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 Fr￿hWater 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 S￿V 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 repr￿ented 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 particu￿r 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 opin￿n, 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 Cur￿nt 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 a￿OrdanCe 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 reqU1￿MentS 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 I￿land, 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 MeaSu￿d 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 aftercharglngl1c￿￿1nEl'.
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 lOn￿ard
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 aL￿Ve 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