SWIRE CHINESE LANGUAGE FOUNDATION (a Company Llmlted by Guarantee) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 Company number. 10177824 Charlty number. 1171995
SWIRE CHINESE LANGUAGE FOUNDATION I N DEX Year ¢ntled J l July 2013 Page General information Report of the Trustees Auditor's report Sutemert of financial attryityes (including an inu>me and expenditure account) 10 Balance sheet Statement ol cash Ilows 12 Notes to th¢ ffinanc1 statwn¢nts
SWIRE CHINESE LANGUAGE FOUNDATION GENERAL INFORMA TION Year endtd 31 luly 2023 Incorporatsd 12May2016 Charlty numb•r 1171995 Company number ioin814 Dlrectors and Truste Profe5%Jr Kristine Bla£k-Hawkin$ Ilndependentl Professor lane Duckett Ilndependent} john B PAe-Smith Samuel C Swire Ichairrnanl Dr Christian Toenne5en IlndependEntl Eoknrd Watson (Executive Director) Objects The advancernert of education for the benefit tsf rhe publk. partictslarly (but without limitation) by the provision of Zrants for the advancement of the eduotion of school. college and university students in thE ChinEse lanKuagE. Audltor DixoTh Wi150n Audit Services LLP 22 ChaTrcery Lane Lon¢tsn wc ILS Re8iStered address and principal olfite Swire House 59 Bucknngham Gate London SWIE6AI email.. info swirecw.ory vr%wtswirecW.org Bank•rs HSBC nk PIC 8 Car¢ada Square London E14 SHQ Sollclto Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH
SWIRE CHINESE LANGUAGE FOUNDATION REPO R T OF THE TRUSTEES Year ended 31 July 2023 The Trustees present their report and financi sutements ol the charity for the year ended 31 July 2023. which include5 the directors, report as required by company law. The finantial statements have been prepared in accordance with the accountyn8 policie5 set out in note l ol the financial statements and with the Companie5 Ac¢ 2CQ6. the Acctsunting and Rtporting by CharitiES'. Statement of Recornmended Practice applicable tt+ tharities preparing their accounts ITr accordance with the Financial Reporting Stsndard applicable in the UK and RepublK of Ir¢tand IFRS102} and th¢ Charities Act 2011. The report should be read irs conjunction with th¢ yne information provSded on page l. Swire Chinese LanzuaKe Foundation "rhe Foun&tion- 1% a private Eornpany limited by KuaraThree. exempted frr¥n the requlrement to use the word'limFted' In Its Incorporated on 12 May 2016 and rey5tÈred Is * charity. The company is governed by its memorandum and articles of associatic. IrÈ the event of the company being wound UP MberS are required to contyibute an amoun¢ not exceeding £1. Almi The Ftsundatn airn5 to broadEn thE rearh and spread of thIng Mandarin Chinese in ihe United Kingdttm. In 5UPPOrt of ihi& the Foundation aim5 to encourage and enable the initial and ongoing training ol teacher5. and the ton¢inuing improvement in the quality of their teaching. Secondarity. as a consequence of pupi15 learnkng Chlnese and being given the opportunw to partieipate in school trips to Chin& the Fotsndarion aims to improve their social mobility. rriCuladY for those from deprr¥ed background5. Strurtyre, GgYernanc¢ and Man¥pment The Foundauon i¥ overseen by a 8o¥d of Trus¢ee5. who are Director5 lor the purp05e of the Cornpanies Art 2006 and Trustee5 for the purpose of the ChartIeS Att 2011. The Trustees are also Members of the Foundation and. a5 such, vote in general rneeting5. The Board, which is ultimately accountable for 1 the activities of the FtsuThdation, is responsible for setting policy ind direcrion. and overseeinz its execution. The Executitle Director Is responsible lor execution of that poly, running the business of rhe Foundation with the support of an issistsnt ¥nana8er and a part-tyrne a5SiStant èdministrator. Truste are appointed by john sre & Son5 Lirnited. the sole lunder of the Foundavon. lor a renewab terni of fThte yea. with due regard being tsken of the specifie contribution they can make to the Board and to the Foundation. and of the recomrnendations ol existing Trustees. There are currently six Trustee5, three of which are independent of john Smre & Son5 New Trustees are indurted by the Executive Director and Kiven full access to Board papers and reports. They are required t¢ be t¥nver5ant wSth th¢ r¢leY3nt guldelines for trustees aTrd company director& published by the Governmeni together with the Foundation's articles of asstsciation and its latest governance guidelines. The Brd me¢¢5 at Ivart thr¢e timÈ$ annyly wl¢h at leas¢ th Trustx two tsf whl¢h must IndpÈfidenL being present. The Chairman of the Board liaises Closety with the Foundation's sole benefactor, john sre & Son5 mited to ensure that the latter is kepi fvlly appraised of the Foundation's financial health afid actVit5. The Trustees, having regard to the Public Benefit Guidance published by the Charlty Commisslon in accordance th section 17 of the Charites Act 2011. consider that the purpose and activities ol the charity satisfy the requirements of the public benefrt test Set out section 4 01 the same Act Rlsk manazement The Foundation maiThtsins a risk revster, which is updated and rt*ewed by the Board at Itast annualty- This rewster identrfies the main r¢sks to which the Foundation is exposed, derNing primarily from its own actiwties. from the activitye5 of the recipient5 of its grants and the environment in which they operate. Amon85t other5. thex ri5k5 r¢te to governance. finance. adrninistration, repuratyon. cornpliance. the pol£?1 enwronmenL social awrude5. demand for the subjeci the supply of good teachers. the Foundation's procE$5e5 in $elÈ£tirtg retipients of its grants force majeure, cyber security and the ultimate sUStaina&lity of the Swire Chinese Language Programme f'Pro8rarnmel.
SWIRE CHINESE LANGUAGE FOUNDATION REPO R T O F THE TRUSTEES {¢ontin ued) Year ended 3 I july 2023 The Foundation updtÈs its governante Kuidelines on a regular ba5i5- ir ha5 5tTiCt contro15 in place rezarding its finances. ensuring not only that it is funded to the ext¢ of its commitments but also that grants are albcatsd thith pr¢-agreed bud8et5 and their use rnonitored ternily.. r( seek5 to maintsin high 5tandard5 of administration both internalty and with regard to Its rtlatia#ships wfth bentficlariè$.' ¥r monitors exposure tts reputstIon risk deriving from st5 own activitie5 and those of the organisations in receipt ol its funds., ts legal, financi and r¢gulatory cornpliance 1$ 5UPPQrt¢d by ts professional adwsers and John Swire & Sons timited., it monitors the politKal environment )d socll attitudes. paru¢ularly as they relai¢ ro education.. Ir 15 currentty supporring effort5 to make the English exam regime for Chinese more inclusfve- it encourages and supports the training ol teachers, the quallty ol whorn are essential co the 5ucce55ful fulIMent of its airn5- and ic has a thorough proce55 lor the selection of the reclpients of Its grants. A5 a rule. the Foundatyon itself seeks out Suitable such recipients, which are primarily schools. They are selected lor the ctsmrnitrnEnt and enthusiasm of the head and support from the governors.. the capability of their management,. suitsble physical resourte5- the experience the schoo15 have in outreach, working with local schools., Ihe ability to reach secondary and primary pupils., the wabiliry to make Mandarin Chinese a core-curriculum subjec4 their provisitsn af in-house and exrernl trwning scheme5 for teachers.. and their willingrye55 to offer placements for trainee teachers of Manthrin. Exceptionajly it eonsiders approaches initiated by schools that have not been approached. Institutlons in reeelpt of rdnts from the Foundatlon agrtt ro a set of gtn¢ral terms ind ¢ondldons that have been drawn with the 5UPPOrt of the Foundatlon's solicitor5. Grant-maklng pollry Grants are given to sth0015 and unNersitie5 for the purpose of ¢eachtThg Mandarin Chinest. training teachers for th1$ 3nd providing support for the sarne. This is done throu8h the <entres set up for this purpose. A$ a rule. benefi£iary institutions have been sought olrt by the Foundation and asked to put forward proposals as to how they could establish a Chinese languy centre or activity that supported the aims of the Founda¢ion. providing a fiye-year budgeL At least two Trustee5. including the Executive Director. then. reviewed such proposals before provisional approvdl was &ven: undertook a lace.tothe rn¢eiin¥ the head of the in5tiiution5- and approved any subsequeTrt legal agreements between the institLrtions and Swire Chinese Language Foundation ISCLFI. The origit)al artd subsèquent annual budgets of all in5titution5 in receipts of yaTrts are required ¢0 be agreed by at least three Trustees Vncluding an lrtdeptnd¢nE 0n¢l. Oblertlves. actlvltles for the publlc benellt and future plans The clect gf the Chariw 15 'kn¢ athianc¢ment tsl ¢duation for th¢ benefit of the publk parri¢ularly wlthout limitation) by the prO$10n of grants for the advancemEnt of the education of school. college and uniYer51ty students in the Chinese languaR&- With this objective and having re8ariJ to the Charity Cornmission's guidance on public benefiL the Foundation has funded cenrres for teathlng Mandarln Chinese. and trtining (herS pf IL in a number of cities across the country. Secondary schools, whKh have been chosen and are funded by the Foundatlon. establish and run these centres in a manner that they consder most appropriate for their local circum$taThces. Generally. these schools hire Mandarin teachers to teach in the host school and surrounding secondary 5choo15. They a150 teach in che primary xhoo15 that leed into those secondary schools. In half of the centre5 both Stare and independent schools work in c105e collaboration to provide teaching of $tate-5chool pupils. Just one independent school dertyes any financiaj benefit from these arrangements. The further 1$ thaL as the subject becomes 5ufficiendy embedded tn the school¥ these schools take on the employrnent of the teacher5 diredy and thus move towards 5eW-SUStainability in their provision d the Subject for the lory.rerm. l As setout in the ¥rrides ¢f¥s¥KiiiwJn.
SWIRE CHINESE LANGUAGE FOUNDATION Year ended 31 July 1023 The plans of the lead schools in the variou5 centres are subiect to the approval of at least three Trustee5. takin¥ consldtratkn of. the #umber of puplls and sch¢X15 likebf to be reathed. h¢)w the subject b¢ lully IAtÈgr4tsd into the s£hook' curricula and made sew-sustaining wot rther txt¢rnal funans how lo$[1£1 and timetabling 155ues will be addre55e4. the potential lor the projett to raise the aspiration5 of, and open up opportunitie5 for. pupi15 Irom rived backrtsund4 15sue5 relating tv tchIng stsff, Including recrui¢menk trainln& pedagogy and standar&., the potential for Chinese to be taught from an introductory leyel through to A level in a continuum; what methods will be used to assess pupil$' pro&re. how techTroloKY will be used to Support ceachinr. plans for teachers and puplls to vlslt Chlna. and the proposed measures of success. In collknration with local centres. unNersities have also been helped to establish and run courses lor trwnee Mandarin teachers 5eeknng a post8raduate certrficath in education or equitAlent qualrfication. The first centre5 Started at the be8inTring of the 2016117 aeademie year and today there are centres in &rmin8ham. Edinburgh. Glasgtsw. Gosforrh, Leeds, LNerpool. London. Manchester. Newa5tle. Norwich. Oxlord and ShÈffitSd. and 147 schools teaching s¢)me 23.(th pupils fmm the ages of four to tightetn. Many of these schools are located in areas of con5iderabk deprNation. It 15 sadly the case that the tiverpool centre will, over the year. be wlndlng down Its Mandarfn (hing provlsloA fo11¢)wing ¢ontinued ¢hallMg¢s on the re¢Niun¢nt front which h•¥t imparted its ability to reach a sustsinable position for the long-temi. The Foundatipn ronunues to encourage the development of the increasingly dynamic network of schoo15 within the Programme; collaboration with local universities., the ralslng of teachlng standards through action research wthln centre¥ and collaboratioo between them.. and the ellort5 of its centres to become 5eW-wstainin& It alx) nched a nèw online platform for resources for teaching of Mandarin Chinese in the summer 012023. This aims to support teachers and help develop a sense of community amongst rhem. The Foundation has continued to press sulfKient hange5 to be made w the A level Chinese exam to make it acce55ible for the non-native learner. In addityon. it ontinues rg develop it5 methodolou for measuring the impact of it5 grants and closely monitors the output¥ and outcomes from the funded acttvities of its tentres. In doing $4 the issue of sustain+iliy is kept front of mind. Flnonclal Revlew The Foundation is entirety fuTrded by john Swire & Sons Limited, which contrlbuted £2.202,325 (2022 - Q.$44.306) to the Foundatyon during the financial period. The Foundation. in turn. made total commitments for £3.119.665 2022- £2.585.927) ol grants payable artd incurrtd ¢xpens¢s of a9.01 IQ022 - £14.453) the period. At the end of the period the reserves available for general purposes stODd 4t £3.028.71712022- £3.767,081 I. There are no restrirted rewve5. The Statement of Financial Activities is shown on page 10. john Swore & Son$ Umited has tommitted to fund the Foundation for ren year5 from l August 2016. At the start of the academie year the Foundation submits a request for fundlng for the amount of kt5 own commthents to its centres and its expected expenses. These commitments are generalty for three years and, at the end ol each year, extended for a further pr. The Foundation ha5 a policy to ensure thal It has reserve5 at any tlrnE to rover those commitrnents ind john & Sons knmited ha5 commrtted to suppDrt thi5 policy. The commitments ntst provided for as a lia&lity ift the period ar* dettid in note 9. All centres are required to plan for self-sufficiency in their traching of Mar¢darin and so are expected to no k•nger require funding at a certain point in the future. which point will vary frorn centre to centre. The <entres therefore pkn their budgets Out to 2026 and the Foundation takes account of thex in it5 own plannin& which is based on ten-year yofile of grant moksng. The uncertainttes invofved in th planntnK are recoyised and due account tskèTh of them.
SWIRE CHINESE LANGUAGE FOUNDATION E PO R T O F T H E T A U S T E ES {¢0 ntln u ¢ d } Year ended 31 July 1023 Trust¢es' responsiblll¢Ses In relatlon to the flnanclal statements The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance applltable law and Unt¢td Kingdom Attounung Standards. The law applicable to rharrtles In England and Wales requires the Trnstees to prepare financial statements for each finanual year which give a true and lair ol the state of affwr5 Of the charity and of the incorning re50urce5 and applicatk)n of re50urEe5 of the Eharity for ¢ht p¢riod. In preparing thwe financial Slatnents. the Trustee5 are required select Suitable accounting policie5 2nd then apply them con51Stentlr observe the methods and principles of the Charities Staternent ol Recomrnended PrartKe- make judgernents aTrd accounting e51imaTrs that are reasonable and prudenL state whether 3pplicable ¥¢ounvng standard5 he been followed. subiea tg any deparwres disckxed and explained in the financial ststemenrs,. and prepare the financial statements on the 80ing-concern ba5Y& unless It is inappropriate to presume that the charity will continue in iMJ5inesS. The Trustees are responsible for keeping accounting records which d¢$close with reawnable accuracy the financial posirion of the charity and enable chem ro ensure that the financial statements cornply with the Charitie5 kt 2011 and the Charity (Account5 and Report5) Regulation5 2¢)08. They are a159 re5pon5ible for 5alezuarding thè assets ol the FoundatM)n and hence lor tsknng reasonable steps for the prevention and detection ol fraud and other irreKulari¢ie5. Ststsment ws to dlsclosur¢ ¢0 our audltorg In so lar as ¢he Trn$teES are aware at the time of approving our Trustee5' annual reporL" there is no releydnt infomi*tion, belng information needed by the auditor ITh connection with preparing their reporu of which the auditor 15 unaware. and the Trustre¥ hawlng madè enquiries ol fellow Trustees and the Foundatlon's audltar that they ought to have Individualty taken. have each taktn all step5 that htlshe is 06hged to tske as a trustee in order to make themselves aware ol any relevant audit inforniation and to establish that the auditor is aware of that information. Declaratlon I de¢lar¢ In my Capacity of ¢harity Trurt¢¢ that The Trustees have approved the report above and have authortsed me to sigrs it on their behaw. S C SWIRE Chairman of Trustees 14th DècÈmbèr 2023
SWIRE CHINÉSE LANGUAGE FOUNDATION AU DITOR'S FLEPO R T Year ended 31 July 2023 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SWIRE CHINESE LANGUAGE FOUNDATION Oplnlon We have audited the financial statements of the Swre Chinest Langu4e Ftsundatitsn (tht 'charitable tompanfl for the year ended 31 luty 2023. which cornprise the statement of financial athvities. balance sheeL Statement of cash fl)ws and notes to the financial surement5. inrludin£ a summary of 5i8nificant accouTrtin8 policies. The financi reporting framework that has been applied in their preparntion is applicable law and United Kingdom Accountir Standard in¢ludlng Financial Repprung Standard 102 The Financial Reportini Standard applthle in the UK and Republlc of Ireland (United Klngdyr Gtrternlty A¢c¢pt¢d A¢¢ounting Pra¢tiEe}. In Our opiTrlon. the financi statement& ve a true and fair view of the state of the charitable Egrnpany'5 aff¥rs as at 31 Juty 2023 and of its incomlng resources and application of resources, including Its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted AccountiTrg Practi.. have been prepared in ccordartcÈ wlth the requlremènts of thè Charides Act 2011. Basls for oplnlon We conducted our audit ir accordanee with InterrAttonal Stsndards on Audiong (UK) IISAS IUKII and applicable Liw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the auth of the finanelal ststements ¥eaion of our reporL We are independent of the charity in accordance vri¢h the ¢thiral requirements that are relevant to our au&bt of the financrdl statements in tht UL Incltsding the FRCS Ethicab Standard and we have futhlkd our other ethical responsibilities in accordance vith these requiremer1 We believe that th¢ audit ¢viden¢¢ wt have obtained 15 5ufficiem and appropriate to provide a ba555 for our opinion. Concluslons rnlatlng to #oln¥ concern In audttlnK the financi staternen we have concluded that the Trusree¥' us of the Koinz £on¢ern b¥si5 tsf accounting in the preparatlon of the flnancial statemenrs Is pproprlaE& Bwd on the work we have rforrned. we have not ideniffjied any material uncertainties reL4ting to ev¢Dts X condFtions that. individually or collectively. may cast significant doub¢ on the charitable compJnl¥ ability to continue as a going concern for a p¢riod of at k#s¢ twelve month5 from when the financial 5ta(¢ments are authorised lor i55ue. Our responsibilities and the responsibilities of the Trustee5 with respect to going concern are described in the retevant setttons of this report Other Infomi•tlon The Other inforrnation Comprises the iTrlormation included in the Trustees. annual reporL other than the financial statements and our au&rtor's report thereoft. The Trustt¢s art rspon$¢ble for the other inlornmutsn. Our onIrt on the financial statements does not cover the other inf¢rn)arion and, except to the extent othemse explicitly stated in our repo we do not express any forni of assurance conclusion thereon. lft connecuon with our autht of the financal statement& our responsibility 15 to read the other Information an¢1 in dolng $0. consider whether the Other infomiation 15 rnarerially incon515teni with the financial 5taternents or Dur knowledge obtained in the audit or otherwise appears tg b¢ materially mi55tAted. If we idEnufy 5u¢h marerl InconslenCieS or apparent material mi5Statements, we are required to detern)ine whether there is a material m155tacement in the financial s¢atement5 or a material rnisstaternenc of the other inlorrnation. If. based on the work we hvt perfornd. we concludÈ that there is a material missument of thi5 other inforrnatyon. we are requlred to rep*)rt that latL
SWIRE CHINESE LANGUAGE FOUNDATION AUDITOR'S REPOR T Year end•d 31 July 2023 We have noihing to reptsrt in thls r¢prd. Matters on whlch we are requlred to report by exceptlon We have nothing to report In respect ol the following matters in relation to which the Charldes (Accounts and Reports) Re¥ulation5 218 require5 115 to report to you rf. in our oplnion.. the inforrnaiv)n wven in the Tru5reès' reporr Is Inconslstent In any material re5pecr with the finaThci statemet)ts'. or sufficSent accounting records have not been kepL or the financial statement5 are not in aBreement the accounting records., or we have not received 411 the infomiatitsn and explanations we requ¢re for our audiL Responslbllltlu of trustees As explained more ful in the Trustee5' responsibilitie5 Statement $t Out on page 6. the Trustees Iwho are also dIrecr5 of the charitable company for the purposes tsf company lawl are Sponsible for the preparation of the financial statemMts and for belrtg s¥lsfied that they giye a true and fair view. and for Such internal control as the Trustees detemiine is necessary to enable the preparatioTh of financial ¥t4tements that are free Irom material misstaternenL whether due to fraud or error. In preparing the financial statements. the Trust6e5 are responsible lor 1sse55in8 the charitable tompany's ability to contlnue as a going concern, disclosin& as applirable. matter$ related to going concem and using the going concern basi4 of accounting unless the Trustee5 either lTrtÈnd to liquidate the charitable compaThy or to cease operauon5. or have no realistic alternative but co do $0. Auditows responsibilities for the audlt of the flnanclal stat¢ments We have b¢tn appointed as auditor under Sect 144 01 the Charitie5 Act 2011 and report in atttrthÈ with the Act and relevant regulations made or hawTr8 effect thereunder. Our objectNe5 are to obtwn rea59nabl¢ assuranee about whether the financi statemerts a5 8 whole arE Ir¢¢ from matèrlal Misstatement, whether dua to fraud or error, and to Issue an auditor's r¢p0rt ihat Includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit £ontJurted in accor&nce with ISA5 IUKI will alway5 detecc a material mi$swemeni when it ¢xists. Misststements un arise from fraud or error and are <onsid¢r¢d rnat¢r1 if. indlvidually or in aggrete. they Could reasonabty be expectsd ro irfuenctr the economic d¢¢hitins Qf users taken on the basis of these financial 5taternent Irregularities, including fraud, are instance5 of non-compliance with laws and regutIonS. We desizn procedures in line with our responsibilitie& outlined above. to detett maEerlal mlsstatements in respect of irre8ularities. includtni fraud. The extent to whith our procedures 2re capable of detecting irregulariue5. including Iraud is dEtsId belo*. We plned an understanding of the leKdl and regulatory framework applicable to the charirable company by considerin& amongst other thing& the sector in which it operates. and considered the risk ol acts by the charitable company that were contrary to applic3bfe laws and re8ulation5. including fraud. We designed audit procedure5 to respond to the assessed level ol risk but reco8nisEd that the rFsk of not detecting a material mi55tatement due ro fTrud is higher than the risk ol not dtteeting one resulting from error. as fraud rnay inyofve deliberate ¢onc¢alment by. for example. forgery or intentional misrepre5entation5. or throu8h collusion.
SWIRE CHINESE LANGUAGE FOUNDATION AUDITOR'S REPOR T Y••r ended 31 luty 202J We l¢xused on law5 and re8ulatyons which could give rise to a materill rnis5tatemert in the financ41 stsmen in£ludin& but not limited to. UK Charity Law. UK ray lewslation and the Chariues Art 2011. Our tests induded agreeing the financial statement ¢thsclosurs to underIn% 5upporrin¥ documentation. enquries with management and enguIrf¢s of third partie5. As in 311 our au&i¢s. we also èddre5sed the risk of mtnagement overrlde of Int¢m#l ¢ontro15. including testing journa15 and glaLIng whether th¢r¢ Ivas edence of &as by management that represented a rlsk of matèrial misstst•meTrt due to Iraud. There are inherent Ilmlrations in the audii procedure5 described above and, the further removed non-cornpliance with laws and regulations Is from Ehè events and tran5aaions reflerted in the financval statements, the less Ilkely we would become aware of IL We dbd not identify any key autht mattèrs relating to irregulari¢ie& including Irdud. A further description of our rtSPDnsibilitie5 for the audit ol the financial statements is located on the Financial Reporting Counctl's website aL' www.frc.org.uWauditorsr¢spon3ibilitie5. This description forms part of our auditor's reporL Use ofour report This report Is made solely to th¢ ¢haritabl¢ ¢omparfs Trustees. as a body, in accordance part 4 of the Chartties {kcounts and Report51 Regulations 2008. Our audit Work has be¢n undertaken so that we might state to the charitable cornpary'5 Trustees those rnatter5 we are required to state to them in an &thr,$ r¢p¢ry and for other purpose. To the fullest extent perrnitted by law. we not accept or assume responsibility to anyone other than the charitable cornpany and the Charitab company's Trustees as a body. for our audit work for thi5 repor or for the oplnions we have formed. Dc<on Wilson Audit Servlces LLP. 5¢atutory AditOr 22 Chancery Lane London WC2A I LS 20 Decèmber2023 Dfjxon Wilson Audit Ser¥ice5 LLP eliible to act as an audrlor In terms of s¢¢kn 1212 olthe CompanYè5 Act 2(1)6.
SWIRE CHINESE LANGUAGE FOUNDATION ST A TEM ENT OF F I NANCIAL ACT IVI TI ES Year ended 31 july 2023 Note 2Q23 2022 Income and end0ents from: Donafjons and kgacles In¢ere$t 2.202,325 207.967 2544.306 31.677 Totsl Income 2.410,312 2575.983 Expendlture on: Ra15ing funds Charltable acthiths 10,188 3.138,48B 4.199 2596.181 Total resources expended 3.148.676 2.600,380 Net expendlturè 1738,3641 (24.3971 Totsl uTrre5tricted income funds at 31 July 2022 3,767.081 3.791,478 Total unrestrlcted income funds at 31 July 1023 (pa¥e I l) 3.028.717 3.767.081 l *mnts were deriyed from ¢ontlnulng The FtyJndatK>n has no recogni5ed zains or105ses other than those included above. The notes and accountlng pollcles on pages 13 tttr 17 fom) part of these account 10
SWIRE CHINESE LANGUAGE FOUNDATION Company numb¢r: l 11171824 ALANCE SHEET At 31 July 2023 Note 2023 2022 Flxed Investments Intanwble fixed assets Current assets 123.IWJ Debtors Cash at bank arbd in hand 67M31 6,199.291 20.002 6.917269 6267,122 6.937.271 Llabllltl•s: Creditor5.' amounrs falling due thln one year N•t curr•nt assèts 13.361,5851 2.905.537 (3.170.190) 3,767,081 Nrt assets 3.028,717 3.767.081 Funds ol the charlty Unrestritted income funds Ipage 10> Tot charlty funds 3.02&717 3.767.081 3.028,717 3.761.081 Fw the year ended 31 July 2023 the Foundation VAS entitled to exemption from audit under Settn 477 of the CoFnpanie5 ACL 2006 relating to 5mll companie5. The members haye not rtgulred the tompany to obrain an audit of it¥ accounts for the year in question IN accordance with seuion 476. The Trustees acknowledge their responsibilities for ComY1n& wtth the re¢wlrements of the Art wlth respett to accounting records And the preparadon of atcounts. The financial 51atements have been audiod under the requirements of settion 144 of the Charitie5 Att 2011. The accounts have been prepared in accordance wr£h the pro¥i$ions appllcable to companle5 wblÈct to the small companle5 reslme in part 15 of the Companies Art 20¢)6. The accourts on page5 10 to 17 were approved by the Trustees 14th DÈcembÈr 2023 and were slgned on the b¢haW by'.- S C SWIRE Chairrnan
SWIRE CHINESE LANGUAGE FOUNDATION ST A TEMENT OF CASH FLOWS Yw ended 31 July 2023 2023 2022 Net rnovement In lund5 173&364) (24.3971 Deduct interest from investments Increase in debtors Increase I Idecreasel in creditor5 Net cash used in actiyrities (207.9871 {47,6291 191,395 (31.677) (18.407) {107.157) (181.638) (8017851 Interest from investments Purchase of FntaTr&ble fixed as5Èts Net cash prowded by investing activitKS 207.987 {123.1) 31.677 84,807 31.677 Change in cash and tash equNalents {717.978} (149.961) Cash and cash eguivaleTrts brou8ht forward 6.917.269 7.067.230 Qsh and Cash Cquivnts tarried forward 6.199.291 6.917.269 12
SWIRE CHINESE LANGUAGE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year •nded 31 July 2023 Accountln8 pollcles The princpal accounting polic% adopted, and area5 of judgrnt and key sources of estlmaoon uncertaknw kn the preparation of the financ$ statemet)ts, are as foLkMk' (a) Basis of preparatbon and usessmert of 8oln8 eonctrn Th¢ financial statements have been prepared in accordance wth Accounting and Rep1& by Charl$.. Statement of Rec¢)mmèndtd Pra¢ti¢e applKable to charits preparing thr accounts in aceordants with the Financval Reportin8 Standard applicable in the UK and Kepubllc ol Ireland {FRS 1021 {effecuve I january 20191- (Charitses SORP IFRS 10211. the Fin(1a1 Reporring Standard applicab in the UK )d R¢pthll¢ of 5rdaThd IFRS 1021. the Companies Art 2LJ)6 and the Charitles Act 2011. Swire Chinese Languy Foundation meets the definition of a publir benefrt entity under FRS 102. Assets and liabillties are knitlally recognlsed at historic cpst or transaction value unkss ¢xherwlse stated In thE fEknrt counting p)licy note. Th¢ Trustees considEr that there are no MIrIal urcertatnties about the Found%On'S abifiy Lo con1 as a going concern for the next 12 months and the foreseeable future based on the commitment from john Swre & Sor LiMid to continue to fund the Foundation for the next four years. (b) Fund accountlng polky Unrestritted funds are genwl fijnds that are alble for use at the Tru5ree5' di5cretvJn in furtherance rA the obiecthes ol the ¢hariry. (c) Incomln8 r•sources All Income Is reeognkned in thE 5¢Htement actwitV5 vthen the Swre Chinese Language Foundation ha& entidement to the Income.. r< is probable that the tncome 11 be receNed' and the arnJr of the incom4 can measured rellably. Donations are recognlsed vknen the Foundation ha5 been notified writing of the 0nt ol income that ¥AII be {d) Expendlture reco8nition Liabilit$ art reco8ni%d 501)n as there 15 a al or constructive obligation committSng the Foundadon to the expenditur< it is pr¢baWe that setdemtnt wll be required and the amount ol the obligation can be measured rellabty. Grants payable are payments made to third parde5 ITr the furrhernnce of the charitable objecLS ol the Foundauon. Thi5 is accrned onte the re¢iplent has bttn NlfIed of the yant award and proded the termination clause has not been exercised. (•) IrrKoverable VAT Irre¢wrle VAT15 charyed aKaiTrst the expendinre headingfor whh it was In¢urr¢d. (fj Cost of ra151Tr8 lunds The costs of raisingfund5 con515t of investment management lees. Intanglble fixed assets Intangible fixed assets Include the developrnent CQ5ts 01 licences for $oltrnre and are inltlalty recognlsed at hi5toriol c05t. Amortisation is ch¥ged on a stratght Ilne b3SiS to the stament of Financial Activitie5 over the expected period ol the uselul lrfe vthich is presumed to be no more than ten year5. Amorrisation 15 char8ed once the asset 15 operarx•nal.
SWIRE CHINESE LANGUAGE FOUNDATION NOTES TO THE FINANCIAL ST ATEMENTS Yw tndèd 31 July 2023 Accountln8 pollcles (continued) (h) Credltors Creditors are recolSed where the charity has a pre5en¢ obligatyon resultin8 from a past event thai 11 probably result in ihe transfer ol fund5 to a third party and rhe arnount due ca settle the oblytion can be measured or estimated lIablY. Credsttirs are normally recognised at their settlement amount after allowng for arsy trade discounts the. (l) Flnanclal Instrum¢nts The Foundatyon onty has financial assets and financi liabilr(ies of a ktnd that qualify a5 basi¢ fit)ar)cial inwum¢n Ba5ir financial instrurnents are iniually recognised at tran3awon value and subsequenY measured at their Setdement value. Le8al status and staff numbers The Foundation is a company limited by arantee. incorporated in Enzland and Wale5, and has no share wital. The Foun&tion's rey$tÈred address is Swire House, 59 Butkingham Gats. London. SW I E 6AI- The average nurnber of persons ernployed by the c¢)mpany duringthe year wa5 012022 - 01. Income from donatlonj 2023 2022 Donatlons •nd legacles Donadons from john Swlre & Sons Llmlted Donations and lezacies in both years relace to unrestricted income. 1202,325 2J44J06 Analysis of charitable expenditUTe The charity doES noc undertake any activity diredy but meets charitable purpJSeS by making donations and grants. 2023 2Q22 The Belvedere kademy. as IEad 5thool of the Swire Chinese Language Centr< Liverpool George Watson's College. as lead school of the Swire Chinese Language Cen¢re. Edinburgh The Gorse Academles Trus¢ as lead sch<)ol of the Swire Chinese Lang1 Centr4 Leeds Gosforth Academy, as lead school of the Swire Chinese Language Centre. Gosforth Harris Federa0. as lead school of the Swlre Chinese Lanyage Centre, Lon¢kn Jordanhill School. as lead school of the Swire Chinese Language Centre. Glasgow 29.572 120587 323.996 323520 501.107 332.115 241,754 270,625 490.8n 398.094 157,941 123.306 Carrled forward 1,745242 1 J68.247 {condnuedl 14
SWIRE CHINESE LANGUAGE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 july 2023 Analysls of charbtable expendlture (contlnued) 2023 2022 Brought forrd 1,745,242 1568247 King EoknTard Vl Aston School. as lead school of the Swire Chtne%e Lanwage Centre. Birmingharn The Manchester Grarnrnar School. as lead school of the Swlre Chlnese Language Centr< Manth¢sr New(asde High khool for Glrls. as lead school of the Swire Chinese Language Cenir< Newca5d Norwch khool. as lead School of the Swire Chinese L3nKuaxe Centre, Nomch The Queen's College, Oxford 220.235 267.360 274.879 240.065 234,766 198.777 171.733 75.299 2.000 Oxford UnNersity Department of Ethcation (Lecturer) St Peter'5 College Radley. as lead school of the sre Chint5e language Centre. Oxlord Tapton School, as lead sehod of the Swlre Chinese LanguaKe Centre. SheffRld 28.2KI 347.049 183J22 95.479 50.857 Tatsl donations 3.119.665 2585.927 GotrErnonce costs 011(K0 to thorttobje o£tivities." Acc)untancy fees- a¢¢ounts Accountancy fees- audit Other prolessionl fee5 WÈbskÈ rtssty Travel costs Bank charyes Sundry exp¢n5e¥ Enrerolnihg Total governance costs 565 6.347 565 5.663 793 180 2.701 20 3,162 4.497 4,063 332 1&823 10,254 Total regourc•g upend•d 3,138,488 2.596.181 15
SWIRE CHINESE LANGUAGE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 July 21723 Intanglble fixed a55ets Ucences Cost At l AugLSrt 2022 Additions 123,180 123.180 At 31 july 2023 123,180 123.180 Am0rt15atlon At l August 2021 Char8e for the year At 31 July 2023 Net book value Charge for the year At 31 July 2023 123.180 123.180 Debto 2023 20Z2 rued income 67M31 20.OQ2 Credltori 2023 Amounts falling du• within one y•ar Grant5 payable Other creditors 3.265.557 3.160.918 96.028 9,272 3,361585 3.170.190 Relat•d party tr4nsartions During the year John Swire & Sons Limited, a cc#npany in which three of the Trustees have a participating interesL d expenses on the Foundation'5 behlf w¢alling £3.21012022 - 12.677). During the year the Foundation repaid expenses of £1677 (2022 - £792). At the yearrtd £7.523 was owed to P022 - £2,677) john Swlrt & Stsns Limited. The Foundation receNed donations during the year d £2,202,325 12022 - £1544,306) from hn Swire & Sons Llmited without conditions attached. Durlng the year the Foundtion Incurred t¢)sts relating to the d¢¥ÈlopmÈnt of software under a Ilcence agreement with Swire Shipping Pte knmited. a c¢)mpany In which tt¥o of the Trustees have a parEiCiPAting Interest for a cost of £115,080. At the year-end £80,556 (2022- £nil) was owed to Swire Shipwng Pte. Limited. DurlTrg the year. the Trustees receNed no rernunerarion kr their 5eryices as Trustees. Travel costs of É3582 12022 . £1,701) wtre met for three of the Trustee512022- one). no accornmadauon ctssts were pd on behaw of any trustee 12022 - £ntl) and subsistence costs of £nil (2022 . £332) were met for none of the Trnstee$12022 - 51X 16
SWIRE CHINESE LANGUAGE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 July 2023 ContlnDnt Ilablllty At the Balance Sheet date, the Foundation had recwised nlTre months of grants pardbl• $ubrt to ¥ termlnation lause. The addtuonl yants payabk. contingent on the temination clause not belng exerclsed in the next three academic years. total 490.597{2012- £5.741.953)- 10. Finantbal ssets and financial Ilabllltl The following are fifiancial assets and liabilitie5 that qualify basic financial instrurnents and are initially reco8nised at transaction value and subsequendy measured at their arnorti%d CQ5L Flnanclal a55ets 2023 2022 6,199,291 6.917.269 6.199.291 6.917,269 Flnanclal Ilabllltlo5 Gr4nts payable Other credtors 326S.557 96.028 3,160.918 9.272 3.361.585 3.170.190 17