2023-03-31-accounts

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

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

COMPANY INFORMATION

TRUSTEES

Ms S E Adams

Mr A R Bordiss (resigned 02/12/22) Mrs C C J Byford (resigned 15/09/23) Mr K R Coombs Mr W J Law Ms R L Mack (appointed 03/03/23) Ms A J Pettitt (appointed 30/06/23) Mr H S Potter Ms C M Scott Mr G M Suttle Mr M A Whitwam

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 INDEPENDENT EXAMINER 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)

OR THE YEAR ENDED 31 MARCH 2023

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 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the 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 (FRS102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

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 £100,000 (9,600 hours) during the year which has increased from £92,750 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 of the Charity the Friends is run as a separate group.

PUBLIC BENEFIT

The 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

Following the removal of all the COVID restrictions visitor numbers increased in 2022, falling back slightly in the year to March 2023, although the 1859 Café & Bistro had a very successful year and this boosted income through the shared reward agreement w and this has affected income in the year to March 2023 and the current year as discretionary expenditure has reduced.

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)

31 MARCH 2023 (CONTINUED)

with listeners and the volunteer presenters. Funding continues to be a major challenge despite concerted efforts to find more permanent funds.

Major repairs to replace 8 piles, beams, and decking, funded by the Heritage Lottery Fund, commenced in February 2022 with that phase successfully completed by March 2023. Further ongoing small works are continuing during 2023/24.

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 the completion of the current phase of Pier restoration, opportunities are being 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 31 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 (resigned 02/12/22) Mrs C C J Byford (resigned 15/09/23) Mr K R Coombs Mr W J Law Ms R L Mack (appointed 03/03/23) Ms A J Pettitt (appointed 30/06/23) Mr H S Potter Ms C M Scott Mr G M Suttle Mr M A Whitwam

undertaking are not deemed to be beneficially held.

RESERVES POLICY

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 £163,132 (2022: £140,777) were held.

Restricted funds per note 19 total £33,346 (2022: £32,676) and are held in respect of the Pier re-development and radio project.

Page 4

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

31 MARCH 2022 (CONTINUED)

Designated funds per note 21 total £2,175,881 (2022: £2,212,535). £1,850,881 (2022: £1,901,535) is held in respect of the net book value of the Trust fixed assets, £nil (2022: £85,000) is held in respect of major works, £nil (2022: £200,000) is held in respect of pier development, £nil (2022: £26,000) is held in respect of the covid bounce-back loan, £75,000 (2022: £nil) is held in respect of maintenance and £250,000 (2022: £nil) is held in respect of major renovations.

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.

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

regime under Part 15 of the Companies Act 2006.

This report was approved by the Board of Directors and Trustees on 1 December 2023 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 2023.

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

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and under sectio

given by the Charity Commission under section 145(5) (b) of the 2011 Act.

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 an independent

examination; or

1. 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: 15 December 2023

Page 6

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

NotesRestricted £ Incoming Resources Incoming resources from generated funds Voluntary income Donations and Grants 2 46,338 Friends of Swanage Pier - Activities for generating funds Fundraising 4 - Merchandising income - Investment income 5 84 Incoming resources from charitable activities 3 - Other Income - __ Total incoming resources 46,422 _ Resources expended Costs of generating funds Fundraising costs 6 - Merchandising costs - - Charitable activities Repairs and maintenance/Establishment - Staff Costs 9 32,058 Governance costs 7 - Support costs 22,384 54,442 Total resources expended 54,442 Net incoming/(outgoing) resources before transfers(8,020) Transfers Gross transfers between funds 8,690 Net income (expenditure)/ income for the year 8 670 Reconciliation of Funds Fund balance brought forward at 1 April 2022 32,676 Fund balance carried forward at 31 March 2023 33,346 ___ The notes on pages 9 to 16 form part of these financial statements.

Total Total Unrestricted 2023 2022 £ £ £ 208,296 254,634 247,313 14,154 14,154 13,101 74,237 74,237 70,351 47,845 47,845 30,807 2,857 2,941 504 252,492 252,492 231,765 2,092 2,092 2,632 __ _ 601,973 648,395 596,473 11,219 11,219 3,269 28,122 28,122 17,276 39,341 39,341 20,545 264,805 264,805 219,382 160,865 192,923 177,504 9,660 9,660 12,764 132,911 155,295 152,690 568,241 622,683 562,340 607,582 662,024 582,885 (5,609) (13,629) 13,588 (8,690) - - (14,299) (13,629) 13,588 2,353,312 2,385,988 2,372,400 2,339,013 2,372,359 2,385,988 ___

Page 7

Company number: 1848357

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31 MARCH 2023

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 13,811 15 37,453 498,755 __ 550,019 16 24,778 ____ 17 18 & 19 18 18 & 21	2023 £ £ 1,861,117 1 __ 1,861,118 10,846 57,912 469,643 _ 538,401 43,390 525,241 14,000 2,372,359 33,346 163,132 2,175,881 2,372,359 ___	2022 £ 1,908,972 1 __ 1,908,973 495,011 17,996 _ 2,385,988 32,676 140,777 2,212,535 2,385,988 ___

For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

• 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 1 December 2023 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 31 MARCH 2023

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 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	2023 £ (13,629) 86,434 (2,941) (2,965) 20,459 (16,608) 70,750 (38,579) 2,941 (35,638) (6,000) 29,112 469,643 498,755	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

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 31 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 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 charg 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 31 MARCH 2022

1.7 Costs of generating funds

Fund-raising expenditure comprises costs incurred in inducing people and organisations to contribute financially to 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. 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 31 MARCH 2023

2.

DONATIONS AND GRANTS

Donations Gift aid Grants and subsidies Total donations and grants		Unrestricted Restricted 2023 2022 £ £ £ £ 10,059 - 10,059 4,120 10,810 - 10,810 13,554 187,427 46,338 233,765 229,639
		208,296 46,338 254,634 247,313

£217,769 of the income in the prior year was attributable to restricted funds and £29,544 was attributable to unrestricted funds.

3. PIER RENT AND TOLLS

4.

5.

PIER RENT AND TOLLS
	2023	2022
	£	£
Rent receivable	111,130	83,963
Admission	81,412	94,095
Divers and anglers	10,736	9,343
Parking	30,310	33,294
Berthing fees	18,654	10,505
Storage	250	565
	______	______
Total Rent and Tolls Receivable	252,492	231,765
	______	______
All of the income in the prior year was attributable to unrestricted funds.
FUND-RAISING INCOME
	2023	2022
	£	£
Gross proceeds from ventures:
Events	29,479	12,078
Sale of plaques/Plank donations	44,758	58,273
	______	______
Total Fund-Raising Income - Gross	74,237	70,351
	______	______
All of the income in the prior year was attributable to unrestricted funds.

INVESTMENT INCOME

6.

Unrestricted Restricted 2023 2022 £ £ £ £ Interest receivable on cash deposits 2,857 84 2,941 504 Total donations and grants 2,857 84 2,941 504 All of the income in the prior year was attributable to unrestricted funds. FUND-RAISING COSTS 2023 2022 £ £ Cost of ventures: Events 8,783 - Plaques2,436 3,269 __ _ Total fundraising costs 11,219 3,269 ___ All of the expenditure in the prior year was all attributable to unrestricted funds.		Unrestricted Restricted 2023 2022 £ £ £ £ 2,857 84 2,941 504	Unrestricted Restricted 2023 2022 £ £ £ £ 2,857 84 2,941 504
			2,857 84 2,941 504

Page 12

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7.	GOVERNANCE COSTS
		2023	2022
		£	£
	Accountancy fees:
	- Independent examination fee	5,000	4,814
	- Other professional services	4,660	7,950
		______	______
	Total governance costs	9,660	12,764
		______	______
	All of the expenditure in the prior year was attributable to unrestricted funds.
8.	NET INCOME FOR THE YEAR
		2023	2022
		£	£
	The net income for the year is stated after charging:
	Depreciation of tangible fixed assets owned by the charity	86,434	84,198
	Independent examination fee	5,000	4,814
		______	______
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:-
	2023	2022
	£	£
Wages and salaries including social security costs and staff pensions	192,923	177,504
	______	______

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

__	2023 2022 No No 9 8 _ ___

No employee received a salary of £60,000 or more (2022: 0)

The total employee benefits of the key management personnel of the Charity were £46,000 (2022: £42,950).

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 (2022: £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 31 MARCH 2023

13. FIXED ASSETS

	Pier improvements £ Marine villas £ Fixtures, fittings and equipment £ Total £ 1,356,915 871,956 22,192 2,251,063 33,435 - 5,144 38,579 1,390,350 871,956 27,336 2,289,642 184,132 143,204 14,755 340,604 49,096 34,993 2,345 86,434 233,228 178,197 17,100 427,038
Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for theyear
At 31 March 2023
Net book value
At 31 March 2023	1,157,122 693,759 10,236 1,861,117 1,172,783 728,752 7,437 1,908,972
At 31 March 2022

Investment in Subsidiary Undertaking (See Note 22)

Investment in Subsidiary Undertaking (See Note 22)
	Total
Cost or valuation	£
At 1 April 2022	1
At 31 March 2023
	1

preference stock and 85.06% of shares in Swanage Pier Company, a Company registered in England & Wales.

14. STOCKS

14.	STOCKS
		2023	2022
		£	£
	Goods for resale	13,811	10,846
		______	______
15.	DEBTORS
		2023	2022
		£	£
	Due within one year:-
	Trade debtors	5,080	4,361
	Gift aid	2,142	3,340
	Value Added Tax	4,300	28,499
	Prepayments and accrued income	25,931	21,712
		______	______
		37,453	57,912
		______	______

Page 14

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. CREDITORS: Amounts Falling Due Within One Year

16.	CREDITORS: Amounts Falling Due Within One Year
		2023	2022
		£	£
	Coronavirus bounce back loan	6,000	8,004
	Trade creditors	5,283	20,087
	Rent deposits	5,000	5,000
	Accruals	8,495	10,299
		______	______
		24,778	43,390
		______	______
17.	CREDITORS: Amounts Falling Due In More Than One Year
		2023	2022
		£	£
	Coronavirus bounce back loan	14,000	17,996
		______	______
		14,000	17,996
		______	______

18. ANALYSIS OF FUND BALANCES BETWEEN THE NET ASSETS

	Total	General	Designated
	Restricted	Unrestricted	Unrestricted	Total
	£	£	£	£
Tangible fixed assets	-	10,236	1,850,881	1,861,117
Investments		1	-	1
Net current assets	33,346	166,895	325,000	525,241
Liabilities > 1 year	-	(14,000)	-	(14,000)
	______	______	______	______
	32,676	163,132	2,175,881	2,372,359
	______	______	______	______

19. RESTRICTED FUNDS

Balance at 01.04.22 £ Radio project 32,676 __ 32,676 ____	Net income in the year £ 46,422 __ 46,422 ____	Expensed In the year £ (54,442) __ (54,442) ____	Balance at Transfers 31.03.23 £ £ 8,690 33,346 __ _ 8,690 33,346 ___

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 £19,466 (2022: £19,363). 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 31 MARCH 2022

21. DESIGNATED FUNDS

Balance at 01.04.22 £ Development fund 200,000 Major works 85,000 Pier improvements and Marine villas 1,901,535 Covid bounce-back funding 26,000 Major renovation fund - Maintenance fund - __ 2,212,535 ____	Net income in the year £ - - - - - - __ - ____	Expensed In the year £ - - (84,089) - - - __ (84,089) ____	Balance at Transfers 31.03.23 £ £ (200,000) - (85,000) - 33,435 1,850,881 (26,000) - 250,000 250,000 75,000 75,000 __ _ 47,435 2,175,881 ___

The £nil (2022: £85,000) balance relates to funds that have been put away to start saving for the next set of major works.

The £1,850,881 (2022: £1,901,535) Pier improvements and Marine villas fund balance relates to the net book value of these assets (see note 13).

The £nil (2022: £26,000) Covid bounce-back fund matched the remaining capital balance on the covid bounceback loan in 2022.

The £nil (2022: £200,000) Development fund relates to amounts designated by the board in respect of pier development.

The £250,000 (2022: £nil) Major renovation fund relates to funds that have been put away for the next set of major renovations.

The £75,000 (2022: £nil) Maintenance fund relates to various maintenance works required including repairs to marine villas, roofing works, toilet block works and pile sleeves.

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 31 March 2023 of £588 (2022: £588). The Company otherwise did not trade during the year.

At 31 March 2023 the aggregate of the share capital less the accumulated deficit of Swanage Pier Company culminated in an overall deficit of £25,136 (2022: £24,548). The deficit mainly results from accrued debenture stock interest amounting to £19,466 (2022: £19,363) of which £15,650 was accrued for 25 years from 1st April 1961 to 31 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).

		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 7.

Page 16

THE SWANAGE PIER TRUST

(PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

a) Income & Expenditure Account

			2023	2022
			£	£
	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
			2023	2022
			£	£
	Fixed Assets - The Pier:Tangible		9,716	10,201
	Current Assets:Debtors and Prepayments		-	-
			______	______
			9,716	10,201
	Creditors:Amounts Falling Due Within One Year		(20,352)	(20,249)
			______	______
			(10,636)	(10,048)
	Creditors:Amounts Falling Due After More Than One Year		(14,500)	(14,500)
			______	______
	Net Liabilities		(25,136)	(24,548)
			______	______
	Represented By:		2023	2022
			£	£
	Capital & Reserves:
	Called Up Share Capital		17,200	17,200
	Capital Reserve		150	150
	Profit & Loss Account - Deficit		(42,486)	(41,898)
			______	______
			(25,136)	(24,548)
			______	______

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