REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Scottish Pelagic Fishermen's |
Association Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Scottish Pelagic Fishermen's |
Association Limited |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Directors | 1 |
Statement of Income and Retained Earnings | 6 |
Balance Sheet | 7 |
Notes to the Financial Statements | 8 |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Company |
Information | Directors at 31 March 2024 |
Chairman | ALEXANDER WISEMAN, 3 Sandyhill Gardens, Banff |
Vice-Chairman | DAVID K HUTCHISON, 1 Hillhead, Symbister, Whalsay |
Fraserburgh | STEPHEN BELLANY, Greenrigs, Tillynaught, Portsoy, Banff |
JAMES DUTHIE, Den of Cortes, Lonmay, Fraserburgh |
STALE HANSEN, 47 Strichen Road, Fraserburgh |
STEPHEN McCULLOUGH, 9 Riverdale Drive, Kilkeel, Northern Ireland |
ANDREW ORR, 218 Kilkeel Road, Annalong, Northern Ireland |
ALLAN SIMPSON, Fae-me-well House, Cothal, Fintry, Aberdeen |
MICHAEL TAIT, Silveracres, Rathen, Fraserburgh |
NICHOLAS TAIT, 9 Cromarty Crescent, Fraserburgh |
ROBERT TAIT JNR, Lochside House, Lonmay, Fraserburgh |
GEORGE R WEST, 9 Castlehill Drive, Gardenstown |
ADAM J WISEMAN, 27 Colleonard Drive, Banff |
ALEXANDER WISEMAN, 3 Sandyhill Gardens, Banff |
WILLIAM WHYTE, 2 Greenbank Road, Fraserburgh |
Peterhead | ALEXANDER BUCHAN JNR, Woodcote, Ellis Hill, Inverugie, Peterhead |
JOHN G BUCHAN, tigh-na-tu.laich, 1 North Road, Peterhead |
MARK BUCHAN, The Walled Garden, Crimonmogate, Lonmay |
Shetland | GEORGE W ANDERSON, Harbour View, Symbister, Whalsay |
DAVID K HUTCHISON, 1 Hillhead, Symbister, Whalsay |
LAURENCE IRVINE, Aviemore, Symbister, Whalsay |
ANDREW PILLAR, Altaire Fishing Co, Cattedown Road, Plymouth |
ARTHUR STEWART, Trevora, Brough, Whalsay |
RICHARD WILLIAMSON, Millbrook, Hillhead, Symbister, Whalsay, Shetland |
ALLISTER IRVINE, Karinya, Symbister, Whalsay, Shetland |
Accountants | SBP |
Accountants and Business Advisors |
2 Cross Street |
Fraserburgh, AB43 9EQ |
Secretary | Ian Gatt |
Registered Office | Heritage House |
135 - 139 Shore Street |
Fraserburgh, AB43 9BP |
Bankers | Bank of Scotland |
Seaforth Street |
Fraserburgh, AB43 9BB |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Report of the Directors |
for the Year Ended 31 March 2024 |
Directors Report |
REPORT of the DIRECOTRS of the SCOTTISH PELAGIC FISHERMEN'S ASSOCIATION LIMITED to the Ninety Second ANNUAL GENERAL MEETING of MEMBERS |
Directorate |
The names of the directors, all of whom have served throughout the financial year, are shown on page one. |
Membership |
The total number of vessels represented by the Association as at 31 March 2024 was 22. The boat owner directors as at 31 March 2024 was 23. |
Principal activities |
The company's main activities are the promotion and protection of the member's interests. These |
functions are carried out mainly by the Association or occasionally for it and on its behalf by the |
Scottish Fishermen's Federation (SFF), of which the Association is one of the 8 constituent members. |
Finance and administration |
Association vessel membership was 22. SFF Services enjoyed another decent trading year which provided a rebate to the SFF constituent associations. The Association made a charge against one Association vessel undertaking western herring surveys to offset costs associated with the corresponding scientific survey work. The Association joined an EU funded CiBrinna project that will bring in funding to cover the costs of the SPFA Chief Scientific Officer's work during the project's five year lifespan. Overall financial expenditure increased during the financial period. |
The Association posted a deficit for the year. |
Charitable and other contributions |
Donations totalling £2,000 were made to the Royal National Mission to Deep Sea Fishermen. |
No fishing qualification training grants were made during this financial period. |
Fishing opportunities |
Coastal States did not reach a comprehensive mackerel agreement by end of March 2023. UK, Norway and Faroe Islands began a series of trilateral negotiations with the aspiration to reach a partial agreement between the parties. After two rounds of negotiations Faroe Islands took the decision to disengage from the talks. UK and Norway continued and finally reached a bilateral agreement in June 2023. The arrangement resulted in Norway reducing their mackerel quota share. It also resulted in the UK obtaining a mackerel quota transfer from Norway in exchange for granting Norway access to UK waters to fish 60% of their national quota. This bilateral fishery arrangement was valid for 2023. |
In September coastal States negotiations resumed again during the autumn period and into the first quarter of 2024. Despite intense negotiations during multiple meetings no comprehensive agreed was reached before the end of March 2024. At the annual meeting in October 2023 Coastal States did agree the 2024 mackerel TAC at 739,386 tonnes, which was in line with the ICES scientific advice. |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Report of the Directors |
for the Year Ended 31 March 2024 |
A significant amount of Coastal States ASH and blue whiting negotiation meetings were also convened during this period. Unfortunately, very little progress was made in reaching a comprehensive quota sharing agreement. The parties did agree on 2024 TAC levels for both stocks during October which were set in accordance with the ICES scientific advice. |
The blue whiting stock had benefitted for another strong year of young fish recruitment. Therefore, the TAC increased to 1,529,754 tonnes as per the ICES recommendation. ASH had suffered from the opposite with very little young fish entering the fishery, although encouraging signs of recruitment were now being picked up by scientific surveys. The TAC was reduced by 24% to 390,010 tonnes. Coastal States agreed to intensify discussions on quota shares for both stocks. |
ICES 2025 TAC advice for the North Sea herring fishery was 510,323 tonnes representing a 33% TAC increase from the previous year. SPFA vessel owners expressed concern over the continually fluctuating scientific advice for this stock. Following several negotiation meetings between EU, Norway and UK fisheries managers, it was decided to set the TAC level in accordance with the scientific advice. |
Bilateral fishery agreements were concluded with both Faroe Islands and Norway. No pelagic quotas were exchanged with Faroe Islands meaning there would be no reciprocal access to each other's waters. Norway was permitted to fish 20,000 tonnes of its own North Sea herring quota in UK waters. In return the UK can fish 20,000 tonnes of its own ASH herring quota in Norwegian waters. |
EU and UK signed a bilateral fishery agreement for 2024 on 6 December 2023. Further quota share adjustments were made for most pelagic stocks as per the Trade and Cooperation Agreement. |
Sustainability of Pelagic Fisheries |
SPFA continues to act as the secretariat and chair for the Scottish Pelagic Sustainability Group. The North Sea herring fishery had undergone a successful MSC audit in January 2023. |
SFF |
SFF marked the 50th anniversary of the establishment of the federation. A celebratory high profile event was held in Edinburgh Castle that the SPFA chairman and CEO attended. |
Science |
Dr Mackinson successfully co-ordinated the 7th industry/science western herring acoustic survey and sampling programme. |
Data from the Scottish Pelagic Industry Science Data Collection Programme continues to be submitted to ICES for use in pelagic fisheries stock assessments. |
Funding applications were submitted for an EU Cibrinna bycatch project which was successful. An application to the Defra Seafood fund for a continuation of the "Catch to Batch" project was unsuccessful. However, a pilot project involving one of the major retailers and a pelagic processing factory commenced to test the project feasibility before wider involvement. |
Dr Mackinson continues to play an influential role within the ICES scientific community. |
Work continued to collate VMS and vessel plotter data to produce maps of pelagic fishing activity for use as evidence in discussion with Offshore Renewable Energy (ORE) developers. With the scale of ORE projects ongoing both the CSO and CEO were fully engaged in multiple meetings with respective developers. |
Dr Mackinson continued to co-author peer reviewed papers in scientific journals. |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Report of the Directors |
for the Year Ended 31 March 2024 |
Branches |
The company had 3 Branches at the year end as shown in the following table. |
No | Name of Branch | Name and address of Branch Secretary | Telephone Number |
1 | FRASERBURGH | IAN GATT | 01346 510714 |
Heritage House |
135 - 139 Shore Street |
Fraserburgh |
AB43 9BP |
2 | PETERHEAD | GRAEME RATTRAY | 01779 476384 |
Messrs Bain Henry Reid |
Chartered Accountants |
28 Broad Street |
Peterhead |
3 | SHETLAND | BRIAN ISBISTER | 01595 693768 |
C/o Shetland Fishermen' Association |
Mair' Quay |
Holmsgarth |
Lerwick |
Shetland |
ZE1 0PW |
Branches are funded by means of annual grants approved by the Board of Directors |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Report of the Directors |
for the Year Ended 31 March 2024 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Charitable donations totalling £2,200 were made during the year. No political donations were made. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 3 | ( |
) |
Interest receivable and similar income |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which 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 company as at the end of each financial year and of its profit or loss 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 company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparation |
Income |
Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
Taxation |
The company is a non profit making, non trading, entity and as such any surplus income is not subject to Corporation Tax other than interest received from bank deposits which is taxed as investment income. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
Staff numbers and costs |
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows: |
Number of employees |
31/03/2024 | 31/03/2023 |
Directors | 23 | 23 |
Administration | 3 | 3 |
26 | 26 |
Only two directors received payroll remuneration which totalled £9,150. |
Directors received a daily allowance for attending meetings throughout the year which totalled £3,900 |
3. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Scottish Pelagic Fishermen's |
Association Limited (Registered number: SC016725) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |