Charity Registration No. SC038793 (Scotland)
Company Registration No. SC331411 (Scotland)
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE A9 PARTNERSHIP LIMITED
Chartered Accountants
47 Commercial Road
Lerwick
Shetland
ZE1 0NJ
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A J Balfour
Mr T Scott
Mr A S Duncan
Mr D Sandison
Secretary
Turcan Connell Company Secretaries Ltd
Charity number (Scotland)
SC038793
Company number
SC331411
Registered office
3rd Floor, Venue Studios
21 Carlton Road
EDINBURGH
EH8 8DL
Independent examiner
The A9 Partnership Limited
47 Commercial Road
Lerwick
Shetland Isles
ZE1 0NJ
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
CONTENTS
Page
Independent examiner's report
1
Trustees' report
2 - 3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
- 1 -

I report on the financial statements of the company for the year ended 31 December 2023, which are set out on pages 4 to 9.

Respective responsibilities of trustees and examiner

The company’s trustees, who are also the directors of Scottish Salmon Education and Research Foundation for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of 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 of any unusual items or disclosures 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 financial statements.

Independent examiner's statement

In the course of my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

The A9 Partnership Limited
MRS JAYNE ANDERSON FCCA
47 Commercial Road
Lerwick
Shetland Isles
ZE1 0NJ
Dated: 20 September 2024
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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 company's objects are the following:

 

 

There has been no change in these during the year.

Achievements and performance

Progress has continued with the PhD studentship, supported by SSERF, that seeks to assess the sustainability of the Scottish wrasse fishery. This project commenced in October 2021, with the project joint funded by SSERF and Scottish Government (Sea Fisheries department, Marine Directorate). During 2023, the PhD completed its second year and entered the third year of this 3.5 year studentship.

 

Building on research conducted in year one, a detailed plan for the PhD thesis was developed which took each experimental project as an individual chapter.  Research continued to a) analyse existing catch data, identifying trends and key fishery assessment metrics, b) undertake field-based assessments of life history metrics from wrasse delivered to salmon farms, c) completed lab-based experiments to better understand the suitability and selectivity of existing wrasse traps and d) assessed bycatch and any risks to non-target species. During 2023 work either started or continued on the drafting of three research papers.  These are in an advanced state and will be submitted to relevant peer-reviewed journals during 2024.

 

There was ongoing dissemination around the project to the salmon farming sector and Marine Directorate. Efforts to identify suitable national and international conferences to further disseminate project results were ongoing but challenged by the lack of suitable conferences during 2023 and beyond (within the lifetime of the PhD).

 

Moving into the final year of the PhD, the student will undertake further field work to enhance understanding of the population biology of ballan wrasse, and will complete lab- and desk-based analysis to conclude the remaining research chapters of the thesis. The student is on track to deliver a completed thesis for assessment and defence (viva) shortly after the conclusion of funding in spring 2025.

 

From an administrative perspective, additional SSERF funds (£2,078) were requested in 2023 to cover a shortfall in the student stipend. At the time of funding, accurate figures for the annual student stipend (for all years) were not available from the University of Aberdeen or UKRI.  As such, an estimation was provided based on the stipend in 2020/21 and expected inflationary rises each year. This estimate fell slightly short of the actual stipend required.  It is anticipated that a similar request for additional funds will be made to SSERF in 2024.

SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Financial review

The Statement of Financial Activities show net outgoing resources of £1,432 (2022: £75,658) and our reserves stand at £26,860 (2022: £28,292).

It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure all projects approved for funding can be financed in full. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The company is a company limited by guarantee and was established for charitable purposes only. It is a registered Scottish company, incorporated on 25th September 2007, No: SC331411, and a registered Scottish Charity gaining charitable status on 9th October 2007, No: SC038793. It has its registered office and place of business at 3rd Floor, Venue Studios, 21 Carlton Road, Edinburgh, EH8 8DL.

 

The objects and powers of the charitable company are established under a Memorandum of Association. In the event of the company being wound up, members are requested to contribute an amount not exceeding £1.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr A J Balfour
Mr T Scott
Mr A S Duncan
Mr D Sandison

The trustees may appoint a person who is willing to act to be a trustee, either to fill a vacancy or as an additional trustee in accordance with the Articles. The company is not subject to a maximum number of trustees. New trustees are provided with information necessary for the responsibility of holding office as trustees of an incorporated charity.

The charity has no employees. All decisions are made by the board of trustees.

Small Company Provisions

This report has been prepared 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 of Trustees.

Mr A J Balfour
Trustee
Dated: 18 September 2024
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Unrestricted
Total
Total
funds
2023
2022
Notes
£
£
£
Expenditure on:
Charitable activities
2
1,432
1,432
75,658
Net expenditure for the year/
Net movement in funds
(1,432)
(1,432)
(75,658)
Fund balances at 1 January 2023
28,292
28,292
103,950
Fund balances at 31 December 2023
26,860
26,860
28,292

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
27,964
29,435
Creditors: amounts falling due within one year
6
(1,104)
(1,143)
Net current assets
26,860
28,292
Income funds
Unrestricted funds
26,860
28,292
26,860
28,292

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 18 September 2024
Mr A J Balfour
Trustee
Company registration number SC331411
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Charity information

Scottish Salmon Education and Research Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is 3rd Floor, Venue Studios, 21 Carlton Road, EDINBURGH, EH8 8DL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the company's Memorandum of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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)".

 

The company is a Public Benefit Entity as defined by FRS 102.

 

The company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the company.
1.4
Income
Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis as a liability is incurred.

 

Charitable expenditure comprising of costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

 

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiners fees.

 

All cost are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource.

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 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Charitable activities

 

 

2023
2022
£
£
Charitable expenditure
-
74,553
Share of governance costs (see note 3)
1,432
1,105
1,432
75,658
3
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£
Legal and professional
-
514
514
193

Independent examiner's fee

-
918
918
912
-
1,432
1,432
1,105
Analysed between
Charitable activities
-
1,432
1,432
1,105
4
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.
5
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
SCOTTISH SALMON EDUCATION AND RESEARCH FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,104
1,143
7
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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