Charity Registration No. 1173736
Company Registration No. 03463908 (England and Wales)
THE SHANKLIN CHINE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
THE SHANKLIN CHINE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs A P P Springman
Mrs A L Riley
Mrs C Thomas
Mr M Porter
Dr R McInnes
Mr J D Gilbey
(Appointed 14 February 2024)
Mr R Priest
(Appointed 14 February 2024)
Charity number
1173736
Company number
03463908
Registered office
30-32 Gildredge Road
Eastbourne
East Sussex
BN21 4SH
Independent examiner
Price & Company
30-32 Gildredge Road
Eastbourne
East Sussex
BN21 4SH
THE SHANKLIN CHINE TRUST
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6 - 7
Notes to the financial statements
8 - 20
THE SHANKLIN CHINE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 29 February 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 the Trust's Memorandum & Articles of Association, 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 Trust’s objects are:-

  1. the preservation, conservation, management and maintenance of the land known as Shanklin Chine Historic Gorge (Shanklin Chine) in the Isle of Wight, England for the benefit of the public, being a Site of Important Nature Conservation (SINC).

  2. the advancement of education of the public in all aspects of the history and importance of Shanklin Chine.

 

In order to achieve these objectives, the Trust maintains Shanklin Chine in good repair and makes it accessible and attractive for visitors. A tea garden, gift shop and dining inn are run through a subsidiary company to attract visitors and provide revenue for the Trust. There has been no change in these during the year.

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

Achievements and performance

The accounting period was a difficult one for all seasonal businesses post covid tourism had changed the market and many families and visitors ventured abroad. The summer was exceptionally wet and followed one of the wettest winters on record. The wet winter caused substantial damage to the infrastructure with over thirty-five landslides recorded. This caused significant pressure on the business and delayed planned maintenance work to the Chine and increased budgeted costs for winter works.

 

The season also saw exceptionally high costs in terms of staffing with it becoming more and more difficult each year to recruit staff to cover operational hours, again paying over the minimum wage to retain staff. It became evident that people’s behaviour has changed. Spend per head decreases each year with the cost-of-living crisis clearly impacting on the general public and their willingness to spend with higher expectations.

 

Inflation was high with a down turning economy meant that many people pulled short breaks and summer holidays, which led to a downturn of visitors to the Isle of Wight.On a positive note, the chine saw a new demographic visiting with a significant increase in visitors from overseas discovering the Chine.

 

Financial review

The Trust achieved admission fees of £579,539 (2023: £498,055) and received donations including Gift Aid of £82,274 (2023: £86,031). The largest expenditure is on staffing, which accounts for over 50% of expenditure. These and administrative costs were kept under review. The charity made a surplus of £61,714 (2023: £9,675).

THE SHANKLIN CHINE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The Trustees have assessed the major risks to which the the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The Chine is currently 4 years into a 5-year investment plan – albeit this has been impacted and slowed by Covid 19. The ethos of the five-year plan is around diversification and investment. For the Chine to remain a self-sufficient tourist attraction, it requires to attract a significant number of visitors (100K)+ during a short season. It has become apparent that visitors to attractions have greater expectations and with more attractions available it is important that the Chine can offer a USP. Not only has the Chine required significant work to bring it back to the landmark attraction it once was and ensure it remains safe to visitor’s, it has also benefitted from the start of improvements work, for example the building of the terrace lawn and the Jubilee Terrace. The plan is to continue the ongoing investment back into the business with a comprehensive work plan in place each winter to ensure the Chine can offer more and utilise the resources it has. Gift Aid provides support to this programme and ensures all monies claimed via Gift Aid can support the ongoing work within the Chine. During this period a new tearoom was opened with all new equipment, dinosaurs were placed in the Chine to attract younger visitors alongside giant eggs. New information boards were introduced following the impacts of climate change and the history of the Chine.

 

 

Structure, governance and management

The Trust is a company limited by guarantee, constituted by means of a Memorandum & Articles of Association. This was updated and adopted in May 2017 to comply with the Charity Commission’s requirements, and registered as a charity on 7 July 2017.

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:

Mrs A P P Springman
Mrs A L Riley
Mrs C Thomas
Mr M Porter
Dr R McInnes
Mr J D Gilbey
(Appointed 14 February 2024)
Mr R Priest
(Appointed 14 February 2024)

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Decisions on the operation of Shanklin Chine are made by the Trustees, who meet regularly. Day to day operations are delegated to the Operations Manager.

THE SHANKLIN CHINE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

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

Mrs A P P Springman
Trustee
26 November 2024
THE SHANKLIN CHINE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE SHANKLIN CHINE TRUST
- 4 -

I report to the Trustees on my examination of the financial statements of The Shanklin Chine Trust (the the Trust) for the year ended 29 February 2024.

Responsibilities and basis of report

As the Trustees of the the Trust (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 the Trust 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 the Trust’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 the Trust’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 Institute of Chartered Accountants for 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:

1

accounting records were not kept in respect of the the Trust as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Mrs Suzanne Wood FCA CTA TEP

Price & Company
30-32 Gildredge Road
Eastbourne
East Sussex
BN21 4SH
Dated: 26 November 2024
THE SHANKLIN CHINE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
Unrestricted
Endowment
Total
Unrestricted
Endowment
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
82,274
-
82,274
86,031
-
86,031
Charitable activities
4
579,539
-
579,539
498,055
-
498,055
Other income
5
-
-
-
137
-
137
Total income
661,813
-
661,813
584,223
-
584,223
Expenditure on:
Charitable activities
6
600,099
-
600,099
573,265
-
573,265
Other
11
-
-
-
1,283
-
1,283
Total resources expended
600,099
-
600,099
574,548
-
574,548
Net income for the year/
Net movement in funds
61,714
-
61,714
9,675
-
9,675
Fund balances at 1 March 2023
109,737
1,100,000
1,209,737
100,062
1,100,000
1,200,062
Fund balances at 29 February 2024
171,451
1,100,000
1,271,451
109,737
1,100,000
1,209,737

The statement of financial activities includes all gains and losses recognised in the year.

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

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE SHANKLIN CHINE TRUST
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
81,812
82,636
Heritage assets
14
1,100,000
1,100,000
Investments
15
1
1
1,181,813
1,182,637
Current assets
Debtors
16
121,183
44,610
Cash at bank and in hand
256
639
121,439
45,249
Creditors: amounts falling due within one year
17
(31,801)
(18,149)
Net current assets
89,638
27,100
Total assets less current liabilities
1,271,451
1,209,737
Capital funds
Endowment funds - general
19
1,100,000
1,100,000
Income funds
Unrestricted funds
171,451
109,737
1,271,451
1,209,737
THE SHANKLIN CHINE TRUST
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 7 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 February 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 26 November 2024
Mr M Porter
Trustee
Company Registration No. 03463908
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
1
Accounting policies
Charity information

The Shanklin Chine Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 30-32 Gildredge Road, Eastbourne, East Sussex, BN21 4SH.

1.1
Accounting convention

The financial statements have been prepared in accordance with the the Trust'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 the Trust is a Public Benefit Entity as defined by FRS 102.

 

The the Trust 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 the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 the Trust 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 the Trust.
1.4
Incoming resources
Income is recognised when the the Trust 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.
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies (Continued)
- 9 -

Cash donations are recognised on receipt. Other donations are recognised once the the Trust has 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.

1.5
Resources expended

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:

Plant and equipment
10% reducing balance
Fixtures and fittings
10% - 33% straight line, 10% - 25% reducing balance
Motor vehicles
25% reducing balance

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 the Trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies (Continued)
- 10 -
1.8
Impairment of fixed assets

At each reporting end date, the the Trust 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
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.

1.10
Financial instruments

The the Trust 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 the Trust's balance sheet when the the Trust 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 debtors 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 creditors 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies (Continued)
- 11 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the the Trust’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 the Trust 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.

2
Critical accounting estimates and judgements

In the application of the the Trust’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
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
82,274
86,031
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
4
Charitable activities
Unrestricted
Total
funds
2024
2023
£
£

Admission fees

579,539
498,055
5
Other income
Total
Unrestricted
funds
2024
2023
£
£
Other income
-
137
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
6
Charitable activities

The Chine

The Chine

2024
2023
£
£
Staff costs
255,664
235,562

Repairs to the Chine

107,375
79,465

Rates

3,291
2,868

Bank and credit card charges

10,358
8,198

Insurance

7,641
5,842

Advertising

37,589
45,948

Cleaning and waste disposal

5,474
5,345

Light and heat

11,874
(1,717)

Postage, printing and stationery

2,824
2,015

Telephone

4,292
3,657
446,382
387,183
Share of support costs (see note 7)
149,217
181,582
Share of governance costs (see note 7)
4,500
4,500
600,099
573,265
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
7
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£
Staff costs
107,716
-
107,716
138,618
-
138,618
Depreciation
26,744
-
26,744
26,792
-
26,792

Motor and travel

13,859
-
13,859
16,172
-
16,172

Other interest

878
-
878
-
-
-

Sundries

20
-
20
-
-
-

Independent examination fees

-
4,500
4,500
-
4,500
4,500
149,217
4,500
153,717
181,582
4,500
186,082
Analysed between
Charitable activities
149,217
4,500
153,717
181,582
4,500
186,082
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
26,744
26,792
Loss on disposal of tangible fixed assets
-
1,283
9
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the the Trust during the year.
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
10
Employees
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Administrative support staff
6
6
Employment costs
2024
2023
£
£
Wages and salaries
338,222
344,236
Social security costs
22,483
27,484
Other pension costs
2,675
2,460
363,380
374,180
There were no employees whose annual remuneration was £60,000 or more.
11
Other
Total
Unrestricted
funds
£
2024
2023
Net loss on disposal of tangible fixed assets
-
1,283
-
1,283
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
32
99,785
34,326
134,143
Additions
-
-
25,920
25,920
At 29 February 2024
32
99,785
60,246
160,063
Depreciation and impairment
At 1 March 2023
13
36,366
15,128
51,507
Depreciation charged in the year
2
15,462
11,280
26,744
At 29 February 2024
15
51,828
26,408
78,251
Carrying amount
At 29 February 2024
17
47,957
33,838
81,812
At 28 February 2023
19
63,419
19,198
82,636
14
Heritage assets
Historic land
£
At 1 March 2023 and at 29 February 2024
1,100,000

The Trust owns the land known as Shanklin Chine Historic Gorge in the Isle of Wight for the benefit of the public.

THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
15
Fixed asset investments
Other investments
Cost or valuation
At 1 March 2023 & 29 February 2024
1
Carrying amount
At 29 February 2024
1
At 28 February 2023
1
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
23
1
1
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
504
Amounts owed by subsidiary undertakings
121,183
44,106
121,183
44,610
17
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
21,705
13,649
Other creditors
5,596
-
Accruals and deferred income
4,500
4,500
31,801
18,149
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,675
2,460

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

19
Endowment funds

Endowment funds represent assets which must be held permanently by the the Trust. Income arising on the endowment funds can be used in accordance with the objects of the the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 March 2023
At 29 February 2024
£
£
Permanent endowments
1,100,000
1,100,000
Previous year:
At 1 March 2022
At 28 February 2023
£
£
Permanent endowments
1,100,000
1,100,000
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
20
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 March 2023
Incoming resources
Resources expended
At 29 February 2024
£
£
£
£
General funds
109,737
661,813
(600,099)
171,451
Previous year:
At 1 March 2022
Incoming resources
Resources expended
At 28 February 2023
£
£
£
£
General funds
100,062
584,223
(574,548)
109,737
21
Analysis of net assets between funds
Unrestricted
Endowment
Total
funds
funds
2024
2024
2024
£
£
£
At 29 February 2024:
Tangible assets
81,812
-
81,812
Heritage assets
-
1,100,000
1,100,000
Investments
1
-
1
Current assets/(liabilities)
89,638
-
89,638
171,451
1,100,000
1,271,451
THE SHANKLIN CHINE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
21
Analysis of net assets between funds (Continued)
- 20 -
Unrestricted
Endowment
Total
funds
funds
2023
2023
2023
£
£
£
At 28 February 2023:
Tangible assets
82,636
-
82,636
Heritage assets
-
1,100,000
1,100,000
Investments
1
-
1
Current assets/(liabilities)
27,100
-
27,100
109,737
1,100,000
1,209,737
22
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

23
Subsidiaries

Details of the the Trust's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Shanklin Chine Limited
England & Wales
Running restaurant & gift shop
Ordinary
100.00
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Shanklin Chine Limited
(113,804)
(310,057)
2024-02-292023-03-01falseCCH SoftwareiXBRL Review & Tag 2022.2034639082023-03-012024-02-2903463908bus:Director12023-03-012024-02-2903463908bus:Director22023-03-012024-02-2903463908bus:Director32023-03-012024-02-2903463908bus:Director42023-03-012024-02-2903463908bus:Director52023-03-012024-02-2903463908bus:Director62023-03-012024-02-2903463908bus:Director72023-03-012024-02-29034639082024-02-29034639082023-02-28034639082022-03-012023-02-2803463908bus:FRS1022023-03-012024-02-2903463908bus:IndependentExaminationCharity2023-03-012024-02-2903463908bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP