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

ScO￿lSH 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
aCknO￿edge 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 re￿ived 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 Ir￿ependent 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-