**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:
- The advancement of education in particular by encouraging and facilitating interested parties (particularly young people) to sail on the Swan and to thereby teach and keep alive the technique of sailing of and working of a traditional Fifie such as the Swan;
- The advancement of heritage and culture in particular by restoring and maintaining the Shetland Fifie "Swan" (LK243) as a working and sea-going sail fishing boat using, as far as is reasonably practical, similar materials and techniques to those used in her original construction and design so that she may be preserved and open to public as part of Shetland's maritime and fishing heritage for future generations;
- The advancement of public participation in sport in particular by organising sailing trips on the Swan to be participated in by members of the public.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
- 1 -
## **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:
- Shetland Charitable Trust
- Shetland Islands Council Coastal Communities Fund
- Serco NorthLink Ferries
- Cooke Scotland
- Zetland Educational Trust
- Association of Sail Training Organisations
- Many other individual sponsors and donors including valued support from Shetland’s pelagic fleet, agents and other fishery / aquaculture businesses.
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.
- 2 -
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.
- 6 -
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 26 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.
- 9 -
## **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.
- 10 -
## **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|
- 11 -
## **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|
- 12 -
## **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**
- 13 -
## **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.
- 14 -
## **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|
- 15 -
## **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|
- 16 -
## **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).
- 17 -