capital) TRUSTEES, ANNUAL REPORT for the financial year ended 31 March 2024 Trustees The trustees who setved 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 Se¢tary who served during the financial year was.. Mr Paul Moore Johnston Compliance with Sector-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 (FRS 102) Approved by the Board of Trustees on 26 Novèmber 2024 and signed on Its behalf by: Mr Samuel Trustee ohn McBri
North Atlantic Salmon Fund {Nl) IA company limited by 9uarantè•, not having a share capltal) STATEMENT OF TRUSTEES, RESPONSIBILITIES for the financial year ended 31 March 2024 The trustees, who are also direclors 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 Iruslees as the directors to prepare financlal stalements for each financial year. Under that law the Iruslees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of Ihe nel incorne or expenditure of the charity for that period. In preparing these financial statements. the trustees are qUired to.. 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 financial 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 concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confim) that they have complied with the above requirements in preparing the financial statements. The Iruslees 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 to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trustees on 26 November 2024 and slgned on its behalf by: Mr Sam Truste l John NcBride