Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
**REGISTERED COMPANY NUMBER: SC396122 (Scotland) REGISTERED CHARITY NUMBER: SC33609**
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2025
for
Loch Lomond Fisheries Trust
Bell Barr & Company Chartered Accountants
2 Stewart Street Milngavie Glasgow G62 6BW
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
## Contents of the Financial Statements for the Year Ended 31 March 2025
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|2|
|Independent Examiner's Report||3||
|Statement of Financial Activities||4||
|Balance Sheet||5||
|Notes to the Financial Statements|6|to|11|
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust (Registered number: SC396122)
## Report of the Trustees
## for the Year Ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
The Loch Lomond Fisheries Trust (LLFT) is an environmental charity which exists to champion the conservation of Loch Lomond's native fish populations and their habitats.
According to its Articles of Association the charity has two clear objectives:
1. To advance, for public benefit, environmental protection and improvement and to advance animal welfare by conserving and enhancing all species of freshwater fish and their environments and all fishery resources primarily, but not limited, to the inland and coastal waters of Loch Lomond and River Leven Catchment Area.
2. To advance the education of the public and any association, company, local authority, administrative or government agency or public body or representative body in the understanding of aquatic ecosystems, including their fauna, flora, economic or social activity, river catchment management and the need for and benefits of, protection, conservation, rehabilitation and improvement of aquatic environments.
There have been no changes in the objectives during the year and the charity does not distribute grants.
## **ACHIEVEMENTS AND PERFORMANCE**
The Trust has continued to deliver a wide programme of monitoring and habitat improvement projects.
Juvenile electrofishing surveys form a key part of our annual fish population monitoring and in 2024 the Trust staff surveyed 42 sites across the catchment. The results varied between tributaries. In the Endrick and Blane tributaries, for salmon and trout of all sites, nearly 60% are below an expected benchmark (for carrying capacity). Looking at specific life stages, salmon fry are below the benchmark at all sites which is a concerning pattern. However in the River Fruin on the west side of Loch Lomond, the pattern is much more positive with the majority of sites meeting or exceeding the projected benchmark. As part of this monitoring, two of our assistant biologists also completed an electrofishing training course.
A new monitoring project this year was initiating fish health monitoring at the mouth of the River Leven. This work relates to the Wild Salmon Protection Zones that are designated areas in sea lochs and estuaries that are critical for salmon migration. The aim of this project was to estimate the prevalence of sea lice through catching sea trout by seine netting. During the first year, over three expeditions, one salmon smolt and 13 sea trout were captured and none had sea lice. This work will be repeated for the next two years.
Other monitoring projects included the River Monitoring Initiative which consists of monthly invertebrate surveys and beaver monitoring which includes biannual transects across water courses near the release site.
Surveying and controlling invasive non-native species (INNS) along the rivers and lochs of the Lomond catchment forms a key component of the Trust's annual activity. This work was continued and especially thanks to the support from the Loch Lomond and Trossachs National Park authority, we were able to conduct targeted treatments of INNS along the Endrick, Blane and Fruin. This work is only possible through close collaboration with landowners, estates, partner organisations and the dedication of volunteers and staff.
An example of a habitat improvement project is the Kirkhouse Burn riverbank restoration project. This was a site that had seen significant bank degradation and was actually threatening native trees that the Trust had planted years earlier. This initiative not only focused on repairing erosion but also focused on protecting a delicate ecosystem and the planted trees. We used nature-based solutions and refilled the eroded area using sediment displaced from a nearby pipe installation, keeping the riverbank's natural composition intact. The second phase focused on strengthening the bank using green engineering (willow stakes and brash bundles).
Progress on the five-year fisheries management plan has been sustained, including engagement and consultation with relevant stakeholders.
Page 1
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust (Registered number: SC396122)
## Report of the Trustees
for the Year Ended 31 March 2025
## **FINANCIAL REVIEW**
## **Financial position**
The financial statements for the year follow. Expenditure exceeded income during the year; however, this was anticipated and reflects changes in staffing.
## **Reserves policy**
The trustees aim to have unrestricted general reserves sufficient to cover six-month operating costs. The current level of unrestricted reserves does not yet meet this target.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing 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.
## **Recruitment and appointment of new trustees**
The Trustees consist of individuals or representatives of corporate bodies who owing to their business and or scientific background are considered by the other Trustees to be capable of contributing to the work of the charity.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
SC396122 (Scotland)
## **Registered Charity number**
SC33609
## **Registered office**
2 Stewart Street Milngavie Glasgow G62 6BW
## **Trustees**
J Bell J A Graham H M Honkanen F A M Colquhoun J Rodger
## **Independent Examiner**
Bell Barr & Company Chartered Accountants 2 Stewart Street Milngavie Glasgow G62 6BW
Approved by order of the board of trustees on 30 March 2026 and signed on its behalf by:
J A Graham - Trustee
Page 2
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
## Independent Examiner's Report to the Trustees of Loch Lomond Fisheries Trust
I report on the accounts for the year ended 31 March 2025 set out on pages four to eleven.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 matter has come to my attention :
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Jennifer Irvine
The Institute of Chartered Accountants of Scotland
Bell Barr & Company Chartered Accountants 2 Stewart Street Milngavie Glasgow G62 6BW 31-03-26 Date: .............................................
Page 3
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
## Statement of Financial Activities for the Year Ended 31 March 2025
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
13,405
**Charitable activities**
Fish and aquatic ecosystem conservation and
education
24,750
Investment income
2
478
Other income
-
**Total**
38,633
**EXPENDITURE ON**
**Charitable activities**
Fish and aquatic ecosystem conservation and
education
107,629
**NET INCOME/(EXPENDITURE)**
(68,996)
**RECONCILIATION OF FUNDS**
Total funds brought forward
103,026
**TOTAL FUNDS CARRIED FORWARD**
34,030|Restricted
funds
£
-
58,195
-
-
58,195
24,457
33,738
3,383
37,121|31.3.25
Total
funds
£
13,405
82,945
478
-
96,828
132,086
(35,258)
106,409
71,151|31.3.24
Total
funds
£
10,554
231,669
774
350
243,347
248,207
(4,860)
111,269
106,409|
|---|---|---|---|
The notes form part of these financial statements
Page 4
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
## Loch Lomond Fisheries Trust (Registered number: SC396122)
## Balance Sheet 31 March 2025
|||||31.3.25|31.3.24|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||fund|funds|funds|funds|
||Notes|£|£|£|£|
|**FIXED ASSETS**||||||
|Tangible assets|6|12,421|2,832|15,253|19,684|
|**CURRENT ASSETS**||||||
|Debtors|7|3,585|-|3,585|7,992|
|Cash at bank and in hand||19,776|34,289|54,065|86,013|
|**CREDITORS**||23,361|34,289|57,650|94,005|
|Amounts falling due within one year|8|(1,752)|-|(1,752)|(7,280)|
|**NET CURRENT ASSETS**||21,609|34,289|55,898|86,725|
|**TOTAL ASSETS LESS CURRENT**||||||
|**LIABILITIES**||34,030|37,121|71,151|106,409|
|**NET ASSETS**||34,030|37,121|71,151|106,409|
|**FUNDS**|9|||||
|Unrestricted funds||||34,030|103,026|
|Restricted funds||||37,121|3,383|
|**TOTAL FUNDS**||||71,151|106,409|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2026 and were signed on its behalf by:
J A Graham - Trustee
The notes form part of these financial statements
Page 5
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
## Notes to the Financial Statements
for the Year Ended 31 March 2025
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The trustees have reviewed the charity's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the charity is a going concern.
## **Critical accounting judgements and key sources of estimation uncertainty**
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies. The trustees are of the opinion that there are no critical accounting estimates or judgements used in the preparation of these financial statements
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to 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.
## **Provisions**
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability on the balance sheet and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 6
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted 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 particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Cash at bank**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2. INVESTMENT INCOME**
**----- Start of picture text -----**
||||
|---|---|---|
|31.3.25|31.3.24|
|£|£|
|Deposit account interest|478|774|
|3.|NET INCOME/(EXPENDITURE)|
|Net income/(expenditure) is stated after charging/(crediting):|
|31.3.25|31.3.24|
|£|£|
|Depreciation - owned assets|4,431|1,457|
**----- End of picture text -----**
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|31.3.25|31.3.24|
|Scientific|2|6|
**----- End of picture text -----**
No employees received emoluments in excess of £60,000.
continued...
Page 7
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
## Loch Lomond Fisheries Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **6. TANGIBLE FIXED ASSETS**
|Plant and
Motor
machinery
vehicles
£
£
**COST**
At 1 April 2024 and 31 March 2025
49,135
12,300
**DEPRECIATION**
At 1 April 2024
41,755
50
Charge for year
1,350
3,063
At 31 March 2025
43,105
3,113
**NET BOOK VALUE**
At 31 March 2025
6,030
9,187
At 31 March 2024
7,380
12,250
**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments and accrued income
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Social security and other taxes
Other creditors
Pension creditor
Accrued expenses
**9.**
**MOVEMENT IN FUNDS**
At 1.4.24
£
**Unrestricted funds**
General fund
103,026
**Restricted funds**
SNH Biodiversity Challenge Fund
2,806
International Year of the Salmon
577
LLTNP INNS
-
Kirkhouse Burn Bank Restoration
-
Mowi Salmon Monitoring Project
-
Gielston Fish Rescue
-
3,383
**TOTAL FUNDS**
106,409|Computer
equipment
£
3,622
3,568
18
3,586
36
54
31.3.25
£
1,250
2,335
3,585
31.3.25
£
278
371
94
1,009
1,752
Net
movement
in funds
£
(68,996)
(468)
(83)
3,500
4,295
26,294
200
33,738
(35,258)|Totals
£
65,057
45,373
4,431
49,804
15,253
19,684
31.3.24
£
-
7,992
7,992
31.3.24
£
1,134
-
229
5,917
7,280
At
31.3.25
£
34,030
2,338
494
3,500
4,295
26,294
200
37,121
71,151|
|---|---|---|
continued...
Page 8
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **9. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
SNH Biodiversity Challenge Fund
International Year of the Salmon
LLTNP INNS
Kirkhouse Burn Bank Restoration
Mowi Salmon Monitoring Project
Gielston Fish Rescue
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
SNH Biodiversity Challenge Fund
Sustrans
International Year of the Salmon
**TOTAL FUNDS**|Incoming
resources
£
38,633
-
-
18,500
7,495
31,000
1,200
58,195
96,828
At 1.4.23
£
107,319
-
3,290
660
3,950
111,269|Resources
Movement
expended
in funds
£
£
(107,629)
(68,996)
(468)
(468)
(83)
(83)
(15,000)
3,500
(3,200)
4,295
(4,706)
26,294
(1,000)
200
(24,457)
33,738
(132,086)
(35,258)
Net
movement
At
in funds
31.3.24
£
£
(4,293)
103,026
2,806
2,806
(3,290)
-
(83)
577
(567)
3,383
(4,860)
106,409|
|---|---|---|
continued...
Page 9
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **9. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
SNH Biodiversity Challenge Fund
Sustrans
International Year of the Salmon
Fisheries Management Scotland
LLTNP INNS
LLTNP Tree Planting
Wild Salmon Fund
Nature Scot
**TOTAL FUNDS**|Incoming
resources
£
60,458
25,647
-
-
11,590
37,748
4,881
12,382
90,641
182,889
243,347|Resources
Movement
expended
in funds
£
£
(64,751)
(4,293)
(22,841)
2,806
(3,290)
(3,290)
(83)
(83)
(11,590)
-
(37,748)
-
(4,881)
-
(12,382)
-
(90,641)
-
(183,456)
(567)
(248,207)
(4,860)|
|---|---|---|
## **Purpose of restricted funds**
## SNH Biodiversity Challenge Fund
The funds from the SNH are for work done to eradicate the invasive non native species along the river Endrick and restore the natural habitat to the river and its tributaries.
## International Year of the Salmon
Funds were received to allow for the monitoring of salmon movements within the rivers Leven and Endrick.
## LLTNP INNS
This fund is for the eradication of the 4 main invasive non-native plant species - giant hogweed, American skunk cabbage, Himalayan balsam and Japanese knotweed - all found in the national park catchment.
## LLTNP Tree Planting
This fund is for tree planting undertaken within the Loch Lomond and Trossachs National Park under the auspices of the Tree Planting Grant Scheme (TPGS)
## Wild Salmon Fund
This fund is for the creation of juvenile fish habitat through the use of willow spilling and riparian tree planting in various locations across the Loch Lomond catchment
continued...
Page 10
Docusign Envelope ID: 338508D6-E1B4-412D-BAED-7ED98EFE1EBB
Loch Lomond Fisheries Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2025.
Page 11