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2023-02-28-accounts

Charity Registration No. 1173736

Company Registration No. 03463908 (England and Wales)

THE SHANKLIN CHINE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

THE SHANKLIN CHINE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs A P P Springman
Mrs A L Riley
Mrs C Thomas
Mr M Porter
Dr R McInnes
Charity number 1173736
Company number 03463908
Registered office 30-32 Gildredge Road
Eastbourne
East Sussex
BN21 4SH
Independent examiner Price & Company
30-32 Gildredge Road
Eastbourne
East Sussex
BN21 4SH

THE SHANKLIN CHINE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6 - 7
Notes to the financial statements 8 - 19

THE SHANKLIN CHINE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2023

The Trustees present their annual report and financial statements for the year ended 28 February 2023.

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 the Trust's Memorandum & Articles of Association, 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)".

Objectives and activities

The Trust’s objects are:-

  1. the preservation, conservation, management and maintenance of the land known as Shanklin Chine Historic Gorge (Shanklin Chine) in the Isle of Wight, England for the benefit of the public, being a Site of Important Nature Conservation (SINC).

  2. the advancement of education of the public in all aspects of the history and importance of Shanklin Chine.

In order to achieve these objectives, the Trust maintains Shanklin Chine in good repair makes it accessible and attractive for visitors. A tea garden, gift shop and dining inn are run through a subsidiary company to attract visitors and provide revenue for the Trust. There has been no change in these during the year.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the Trust should undertake.

Achievements and performance

The accounting period was a difficult one for all seasonal businesses post covid tourism had changed the market and many families and visitors ventured abroad. The summer was exceptionally hot and many visitors to the island spent their time on the beach. The season also saw exceptionally high costs in terms of staffing with the market being unstable and having to use agency staff and paying over the minimum wage to retain staff. Costs soared and with limited income it was a difficult year. Despite this the trust made a small profit. It was pleasing to see that the trust was able, despite the above, continue with its planned works and enhancement which supported the business in the latest season, unlike many other tourist businesses who have closed, are up for sale or unable to invest.

Financial review

The Trust achieved admission fees of £498,055 (2022: £536,269) and received donations including Gift Aid of £86,031 (2022: £84,643). The largest expenditure is on staffing, which accounts for over 50% of expenditure. These and administrative costs were kept under review. The charity suffered a deficit of £9,675 (2022: (£18,182)).

The Trustees have assessed the major risks to which the the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

THE SHANKLIN CHINE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

Plans for future periods

The Chine is currently several years into a 5-year investment plan – albeit this has been impacted and slowed by Covid 19. The ethos of the five-year plan is around diversification and investment. For the Chine to remain a self-sufficient tourist attraction requires it to attract a significant number of visitors (100K)+ during a short season. It has become apparent that visitors to attractions have greater expectations and with more attractions available it is important that the Chine can offer a USP. Not only has the Chine required significant work to bring it back to the landmark attraction it once was and ensure it remains safe to visitor’s, it has also benefitted from the start of improvements work, for example the building of the terrace lawn and the Jubilee Terrace. The plan is to continue the ongoing investment back into the business with a comprehensive work plan in place each winter to ensure the Chine can offer more and utilise the resources it has. Gift Aid provides support to this programme and ensures all monies claimed via gift aid can support the ongoing work within the Chine.

Structure, governance and management

The Trust is a company limited by guarantee, constituted by means of a Memorandum & Articles of Association. This was updated and adopted in May 2017 to comply with the Charity Commission’s requirements, and registered as a charity on 7 July 2017.

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:

Mrs A P P Springman

Mrs A L Riley Mrs C Thomas Mr M Porter Dr R McInnes

The Trustees actively seek further trustees who are concerned to preserve the future of the Chine.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Decisions on the operation of Shanklin Chine are made by the Trustees, who meet regularly. Day to day operations are delegated to the Operations Manager.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.

THE SHANKLIN CHINE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

The Trustees' report was approved by the Board of Trustees.

Mrs A P P Springman

Trustee

29 November 2023

THE SHANKLIN CHINE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHANKLIN CHINE TRUST

I report to the Trustees on my examination of the financial statements of The Shanklin Chine Trust (the the Trust) for the year ended 28 February 2023.

Responsibilities and basis of report

As the Trustees of the the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the the Trust 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 the the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants for 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 that in any material respect:

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 financial statements to be reached.

Mrs Suzanne Wood FCA CTA TEP

Price & Company 30-32 Gildredge Road Eastbourne East Sussex BN21 4SH

Dated: 29 November 2023

THE SHANKLIN CHINE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2023

Unrestricted Endowment
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
86,031
-
Charitable activities
4
498,055
-
Other income
5
137
-
Total income
584,223
-
Expenditure on:
Raising funds
6
-
-
Charitable activities
7
573,265
-
Other
11
1,283
-
Total resources
expended
574,548
-
Net income for the year/
Net movement in funds
9,675
-
Fund balances at 1
March 2022
100,062
1,100,000
Fund balances at 28
February 2023
109,737
1,100,000		 Total Unrestricted Endowment
funds
funds
2023
2022
2022
£
£
£
86,031
84,643
-
498,055
536,269
-
137
3,541
-
584,223
624,453
-
-
140,000
-
573,265
466,271
-
1,283
-
-
574,548
606,271
-
9,675
18,182
-
1,200,062
81,880
1,100,000
1,209,737
100,062
1,100,000		 Total
2022
£
84,643
536,269
3,541
Donations and legacies
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Other
11
Total resources
expended
Net income for the year/
Net movement in funds
Fund balances at 1
March 2022
Fund balances at 28
February 2023
624,453
140,000
466,271
-
606,271
18,182
1,181,880
1,200,062

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SHANKLIN CHINE TRUST

BALANCE SHEET AS AT 28 FEBRUARY 2023

Notes
Fixed assets
Tangible assets
13
Heritage assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
Income funds
Unrestricted funds		 2023
£
£
82,636
1,100,000
1
1,182,637
44,610
639
45,249
(18,149)
27,100
1,209,737
1,100,000
109,737
1,209,737		 2022
£
£
53,669
1,100,000
1
1,153,670
41,525
20,448
61,973
(15,581)
46,392
1,200,062
1,100,000
100,062
1,200,062		 2022
£
£
53,669
1,100,000
1
1,153,670
41,525
20,448
61,973
(15,581)
46,392
1,200,062
1,100,000
100,062
1,200,062
1,153,670
46,392
1,200,062
1,100,000
100,062
1,200,062

THE SHANKLIN CHINE TRUST

BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2023.

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.

The financial statements were approved by the Trustees on 29 November 2023

Mr M Porter

Trustee

Company Registration No. 03463908

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

1 Accounting policies

Charity information

The Shanklin Chine Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 30-32 Gildredge Road, Eastbourne, East Sussex, BN21 4SH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the the Trust's [governing document], 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 the Trust is a Public Benefit Entity as defined by FRS 102.

The the Trust 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 the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the the Trust 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.

1.3 Charitable funds

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 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the Trust.

1.4 Incoming resources

Income is recognised when the the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

THE SHANKLIN CHINE TRUST

1 Accounting policies (Continued)

Cash donations are recognised on receipt. Other donations are recognised once the the Trust 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.

1.5 Resources expended

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.

1.6 Tangible fixed assets

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:

Plant and equipment 10% reducing balance Fixtures and fittings 10% - 33% straight line, 10% - 25% reducing balance Motor vehicles 25% reducing balance

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.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the the Trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

1 Accounting policies (Continued)

1.8 Impairment of fixed assets

At each reporting end date, the the Trust 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).

1.9 Cash and cash equivalents

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.

1.10 Financial instruments

The the Trust 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 the Trust's balance sheet when the the Trust 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

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

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.

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

1 Accounting policies (Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the the Trust’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 86,031 84,643

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

4 Charitable activities

Unrestricted Total
funds
2023 2022
£ £
Admission fees 498,055 536,269

5 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Other income 137 247
Coronavirus Job Retention Scheme Grant - 3,294
137 3,541
Raising funds
Total Unrestricted
funds
2023 2022
£ £
Fundraising and publicity
Promotion and fundraising costs - 140,000
- 140,000

6 Raising funds

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

7 Charitable activities

The Chine The Chine
2023 2022
£ £
Staff costs 235,562 157,876
Repairs to the Chine 79,465 107,233
Rates 2,868 4,061
Bank and credit card charges 8,198 8,444
Insurance 5,842 4,978
Advertising 45,948 28,446
Cleaning and waste disposal 5,345 2,223
Light and heat (1,717) 11,697
Postage, printing and stationery 2,015 2,576
Telephone 3,657 2,345
387,183 329,879
Share of support costs (see note 8) 181,582 131,892
Share of governance costs (see note 8) 4,500 4,500
573,265 466,271

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

8 Support costs

Staff costs
Depreciation
Motor and travel
Other interest
Sundries
Independent
examination fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
138,618
-
26,792
-
16,172
-
-
-
-
-
-
4,500
181,582
4,500
181,582
4,500		 2023
£
138,618
26,792
16,172
-
-
4,500
186,082
186,082		 Support
costs
Governance
costs
£
£
100,870
-
17,006
-
13,638
-
78
-
300
-
-
4,500
131,892
4,500
131,892
4,500		 2022
£
100,870
17,006
13,638
78
300
4,500
136,392
136,392

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the the Trust during the year.

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

10 Employees

Number of employees

The average monthly number of employees during the year was:

Administrative support staff
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
6
2023
£
344,236
27,484
2,460
374,180		 2022
Number
5
2022
£
239,605
17,415
1,726
258,746

There were no employees whose annual remuneration was £60,000 or more.

11 Other

Unrestricted
funds
2023
Net loss on disposal of tangible fixed assets
1,283
1,283		 Total
£
2022
-
-

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

13 Tangible fixed assets

13 Tangible fixed assets
Plant and Fixtures and
Motor
Total
equipment fittings
vehicles
£ £ £ £
Cost
At 1 March 2022 32 40,592 42,558 83,182
Additions - 61,043 - 61,043
Disposals - (1,850) (8,232) (10,082)
At 28 February 2023 32 99,785 34,326 134,143
Depreciation and impairment
At 1 March 2022 11 16,787 12,715 29,513
Depreciation charged in the year 2 20,390 6,400 26,792
Eliminated in respect of disposals - (811) (3,987) (4,798)
At 28 February 2023 13 36,366 15,128 51,507
Carrying amount
At 28 February 2023 19 63,419 19,198 82,636
At 28 February 2022 21 23,805 29,843 53,669
14 Heritage assets
Historic land
£
At 1 March 2022 and at 28 February 2023 1,100,000

The Trust owns the land known as Shanklin Chine Historic Gorge in the Isle of Wight for the benefit of the public.

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

15
Fixed asset investments
Cost or valuation
At 1 March 2022 & 28 February 2023
Carrying amount
At 28 February 2023
At 28 February 2022
Other investments comprise:
Notes
Investments in subsidiaries
20
16
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors		 Other
investments
1
1
1
2023
2022
£
£
1
1
2023
2022
£
£
504
247
44,106
6,860
-
34,418
44,610
41,525		 Other
investments
1
1
1
2023
2022
£
£
1
1
2023
2022
£
£
504
247
44,106
6,860
-
34,418
44,610
41,525
1
1
2022
£
1
2022
£
247
6,860
34,418
41,525

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

17
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
18
Analysis of net assets between funds
General
fund
Endowment
fund
2023
2023
£
£
Fund balances at 28
February 2023 are
represented by:
Tangible assets
82,636
-
Heritage assets
-
1,100,000
Investments
1
-
Current
assets/(liabilities)
27,100
-
109,737
1,100,000		 Total
2023
£
82,636
1,100,000
1
27,100
1,209,737		 General
fund
2022
£
53,669
-
1
46,392
100,062		 2023
£
13,649
-
-
4,500
18,149
Endowment
fund
2022
£
-
1,100,000
-
-
1,100,000		 2022
£
-
5,400
5,681
4,500
15,581
Total
2022
£
53,669
1,100,000
1
46,392
1,200,062

19 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

THE SHANKLIN CHINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023

20 Subsidiaries

Details of the the Trust's subsidiaries at 28 February 2023 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Shanklin Chine Limited England & Running restaurant & gift Ordinary 100.00
Wales shop

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Shanklin Chine Limited (131,949) (196,253)