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 o￿l¢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