On the basis of (the information now obtained,) it was agreed to form the Swan Trust. At a meeting of the Swan Steering Group on Thursday 13th December, 1990, it was agreed to write a letter to Mr Parkes confirming the group's interest in the Swan and its intention to proceed with the purchase of the vessel. Robert Wishart agreed to produce a brochure with photographs of the Swan for fund raising purposes. It was anticipated that the work of restoration would cost a total of £150,000, being divided into three stages - purchase and travel, initial restoration and restoration to her original rig as a sailing smack. It was assumed that each phase would cost around £50,000.

The final meeting of the Swan Steering Group was held on Thursday, 15th December, 1990, followed later that evening by the inaugural meeting of The Swan Trust.

The membership of this body included several of those who had been involved in the project ever since discussion began on the possibility of bringing the vessel back to Shetland. They included Robert Wishart, Vaila Wishart and Thomas Moncrieff, all of Lerwick, William Simpson and William Anderson of Whalsay and Brian Wishart of Sandwick.