**REGISTERED COMPANY NUMBER: 03321759 (England and Wales) REGISTERED CHARITY NUMBER: 1063757**
**Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 29 February 2024**
## **for**
**Swans Trust (Shaftesbury)**
Ward Goodman Audit Services Ltd 4 Cedar Park Ferndown Industrial Estate Wimborne Dorset BH21 7SF
**Swans Trust (Shaftesbury)**
## **Contents of the Financial Statements for the Year Ended 29 February 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**|6|to|7|
|**Notes to the Financial Statements**|8|to|15|
|**Detailed Statement of Financial Activities**|16|to|17|
## **Swans Trust (Shaftesbury)**
## **Report of the Trustees for the Year Ended 29 February 2024**
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 29 February 2024. 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**
Swans Trust (Shaftesbury) is a registered charity working to promote the welfare and well-being of the people of Shaftesbury and the surrounding rural areas.
The Yard is the major project and the retail units are used primarily for small and start-up businesses with a creative aspect, giving small traders a chance to get established.
The Trust continues to try and develop the art and craft emphasis with events and Open Days.
## **Public benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the company's aims and objectives and in the planning of future activities.
The Trust supports local community projects and manages a number of projects of benefit to the local community.
Page 1
## **Swans Trust (Shaftesbury)**
## **Report of the Trustees for the Year Ended 29 February 2024**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
All businesses being run in Swans Yard have all had a good year helped by an improved footfall over the previous year. Inevitably there will be changes, one of the businesses (Coconut and Cotton) decided to sell up and the new owners have renamed the business "Forget me not". They continue to market a very similar range of sustainable products. We were pleased to give a new lease to "Forget me not" as they fit very well into the mix of businesses in the Yard.
The Swans Trust has some funds available which we use for projects that benefit the Shaftesbury community. We have doubled our donations to community projects over the previous year. Some of the projects we funded in the year include the following: -
1) We installed two Defibrillators in strategic positions in Shaftesbury. One is positioned on the East of Shaftesbury on the building of A J Tiles on Salisbury Road. The other on is positioned outside the Two Brewers on St James Street. Both are registered on the national database and are available for the public to use at all times throughout the week.
2) We continue to support the TLW Dance Foundation to run outreach dance classes in some Shaftesbury Primary schools for children from underprivileged backgrounds who would not be able to afford the dance tuition fees. They are doing an excellent job with this project which benefits the Shaftesbury children.
3) Various small grants were given to individuals from the locality for worthwhile causes. We were also a major contributor to the Yvonne Fletcher Memorial in Shaftesbury and agreed to provide support for the Guy's Marsh Veteran Memorial.
4) We donated £4,651 to the Shaftesbury Museum from funds that were generated from the "Slopes and Views" historical publication.
The Young Artists competition organised by the Cygnet Artists proved to be a great success and involved seven local schools. The winning works were displayed at the Gold Hill Museum (Aug 2024).
In addition to the charitable activities though-out the year, a complete review of the Charity Governance was completed. This resulted in some improvements to processes run within the Trust. In addition, a number of maintenance projects to the Yard resulted a much-improved visual appearance for the visitors.
The Swans Trust would like to thank the volunteer support who helped with the various events that occur in Swans Yard (such as the Fringe etc). They help make Swans Yard a great attraction for the many visitors.
## **FINANCIAL REVIEW**
## **Financial position**
There is a surplus of £6,597 (2023: £6,563). The slight increase is mainly due to a charity moving back towards pre Covid levels. The surplus will be used to fund projects in the Shaftesbury community going forward.
## **Reserves policy**
The charity aims to hold reserves to cover approximately 3 months of normal expenditure (estimated at around £10,000). Reserves held at the year end were £277,545 (2023: £270,948). Free reserves as at the 29th February 2024 totalled £85,718 (2023: £75,097) and this is calculated as unrestricted funds less any tangible fixed assets.
## **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.
## **Recruitment and appointment of new trustees**
Trustees are elected from nominations received.
Page 2
## **Swans Trust (Shaftesbury)**
## **Report of the Trustees for the Year Ended 29 February 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 03321759 (England and Wales)
## **Registered Charity number**
1063757
## **Registered office**
Unit 4 Swans Yard High Street Shaftesbury Dorset SP7 8JQ
## **Trustees**
J Goodwin M Madgwick (resigned 18.4.24) P Mills J Parker R Tippins T Clements (appointed 21.6.23) (resigned 19.4.24) M L Dibben (appointed 21.6.23) (resigned 18.4.24)
## **Independent Examiner**
Ward Goodman Audit Services Ltd 4 Cedar Park Ferndown Industrial Estate Wimborne Dorset BH21 7SF
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... R Tippins - Trustee
Page 3
**Independent Examiner's Report to the Trustees of Swans Trust (Shaftesbury)**
## **Independent examiner's report to the trustees of Swans Trust (Shaftesbury) ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 February 2024.
## **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**
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.
IM Rodd FCA FCCA
Ward Goodman Audit Services Ltd 4 Cedar Park Ferndown Industrial Estate Wimborne Dorset BH21 7SF
Date: .............................................
Page 4
## **Swans Trust (Shaftesbury)**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 29 February 2024**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
-
Other trading activities
4
-
Investment income
5
42,825
Other income
1,157
**Total**
43,982
**EXPENDITURE ON**
Raising funds
6
1,116
**Charitable activities**
Charitable Activities
33,361
**Total**
34,477
**NET INCOME/(EXPENDITURE)**
9,505
**RECONCILIATION OF FUNDS**
Total funds brought forward
262,655
**TOTAL FUNDS CARRIED FORWARD**
272,160|Restricted
funds
£
3,231
-
12
-
3,243
-
6,151
6,151
(2,908)
8,293
5,385|2024
Total
funds
£
3,231
-
42,837
1,157
47,225
1,116
39,512
40,628
6,597
270,948
277,545|2023
Total
funds
£
1,162
67
40,217
-
41,446
1,116
33,767
34,883
6,563
264,385
270,948|
|---|---|---|---|
The notes form part of these financial statements
Page 5
## **Swans Trust (Shaftesbury)**
## **Balance Sheet 29 February 2024**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
13
186,442
**CURRENT ASSETS**
Debtors
14
26
Investments
15
57,282
Cash at bank and in hand
38,732
96,040
**CREDITORS**
Amounts falling due within one year
16
(10,322)
**NET CURRENT ASSETS**
85,718
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
272,160
**NET ASSETS**
272,160
**FUNDS**
17
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
-
5,385
5,385
-
5,385
5,385
5,385|2024
Total
funds
£
186,442
26
57,282
44,117
101,425
(10,322)
91,103
277,545
277,545
272,160
5,385
277,545|2023
Total
funds
£
187,558
181
-
90,716
90,897
(7,507)
83,390
270,948
270,948
262,655
8,293
270,948|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.
The notes form part of these financial statements
continued...
Page 6
## **Swans Trust (Shaftesbury)**
## **Balance Sheet - continued 29 February 2024**
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 ............................................. and were signed on its behalf by:
............................................. R Tippins - Trustee
The notes form part of these financial statements
Page 7
**Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements for the Year Ended 29 February 2024**
## **1. LEGAL FORM**
Swans Trust (Shaftesbury) is a private limited company (no. 03321759), registered in England and Wales and limited by guarantee. The registered office is Unit 4 Swans Yard, High Street, Shaftesbury, Dorset, SP7 8JQ.
## **2. 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 (including government grants) 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
The charity incurs some costs which are recharged to the businesses/traders that are supported by the charity. Expenditure incurred on behalf of the businesses and traders and then recharged are not recognised as expenditure in these financial statements.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long Leasehold - Straight line over 190 years Improvement to Property - Straight line over 190 years
## **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.
continued...
Page 8
**Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
## **2. ACCOUNTING POLICIES - continued**
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at Bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## **Investments**
Current asset investments are made up of liquid investments held with a maturity date longer than 3 months but less than 12 months from the opening of the account.
## **3. DONATIONS AND LEGACIES**
|Donations
**OTHER TRADING ACTIVITIES**
Office services
**INVESTMENT INCOME**
Rents received
Deposit account interest|2024
£
3,231
2024
£
-
2024
£
39,837
3,000
42,837|2023
£
1,162
2023
£
67
2023
£
39,947
270
40,217|
|---|---|---|
## **4. OTHER TRADING ACTIVITIES**
## **5.**
continued...
Page 9
**Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
## **6. RAISING FUNDS**
|**Investment management costs**
Depreciation
**7.**
**GRANTS PAYABLE**
Charitable Activities
The total grants paid to institutions during the year was as follows:
Butler TLW Dance
Shaftesbury Museum
**8.**
**SUPPORT COSTS**
Support costs in the year are as follows:
Accountancy fees
**9.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Independent Examiner fee|2024
£
1,116
2024
£
6,151
2024
£
1,500
4,651
6,151|2023
£
1,116
2023
£
2,795
2023
£
2,795
-
2,795|2023
£
1,116
2023
£
2,795
2023
£
2,795
-
2,795|
|---|---|---|---|
||2024
£
1,925
1,925||2023
£
1,123
1,123|
||2024
£
1,116
1,475|2023
£
1,116
1,275||
continued...
Page 10
**Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.
## **11. STAFF COSTS**
## **12.**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Head count
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
1,000
Other trading activities
25
Investment income
40,217
**Total**
41,242
**EXPENDITURE ON**
Raising funds
1,116
**Charitable activities**
Charitable Activities
33,767
**Total**
34,883
**NET INCOME**
6,359
**RECONCILIATION OF FUNDS**
Total funds brought forward
256,296|2024
£
5,203
5,203
2024
1
Restricted
funds
£
162
42
-
204
-
-
-
204
8,089|2023
£
5,777
5,777
2023
1
Total
funds
£
1,162
67
40,217
41,446
1,116
33,767
34,883
6,563
264,385|
|---|---|---|
continued...
Page 11
## **Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
|**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
fund
funds
£
£
**TOTAL FUNDS CARRIED FORWARD**
262,655
8,293
**13.**
**TANGIBLE FIXED ASSETS**
Improvements
Long
to
leasehold
property
£
£
**COST**
At 1 March 2023 and 29 February 2024
180,960
12,178
**DEPRECIATION**
At 1 March 2023
5,230
350
Charge for year
1,046
70
At 29 February 2024
6,276
420
**NET BOOK VALUE**
At 29 February 2024
174,684
11,758
At 28 February 2023
175,730
11,828
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2024
£
Prepayments
26
**15.**
**CURRENT ASSET INVESTMENTS**
2024
£
Unlisted investments
57,282|Total
funds
£
270,948
Totals
£
193,138
5,580
1,116
6,696
186,442
187,558
2023
£
181
2023
£
-|
|---|---|
continued...
Page 12
## **Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses|2024
£
1,219
114
1,487
5,577
1,925
10,322|2023
£
244
104
2,740
3,144
1,275
7,507|
|---|---|---|
## **17. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Taskforce
Slopes and Views
Breach Common
Defibrillator
PC Fletcher Memorial
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Slopes and Views
Breach Common
Defibrillator
PC Fletcher Memorial
**TOTAL FUNDS**|At 1.3.23
£
262,655
2,277
4,639
985
392
-
8,293
270,948
Incoming
resources
£
43,982
12
375
157
2,699
3,243
47,225|Net
movement
At
in funds
29.2.24
£
£
9,505
272,160
-
2,277
(4,639)
-
375
1,360
157
549
1,199
1,199
(2,908)
5,385
6,597
277,545
Resources
Movement
expended
in funds
£
£
(34,477)
9,505
(4,651)
(4,639)
-
375
-
157
(1,500)
1,199
(6,151)
(2,908)
(40,628)
6,597|
|---|---|---|
continued...
Page 13
**Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
## **17. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|At 1.3.22
£
**Unrestricted funds**
General fund
256,296
**Restricted funds**
Taskforce
2,277
Slopes and Views
4,597
Breach Common
985
Defibrillator
230
8,089
**TOTAL FUNDS**
264,385
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
41,242
**Restricted funds**
Slopes and Views
42
Defibrillator
162
204
**TOTAL FUNDS**
41,446|Net
movement
At
in funds
28.2.23
£
£
6,359
262,655
-
2,277
42
4,639
-
985
162
392
204
8,293
6,563
270,948
Resources
Movement
expended
in funds
£
£
(34,883)
6,359
-
42
-
162
-
204
(34,883)
6,563|
|---|---|
## **Purposes of restricted funds**
**Taskforce:** funds continued to be maintained for review of potential community programmes and fund raising for charities in Shaftesbury.
**Slopes and Views:** Monies held to provide tourist and community historical info with a booklet and signed tours of Shaftesbury points of interest.
**Breach Common:** Breach Common project was opened in 14/4/20 to revitalise the Common for much improved Community and Tourist Use sponsored by Shaftesbury Council and individuals.
**Defibrillator:** For the purchase and maintenance of a community defibrillator.
**PC Fletcher Memorial Fund:** Relates to donations received and expenditure towards a memorial for PC Fletcher.
continued...
Page 14
**Swans Trust (Shaftesbury)**
## **Notes to the Financial Statements - continued for the Year Ended 29 February 2024**
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 29 February 2024 (2023 - none).
Page 15
## **Swans Trust (Shaftesbury)**
||**Detailed Statement of Financial Activities**|||
|---|---|---|---|
||**for the Year Ended 29 February 2024**|||
|||2024|2023|
|||£|£|
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
|Donations||3,231|1,162|
|**Other trading activities**||||
|Office services||-|67|
|**Investment income**||||
|Rents received||39,837|39,947|
|Deposit account interest||3,000|270|
|**Other income**||42,837|40,217|
|Recharged income||1,157|-|
|**Total incoming resources**||47,225|41,446|
|**EXPENDITURE**||||
|**Investment management costs**||||
|Long leasehold||1,046|1,046|
|Improvements to property||70|70|
|**Charitable activities**||1,116|1,116|
|Contributions to Projects||3,000|3,927|
|Charitable purchases||5,800|-|
|Grants to institutions||6,151|2,795|
|||14,951|6,722|
|**Support costs**||||
|**Management**||||
|Wages||5,203|5,777|
|Rates and water||1,542|1,204|
|Insurance||452|603|
|Light and heat||6,969|2,995|
|Telephone||756|721|
|Postage and stationery||346|-|
|Advertising||30|222|
|Sundries||1,799|2,180|
|Carried forward||17,097|13,702|
This page does not form part of the statutory financial statements
Page 16
## **Swans Trust (Shaftesbury)**
## **Detailed Statement of Financial Activities for the Year Ended 29 February 2024**
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Management|
|Brought forward|17,097|13,702|
|Repairs and Maintenance|4,935|11,763|
|Licenses|406|382|
|22,438|25,847|
|Finance|
|Bank charges|198|75|
|Governance costs|
|Accountancy fees|1,925|1,123|
|Total resources expended|40,628|34,883|
|Net income|6,597|6,563|
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 17