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2024-03-31-accounts

Charity registration number 290397

Company registration number 01848357 (England and Wales)

THE SWANAGE PIER TRUST FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE

THE SWANAGE PIER TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr W J Law Ms R L Mack Ms A J Pettitt (Appointed 30 June 2023) Mr H S Potter Mr G M Suttle Ms A Turner (Appointed 7 June 2024) Secretary Mr F D Snart Charity number 290397 Company number 01848357 Registered office Marine Villas High Street Swanage Dorset BH19 2AP Independent examiner Harrisons 4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE

THE SWANAGE PIER TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 17

THE SWANAGE PIER TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The 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.

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.

Activities

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.

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. 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.

Achievements and performance

Significant activities and achievements against objectives

A programme of Pier education, events and digital marketing is ongoing and has proved to be extremely popular for visitors and residents alike.

During the accounting year the café concession was taken over by new operators. It continues to perform well.

The grant funded community radio station, Purbeck Coast fm ceased broadcasting on 15[th] February 2024. Despite being popular with listeners and the volunteer presenters, funding continued to be a major challenge leading to the decision to close the station.

No major repairs or piling were scheduled during this financial year however, the usual programme of general maintenance and repairs was maintained, with a total cost of £31,057.

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

THE SWANAGE PIER TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

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 £153,513 (2023: £163,132) were held.

Restricted funds total was zero (2023: £33,346) which were held in respect of the Pier re-development and radio project.

Plans for future periods

Ongoing Pier maintenance and restoration remains a priority for the charity. In preparation for the next round of major works, a full 5 year survey is due to be carried out in 2025 and a fundraising strategy is being developed which will include a range of awareness, marketing and income generating activities to help boost the reserve.

Restoration plans are in place for the approach to the Victorian Pier and, after its 5[th] year, the museum interpretation space and Pier learning materials will be reviewed to ensure they meet the need and engage with visitors.

Structure, governance and management

The Swanage Pier Trust is a registered charity (no. 290397) incorporated under the Companies Act 2006 (no. 01848357) 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[rd] February 1994, 17[th] February 1995 and 18[th] July 1996 as amended 21[st] June 2001 and new Articles of Association adopted 23[rd] March 2018 as amended by special resolution 2[nd] November 2021.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ms S E Adams (Resigned 1 December 2023) Mrs C C J Byford (Resigned 15 September 2023) Mr K R Coombs (Resigned 1 December 2023) Mr W J Law Ms R L Mack Ms A J Pettitt (Appointed 30 June 2023) Mr H S Potter Mr G M Suttle Ms A Turner (Appointed 7 June 2024) Ms C M Scott (Resigned 1 December 2023) Mr M A Whitwam (Resigned 1 December 2023)

Recruitment and appointment of trustees

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

Organisational structure

The Trustees meet regularly to oversee the charity’s aims and objectives. The Trust employs a Chief Executive Officer, a part-time Financial and Operations Manager, a part-time Senior Piermaster and a Volunteer and Activities Coordinator. The majority of other tasks are performed by volunteers.

Relationship with related parties

The Friends of Swanage Pier membership subscriptions and donations continued to support the Pier. The membership scheme has now become fully integrated into the Trust management framework.

THE SWANAGE PIER TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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

Mr W J Law Trustee

6 December 2024

THE SWANAGE PIER TRUST

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

I report to the trustees on my examination of the financial statements of The Swanage Pier Trust (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (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 charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Harrisons

4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE

Dated: 6 December 2024

THE SWANAGE PIER TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
32,730
20,000
Charitable activities
4
313,783
-
Other trading activities
5
78,428
-
Investments
6
8,801
-
Other income
7
2,914
-
Total income
436,656
20,000
Expenditure on:
Raising funds
8
9,729
31
Charitable activities
9
434,898
54,491
Total expenditure
444,627
54,522
Net expenditure
(7,971)
(34,522)
Transfers between
funds
(1,176)
1,176
Net movement in
funds
(9,147)
(33,346)
Reconciliation of funds:
Fund balances at 1 April 2023
2,339,013
33,346
Fund balances at 31 March
2024
2,329,866
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
52,730
222,450
46,338
313,783
300,337
-
78,428
74,237
-
8,801
2,857
84
2,914
2,092
-
456,656
601,973
46,422
9,760
11,219
-
489,389
596,363
54,442
499,149
607,582
54,442
(42,493)
(5,609)
(8,020)
-
(8,690)
8,690
(42,493)
(14,299)
670
2,372,359
2,353,312
32,676
2,329,866
2,339,013
33,346		 Total
2023
£
268,788
300,337
74,237
2,941
2,092
648,395
11,219
650,805
662,024
(13,629)
-
(13,629)
2,385,988
2,372,359

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE SWANAGE PIER TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
20
Net assets
The funds of the charity
Restricted income funds
22
Unrestricted funds		 2024
£
£
1,775,994
1
1,775,995
9,057
35,094
550,803
594,954
33,083
561,871
2,337,866
(8,000)
2,329,866
-
2,329,866
2,329,866		 2023
£
£
1,861,117
1
1,861,118
13,811
37,453
498,755
550,019
24,778
525,241
2,386,359
(14,000)
2,372,359
33,346
2,339,013
2,372,359

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 6 December 2024

Mr W J Law Trustee

Company registration number 01848357 (England and Wales)

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

The Swanage Pier Trust is a registered charity, registration number 290397, company number 1848357, registered in the United Kingdom. The registered office is Marine Villas, High Street, Swanage, Dorset, BH19 2AP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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

1.4 Income

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.

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.

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Marine Villas 25 years straight line Pier improvements over the term of the lease Fixtures and fittings 6 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

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

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

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

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

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.11 Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

1.12 Retirement benefits

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

1.13 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.

2 Critical accounting estimates and judgements

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
16,949
-
Grants and subsidies
-
20,000
Friends of Swanage Pier
15,781
-
32,730
20,000		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
16,949
20,869
-
20,000
187,427
46,338
15,781
14,154
-
52,730
222,450
46,338		 Total
2023
£
20,869
233,765
14,154
268,788

Donated goods and services

The charity benefits from the involvement of its many volunteers, details of which are given in the trustees report. In accordance with the Charities SORP (FRS 102), the economic contribution of volunteers is not measured in the accounts.

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Charitable activities
Admission 99,397 81,412
Anglers and divers 12,862 10,736
Parking 36,327 30,310
Berthing 21,867 18,654
Storage 330 250
Rent receivable 103,818 111,130
Merchandising
Merchandising income 39,182 47,845
313,783 300,337
Fundraising events
Income from investments
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Interest receivable
8,801
-
Other income
Radio income		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
78,428
74,237
Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
8,801
2,857
84
2,941
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
2,914
2,092

6 Income from investments

7 Other income

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Event costs
7,056
31
Plaques
2,673
-
9,729
31		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
7,087
8,783
-
2,673
2,436
-
9,760
11,219
-		 Total
2023
£
8,783
2,436
11,219

9 Expenditure on charitable activities

Charitable
activities
Merchandising
2024
2024
£
£
Direct costs
Staff costs
180,155
-
Establishment
costs and
repairs
133,031
22,619
313,186
22,619
Share of support and governance costs (see note
Support
144,606
-
Governance
8,978
-
466,770
22,619
Analysis by
fund
Unrestricted
funds
412,279
22,619
Restricted funds
54,491
-
466,770
22,619		 Total
Charitable
activities
Merchandising
2024
2023
2023
£
£
£
180,155
192,923
-
155,650
262,031
30,892
335,805
454,954
30,892
10)
144,606
155,299
-
8,978
9,660
-
489,389
619,913
30,892
434,898
565,471
30,892
54,491
54,442
-
489,389
619,913
30,892		 Total
2023
£
192,923
292,923
485,846
155,299
9,660
650,805
596,363
54,442
650,805

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

10 Support costs allocated to activities

Support costs allocated to activities
Depreciation
General charity operating costs
Legal and professional
Bank and credit card charges
Accountancy
Analysed between:
Charitable activities		 2024
£
87,223
37,808
13,081
6,494
8,978
153,584
153,584		 2023
£
86,434
54,337
7,986
6,542
9,660
164,959
164,959

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursement of expenses from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
7
2024
£
169,051
10,310
794
180,155		 2023
Number
9
2023
£
177,281
14,436
1,206
192,923

During the year there were redundancy payments of £2,399 (2023: £nil).

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

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024 2023
£ £
Aggregate compensation 49,977 46,000

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Tangible fixed assets
Marine Villas Pier Fixtures and
Total
improvements fittings
£ £ £ £
Cost
At 1 April 2023 871,956 1,390,350 27,336 2,289,642
Additions - - 2,100 2,100
At 31 March 2024 871,956 1,390,350 29,436 2,291,742
Depreciation and impairment
At 1 April 2023 178,197 233,228 17,100 428,525
Depreciation charged in the year 34,878 49,650 2,695 87,223
At 31 March 2024 213,075 282,878 19,795 515,748
Carrying amount
At 31 March 2024 658,881 1,107,472 9,641 1,775,994
At 31 March 2023 693,759 1,157,122 10,236 1,861,117
Fixed asset investments
Other
investments
Cost or valuation
At 1 April 2023 & 31 March 2024 1
Carrying amount
At 31 March 2024 1
At 31 March 2023 1
2024 2023
Other investments comprise: Notes £ £
Investments in subsidiaries 28 1 1

15 Fixed asset investments

The charity'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 and Wales.

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16
Stocks
Goods for resale
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
18
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
19
Creditors: amounts falling due within one year
Notes
Bank loans
18
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
20
Creditors: amounts falling due after more than one year
Notes
Bank loans
18		 2024
£
9,057
2024
£
5,830
3,252
26,012
35,094
2024
£
14,000
6,000
8,000
2024
£
6,000
2,280
4,003
5,000
15,800
33,083
2024
£
8,000		 2023
£
13,811
2023
£
5,080
6,442
25,931
37,453
2023
£
20,000
6,000
14,000
2023
£
6,000
-
5,283
5,000
8,495
24,778
2023
£
14,000

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £794 (2023 - £1,206).

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Radio Project
Previous year:
Radio Project		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
33,346
20,000
(54,522)
At 1 April
2022
Incoming
resources
Resources
expended
£
£
£
32,676
46,422
(54,442)		 Transfers
At 31 March
2024
£
£
1,176
-
Transfers
At 31 March
2023
£
£
8,690
33,346

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Pier improvements and Marine
Villas
Major renovation fund
Maintenance fund
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
1,850,881
-
(84,528)
250,000
-
-
75,000
-
-
163,132
436,656
(360,099)
2,339,013
436,656
(444,627)		 Transfers
At 31 March
2024
£
£
-
1,766,353
100,000
350,000
(15,000)
60,000
(86,176)
153,513
(1,176)
2,329,866

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23
Unrestricted funds
Previous year:
Development fund
Major works
Pier improvements and Marine
Villas
Covid bounce-back funding
Major renovation fund
Maintenance fund
General funds		 At 1 April
2022
Incoming
resources
Resources
expended
£
£
£
200,000
-
-
85,000
-
-
1,901,535
-
(84,089)
26,000
-
-
-
-
-
-
-
-
140,777
601,973
(523,493)
2,353,312
601,973
(607,582)		 (Continued)
Transfers
At 31 March
2023
£
£
(200,000)
-
(85,000)
-
33,435
1,850,881
(26,000)
-
250,000
250,000
75,000
75,000
(56,125)
163,132
(8,690)
2,339,013

The Pier improvements and Marine villas fund balance relates to the net book value of these assets.

The Major renovation fund relates to funds that have been put away for the next set of major renovations.

The Maintenance fund relates to various maintenance works required including repairs to marine villas, roofing works, toilet block works and pile sleeves.

24 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
1,775,994
-
Investments
1
-
Current assets/(liabilities)
561,871
-
Long term liabilities
(8,000)
-
2,329,866
-
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
1,861,117
-
Investments
1
-
Current assets/(liabilities)
491,895
33,346
Long term liabilities
(14,000)
-
2,339,013
33,346		 Total
2024
£
1,775,994
1
561,871
(8,000)
2,329,866
Total
2023
£
1,861,117
1
525,241
(14,000)
2,372,359

THE SWANAGE PIER TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Financial commitments, guarantees and contingent liabilities

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 £19,569 (2023: £19,466). In the event of claims for unpaid interest arising, these may ultimately be borne by the Swanage Pier Trust.

26 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
3,696
1,540
5,236		 2023
£
3,696
5,236
8,932

27 Related party transactions

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

28 Subsidiaries

Details of the charity's subsidiaries at 31 March 2024 are as follows:

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 2024 of £588 (2023: £588). The Company otherwise did not trade during the year.

At 31 March 2024 the aggregate of the share capital less the accumulated deficit of Swanage Pier Company culminated in an overall deficit of £25,724 (2023: £25,136). The deficit mainly results from accrued debenture stock interest amounting to £19,569 (2023: £19,466) 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).

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

£ %
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%

The charity waived its entitlement to receive interest on the debentures of Swanage Pier Company.