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2025-12-31-accounts

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE) AND SUBSIDIARY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2025

COMPANY NUMBER 01399732 280177

CHARITY NUMBER

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

Page
Legal and administrative information 1
Report of the Trustees 2 - 7
Report of the Independent Examiner 8
Consolidated Statement of Financial Activities 9
Consolidated Balance Sheet 10
Balance Sheet 11
Notes to the Financial Statements 12 – 22

The following does not form part of the statutory financial statements

Detailed Income and Expenditure Account 23

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

LEGAL AND ADMINSTRATIVE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 2025

CONSTITUTION

The Brighton West Pier Trust is a company limited by guarantee, and a registered charity governed by its Memorandum and Articles of Association, which were last updated on 31st March 2006.

TRUSTEES

The Trustees of the charitable company (the Charity) are its directors for the purpose of Company Law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year end were as follows:

Michael Farthing (Chair) Duncan Irvine Annebella Pollen (co-opted Lauren Godfrey Judy Lever (joint Deputy Chair) September 2025) Fred Gray (Retired June 2025) Chris Mortimer Marina Pedreira-Vilarino Mark Ireland (Treasurer) Hikaru Nissanke Nick Szczepanik David O’Connor (joint Deputy Helen Walker Chair)

The Board of the Charity in General Meeting may appoint any member of the Charity to the Board to fill a vacancy. Any person so appointed shall serve only until the end of the Annual General Meeting following the date of appointment. The Trustee will then resign but be eligible for re-election as a Trustee. One third of the elected Trustees for the time being shall retire from office at the Annual General Meeting in each year and shall be eligible for re-election.

CHIEF EXECUTIVE

Rachel Clark

TREASURER

Mark Ireland

INDEPENDENT EXAMINER

VMR Anderson BA(Hons) FCA DChA Carpenter Box Chartered Accountants 2 St Andrews Place Lewes, East Sussex, BN7 1UP

COMPANY SECRETARY

Karen Hooley SOLICITORS Morr & Co LLP Prospero, 73 London Road, PRINCIPAL ADDRESS Redhill, RH1 1LQ

103-105 Kings Road Arches, Brighton BN1 2FN

REGISTERED OFFICE

BANKERS Bank of Scotland 33 Old Broad Street, London, EC2 1LB

2 St Andrews Place Lewes, East Sussex, BN7 1UP CONSULTING CIVIL AND STRUCTURAL ENGINEERS

Hemsley Orrell Partnership HOP House 41 Church Road, Hove, BN3 2BE

Page: 1

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025

The Trustees are pleased to present their report together with the financial statements of the Charity for the year ended 31st December 2025.

The financial statements comply with current statutory requirements, the Memorandum and Articles of Association 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 1st January 2019)”.

LEGAL AND ADMINSTRATIVE INFORMATION

Legal and administrative information is set out on page 1 and forms part of this report.

OBJECTS, AIMS, ACTIVITIES AND PUBLIC BENEFIT

The objects for which the Charity is established, as set out in its Memorandum and Articles of Association, are:

These objects are achieved through

The Trust’s aims and objectives are regularly reviewed to ensure that the work of the Trust continues to deliver its aims. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and planning future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Page: 2

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025

TRUSTEES

The Board is composed of Trustees drawn from a wide variety of professional and business backgrounds relevant to the objects of the Trust and with the individuals having experience of and interest in the West Pier.

All members possess extensive experience of Trustee roles and are briefed on the nature of the objects of The Brighton West Pier Trust.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is organised according to its Memorandum and Articles of Association and the Board of the Charity is responsible for its management and will report on the year’s work to the Annual General Meeting to be held on 2nd June 2025. In order to facilitate the control and management of the Charity the Board has in place an Executive and Finance Committee which reports formally to the Board.

The Charity benefits from contributions of several volunteers who help with a range of tasks including maintenance, events and the staffing of the West Pier Centre.

REVIEW OF ACTIVITIES 1ST JANUARY to 31ST DECEMBER 2025 AND FUTURE DEVELOPMENTS

Introduction

2025 was a year of resetting after the difficulties surrounding Brighton i360 going into administration in late 2024. The Trust welcomed Nightcap taking over the business in February 2025. The attraction reopened in March 2025 and we have since built a supportive relationship with the new owners. Meanwhile the Trust continued to have a busy presence on the seafront via its activities in the West Pier Centre.

2025 Achievements and Activity

After 2022’s disappointing failure to secure a National Lottery Heritage Fund award towards the restoration of the original 1866 West Pier Kiosk that we have held in storage since its recovery from the Pier in 1996, in 2023 we started work on our reimagined version of the project. This will be a skeletal interpretation of the Kiosk using all its original cast iron components to create an exciting new seafront feature. It will complement the Pier ruin and the popular Golden Spiral of Pier columns on the West Pier Piazza.

A design team was appointed and presentations were made resulting in the Board choosing its preferred option. We kept the Council informed of our progress, mindful that although it is fully supportive of the project, the reimagined version will need to be submitted for planning approval. Unfortunately with Brighton i360’s disappointing performance we continued to defer or receive partial rent payments resulting in increasing pressure on our finances. Early in 2024 we took the decision to put the Kiosk project on hold until the situation was resolved. The new owners of i360 have been paying their rent regularly since March 2025 and gradually the Trust’s finances are improving and stabilising again. We hope that in 2027 we will be in a strong enough position to reignite the Kiosk project. We will ask the design team to resume work on the project, taking it to RIBA stage 3 and the submission of a planning application.

Hospitality experts Nightcap took ownership of Brighton i360 in February 2025. They have worked tirelessly to make it a more welcoming attraction and venue. This included extensive refurbishment of the cafés, restaurant and Pod. Although it is still early days, so far the results so far have been very encouraging.

Page: 3

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025

The West Pier Centre was open four or five days a week for most of 2025 and is staffed by a committed team of volunteers in the week and paid staff at weekends. The Centre has several functions, but its most important one is to inform the public about the rich and important history of the West Pier, the role of the Trust and our plans for the future. This is admirably carried out by our volunteers.

We hosted three exhibitions in 2025 including our second community show ‘Icon 2’ where sixteen artists and photographers demonstrated the power and beauty of the West Pier ruin. This was followed by local photographer Alex Bamford’s remarkable images of the pier in ‘West Pier Blues’ and finally Stewart Weir’s 25 year photographic project ‘Brighton Beach Lovers’.

Local artist, Kate Phillips, became our latest artist in residence. She is working on a project around the West Pier and memory and can be found at WPC on Fridays. The project will culminate in an exhibition in the Centre in summer 2027.

Our monthly talks included a fascinating range of local and seaside topics. The programme included Geoffrey Mead talking about a forgotten central Brighton neighbourhood the Chalk Pit Furlong, Frank Gray on the arrival of film in Brighton and Brian Ogilvie’s ‘Vanished Voices’ detailing Brighton’s fishing village past.

As well as delivering a record number of lively and very well received education sessions from the Centre, our education and Punch & Judy partner, Glyn Edwards of the Fedora Group, secured funding for a summer project which described the lost wonders of Brighton seafront. This was based in the Centre and included regular Punch & Judy shows.

We continued to build our social media profile with regular newsletters and daily postings on a range of platforms.

We work to strengthen our links with other local charities and organisations, inviting them to use the Centre and to learn about our work. Likewise, we continue to work with our partners and neighbours Brighton i360 and Rampion Visitor Centre. Our primary and secondary schools offer is linked with Rampion’s and so jointly we can offer schools a full day’s education package.

Meanwhile, the Trust remains mindful of its responsibilities as steward of the Pier ruin. Signage and marker buoys draw attention to the hazards of going too close to the structure which is unmaintained and slowly collapsing into the sea. In 2021 we agreed and completed a management plan with the Council committing to regular inspections and the feasible removal of seabed debris close to the beach.

Plans and Objectives for 2026

We are committed and determined to progress the Kiosk project and will work vigorously towards the aim of returning it to the seafront. Although it can no longer be a full restoration, we believe that once our finances have recovered from the uncertainty surrounding i360, it will be within our grasp to reinstate the sculptural version of the Kiosk on its designated site on the West Pier Piazza. It will be a beautiful ghostly reminder of the splendor of the West Pier and a fine addition to the seafront. After this year of consolidation we hope to begin work again in earnest in 2027.

We are hoping to modernise the Trust and transform from being Members to a Friends organisation. This will be decided at a vote at the AGM in June 2026. We are developing a plan to attract new and, in particular, younger, supporters and hope that the restarting of the Kiosk project will generate new interest in WPT’s future.

Page: 4

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025

We plan to

POLICY ON RESERVES

Nightcap the new operators of the Brighton i360 have been successfully running the attraction for over a year and regular payments of rent have been secured. Through continued careful management and monitoring of income and expenditure it has allowed the Trust to build back reserves to a healthy level. The Trustees have therefore reinstated the previous policy of holding an amount that equals or exceeds the equivalent of 6 months operating costs in reserves.

RISK MANAGEMENT

The Trustees have assessed the major risks to which the Charity is exposed. In regard to those related to the operations and finances, systems are in place to mitigate its exposure to the major risks. In regard to the physical structure of the Pier, the damage since 2003 has taken those risks beyond the control of the Trustees. The Trust’s Governance Group has established an updated and comprehensive risk register based upon Charity Commission recommended best practice. In addition the Trust has commissioned a comprehensive safety assessment and management strategy in respect of the sea wreckage.

Page: 5

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The results of the group are set out in the financial statements on pages 9 to 22.

as at 31st December 2025. The Trustees have decided to treat the Heritage Centre balance as a designated fund and more information on this is given in Note 17. £20 was received via donations towards the restoration of the kiosk and this is treated as restricted income. Unrestricted funds at 31st December 2025 amounted to £1,739,244 and restricted funds amounted to £7,693.

HERITAGE ASSETS

Under the Financial Reporting Standard FRS 102 (section 34) Heritage Assets, the Trust is required to recognise the value (where possible) of its heritage assets in the financial statements. Details of the identification and valuation of the heritage assets are given in notes 1 and 10 of the financial statements. In addition there is a stock of miscellaneous smaller artefacts which are surplus to requirements. These are being gradually sold off and the proceeds will be used for supporting those objects of the Trust which relate to history and heritage.

GOING CONCERN

The Trustees, having considered the financial statements of the Trust and in view of the lease contract entered into on 19th June 2014 with Brighton i360 Limited and the subsequent assignment of the lease to Nightcap on 3rd April 2025 are of the opinion that the Trust should properly be treated on a going concern basis. More details are set out in note 19 to the financial statements.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable laws and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and the group and the incoming resources and application of resources, including the net income or expenditure of the group for the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and irregularities.

Page: 6

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

By order of the Trustees:

Michael Farthing - Chair

Date:

Page: 7

INDEPENDENT EXAMINERS REPORT

TO THE TRUSTEES OF

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

I report on the financial statements of the Trust for the year ended 31st December 2025, which are set out on pages 9 to 22.

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 financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements 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 financial statements 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 report

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:

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.

V M R Anderson BA(Hons) FCA DChA Chartered Accountant Carpenter Box 2 St. Andrews Place Lewes East Sussex BN7 1UP Date:

Page: 8

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31ST DECEMBER 2025

Unrestricted
Funds
Restricted
Funds
Notes
£
£
INCOME
Donations
-
Sponsorship and fundraising
1,264
20
-
Subscriptions
3,346
-
Other trading activities:-
- Commercial trading operations
6
9,758
-
Income from investments:-
- Rents
149,934
-
-
Interest received
-
-
TOTAL INCOME
164,302
20
EXPENDITURE
Charitable activities
124,471
-
Investment expenses
-
-
Expenditure on raising funds:-
- Commercial trading operations
2,634
-
TOTAL EXPENDITURE
8
127,105
-
Net movement in funds
37,197
20
Fund balance at 1st January 2025
1,702,047
7,673
Fund balance at 31st December 2025
1,739,244
7,693		 Total
2025

£

1,284
3,346
9,758
149,934
-
164,322
124,471
-
2,634
127,105
37,217

1,709,720
1,746,937		 Total
Funds
2024
£
1,566
4,292
7,783
167,930
13
181,584
123,158
187,237
3,604
313,999
(132,415)
1,842,135
1,709,720

The detailed 2024 comparative statement of financial activities is reported in note 7.

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

All income and expenditure derive from continuing activities.

The notes form part of the financial statements.

Page: 9

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

CONSOLIDATED BALANCE SHEET

AS AT 31ST DECEMBER 2025 COMPANY NUMBER 01399732

Notes
FIXED ASSETS
Heritage assets
10
Tangible assets
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one year
14

NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Unrestricted
Revaluation reserve
Total unrestricted funds
17
Restricted
16
Total		 2025
£
2,216
18,800
95,752
116,768
(63,780)
 £
190,000
1,503,949
1,693,949

52,988
1,746,937
149,244

1,590,000
1,739,244
7,693
1,746,937		 2024
£
190,000
1,507,149
1,697,149
2,522
19,818
19,953
42,293
(29,722)
12,571
1,709,720
112,047
1,590,000
1,702,047
7,673
1,709,720

The Group is entitled to exemption from audit conferred by Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the Group to obtain an audit of its financial statements in accordance with Section 476 of the Companies Act 2006.

The trustees confirm that they are responsible for:

The financial statements have been prepared in accordance with the Special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees on and were signed on its behalf by

Michael Farthing - Chair

The notes form part of the financial statements.

Page: 10

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

BALANCE SHEET

AS AT 31ST DECEMBER 2025 COMPANY NUMBER 01399732

Notes
FIXED ASSETS
Heritage assets
10
Tangible assets
11
Investments
6
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one year
14

NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Unrestricted
Revaluation reserve
Total unrestricted funds
17
Restricted
16
Total		 2025
£
£
190,000
1,503,949
100
1,694,049
20,916
95,752
116,668
(63,780)
52,888
1,746,937
149,244

1,590,000

1,739,244
7,693
1,746,937		 2024
£
190,000
1,507,149
100
1,697,249
22,091
19,953
42,044
(29,573)

12,471
1,709,720
112,047
1,590,000
1,702,047
7,673
1,709,720

The Charity is entitled to exemption from audit conferred by Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the Charity to obtain an audit of its financial statements in accordance with Section 476 of the Companies Act 2006.

The trustees confirm that they are responsible for:

The financial statements have been prepared in accordance with the Special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees on and were signed on its behalf by

Michael Farthing - Chair

The notes form part of the financial statements.

Page: 11

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared in accordance with 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 1st January 2019), hereafter referred to as the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Brighton West Pier Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

In the application of the charity’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. However, there are no judgements or assumptions that have a significant risk of causing material adjustment.

Group Financial Statements

These financial statements consolidate the results of the Charity and its wholly owned subsidiary Brighton West Pier Trading Limited on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account, for the Charity itself is not presented because the Charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. The results for the Charity are set out in the note 3 and the results of the subsidiary are set out in note 6.

Commercial trading activities

Income from commercial activities is included in the period in which the group is entitled to receipt.

Donations

Donations which include cash receipts are recognised when they are received and recorded in the Charity’s accounting records.

Subscription income

Subscriptions, which are non-refundable, are recognised when received.

Legacies

Legacies are recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount receivable can be measured reliably.

Rents

Rents are accounted for in the period to which they relate. Rents received in advance are included in deferred income.

Page: 12

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Interest receivable

Interest is included when receivable.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. This also includes the costs of running the charity.

Costs of raising funds comprise the costs associated with attracting voluntary income, trading costs of the subsidiary company and other financing costs.

Operating leases

Rentals payable under operating leases are charged in the income and expenditure account on a straight line basis over the lease term.

Heritage Assets

The Brighton West Pier Trust owns various heritage assets and they are accounted for as follows:

The Trust has conducted a public consultation over a possible new Pier and is now considering the options. However if and when a new Pier is built, it may be necessary to completely clear the wreckage and remove remaining support structures from the seabed. The cost and revenue from this is very difficult to estimate. In the meantime the Trust continues to monitor the state of the structure and to take appropriate action in the light of regular inspections.

The Trustees consider that, owing to the unique nature of the ruin, conventional valuation approaches would be highly unreliable and that, even if a valuation could be obtained (e.g. scrap value), the costs would be onerous compared with the additional benefits to the Trust and to the users of the financial statements. As a result, no value is reported for this asset in the Trust’s financial statements.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page: 13

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Investment Assets

Before the lease agreement with Brighton i360 Limited was signed on 19th June 2014, the Trust included its freehold property at cost (i.e. at nil value) as it was considered that there was no readily identifiable market price for the land. After completion of the lease the Trust has a freehold interest in the site leased to Brighton i360 Limited over 125 years at a rent of £75,000 p.a. during Brighton i360 construction period and then a turnover related rental (minimum of £100,000 and maximum of £250,000 per annum) once Brighton i360 was operational.

After taking professional advice (see note 11 of the financial statements) the Trustees have placed a value of £1,400,000 on the freehold interest.

Depreciation of tangible fixed assets

Fixed assets are depreciated so as to write them off over their anticipated useful lives at the following annual rates:-

Arch fit out 10 years straight line Fixtures & fittings 5 years straight line Office equipment 3 years straight line

Concessionary loans

The Charity measures its concessionary loans at the amount received with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest.

Fund accounting

Unrestricted funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds – these are funds which can only be used for particular restricted purposes within the objects of the charity.

Designated funds – these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Pensions

The charity makes workplace pension contributions under defined contribution schemes to Liberty and Smart pension schemes. Contributions are charged to the income and expenditure account as they become payable.

Going concern

There are no material uncertainties concerning the charity’s ability to continue as a going concern. See note 19 for further details.

2. LEGAL STATUS OF THE CHARITY

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. The Charity is registered as a company in England and Wales and the registered number and registered office can be found on the Legal and Administrative information page.

Page: 14

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

3. FINANCIAL ACTIVITIES OF THE CHARITY

A summary of the financial activities undertaken by the charity is set out below:

Gross incoming resources
Charitable activities

Surplus/(deficit) for the year
4. OPERATING SURPLUS/(DEFICT)
The operating surplus is stated after charging:-
Operating lease rentals – Land and buildings
Depreciation
Independent examiner’s fees		 2025
£
161,688
(124,471)

37,217

2025
£
25,520
3,200
1,925		 2024
£
177,980
(310,395)
(132,415)		 2024
£
177,980
(310,395)
(132,415)


2024
£
26,480
3,201
2,080

5. TAXATION

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes.

6. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN SUBSIDIARY

The wholly owned trading subsidiary, Brighton West Pier Trading Limited, which is incorporated in the United Kingdom, pays all its profit to the Charity by Gift Aid. Brighton West Pier Trading Limited undertakes the Group’s commercial trading activities. The Charity owns the entire share capital of 100 ordinary shares of £1 each. A summary of the trading results is shown below:

Book, art and souvenir sales
Artefact sales
Costs of sales and administration expenses

Net profit
Distribution to the Charity

Retained in the subsidiary
The assets and liabilities were:
Current assets
Creditors: amounts falling due within one year
Total net assets
Aggregate share capital and reserves		 2025
£
5,758
4,000
(2,634)
7,124
(7,124)

-
2,216
2,116
100
100		 2024
£
6,782
1,001
(3,604)
4,179
(4,179)
-
2,522
2,422
100
100

Page: 15

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

7. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Funds
Restricted
Funds
£
£
INCOME
Donations
-
Sponsorship and fundraising
1,554
12
-
Subscriptions
4,292
-
Other trading activities:-
- Commercial trading operations
7,783
-
Income from investments:-
- Rents
167,930
-
-
Interest received
13
-
TOTAL INCOME
181,572
12
EXPENDITURE
Charitable activities
123,158
-
Investment expenses
187,237
-
Expenditure on raising funds:-
- Commercial trading operations
3,604
-
TOTAL EXPENDITURE
8
313,999
-
Net movement in funds
(132,427)
12
Fund balance at 1st January 2024
1,834,474
7,661
Fund balance at 31st December 2024
1,702,047
7,673		 Total
2024
£
1,566
4,292
7,783
167,930
13
181,584
123,158
187,237
3,604
313,999
(132,415)
1,842,135
1,709,720

Page: 16

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Unrestricted
Restricted
Charitable Activities:
£
£
Staff costs
70,573
-
Insurance
5,680
-
Warning signs and hire of navigation buoys
8,775
-
Events and meetings
212
-
Telephone
1,157
-
Marketing, publicity and website
2,385
-
Rent, rates and utilities
27,523
-
Printing, postage and stationery
168
-
Legal and professional fees
630
-
Other administration expenses
2,243
-
Depreciation
3,200
-
Governance costs:
Independent examiners fees
1,925
-
124,471
-
Investment expenses
Bad debt
-
-
Commercial trading activities:
Brighton West Pier Trading Limited
2,634
-
Total expenditure
127,105
-
9.
STAFF COSTS
The number of full time equivalent
employees during the year was made up as
follows:-
Management and administration of the
Charity
Wages and salaries
Pension		 Total
2025
£
70,573
5,680
8,775
212
1,157
2,385
27,523
168
630
2,243
3,200
1,925
124,471
-
2,634
127,105
2025
1.4
2025
£

68,837
1,736
70,573		 Total
2024
£
71,605
5,924
3,000
401
927
4,046
28,115
273
2,191
1,395
3,201
2,080
123,158
187,237
3,604
313,999
2024
1.4
2024
£
69,929
1,675
71,604

No employee earned more than £60,000. No Trustee received any remuneration from the Charity. No Trustees were reimbursed expenses (2024: Nil).

The key management personnel of the company comprise the Trustees, the Chief Executive Officer and the Charity Business Manager. The total employee benefits of the key management personnel were £70,573 (2024: £71,604).

Page: 17

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

10. HERITAGE ASSETS

Artefacts
£
At 1st January 2025 and 31st December 2025 190,000

The Trustees have valued a complete original 1866 kiosk and a variety of key individual pieces at £175,000. The remaining fragments have been valued at £15,000. These valuations have been based on the sale of damaged fragments realised in 2011. The main artefacts as well as a number of other significant historical items, will be restored, catalogued and placed on display to form part of the heritage centre.

Because of the nature of the heritage assets there will be no additions or disposals other than that of the smaller damaged items which have not been included in the valuation.

Expenditure which is required to preserve the artefacts is recognised in the Statement of Financial Activities when it is incurred.

11.
TANGIBLE FIXED
ASSETS
Investment
property
£
Fair value
At 1st January 2025 and
31st December 2025
1,400,000
Depreciation
At 1st January 2025
-
Charge for the year
-
At 31st December 2025
___ _-
Net Book Value
At 31st December 2025
1,400,000
At 31st December 2024
1,400,000		 Pier
kiosk
£
98,620
-
-
____-
98,620
98,620		 Arch
fit out
Fixtures
and
fittings
Office
equipment
£
£
£
31,688
3,713
4,709
23,480
3,713
4,388
3,025
-
175
26,505
3,713
4,563
5,183
-
146
8,208
-
321		 Total
£
1,538,730
31,581
3,200
34,781
1,503,949
1,507,149

The charity owns the freehold area of land between the beach and the upper promenade which formed part of the landward access to the original West Pier. It is termed the ‘root end’ of the Pier and the freehold includes some land either side of the existing structure.

Page: 18

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

11. TANGIBLE FIXED ASSETS (Continued)

The Trustees appointed a specialist commercial property valuation firm (Crickmay, Horsham) to advise on the market value of the investment property as at 31st December 2020. Their report of August 2022 states:

‘Taking into consideration all the above factors, we are of the opinion that the freehold leisure investment property described above, and assessed in accordance with the RICS Red Book, subject to the above mentioned tenancies/leases/licence has a market value as at 31st December 2020 that can be fairly stated to be in the sum of: £1.4m.’

12.
STOCK


Stock
13.
DEBTORS


Trade debtors
Amount owing by subsidiary undertaking
VAT
Prepayments, including £3,000 due after
one year
14.
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR


Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 GROUP

2025
2024
£
£

2,216
2,522
GROUP

2025
2024
£
£

1,054
-
-
-
-
2,002
17,746
17,816

18,800
19,818
GROUP

2025
2024

£
£

14,153
18,685
7,334
4,426
-
5,658
42,293
953

63,780
29,722		 CHARITY
2025
2024
£
£
-
-
CHARITY
2025
2024
£
£
1,054
-
2,116
2,273
-
2,002
17,746
17,816
20,916
22,091
CHARITY
2025
2024
££
14,153
18,536
7,334
4,426
-
5,658
42,293
953
63,780
29,573

Page: 19

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

15. OBLIGATIONS UNDER LEASE CONTRACTS

The charity had total commitments under operating leases as follows:

2025 2024
£ £
Within one year 20,640 23,520
In two to five years 36,000 56,640
In over five years 32,000 32,000
88,640 112,160
RESTRICTED FUNDS
At 1st At 31st
January December
2025
 Income Expenditure 2025
£ £ £ £
Heritage and Education Fund 7,673 20 - 7,693
Prior year
At 1st At 31st
January December
2024 Income Expenditure 2024
£ £ £ £
Heritage and Education Fund 7,661 12 - 7,673

16. RESTRICTED FUNDS

Heritage and Education Fund

This fund holds donations given towards provision of future heritage information, heritage education and the restoration of the kiosk.

Page: 20

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

17.
UNRESTRICTED FUNDS
General fund
Designated fund
Prior year
General fund
Designated fund		 At 1st
January
2025
£
1,649,650
52,397
1,702,047
At 1st
January
2024
£
1,782,077
52,397
1,834,474		 Income
Expenditure
£
£
164,302
(127,105)
-
-
164,302
(127,105)
Income
Expenditure
£
£
181,572
(313,999)
-
-
181,572
(313,999)		 At 31st
December
2025
£
1,686,847
52,397
1,739,244
At 31st
December
2024
£
1,649,650
52,397
1,702,047

The Trustees have agreed to treat the Heritage Centre reserve balance as Designated Funds under the Charities Act. The intended use of this fund is to contribute to the future development of the Trust’s heritage work and, in particular, to be put towards restoration of the kiosk to create the proposed Seaside Learning Centre. Designated Funds are part of the unrestricted funds which are earmarked for a particular project or use. They are not legally committed and designation can be cancelled if the Trustees were to later decide not to continue with the use for which the funds were designated.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (GROUP)

Tangible
Fixed Assets
£
Net
Current
Assets
£
Restricted
-
7,693
Unrestricted
1,693,949
45,295
1,693,949
52,988
Prior year
Tangible
Fixed Assets
£
Net
Current
Assets
£
Restricted
-
7,673
Unrestricted
1,697,149
4,898
1,697,149
12,571		 Total
2025
£
7,693
1,739,244
1,746,937
Total
2024
£
7,673
1,702,047
1,709,720		 Total
2024
£
7,673
1,702,047
1,709,720
Total
2023
£
7,661
1,834,474
1,842,135

Page: 21

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

19. GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes that the Trust will be able to continue in operational existence for the foreseeable future.

The Charity had a 125 year lease agreement with Brighton i360 Limited. The total rent payable to the Trust under that agreement was just under £168,000 per annum. Following the assignment to Nightcap the Trust has received the total rent payments in full each quarter. Whilst the financial terms of the lease are still being negotiated with Nightcap it is anticipated that the total rent payable by the lessee will not be less than the total rent currently being paid.

Page: 22

THE BRIGHTON WEST PIER TRUST (LIMITED BY GUARANTEE)

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31ST DECEMBER 2025

INCOME
Donations, sponsorship & fundraising
Subscriptions
Rents
Dividend from subsidiary
Interest received
EXPENDITURE
Staff costs
Insurance
Warning signs & hire of navigation buoys
Events and meetings
Telephone
Marketing, publicity & website
Rent, rates & utilities
Printing, postage & stationery
Legal & professional fees
Other administration expenses
Independent examiner’s fees
Bad debt
Depreciation
SURPLUS/(DEFICIT) FOR THE YEAR		 2025
£
70,573
5,680
8,775
212
1,157
2,385
27,523
168
630
2,243
1,925
-
3,200

£
1,284
3,346
149,934
7,124
-
161,688
124,471
37,217
 2024
£
1,566
4,292
167,930
4,179
13
177,980
71,605
5,924
3,000
401
927
4,046
28,115
273
2,191
1,395
2,080
187,237
3,201
310,395
(132,415)

This page does not form part of the statutory financial statements

Page: 23