Charity number: l 118122 The Swalloiy Trust Trustees, Report and Financial Statements For the year ended 5 April 2024
The Sii'allow Ti'ust Contents Page Refereiice And Adniini5trxtive Details of the Charity> its Trustees and Advisers Ti'llstees, Report Independent Auditors, Report on the FinAneiAI Statements Statement of Financial Aetivities Bxlance Sheet 10 Notes to the Fiiianeial Statements
The Sii'gc Ilow Tyiist Reference 41iid Adniini5tr4?tive Details of tlie Cliarityry Its Ti'ustees and Adi'isers Iioi. tlic yeai. ended .$ Api'il 2024 Tru.stL'es Ai)Ilioi)y David Swalloiv, Icliair of Triistees} Chrisloplicr David Sm'allow, Trustee Heidi Siyallow Purvis, Trustee Helga Hildegard Gertrud Swallow. TrL15tee Nicola Mapp, Trustee Charity registered number 1118122 Principal office Apartment 6 Fallibrooine House 68 Macclesfield Road Prestbiiry Cheshii'e SKIO 4BH Investnient Trlxnagers Luna Iiivestment Managemeni Limited The Old Schoolhoiise 5-7 Byrom Street Manchester M3 4PF Independent auditors HLirst Accouiitaiits Liinited Chartei'ed Accouiitants & Statutory Auditors 3 Stockport Excha]ige Sto¢kport SKI 3GG Solicitors HCR Hewitsons 50-60 Station Rd Canibridge CBI 2JH Page I
The SM'Rlloiv Trust Trustees, Repoj't FoJ- tlie year ended 5 April 2024 Tlie Trustees presei)t Iheii. aiiiiiial report lo&ieilier witli Ilie aiidited tiiiaiicial slatei)ients of tlie cliarily for Il)e year 6 April -) to 5 April 2024. Objectives Activities Polieies objectives Tlie cl)arity's objectives are to make doiialioiis ai)d grants for tlie beiiefil of sucli charitable objectives and purposes, or sucl) regi51er¢d cliarities for Ilieir work, iii aiiy pai'l of ilie world as Ilie Irustees in tlieir discretion see fit. In setting objectives and planniiig for activities, the Tnislees l)ave giveii due consideration to general guidance piiblished by the Chai-ity Commission relating to piiblic benefit, iiicludiiig the guidaiice 'Piiblic benefit.. runniiig a charity {PB21'. b. Strategies for Achieving objective5 The trustees liave had regard to tl)e guidai)¢e coiitained in the ChaTity Cominission's guidaiice on public benefit requirenieiil uiider tlie Charities Aci 2011 as ameiided by tl)e Cliai'itie5 Aci 202? wlieii reviewiiig the charity's aims and objectives and in pla[Eng fulLire activities. In particular the trustees consider how planned aclivilies will contribute to the charity's aiins and ilie objectives they have set. They coiisider that they have coniplied with thcir diity ui)der sectioii 17(5) of the Charities Act 201 l as ameI)ded by tl)e Charities Act 20?2. Achievements and performance Main achievements of the eharity The trLlStees doi)ated £146,000 (2n?3.. £171,593) to various charities and organisations during ihe period. The doiiatioiis arc detailed in note 17 of the accounts. The trustees exercised tlieir discretion witl) regard lo the doiiation5 Inade lo several cliaritable organisations in the period which supported childreii. young adults and families iii the Uniled Kingdorn, USA and India. There was a positive net moveinent in flinds for the period of £182,864 (7023.. negalive £238, 064). Gl'oss interest and income from investtnents lor the period increased to £84,116 compared with £69,169 in 2023. The balance of tli¢ unrestricted 1)dS at 5 April 2024 amounts to £5,414,654 (2023.. £5.231.790). The increase in the uiirestricted fiiiids is largely as a result of a strong perforniaiice of tlie investnienls. witli gains of £197.852 during tlie year (2023.. loss £220, 115). The Trust continued to derive the i)iajority of its income from donalioiis froiii the trustees. Financial review . Going concern After makiiig appropi'iate enquiries. tlie Trustees have a reasonable expectation tlial the charity has adeqiiate resoiirce5 to continue in operational existeiice for the foreseeable futtire. Foi. tliis reasoii. Iliey coiitiiiue lo adopl tlie goii)g coneeri) basis it) preparii)g tlie fiiiaiicial staleinenls. Furtl)er details regardiiig Ilie adoption of the goii)g coiicern basis cali be fouiid iii Ilie accounliiig policies. Page 2
Tl)e Sivalloiv Trust TTUStees' Report (continued) Foi. tlie year ended S April 2024 b. Reserves policy The triislees opei'ate a siiigle iii)I'eslricled flind that is repi'esenled by ilie mai'k¢t valiie of investnients and net Cash dep051ts. The iiiconie genei'ated from tl)ese resources is utilised to make c111( l-itable don1¢ lioiis agreed by Il)e ti'ustees. The trustees, ceiilral objective is to preserve tl)e exisliiig wealtli of Ilie cliic I'ity oiler a long tei'iii and Ihercfore the Capilal base of ii)vestineiil 15 iised io gei)erate iiiconie for dislriblilion on ali aiiiiual basis. The overall triist portfolio is expected to geiierale inconie of 2.5 /D lo 3 /0 per annum above iiiflatioii. StJ'ueture* goi'ernanee and management Constitution The Swallow TrLlSt is a registered cliarity, niiinber [11812? {cliarilable status obtained on 23 Jaiiuary 2001), the govemiiig inslriiimeiit being the trLlSt deed dated 8 Jaiiuary 2007. Tlie trLiStees, wlio served throiighoiit Ilie period, are siiininarised on page l. Appeals are coiisidered as they are received aiid tlie trustees will Inake donations throughout the period. b. Methods of appointment or election of Trustees Appoiiitineiil of iiew trustees is al the discretion of the existiiig trustees. New tnistees are briefed abolit the charity'5 obje¢tives and how they have been achieved in the past. . Risk management As pari of its business planning process. the trLlStees have examined the major strategic, business and operational risks which the charity faces and confimi that systems have been established lo enable regiilar reports to be produced so thal the necessary steps can be takeii to lessen these risks. d. Trustees Tlie ciirreiit trustees of the charity, wlio Served throughout tlie fiiiancial period unless oillerwise stated, are as shown on pagel. Plans for future period5 The charity intends io ¢oiitiniie with its ¢urreiit objectives to make donations ]d graiits for the benefit of such cl)aritable objectives aiid purposes, or sii¢h registered cl)arilies for their iyork, in aiiy part of the world as tlie trustees in their discretion see fit.
The Sw%lloiv Ti-ust Trustees, Repoi-t (contiiiued) For the year ended 5 Api'il 21Tr24 Stateiiient of Trustecs, respoiisibilities Tlie Ti'iistecs al'e i'esponsible for pi-eparing tlie Ti'iistccs, Repoil and the financial stdleiiients iii accoi'dance with applicable law and United Lingdoiii Accoliiiliiig Siandai'ds Iuiiited Kingdom Geiierally Accepted ALLounling Pi'actice). The law aiiplicable to charities iii Eiiglai)d & Wales reqiiires the T1115tees to prepare fiiiai)Lial slateiiieiits for each fiiiai)cial whicli give a Inie aiid fair view of Ilie state of Rffairs of the charity ai)d of its iiicoiiiiijg resoiirces aiid applicalioii of resources, ii)clLiding its incoiiie and expeiiditure, for tliat period. In preparing tliese fiiiaiicial statemeii15. 11)e TrLlStees are required to.. select 5uilable accollllting policies and tlien apply them consisteiitly,. obsei've Ilie meiliods aiid pi'iiiciples of tlie Clixrilies SORP (FRS I O?): niake jiidgeiiieiits Hnd accouiilii)g estimates that are reasoiiable and priident. sthte wlieilier applicable UK Accountii)g Siandards (FRS 102} have becii followed, siibject to any material depc1rtLires disclosed aiid explained in the financial slatemenls. pi'epai'e tlic fiiian¢ial statemeiits on the goiiig coiicerii basis uiiless it is inappiY)piiale lo presume tlial the chai'ity will coiitinue in biisiiiess. The Trustees are respoiisible for keeping adequate accountiiig records that al'e sufficieiit lo show aiid explaiii the charity's transactions and disclose with reasonable accLiracy at any time the fillancial pogltion of the charity and enable tliein to ensure that the financial statements coiiiply with the Chai'ities Act 201 l. the Charity (Accoiints and Reports) Regulatioiis 2008 and the provisions of the Trust deed. They are also responsible for safegLiarding the assets of the charity and hence for txkiiig reasonable step5 for the preveiitffioii and detection of fraiid and other irregularities. Disclosure of inform*tion to auditors Each of the persons who are Trustees Ml the time wheii this Trustees, Repoit is approved has confiiM)ed thal: so far as Ilie triistee is aware, there is no relevant audit iiiformalion of wliich the ¢liarity's auditor is unaware- aiid the trustee lias taken all the steps ihat helshe ouglil l0113ve taken as a trustee to make liimselflherself aware of any relevaiit audit infornialion and io establish tliat the charity'5 auditor is aware of that inform&tioii. Hurst Accounlanls Limited have been appointed as auditors for the period and have indicated their willingness to continue in ol¢e as the Charity's auditors and a resolution for their reappointment will be proposed Rl the forthcoming Annual General Meeting. Approved b.yforder of the Inenibers of the board of Truslees and signied oli tlieir behalf by-. Anthony David Swalloiv (Chair of Trustees) Date: Page 4
The SwAlloiY Trust Indei)endent Auditors, Report to the Meinbei-5 of 'fhe Swallow Trust Oi)inion We have aiidited tlie of Tlie Swalloiv TrLlSt {tl)e '¢liarity'} for Ilie year elided 5 April ?024 wliicli comprise the Sialemenl of Fiiiancial Aclivilies: tl)e Balaiice Slieel and tl)e related iioles, iiicludii)g a 5iiiiiiiiary of sigiiificaiil accouiitiiig policies. The finxiicial repoi-liiie fi'anieivork tliat l)as beeii applied iii Ilieir pi'epai'alioii is applicable law ai)d Llnited Kiiigdom Accoui)liiig Standards, incliidiiig Financial Reporting Standard 10? 'The Fiiiai)cial Repoiling StandRI'd applicable in the UK aiid Repiiblic of Ireland, (United Kingdom Gei)erally Accepted A¢countiiig Practice). Iii our opiiiion the give a ti'iie ai)d fair view of tl)e slate of the cliarity's affairs as at 5 April 2024 and of 115 ii)coniing resoiirces aiid application of resolirces for the yellr thei) ended- havc been properly prep<ll'ed in accordance with United Kiiigdom Gei)erally Accepted Accounting Practice. aiid have been prepared in accordance with the requirements of the Charities Act 2011 as amended by the Chai'ities Act 2022. Basis for opinion We conducled our audil iii accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Olir respoi)sibililies iiiider those staiidards are fiirther described in the Auditors, respoiisibilities for the audit of the sectioii of our report. We are indepeiideiit of the charity ii) accordaiice with the ethi¢al requiremeiits that are relevant to our aLidit of the iii Ilie Uiiited Kingdoni, ii)cludiiig the Financial Reportiiig Council'5 Etliical Staiidard, and we have fulfilled OLir other ethical responsibilities iii accordance i¥iili these requirernents. We believe tliat the audit evidence we liave obtained is sufficieiit aiid appropriate lo pi'ovide a basis for our opinioii. CoDclusions relaling to going concern In auditing the financial slatements, we have concluded that the TrusÉees' use of the going concem basis of aeeounting in the preparation of the fiiiancial statements is appropriate. Based on tlie work we have performed, we Iiave not identified any Inaterial uncertaiiities relating to events or conditions that. individually or collectively, mxy cast significant doubt oli the charity's ability lo coi)linue as a going concern for a pei'iod of at least twelve monshs from iyhen the financial staiements are authorised for issue. Oiir responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 5
Tlie Swallow Ti'ust Indepeiidenl Auditors, Repoi't to the Member5 of The Swallow Trust (continued) Other information Tile otl)er iiifoniiatioii ¢oinprises Ilie iiiforiiiatioii ii)clLided in the Aiinlial Report other Il)aii tlie aiid oiir Audiloi's, Report thereoii. Tlie Trustees are respoiisible for tlie otlier ii)foniiatioii coiitaiiled witl)ii) tlie Aiii)Iial Report. Our opiiiioii 011 tlie does iiol cover Il)c otl)ei' iiifoi'malion and. except lo Il)e exteiit otherwise explicitly stated iii oui- repoitt, we do not exi)ress any fomi of assiirance concliision thereoii. Olir I'esponsibilily is lo read the otlier infornialioii aiid, in doing 50, coiisidei. whether the otlier iiiformation 15 niatei'ially iii¢onsistent with the or oiir knowledge obtained ii) the course of the aiidil, or otherwise appears to be materially misstated. If we identify such m<ltei'ial inconsistencies oi. apparent material misslatemeiils, we are ItqLiired to deteriiiiiie wlieihei- tlii5 gives rise to a material misstateiiieiil iii the themselves. If, based 01) tlie work we have pei"foriiied, we coiicliide that tliei'e is a i))aterial niisslalemenl of tlii5 Other ii)forinatioii, we are reqiiired lo reporl tliat fact. We have notl)ing to report in tliis regard. Mlhtters on which we #re required to report by exception We have iiothiiig lo rcpori in respect of the folloiving illatters where Ili¢ Charities (Accounts aiid Reports) Reglilations 2008 reqLiires us to report to yoii if. in Olir opinion.. tlie infornialioi) given ii) the Trustees, Report is iiiconsisteiit iii ]Y nialerial respeel with the - or siifficieiit accoiiiiling re¢ords have not been kept- or the are not iii agreement with the accountiiig records and rettirns. or we have not received all the informalion and explanations we require for our audil. Responsibilities of trustee5 As explaiiied more fiilly in Ilie Trustees, Responsibilities Statetnei)t, the Triislees are responsible for Ilie preparation of tlie wliicli give a true and fair view, and for such iiilernal coiitrol as tlie Trustees determine is iiecessary lo eiiable tlie pi'eparation of Iliat are free from material niisstatement, whetlier due to fraud or error. In preparing the , the Trustees are responsible for assessing the charity's ability to contiiiue as a goii)g concern, disclosing. RS applicable, matters related to going con¢ern and using the going concern basis of accoiinting unless the Trustees either iiitend lo liquidate the charity or to cease operatioiis. or have no realistic alternative but to do so. Page 6
The Swallow Trust Independent Auditors, Report to the Members of The Sw'allow Trust (continucd) Auditors, responsibilities for Ihe. 2u(lit of the fJnAncial statements We liave beei) appoiiited as aLidiloi' Liiider secÉiotk 145 of tlie Cliarities Act 201 l aiid report iii acLordaiice witli tlie Act ai)d relevaiil regulalioi)s i))ade or liaviiig effect tliereunder. Oiir objectivcs are to obtain reasonable assiiran¢e abolit whether the as a whole are fl'ee fiDtn material misslatetDent, whether due to fi'alid or errol., and to issiie an Auditors, Report Ihftt incliides our opinion. Reasonable assiirance is a liigh level of assiirance, but is i)ol a giiaraiitee thal an audit condLlCted in accordance with ISAS (UK) will always detect a niaterial iiiisstateniei)t when it exists. Misstalenieiits cali arise fioiii fi'aiid or ei'roi. aiid al'e coiisidered Inaterial if, individiially or li) the aggregate, they COLild reasoiiably be expected to influeiice the econoniic decisioiis of users taken on the basi5 of tliese Irregularities. iiicludiiig fraud, al'e instaiices of non-conipliaiice witli law5 and regulations. We design procedures in line with our i-espoiisibilitie5, oiiilined above. to detect malerial misstatenients in respect of irregLilarities. including fi'aLid. The extent to which oiir procedlires al'e capable of detecling irregularities, inclLiding Fi'aud is detailed beloiv.. Ideiitifying and a55essing potential risks related to irregularities In identifying and assessiiig the risks of material misstateiiieiit in respect of irregularities, incliiding fraud and non- coinpliai)ce with laws and regulations, we considered the following.. The iiatlire of the industy 2nd sector iii which the company operates,. the control eiivironmenl aiid business perforniance iiicliidiiig key drivers for directors, remLiiieration. bottus leiie15 wid perforniance largets. The Olltcome of enqliiries of local management aiid parenl company management, including whether 18gement was aware of aiiy instances of no11-compli1ce witli laws and regulations, ai)d wl)ether managenjent liad kiiowledge of any actiial, suspected, or alleged fraud. Siipporting documei)tation relating lo the Company's policies and procedures for- Identifying, evaluating, and complying with laws and regulations Detecting and respoiiding to the risks of fraud Tlie inteiiial coiitrols eslablished to mitigate I'isks related to fraiid or iion-conipliai)ce witt) laws aiid regulalioi)s. The oiitcome of discussions amoiigst the engagemeiit teani regarding how and wliere fraLid might oc¢ui' iii the finaiicial stalements and any potential indicators of fraud. Tl)e legal and regulatory framework in wl)ich the Company operates, particularly those laws and regulations which liave a direct effecl 011 tlie fiiiancial statenieiits, such as the C.onipaiiies Act ?006, peiisioiis and tax l¢gislation, or wliicli had a fundamei)lal effect 011 the operalioiis of the Coinpany.. iiiclliding Gei)eral Dala Protectioii requirements, Quality Manageinent System accreditations Slich as ISO 9001. API specifications, and Achilles UVBD, aiid Anti-bribery and Corruptioii. Audit response to risks identified Our piocedures to respond to the risks identified included the following.. Reviewing Ilie financial slateinents disclosures and testing lo siipporting docLiinenlaliun to assess Compliance witli the provisions of those relevant laivs and regiilalions which liave a direct effect on the fiIiaiicial slatetnenls. Discussions willi nianagemeiil, includiiig c0115ideration of kiioivii or suspected instances of iioi)-compli311ce with laws and regulations and fraud. Evaliiation Rnd testing of the operating effectiveness of management's controls designed io preveiit and detect irregLilarities. Ei)ouiring of Inanageinent about aiiy actual And potenlial litigation and claims. Perforiiiing ana]iCal procediires to identity aiiy unLISLial or unexpected relatioiiships which may indicate risks of material misstatement due to fraud. Page 7
The Swllllow Trust In(lepenclent Aiiilitors, Rei)01-t to the Members of The Swallow Trust (continucd) We liave also coiisidered tlJe risk of fi'aiid Iliroiigh i)iai)agen)eiil override of coiitrols by: Testiiig tl)e <ipproprialeness of .joiii-iial eiilries ai)d oilier adju51tneiils, aiid identifyiiig ac¢oui)liiig traiisactioi)s which may pose a heiglitened I'isk of iiialeri21 Iiiisstateinent. whetliei. diie to fraud 01 ei-ror. Cliallei)ging assuniptions i)iade by iiiaiiagemeiit iii tlieii. sigiiificant 2ccounliiig esliniales, ai)d assessiiig wliethei. tlie judgemeiits made in Iiiakiiig accollllting estimates are indicative of a poleiitial bias; and Evaliiating the business rationale of any sigiiificailt traiisaclioiis thal are uniislial or OLlt5ide the norinal COLirse of biisines5. We also ¢oinmiiiiicaled relevaiit ideiilified laws aiid regLilatioiis aiid potential fraud risks to all eiigagcment teain meinbers aiid reiiiaiiied alert to ai)y iiidicatioiis of fi.aiid or 11011-eompliance iviih laws and regiilations tl)roughoiit the audit. Tliere are inliereiit limitatioiis 111 Ilie alidit procedures described above, and tlie furtl)ei- reinoved non-coinpliance witli laivs and regulatioiis are fi'on) the events and Irai)saclioiis reflected in tlie finan¢i31 statenienls. tlie less likely we would be¢oiiie aware of tliem. Also. the I'isk of not delecting a material misstateincnt due lo fraiid is higlier than the risk of not delecting One resiilting from ei'ror, as fraud Iiiay involve deliberate concealtnent by, for example, foi'gery or intenlional niisrepi'esenlations, or Ihroiigh collusion. A fLlrther descriptioii of our I'esponsibililics for the aiidit of ihe is located on the Financial Reporting Coiincil's website at- ww¥v.frc.or -uklauditorsres oiisibilities. Tl)is description fomis part of our Auditors, Report. Use of our report This report is made solely to Ilie charity's tnistees, as a body, in accordance with Part 4 of the Charities (AccoLints and Reports) Regulalions 2008. OLir aiidit work has been undertaken so tliat we might statc to the charity's trustees those matters we are reqiiired to slate to thein ii) ali Auditors, Report and for iio other piirpose. To the fullest exteiit perinitted by law, we do not accept oi. a5SLltnc I'espoi)sibility to anyone otlier thai) the charity aiid its ti'iistees, as a body, for oui. aiidit work, for tliis report, or foi. tlie opinioi)s ive liave fomed. Helen Besant-RoberÉs, for And on behalf of Hurst Aeeountants Limited Chartered AccouTrtants & Siatutoiy Auditors 3 Stockport Exchange Stockport SKI 3GG Date.. Z& Page 8
The Sw.4lloiv Trust Ststement of finAneial activities ior the yeAr ended 5 April 2024 Uiirestricted fuiids 2024 Total fuiids 2024 rolal 2023 Note Income from: Doiialioiis aiid legacies Iiivestnieiils 100,048 84,116 100,048 84,116 In7.985 69, 169 Total income 184,164 184,164 J 77, 154 Expenditure on: Raising fiinds Charitable activities Otlier expenditure 41,694 146,000 11,430 41,694 J 46,000 11,430 37,613 171,i93 11,25 Total expenditure 199,124 199,124 220,456 Net expenditure belore net gainsl(losses) on investments Net gainsJ{losses) on inveslments (14,960) 197,852 (14,960) 197,852 (43,302) (220, IJ5) Nel movement in funds before other recognised gainsl(losses) 182,892 182,892 (263,41 7) Other recognised gainsl(losses): Gainsl(losses) on foreign currency (28) (28) 24. 753 Net movement in funds 182,864 182,864 (238.664) Reeoneiliation of funds: Total thiids brougl)t forward movemeiit IT] fLiiids 5,231,790 182,864 5,231,790 182,864 5, 470, 454 (238,664) TotAI funds cRrried fonY2rd 5,414,654 5,414,654 5, 231, 790 Tlie Sialeinent of Financial Activities iiicludes all gains and losses recognised in tlie year. The noles on pages I I to 19 foriii pail of tlies¢ financial statements. Page 9
The Sw4?Iloiv Trust BalHnce Sheet As At 5 April 2024 2024 2023 Note Fixed assets Investmeiils 10 4,879,343 4,787,457 Current assets Debtors Casli at baiik aiid iii liai)d 20,000 526,741 52.328 403, ?5) 546,741 45), 583 Creditors.. anioiiiils fallii)g due within one year 12 (11,430) (11.250) Net Current assets 535Jll J44,333 Total net assets 5,414,654 i,23J,790 Charity funds Uiirestricled fuiid5 5,414,654 i.231,790 Total fullds 5,414,654 i,231, 790 The fiiiaiicial statements were approved and authorised for issue by the Trustees aiid signed on their behalf by.. Antllony David SwAIIow (Chair of Trustees) Date.. 21 /01/15 The notes on pages I I to 19 forin part of these financial statements. Page 10
The Swallow Trust Notes to the Financial Stateinents For tlie year ended S April 2024 General information The Swalloiv 'fi'iisl is a I'egislereil charity, niiniber I 118122 (charitable statiis ol)taii?ed on 2.3 Janliaiy 2001 I, tlie govei'iiiiig iiistruiiieiit bcii)g tlic tru51 decd dated 8 Jaiiuary 2007. Tl)e registered office of tlie cliarily is Apartiiieiil 6, Fallibrooiiie House, 68 MaLclesficld Road, Presibiiiy, Cliesliire, SK 10 4BH. AceounÉing policies 2.1 Basi5 of prepai-ation of finxneiAI statements The fiiiancial slatemenls have been prepared in accordance with the Charities SORP (FRS 102) - Aecoiintiiig and Reporting by Charities= Staleiiieiil of Recoiiiin¢i)ded Practice applicable to cl)arities prepariiig Ilieir accoiiiits ill 2ccoI'daiice with tlie Fiiiaiicial Reporting Staiidard applicable in tlie UK and Republic of Ireland (FRS 102) {eff¢ctive l Janiiary 2019), the Finaiicial Reporting Standard applicable in Ilie UK and Repiiblic of Irelaiid (FRS I O? l aiid tlie Cliarities Act 2011 as aiiiended by Ilie Cliarilies Act ?0?? The Swallow Ti-LisI meets Ilie definition of a piiblic benefit enlity Linder FRS 102. Assets and liabilities are initially recogiiised ai liistorical cost or transaction value uiiless otherwise stated in tlie relevant accounting policy. 2.2 Going concer T]ie charity's activities, results and future plans are disclosed in the trustees, annual report. The trustees have assessed the balance sheet and likely fulure cash flows of the charity at the date of approving the financial statemeiits. The trLlStees believe that the charity is well pla¢ed to manage its biisiness I'isks successfully despite the Clirrenl uncertain economi¢ outlook. The Iriistee5 have a reasonable expectation that the Charity has adequate resources to eoiitiniie ii) operational existence foi. the foreseeable fiittire. The TrLlStees therefore, coiisider that the goiiig concerii assiiinption is an appropriate basis oli which lo prepare Iliese financial statements. 2.3 Income All income is recognised once the chai'ity has enlitlemenl to the income, it is probable thal the income will be received and the aniount of iiicome receivable can be measured reliably. Income tax re¢overable in relation to iiivestment income is recognised at the time the investment inconie is receivable. Otlier iT]conie ts recognised in the period in which it is receivable and to tlie extenl tlie goods have been provided or on Completion of th¢ service. Pagell
'riie Swalloiv Trust Note.4 to tlie Tr inancial Stateinents Foi. Ilie }'cAr eiideil .$ Ai)ril 2024 Accounting i)olicies (coiitinued) 2.4 Expenditure Expeiiditiire is recognised once thei'e is a legyal or coiisli'iictive obligatioii to transfer ecoiion)ic benefit to a thii'd pai1y. it is probalile thal a Iiynsfer of econoinic benefits will be reqliii'ed in settlenienl and Ihe amoiint of the obligation cai) be Ineasui'ed rcliably. Expenditui'e is classified by activity- The cosls of eacli activity are Inade up of the total of direct costs lliid shared costg, inclLidiiig siipport costs involved in Lllidertaking each activity. Direct costs attribiilable lo a siiigle aclivity al'e allocated dii'ectly to that activity. Sliai-ed cosls wliich coiitribiile to Inore ihaii oiie activity aiid SLlPPOrt C05t5 which are not attribiitable lo a sii)gle activity are appoi'tioiied betweeii Il)ose activities oli a basi5 COIISlsleiil willi the use of resoiirces. C.ei)tral staft costs are allocated 011 Ilie basis of tiiiie spent, aiid deprecialioii cliarges allocated oil tlie portioii of Ilie asset's use. Expenditiii'e on raising funds includes all expendituir incurred by the charity to raise funds for its charitable PLirposes and incliides eosls of all fiindraising activities evenls and non-charitable trading. Expenditure on ¢liaritable activities is in¢iirred on directly iindertaking the activities wl)i¢h fiirtlier tlie cliarity's objectives, as well as any associated support Costs. All expeiidittire is iiiclusive of irrecoverable V AT. 2.5 Interest receivable Interest on funds lield on deposit is incllided when receivable and the amounl can be measured reliably by the charity; this is nomially upon iiotification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Foreign currencies Monetary assets and liabilities denomiiiated li) foreign cuen¢1es are translated into sterling al rales of exchange ruling at the i'eportin¥ date. Transactions in foreign curreiicies are translaled into sterling at the rate ruling on tlie date of the transaction. Exchange gaiiis and losses are re¢ogiiised iii the Staten)ent of Financial Activities. 2.7 Investments Fixed asset iiivestnients are a fomi of financial instrument and are iiiilially recognised at their transaction cost aiid 5ubseqLienily measiired at fair valiie at tlie Balance Sheet date, ui)less the value cannoi be measured reliably in which case it is measiired at cost less iinpainnent. Investment gains and losses, whether realised or Iinrealised, are combined and presented as 'Gaiiisl(Losses) oli inveslinents, in tl)e Statement of Financial Activities. 2.8 Debtors Trade aiid otlier debtors are recognised at tl)e settlei)ient aiiiounl after any trade discount offered. Prepayments are valued at the Éllnount prepaid nel of any trade discounts due. 2.9 CAsh at bank and in hgnd Casli at baiik and in hand incliides cash and short-terni highly liquid investments with a short matiirity of thi'ee niontlis or less from the dale of acquisitioii or opening of tl)e deposit or siniilar accoiiiit. Page 12
The Swallow Ti'ust Notes to the Financixl Statements For tlie yeAI' ended .$ April 2024 Aceounting policies (continued) 2.1 O Liabilities And provisioils Liabilities are recognised whei) Iliere is ai) obligiL lioii Rt Ilie Balance Slieel dale a.q a resuli of a past eveiil, il is probablc that a traiisf¢i" of cLonoiiiic beiiefil will be required in settleii)enl, aiid Ilie amount of ihe setileiiient can be estimated reliably. Liabilities are recogiiised Ilt the amouiit that the cliai'ity anticipates it will pay to settle the debt or the amolint it has I'eceived as advaiiced paynieiits for the goods or services it IllLlSt provide. Provisions are Ineasui-ed at Ilie best estimate of tlie aillouiits required to settle tlie obligalioii. Wliere the effect of tl)e tiiiie value of money is n)alerial, Ilie provisioii is based 01) Ilie present value of tl)ose aloUntS. discounted at the pre-tax discount l'ate that I'eflects tl)e risks specific to tlie liability. The unwindiiig of the discolint is recognised in the Statem¢nt of Financial Activilies as a rtnanee cost. 2.1 l Financial instruments The charity 01)ly has fii)aiicial assels ai)d finaiicial liabilities of a kind that qualify as basic fii)ancial ii)struments. Basic fii)ai)cial insti'umenls are reco7]sed at amortised cost. witt) Ilie exception of iiivestmenls in listed shal'es. Investmenls iii listed shares are held at fair valiie al Ilie balance sheet date, witli chai)ges recognised in the profit or 10s5. The fail. value cali be measiired reliably as Ilie share5 have a quoled market price in an active markel. 2.12 Fund aceounting Geiieral funds are ulestrICted fuiids wliicl) are available for use at the discretion of Ilie TTuslee5 in furtlierancc of tlie general objectives of the eliarity aiid wliich liave iiol been designated for other purposes. Inveslinent income, gains and losses are allocaled to the appropriate fund. Income from don&Éions And legacies Unrestricted funds 2024 Total fllnds 2024 Tolal funds 2023 Donalions 80.000 20,048 80,000 20,048 86,388 21,597 Income tax receivable Total 2024 100,048 100,048 107.985 Tolal 2fj23 107,985 J07.98i Page 13
Tlie Swiilloiy Trust Note5 to tlie Financial Statements For tlie year ended .5 April 2024 Investment income Unresti'ieted fiiiids Total fuilds lolal /iip¥ds 2023 2024 2024 Inve5tti]enl income - Divideiids Investment income - Interest 74,397 9,719 74,397 9,719 62,689 6.481) Total 2024 84,116 84,116 69,169 Tolal 2023 69,169 69.169 Expeilditure on raising funds Costs of raising voluntary incoTlle Unrestricted funds 2024 Total funds 2024 Tolal flind5 2023 Bank charges Iiivestment managemeiit fees 510 510 41,184 41,184 37,606 Total 2024 41,694 41,694 37.613 Toiul 2023 37,613 37.613 Page 14
The Siv110}y Ti-ust Notes to the Financial Stateinents or the year ended S April 2024 AnAlysis of expenditure on chxrildble Activities Sumn]ary by fuiid type Unrestrieted funds 2024 Tot81 2024 rolal Donatioiis made (iiote 17) 146,000 146,000 171, 593 Tolal 2023 171.593 171, 593 Other expenditure Unrestritted funds 2024 Total funds Tolal fiinds 2024 Accoiintants fee 5,550 5,880 S,550 5,880 4. 75n 6, 500 Auditors remliiieration Tot#l 2024 11.430 11,430 11,250 Tolal 2023 11,250 11,2iO Auditor5, remunerAtion 2024 Fees payable to the charity's audilor for the audit of the charity's annual accounts Fees payable to 11)e charity's auditor respect of: All non-aiidit services not included above 6,600 6,500 4,8JO 4,7iQ Ti-ustees, retnuneration And expenses During the yeai.. no Trustees received any reEniineration or oth¢r benef&ls (20?3 £NIL). Pag¢ 15
Tlle Siv4llow Ti-iist Nules to the b inancial Stateinenls For tlie )'ear elided S April 2024 Trust¢e.4' i-eniunerAtion and expenscs (continued) Diii"iiig tlie year elided 5 April 2024, 110 TrLlStee expeiise5 liave been iiiciirrcd (2023 - £N'ILJ. Tlie Lliarily lias no employees other tliaii Ilie Trustees. io. Quoted investments and securities Quoted ini'e5tments nd Securities Cost or valuation At 6 April 2023 Addilioi)s 4,787,457 3,369,814 (3,498,226) 602,325 (382,027) Disposals Revaluations Foreigi exchange movement At 5 April ?024 4,879,343 Net book value At 5 April 2024 4,879J43 At 5 Aprtl 2023 4,787,457 Tlie historical c05t of the quoted investments and securities is £4,463,732 (2n23.. £4, i33, Oi3J. Debtors 2024 2Q23 Due witliin one year Other debtoi's 25,noo 5,731 21.597 Prepayments and accrued incoiiie Tax recoverable 20,000 20,000 52,328 Page 16
The Sivallow Ti'ust Notes tv tlie FinaiiciAI Statements b or tlie year ended 5 April 2024 12. Creditors: Amoiints falling due ivithin oiie yeAr 2024 2023 Accruals and deferred iiicome 11,430 11,2iO 13. Stateinent of funds Statement of fuNds- current year Balance at 6 April 2023 Gainsl Ba147nce Rt 5 {Losses) April 2024 Income Expenditure Unrestricted funds General Funds- all funds 5,231,790 184,164 (199,124) 197,824 S,414,654 Statement of funds- prior year Balance al 6Api'il ?022 Guins,, Balance al (Lo,¥ses) 5 Api'il 2023 Income txpendiliii'e Unrestricted funds General Fiinds - all funds i,47Q.454 J77,154 (220.456) (195,362) 5,2Jl.790 14. Analysis of net assets between funds Analysis of nel assets between fund$ - current period Unrestricted funds 2024 Total funds 2024 Fixed Hssel investments 4.879,343 546,741 (11.430) 4,879J43 546,741 (11,430) Current assets Creditors diie within one year Tot81 5.414,654 5,414,654 Page 17
The SwAllow Trust Note5 to the Fin2nci81 StAtements For the year ended S April 2024 14. Aiialysis of net Assets between funds (continued) Analysis of net assets between funds - prior period Ilni'e.Ili'icled luncls Toial fiinds 2023 Fixed asset iiivestiiieiit5 4, 787,4)7 455.583 (Jl, ?50) 4, 787,457 4J5, 583 (11,250) Curi'ent assets Creditors due within one year Total i.231, 790 5,231. 790 15. RelAted party transactions Donalions of £80.000 (2023." £86, 38,8) were received from a trLlStee of the charity, Anthony David Swallow, during the year. There were no other related party transactioiis. 16. Controlling party The chaiity is controlled by the trustees of The Swallow Trust. Page 18
Tlje Sii'alloiv Ti'ust Note5 to tlie Financial Statenients For tlie s'eal- elided 5 Api'il 2U24 17. Analysis of grants and donations inAde 2024 2023 Colin and Bronwen Cleaver 5,OQO 25,QOO 40,QQQ Cre8 Macclesfield 35,000 40,000 10,000 Easi Clieshire Hospice Cardiomyopatliy UK India Direct 5, 000 Just Drop In Holy Trinity HLirdsfield Rossendale Trust Limited Space4Autism Silklife Chiirch 22,000 12, li.000 li, oon 6.noo 8,)93 2). n(Jn 12,000 22,000 Su Casa De Espei'anza Cl)arity Inc The Message Trust 146,000 17J.593 Pllge 19