2022-03-31-accounts

COMPANY NUMBER: 1848357 (ENGLAND & WALES) REGISTERED CHARITY NUMBER: 290397

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

DIRECTORS’ AND TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

COMPANY INFORMATION

TRUSTEES

Ms S E Adams Mr A R Bordiss Mr K R Coombs Mr W J Law Mr H S Potter Ms C M Scott Ms L Stewart (resigned 04/06/21) Mr M A Whitwam Mrs C C J Byford (appointed 04/03/22) Mr G M Suttle (appointed 03/12/21)

SECRETARY

Mr F D Snart

CHIEF EXECUTIVE OFFICER PIER MASTER COMPANY NUMBER REGISTERED CHARITY NUMBER REGISTERED OFFICE

Mr B Adeney Mr A Lang

1848357 (England & Wales)

290397

Marine Villas High Street Swanage Dorset BH19 2AP

BANKERS

Lloyds Bank PLC 3 South Street Wareham Dorset BH20 4LX

INDEPENDENT EXAMINERS

Francis Clark LLP Chartered Accountants Towngate House 2-8 Parkstone Road Poole BH15 2PW

Page 1

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

CONTENTS TRUSTEES’ REPORT INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET CASH FLOW STATEMENT NOTES TO THE FINANCIAL STATEMENTS	PAGE 3 - 5 6 7 8 9 10 - 17

Page 2

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2022

The Trustees, who are the directors for the purpose of company law present their report and the financial statements of the charity for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with charity’s governing document, the Charities Act 2011 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 published on 16 July 2014 (FRS102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity’s objects and principal activities continue to be raising funds and providing for the permanent preservation and management of the Swanage Pier for the benefit of the public. On 1st September 1994 the Charity was granted a seven year lease whereby it took over the day to day operation of the pier from its subsidiary undertaking, the Swanage Pier Company. A further lease under the Harbours Act 1964 was granted by the Swanage Pier Company for three years. Under the lease, there are obligations whereby the Charity will manage the pier and raise funds for the purpose of restoring and preserving the pier. Two further 21 year leases have now been granted, ending in June 2046.

The Swanage Pier Trust is a registered charity (no. 290397) incorporated under the Companies Act 2006 (no. 1848357) and its principal address and registered office is at Marine Villas in Swanage. The Charity is governed by its Memorandum and Articles of Association incorporated on 14[th] September 1984 as amended by special resolutions dated 3 February 1994, 17 February 1995 and 19 July 1996 as amended 21 June 2001 and new Articles of Association adopted 23[rd] March 2018. Other key information, names and addresses are shown on page 1.

The Trustees meet regularly to manage the charity’s affairs. The Trust employs a Chief Executive Officer, a Senior Piermaster, a part time Financial Assistant and a part time Retail & Reception Administrator. The majority of other tasks are performed by volunteers whose major input has saved the charity around £92,750 (9,600 hours) during the year which has increased from the £92,250) reported in the previous year.

Trustees are nominated by their representing organisations, including the Town and District Councils, groups with particular marine interests and the Friends of the Pier.

The Friends of Swanage Pier raise funds for the project through subscriptions and donations from its members. The ‘Friends’ provide an important link between the Charity and the public by producing a regular newsletter ‘Swanage Pierscape’. Although part of the Charity the Friends is run as a separate group.

PUBLIC BENEFIT

The Trustees have given due regard to public benefit when planning the charity’s activities, in accordance with the Charity Commission’s Guidance on Public Benefit.

The Trustees’ Report sets out our activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through maintaining the Pier in order that it may be open as often as possible during daylight hours for members of the public to visit, for anglers, for diving enterprises including training, for pleasure and leisure activities through boating and other watersports. This includes a seasonal ferry service to Bournemouth and Poole. These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission Principles on Public Benefit.

DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS THIS YEAR

Covid-19 continued into 2021 with further lockdowns, though we were able to open the Pier from April. The number of visitors understandably was still below those of the pre pandemic period, and luckily there was still help in form of the furlough scheme for a period which again helped the charity up to late summer/early autumn, by which time all restrictions had been lifted. This meant that, with the approaching Festive Season, an air of normality was possible.

Despite the effects of the pandemic, a programme of Pier education, learning, events and digital marketing is ongoing and has proved to be extremely popular for visitors and residents alike.

The 1859 Café & Bistro has despite the recent challenges, thrived and continues to perform well above expectation. The Visitor Centre continues to be a hub of interest for all those who visit.

Page 3

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2022 (CONTINUED)

The grant funded community radio station, Purbeck Coast 101.2 fm, is now in its’ third year and continues to be popular with listeners and the volunteer presenters. Funding continues to be challenging despite concerted efforts to find more permanent funds.

The Pier continues to demonstrate its value to Swanage and the surrounding areas, with an increase in commercial boat operators bringing many more visitors to the town , helping to boost the local economy.

Major repairs to replace 7/8 piles, beams, and decking, funded by the Heritage Lottery Fund, commenced in February 2022 with that phase due to be completed by March 2023

A Finance sub-group, the Executive Committee, met regularly throughout the year, overseeing expenditure and looking at ways of increasing income.

FUTURE DEVELOPMENTS

Beyond the redevelopment project, the Charity has continued to develop stakeholder and visitor experience and is committed to developing a new range of activities, events and learning programmes based on the feedback from the research. The water sport area remains a priority for development and, following current phase of Pier restoration, opportunities will be explored.

TANGIBLE FIXED ASSETS FOR USE BY THE CHARITY

Details of movements in fixed assets are set out in Note 13 to the financial statements. The Charity had use of the pier for a period of seven years (to 31st August 2001) by virtue of a lease granted by The Swanage Pier Company in which the Charity has a controlling interest. Details relating to the subsidiary undertaking are shown in Notes 13 and 22. The pier is shown in the Balance Sheet of the Swanage Pier Company at its historic cost, less depreciation. In spite of the substantial restoration costs, the pier has not been revalued by the Directors of the Swanage Pier Company because the Company is prohibited from disposing of the pier by Act of Parliament. The Swanage Pier Trust, which has use of the pier under a short-term lease therefore writes off the cost of routine maintenance of the pier as it arises, substantial restoration costs are capitalised as pier improvements and are depreciated over the term of the lease.

The short-term lease above was replaced by a 3 year lease of the whole pier under the 1964 Harbours Act on 30 April 2001 and then by the 21 year lease currently in force and a further 21 year lease until 2046.

TRUSTEES

All Trustees of the Charity are also Directors for the purposes of Company law, and there are no other Trustees. The Directors and Trustees who served during the year (and those who were appointed since the year end) were as follows:-

Ms S E Adams Mr A R Bordiss Mr K R Coombs Mr W J Law Mr H S Potter Ms C M Scott Ms L Stewart (resigned 04/06/21) Mr M A Whitwam Mrs C C J Byford (appointed 04/03/22) Mr G M Suttle (appointed 03/12/21)

The Charity has no share capital and interests of Directors and Trustees in the shares of the Charity’s subsidiary undertaking are not deemed to be beneficially held.

Page 4

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST MARCH 2022 (CONTINUED)

RESERVES POLICY

The Trustees carried out a review of the charity’s activities and considered that an unrestricted fund balance of £150,000 is required to enable the Trust to be able to maintain the pier as required by the lease. At the year-end free unrestricted funds of £140,777 (2021: £104,551) were held.

Restricted funds per note 19 total £32,676 (2021: £290,469) and are held in respect of the Pier re-development and radio project.

Designated funds per note 21 total £2,212,535 (2021: £1,977,380). £1,901,535 (2021: £1,897,380) is held in respect of the net book value of the Trust fixed assets, £nil (2021: £20,000) is held in respect of the radio project, £nil (2021: £20,000) is held in respect of the Pier re-development project extension, £85,000 (2021: £nil) is held in respect of major works, £200,000 (2021: £nil) is held in respect of pier development and £26,000 (2021: £40,000) is held in respect of the covid bounce-back loan.

RISK MANAGEMENT

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for the period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the small companies’ regime under Part 15 of the Companies Act 2006.

This report was approved by the Board of Directors and Trustees on 2 December 2022 and signed on its behalf by:

Mr W J Law (Trustee)

Page 5

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF SWANAGE PIER TRUST

I report to the charity trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2022.

Responsibilities and basis of report

As trustees of the charity (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

Since the Company’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 the ICAEW and ACCA, which are both 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:

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.

Anne-Marie Gates FCCA FCA (a partner of) Francis Clark LLP Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Date: 6 December 2022

Page 6

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2022

NotesRestricted £ Incoming Resources Incoming resources from generated funds Voluntary income Donations and Grants 2 217,769 Friends of Swanage Pier - Activities for generating funds Fundraising 4 - Merchandising income - Investment income 5 - Incoming resources from charitable activities 3 - Other Income - __ Total incoming resources 217,769 _ Resources expended Costs of generating funds Fundraising costs 6 - Merchandising costs - - Charitable activities Repairs and maintenance/Establishment 219,382 Staff Costs 9 64,046 Governance costs 7 - Support costs 78,676 362,104 Total resources expended 362,104 Net incoming/(outgoing) resources before transfers(144,335) Transfers Gross transfers between funds (113,458) Net income (expenditure)/ income for the year 8(257,793) Reconciliation of Funds Fund balance brought forward at 1 April 2021 290,469 Fund balance carried forward at 31 March 2022 32,676 ___ The notes on pages 9 to 16 form part of these financial statements. Page 7

Total Total Unrestricted 2022 2021 £ £ £ 29,544 247,313 348,113 13,101 13,101 8,918 70,351 70,351 43,324 30,807 30,807 7,057 504 504 114 231,765 231,765 149,334 2,632 2,632 535 __ _ 378,704 596,473 557,395 3,269 3,269 3,893 17,276 17,276 32,032 20,545 20,545 35,925 - 219,382 70,568 113,458 177,504 152,210 12,764 12,764 10,208 74,014 152,690 111,366 200,236 562,340 344,352 220,781 582,885 380,277 157,923 13,588 177,118 113,458 - - 271,381 13,588 177,118 2,081,931 2,372,400 2,195,282 2,353,312 2,385,988 2,372,400 ___

Company number: 1848357

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31ST MARCH 2022

FIXED ASSETS Tangible assets Investment in subsidiary undertaking CURRENT ASSETS Stocks Debtors Cash at bank and in hand LIABILITIES: Creditors: Amounts Falling Due Within One Year NET CURRENT ASSETS Creditors: Amounts Falling Due in More Than One Year NET ASSETS THE FUNDS OF THE CHARITY Restricted funds Unrestricted funds Designated funds	NOTES £ 13 13 & 23 14 10,846 15 57,912 469,643 __ 538,401 16 43,390 ____ 17 18 & 19 18 18 & 21	2022 £ £ 1,908,972 1 __ 1,908,973 9,052 28,818 496,379 _ 534,249 24,563 495,011 17,996 2,385,988 32,676 140,777 2,212,535 2,385,988 ___	2021 £ 1,897,380 1 __ 1,897,381 509,686 34,667 _ 2,372,400 290,469 104,551 1,977,380 2,372,400 ___

For the financial year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements were approved by the board of Directors and Trustees on 2 December 2022 and signed on its behalf by:

Mr W J Law (Trustee)

The notes on pages 10 to 17 form part of these financial statements. Page 8

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE) CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2022

CASH FLOWS FROM OPERATING ACTIVITIES Net cash income Adjustments to cash flows from non-cash items Depreciation and amortisation Investment income Working capital adjustments (Increase) / decrease in stocks (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash flows from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of intangible and tangible fixed assets Interest received Net cash flows from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Repayment of loan Loan advance Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	NOTES 13 5 14 15 16 13 16/17 16/17 .	2022 £ 13,588 84,198 (504) (1,794) (29,094) 18,827 85,221 (95,790) 504 (95,286) (16,671) . . (26,736) 496,379 469,643	2021 £ 177,118 79,892 (114) 1,908 (4,173) 4,856 259,487 (1,000) 114 (886) (30,000) 40,000 268,601 227,778 496,379

The notes on pages 10 to 17 form part of these financial statements.

Page 9

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1.

ACCOUNTING POLICIES

1.1 Basis of Preparation of Financial Statements

The Swanage Pier Trust is a registered charity, registration number 290397, company number 1848357, registered in the United Kingdom. The address of the charity is given in the reference and administrative details on page 1 of these financial statements. The nature of the charity’s operations and principal activities are described in the Trustees’ annual report.

The charity constitutes a public benefit entity as defined by FRS 102. 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) issued on 16 , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Fund Accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of the restricted funds is set out in the notes to the financial statements.

1.3 Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Fixtures, fittings & equipment: 6 years on a straight line basis. Marine Villas 25 years on a straight line basis Pier improvements Over the term of the lease

1.4 Incoming resources

All incoming resources are included in the statements of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income and donations are recognised when receivable by charity. The income from fund-raising ventures is shown gross, with the associated costs included in fund-raising costs. Pier rent and tolls are recognised in the period when the service is provided.

1.5 Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where unconditional entitlement has been met but funds have not yet been received, the balance is recognised as accrued income. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Government grants receivable as compensation for expenses already incurred will be recognised in the profit and loss in the same period in which the related expense is incurred.

1.6

Resources expended

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Page 10

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1.7 Costs of generating funds

Fund-raising expenditure comprises costs incurred in inducing people and organisations to contribute financially to the charity’s work. This includes the cost of advertising for donations and the staging of special fund-raising events. Merchandising expenditure comprises costs incurred in respect of the gift shop and include purchases of stock, telephone and maintenance costs.

1.8 Charitable activities

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.

Expenditure on Governance

Governance costs include all expenditure not directly related to the charitable activity or fund-raising ventures. This includes the cost of constitutional and statutory requirements.

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

1.10 Investments

Investments in subsidiaries are valued at cost less impairment.

1.11 Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

1.12 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.13 Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

1.14 Concessionary loans

Concessionary loans include those receivable from third parties which are interest free or below market interest rates and are made to advance charitable purposes. All loans are measured at cost, less impairment as permitted by section 34 of FRS 102.

1.15 Going concern

The financial statements have been prepared on a going concern basis. The trustees have considered the uncertainty relating to the coronavirus pandemic and the impact on the charity’s operations and finances in the short to medium term. In the opinion of the trustees, the charity has sufficient working capital to continue to meet its financial obligations and pay its liabilities as they fall due for the foreseeable future and therefore the financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient for the charity to be able to continue as a going concern.

Page 11

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

2.

DONATIONS AND GRANTS

Donations Legacies Gift aid Grants and subsidies Total donations and grants		Unrestricted Restricted 2022 2021 £ £ £ £ 4,120 - 4,120 6,217 - - - - 13,554 - 13,554 9,324 11,870 217,769 229,639 332,572	Unrestricted Restricted 2022 2021 £ £ £ £ 4,120 - 4,120 6,217 - - - - 13,554 - 13,554 9,324 11,870 217,769 229,639 332,572
			88,894 158,419 247,313 348,113

£171,074 of the income in the prior year was attributable to restricted funds and £177,039 was attributable to unrestricted funds.

3.

4.

5.

6.

PIER RENT AND TOLLS

	2022	2021
	£	£
Rent receivable	83,963	62,589
Admission	94,095	55,121
Divers and anglers	9,343	7,741
Parking	33,294	18,312
Berthing fees	10,505	5,456
Storage	565	115
	______	______
Total Rent and Tolls Receivable	231,765	149,334
	______	______
All of the income in the prior year was attributable to unrestricted funds.
FUND-RAISING INCOME
	2022	2021
	£	£
Gross proceeds from ventures:
Events	12,078	2,194
Sale of plaques/Plank donations	58,273	41,130
	______	______
Total Fund-Raising Income - Gross	70,351	43,324
	______	______
All of the income in the prior year was attributable to unrestricted funds.
INVESTMENT INCOME
	2022	2021
	£	£
Interest receivable on cash deposits	504	114
	______	______
All of the income in the prior year was attributable to unrestricted funds.
FUND-RAISING COSTS
	2022	2021
	£	£
Cost of ventures:
Fundraising	-	100
Events	-	884
Plaques	3,269	2,909
	______	______
Total fundraising costs	3,269	3,893
	______	______
All of the expenditure in the prior year was all attributable to unrestricted funds.

Page 12

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

7.	GOVERNANCE COSTS
		2022	2021
		£	£
	Accountancy fees:
	- Independent examination fee	4,814	3,850
	- Other professional services	7,950	6,358
		______	______
	Total governance costs	12,764	10,208
		______	______
	All of the expenditure in the prior year was attributable to unrestricted funds.
8.	NET INCOME FOR THE YEAR
		2022	2021
		£	£
	The net income for the year is stated after charging:
	Depreciation of tangible fixed assets owned by the charity	84,198	79,892
	Independent examination fee	4,814	3,850
		______	______
9.	STAFF COSTS
	No remuneration was paid to any other Trustees during the year. The staff costs	of the remaining staff including
	part-time staff were:-

part-time staff were:-
	2022	2021
	£	£
Wages and salaries including social security costs and staff pensions	177,504	152,210
	______	______

The average monthly number of staff employed by the Charity including part-time staff was as follows:-

__	2022 2021 No No 8 9 _ ___

No employee received a salary of £60,000 or more (2021: 0)

The total employee benefits of the key management personnel of the Charity were £42,950 (2021: £38,902).

10. TAXATION ON ORDINARY ACTIVITIES

The Company is a registered charity and its activities are therefore exempt from taxation.

11. RELATED PARTIES

The Friends of Swanage Pier raise funds through their members and perform fundraising activities. Their results and figures are incorporated into these financial statements.

12. TRUSTEES EXPENSES

During the year no reimbursed expenses (2021: £nil) were paid to trustees.

Page 13

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

13. FIXED ASSETS

	Pier improvements £ Marine villas £ Fixtures, fittings and equipment £ Total £ 1,280,245 861,761 13,267 2,154,273 76,760 10,195 8,925 95,790 1,356,915 871,956 22,192 2,251,063 136,415 108,211 13,267 257,893 47,717 34,993 1,488 84,198 184,132 143,204 14,755 342,091
Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for theyear
At 31 March 2022
Net book value
At 31 March 2022	1,172,783 728,752 7,437 1,908,972 1,143,830 753,550 - 1,897,380
At 31 March 2021

Investment in Subsidiary Undertaking (See Note 22)

Investment in Subsidiary Undertaking (See Note 22)
	Total
Cost or valuation	£
At 1 April 2021	1
At 31 March 2022
	1

The Company’s investment in its subsidiary undertaking represents the cost of the acquisition of debenture and preference stock and 85.06% of shares in Swanage Pier Company, a Company registered in England & Wales.

14. STOCKS

15.

STOCKS
	2022	2021
	£	£
Goods for resale	10,846	9,052
	______	______
DEBTORS
	2022	2021
	£	£
Due within one year:-
Trade debtors	4,361	4,299
Gift aid	3,340	1,977
Value Added Tax	28,499	1,098
Prepayments and accrued income	21,712	21,444
	______	______
	57,912	28,818
	______	______

Page 14

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

16. CREDITORS: Amounts Falling Due Within One Year

16.	CREDITORS: Amounts Falling Due Within One Year
		2022	2021
		£	£
	Coronavirus bounce back loan	8,004	5,333
	Trade creditors	20,087	11,138
	Rent deposits	5,000
	Accruals	10,299	8,092
		______	______
		43,390	24,563
		______	______
17.	CREDITORS: Amounts Falling Due In More Than One Year
		2022	2021
		£	£
	Coronavirus bounce back loan	17,996	34,667
		______	______
		17,996	34,667
		______	______

18. ANALYSIS OF FUND BALANCES BETWEEN THE NET ASSETS

	Total	General	Designated
	Restricted	Unrestricted	Unrestricted	Total
	£	£	£	£
Tangible fixed assets	-	-	1,908,972	1,908,972
Investments		1	-	1
Net current assets	32,676	158,772	303,563	495,011
Liabilities > 1 year	-	(17,996)	-	(17,996)
	______	______	______	______
	32,676	140,777	2,212,535	2,385,988
	______	______	______	______

19. RESTRICTED FUNDS

Balance at 01.04.21 £ Development project 290,469 Radio project - __ 290,469 ____	Net income in the year £ 158,419 59,350 __ 217,769 ____	Expensed In the year £ (335,430) (26,674) __ (362,104) ____	Balance at Transfers 31.03.22 £ £ (113,458) - - 32,676 __ _ (264,206) 32,676 ___

The transfer of £113,458 from the development project to the general unrestricted fund relates to project expenditure in earlier years which was attributed to general and designated funds.

20. CONTINGENT LIABILITIES

Debenture Interest

Unclaimed debenture interest (due to holders outside of the Swanage Pier group) has been accrued in the financial statements of the Swanage Pier Company to the sum of £19,363 (2021: £19,260). In the event of claims for unpaid interest arising, these may ultimately be borne by the Swanage Pier Trust.

Page 15

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

21. DESIGNATED FUNDS

Balance at 01.04.21 £ Radio: Project 20,000 Development fund - Major works - Pier improvements and Marine villas 1,897,380 Covid bounce-back funding 40,000 Development project extension 20,000 __ 1,977,380 ____	Net income in the year £ - - - - - - __ - ____	Expensed In the year £ - - - 4,155 - - __ 4,155 ____	Balance at Transfers 31.03.22 £ £ (20,000) - 200,000 200,000 85,000 85,000 - 1,901,535 (14,000) 26,000 (20,000) - __ _ 231,000 2,212,535 ___

The £nil (2021: £20,000) fund balance relates to amounts designated by the board in respect of the ‘Radio Project’.

The £85,000 (2021: £nil) balance relates to funds that have been put away to start saving for the next set of major works.

The £1,901,535 (2021: £1,897,380) Pier improvements and Marine villas fund balance relates to the net book value of these assets (see note 13).

The £26,000 (2021: £40,000) Covid bounce-back funding relates to the loan received in the year. The £nil (2021: £20,000) Development project extension fund relates to amounts designated by the board in respect of the development project.

The £200,000 (2021: £nil) Development fund relates to amounts designated by the board in respect of pier development.

22. SUBSIDIARY UNDERTAKING - SWANAGE PIER COMPANY

Swanage Pier Company was formed in 1859 for the purpose of operating the pier and for collecting tolls, etc. due for the use of the pier.

As a result of accruing for debenture stock interest and depreciation Swanage Pier Company generated a deficit for the year ended 31st March 2022 of £ (2021: £588). The Company otherwise did not trade during the year.

At 31st March 2022 the aggregate of the share capital less the accumulated deficit of Swanage Pier Company culminated in an overall deficit of £24,548 (2021: £23,960). The deficit mainly results from accrued debenture stock interest amounting to £19,363 (2021: £19,260) of which £15,650 was accrued for 25 years from 1st April 1961 to 31st March 1986. Interest will continue to be accrued until it has been established beyond reasonable doubt that the debenture stock interest will not be demanded by third parties (this Company having waived its entitlement).

The Company’s investment in Swanage Pier Company is as follows:-

		Held by	%
		Company	Held
884	Shares of £10 each	8,840	85.0
5%	Preference Stock	6,359	93.4
4%	Debenture Stock 1859	5,297	99.9
4.5%	Debenture Stock 1948	6,900	75.0
		______
		297,396
		______

This Company waived its entitlement to receive interest on the debentures of Swanage Pier Company. A summary of that Company’s transactions and financial position is shown on page 17.

Page 16

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

A summary of Swanage Pier Company’s transactions and financial position

a)	Income & Expenditure Account
		2022	2021
		£	£
	Income	Nil	Nil
		______	______
	Expenditure:-
	Debenture Stock Interest	103	103
	Depreciation	485	485
		______	______
		588	588
		______	______
Deficit	before Taxation	(588)	(588)
		______	______
Deficit	after Taxation	(588)	(588)
		______	______
b)	Balance Sheet
		2022	2021
		£	£
	Fixed Assets - The Pier:Tangible	10,201	10,686
	Current Assets:Debtors and Prepayments	-	-
		______	______
		10,201	10,686
	Creditors:Amounts Falling Due Within One Year	(20,249)	(20,146)
		______	______
		(10,048)	(9,460)
	Creditors:Amounts Falling Due After More Than One Year	(14,500)	(14,500)
		______	______
	Net Liabilities	(24,548)	(23,960)
		______	______
	Represented By:	2022	2021
		£	£
	Capital & Reserves:
	Called Up Share Capital	17,200	17,200
	Capital Reserve	150	150
	Profit & Loss Account - Deficit	(41,898)	(41,310)
		______	______
	Shareholders’ Funds	(24,548)	(23,960)
		______	______

Page 17