Company Registratlon Number: N1042580 Charlty Number: 104712 North Atlantic Salmon Fund (Nl) IA wmpany Ilmited by guarantee, not having a sharè ¢apital} Annual Report and Unaudited Financial Statements for the financial year ended 31 March 2025
North Atlantic Salmon Fund (Nl) IA company limited by guarantee, not having a sharé capital) CONTENTS Pago Trustees, and Other Information Trustees, Annual Report Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-13 Supplementary Infomiation relating to the Financial Statements 15
North Atlantic Salmon Fund (Nl) {A company Ilmitèd by guarantee. not having a share capltall 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 Charity Number In Northern Ireland 104712 Company Registration Number N1042580 Reglstered Office Garvey Studios 14 Longst()ne Street Lisburn Co Antrim BT28 1TP Northern Ireland Independent Examiner Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co Antrim BT28 1TP United Kingdom
North Atlantic Salmon Fund (Nl) IA company limited by guarante•, not having a share capital) TRUSTEES, ANNUAL REPORT for the financial year ended 31 March 2025 The trustees present their Trustees, Annual Report, combining the Directors, Report and Trustees, Report, and the unaudited financial statements for the financial year ended 31 March 2025. 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 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial slalemenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021- The Trustees, Report contains the infom)alion required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice ISORPI guidelines. The Iruslees of the charity a also charity trustees for the purpose of charity law and under the chariws conslilulion are known as members of the board of trustees. In this report the trustees of North Atlantic Salmon Fund (Nl) present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 March 2025. The charity is a registered charity 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 to comply with the Slalemenl of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented ils recommendations where relevant in these financial slalemenls. Mission, Objectives and Strategy Mission Statement The North Atlantic 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 lo the retirement of salmon netting which has been done on a considerable level in the past. The overall conseivation status of the wild Atlantic salmon in Northern Ireland at present is poor and the fishery authorities have taken widespread conservation measures to reduce exploitation of the species. This has included the cessation of all netting. In addition, research into the lrfe 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 8t present. The problem centres on the lack of reluming 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 conservation 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 il is likely that many nels mon who are of pensionable age are unlikely to return to the activity if and when netting is again permitted. 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 Govemlng 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. Financial 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. Financlal Results At the end of the financial year the charity has assets of £36,561 12024 - £36.499) and liabilities of £375 {2024 £355). The net assets of the charity have increased by £42. Reserves Position and Policy The Trustee's are to review the level of unrestricted reserves, that it is appropriate to hold taking aeKount of the current and ongoing commilmenls.11 is the policy of the Trustees to hold at least three months expenditure.
North Atlantic Salmon Fund (Nl) IA company Ilmlted by guarantee, not having a share capital) TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2025 TTUStee$ 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 seNed during the financial year was.. Mr Paul Moore Johnslon Compliance with Sector-wide Legl$lation and Stsndards The charity engages pro-actively with legislation. standards and codes which are developed for the sector. North Atlantic Salmon Fund INI) subscribes to and is compliant with the following- The Companies Act 2006 The Charities SORP IFRS 102) Approved by the Board of Trustees on 19 June 2025 and signed on Its behalf by.. Mr Samue Trustee n McBride
North Atlantic Salmon Fund (Nl) IA company limited by guarantèè. not having a share capital) STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 March 2025 The trustees, who are also directors of North Atlantic Salmon Fund (Nll 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 financial statements for each financlal year. Under that 18W the trustees 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 musl 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 and of the net income or expenditure of the charity for that period. In preparin9 these financial statements. the trustees are qUired to: select suitable accounling policies and apply them consistently.. make judgements and estimales 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 Ihe 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 slalemenls. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transaGtion5 and disclose with reasonable accuracy at any time the financial position of the charity and enable them lo 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 Truslees on 19 June 2025 and signed on Its behalf by., amu Tru$teo cBride
North Atlantic Salmon Fund (Nl) IA company Ilmited by guarantee. not havlng a shar• capital) 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 2025, which comprise the Slalement of Finanaal Activities lincorporaling an Income and Expenditure Account). the Balance Sheet and the related notes. Respective responsibilities of trustees and exarniner The charity's trustees (who are also the directors of the Company for the purposes of company law) are responsible for the preparation of the financial slalements in accordance with the Tequiremenls of the Companies Act 2006. The charity's trustees consider Ihat 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 statements under section 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 Charities Act.. and state whether particular matters have come to my attention. Basis of independent examinerfs 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 Northem Ireland under section 65{91(bl 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. 11 also includes consideration of any unusual items or disclosures in the ffnancial statements and seeking explanations from the trustees concerning any such 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 accoLtnls present a 'true and fair. view and the report is limited to those mallers set out in the statement below. In connection with my examination, no matter has corne to my attention which gives me cause to believe that in. any material respect.. accounting records were not kept in accordance with section 386 of the Companies Act 2006 the financial statements do not accord with those accounting rewrds the financial statements have not been prepared in accordance with the accounting requirements of section 396 of the Companies Act 2006 and with the rnelhods and principles of the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 there is further infomialion needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have no concems 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 prop8r understanding of the financial statements lo be reached. Elizabeth Chambers FCA MCCLEARY & COMPANY LTD Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co Antrim BT28 1TP United Kingdom Date: 19 June 2025
North Atlantic Salmon Fund (Nl) IA eompany limited by guarantèè. not having a share capltall STATEMENT OF FINANCIAL ACTIVITIES {Ineorporating an Income and Expènditure Account) for the financial year ended 31 March 2025 Unrestri¢tgd Funds 2025 Total Unreslricled Funds Funds 2025 2024 Total Funds 2024 Notes Income Donations and legacies Investments 534 92 534 92 414 92 414 92 Total income 626 626 506 506 Expendlture Charitable activities 584 584 444 444 Net In¢omel(expenditure) 42 42 62 62 Transfers between funds Net movement in funds for the finan¢ial year 42 42 62 62 Reconciliation of funds: Total funds beginning of the year 36,144 36.144 36,082 36,082 Total funds at the end oflhe year 36,186 36,186 36.144 36,144 The Ststement of Financial Activities includes all gains and losses recognised in the financial year. All incorne and expenditure relate to continuing activities. The notes on pages 10 to 13 form part of the financial stat8ments
North Atlantic Salmon Fund {Nl) IA company limited by guarante•. not having a share capital) Company Number.. N1042580 BALANCE SHEET as at 31 March 2025 2025 2024 Notes Current Assets Cash at bank and in hand 36,561 36.499 Creditors." Amounts falllng due withln one year 1375) 13551 Net Curront Assets 36,186 36.144 Total Assets less Current Liabilities 36,186 36,144 Funds General fund (unrestricted) 36,186 36,144 Total funds 36.186 36,144 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 2025 the chartly was entilled 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 to obtain an audit of ils financial slalements 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 statements which give a true and fair view of the state of affairs of the charity as at the end of the financial 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 statements, so far as applicable to the charity. Approved by the Board of Trustees and authorised for issue on 19 June 2025 and slgned on its behalf by mue Trustee n MsBrid The notes on pages 10 10 13 form part of the financial statements
North Atlantic Salmon Fund (Nl) IA company Ilmltèd by guarantee, not havlng a share Capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 GENERAL INFORMATION North Atlanlic Salmon Fund {Nl) is a cornpany limited by guarantee incorporated in Northern Ireland. The registered office of the charity is GaNey Studios, 14 Longstone Street. Lisburn, Co Anlrim, BT28 1TP. Northern Ireland. The financial slalements 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 consistenlly in dealing with items which are considered material in relation to the charity's financial statements. Basis of preparatlon The financial slalemenls of the ¢harity, which is a public benefit entity, have been prepared on the going concern basis under the historical cost convention. modified to include certain items at fair value. The financial statements have been prepared in accordance with the Slatemenl of Recommended Pra¢li¢e ISORPI "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 pennilted by the Companies Act 2006. the charity has varied the standard formals in that act for the Stalement of Financial Activities and the Balance Sheet. Departures from the standard formals are lo comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statément of compliance The financial statements of the charity for the financial year ended 31 March 2025 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice {SORPI "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.. Cash flow statement The charity h8S 8V8iled of the exemption in FRS 102 from the requirement lo produce a cash flow statement because it is classified as a small charity. Fund accounting The following are the categories of funds maintained.. Unrestrlctèd funds Unrestricted funds ¢onsisl of General funds. General funds represent amounts which are expendable at the discretion of the board, in furtherance 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 to the income, performance conditions attached to the ilem{s} of income have been met. 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 actlvilies and raising funds. The costs of each activity are separately accumulated and disclosed, and analys8d according lo their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a 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 cannol be attributed lo 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 deposit at banks requiring less than three months notice of withdrawal. 10
continued North Atlantic Salmon Fund (Nl) IA ¢ompany Ilmited by guarantee, not having a share capltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 Taxation and deferred taxatlon No currenl or deferred taxation arises as the ¢harity has been granted charitable exemplion. Irrecoverable valued added lax is expensed as incurred. INCOME DONATIONS AND LEGACIES Unrestrlcted Rostricted Funds Funds 2025 2024 Donations and legacies 534 534 414 INVESTMENTS Unrestricted Rostricted Funds Funds 2025 2024 Investments 92 92 92 EXPENDITURE CHARITABLE ACTIVITIES Dlrect Costs other Costs Support Costs 2025 2024 Expenditure on charilable acliviles 584 584 444 SUPPORT COSTS Charitable Activities 2025 2024 Accountancy Bank charges 554 30 554 30 414 30 584 584 444 ANALYSIS OF SUPPORT COSTS Basis of Apportionment 2025 2024 Accountancy Bank charges 554 30 414 30 100¥0 584 444 INVESTMENT AND OTHER INCOME 2025 2024 Bank interest 92 92 CREDITORS Amounts falling due within one year 2025 2024 Accruals and deferred income 375 355 11
continued North Atlantic Salmon Fund (Nl) IA company limited by guarantee, not having a shar• ¢apitsll NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 RESERVES 2025 2024 At the beginning of the year Surplus for the financial year 36,144 42 36.082 62 At the end of the year 36.186 36,144 FUNDS RECONCILIATION OF MOVEMENT IN FUNDS Unrestrlcted Funds Total Funds At 1 April 2023 Movemenl during Ihe financial year 36,082 62 36.082 62 At 31 March 2024 Movement during the financial year 36,144 42 36,144 42 At 31 March 2025 36,186 36,186 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 April 2024 Income Expenditure Transfers between funds Balan¢e 31 March 2025 Unrestricted funds Unrestricted General 36,144 626 584 36.186 Total funds 36,144 626 584 36,186 ANALYSIS OF NET ASSETS BY FUND Currgnt assets Current liabilltles Total Unrestricted general funds 36.561 (375) 36.186 36.561 {3751 36.186 10. STATUS The charity is a company limited by guarantee not having a share capital. 11. TRUSTEES. REMUNERATION There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 12. RELATED PARTY TRANSACTIONS There were no related paty transactions for the year ended 31 March 2025. 12
continued North Atlantic Salmon Fund (Nl) {A ¢ompany limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2025 13. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 13
NORTH ATLANTIC SALMON FUND Nl IA company limited by guarantee. not having a share capltall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 14
North Atlantic Salmon Fund (Nl) (A eompany limited by guarantè•, not having a share capltall SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS Operating Statement for the financial year ended 31 March 2025 2025 2024 Income 534 414 Expenses Accountancy Bank charges 554 30 414 30 584 444 Miscellaneous income Bank interesl 92 92 Net surplus 42 62 The supplementary infomialion does not form part of the financial statements 15