THE SWAN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE SWAN TRusr LÉGAL AND ADMINisfRATIVE INFORMATION 141po1nt 3 14omb2r20221 lN)polnted 3 No¥embtr20221 Iljpolnted a Nry¥ber2O22I Ilppolnted 3 Nmmbw20221 I)Inted l Nmmber21mi Ihwlnt•d 3 NaVnber1022} INppolrtI 3 Nuvember20221 tharliy number (Scotlaryl) SC017598 POBa<2 Scalloway Sheti*d kntland ZEI OW¥V Thyme Accountir & Tax itd 3GAngd A¥ue A9 6AQ
THE SWAN TRUST CONTENTS IndèrKndent &yamlnert rewt siatemenl of fmandal acrfvleS balae$heel irtestothellnardal thtenRn
THE SWAN TRusr Tru$rE REpoKr FOR ThIE YEAR ENDED 31 MARCH2023 Tn preserrtthelramual r#port and fln•dal ststementsforthe par ended 31 Marth 2023. The finandal ststomerrts ha¥e Ixen Hepaied kn xoxdarKe with tl accourty pdlries set out In note I to the flnamlal statements and MPlyWfth the tharfty'5 govemlng docLment. the thartues and Trlth Investment (Scotlandl Act 2CA)S. the CFAriknes Accounts Iso)dthdl Regulattons 2Cth las amended) and "Atouhtlng and ReporUry¥ by Charttles: Statem¢nt of Rettmmended pract aPable to tharltles pParI¢l8 thelr accounts In accordance with the Flnandal Rep)rttn8 stsndard applICab Inthe UK Republlcof Ireland IFAS 1021" leffecuve lJanvary20191. The objettsforwhkh th•Trustwasestsèllshed are to atslrnice educakn and kn partslart. . Acqulre th• hull of tt Sh&tland Ftfte "5vdn' ItK1431 vlth a eW Io festoflng and r&rlgglrpa the e1 8$ 8 sea-golni boat uslng as tsr as 1$ reasonably prartkal slmllar rnaterfals ènd trdmlques to tl)se used in her orflnal cojstrurtion and thn. Hay1ethI•ved thls ObJertlthe tharjty Is now Wjrslthefol1owknS obJertt5 Ensure condnued MaIntenan of the vessel In her resto and re-rfgged wndttlon as afgresald so that she mty be preserved and open to the put41c as part of ShetIar,S marltlme and flshln8 herfta8e fw fvture monS. . Encourn8t and fadStats Irttrestsd partte5 and parttcukrly peDe. to sall on the Itssel tsreby tead and kÉepln8 afve thetschques of sallln8 and 7Awktn8 0 tTrdltlonal sall Flffe, suth a5thS¥Rn. The Tntstees h8%e pald due regard to 8uldan¢e Issued by the Charlty Commtwon In deddln8 *tOt a¢thrytles thè (harliy Shodndertak
THE SWAN TRUST TRusfEES REPORT (COPrnNUEO) KIR 7HE YEAR ENDED 31 MAR012023 1022 has a weat seaf. Vle wdcomed 390 people atjoard the Swan for 76 thys of 5all thlntrw 4¢lMlles, t•n&n8 frrrn trwlf day for prfmary schod pup1& to wttk charters tsId in t Tall Shlps Race& We abo offered 2 Polf d•y tAps spedflt41y almed at famlty8r4ups and IncrÈ•sed Ilnks%%lth Ix>nThwltygrouFS. kndudlTr8Abillty Shetland. NJzhelmer¥ S¢otLind and MAn80n. The Tall Shlp5 Ra$ 2022 ry sucssIU1. Swan iwardsfor Most in Crew Parade: comini 3rd In aass In Race one frtxn EsbiÈr8 to H•dln8en. as wetl a5 our skipper. Ing named Sall Train]ng Internatlonal'5 5allTRlner of thè Yèar. We are wothng ¥¥lth S3il Tralningshet an Tai ShlFq to bulld eKcftem¥rt for the Tall Shlps R•¢es re[}8t0 Shetland in 2023. and areverymuth lookin6 forwardto thls everrt. In tÈmts of publ tr1, we have been in the Vkstern Isle5 offered day trfps ITr Shettand OTkney. two therned Shetland wtdonds. artd worknd wlth local rnusida o offer hls Sesslrffls and Sall e¥Jerlence In thÈ islesforthe firstllmo. We •Eso hekl 4 IlteMyè¥èrt al>oard as part of Wwd Play and carrled ¢Juta photOshryJl ¥Mh Fatr Kmltwex. The feedbB¢k Irm all tTlps aftd charters has ljeen Incredltde, ¥thlth Is t&tsment tu our SkIpr e¥eryone who has helFII her crvw. Wewere also dell8hted ar of wr k1 standk¥votunt¢et5 eceived the ldldal 2022 Marsh Volunteer Award from Natiijnal Historlcships. V o)utd not care for ènd operate the Swatt wttho r?lurt¢Èrsupport aftd I wwld filEto thank•ryYxrÈfor thelrttme. 51dUs artd knuwl•d¥•. tJthn8the¥ear atsorocel¥ed suwort fvoma number OffUndrrfsrws forvknith are alsoNYy ffeful. indudln The Shetland CharitstleTntst etland Ishnds Council Coastal corrmwties Fwd HiKhlaftd5 and Islands Entèrwlse . Zttland Edu0[ Tru Mary spSc, IIKI1 yèat supwjrt frun Shetlah(fs la1¢ flÈ4 as tAII as rther flshèrfes ai¥J aryJaDJliure related wth the help of fmjr StTrteWc Priorllles and C¢>MMun Links off.. t7Jminue to delher on ourstM4ic pNoT6tles and Inuease tsjr trtothe communlty We have a fu1I2023 sailln8 season ahea wlth a varfety of youth sall c¢mmunlty and pubyt irSps. Vle also look foTh¥ard to WOTlin£ wlth curretrt and %lci)mlng ¥oluiiteets. tralnees spofwTh end funder¥. Thé S ¢LYfffiLmlty asset aTrl ore Palat¢ •lyxrt ènablknl ow ¢cthmwlty, espe¢lalty Its youTrs fo1KtoexFeen(e the Mèfits the Swan has to clfer.
THE SWAN TRUST TRusfEES REPORT {coKfiNUED) FOR 7HE YEAR ENDED 31 MARCH2023 Opw¥tlornlmalrt•n•r¢• A5 outlin S¥rdn bk to a fvll salltng In 2021 follNlr¥ no salltfv In I( arKI a Ilmlted season in 2021 due to COVID re#rfeon& It was great to be bxk out on tht oter 38atn. and out wlth She#arf anddeltvw avarthofsalltngacMte& We held a rttrulknent dr[ for rwTNrtees In September and reCad a gots4 number of quallty appllcatSot)& From thl%we hwe appolrteds¥en nvwTru#ees, whutffin8a ofski115 to the boar Theseason P)th 5tsrted a4 endedwlth (tewtrainirf days in fd10MI tr3Jniry atthe start ot Ortdxr. the wirter malntenance Work commEncedas $1 ryth a thorOh dean up ar bdow dthand t renTrJfdl ofall salls and nFnnln8 rfg8ln8 for stordgelw'nter manterorre in the sall loft at Hay5 The Trustees 4reed to the s4ppln8aThl Iwll pthtin8kne atthe I?1 yard of Matsknff In Sralo FollNIn6 a break ofts¥o COVID. we wwe F4ea%d ts relhtrodwe ournd ofseasoh 8atherfw to thank tho who suppted us throu8h the yeor. Thls was hdd the Sc•lkiwEy Boafjng club. where we wekomed mary of our volunteus, staff. trees• sptyism Ifdntfvnden and other supporters. We employed thpper. for the 2022 season, znd a numbpr of Matos thro4ghout the seTr rates. Wlth each trip quirIng Th¥0 to three ¥dr rJw 40 also hdped crew the Swarn and many more lunte2fed fv duves ashore. Pthltt(Ytal wJlurteer5 e atso arcrmmodated sjn delry trfps. to bulld thelr eyperlence board. o)ntlnued as wr Strat PrforStles and C(Inmrty Unts Officer, wllth is ? Irantfumled thrne year wt tlme posl er,din8 in July 2024. 5alllng seas Mate an ree uew Ivlt teen contraclEd frthe 21)23 5&$0n Bos. 5Jr. Th• K4v•Trnply Ihe Ve4ve Tropty for S¥M ] Trdlnee of the Ythr was Presenred to 19 y 0[•M at the annual end of £eason ewrt. She parttctpaTeLI In r4ce cffle of the T1 Shlps Race4 andstcrtxl out as a 8reat team playw. who htrfellowtrathee5 was Influerhual In SW tralneu mlxln8and makkn8frlend5 wilh n5 frgm othervesseb. Furthtrlnftyrnitstlon on the SvAn Trust ts2022123 tIlI¢S tan be (ttd an rbs7te.
THE SWAN TRUST TRUSTEES REPORT IcoKnNUED) FOR TrIE YEAA EAIDED 31 MARCM2023 Hndl revkw The dmrfty hasc¢knlderedthe resep•es requlred aThJ have tsken into accountthelrcurrent and future Ital11 It ts n(mal prdctice drItsb1e Orga5 tD m?Iniain restyktsd funds to a level of thiee months unrestrirted tharltable tKpendtbJr& However. due to the seasonal rature of the STKan TWSL this is l¥$ refevant to the Trust. Therefore. trustees habt created a designated minimtjm reser¥e of £15,LTh)O to cover costs rfthe charty were Iv te8se- thls sum will allr for Insur3nce cover, berthlng fee5. sllppln& painn& and mlnor admln costs for a one year period. The truses have also tyeated a designated catal reserye 01 £4,(KXI to cover costs to malntain the vessel In good conditjon. Thts sum wlll for essentlal malntenarte znd replamert gf eswtial equlpnent requlred to knop the vessel in go1 work der. The bal3nce hdd as unrestrTrted fvnds at 31 M3rch 2023 was £160A6S of whlth £96.245 are regarded as free reserves. after all¢>wlng for fvnds In deSIated re$e$ Znd red assets. Therefore, the ¥JrreTht level of resekwes is hwiher than the des18nattd mlnlmumrequired by trustees under thdr agreed poll The Trusw ha assessedthè major rlskstowhlchthe Charlty Is t¥prAe4 and are sallsfiedthatwems ¥e In plxe to e¥postEreto the majorfls. A newSCIO h3s beeft set up to takehFward theworkof the Swan TrusL The new d¥iity Is Th• SwanTrvst sao. re8istration number SC051822 ar)d was retered on 29thJune 2022. The tRnsfer of assetsto the SCIO Is now andthe Swan Tftt ISC017598}wll shortty be wc4Jnd up.
THE SWAN TRUST TRusfEES REpoKr {cchYriNUED) FOR IHE YEAR ENDED31 MARCH 2023 Theth•rlty Iscontrdled &J+ ltsiVernid>VJmrt a deed oftru5t. 4nd rvnstiiut an unlKtyprted dwlty- ThETru5tee5 who seThed Ihe>Yarand up tothe dote d sf8noture ofthefittandalststemert5 w•rÈ.' IResign 95¥embor20221 ¢Apted 3 Nudernber 20221 Iwmt•d 3 N*Jvernber20221 IAppelntd 3 November 20221 IApppimt8d 3 Novombw 20221 IAppolnted 3 Nvlernber 20221 ppolnted 3 Nov¥nber 2Q2 IAppDlrtd 3 No¥emEEr 20221 approved Board rfTne rustee tMte&. 14 No¥embtr2023 Tntstee Dated..14 Ntyernber2023
THE SWAN TRUST INDEPENDEKf EXAMINER'S REPORT TO THE TrUSTEES OF THE SWAN TRUSr I repxt on thefinandal ststetmnts ofthe thknforthear ended 31 March 2023. whkh ar•sqt out Oth P•8•$ 7 to 18. The Clwtys Tee5 a respS[e for the prepafdtlon rf the #ateryrJts in aCCordae wth the leTm5 of the Charltle5 and Trustee Inve5tmentslSrollandl Art 2CQ5 and the Chtties Acmints15uJtlaTrdl ftewlatSLW 2006. Trustees twsiderth•t the ayd requiTemert of Re8uhtlDn 10(Illt)to Icl of the 2006 AcwuTrts Res•thS does not app. Ft ts my résponblffty to rnIne the finanthl 5trrnts as r•qulr•d Ubxhr s•clSon 44lIXcl of th• Art.and to stst• wh•th•r particular mi•rs haK• CO to my attertion. B•sb olln¢ndent mIner'S ¥t•tement laAnatI Is carried tn ¥ctydante Tkh Rwllon 11 of the 20C6 llew1n An tr#fflAatton IntludES ew of the accountln8 reco$ W by the dmrlty and a compaTSOTh ol the financ1 staterIts pr•serted with the Torth. It akn tOld•>t10 d ary unusual IteiA% or thsclosures In thè financlal ststements. and seeks éwanaiions from the truOee5 ¢(eMl aw suth rnattws. Th procedUS undertaken do not prthrfde atl e4tdÈnce that Ild be requtred In an ardlt and £owenthT I do not exkyets an oplnlon on the vlew by the fln3noal statements. Yr atténtion Is drawn to the fart that t ehartty has PT•P3red financiat ststem•rts ITr attordancé ¥Ath Aet0Unng and roPorb by Owritieg Kwaring th•r attounts lfi acthrdèn with the Flnan¢ial Reportlr Slandard applitae In tk IJK and Repu d Irelaftd IFRS 1021 in ¥Yelerence to the QUntIng and Pwting by Charlties: Statement of R¢ornmended Prneknce issued on l Awil 2CI)5 wTrxch thrrèd to In the extant regulations bLrt has now been hdrawr I mdersiand thatthls has been dCe In orderfor iheftnanoal ststements to pro¥lde a true andfalrylew In èc£<xdance wfth General AC¢ted Ac(wntln8 Pftctke effertt fDr reportlng peiiods 18lnning OTh or afterljanry2Ols. In connectior+ wlth my wmirnfjon. no othtr exer lh rtferied to in the prellous parngraph corne to nry ttentlon". lal whlchtyès me reasonable Cae tL) teliotthat In ary materfal res the Ye4[eMents. 111 to ketp accourt1 retsyts In ac¢ord3no with sedion 44(J (al d tP4 20C6 Art ar Re8Ld3don 4of the 2b% nts Regulatlons and (ID to prepare finanthl statements which ¥xord wlth tht a¢countFng records and cornply th Rwlatlon 8 of the 21*%A[ Reeulabth5: hm not been m•t gr Ibl to whkh, In ry oplnlcffi. shtyJld be dra? lfv order to enaNe a prtsper under8tsnd1 of the finandal ststèmwtsto te reathe e Ateountsng 36 AM8usfid41 Avenue berdeen AB15 Llated: 14 November 2025
THE SWAN TRUST STATEMENT OF FINANCIAL AcrivmES INCWDING INCOME AND EXPENDrruRE AccouKr FOR ThIE YEAR ENDED31 MARCH2023 fidI hds fimds 21122 Donatlon5 le8acies Chaiitable actmties IrNestrner Other IrKL¥ne SI65 72579 59 IA76 36219 54.278 9562 29.163 83.441 71519 4532 4532 126,379 36219 162,598 6&3XI 29.163 97,553 thaTitsblÈ actl4ltles 36219 11&159 55.275 36.451 91.n6 li 5J27 85,767 - 36219 I2186 S5,275 36J51 9¥726 Net Inttyne forthe yezrl 40.3 410,612 17,2881 5.827 Fund baFarKes at l Aprll 21n2 119B53 362598 482,451 106,738 476.624 Futhd balaMes•t31 M•rth 160,465 3629$ 523.063 119.853 362598 482.451 The5tsteMentofftnarèI athues Indud¥ all galn5 9nd1055es reCOlsed Intheyear. All ine2nd eXpEndrn derls* contlnuln8 Xtmtles.
THE SWAN TRUST BALANCE SHEEr ASAT31 MARCH2023 Tan&bFe assets 7m8 4(X)XKJO 14.969 414,969 L7 20.755 143.326 IilD 19, 77,532 Debto Cash at bankand In hand 16 16%781 17 {505361 1311481 IiS.24S 67.482 523.L%3 482,451 IrKwRefvnd5 Restn"cted fvntts 362,598 362.598 Dewattd funds unrestrlcled fvnts 19,QJO I,465 OA65 llgA53 s23.3 481451 w•r• apprthd byth•TnAt••s on 14 N4)nber2023
THE SWAN Trusr NOTES ID THE FINANaAL sfATEMENTS FOR THE YEAR EhlDED 31 MARCH2023 orfty lthnr4Uon TheSw8ft Es a unlnwN¥tsd th•rlty. Thèfin3n¢ial statrments been wèpared In accordancèwth the Charitys tgoNtrnlrvd douJrnentl. the tharl¢les • Tr In¥e5iment Iscotlandl Act 2LX)5, the Charlties Accounts 0110) ReAullors 2LYJ6 la5 amended), FRS 102 Flnantial P£FnI Slandard appkable lft the UK and PublIC of 102.1 and the Chrtties SORP 'AcctyJThtln8 and Reporfre by Charltjes: Stateiwt of Recommended practi applicat to thrlties wepxfjng tfjr ?nts In ac£ordan(e ¥Ath ts FInanCi Reportir strndard applicaFAe In the UK and Republlc of Ireland IFRS 1021. <effe¢¥ l January20191. The Chartty Is a Pubjlc 8enefft Ertltyas deflned byFRS IOZ Thecharityhas ad4•nt¥• ofthe wolors in the SORPforthaftUes nottoprepare a Stment ofcash Flw. The Inanclal ststements hw4e departed from the Charltie5 IAc£wnts and Reports) ReEall¢$ 28 onty to the extert quired tts wtivide a tfut and falrvsew. This departure has Inwl¥ed folorfn8the steeftt of Recommended Practice for thrltles •pn8 FRS 102 fztherthan theverslon olthe Statement of Recommended l¥rncticethlth Is referred toln the P44llonsbut vthlth hèssiftte been wlthdrawn. The firand?l statsments are wepare(I In sterfl wthlch Is the fvnthonal tyrrew ofthè chfity. tytsry amounts In these ftrondal sktements are rwnded tothè nearest £. The flnanclal statements have been wepared under the h15torical co# cctherrtio ImodlfiEd to Include the revalualton of freehold propertles and to indude investment propertle5 and certaln flrwidal iffjtrumeftts at fair valyel. The wlndpd acwJntiTrg ¢5 a¢lopted areset wt biw At the tlme of apwowtrq the financlal slatements, the Tntstees a feasonaLle expectsilon that Charfty has adequate reswrtes to continue Sn operatiorl exisiÈftceforthe foreseeable fvtuye. Thus theTnJstees cort]nueto adopt the 8oÉng Crn E4sls of acctyJntin8 In preethe finafidal statement l.J th•rftsWe Unrestritted bjnds arèa¥alalAe for us• at thedfscretlon oftheTrustee5 InfvrtheRnce ofthelr tharltable obje¢tsS Aestrfrted funds aresublert tospedftc £Ittl ty donors as to htsw they nay bè used. Tr wryhxes and les of the restfkted funds are set ¢)ut In the notesto flnandal siatem•nts. Eftdowment fvnds are subjèrtto 4¥ecffic(ondltlws bydonofsth the c•tal must be malnlatrd bythe thaflty lftwme is recognlstd when th• Charlty ts legal entitled to St after any perf0rnUn ndOnS hw• bttn rt th• can be measwed rellabty. ond tt ts probable that Incomewill be receNtd. Cash d¢aon$ are recrse0 on recelpt. Other donatlons are re(£fnised tsnce the tharlty h9% been Tlled of the dOtiOn. unle55 wformance conthtions require delerrdl of the amount. Income lax fqcmrable In relatlon to dorrdtlons reCed vnderGfft Aid or deed5 ofmnant15 recr4nlsed atthetrme of the dorAtIGn. L4acÈe5 are reco8nised on recdpt or Ot¥(Se If t Char1 Iws bttn nOfied of an Impend dlttIen, the arn¢*Jnt 6$ krthvn, ar recelptisexperted. Ifthe amwrt ts nrt kr)o¥m.the lerdry istr•ated asa ccntlr4ent 4sseL
THE SWAN TRusr NOTES TO THE FINANaAL sfATEMENTS (COPITINUED) FOR THE YEAR ENDED 31 wIRCH2023 E¥pendlture 15 TrCO8nlsed On there 15 a leplor obll8atlortr to transfÈrec0nnk benefftto athlrd pffjl. It Is probable that a trartsof eojnomk beneffts wlll b? reqwred In settlwnrt and the ofthe obliptkn can be measured rdiabty. Ewenthture 15 ¢lasSI by acdylty. The costs of •ach actlth made up rfthe totsl of thre¢t Costs and shared costs, rtludin8 Srt (Osts Invol¥td In undertaklr8 each ¥tlvlty Dlrect ufjts attrlbutzble to a SIrle actiwty are allocated thrttdy to ttrot attmty. Shared costs 7•thith crtlbute to more than one acti7thty and wpport Costs thith are Iiot attrIbut3bt08 slngle act ¥e zpportloned betYen tPKoe attmlles on a basis cortslstent vlth the Qt rewjr Centrdl staff costs arè anocated on the ba oftlme spenL and (Wation tharyes art alloced on the rt[l aw's use. 1.6 T•rylble fiÈd aMtLS Tanble flxed assets arÈ Inltlaly measured at and subsequertty me85ured * co# net of depred¥tlon ahd any Imr4lrment105ses. Depreclatlon Is rttwLse¢l so as to off the cost or v•luaVon of assets less thelr resldual wlues eT thelr useful the fOllnle$. Plant and etydprn¥it Cory¥utus IO%on drrI balwKe lyear The galn or loss all on the rfi¥tyl of a$5et Is determlned as the dlfference tot%i the sale YOed$ and the tarTne value of theasSÈL and Is re¢o8nlsed In the ststement of financial aamties. L7 Implrnwntolftxed assets At eath repty¥n8 end date, the Charlty the amrnmts of Its tsnBlble assets to demlnewhethw there 15 8ty Indlcaiion that those assets have suffwd an lmpairnlt 105$. If any FndlLion exlsls the re(overdb arnwnt of the et1$ e#imated tn order to detemlne the extent of the knparment Ios5 Ilfany}. Stsr&s awe stattd at the of ¢0# and ¥Urnal selllnB 0)gts to complete and sell. Co# comprises ¢HTe¢t merlls and. where app15ce, dlrert laboui cctsts and those overhe&4s that ha4t been Incwred in brfTrglng the stocks to thelr Psent locatlon and tonditlcffi. Items held for distftbi at no or nomlnal consldeyatlon ¥e rneawred the wef of rep1arnet costand cost. Net reamsable Wdlue ts the estlmed sellni wlce less au esllmated costs of and costs to be In¢wred In rnaTketln& selllngand thstrlbutlon. L• Cash and rash •4ulvalqnts Cash and cash eqvalents indude cash Fn hand deposlts hetd * all Aith banks, other short-temi liqd in*stMts wtth OTlelnal matufftl4s of th rnorth5 or Iw. and bank v4erdrafts. Bank obtrdrnfts are sho wtthln bOrrOn85 In oJrrent Ilabl1leS. io-
THE SWAN TRUST NOTES TO ThE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDE031 MARCH 2023 The Charity has elethd to app the kyovlslorffj of S¢ctEon 11 3stc Hnandal aThJ Sectlon 12 '0ther Rnandal Instnments IssuE< ofFR5 102 t(• 11 of Itsfind Instrumerts. nanoal i1ruments are In the tharrtvs balln sheet when the th¥tty be¢ome5 party to the tontrxttwl ob4sloM of the Ir¥trwfient. Financial Jssets and li8bNitieS aro ollset. TAth the rt amounts presented in the finandal #atements. when there Is a le8?1 enforceable rf8ht to set off th rewntsed amounts and there Is an irtenlon to settle on a net basb orto rea115e the asset Jnd 5ettlethe liabllitysimumthts 8ac firtandal assets, whlth Indude debtors and cash and bank balanos. are Inlilalty measured at tra¢11 wlce Indudlng transacuon (Osts and are sut6equentr othèd at amts$ed cost usiw the feCtIve IhterESt method unless the arrangement W5ti¢ufes a finati¢in8 trdnsactlon, whefe the tran£tron ts measured at the present value of th fure rrfelpts ¢Mscounred at a m¥k2t rnt• of lrteresl FlnanLial assets dosfied è5 rncetdble one are Mt amarttsed. 8aslc finandal Ilabllltte5, Indudln8 rmllt¢x¥ ond ba In$ I Inltlalty YE¢o8nlsed at trartsacuon prite unbs the anangement t(tst1t5 a finanting transactio Wre the debt Instrunwrt Is measured ?t the presert vak of the Ire p•mnts di8courrted at a market Ate of lrteresl. Finandal lialulltles ¢lassified as ptyablewlthln one)Yar are not amortlsed. tlebt Instrumerts are sutxquthtlyonted * amorused cos( UsIthe effeclfve Interest re method. Trade tredltors arn obfithns to ptyfor8oods orsertesthat been acqulred In the ordlnary of operztlorns from supplleTh. Arnounts wable are Hfied 45 ¢yrrent 11a111eS Sf pmient Ls wlthln one araT less. Ilnol thty are Kweserted a5 norwrent llablllties. Trade credlt47rs ère Yet4)Bnlsed at trnrucuon prtcè and subsewtrntiv measured at amormspd tost 18th2 effecuve lrterestrnethod. FlTrancial liabilitiesare dereco8nised thenth2 (Jwrft¢s contrnrtwl obliptiJnsexplrE or * dlscharyed or C¥Kelled. Lll buKffts The costof artyunused holldtyenttdementts recogni5ed Inthe ptrlod Inwhl¢h theemplostds le are recelved. TenThlnatl¢ffi beneffts 3re rECQBnlsed Immed1e as an vhrs the thèrlty h demonstsobiy CL*nmlited to tennlnate the emplowTrent of an employee orto prnvldE teml1nau benefft& L12 Rrtlrem•rtbeneffts P4Trents to defin¢d contrlbutlon retJrnTrent benefft sthemes aretharged ¥ an e¥pwtseastlyfaH due.
THE SWAN TRusr NOTES TO ThE FINANCIAL sfATEMEKfs (CONTINUED) FOR Th1£ YEAR ENDED 31 MARCH2023 lft tr appllcatth of th? tharltr<s xcoyntlng P1CleS. the Trustees are roquired to Judgennts. esdn7es and assumptl(Th5 abo the carryln8 amwnt of as%ets and Fabillties that are allY apparent from othw Sources. Tr ljmaes and associated assl4mp0S are based on histr1 aperbenct and other fattors that considered to be relnt Artual results may drffef from these esumates. The e5Umates and underMnR assuThwUon5 ar• lWed Onn8 b1% R151ons to accourrttng estlmates ¥e rewntsed In the perfod In whlch the estimate Is Tr$*d Whe the revlslon affErt5 onlythat ptrltsj, lft the perfoj the 1th10 andfthire perfods Wheret re1( affects both tyttent aftd perlods. fvnd5 funds nds 2023 2022 2022 Don3tions and •fts Grafrts 21449 20A39 33.839 29,416 36.219 29.163 5L865 36.219 83841 L116 L116 HES ethnd Charltablellurt HIÉ 4.450 28.3) 8.661 7SO 19,752 28,31KI 243 4J3D 4.930 8,661 750 19,752 Coètsl CommbJnltle5 Fund 31289 31289 29.416 36,219 33.839 29.163 63,C112 Chrhble •¢114ltle5 Income IKome 2022 Hlres & charters 71579 12-
THE SWAN TRUST N(IfE5 TO THE FINANCIAL sfATEMEPllS (CONTINUED) FOR THE YEAR ENDED31 MARCH2023 fvn rterest recthable fvnds Othtr intom• L876 4,532 13-
THE SWAN TRUST NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEII) FOR THE YEAR ENDED 31 MARCH 2Q3 allts1 th•rllabl• Staff costs 1rysuTrnce Telephcffie Office costs Sundrles Ad¥ertlslng 4939 4824 1.152 L711 1.182 41S 707 25,872 24637 6941 3Qi40 Malrtenance its.4)4 Share of support costs (see note81 Shère of gobtmancecr6ts Isee note 81 1670 2.103 926 116.159 91.n6 byfw Unrestdct•d fvrtds 55,275 34451 36.219 11&159 9L726 Sw>port Gosis 2022 ank ¢haryes Dtpredatlon 177 1925 177 1925 IA24 1324 Indeelrtthrn1nexSfee 1085 926 926 1.670 2,7S5 926 Chathat4e aCtitIeS 2,111 2,755 2,103 926 14-
THE SWAN TRUST NOTES TOThE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2023 Nor of tt Trustees (IX ary persons o)nnecred with them) recelved arry Temuneratkn or benefits frm tt tharlty durfthe year. Theaverase tsmmthlynumbtr durtrq the ¥e¥wdS: Nmb¥ Sklpper Bosun AdminlstTiui Totsl Wa8as and satarle5 Other pensl¢)n os 4&lJ44 33216 Ttrrewereno effolwees4hK>S• annual r•muMrJtlon wasmorethan £6Q¢)JX li Oth•r funds Net t05$ lsSaI of Iznglblethd 355ets s.7 S.827 The charlty h exemptfrith tsxon InCne andplns fèllinKAtthln srtlM 505 of the Taw Art 1988or 5ecUon 252 of the Ta>3Vonof Chaeable GalnsArt 1992 to the ent thattt*se are ¥Ied to its thar(iable object& 15-
THE SWAN TRusr NOTESTOThE FINANCIAI sfATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 MARCH2023 pr*tt•nd At IApnl 2022 47.620 (27A32J 49,010 129.2221 {1.390) At 31 Marth 2023 19.788 19.788 t IAr#ll 2022 Depred311on tharled Inthe Irar EMmlDated In respertof thsp05als 31659 L324 1.382 Y.041 1,324 {23.3951 IL382) At 31 Marth 2023 11,970 lJ.970 At 31 Marth 2023 7.818 At 31 ma 2022 14.961 14.969 I IWI 21122 rtJl•A¥th 2023 Ftnlshed 0d$ aDd 8oodsfor resale 1,700 Trnde debtors otrd¢ty5 prepanents atuued 1rf4>me 170 L188 9,397 9,523 1626 20.755 -16-
THE SWAN TRusr NOTES TO THE RNANaAL STATEMEllfS {coiinNUEO) FOR THE YEAR ENDED 31 MARCH 2ff23 Otheriayatlon and 50dal seojrlty Trade ¢redlto Other tredttors xua15and drred Inc(me 115 1071 1296 29.666 19,774 32.148 The Inc¢me fiJnd5 of the ¢harfty ]lUdE restridd funts compr151ng the fol[trI uneApended balances of donatky andyants htld on tnjst for spocfflc purpw: MMent In fvnds Iwxox Capltal Fd sheal Charliable Trnrt Fund HIE Fund NMS Fund Coaslal Communttles Fund 362,598 362598 362.YJ8 7288 2881 18,6611 17501 8.661 750 14.9301 19.752 119,7521 31,289 131.2891 369*6 136.4511 361598 36.219 136.2191 3638 17-
TH£ SWAN TRusr NOTES TO Th£ FINANaAL STATEMEKfs (COPrnNUED) FOR THE YEAR ENDED 31 MAR012023 The thcome fund5 of the charlty lftdudÈ thè followlng des[Oted fvnd5 whl¢h been set a51de out of unresvkted funds the trUStee5for st purFrfJses: Pllnhnum Reser¥¢ Fund Caplts] Re5eThp Fund 15.C¥JO 19,COJ 19.IXXI 19.QlO fvnds 29 fvn 2028 funds fvnds Fur balantes * 31 Marth 2023 are represented by. Tawble assets Herftaeeassets CuThentassetsll1l1ll1sI 7.818 37,402 115,245 7,81B 14. 18,402 67,482 14.%9 36U98 4,( 67.482 115245 160.465 362 523.C63 I.853 36U98 482,451 There Wffe r•) (fts¢k>sab rnlated partytransKiIGffi5 durln8 the yearl2022. rThel. 18-