REGISTERED COMPANY NUMBER: SC222802 (Scotland)

REGISTERED CHARITY NUMBER: SC032131

Report of the Trustees and

Unaudited Financial Statements For The Year Ended 31 March 2026

for

The Deveron, Bogie and Isla Rivers

Charitable Trust

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

14

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 2026. 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

The charity's objects are to conserve, protect, enhance and rehabilitate salmon, sea-trout and trout and other indigenous wildlife and to promote the ecological cycle within the Deveron catchment area and to raise people's awareness of conservation and protected areas by commissioning research and publishing the results for the public's benefit.

Achievements and performance

The incoming resources of the charity for the year amounted to £452,835. This includes donations and grants of £272,134 and income from charitable activities of £53,368. The expenditure incurred amounted to £453,004 which, together with a profit of £9,599 on revaluation of investments, gives rise to an overall surplus of £9,430.

Funds were obtained from a variety of sources to support priority projects during 2025/26. Continued funding from the Scottish Invasive Species Initiative (Via NatureScot) enabled invasive species control work to continue throughout the Deveron Catchment. Additional grant funding was secured from European Open Rivers Programme and from Chivas Brothers through The River Within partnership. Further income was generated through charitable activities, including the sale of Trust merchandise. In addition, several fish and habitat monitoring projects, together with fish rescue contracts, were successfully undertaken on behalf of clients during the year.

FINANCIAL REVIEW

Reserves policy

The Trustees review the charity's reserves policy annually, taking into consideration the charity's ongoing activities, future commitments and potential financial risks.

The Trustees consider it prudent to maintain an appropriate level of unrestricted reserves to ensure the charity can continue to meet its obligations and operate effectively in the event of unforeseen expenditure or fluctuations in income.

As part of this policy, a proportion of unrestricted reserves is designated to provide for potential staff redundancy costs. At 31 March 2026, £32,792 was designated for this purpose. The level of both designated and unrestricted reserves is reviewed regularly by the Trustees to ensure that it remains appropriate to the charity's circumstances.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC222802 (Scotland)

Registered Charity number

SC032131

Registered office

The Offices

Avochie Stables

Avochie

Huntly

Aberdeenshire

AB54 7YY

Trustees

Mr J Cruickshank OBE (Chairman)

Mr D Borthwick (resigned 25.9.25)

Mr R Cooper (Vice Chairman)

Mr F Henderson

Mr R Shields

Mr A Allwood

Mr S Mackison (appointed 25.9.25)

Company Secretary

Mr J Cruickshank

Independent Examiner

Alan Long FCA

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

Approved by order of the board of trustees on 24 August 2026 and signed on its behalf by:

Mr J Cruickshank - Trustee

Independent examiner's report to the trustees of The Deveron, Bogie and Isla Rivers Charitable Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Alan Long FCA

The Institute of Chartered Accountants in England and Wales

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

24 August 2026

31.3.26

31.3.25

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

247,030

147,215

394,245

219,110

Charitable activities

Monitoring, contract and services

53,368

-

53,368

49,040

Other trading activities

2

2,211

-

2,211

53,080

Investment income

3

-

3,011

3,011

2,959

Total

302,609

150,226

452,835

324,189

EXPENDITURE ON

Raising funds

657

-

657

18,289

Charitable activities

Monitoring, contract and services

363,837

89,610

453,447

253,736

Other

(1,100

)

-

(1,100

)

-

Total

363,394

89,610

453,004

272,025

Net gains on investments

-

9,599

9,599

453

NET INCOME/(EXPENDITURE)

(60,785

)

70,215

9,430

52,617

Transfers between funds

12

10,000

(10,000

)

-

-

Net movement in funds

(50,785

)

60,215

9,430

52,617

RECONCILIATION OF FUNDS

Total funds brought forward

187,969

195,745

383,714

331,097

TOTAL FUNDS CARRIED FORWARD

137,184

255,960

393,144

383,714

31.3.26

31.3.25

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

41,836

-

41,836

54,600

Investments

8

-

178,573

178,573

165,962

41,836

178,573

220,409

220,562

CURRENT ASSETS

Stocks

9

265

-

265

894

Debtors

10

61,154

-

61,154

40,493

Cash at bank

47,564

87,387

134,951

129,934

108,983

87,387

196,370

171,321

CREDITORS

Amounts falling due within one year

11

(13,635

)

(10,000

)

(23,635

)

(8,169

)

NET CURRENT ASSETS

95,348

77,387

172,735

163,152

TOTAL ASSETS LESS CURRENT LIABILITIES

137,184

255,960

393,144

383,714

NET ASSETS

137,184

255,960

393,144

383,714

FUNDS

12

Unrestricted funds

137,184

187,969

Restricted funds

255,960

195,745

TOTAL FUNDS

393,144

383,714

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 24 August 2026 and were signed on its behalf by:

Mr J Cruickshank - Trustee

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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost, 15% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

2.	OTHER TRADING ACTIVITIES

31.3.26

31.3.25

£

£

Sponsorships

2,000

2,830

Sales of merchandise and Deveron gin

211

50,250

2,211

53,080

3.	INVESTMENT INCOME

31.3.26

31.3.25

£

£

Revaluation of investments

3,011

2,959

4.	NET INCOME/(EXPENDITURE)

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

31.3.26

31.3.25

£

£

Depreciation - owned assets

13,530

11,179

Surplus on disposal of fixed assets

(1,100

)

-

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2026 nor for the year ended 31 March 2025.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

124,054

95,056

219,110

Charitable activities

Monitoring, contract and services

49,040

-

49,040

Other trading activities

53,080

-

53,080

Investment income

-

2,959

2,959

Total

226,174

98,015

324,189

EXPENDITURE ON

Raising funds

18,289

-

18,289

Charitable activities

Monitoring, contract and services

174,051

79,685

253,736

Total

192,340

79,685

272,025

Net gains on investments

-

453

453

NET INCOME

33,834

18,783

52,617

Transfers between funds

(14,290

)

14,290

-

Net movement in funds

19,544

33,073

52,617

RECONCILIATION OF FUNDS

Total funds brought forward

168,425

162,672

331,097

TOTAL FUNDS CARRIED FORWARD

187,969

195,745

383,714

7.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2025

65,669

60,789

54,356

180,814

Additions

-

766

-

766

At 31 March 2026

65,669

61,555

54,356

181,580

DEPRECIATION

At 1 April 2025

63,854

52,810

9,550

126,214

Charge for year

1,314

1,014

11,202

13,530

At 31 March 2026

65,168

53,824

20,752

139,744

NET BOOK VALUE

At 31 March 2026

501

7,731

33,604

41,836

At 31 March 2025

1,815

7,979

44,806

54,600

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

MARKET VALUE

At 1 April 2025

165,962

Additions

15,860

Revaluations

(3,249

)

At 31 March 2026

178,573

NET BOOK VALUE

At 31 March 2026

178,573

At 31 March 2025

165,962

There were no investment assets outside the UK.

Cost or valuation at 31 March 2026 is represented by:

Unlisted

investments

£

Valuation in 2023

154,766

Valuation in 2024

7,784

Valuation in 2025

3,412

Valuation in 2026

(3,249

)

Cost

15,860

178,573

9.

STOCKS

31.3.26

31.3.25

£

£

Stocks

265

894

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

2,260

8,498

Bad debts

(33

)

-

Other debtors

13,223

24,372

VAT

7,293

3,069

Prepayments

38,411

4,554

61,154

40,493

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

12,465

7,079

Pension control

25

-

Accrued expenses

1,145

1,090

Income in advance

10,000

-

23,635

8,169

12.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.25

in funds

funds

31.3.26

£

£

£

£

Unrestricted funds

General fund

164,040

(60,785

)

1,137

104,392

Designated fund

23,929

-

8,863

32,792

187,969

(60,785

)

10,000

137,184

Restricted funds

Improvement Fund

165,962

12,611

-

178,573

The Scottish Species Initiative Project

13,762

1,001

-

14,763

Open Rivers Programme

21

56,603

(10,000

)

46,624

Calidonia OWF

16,000

-

-

16,000

195,745

70,215

(10,000

)

255,960

TOTAL FUNDS

383,714

9,430

-

393,144

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

302,609

(363,394

)

-

(60,785

)

Restricted funds

Improvement Fund

3,012

-

9,599

12,611

The Scottish Species Initiative Project

90,611

(89,610

)

-

1,001

Open Rivers Programme

56,603

-

-

56,603

150,226

(89,610

)

9,599

70,215

TOTAL FUNDS

452,835

(453,004

)

9,599

9,430

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

146,653

33,834

(16,447

)

164,040

Designated fund

21,772

-

2,157

23,929

168,425

33,834

(14,290

)

187,969

Restricted funds

Improvement Fund

162,550

3,412

-

165,962

The Scottish Species Initiative Project

-

532

13,230

13,762

Open Rivers Programme

122

(1,161

)

1,060

21

Calidonia OWF

-

16,000

-

16,000

162,672

18,783

14,290

195,745

TOTAL FUNDS

331,097

52,617

-

383,714

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

226,174

(192,340

)

-

33,834

Restricted funds

Improvement Fund

2,959

-

453

3,412

The Scottish Species Initiative Project

79,056

(78,524

)

-

532

Open Rivers Programme

-

(1,161

)

-

(1,161

)

Calidonia OWF

16,000

-

-

16,000

98,015

(79,685

)

453

18,783

TOTAL FUNDS

324,189

(272,025

)

453

52,617