North Atlantic Salmon Fund (NI) - Charities report - 22.1
North Atlantic Salmon Fund (NI) - Charities report - 22.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Financial Statements |
| for the Year Ended 31 March 2022 |
| for |
| North Atlantic Salmon Fund (NI) |
| (A Company Limited by Guarantee) |
| North Atlantic Salmon Fund (NI) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2022 |
| 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 | 11 |
| North Atlantic Salmon Fund (NI) (Registered number: NI042580) |
| Report of the Trustees |
| for the Year Ended 31 March 2022 |
| The Trustees who are also directors of the charity for the purpose of Companies Act 2006, present their report and financial statements for the year ended 31 March 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' in preparing the annual report and financial statements of the charity. |
| OBJECTIVES AND ACTIVITIES |
| Review of year |
| The North Atlantic Salmon Fund (NI) was formed to further the cause of the conservation of wild Atlantic salmon. One of the primary means of doing this was to contribute to the retirement of salmon netting which has been done on a considerable level in the past. |
| The overall conservation status of the wild Atlantic salmon in Northern Ireland at present is poor and the fishery authorities have taken widespread conservation measures to reduce exploitation of the species. This has included the cessation of all netting. |
| In addition, research into the life cycle of wild Atlantic salmon across its range in north-west Europe indicates that there are problems with sea survival, in many countries. The production of juvenile salmon in rivers appears to be reasonable at present. The problem centres on the lack of returning adults from sea to the rivers to spawn. |
| In this scenario, we find ourselves in a position where expenditure of monies available is not the best use of resources, in that conservation measures in freshwater can do nothing to address the central problem of poor sea survival. The buyout of nets which presently are not permitted to fish is not sensible as it is likely that many nets men who are of pensionable age are unlikely to return to the activity if and when netting is again permitted. |
| Therefore, at present our situation is best served by retaining the monies garnered to date in the expectation that at some point in the future when circumstances change, we can resume our core activities. |
| FINANCIAL REVIEW |
| Financial review |
| The main source of income at present is bank interest, 2022 £101 (2021 - £145). |
| Expenditure in year was £388 (2021 - £1,318) |
| Reserves policy |
| The Trustee's are to review the level of unrestricted reserves, that it is appropriate to hold taking account of the current and ongoing commitments. It is the policy of the Trustees to hold at least three months expenditure. |
| At the end of the year unrestricted reserves were £35,669 (2021 - £35,306). |
| 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 |
| Registered Charity number |
| North Atlantic Salmon Fund (NI) (Registered number: NI042580) |
| Report of the Trustees |
| for the Year Ended 31 March 2022 |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| John McCleary FCA |
| Chartered Accountants Ireland |
| McCleary & Company Ltd |
| Chartered Accountants |
| Garvey Studios |
| 14 Longstone Street |
| Lisburn |
| Co. Antrim |
| BT28 1TP |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| North Atlantic Salmon Fund (NI) |
| I report on the accounts of the company for the year ended 31 March 2022, which are set out on pages four to eleven. |
| Respective responsibilities of charity trustees and examiner |
| As the charity's trustees (and also the 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. |
| Having satisfied myself that the charity is not subject to audit under company law and is eligible for independant examination, it is my responsibility to: |
| - | examine the accounts under section 65 of the Charities Act |
| - | follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under Section 65(9)(b) of the Charities Act |
| - | state whether particular matters have come to my attention. |
| Basis of the independent examiner's report |
| I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. |
| My role is to state whether any material matters have come to my attention giving me cause to believe: |
| 1. | That accounting records were not kept in accordance with section 386 of the Companies Act 2006 |
| 2. | That the accounts do not accord with those accounting records |
| 3. | That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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 |
| 4. | That there is further information needed for a proper understanding of the accounts to be reached. |
| Independent examiner's statement |
| I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. |
| John McCleary FCA |
| Chartered Accountants Ireland |
| McCleary & Company Ltd |
| Chartered Accountants |
| Garvey Studios |
| 14 Longstone Street |
| Lisburn |
| Co. Antrim |
| BT28 1TP |
| 31 August 2022 |
| North Atlantic Salmon Fund (NI) |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 March 2022 |
| 31.3.22 | 31.3.21 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 650 | - |
| Investment income | 2 | 101 | 145 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Support cost | 388 | 318 |
| Direct costs | - | 1,000 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 35,306 |
| North Atlantic Salmon Fund (NI) (Registered number: NI042580) |
| Balance Sheet |
| 31 March 2022 |
| 31.3.22 | 31.3.21 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 6 |
| Unrestricted funds | 35,306 |
| TOTAL FUNDS | 35,306 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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. |
| North Atlantic Salmon Fund (NI) (Registered number: NI042580) |
| Balance Sheet - continued |
| 31 March 2022 |
| 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 |
| North Atlantic Salmon Fund (NI) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2022 |
| 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. |
| 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. |
| 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. |
| 2. | INVESTMENT INCOME |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Deposit account interest |
| North Atlantic Salmon Fund (NI) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 3. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricte |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income | 145 |
| EXPENDITURE ON |
| Charitable activities |
| Support cost | 318 |
| Direct costs | 1,000 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD |
35,306 |
| North Atlantic Salmon Fund (NI) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Accrued expenses |
| 6. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.4.21 | in funds | 31.3.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 35,306 | 363 | 35,669 |
| TOTAL FUNDS | 363 | 35,669 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 751 | (388 | ) | 363 |
| TOTAL FUNDS | ( |
) | 363 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.4.20 | in funds | 31.3.21 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 36,479 | (1,173 | ) | 35,306 |
| TOTAL FUNDS | 36,479 | (1,173 | ) | 35,306 |
| North Atlantic Salmon Fund (NI) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 6. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 145 | (1,318 | ) | (1,173 | ) |
| TOTAL FUNDS | 145 | (1,318 | ) | (1,173 | ) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.4.20 | in funds | 31.3.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 36,479 | (810 | ) | 35,669 |
| TOTAL FUNDS | 36,479 | (810 | ) | 35,669 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 896 | (1,706 | ) | (810 | ) |
| TOTAL FUNDS | 896 | (1,706 | ) | (810 | ) |
| North Atlantic Salmon Fund (NI) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 7. | RELATED PARTY DISCLOSURES |