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2025-03-31-accounts

Charity registration number SC051822 (Scotland)

Company registration number SC051822

THE SWAN TRUST SCIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

THE SWAN TRUST SCIO LEGALAND ADMINISTRATIVE INFORMATION Trustees Secretary Charity number (Scotlandl SCO51822 Company number SC051822 R•il¥t¢rnd offl¢• Independent examlner Thyme Tax & Accountancy Limited 36 Angusfield Avenue Aberdeen Aberdeenshire United Kingdom AB15 6AQ

THE SWAN TRUST SCIO

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8 - 17

THE SWAN TRUST SCIO

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 Organisation is established for Charitable Purposes only, and in particular, the objects are:

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

THE SWAN TRUST SCIO

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

Significant activities and achievements against objectives

The summer sailing diary was filled with a range of trips for all ages. 75 days of sailing included local, national and international trips.

Eleven school day trips were provided to eight schools and included 102 pupils. An additional trip was delivered to one school in Orkney.

Four days of sail training experiences were provided to 27 local young people through Sail Training Shetland as part of the Tall Ships recruitment process. A further 12 days of taster sessions were provided to 95 young people from north east Scotland in partnership with Aberdeen City Council and Port of Aberdeen ahead of the city hosting the Tall Ships races in 2025.

Twelve public sailing trips were delivered. Local trips included day sails from Lerwick, Scalloway and Aith, and extended coastal trips round the south and west coast.

Public trips included attendance at the Portsoy Boat Festival and a trip to the west coast of Scotland where the boat was, unfortunately, not able to reach St Kilda due to adverse weather conditions. There was also a cultural artist trip to Norway.

Swan delivered one private group charter.

Funding Support

Without the financial assistance from the organisations who support the Trust, the delivery of the community based activities would not be possible. Trustees are grateful to all who support our work, including:

A funding package was secured in March which will see a full upgrade of the forepeak section of the boat in December 2025. This is another substantial piece of work, securing the future operation of Swan for years to come. Funders for this are: Shetland Islands Council Coastal Communities Fund, Arven Offshore Wind Farm Ltd, Lerwick Port Authority and Peterson UK Ltd.

THE SWAN TRUST SCIO TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Operatlons / Malntenance A significant amount of development work was carried out durinB 2024 on Trust policies and procedures. including the development of a full Safety Management System and associated documentation. This puts the Trust ahead of its MCA requirements and provides a more robust operating system for all crew. Trustees donated their ski115 and knowledge to complete this substantial piece of work. PVG checks become mandatory at 1st April for all Trustee and crew. including volunteers. working with protected group5. New policies and procedures were developed for this and ongoing work bègan to ensure all individuals are registered as required within the law. While the usual maintenance was carried out during the year, a momentous piece of work was completed in November when, thanks to full fundin8 from Serco NorthLink Ferries, Swan was fitted with a brand new main masi in Ullapool. Crew and volunteers assisted with the journey and the work which was carried out by Isle Ewe Boats Ltd and Johnson and Loftus. Following a return to Scalloway with the new mast. the boat was given the annual deep clean and rigging and sails were removed for the winter. Volunteers were on hand once again from February to begin the re-ri88ing and pre-season maintenance ahead of slipping work and surveys to be8in 3 new season in April. attended the Sail Training International Conference in November and built good contacts with the host ports of 2025 and 2026 Tall Ships Races. Swan LK243 remains a community asset and the Trust remains committed to working with our community and enablin8 access to this wonderful piece of Shetland's maritime history which offers such unique and meanin8ful experiences to all those who sail on board. The Board of Trustees recognise that this work would not be possible without the hard work and dedication of all the volunteers who contribute their time, skills and experience to enable the traditional sailin8 skills to be passed on to others, and future 8enerations, Volunteer crew trainitb8 sessions were delivered in lune Ifoui days) aiid Septeniber (three day refiesherl tliis year. with 26 and 10 people respectively attending. 26 new volunteers signed up during the year throu8h online application. The crew also had the opportunity to complete a training se55i0n with the Aith lifeboat. providing valuable experience for both crews. Over the season. 28 volunteer crew and six paid crew members delivered trips. The Vevoe Trophy The Vevoe Tropy was presented to f Eshane5s at the end of Season event in November. With no Tall Ships participation providin8 on board sail trainee opportunities in 2024, as chosen for his outstanding commitment to volunteering on board Swan. His enthusiasm and dedication were recognised by crew and fellow volunteers and he was nominated a5 Worthy winner of this tiophy. as the 12th winner of the trophy.

THE SWAN TRUST SCIO TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FSnanclal revlew Reserves policy It is normal practice for charitable organisations to maintain unrestricted reserves to a level of three months unrestricted charitable expenditure. However due tot he seasonal nature of the Swan Trust SCIO, this is less relevant to the Trust. Therefore, trustees have created a designated minimum reserve of £15,000 to cover costs if the charity were to cease this Sum will allow for insurance cover, berthing fees, slipping, painting, and minor admin costs for one year period. The trustees have also created a designated capital reserve of £50,000 to cover costs to maintain the vessel in good condition. This sum will allow for essential maintenance and replacement of essential equipment required to keep the vessel in good working order. The balance held a unrestricted funds as at 31 March 2025 was £575,299 of which £168,967 are regarded as free reserves, after allowing for funds in designated reserves and fixed assets. Therefore the current level of reserves is higher than the designated minimum required by trustees under their agreed policy. Structure* Zovernance and m•naiement The charity is controlled by its 8overnin8 document and constitutes a Scottish Charitable Incorporated Or8anisation ISCIOI. 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 staiements were.. Trustee 17 June 2025

THE SWAN TRUST SCIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SWAN TRUST SCIO I report on the financial statements of the charity for the year ended 31 March 2025, which are set out on pages 6 to 17. Respertive responsibilities of trustees and examiner The charity's trustees, who are also the directors of The Swan Trust SCIO for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments {Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The trustees consider that the audit requirement of Regulation Iollllal to Icl of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44llllcl of the Act and to state whether particular matters have come to my attention. Bas1$ of Independent examlner's statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulations 2006. An examination includes a rewew of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view 8iven by the financial statements. In connection with my examination, no matter h35 come to my attention.. lal which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 4411) lal of the 2(K)5 Act and Regulation 4 of the 2(M)6 Accounts Regulations,. and to prepare financial stalements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulation5- have not been met or Ibl to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial Tliyiiie Tax & Accoui)taiicy Liniited 36 Angusfield Avenue Aberdeen Aberdeenshire AB15 6AQ United Kingdom Dated= 17 May 2025

THE SWAN TRUST SCIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
44,623
29,700
Charitable activities
4
54,448
-
Other trading activities
5
37,889
-
Investments
6
330
-
Other income
7
202
-
Total income
137,492
29,700
Expenditure on:
Charitable activities
8
134,018
29,700
Total expenditure
134,018
29,700
Net income and movement in
funds
3,474
-
Reconciliation of funds:
Fund balances at 1 April 2024
572,398
-
Fund balances at 31 March 2025
575,872
-		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
74,323
575,127
14,570
54,448
110,825
-
37,889
1,000
-
330
173
-
202
445
-
167,192
687,570
14,570
163,718
115,172
14,570
163,718
115,172
14,570
3,474
572,398
-
572,398
-
-
575,872
572,398
-		 Total
2024
£
589,697
110,825
1,000
173
445
702,140
129,742
129,742
572,398
-
572,398

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

THE SWAN TRUST SCIO STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Property, plant and equipment Heritage assets 14 6,905 400,CK)O 7,036 15 406,905 407,036 Current assets Inventories Trade and other receivables Cash at bank and in hand 16 17 2.049 4.880 186,063 3.157 25,695 169,867 192,992 124,0251 198,719 133.3571 Current Ilabllltle$ 18 Net current aimts 168,967 165,362 Total •$set$ less current Il•bllltl•$ 575,872 572,398 The funds of the charlty Unrestricted funds 19 575,872 572,398 575,872 572,398 The company is entitled to the exemption from the audit requirement contained in section 477 of ihe Companies Act 2(K)6, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2￿6 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. Thp finanrial statpmpnts werg approved by the trustees on 17 May 2025 Trustee Company registration number SC051822 Ikotlandl

THE SWAN TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollcles Charity information The Swan Trust SCIO is a private company limited by guarantee incorporated in Scotland. The registered office is 1.1 Accountlni conventlon The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts Iscotlandl Regulations 20061as amended). FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 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 IFRS 1021" (effective l January 20191. 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 ststements are prepared in sterlin8. which is the funrtional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Golng 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 Ch•rltable 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 condition5 by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donation5 are recognised on receipt. Other donations are recognised once the charity ha5 been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy 15 treated as a contingent asset.

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 Property, plant and equipment

Property, plant and equipment 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:

Plant and equipment 10% reducing balance Computers 25% 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 Impairment of non-current 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).

1.8 Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

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

1.9 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 SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

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

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 Total Unrestricted Restricted
funds funds funds funds
2025 2025 2025 2024 2024
£ £ £ £ £
Donations and gifts 18,601 - 18,601 542,999 -
Grants 26,022 29,700 55,722 32,128 14,570

4 Income from charitable activities

Unrestricted
funds
2025
£
Hires & charters 52,622
Merchandise sales 1,826
54,448

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Sponsorships 37,889 1,000

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

6 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 330 173
7 Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 202 445

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

8 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Administration expenses
Safety/medical/equipment
Survey & slipping
Maintenance
Boat utilities
Harbour dues
Crew costs
Boat stores
Fuel
Travel
Share of support and governance costs (see note 9)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds
Support costs allocated to activities
Bank charges
Governance costs		 2025
£
32,283
729
57,332
9,408
12,239
34,877
1,095
1,342
2,905
5,517
3,700
1,624
163,051
82
585
163,718
134,018
29,700
163,718
2025
£
82
585
667		 2024
£
49,551
782
10,700
-
2,094
36,056
11,288
761
1,882
6,618
5,673
-
125,405
357
3,980
129,742
115,172
14,570
129,742
2024
£
357
3,980
4,337

9 Support costs allocated to activities

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9
Support costs allocated to activities
Governance costs comprise:
Legal and professional
Indpendent examiners fee
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
Depreciation of owned property, plant and equipment		 (Continued)
2025
2024
£
£
105
3,500
480
480
585
3,980
2025
2024
£
£
-
-
729
782		 (Continued)
2025
2024
£
£
105
3,500
480
480
585
3,980
2025
2024
£
£
-
-
729
782
3,980
2024
£
-
782

11 Trustees

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

12 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
5 3
Employment costs 2025 2024
£ £
Wages and salaries 31,755 48,752
Other pension costs 528 799
32,283 49,551

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

13 Taxation

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

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

14
Property, plant and equipment
Plant and
equipment
£
Cost
At 1 April 2024
7,818
Additions
-
At 31 March 2025
7,818
Depreciation and impairment
At 1 April 2024
782
Depreciation charged in the year
704
At 31 March 2025
1,486
Carrying amount
At 31 March 2025
6,332
At 31 March 2024
7,036
15
Heritage assets
At 1 April 2024 and at 31 March 2025
16
Inventories
Finished goods and goods for resale
17
Trade and other receivables
Amounts falling due within one year:
Trade receivables
Other receivables
Prepayments and accrued income		 Computers
£
-
598
598
-
25
25
573
-
2025
£
2,049
2025
£
151
-
4,729
4,880		 Total
£
7,818
598
8,416
782
729
1,511
6,905
7,036
£
400,000
2024
£
3,157
2024
£
14,275
2,833
8,587
25,695

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Current liabilities

Current liabilities
Other taxation and social security
Trade payables
Accruals and deferred income		 2025
£
1,936
13,417
8,672
24,025		 2024
£
382
20,979
11,996
33,357

19 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.

At 1 April 2024 Incoming Resources At 31 March
resources expended 2025
£ £ £ £
Captial Reserve Fund 50,000 - - 50,000
Minimum Reserve Fund 15,000 - - 15,000
General funds 507,398 137,492 (134,018) 510,872
572,398 137,492 (134,018) 575,872
Previous year: At 1 April 2023 Incoming Resources At 31 March
resources expended 2024
£ £ £ £
Captial Reserve Fund - 50,000 - 50,000
Minimum Reserve Fund - 15,000 - 15,000
General funds - 622,570 (115,172) 507,398
- 687,570 (115,172) 572,398

THE SWAN TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

20 Analysis of net assets between funds

Unrestricted
funds
2025
£
At 31 March 2025:
Property, plant and equipment 6,905
Heritage assets 400,000
Current assets/(liabilities) 168,967
575,872
Unrestricted
funds
2024
£
At 31 March 2024:
Property, plant and equipment 7,036
Heritage assets 400,000
Current assets/(liabilities) 165,362
572,398

21 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).