The trustees present their annual report and financial statements for the year ended 31 March 2026.
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 trust's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The objects for which the Trust are established are:
To advance, for public benefit, environmental protection and improvement by means of conserving and enhancing all species of freshwater fish, bi-valves, invertebrates, other freshwater aquatic species and fauna and their environments. These activities are primarily undertaken in (but not limited to) the inland and costal waters of Wester Ross and Skye including its small isles.
To advance and support the education of school students, the general public and any association, company, local authority, administrative, governmental agency, public body or representative body in:
- the understanding of aquatic ecosystems, including their fauna, flora and economic or social activity,
and river catchment management.
- the need for, and benefits of, protection, conservation, rehabilitation and improvement of aquatic
environments.
- to undertake research directly in these areas and to support relevant scientific research in conjunction
with Higher Education Bodies.
Strategic Overview:
The present Wester Ross Fisheries Trust (WRFT) has been active since 2021. The Trust's primary focus continues to be wild fish surveys, monitoring and sampling fish to understand the status of wild salmon and sea trout in local waters. From April 2025, WRFT has undertaken a greater amount of habitat restoration work, largely through a seagrass restoration grant, with seagrass being an important habitat for juvenile fish and their pray. Additionally, there is a remit for environmental education activities. Data from WRFT surveys continues to inform the Wester Ross Area Salmon Fishery Board and others who share the responsibility for looking after the wild salmon and sea trout populations and associated wildlife of Wester Ross.
Scientific/Biological Monitoring
The monitoring of key species and habitats within Wester Ross is at the core of the Trust's existence. Surveys provide objective information to better inform policy and decision makers and to guide educational activities. Results and interpretations of WRFT work are widely reported on the website (www.wrft.org.uk), as reviews, data summaries, scientific publications and newsletters. During 2025/26 the WRFT biological monitoring programme and activities included sea trout sampling, juvenile salmon surveys, herring eDNA sampling, a new salmon nutrition project and workshops. Further information can be found in the WRFT newsletters available via the WRFT website. It is anticipated that wild fish monitoring work and additional projects will continue and expand over the next few years.
Project Funding and Delivery
During 2025/26 the Trust continued to deliver a number of monitoring projects, funded via Fisheries Management Scotland and commercial fish farm operators, plus on-going projects from other funders. The Trust was successful in securing external funding for several projects;
1. Tournaig smolt trap - A grant was obtained from Salmon Scotland Wild Fisheries Fund for £5,000 in total, to cover repairs to the trap (of £1,600) plus annual costs for the operating of the trap, data analysis and report writing.
2. Seagrass restoration project - This new project started in April 2025 and will run for three years funded by Scottish Marine Environmental Enhancement Fund (SMEEF) Seagrass Meadows Scotland. The total grant over three years is up to £134,870 (£50,957 in 2025-26). A new member of staff was appointed as Seagrass Project Manager for three years, commencing June 2025. An additional grant for phase 2 of the SMEEF Seagrass Meadows Scotland project was awarded to WRFT in early 2026. This additional grant will commence on 1st April 2026 for 2 years alongside the original seagrass grant, with an additional grant funding to the value of up to £73,643 over the next two years.
3. SMEEF NRF (Nature Restoration Fund) Capital Fund - A grant of £21,608 was obtained for the purchase and installation of a polytunnel for the seagrass nursery ponds at Inverasdale, and for the purchase of a survey drone. The work on the polytunnel was completed in 2025/26.
4. Internship - A successful application to fund a six month "Working with Rivers" intern was made via Fisheries Management Scotland, to the SSEN Transmission Regional Fund. This internship will commence in financial year 2026/27.
5. Interpretation boards - Additional funding was obtained towards the production and installation of the new interpretation boards from North Highlands Initiative (£2,000) and the Little Loch Broom Marine Life Group (£200).
6. WRASFB (Wester Ross Area Salmon Fisheries Board) - A donation of £20,000 was received during 2025/26 towards WRFT core work. WRASFB contributed a further £2,500 to the Stream Nutrient project.
Partnerships/Joint Working:
The Trust continues to work with a wide range of academic, Government, charitable and educational organisations. Against a background of continuing declines of key species and habitats arising from many causes, the Trustees believe that the Trust continues to be uniquely placed to provide authoritative and independent information to encourage better management and conservation of rivers and fish populations and their socio-economic benefits to the people of Wester Ross.
The Trust continues to consult with a range of stakeholders in the area (eg riparian owners, ghillies, local conservation groups) in order to determine how best to fulfil its own and communal objectives. This consultation has resulted in the Trust allocating more resources to citizen science projects and to directly supporting other local groups. In future, more expensive use will be made by the community of the Trust's own facilities and equipment.
The financial year resulted in a surplus of £62,660 (2025: £28,816). This surplus was primarily due to grants and other income of £171,355 (2025: £103,799) related to restricted and unrestricted activities, against cumulative expenses of £108,695 (2025: £74,983) in relation to activities carried out during the financial year.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’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 Trust intends that any surplus funds will be carried forward, year on year, to meet the cost of a rolling programme of activities through future years. Restricted funds will be used in accordance with the agreements with relevant funders.
The trust is a private company limited by guarantee and consequently does not have any share capital. The company was incorporated on 2 February 2021 and is governed by its Memorandum and Articles of Association.
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:
Trustees:
The management structure continues to have one of the Trustees appointed as Deputy Chair with the intention that this post and that of Chair will rotate on a regular basis, (initially 3 years) ensuring continuity of experience. These changes are intended to secure a stable and experienced management structure for the future.
The following Trustees stood down in 2025/26: Mark Williams on 28 October 2025, Dave Barclay on 28 October 2025, Peter Jarosz (deceased) died on 21 March 2026. The following Trustees were appointed in 2025/26: Toby Landeryou on 24 April 2025, Douglas Williams on 20 February 2026.
Annual General Meeting - The AGM was held as a public meeting at Poolewe Village Hall on 24 April 2025 and the Office Bearers were re-elected.
The trustees, who are also the directors of Wester Ross Fisheries Trust for the purpose of company law, are responsible for preparing the Trustees' Report 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 trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the trust for the year ended 31 March 2026, which are set out on pages 6 to 15.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
My examination is 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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.
In the course of 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 Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Wester Ross Fisheries Trust is a private company limited by guarantee incorporated in Scotland. The registered office is Harbour Centre, Pier Road, Gairloch, Ross-shire, IV21 2BQ.
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
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 or grantors 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.
Cash donations are recognised on receipt. Other donations are recognised once the trust 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.
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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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, 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.
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
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 trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
Collectively the key management personnel remuneration during the year was £12,870.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2025 - none).