The Trustees present their annual report and financial statements for the year ended 31 January 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 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)" (effective January 2019).
The charity's objects are to:
1) advance for public benefit, environmental protection and improvement by conserving and enhancing all species of freshwater fish and their environments primarily, but not limited to, the inland and coastal waters of the Rivers North Esk, South Esk, Bervie and Lunan and their tributaries; and
2) to advance the education of the public and any association, company, local authority, administrative or governmental agency or public body or representative body in;
the understanding of aquatic ecosystems, including their fauna, flora and economic or social activity and river catchment management; and
the need for, and benefits of protection, conservation, rehabilitation and improvement of aquatic environments.
There has been no change to these during the year.
The Trustees have had regard to the guidance issued by the Office of the Scottish Charity Regulator (OSCR) on public benefit. Through habitat restoration, invasive species control, river monitoring, environmental education and catchment management projects, the Trust advances environmental protection and enhances freshwater ecosystems within the Esk catchments. These activities provide public benefit through improved biodiversity, increased climate resilience and greater public understanding and stewardship of the aquatic environment.
Throughout the year ended 31 January 2026, the Trust continued work on the Nature Restoration Fund (NRF) bid “Restoring the River South Esk: A nature-rich and climate-resilient catchment”. The ‘re-wiggling’ of the March Burn was completed in October 2025. Around 250m of the burn was successfully reshaped into a more natural form, with the work designed by cbec Ltd Consultants and groundworks by McGowan Environmental Engineering.
The Trust continues to deliver the SmartRivers initiative. This initiative is run by WildFish, and uses volunteers to collect river invertebrate samples twice a year, which are analysed by experts. The Trust has committed 5 years of support to this initiative.
The Scottish Invasive Species Initiative continued in the year ended 31 January 2026. The Esk District Salmon Fisheries Board has a dedicated Project Officer who is working with local volunteers and landowners to control invasive non-native plants and American mink. The project was previously hosted with the Esk District Salmon Fishery Board, but from April 2025 is now housed through The Esks Rivers & Fisheries Trust.
The Esk Rivers & Fisheries Trust continues to host the River South Esk Catchment Partnership Catchment Officer. The Catchment Officer is employed and managed by the Esk Rivers & Fisheries Trust and is working with local farmers and landowners to improve climate resilience.
Results for the year ended 31 January 2026 are given in the Statement of Financial Activities. The assets and liabilities are detailed on the Balance Sheet.
The Statement of Financial Activities shows a net outflow of funds for the year of £4,017 (2025: net inflow £51,254). This, added to the funds brought forward of £128,456 gives funds to carry forward of £124,439. The closing reserves are made up of restricted reserves of £93,437 and unrestricted reserves of £31,002, this includes a designated reserve of £3,701 earmarked for the SmartRivers initiative. Full details of income and expenditure are set out in the notes to the accounts.
The Trustees have a target to hold free reserves of 6 months unrestricted expenditure to meet current spending plans. At 31 January 2026 the charitable company had free reserves amounting to £20,417 which is around 9.5 months of unrestricted expenditure. The reserves held will enable the charitable company to continue with current activities.
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.
The operations of the Trust are dependent upon donations and obtaining grant funding for charitable activities. The nature of this funding places the Trust at risk, however the Trust has a record of delivering projects on time and within budget, which increases the opportunities for successfully bidding for grants.
The funding from Angus Council and the Cairngorm National Park for the RSECP Catchment Officer runs to March 2027 and the Trustees are looking at options for future funding for this position.
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association and was constituted as a company limited by guarantee and not having a share capital on 16 January 2007.
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:
The Trustees are responsible for the recruitment and appointment of additional Trustees. Trustees are nominated based on their interests in the aquatic environment and the need for a particular skill set among the Trustees.
The charitable company considers its key personnel to be the Trustees and the Secretary. The day to day decisions are taken by the Secretary. Development decisions are taken by the Trustees together with the Secretary at regular Trustee meetings.
The Trustees' report was approved by the Board of Trustees.
The Trustees, who are also the directors of The Esks Rivers & 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 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 January 2026, which are set out on pages 6 to 18.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the trustees, as a body, for my work or this report.
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 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 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 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
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.
The Esks Rivers & Fisheries Trust is a private company limited by guarantee incorporated in Scotland. The registered office is The Fisheries Office, Kinnordy Estate, Kirriemuir, Angus, DD8 5ES.
The financial statements have been prepared in accordance with the charity'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 charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 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 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.
Designated funds are funds earmarked at the discretion of the Trustees for a particular purpose. This designation has an administrative purpose only and does not legally restrict the Trustees' discretion to apply the fund to another purpose.
Restricted funds are subject to specific conditions imposed 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.
Grant income is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If the entitlement is not met then these amounts are deferred.
Investment income is recognised when receivable and the amount can be measured reliably.
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay. The charity is not VAT registered and accordingly expenditure is shown gross of irrecoverable VAT.
All expenditure has been classified under headings that aggregate all costs related to the category. Charitable activities are those costs incurred directly in furtherance of the objects of the charity. Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.
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 charity 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 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
The Trustees consider there to be no critical accounting estimates or judgements.
The charity has undertaken all charitable activities directly and did not provide any grant funding to third parties during the year ended 31 January 2026 (2025: £Nil).
None of the Trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The payment for key management personnel is included in the payments made to Esk District Salmon Fisheries Board shown in note 19.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity 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.
Glen Clova Restoration Fund Project. The Esks Rivers & Fisheries Trust were a project partner in this project led by Angus Council to restore the environment on Rottal Estate in Glen Clova. All payments related to staff time on the project.
RSECP Catchment Officer/Formerly CNPA Nature Restoration Project. Funding from Angus Council and Cairngorm National Park Authority to employ a Catchment Officer on behalf of the River South Esk Catchment Partnership. As the partnership is not an official organisation, The Esks Rivers & Fisheries Trust hosted the Catchment Officer on a fixed term contract from September 2024 to August 2026, which has been extended to March 2027 with funding being sought to extend this role.
Education Project. This is funding for the education and promotion of good practice to protect the aquatic habitat within the Esk Fishery District.
RSECP. As the RSECP is not an official organisation, The Esks Rivers & Fisheries Trust acts as the Treasurer for the partnership, holding funds on behalf of the partnership and making payments on its behalf.
SISI. This is a long running project to treat invasive species. The project is fully funded through NatureScot using grant money from the Nature Restoration Fund.
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.
Purpose of designated funds:
SmartRivers is an initiative run by WildFish that uses volunteers to collect data on river invertebrates. The Trust agreed to fund the project for 5 years using unrestricted funds, with the annual payments going to WildFish for hosting the project and identifying the species within our samples.
During the year Esk District Salmon Fisheries Board were reimbursed expenses incurred on behalf of The Esks Rivers & Fisheries Trust amounting to £27,664 (2025 - £47,144). The balance remaining due to the Esk District Salmon Fisheries Board at the year end is £105 (2025 - £105).
Dr Craig MacIntyre, Secretary of the Trust, is also a member of the Board of Esk District Salmon Fisheries Board. The Trustees consider the reimbursement of expenses to be a related party transaction. The expenses reimbursed were incurred in the normal course of the charity's activities and were settled on an arm's length basis.