REGISTERED COMPANY NUMBER: SC366048 (Scotlandl REGISTERED CHARITY NUMBER.. 005794 Repprt of the Trustees and Vnaudited Finan¢tal Statementsforthe Year Ended 30th September 2025 for The Spey Foundatlon Fram& Kennedy 4th Floor Metropolitan House 31-33 High Street Inverness Invefness-shire IVI IHT
The Spey Foundatio Contents of the Finan£ial Statement5 forthe year ended 30th5eptember20Z5 Page Report ottheyrustees Independent Examlner's Report Statement of Flnantlal Attlvltles Balance Sheet Notesto the Flnanclal Statements 7 to 11 Delalled Statement of Flnanclal Actlvltles 12
Thospey Foundation Report of the Trustee5 foriheyear ended 30th September 2025 The tru5tee5 who are also directors of the charSty for the purposes ol the Companles Act 2006, present thelr report with the financial staiernents of rhe charity for the year ended 30th September 2025. The trustees have adopted the provisions of Accounting and Reporting by Charitie5: Statement of Recotnmended PrBctice applicable to ch3ritiÈs preparing their accounts in accordance with the Financial Rèporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Objectwes and activities Oblectlves and alms The charity's objerts are to make erants or loans, with or wlthout interest, out of the income or c8pitsI of The Spey Foundatlon for any purpose which, in the opinion of the Trustees, is intended to provide for or advance the study of and research into salmon and Sea trout in the Distrirt of the River Spey, as defined by the Salmon Flsherles (Scotlandl Act 1862, 5ub5equently amended and pr¥ently ststed under the lMOn and FrhWater Flsherie5 ICons01idationl 15cotlandl Act 2003. The chadty's aims are also to provide for or advan the study of and research into any other aquatic species Wlthin the Spey catchment, atKI to provlde lor or advance education rÈ8arding all of these species. The objectives in the year were to provide data on salmonid population distribution. abundance and structurÈ,' to provide (Sats and advice on the categorisation ol the River Spey accordlng ta its conservation status and thereby help further deterrnine it5 ConservatiDn Limits,. to provide datè on other fish and other aquatic species population distribution and abundance.. to continue the existing programme of f15herie5 research and to maintain strong educational links to local Schools and to the broader public vi8 the Spey Fishery 8oard's website and social media channels. The Spey Fishery Board devises the strategies for achieving objectives in order to implement and maintaln rnonitoring programmesforsalmonid populations and otherfi5h species within the Spey. The si8nilicant attivltles th3r contrlbute to the achievernent of objectives for the year were to support the Spey Flshery Board as follows.. conduct electro-fi5hing 5urvey5 of the River Spey and its tributsries; install and operate smolt traps on the River Spey and/or its tributaries,. co118te and present data to advance the methodology for the determinatlon of Conservation Limits,. to provide data on the abundance and distribution ol introduced f15h 5pecie5 within the River Spey Catchment., to Fnaintain and complete contract research and monitoring programmes, including fish re5cues,' maintain the Salmon Go To School programme,. to provide education and raise awarene55 of the management of the Spey catchtnent and its fisheries. indudingvia digits5 means and social media. Wider Network The work of The SV Foundation contiibutes to the fishery management policies of The Spey District Fishery Board (although the Board is not a charityl. Flnanclal revlew Flnancial p051tion The ner assets of The Spey Foundation at the yeBr end are £3,74712024 £4,3851. This Is reprented by El,247 12024 El,2471 attributable to restritted funds *rtaining to ongoing projects in re18tion to genetic analysis and the remaining reserves of £2,50012024 E3,1381 are unrestricted funds. The incorning resource5 of the charity in the yearto 30 september 2025 amounted to £1,12912024 £18,965). Total expenditure Incurred amounted to £1,76712024 £17,668) gmng a delicitof £63812024 £1,297 surplus) Funds are generally obtained for specillc prolects and monles allocared accordingly. The maln factor outside the charity'5 control that Is relevant to rhe achievement ol the objectlves Is the weathor. Prolonged periods of bad weathercan serlously hamper surveys. Page I
The Spey Foundation Report of the Trustees forthe yeai ended 30th September 2025 Future plan5 At the current time. the most important work for the next financial year will be supporting the Spey Fishery Board's strategy. in response to the Atlantic salmon crisis affecting all our rive. to maximise thÈ nutnber ol wild Atlantic smolts 3¢hing the sea. The Spey Scientific Committee also Make5 recommendations to the Spey Fishery Board in order to identify key objectives forthe future management of the river. Strutture. governan¢e and management Governing docurnent The charity Is controlled by its 8overning docufflent. a deed of trust, and constltutes a lirnited company, limlted by guarantee, as defin&d by the Companios Act 2006. The Spey Foundatlon Is 3 charitable company lirnited by guarantee. incorporated on 24 September 2009. The company was established under a Memor8ndum of Assoti8tion which e5tabli5hed the objects Hnd wiwers of the charitable company and Is governed under its Article5 of Association. In the event of the comp8ny bein8 wound up members zre required to contribute an amount not exceeding £1, Re¢rultment and appolntment of new trustees The Spey Fishery 803rd has the powerto nominate and co-tspt Tru5tee5 in accordancewth the Trust Deed. Induttlon and tralnlng of new tru5tee5 No specifrc trainlng is given as the aims and objecrives ofthe charityare set out Sn the rule5. Related partiÈs The Spey Foundation works closely with The Spey District Flshery Board to ensure sound fishery mana8ernent within the District of the River Spey. The Spey Foundation and the Director of The Spey District Fishery Board are co-Ioc3t@d. Risk management The Major risks to whlch the charty ha5 been exposed have been reviewed. These con515t of the ongoing availability of funding for rese8rch projects. The5pey Fishery Bo8rd could att as underwrStershould the need arise. Reference and admlnlstratlve detalls Registered Company number SC366048 (Scotlandl ReBlstered Charity number 005794 Registered office Oandaleith Farm Craigellachie Morayshire AB38 9RT Trustees R D Knight Iresigned 19.6.20251 P H R Graham P M Law50n Iresl8ned 19.6.20251 A W Scott Iresigned 19.6.20251 G E H Wills Director (appointed 10,6.20251 PagÈ 2
The Spey Foundatlo Report of theTrustees forthe yearended 30th September Z025 Reference Hnd admini5trHtive details Independent Examlner Jillian Munro MA CA Frame Kenned¥ 4th Floor Metropolitan House 31-33 High Street Inverness Inverness-shlre IVI IHT Approved by orderof the board of trustees on 23rd June 2026 and signed on its behalf by.. G E H Wills- Trustee Page 3
IndÈpendÈnt Examiner'5 Report to theTrusteEs of The Spey Foundation I report on the accounts forthe yearended 30th September 2025 set out on pages five to eleven. Respectlve responslbllltles of trustees and examlner The charity'5 tru5tee5 are responsible for the preparation of the accounts in accordance with the terms of the CharitiÈs and Trust@e Investmenr Istotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2(K)6 la5 amendedl. The charity's trustees consider that the audit requirement of Regu18tion Iollllal to Icl of the Accounts Regulations does not apply. It is rtFy responsibilily to exzrnine the accounts as required under Section 44llllcl of the Act and to state whether particur matters have mme to my attention. Basls of the Independent examiner's report My ex8mination was carried out in accordance with Regulation 11 of the Charities Accounts lScotl8ndl Regulations 2006. An exBrnination includes a rewew of the accounting record5 kept by the ch&rity Bnd a comparison of the accounts presented wlth those records. It also includes consideratlon of any unusual items or dlsclosures in the accounts, and seeking explanations from you a5 trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opitFion on the view given by the accounts. Independent ex3mineT'$ Statement In connettion with my Èx8mination, no matter has come to my 8ttention 111 which gwe5 me reasonable cause to believethat, in any material spect, the requirement5 to keep accounting record5 in accordan wlth Sectlon 4411llèl of the 2005 Act and Regulation 4 of the 2006 Accounts Regulatlons,. and to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Re8ulation5 have not been met.. or 121 to which, in my opinn, attention should be drawn in order to enable a proper understanding of the zccounts to be reached. Jillian Munro MA CA The Institute of Chartered Accountants of Scotland Fraffle Kennedy 4th Floor Metropolitan House 31-33 High Street Inverness Inverness-shire IVI IHT 23rdJune 2026 Page 4
ThÈ Spey Foundatlon Statement of FinantiHI ActivltlÈs for the yearended 30th September 2025 2025 Total lunds 2024 Total funds Unrestrl¢ted fund Restritted fvnd Notes Income and endowmentsfrom Donations and legacies I,ioo I,ioo 1.128 CharStable actlvStles Charitable activitie5 17,685 Investment incorne 29 29 152 Total 1,129 1,129 18.965 Expendlture on Charitable activities Charitable activities 1,767 1,767 17,668 NET INCOME/IEXPENDITUREI 16381 16381 1,297 Reconclllatlon of funds Total funds brought forward 3,138 1,247 4,385 3.088 Total lund5 carried forward 2,500 1,247 3,747 4,385 The notes form parr of these Ilnancial statements Page S
The Spey Foundatlon BalantÈ Sheet 30th September2025 2025 Toral funds 2024 Total funds Unrestrl¢ted fund Restrltted fund Notes Current 2ssers Cash at bank 5,029 1,247 6,276 5.286 Credltors Arnounts falling due within one year 12,5291 12,5291 19011 Net currènt assets 1500 1,247 3,747 4,385 Total assets less Curnt Ilabilltles 2,500 1,247 3,747 4,385 NET A55ETS 2,500 1.247 3,747 4.385 Funds Unrestritted funds Restricted funds 2.500 1,247 3,138 1,247 Total lunds 3,747 4.385 The ch3rltable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2025. The members have not required the company to obtain an audit of its financial staternent5 lor the year ended 30th September 2025 in aOrdanCe with 5ettion 476 of the Companies Act 2W6. The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial 5tatement5 which give a rrue and fair view ol the state of affairs of the charitable company as at the end of each financi81 year and of its 5urplu5 or deh'cit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwlse comply with the reqU1MentS of the Companles Acr 2006 relatlnE ro flnanclal st3tements, so far as applicable to the charitsble company. These financial statements have been prep8red in ac¢ordan¢e with the provislons appli¢able to ¢haritable companles subjert to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 23rd June 2026 and were Signed on its behalf by.. G E H Wllls- Trustee The notes form part of these fSnanclal statements Page 6
The spey Foundation Note5 to the Financial Statements lorthÈyear ended 30th September 2025 Accounting policie5 Basis of preparlng the flnanclal statements The financial statement5 Of the charitable company. which is a public benefit entity under FRS 102, have been prep8red in accordance with the Charitle5 SORP IFRS 1021 'Accountln8 and Reporting by Charitie5.' Statement of Recornmended Practice applicable to charities preparing their accounts in 8ccordance with the Financial ReportinE Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financi31 Reporting 5taNdard 102 'The Financial Reporting St3ndèrd applicable in the UK and Republic of Iland, and the compani Act 2006. The finarKkl ststernent5 have been prepared under the historical cost convention. Income All Sncome is recognised in the Statetnent of Financial Activitie5 once the charity entitlernent to the funds. it is prob8ble that the income will be received and the amount can be MeaSud reliably. Expènditure Liabilities are recognised as expencliture as soon as there is a legal or construttive obllgatian committln8 the charity to that expenditure. it 15 probable that a transfer of economic benefit5 will be required in settlement and the arnount of the obligation can be measured reliably. Expenditure is 3ccounted for on an 8£cruals basis and has been classified under headings that aggregate èll cost related ro the category. Where costs Cannot be dirett attributed to particular headings they have been allocated to activities on a basis consistent with the use of SourCes. Tanglble fixed assets Depreciation Is provided at the followlng annual rates In ord@r to wrltÈ off each asset over its estlmated useful Improvements to property Computer equipment IO% on cost Straight line oveT 3 year5 Taxation The charity is exempt from corporation tax on Sts charttable activitSes. Fund accountlng Unrestritted funds can be used in accordance wlth the charitsble objecrives aithe dlscreuon of the trustees. Restritted 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 parricular restrl£ted purposes. Further explanation of the natu and purpose of each fund is Intluded in the notes to the financrdl statements. Fairvalue Fair value is the amount for which all asset could be eKch3nged or a liability settled between knowledgeable, willing parties in an arm's length tr8n5action. Page 7
ThE Spey Found3tion Note5 to the Financial Statement5- continued forthe yearended 30th 5eptember2025 Investment Income 2025 2024 Deposit account Interest 29 152 Net Incomellexpendlturel Net Inwmellexpenditurel Is stated aftercharglngl1c1nEl'. 2025 2024 Accountlng fees 900 900 Trustees, remuneratlon and benefit5 There were no trustees, remuneration or other benefits for the year ended 30th September 2025 nor for the year ended 30th September 2024. Trustees. expenses There were no trusrees. expenses paid for the year ended 30th September 2025 nor for the year ended 30th September 2024. Comparatfves forthe statement ol flnanclal actlvltles Unre5trlcted fund Restrlcted fund Total funds Incorne and endowmEntsfrom Donations and legacies 1,128 1,128 Charltable attlvltles 17.685 17,685 Investynenr Income 152 152 Total 18,965 18,965 Expenditure on Charitable activitie5 17.668 17,668 NET INCOME 1,297 1.297 Re¢ontlllailon of funds Total funds brought forward 1,841 1.247 3,088 Page 8
The Spey FouThdatlon Notesto the Flnanclal Statements- contlnued lor theyear ended 30th September 2025 Comparatlve5 forthe statement of flnanclal actlvlUes- contlnued Unrestrlcted fund Restrlcted fund Total funds Total fLtnds carried lOnard 3,138 1,247 4,385 Tanglble fixed assets Improvements to Computer equipment property Yotals At 1st October 2024 3nd 30th September 2025 3,290 949 4,239 Depreciation At 1st October 2024 and 30th September 2025 3,290 949 4,239 Net book value At 30th September 2025 At 30th september 2024 Credltors.. amounts falllng due wlthln one year 2025 2024 Other creditors Accrued expenses 1,629 900 )0 2,529 Movement In funds Net movement In funds At 1110124 At 3DI9125 Unrestricted funds General fund 3,138 16381 2,5aO Restricted fund5 Projeds 1,247 1,247 TOTAL FUNDS 4,385 16381 3,747 Page 9
The Spey Foundatlon Nottrs to the Flnan¢lal StatemÈnts- rontlnued forthe year ended 30thSeptember 2025 Movernent In lunds- continued Net tnovement in fund5. included in the aLVe are a5 follows.. Incoming resources Resources expEndÈd Movement In funds Unrestricted funds General fund 1,129 11,7671 16381 TOTAL FUND5 1,129 11,7671 16381 Comparatlves tor movement in funds Net movement In funds At 10123 At 3019124 Unrestricted fund5 General fund 1,841 1.297 3.138 Re5trictedfunds Projects 1,247 1,247 TOTAL FUNDS 3,088 1,297 4,385 Comparative net movement in fund5, included In the above are as follows.. Incornlnz resources Re50urtts expended Movement In funds Unrestrlcted funds General fund 18,965 117.6681 1,297 TOTAL FUNDS 18.965 117,6681 1,297 Page 10
ThÈ5pèy Foundatlon Notes to the Flnancial Statements- tontlnued lor the year ended 30th September 2025 Movement In funds- continued A current year 12 month5 and prioryear 12 month5 combined position 15 as follow5.. Net movement in funds At 1110123 At 3019125 Unrestrirted funds General fund 1,841 659 2,500 Restricted fund5 ProlÈcts 1.247 1,247 TOTAL FUNDS 3.088 659 3,747 A current year 12 months and prior year 12 months combined net movement in funds, included In the above are as follows.. In¢omlnK resources Resources expended Movement In fund5 Llnre5tri£ted funds General fund 20,094 119,4351 659 TOTAL FUND5 20,094 119,4351 659 Related party dlsclosures There were no related wrty transactlons for the year ended 30th September 2025. Page 11
The Spey Foundation Detailed Statement ol Financial Activities forthe yearended 301h September2025 2025 2024 Income aThd endowmenls Donatlons and legacie5 Donations I,ioo 1.128 Investment income Dep05it3ccount interest 152 Charitsble activitie5 AuctSon income 17,685 Total Incom5 resour¢es 1,129 18,965 ExpenditUTe Charltable activities Digital marketSng Equipment costs 775 92 16,432 241 867 16,673 Support C1>5ts Flnance Bank charges 95 Governance cost5 Accounting fees 9llQ 900 Total resources expended 1,767 17,668 Net lexpendlturelllncome 16381 1,297 This page does not form part of the statutory financlal sratements Page 12