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← Findhorn Nairn & Lossie Rivers Trust

2026-03-31-accounts

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

REGISTERED COMPANY NUMBER: SC350687 (Scotland) REGISTERED CHARITY NUMBER: 040152

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

Findhorn Nairn & Lossie Rivers Trust

Sumer Auditco Ltd Statutory Auditor 47-49 The Square Kelso Roxburghshire TD5 7HW

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21
Detailed Statement of Financial Activities 22 to 23

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Reference and Administrative Details for the Year Ended 31 March 2025

TRUSTEES R Dennis C J Dunbar A N G Laing The Hon M H Laing A I Leven A Rose A R Wallace J A C Whittle C C F Ross Mrs F A Strachan C C Black (resigned 09.09.25) COMPANY SECRETARY R&R Urquhart LLP REGISTERED OFFICE Fisheries Office Logie Steading Dunphail Forres Morray IV36 2QN REGISTERED SC350687 (Scotland) COMPANY NUMBER SC040152 REGISTERED CHARITY NUMBER AUDITORS Sumer Auditco Ltd Statutory Auditor 47-49 The Square Kelso Roxburghshire TD5 7HW

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

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

Objectives and aims

These are as follows:

a) To advance for public benefit environmental protection and improvement by conserving and enhancing all species of freshwater fish and their environments primarily but not limited to the inland and coastal waters of the catchments of the rivers Findhorn, Nairn and Lossie.

b) To advance the education of the public and any association, company, local authority, administrative or governmental agency or public body or representative body in:

Core Activities

FNLRT core activities are taken in accordance with the six priority areas as identified in it’s 2021-26 Management Plan:

  1. Climate Crisis

  2. River habitat and land use

  3. Biosecurity and invasive non native species

  4. Fish and fisheries

  5. Marine and inshore environment

  6. Education and awareness

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

Main objectives of the year

Throughout the course of the year FNLRT has been active in pursuing the following charitable activities towards delivering its Management Plan:

  1. Climate Crisis

  2. River habitat and land use

Actions towards the first two priority areas of Climate Crisis and River habitat and land use were delivered through FNLRT’s flagship landscape-scale partnership project the Findhorn Watershed Initiative. The Findhorn Watershed Initiative (FWI) is multi-generational landscape-scale vision to restore a mosaic of nature-rich habitats, grow a local culture of nature connection, and enable a thriving local nature-positive economy, from source to sea of the River Findhorn.

Building traction: We are delighted that 28 landholdings are now actively engaged with the Initiative, representing nearly all major landholdings in the watershed area. Together with these land stewards the FWI team have co-developed a pipeline of 19 riparian woodland and river restoration schemes for funding and implementation.

Breaking ground: The first of these riparian woodland schemes was implemented on the Kyllachy burn during Spring 2024. Combining planting and natural regeneration from existing seed sources, the project will shade 5km of a key spawning tributary for wild Atlantic salmon in the upper catchment. Works on a further second and third scheme are underway which will protect and regenerate important remnants of ancient riparian woodland and establish new riparian woodland to shade other key spawning grounds. Collectively these three schemes will see 150ha of native riparian woodland restoration implemented, in direct response the climate crisis and restoring river habitat.

3. Biosecurity and invasive non native species

Project work on the control of Invasive Non-Native species (INNS) of plants and animals continued through the Scottish Invasive Species Initiative (SISI) project. Thanks to extra funding from NatureScot’s Nature Restoration Fund FNLRT were able to employ a Seasonal Project Officer which provided very welcome extra capacity for control.

Through the SISI programme strategic control of Giant Hogweed, Japanese Knotweed, Himalayan Balsam, and Mink was undertaken across the Findhorn, Nairn and Lossie rivers and the Muckle and Mosset burns.

Additional funding was provided by Crown Estate Scotland and Moray Estates Development Company (MEDCO) for INNS treatment on the Lossie, as well as from Moray Council.

4. Fish and fisheries

FNLRT continued to conduct monitoring activities, both routine and for specific developments, to assess changes in fish populations, in partnership with the DSFBs.

Juvenile fish surveys were undertaken on the river Lossie on behalf of the Lossie DSFB, results indicate a general decline in numbers.

Monitoring & reporting of licenced and unlicenced riverworks was ongoing. Monitoring of wind farms, flood alleviation schemes and road upgrades continued. Managing of the river bailiffing team under the guidance of the Director continued. Collection and analysis of rod catch data, scale samples and other fishery data continued.

Thanks to funding from LNER as part of the Findhorn Watershed Initiative, a pilot smolt monitoring programme was run during the early Spring, and a network of temperature loggers were placed in key tributaries across the catchment to monitor temperatures over the long term. A citizen science freshwater invertebrate monitoring programme was also established, with support from Buglife and WildFish.

A water monitoring contract for Clashgour Windfarm began in collaboration with the James Hutton Institute in January 2023 and continued through 2024.

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Findhorn Nairn & Lossie Rivers Trust

Report of the Trustees for the Year Ended 31 March 2025

5. Marine and inshore environment

2024 saw an increase in work focussing on the intertidal estuary of Findhorn Bay and exploring nature based solutions for coastal climate resilience through the Findhorn Watershed Initiative. A full baseline survey of the intertidal seagrass beds of Findhorn Bay was undertaken and mapped, along with an initial survey of water outflows into the Bay and identification of sites for future monitoring. This work was funded by the Moray Climate Action Network and undertaken in collaboration with Moray Ocean Community.

6. Education and awareness

Community and stakeholder engagement activities undertaken through the Findhorn Watershed Initiative (FWI) included; an ongoing Human Ecology Research Residency, community venison butchery and cookery events, environmental film nights, workshops to gather the insights of elders in Findhorn village about how the Bay’s ecology has changed over time, and popping up at a range of local events.

Funding from Heldon Community Council was awarded in 2019 to deliver a ‘Schools go to Fish’ program to three local primary schools, this project was delayed due to Covid-19 but the first phase of delivery was undertaken in March 2025 with the second half of the program planned for May 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Findhorn, Nairn and Lossie Fisheries Trust was incorporated as a company limited by guarantee on 31st October 2008. It's charity status was granted on 18th December 2008. Since this date the Trust has been successfully pursuing its charitable objectives. The name was changed to Findhorn, Nairn & Lossie Rivers Trust on 12th April 2021.

Membership of the Trust consists of representatives of the Findhorn, Nairn and Lossie District Salmon Fishery Boards (DSFB), the local councils, the local angling associations, SNH, SEPA and those with an interest in fisheries and river management. The Trust's Board meets three times per year in addition to the AGM.

Recruitment and appointment of new trustees

The Findhorn DSFB is entitled to nominate two Directors to the Board. The Nairn DSFB, Lossie DSFB, the Forres and Nairn Angling Associations and the Elgin and District Angling Association are entitled to nominate one Director to the Board. The membership is entitled to nominate six Directors to the Board. At each AGM, one-third of the Directors must retire by rotation. The Directors to retire by rotation shall be those who have been longest in office since their last appointment. As between those Directors who become or were appointed in the same day those to retire (unless they otherwise agree among themselves) be determined by lot.

Decision making

The Board makes policy decisions and any decision involving a substantial cost. Board members and Ordinary members may vote at AGMs. Associate Members may attend AGMs but are not entitled to vote. The Articles of Association lay out clear procedures for Members to declare an interest in a particular topic, in which case they are not entitled to vote on it. Day-to-day operating decisions are made by the Director, Administrator and Chairman.

Induction and training of new Directors

Upon election or appointment, new Directors must sign a statement that they have received the Articles and Memorandum of Association. The Articles and Memorandum will details their roles, responsibilities and legal obligations. Directors will already have expertise in fisheries and/or river management.

Wider network and Related parties

FNLRT is a member of Fisheries Management Scotland, the representative for Scotland's network of District Salmon Fishery Boards and Rivers and Fisheries Trusts. FMS works closely with the Scottish Government. FNLRT liaises regularly with the Nairn DSFB and continues to work in very close co-ordination with the Findhorn and Lossie DSFBs. Indeed, the Chairman, Director and Administrator of FNLRT attend all DSFB meetings. The Director provides scientific advice, and the Administrator provides administrative support to the DSFBs.

Risk management

The charity has reviewed its financial risks, security risks at the office and health and safety risks on the rivers and has taken the necessary precautions, including taking out an appropriate insurance policy.

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Findhorn Nairn & Lossie Rivers Trust

Report of the Trustees for the Year Ended 31 March 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Findhorn Nairn & Lossie Rivers Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Sumer Auditco Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

25-11-2025 | 13:58 GMT

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ A88F1417509C499... The Hon M H Laing

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Report of the Independent Auditors to the Trustees of Findhorn Nairn & Lossie Rivers Trust

Opinion

We have audited the financial statements of Findhorn Nairn & Lossie Rivers Trust (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of Findhorn Nairn & Lossie Rivers Trust

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Charity SORP FRS 1022and Charities & Trustees Inv (Scotland) Act 2005. The engagement partner ensured the engagement team had the necessary competence, capabilities and skills to Identified laws and regulations and that they retained alert to such matters throughout the audit.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulations and enquired of management whether they were aware of any instances of non-compliance. We corroborated these through review of legal and professional fees and review of board minutes.

On addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context included UK Employment Law, taxation, data protection and Health and Safety.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulations. We identified and evaluated the laws and regulations and enquired with management whether they were aware of any instances of non-compliance and what procedures were in place to ensure compliance. We corroborated this through review of correspondence with any regulators, review of charitable company policy for health and safety procedures and carried out a review of wages information.

We assessed the risks of material misstatement in respect of fraud via enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud and considered the internal controls in place to mitigate risks of fraud. Further, this risk is mitigated by dual authorisation of payments and regular reconciliation of bank transactions.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, assessed the level of subjectivity and estimation within the account balances and investigated the rationale behind any significant or unusual transactions. Additionally, we recognise the close involvement of Trustees with the running of the charity which minimises this risk.

With regard to identification of material misstatements in relation to fraud, we considered income recognition in line with FRS 1022, reviewed the appropriateness of the accounting policies selected and reviewed disclosures for completeness and accuracy. We also identified related parties and reviewed related party transactions.

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Report of the Independent Auditors to the Trustees of Findhorn Nairn & Lossie Rivers Trust

The main factors of the audit process which may affect the likelihood of detection of irregularities include the element of inherent difficulty always present in detecting irregularities due to fraud and that conclusions on the design and implementation of internal controls focus only on those we have assessed as key controls.

A further description of our responsibilities for the audit of the financial statements is located on the financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Greg Stapley (Senior Statutory Auditor)

For and on behalf of Sumer Auditco Limited (Statutory Auditor)

47-49 The Square Kelso Roxburghshire TD5 7HW

25-11-2025 | 14:18 GMT

Date: .............................................

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Statement of Financial Activities for the Year Ended 31 March 2025

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
33,085
Charitable activities
4
Fish conservation
96,443
Investment income
3
-
Total
129,528
EXPENDITURE ON
Charitable activities
5
Fish conservation
154,122
NET INCOME/(EXPENDITURE)
(24,594)
Transfers between funds
15
1,279
Net movement in funds
(23,315)
RECONCILIATION OF FUNDS
Total funds brought forward
240,260
TOTAL FUNDS CARRIED FORWARD
216,945		 Restricted
funds
£
-
848,569
-
848,569
774,395
74,174
(1,279)
72,895
208,172
281,067		 31.3.25
Total
funds
£
33,085
945,012
-
978,097
928,517
49,580
-
49,580
448,432
498,012		 31.3.24
Total
funds
£
48,642
882,022
19
930,683
540,135
390,548
-
390,548
57,884
448,432

The notes form part of these financial statements

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Balance Sheet 31 March 2025

31.3.25 31.3.24
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 12 16,912 40,001 56,913 59,603
CURRENT ASSETS
Debtors 13 151,948 102,555 254,503 245,115
Cash at bank 54,757 325,565 380,322 158,451
206,705 428,120 634,825 403,566
CREDITORS
Amounts falling due within one year 14 (6,674) (187,052) (193,726) (14,737)
NET CURRENT ASSETS 200,031 241,068 441,099 388,829
TOTAL ASSETS LESS CURRENT
LIABILITIES 216,943 281,069 498,012 448,432
NET ASSETS 216,943 281,069 498,012 448,432
FUNDS 15
Unrestricted funds 216,943 240,260
Restricted funds 281,069 208,172
TOTAL FUNDS 498,012 448,432

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 25-11-2025 | 13:58 GMT ............................................. and were signed on its behalf by: ............................................. (MLA88F1417509C499... by: The Hon M H Laing

The notes form part of these financial statements

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Cash Flow Statement
for the Year Ended 31 March 2025
31.3.25
Notes
£
Cash flows from operating activities
Cash generated from operations
1
233,874
Net cash provided by operating activities
233,874
Cash flows from investing activities
Purchase of tangible fixed assets
(12,003)
Interest received
-
Net cash used in investing activities
(12,003)
Change in cash and cash equivalents in
the reporting period
221,871
Cash and cash equivalents at the
beginning of the reporting period
2
158,451
Cash and cash equivalents at the end of
the reporting period
2
380,322		 31.3.24
£
176,261
176,261
(69,102)
19
(69,083)
107,178
51,273
158,451

The notes form part of these financial statements

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Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Cash Flow Statement for the Year Ended 31 March 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.3.25 31.3.24
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 49,580 390,548
Adjustments for:
Depreciation charges 14,693 16,823
Interest received - (19)
Increase in debtors (9,388) (132,315)
Increase/(decrease) in creditors 178,989 (98,776)
Net cash provided by operations 233,874 176,261
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.3.25 31.3.24
£ £
Notice deposits (less than 3 months) 380,322 158,451
Total cash and cash equivalents 380,322 158,451
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank 158,451 221,871 380,322
158,451 221,871 380,322
Total 158,451 221,871 380,322

The notes form part of these financial statements

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Findhorn Nairn & Lossie Rivers 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.

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.

Income from the government and other grants, whether ‘capital’ or ‘revenue’ grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

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.

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 - 25% on reducing balance and 20% on reducing balance Fixtures and fittings - 25% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

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Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. DONATIONS AND LEGACIES DONATIONS AND LEGACIES
31.3.25 31.3.24
£ £
Donations 3,695 19,252
DFSB contributions 29,390 29,390
Donations totalled £33,085(2024 - £48,642)all of which were unrestricted. 33,085 48,642
3. INVESTMENT INCOME
31.3.25 31.3.24
£ £
Deposit account interest - 19
4. INCOME FROM CHARITABLE ACTIVITIES
31.3.25 31.3.24
Activity £ £
Contract Income Fish conservation 68,658 6,521
Grants Fish conservation 876,354 875,501
945,012 882,022
Income from charitable activated totalled £945,012(2024 - £882,022), of which £96,443(2024- £251,082)
related to unrestricted funds and £848,569(2024 - £630,940)related to restricted funds.
5. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 6) note 7) Totals
£ £ £
Fish conservation 912,289 16,228 928,517
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
31.3.25 31.3.24
£ £
Staff costs 257,282 200,036
Rent 3,414 3,312
Insurance 6,848 5,450
Light and heat 984 934
Telephone 1,388 1,368
Postage and stationery 605 619
Sundries 1,807 890
Subscriptions 2,995 2,684
Local projects - 338
Repairs and Renewals 481 1,100
Staff Training 9,495 1,233
Motor & travel expenses 6,083 5,570
Professional fees 809 910
Contracts expenditure 605,117 288,147
Carried forward 897,308 512,591

continued...

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Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

6. DIRECT COSTS OF CHARITABLE ACTIVITIES - continued

31.3.25 31.3.24
£ £
Brought forward 897,308 512,591
Bank Charges 288 241
Depreciation 14,693 16,823
912,289 529,655
SUPPORT COSTS
Governance
costs
£
Fish conservation 16,228
Support costs, included in the above, are as follows:
Governance costs
31.3.25 31.3.24
Fish Total
conservation activities
£ £
Auditors' remuneration 12,600 7,380
Auditors' remuneration for non audit work 3,628 3,100
16,228 10,480

7. SUPPORT COSTS

Support costs, included in the above, are as follows:

Governance costs

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25 31.3.24
£ £
Auditors' remuneration 12,600 7,380
Auditors' remuneration for non audit work 3,628 3,100
Depreciation - owned assets 14,693 16,823
Other operating leases 3,414 3,312

9. 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.

continued...

Page 15

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

10.
STAFF COSTS
Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Average number of employees
No employees received emoluments in excess of £60,000.
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
48,642
Charitable activities
Fish conservation
251,082
Investment income
19
Total
299,743
EXPENDITURE ON
Charitable activities
Fish conservation
93,051
NET INCOME
206,692
Transfers between funds
(108)
Net movement in funds
206,584
RECONCILIATION OF FUNDS
Total funds brought forward
33,676
TOTAL FUNDS CARRIED FORWARD
240,260
31.3.25
£
245,622
11,660
257,282
31.3.25
7
Restricted
funds
£
-
630,940
-
630,940
447,084
183,856
108
183,964
24,208
208,172
31.3.24
£
189,584
10,452
200,036
31.3.24
6
Total
funds
£
48,642
882,022
19
930,683
540,135
390,548
-
390,548
57,884
448,432

continued...

Page 16

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. TANGIBLE FIXED ASSETS

Fixtures
Plant and
and
Motor

machinery
fittings
vehicles

£
£
£
COST
At 1 April 2024
23,925
365
61,441
Additions
4,163
633
-
At 31 March 2025
28,088
998
61,441
DEPRECIATION
At 1 April 2024
4,607
53
25,899
Charge for year
4,255
91
8,885
At 31 March 2025
8,862
144
34,784
NET BOOK VALUE
At 31 March 2025
19,226
854
26,657
At 31 March 2024
19,318
312
35,542
13.
DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income
Other debtors includes £52,500(2024 - £105,000)which is due > 1 year
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accrued expenses		 Fixtures
and
fittings
£
365
633
998
53
91
144
854
312		 Motor

vehicles

£
61,441
-
61,441
25,899
8,885
34,784
26,657
35,542		 Computer
equipment
£
5,353
7,207
12,560
922
1,462
2,384
10,176
4,431
31.3.25
£
112,606
137,664
4,233
254,503
31.3.25
£
94,681
802
98,243
193,726

continued...

Page 17

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Just Transition Fund
LNER
Moray Climate Action Network
Moray Council Grant
SISI INNS Project
CBL Capital Projects
Forres Forest Town
Moray CAN Capital
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Just Transition Fund
LNER
Moray Climate Action Network
Moray Council Grant
SISI INNS Project
CBL Capital Projects
Forres Forest Town
Moray CAN Capital
TOTAL FUNDS		 At 1.4.24
£
240,260
176,248
19,753
10,000
2,171
-
-
-
-
208,172
448,432
as follows:		 Net
movement
in funds
£
(24,594)
(98,560)
(15,931)
(7,917)
3,987
2,760
187,139
1,454
1,242
74,174
49,580
Incoming
resources
£
129,528
305,175
(1)
-
5,000
96,795
437,146
2,454
2,000
848,569
978,097		 Transfers
between
At
funds
31.3.25
£
£
1,279
216,945
-
77,688
-
3,822
-
2,083
-
6,158
(1,279)
1,481
-
187,139
-
1,454
-
1,242
(1,279)
281,067
-
498,012
Resources
Movement
expended
in funds
£
£
(154,122)
(24,594)
(403,735)
(98,560)
(15,930)
(15,931)
(7,917)
(7,917)
(1,013)
3,987
(94,035)
2,760
(250,007)
187,139
(1,000)
1,454
(758)
1,242
(774,395)
74,174
(928,517)
49,580

continued...

Page 18

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.23
in funds
£
£
Unrestricted funds
General fund
33,676
206,692
Restricted funds
Just Transition Fund
21,207
155,041
Nature Restoration Fund
3,001
(3,001)
LNER
-
19,753
Moray Climate Action Network
-
10,000
Moray Council Grant
-
2,171
Working with Rivers
-
89
INNS Contracts
-
(197)
24,208
183,856
TOTAL FUNDS
57,884
390,548
Comparative net movement in funds, included in the above are as follows:		 Transfers
between
funds
£
(108)
-
-
-
-
-
(89)
197
108
-		 At
31.3.24
£
240,260
176,248
-
19,753
10,000
2,171
-
-
208,172
448,432
Unrestricted funds
General fund
Restricted funds
Just Transition Fund
Nature Restoration Fund
LNER
Moray Climate Action Network
Moray Council Grant
SISI INNS Project
Working with Rivers
INNS Contracts
TOTAL FUNDS		 Incoming
resources
£
299,743
399,791
59,801
61,499
10,000
7,500
77,917
8,645
5,787
630,940
930,683		 Resources
Movement
expended
in funds
£
£
(93,051)
206,692
(244,750)
155,041
(62,802)
(3,001)
(41,746)
19,753
-
10,000
(5,329)
2,171
(77,917)
-
(8,556)
89
(5,984)
(197)
(447,084)
183,856
(540,135)
390,548

continued...

Page 19

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Just Transition Fund
Nature Restoration Fund
LNER
Moray Climate Action Network
Moray Council Grant
SISI INNS Project
Working with Rivers
INNS Contracts
CBL Capital Projects
Forres Forest Town
Moray CAN Capital
TOTAL FUNDS		 At 1.4.23
£
33,676
21,207
3,001
-
-
-
-
-
-
-
-
-
24,208
57,884		 Net
movement
in funds
£
182,098
56,481
(3,001)
3,822
2,083
6,158
2,760
89
(197)
187,139
1,454
1,242
258,030
440,128		 Transfers
between
funds
£
1,171
-
-
-
-
-
(1,279)
(89)
197
-
-
-
(1,171)
-		 At
31.3.25
£
216,945
77,688
-
3,822
2,083
6,158
1,481
-
-
187,139
1,454
1,242
281,067
498,012

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
429,271
Restricted funds
Just Transition Fund
704,966
Nature Restoration Fund
59,801
LNER
61,498
Moray Climate Action Network
10,000
Moray Council Grant
12,500
SISI INNS Project
174,712
Working with Rivers
8,645
INNS Contracts
5,787
CBL Capital Projects
437,146
Forres Forest Town
2,454
Moray CAN Capital
2,000
1,479,509
(1
TOTAL FUNDS
1,908,780
(		 Resources
Movement
expended
in funds
£
£
(247,173)
182,098
(648,485)
56,481
(62,802)
(3,001)
(57,676)
3,822
(7,917)
2,083
(6,342)
6,158
(171,952)
2,760
(8,556)
89
(5,984)
(197)
(250,007)
187,139
(1,000)
1,454
(758)
1,242
,221,479)
258,030
1,468,652)
440,128

continued...

Page 20

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. MOVEMENT IN FUNDS – continued

Unrestricted Funds

These related to funds received towards the general charitable objectives.

Just Transition Fund

During the year grant income of £305,175 was received from the Just Transition Fund for the Findhorn Watershed Project.

Moray Council Grant

Grant income of £5,000 was received during the year to facilitate INNS control along the Lossie

SISI INNS

Grant income of £96,795 was received from the Scottish Invasive Species Initiative.

CBL Capital Projects

Grant income of £437,146 was received from Chivas Brothers Limited for the River within CBL Project.

Forres Forest Town

During the year grant income of £2,454 was received from the Moray Local Action Group and TSI Moray towards costs associated with the Forres Forest Town project.

Moray Capital

Grant income of £2,000 was received from Moray Climate Action Network for Woodland restoration equipment.

16. RELATED PARTY DISCLOSURES

During the year the charity paid £4,633 (2024 - £4,168) to AWG Laing for rent and associated costs, at the year end there was nil (2024 - £1,512) due to AWG Laing. AWG Laing being a close relative of The Hon M M H Laing (Trustee).

Page 21

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 3,695 - 3,695 19,252
DFSB contributions 29,390 - 29,390 29,390
33,085 - 33,085 48,642
Investment income
Deposit account interest - - - 19
Charitable activities
Contract Income 68,658 - 68,658 6,521
Grants 27,785 848,569 876,354 875,501
96,443 848,569 945,012 882,022
Total incoming resources 129,528 848,569 978,097 930,683
EXPENDITURE
Charitable activities
Wages 78,534 167,088 245,622 189,584
Pensions 7,948 3,712 11,660 10,452
Rent 3,414 - 3,414 3,312
Insurance 6,848 - 6,848 5,450
Light and heat 970 14 984 934
Telephone 1,388 - 1,388 1,368
Postage and stationery 605 - 605 619
Sundries 1,807 - 1,807 890
Subscriptions 2,995 - 2,995 2,684
Local projects - - - 338
Repairs and Renewals 481 - 481 1,100
Staff Training 9,495 - 9,495 1,233
Motor & travel expenses 6,083 - 6,083 5,570
Professional fees 809 - 809 910
Contracts expenditure 11,486 593,629 605,117 288,147
Bank Charges 288 - 288 241
Plant and machinery 3,089 1,167 4,256 4,001
Fixtures and fittings - 91 91 53
Motor vehicles 1,367 7,518 8,885 11,847
Computer equipment 285 1,176 1,461 922
137,894 774,395 912,289 529,655

This page does not form part of the statutory financial statements

Page 22

Docusign Envelope ID: 8DE0EA39-6FDA-4291-91A4-A463CB97D02D

Findhorn Nairn & Lossie Rivers Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Support costs
Governance costs
Auditors' remuneration 12,600 - 12,600 7,380
Auditors' remuneration for non audit work 3,628 - 3,628 3,100
16,228 - 16,228 10,480
Total resources expended 154,122 774,395 928,517 540,135
Net income/(expenditure) (24,594) 74,174 49,580 390,548

This page does not form part of the statutory financial statements

Page 23