SWIRE CHINESE LANGUAGE FOUNDATION (a Company Limited by Guarantee) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Company number: 10177824 Charity number: 1171995 SWIRE CHINESE LANGUAGE FOUNDATION INDEX Year ended 31 Juty 2024 Page General information Rep(Ki of the Trustees Auditorfs report ststement of financial activities (including an incThne and expenditure account) 10 Balance sheet 11 stst8ment of cash fkN 12 Notes to the financial statements 13 SWIRE CHINESE LANGUAGE FOUNDATION GENERAL INFORMA TION Year ended 31 July 2024 Incorporated 12 May2016 Charity number 1171995 Company number 10177824 Directors and Trustees Professor Kristine Bla¢k-Hawkins (Independent) Professor Jane Duckett (Independent) John B Rae-smtth Samuel C Swire (Chaim)an) Dr Christian Toennesen (Independent) Edward Watson (Ex8CUtive Director) Objects The advancement of education for the benefit of the public. particularly (but without limitation) by the provision of grants for the advancement of the education of school. college and untversty students in the Chinese language. Auditor Dixon Wilson Audit Services LLP 22 Chancery Lane London WC2A 1LS Registered addre88 and principal office Swire House 59 Buckingham Gate London SW1 E 6A1 email: info@swirecif.org www.swireclf.org Bankers HSBC Bank PIC 8 Canada Square London E14 5HQ Solicitora Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH SWIRE CHINESE LANGUAGE FOUNDATION REPOR T OF THE TRUSTEES Year ended 31 Juty 2024 The Trustees present their report and financial ststements of Ihe tharity for the year ended 31 July 2024. which includes the dir8Ctors' report as required by company law. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the Companies Act 2006. the Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance %Mth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the CharitK8s Act 2011. The report should be read in conjunction with the general information provided on page 2. Swire Chinese Language Foundation °the Foundation. is a private company limited by guarantee, exempted from the requirement to use the word 'limited' in its title. incorporat8d on 12 May 2016 and registered as a charity. The company is govemed by its memorandum and artides of association. In the event of the company bein9 vK)und up. members are required to c￿trIbute an amount not exceeding £1. Aims The Foundation aims to broaden the reach and spread of teaching Mandarin Chinese in the United Kingdom. In support of this, the Foundation aims to encourage and enable the initial and ongoing training of teachers. and the continuing improvement in the qualty of their teaching. Secondarily, as a consequence of pupils leaming Chinese and being given the opportunty to participate in schcol trips to China, the Foundation aims to improv8 their swal mobilty, particularfy for those from deprived backgrounds. Structure, Govemance and Management The Foundation is overseen by a Board of Trustees, who are Directors for the purpose of the Companies Act 2006 and Trustees for the purpose of the Charities Act 2011. The Trustees are also Memb8fS of the Foundation and. as such, vote in general meetings. The Board. which Is ultimately accountable for all the activilies of the Foundation, is responsible for setting policy and direction. and overseeing its execution. The Executive Director is responsible for execution of that policy. running the business of the Foundation with the support of an assistant managèr and a part-time assistant administrator. Trustees are appointed by John Swire & Sons Limited, the sole funder of the Foundation. for a renewable temi of five years, with due regard being taken of the specific contribution they can make to the Board and to the Foundation, and of the recommendations of existing Trustees. There are Currently six Trustees, three of which are independent of John Swire & Sons Limited. New Trustees are inducted by the Executive Director and given full access to Board papers and reports. They are also required to be conversant with the relevant guidelines for trustees and company dire¢tors. published by the Govemment. together with the FOUndatic￿'S articles of association and its latest governanc8 guidelines. The Board meets at least thr88 times annually with at least three Trustees, Iwo of which must be independent, being present. The Chaimian of the Board liaises dosely wth the Foundation's sole benefactor, John SWI￿ & Sons Limited, to ensure that the latter is kept fulty appraised of the Foundation's financial healih and activities. The Trustees, having regard to the Public Benefit Guidance published by the Charity Commission in accordance with section 17 of the Charites Act 2011. consider that the purpose and activities of the charity satisfy the requirements of the publ￿ benefit test set out in section 4 of the same Act. Risk management The Foundation maintains a risk register. vthich is updated and revie4ved by the Board at least annually. This register identifies the main risks to which the Foundation is exF¥)sed, deriving primarily from its own activities, from the activities of the recipients of its grants and the environment in which they operate. Amongst other5. these risks relate to govemance, finance, administration, reputation. compliance. the political 8nvironment, social attitudes, demand for the subject, the supply ofgood teachers, the Foundation's processes in selecting recipients of its grants. force majeure, cyber wurity and th8 ultimate sustsinability of the Swire Chinese Language Programme ('Programme'). SWIRE CHINESE LANGUAGE FOUNDATION REPOR T OF THE TRUSTEES (continued) Year ended 31 Juty 2024 The Foundation updates its governan￿ guidelines on a regular basis,. it has strict controls in place regarding its finances, ensuring not only that it is funded to the extent of its commitments bul also that grants are allocated within pr&agreed budgets and their use monitored l8mily', it seeks to maintain high stsndards of administration both intemally and with regard to tts relationships with beneficiaries. it monitors &xposure to reputational risk deriving from its own activities and thos8 of the organisations in receipt of its funds" its legal, financial and r8gulatory compliance is supported by its professional advisers and John Swire & Sons Limiled- it monitors the political environment and social attitudes, particularly as they relate to education., it is currently supporknng efforts to make the English exam regime for Chinese more inclusive; it encourages and supports the training of tea¢hers, the quality of whom are essential to the successful fulfilment of its aims; and it has a thorough pr(xess for the selection of the rerypients of its grants. As a rule, the Foundation itself has sought out suitable such recipients. which are primarily schools. They have been se18Cted for the commitment and enthusiasm of the head and support from the govemors,. the capability of their management. suitable physical resour¢es' the experience the schools have in outreach. working with local schools: the ability to reach secondary and primary pupils., the capability to make Mandarin Chinese a cor￿UmcuIUrn subject: their provision of in-house and extemal training schemes for teachers. and their willingness to offer placements for traine8 teachers of Mandarin. Exceptionally it has considered approaches initiated by schools that have not been approached. Institutions in receipt of grants from the Foundation agree to a set of general temis and conditions that have been drawn up with the support of the Foundation's soliotors. Grant-making policy Grants are given to schools and universities for the purpose of teaching Mandarin Chinese, training teachers for this and providing support for the same. This is done through the centres set up for this purpose. As a wle. beneficiary institutions have been sought out by the Foundation and asked to put forward proposals as to how they could establish a Chinese tanguage ￿ntre or activity that supported the aims of the Foundation, providing a five•year budget. At least two Trustees, including the Executive Director, reviewed such proposals before provisional approval was given. undertook a fa¢e-tO-face meeting with the head of the institutions. and approved any subsequent legal agreements between the instttutions and Swire Chinese Language Fwndation (SCLF). The original and subsequent annual budgets of als institutions in receipts of grants are required to be agreed by at least three Twstees (including an independent one). Objectives, activities for the publlc ￿nerrt and future plans The object of the Charity is 'the advancement of education for the benefit of the public particularly (but ￿￿thout limitation) by the provision of grants for the advancement of the education of school. college and university students in th8 Chinese language.. With this objective and having regard to the Charity Commission's guidance on publi¢ benefit, the Foundation has funded centres for teaching Mandarin Chinese, and training teachers of it. in a number of cities across the country. Secondary schools. which hav8 been chosen and are funded by the Foundation. establish and run these centres in a manner that they consider most appropriate for their local ¢ir¢um5tances. Each centre has 'lead schocA' and these are responsible for managing the centre's funds and the teaching provision in their respective centre's secondary schools and feeder primary schools. The aim is that, as the subj8¢t becomes sufficiently embedded in the schools, these schools take on the employment of the teachers directly and thus move towards sew-sustainabilty in their provision of the subject for the long-term. l As set c￿rt in the artide5 of as50criti)n. SWIRE CHINESE LANGUAGE FOUNDATION Year ended 31 July 2024 The plans of the lead schools in the vari¢Jus centre5 are subject to the approval of at least three Trustees. taking consideration of, the number of pupils and schools likely to be reached., how the subject can be fully integrated into the schools, curricula and made self-sustaining without further external funding. how logistical and timetabling issues will be addressed: the potential for the project to raise the aspirations of, and open up opportunities for. pupils from deprived backgrounds: issues relating to teaching staff, induding recruitment, training, pedagogy and standards; the potential for Chinese to be taught from an introductory 18vel through to A level in a continuum. what methods will be used to assess pupils, progress,. how lechnology will be used to support teaching- plans for teachers and pupils to visit China; and the proposed Measu￿ of su¢¢ess. In collaboration with local centres. universiiies have also been helped to establish and run courses for trainee Mandarin teachers seeknng a postgraduate cerliftcate in education or equivalent qualification. The first centres started at the beginning of the 2016117 acad8mic year and today there are centres in Bimiingham, Edinburgh, Glasgow, Gosforth. Leeds, London. Manchester. Newcastle. Norwich. Oxford and Sheffield. and 145 schools teaching some 22.IX)O pupils from the ages of f¢>ur to eighte8n. Many of these schools ar8 located in areas of considerable deprivation. It is sad to report that the Liverpool centre closed al the end of the 2023124 academic year, following continued challenges on the recruitment front which impacted its ability to reach a sustainable position for the kmg lemi. The Fcyjndation continues to encourage, the development of the netsvork of schwls W￿h1n the Programme: collaboration I￿al universities" the raising of teaching standards through action research within centres and collaboration between them. and the efforts of its centres to become self-sustaining. It also recently re- branded, upgraded and relaunched its online platform (V•VnV.bamboo.ac) ft)r Mandarin teaching resources and other material. This aims to support teachers and help develop a sense of Community amongst them. The Foundation has continued to press for sufficient changes to be made to the A level Chinese exam to make it more accessible for the non-native leamer. In addition, it continues to develop its methodology for measuring the impact of its grants and closely monitors the outputs and outcomes from the fund&J activities of its centres. In doing so, the issue of sustainability is kept front of mind. In the run up to the 2026127 academic year, when it will cease its core funding activity, the Foundation will be working closely with the Universty of Oxford's Department of Education to help Ft establish the new Centre for the Leaming and Tèaching of Chinese. This centre. to which John Swire & Sons Limited has provided seed funding and an endowment for its Chair. will. over the course of time. take over many of the roles that the Foundation has been undertaking in the support of the teaching of Mandarin Chinese in schools. It will b8 providing initial and ongoing specialist training for Mandarin teachers across the country; be undertaking related research" and be working in collabwation with the network of schools and teachers of the Swire Chinese Language Programme and beyorKI. Flnanclal Rovlew The Foundation is entirely funded by John Swire & Sons Limited, which contributed £2.070,031 (2023 - £2,202,325) to the Foundation during the financial period. The Foundation. in tum. made total commitments for £2,752,917 (2023 - £3.119,665) of grants payable and incurred expenses of £53,971 {2023 - £29,011) during the period. At the end of the period the reseNes available for general purposes stood at £2,614,118 (2023 - £3.028,717). There are no restricted reserves. The Statement of Financial Activities is shown on page 10. John Swire & Sons Limited has committed to fund the Foundation for ten years from 1 August 2016. At the start of the academic year the Foundati￿ submits a request for funding for the amount of its own commitments to its centre5 and ts expe¢led expenses. These commitments have been for three years and. at the end of each year, extended for a further year. Hcywever. in the 2024125 financial year the Foundation will only be making commitments for the remaining two years of the ten-year period referred to above. The Foundation has a policy to ensure that it has reserves at any time to cover those commitments and John SV￿re & Sons Limited has Committed to support this policy. The commitments not provided fof as a liability in the period are detailed in note g. s￿RE CHINESE LANGUAGE FOUNDATION REPOR T OF THE TRUSTEES (continued) Year ended 31 July 2024 All centres are required to plan for self-sufficien¢y in their teaching of Mandarin and so are expected to no longer require funding at a certain point in the future, which point will vary from centre to centr8. The centres therefore plan their budgets out to 2026 and the Foundation tskes account of these in its own planning, which is based on a ten-year profile of grant making. The uncertainties involved in such planning. not least in the context of th& signifi¢ant unexpeded headwinds which have escalated over the pasl few years. are recognised and due account taken of them. Trustees, rnsponsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for eath financial year which give a true and fair view of the stste of affairs of the charty and of the in¢oming resources and application of resource5 of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitabl& accounting polic￿$ and then apply them consistently: observe the methods and principles of the Charities Statement of Recommended Practice: make judgements and accounting e￿imateS that a￿ reasonable and prudent; state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial ststements" and preparè the financial statements on the going-concem basis unless it is inappropriate to presume that the charity will continue in business. The TnJst8es are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Acl 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding th8 assets of the Foundati￿ and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ststement as to disclosure to our auditors In so far as the Trustees are aware at the time of approving our Trustees, annual report: Ihere is no relevant information. being infomiation ne8ded by th8 audttor in connection with preparing their report. of which the auditor is unaware. and the Trustees, having made enquiries of fellow Trustees and the F￿ndatIon'S auditor that they ought to have individually taken. have each taken all steps that helshe is obliged to take as a trustee in order to make thems8lves aware of any relevant audtt information and to estsblish that the auditor is aware of that information. Declaratlon I decla￿ in my capacity of charity Trustee that: The Trustees have approved the report above and have authorised me to sign it on their beha￿. S C SWIRE Chairman of Trustees 10 December 2024 SWIRE CHINESE LANGUAGE FOUNDATION AUDITOR'S REPOR T Year ended 31 July 2024 INDEPENDEMf AUDrroR'S REPORT TO THE TRUSTEES OF THE SWIRE CHINESE LANGUAGE FOUNDATION Opinion We have audtied the finanaal ststements of the Swire Chinese Language Foundation (the 'charitable company,) for the year ended 31 July 2024. which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opini￿. the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of rescyjrces. including its income and expenditure, for the year then have been propèrly prepared in accordance wbth Unit8d Kingdom G8nerally Acc8Pt&4 Accounting Practice: have been prepared in accordance with the requirements of the Chartties Act 2011. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of Ihe finan¢ial statements section of our ￿pOrt. We are indepandent of the charty in accordance vAth the 8thical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanc8 With these requirements. We believe that the audit evydence we have obtained is Suff￿lent and appropriate to provide a basis for our opinion. Concluslons rnlatlng to golng concern In auditing the financial statements, we have conduded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company'5 ability to continue as a going concem for a perioj of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and Ihe responsibilities of the Trustees with respect to going concern are described in the relevant sections of this reporL Other information The other information comprises Ihe Infomati￿ included in the Trustees, annual report. other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, eX￿pt to the extent otherwise explicitly ststed in our report. we do not express any fonn of assurance conclusion thereon. SWIRE CHINESE LANGUAGE FOUNDATION AUDITOR'S REPOR T Year ended 31 July 2024 In connection our audit of the financial statements. our responsibility is to ￿ad the other infomiation and, in doing so. consider whether the other infom)ation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othepNise appears to be materially misstatgj. If we identify such material inconsistencies or apparent material misstatements. we are required to detenninè whether there is a material misstatemènt in the financial statements or a material misstatement of the other information. If, based on the work we have p8rformed. we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nolhing to report in this regard. Matters on whFch we are required to report by exception We have nothing to report in respect of the foll￿¥vIng matters in relation to which the CharitTres {Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the infomation given in the Trustees. annual rep()rt is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records; or we have not received all the infomiation and explanations we require for (￿r audit. Responsibilities of truslees As explained more fully in the Trust88s' responsibilities statement set out on page 6. the Trustees (who are also directors of the charitable company for the purposes of company law) ar8 responsible for th8 preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial ststements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are reSP￿sIble for assessing the charttable company's ability to continue as a going ¢oncem. dI￿losIng, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic aliemative but to do so. Auditorfs responsibllitles for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectNes are to obtain reasonable assurance al)out whether the financial statements as a whole are free frorn material misstatement, whether due to fraud or error, and to issue an audtlor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wtih ISAS (UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregata. they could reasonably be expected to influence the ￿onoMiC decisions of users taken on the basis of th&s8 financial statements. Irregularities, including fraud. are instances of nOn￿oMPliance with laws and regulations. We design procedur&s in line wth our responsibilities. outlined above. to detect material misstatements in respect of irregularities. induding fraud. The extent to which our procedures are Capable of detecting irregularitie5, including fraud is detailed below: s￿RE CHINESE LANGUAGE FOUNDATION AUDITOR'S REPOR T Year ended 31 July 2024 We gained an understanding of the legal and regulatory framework applicable to the charitable company by considering, amongst other things. the sector in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk. but recognised that the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations, or through cdlusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements. including, but not limited to. UK Charity Law. UK tax legislation and the Charrties Act 2011. Our tests included agfeeing the financial statement dixlosures to underlying supporting dttumentation. enquiri8S With management and enquiries of third parties. As in all our audits, we also addressed the risk of management overr¢de of intemal controls, including testing joumals and evaluating whether there vrns evidence of bias by management that represented a risk of material misstatement due to frdud. There are inherent limitations in the audit pr(Kedures described above and, the further removed non- compliarw ￿llth laws and regulations is fr￿n the events and transactions refiected in the financial statements, the less likely we woukj become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. A further descxiption of our responsibilit￿ for the audit ofthe financial statements is thated on the Financial Reporting Council's website at: w¥vw.frc.org.ukJauditorsresponsibilities. This description fomis part of our auditorfs reporL Use of our rnport This report is made solely to the charitable company's Trustees. as a body, in accordance part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work ha5 been undertaken so that we might state to the charitable companls Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do nol accept or assume responsibility to anyone other than the charitable company and the Charitable company's Trusle8s as a body, for audti Work, for this rewL or for the opinions we hav8 fomied. Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1 LS 11 December 2024 t*xon Wilson Audit LLP is eI￿l￿e to an auditor in tern￿ of sa*M)n 1212 01 the Companies Ad 2006. SWIRE CHINESE LANGUAGE FOUNDATION ST A TEMENT OF FINANCIAL ACTIVITIES Year ended 31 Juty 2024 2024 2023 Income and end¢Y￿nts from: Donations and legacies Interest 2.070,031 313,780 2,202,325 207.987 Total income 2.383,811 2.410,372 Expondlture on: Raising funds Charitable activitses 9.419 2,788,991 10,188 3, 138.488 Totsl resourc•8 expended 2,798,410 3. 148,676 Net expenditurn (414,599) (738,364) Total unrestricted income funds at 31 July 2023 3,028.717 3,767,081 Total unrestrictsd incomo funds at 31 July 2024 (page 11) 2,614,118 3.028.717 All amounts were derived fr(wn continuing activities. The Foundation has no recognised gains or losses other than those included above. The notes and accounting policies on pages 13 to 17 fonn part of these accounts. 10 SWIRE CHINESE LANGUAGE FOUNDATION Company number: 10177824 BALANCE SHEET At 31 Juty 2024 2024 2023 Fixed investments Intangible fixed assets Curront assets 123,180 123,180 Debtors Cash at bank and in hand 95.811 5,340,683 67.831 6,199,291 5,436.494 6.267.122 Liabilities". Creditors.. amounts falling due within one year Net current assets (2,945,556) (3,361,585) 2,490,938 2,905,537 Net assets 2,614.118 3.028.717 Funds of the charlty Unrestricted income funds {pag8 10) Total charity funds 2.614.118 3.028. 717 2.614,118 3.028. 717 For the year ended 31 Juty 2024 the Fwndation was entitEed to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audtt of its accounts for the year in question in accordance with section 476. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements have been audited under the requirements of xtion 144 of the CharFties Act 2011. The accounts hav8 been prepared in accordance with the provisions applicable to companies subject to the small companies regime in part 15 of the Companies Act 2006. The accounts on pages 10 to 17 were approved by the Trustees on 10 December 2024 and were signed on their behalf by=_ SCSWRE Chairman s￿RE CHINESE LANGUAGE FOUNDATION ST A TEMENT OF CASH FLOWS Year ended 31 July 2024 2024 2023 Net movement in fvnd5 (414,599) (738,364) Deduct interest from investments Increase in debtors (Decrease) l increase in creditors Net cash used in activities (313,780) (27,980) (416,029) (1.172,388) (207,987) (47, 829) 191,395 (802, 785) Interest from investments Purchase of intangible fixed assets Net cash provided by investing activitses 313.780 207,987 (123, 180) 84,807 313,780 Change in cash and cash equivalents (858.608) (717.978) Cash and cash equivalent5 brought forward 6,199,291 6.917.269 Cash and cash equivalents carrred forward 5,340.683 6, 199,291 12 SWIRE CHINESE LANGUAGE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 July 2024 Accounting policies Tha principal accounting polioes adopted. and areas of judgement and key sources of estimation uncertainty in the preparation of the finanoal statements, are as follth¥s: (a) Basis of preparatlon and assessment of golng concern The financial statements have been wepared in accordance wtth ACC￿nting and Repo￿.ng by Charities.. Statem8nl of R￿(￿rnended Practice applicable to charities preparing their acoxsnts in accordance with the Financial Reporting Standard applicable in the UK arKI Republi¢ of Ireland (FRS 102) (eff&tive 1 January 2019) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Companies Act 2006 ar￿1 the Charities Act 2011. Swire Chinese Language Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inf(ialty re(x)gnised at hIst￿Ical