COTTISH FISHERMEN'S TRUST REGISTERED COMPANY NO: SC200565 REGISTERED CHARITY NO: SC029712 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SCOThISH FISHERMEN'S TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Davidson H L Fennell (Resigned 7 October 2025) IGatt D J Gilchrist S M Keith W McKenzie M Park M Robertson A Buchan (Appointed 17 October 20251 Secretary D Duthie Charily Number SC029712 Company Number SC200565 Principal address and Reglstered Offlce 24 Rubislaw Terrace Aberdeen AB10 1XE Independent Examlner Hall Morrice LLP Chartered Accountants 6 & 7 Queens Terrace Aberdeen AB10 1XL Bankers Virgin Money 62 Union Streel Aberdeen AB10 1WD Solicitors Stronachs LLP 28 Albyn Place Aberdeen AB10 1YL
H FISHERMEN'S TRUST CONTENTS Pa Trustees, Report Independent Examingr's Report Stalemenl of Financial Activilies Balance Sheet Notes to the Accounts 7-10
SCOThISH FISHERMEN'S TRUST TRUSTEES. REPORT INCLUDING DIRECTORS. REPO FOR THE YEAR ENDED 31 DECEMBER 2025 The Irustees submit their report and financial statements for the year ended 31 December 2025. The financial slatemenls have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006, The Charities and Trustees Investment (Scotlandl Acl 2005, the Charities Accounts (Scotland) Regulations 2006 las amended) and Accounting and Reporting by Charities.. Statement of Recommended Pracllce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102} lelleclive 1 January 20191" Incorporation The charitable company was incorporated on 6 October 1999 and commenced trading on the same dale. Objectives and activllies The objects ol the company are as follows= a) The advancement of educalion as regards the marine environment of the United Kingdom; b} The advancement of education of those engaged or to be engaged in fishing activities in the seas around the United Kingdom., c) The advancement of health and Ihe saving of lives in relation to those engaged or to be engaged in fishing aolivities in the seas around the United Kingdom., dl The advancement ol science and the heritage and culture of the United Kingdom as regards the protection, preseNalion and stewardship of the marine environment, promotion of the conservation of marine living organisms and preservation of the fflarine ecology and biodiversily of the seas around Ihe United Kingdom., el The advancement of environmental protection and improvement including the sustainability of marine living organisms as regards the seas around the United Kingdorn- and fl The provision of weltare services and facilities for fishermen and fishing communities. The trustees have paid due regard lo guidance issued by the OSCR in deciding what activities Ihe charity should undertake. Achievements and pertormance Charitable activilies Grant awards made in the year totallsd £83,946 12024- £37,350). However, some projects for which funding had previously been allocated. were completed and the lull funding was nol required. This resulted in the reversal of the award balances. The total of the reversals was £32,882 {2024'. £250), resulting IN net awards for the year of £51,06412024: £37,100). The Trust continued to support a good variety of projects meeting ils objects in 2025. As shown in Note 4, awards included the continuation of core initiatives such as lor training support lor active fishermen while undertaking qualifying courses and crew training following the installation of the Mk3 FishSAFE unils on fishing vessels. A number ol other ad hoc projects were co-funded. S.F.F. Services Limited, the SFFS wholly owned marine services company, was the sole donor to th8 Trust in 2025.
SCOThISH FISHERMEN'S TRUST TRUSTEES, REPORT INCLUDING DIRECTORS. REPO FOR THE YEAR ENDED 31 DECEMBER 2025 Contlnued Financial review and reserves policy Principal funding sources The principal source of funding was by way ol donations tolalling £100,000 12024- £32,970) from S.F.F. SeNices Limited which is gratefully acknowledged. The truslees have assessed the major risks lo which the charily is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Reserves policy The bulk of the incnme of the Trust is by way ol annual donation from S.F.F. SeNi¢es Limited. The trustees have established a policy lo hold unreslricled free reserves al a level which allows them lo continue to fund projects lor years in which S.F.F. Services Limited have not traded profitably enough to allow for donations to fund the charity. As at 31 December 2025, the charity had reserves of £242,370 12024= £186,251) ol which £13,600 12024.. £13,600) are Restricted and £228.77012024.' £172.8511 are Unreslricled. The funds are mainly used lo provide grants lor marine related projects with awards being restricted to the availability ol funds after basic administrative costs have been covered. Future plans The Trust hopes to continue making available giant funding for marine projects in the years ahead. StructurB, governance and management Governing document Scottish Fishermen's Trust is a company limited by guarantee governed by its Memorandum and Articles of Association and recognised as a charity by the Office of the Scottish Charity Regulator in accordance with the provisions ol The Charities and Trustee Investment Iscotlandl A¢1 2005. In accordance with the Memorandum ol Association, every member is liable to contribute a sum of £1 in the event of the company being wound up while they are a member or within one year after they ase to be a member. The company was granted charitable status in May 1999. Organlsatlon structure A board ol Sruslees administers the charity- The Iruslees, who are also the directors for the purpose ol company law. and who setved during the period and up lo the date of signature of the financial statements were= J Davidson H L Fennell (Resigned 7 October 20251 IGatt D J Gilchrist S M Keith W McKenzie M Park M Robertson A Buchan (Appointed 17 October 20251 The maximum nurNber and minimum number respectively of the Irustees may be determined from lime to lime by ordinary resolution. The number ol Iruslees shall not be less than 2 nor mole than 15. Recruitment and appointment of the Trustees The directors ol the cotnpany are also charity trustees for Ihe purposes of charity law. Upon a Constituelll Association being in membership ol the Scottish Fishermen's Federation for a period ol no less than twenty four months. the Conslitueni AssoThation shall be enlilled to nominate an individual to the board of Directors. The ollice of a director shall be vacated il helshe is no longer employed or has any alliliation to a Scottis Fishermen's Federation Constiluenl Associalion or if the Consliluent Association of which helshe is a represenlalive is no longer a Conslituenl Member of the Federation.
SCOThISH FISHERMEN'S TRUST TRUSTEES. REPORT INCLUDING DIRECTORS. REPO FOR THE YEAR ENDED 31 DECEMBER 2025 Continued Statement of trustees, responsibllltles The Iruslees, who are also the directors of Scottish Flsheymen's Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Slandards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and ol the incoming resources and application of resources, including the income and expenditure, ol the charitable company lor that year. In preparing these financial statements, the trustees are required lo.. Seleei suitable accounting policies and then apply lfvem conslstenlly., ObseNe the melhods and principles in the Charities SORP., Make judgement and estimates that are reasonable and prudent- and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operatlon. The trustees are responsible lor keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position ol the charitable company and enable them to ensure that the financial slalements comply with the Companies Act 2006, the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts (Scoilandl Regulations 2006 (as amended). They ale also responsible for safeguarding the assels ol Ihe charitable company and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees have prepared this report in accordance with the Statement ol Recommended Practice 'Accounling and Reporting by Charities, and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The trustees, report was approved by the Board ol Trustees on 21 May 2026 and signed on its behalf by: IGa Trustee
SCOTllsH FISHERMEN'S TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SCOThISH FISHERMEN'S TRUST I report on the financial slalements of the charity foy the year ended 31 December 2025, which are sel out on pages 5 to 10. Respective Responsibilltles of Trustees and Examiner The charity's trustees, who are also the directors of Scottish FSshermen's Trust for the purposes ol company law, are responsible for the preparation of the financial stalemersls in accordance with the terms ol the Charities and Trustee Investment Iscotlandl Act 2005 and Ihe Charities Accounts (Scollandl Regulations 2006 las amended). The trustees consider that the audit requirement of Regulation 10111 lal to Icl of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44111 Icl ol the Act and lo state whether particular matters have come lo my attention. Basls of Independent Examiner's Ststement My examination is carried out in accordance with Regulation 11 01 the 2006 Accounts Regulations. 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 ol any unusual items or disclosLJres in the financial statements, and seeks 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 I do not express an audit opinion on the view given by the accounts. Independent Examiner's Statement In connection with my examination. no maller has come to my attentioN'. which gives me reasonable cause lo believe that in any material respect th8 requirements.. to keep accounting records in accordanGe with Section 44111 lal of the 2005 Act and Flegulation 4 of the 2006 Accounts Regulations,. and to prepare financial stalernenls which accord with the accounting recoids an(i comply with Regulation 8 01 the 2006 Accounts Regulations. lo which, in my opinion. attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Derek Petrle On behalf of Hall Morrice LLP Chartered Accountants Aberd8en, 21 May 2026
ScOlSH FISHERMEN'S TRUST STATEMENT OF FINANCIAL ACTIVITIES oratin an INCOME AND EXPENDITURE ACCOU FOR THE YEAR ENDED 31 DECEMBER 2025 Incor Unrestricted Reslrl¢ted Funds Funds Toial 2024 INCOME AND ENDOWMENTS FROM: Donalions and Legacies Other Trading Activities.. Investment Income (Note 21 Tolal Income 100,000 100,000 32.970 109 190 109 190 42 447 EXPENDITURE ON: Charitable Activities (Note 3) Grants Awarded 51,064 1,534 473 51.064 1,534 473 37,100 1,044 443 Governance Costs Other Total Expenditure NET INCOME 56,119 56,119 3,860 Transfers Nel Movement In Funds 56,119 172651 56,119 186251 3,860 182391 Total Funds Brought Fonvard Total Funds Carrled FoThvard 228,770 13,600 242,370 186,251 The statement of financial aclimties includes all gains and losses recognised in the year. All income and expendilure derive from continuing aclivity'es. Tho slalement of financial activitles also complies wlth the requirem8nls lor an income and expenditure account under the Companies Ael 2006.
SCOThISH FISHERMEN'S TRUST BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Current Assets Debtors (Note 7) Bank Current Accounts 3,397 304 072 3,618 Credilors: Amounls talling due wlthin one year.'_ other Creditors (Note 8} Total Assels Less Current Llabilities 135613 242,458 188,474 Credltors: Amounls falling due after more than one year'.- Other Creditors (Nole 91 Total Net Assets 88 242,370 186,251 Represented by.. Accumulated Funds Unreslricted Funds (Note 10) Restricted Funds {Note 10) 228,770 172,651 242,370 186,251 The trustees confirm Ihal the company was entilled to exemption from Ihe requirement to have an audit under the provisions of section 477111 of the Companies Act 2006 and that the members have not required the company to oblain an audit for the year in accordance with section 476111 ol that Act. The trustees aCknOedge their responsibility to ensure that the company keeps accounting records in accordance with section 386 and to prepare accounts which give a true and fair view ol the state ol affairs of the company as al the end ol the financial year and ol its results lor thai financi year in accordance with section 394 and which otherwise comply with the Companies Act 2006 as far as applicable to the Company. These financial statements have been prepared in accordance with the special provisions applicable to companies subject lo the small companies regime. The financial statements We authorised by the Board ol Trustees on 21 May 2026 and signed on ils bèhalf by: l Gatt Trustee Company Registration No. SC200565
SCOThISH FISHERMEN'S TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 Aeeounting policies 1.1 A¢¢ounting convention The financial slalements have been prepared in accordance with the charity's Articles ol Association, the Charities and Trustee Investment Iscotlandl Act 2005, the CharTties Accounts (Scoilandl Regulations 2006 las amended) and "Accounting and Reporting by Charities.. Sialemenl ol Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lelleclive 1 January 20191" The charity is a Public Benefil Entity as defined by FRS 102. The charity conslilutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling, which 18 the functional cur ncy of the charity. Monelary amounts in these financial statements are round lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the Ilme of approving the financial statements. the trustees have a reasonable expectation Ihal the trust has adequate resources lo continue in operational existence for al least Iwelve months from the dale ol signing the Ilnancial sialements. Thus the trustees have continued to adopi the going concern basts of accountlng in preparlng the financial stalemenls. 1.3 Charltable funds General funds are unrestricted funds which are available for use al the discretion of the Iruslees In furtherance ol the general objectives of the charity. 1.4 Income resources Income is recognised when the charity is legally entllled to it after any performanco conditions have been met, the amounls can be measured reliably, and il is probabl8 that income will be r8C8ived. Cash donations are re¢ognised on receipt. Other donations are recognised once the charity has been nolilied ol the donation, unless performance conditions require deferral ol the amount. Income lax recoverable in relation lo donations reived under Gift Aid or deeds of covenant is recognised al the time of the donation. Legaoies are recognised on receipt or otherwise if the charity has been notified of an impending dislfibulion, the amount is knowri, and receipt is expected. 11 the amount is not knows, the legacy Ss treated as a contingent asset. 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, Is il probable that a Iransler of economic benefils will be required in selllement anL1 the amount of the obligation can be measure reliably. Expenditure is accounted lor on an annual basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 1.6 Cash and cash equivalents Cash and cash equivalents include cash In hand, deposits held at call with banks, other short-term liquid investments with original maturities or three monihs or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitie9.
SCOThISH FISHERMEN'S TRUST TES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31 DECEMBER 2025 1.7 Taxatlon The charity is exempt from eorporalion tax on its charitable activities. 1.8 Debtors Trade and other debtors are recognised at the settlement amount. 1.9 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle Ihe obligation can be measured or estimated reliably. Creditors are normally recognised al their settlement amount. Investment Income Unrestricted funds Restricted funds Totsl funds 2025 Total funds 2024 Deposit account interest 9,190 9,190 9,477 Charitablè actlvltles Grants awarded (Note 41 Governance costs 51,064 51,064 37,100 52,598 52,598 38.144 Grants awarded 2025 2024 Training Support FishSAFE Grants Mara Marxt Lewis SeaFest Pelerhead Maggie's Hoosie PreseNation Trust Stromness Museum Heriot-walt University - Mackerel Acoustic Surveys Heriot-watt University - PhD Stipend Electric Voice Theatre Seafarers Hospital Society Grace Stewart Skinner- Muslc Composition Project UHI Shetland Slabilily Grants Scotland Island Federation - Marlne Litter Project Reversed Grants 9,000 1,300 5,000 2,000 5,000 4,850 36,744 13,052 1,500 5,500 6.000 4,600 1,000 15,000 750 10,000 250 82 51,064 37.100 Grant awards made in the year tolalled £83,94612024.' £37,350). However, some projects lor which funding had previously been allocated, were compleled and the full funding was not required. This resulted in the reversal ol the award balances. The lolal ol the reversals was £32,88212024'. £2501, resulting in nel awards for the year of £51,06412024.' £37,100).
SCOThISH FISHERMEN'S TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31 DECEMBER 2025 Trustees None ol the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year nor lor the prior year. There were no trustees expenses paid lor the year ended 31 December 2025 nor for the year ended 31 December 2024. Indgpondent examiner's remuneratlon The Irependent examinerfs remuneration constituted an independent exam fee of £1,110 (2024 £1,044). Debtors 2025 2024 Accrued income 3,397 3,618 Included within the debtors balan are amounts of £3,20812024.' £3,430) relating to interest accrued on term deposits. All amounts relate lo Unrestricted funds. Creditors: amounts falling due within one year 2025 2024 Accrued expenses 65,011 135,613 The creditors balance of £65,011 12024.. £135,613) corrtprises of grants awarded and payable withill the next twelve months. All amounts relate to Unrestricted funds. Credllors: amounts falllng due after more than one year 2025 2024 Accrued expenses 88 2,223 Long term creditors of £88 comprise ol grants awarded and payable between 2026 and 2027 12024: £2,223). All amounts relate lo Unreslri¢led funds.
SCOThISH FISHERMEN'S TRUST TES TO THE FINANCIAL STATEMENTS CONTINUED YEAR ENDED 31 DECEMBER 2025 10 Movement in funds Incoming Al 1.1.25 Resources Outgoing Resources Transfers At 31.12.25 Unrestrlcted Funds Gerteral Fund Cold Water and PFD Appreciation Training 169,051 109,190 153,0711 225,170 60 172,651 109,190 153,0711 228,770 Restricted Funds Guard Vessel Stability Fund Guard Vessel Stability Fund 2 Cold Water and PFD Appreciallon Training 5,000 5,000 5,000 5,000 13,600 13.600 The purpose of each restylcted fund is as follows- The Guard Vessel Stability Fund was established in 2009 and topped-up in 2024 to help the owners of vessels engaged In guard vessel duty to produce enhanced stability records. The Guard Vessel Stability Fund 2 was established in 2013 and topped-up in 2024 to fvelp the owners ol vessels engaged in guard vessel duly to refresh their stability records in the event of a material hange In the vessel's stability. Cold Water and PFD Appreciation Training was established in 2018 lor this purpose. A separate unrestricted fund for Ihe same purpose was also created during the 2018 financial year with an opening balanc8 01 £3,600 by way ol transfer from the Unreslricled General Fund. 11 Analysis of nel assets between funds Unrestricted Funds Restricted Funds Total Current Assets Current Liabilities Long Terw Liabilities Nel Assets al 31 December 2025 293,869 165,0111 13,600 307,469 165,0111 88 228,770 13,600 242,370 -io-