Under the trust deed the trustees were given wide ranging power to appeal for and receive donations, grants and legacies and to raise money "by any other means which they may consider appropriate for the purpose of accumulating and maintaining funds for the purpose of the trust."
...

The objects and purposes for which the trust was established were described as "generally of an educational nature", the aim being to:

... acquire the hull of the Shetland Fifie Swan (LK 243): to restore and re-rig the Swan as a working and sea-going sail-.fishing boat using as far as reasonably practicable similar materials and techniques to those used in her original construction and design; to ensure the continued maintenance of the Swan in her restored and re-rigged condition as aforesaid so that she may be presereved and open to the public as part of Shetland's maritime and fishing heritage.for future generations; and to encourage and facilitate interested parties and particularly young people to sail on the Swan, thereby teaching and keeping alive the techniques of sailing and working a traditional sail Fifie such as the Swan.

Negotiations to purchase the vessel were concluded fairly quickly. She cost £41,525 including VAT - a considerable sum for a vessel of her age, but then she was no ordinary vessel. All those involved in the project realised that this was the last chance to acquire a Shetland-built sail fishing vessel.