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 charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006 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 charity's objectives are to advance, and to encourage the advance of, marine science and technology in Scotland and elsewhere, and further thereto:

• To establish, undertake, manage, enable, encourage and promote research, communication and education across Scotland and elsewhere in relation to marine science and technology, and the marine environment and ecosystems; and

• To provide information and support to members, other organisations, public bodies and governments and to inform marine policy and management; and

• To contribute to and enhance the public's knowledge and understanding of the marine environment and ecosystems.

Legal & Governance

MAST-Scotland (MAST-S) continues to operate as an effective legal and charitable entity, managing income streams aligned directly with its core charitable objectives. Acting as a single contracting party has proven highly advantageous for the wider MASTS research community, providing a streamlined framework to establish Memoranda of Understanding (MoUs) and foster substantive strategic collaborations.

Project Management & Financial Sustainability

• Project Management Income: MAST-S continues to derive income through managing the SharkScape project, funded by Shell UK (Adura). The Board, via the MASTS Directorate, is leveraging the commissioning and governance frameworks developed for SharkScape to secure funding for similar initiatives.

• Reinvestment in Charitable Goals: Organizing conferences and workshops, coupled with research coordination, yields steady operational revenue that is reinvested into MAST-S’s charitable mission. The Board sees further potential to scale these activities.

• European Research Strategy: Capital liberated from the discontinuation of European Marine Board subscriptions was reallocated to the MASTS Engagement in European Research Fund, designed to optimize European research funding access and collaboration for members.

International Engagement & Strategic Alliances

MAST-S maintains international relationships, supported by MoUs with institutions in Canada and Japan. Furthermore, MAST-S maintains its Observer Status for United Nations Climate Change Conferences (COP), held since COP26 in Glasgow. MAST-S is engaged in the process of establishing UK Marine Science.

Strategic Initiatives & Capacity Building

• Doctoral Education: To support future ocean scientists, MAST-S helped facilitate a UK Research and Innovation (UKRI) Doctoral Focal Award application.

• Perpetual Endowment Fund: MAST-S is exploring philanthropic opportunities to establish an endowment fund that will secure permanent financial support for the MASTS Graduate School. Cairney Ltd and Rathbones were taken on to advise and support the development of the necessary framework, polices, donor engagement and financial strategies. The initiative is set to be launched in Autumn 2026.

Membership Dynamics (2025/6)

Associate Membership contributions paid directly to MAST-S continue to support core staff and initiative costs within the MASTS Directorate.

• New Members: Crown Estate Scotland joined MASTS and MAST-S as an Associate Member, while Queen’s University Belfast joined as a Full Member.

• Withdrawals: There have been no withdrawals within the reporting period.

For a visual overview of the SharkScape conservation research managed by MAST-S, you can watch Edinburgh Napier University's SharkScape Project Overview. This video provides background on the species mapping and marine ecosystem research supported through this initiative.

Results for the year ended 31 March 2026 are given in the Statement of Financial Activities. The assets and liabilities are given in the Balance Sheet. The financial statements should be read in conjunction with the related notes.

In summary income amounted to £386,634 (2025 - £589,092) and expenditure totalled £399,705 (2025 - £562,079) resulting in a net deficit for the year before gains and losses, of £13,071 (2025 surplus - £27,013).

Reserves Policy

The MAST-Scotland Board has an agreed reserves policy which refers to the operational costs of MASTS. In practice this means the direct operational costs of MAST-Scotland and the ability, in the short term, to contribute to the operation of the MASTS consortium and principally the costs of the MASTS Directorate should the need arise. This could for example include helping to cover any shortfalls in member contributions caused by late payments or withdrawal of members. Alternatively, the reserve offers the flexibility to take advantage of opportunities to further MAST-Scotland’s charitable purposes in support of unforeseen opportunities to engage in projects which may require some level of financial intervention.  In addition, the reserve offers a degree of financial stability which may be required to demonstrate financial viability to some potential funding bodies.

The funds of the charity are currently being accrued to ensure that a minimum reserve of approximately one year of operational costs (Secretarial, legal, accountancy and necessary insurances) for MAST-Scotland is established. For 2025/26 these operational costs amounted to £9,258 (2025 : £16,630) and at the balance sheet date the total reserves amounted to £206,758 whereby £185,590 are unrestricted and £21,168 are restricted.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. These risks are re-evaluated on an ongoing basis by the Executive Director and the Secretariat, and the Board is alerted to salient emerging issues. The charity retains insurance provisions to protect the interests of the trustees as well as the Chair and the Secretariat.

Reference and Administrative Information:

Charity registration number: SC045259

Company registration number: SC485726

Registered office: Thomson Cooper, 3 Castle Court, Carnegie Campus, KY11 8PB

The charitable company is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The company was incorporated on 2 September 2014 and registered as a charity from 28 November 2014.

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:

Professor N R Fyfe (Chair)

Professor N R Forsyth (Resigned 2 June 2026)

Dr J N Oswald (Appointed 15 May 2025)

Professor J M Baxter

M M Crawford

Dr D E K Ferrier (Resigned 15 May 2025)

Professor T J McGenity (Resigned 15 May 2025)

Professor G R Hutchison (Appointed 20 October 2025)

A C Pennington (Appointed 1 May 2026)

The trustees, who are also the directors of MAST-Scotland 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 charity 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 charity 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

I report on the financial statements of the charity for the year ended 31 March 2026, which are set out on pages 7 to 14.

The charity’s trustees, who are also the directors of MAST-Scotland 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.

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 connection with my examination, no matter has come to my attention:

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

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

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.

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 March 2026.

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.

MAST-Scotland is a private company limited by guarantee incorporated in Scotland. The registered office is Thomson Cooper, 3 Castle Court, Carnegie Campus, Dunfermline, KY11 8PB.

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. 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.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the next 12 months. 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 charity 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.

Membership subscriptions are recognised on receipt as these are nonrefundable.

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.

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 charity 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 charity's balance sheet when the charity 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 charity’s contractual obligations expire or are discharged or cancelled.

Project and function costs

Insurance

Bank charges

Legal and professional

Contribution to MASTS USTAN costs

ASM funds distributed

The average monthly number of employees during the year was:

The Key Management Personnel are considered to be the trustees and no remuneration was provided to them during the year.

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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.

AGU Fund: This fund represents underspent monies from MAST Delegates from previous events which will be used to support attendance at future conferences.

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.

During the year, St Andrews University made resources available to the charity to assist with the day to day running of operations.

This is too difficult to quantify therefore no donation in kind has been brought into the financial statements.

The charity made payments totalling £nil (2025: £65,515) to St Andrews University during the year as a donation of funds collected through membership income and tickets sold for the Annual Science Meeting held by the charity.