THE SWIRE CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2020 Charlty numbèr. 270726
THE SWIRE CHARITABLE TRUST I N DEX Y•ar Md•d 31 D•cember 2020 Pag¢ Gener information Report of the trustees Auditor's report Statsment of financial activitie5 Blance sheet 10 Statement of wh fflows NO to the financial statements
THE SWIRE CHARITABLE TRUST GENERAL INFORMA TION Year ended 31 December 2020 Establlshtd by ded 23 December 1975 Charlty number 270n6 Trustees B N Swire I S Swire M B Swire S C Swire M V AIHrey R Hogg {appointed 6 April 20211 Power to appoint new Trustew was vested in the Settk)r5 during their lrfetimes and thereafter in the Tru5tee5. provided that there are always at least fve Trustees. S•ttlors Sir john Swire CBE Idecea5edl Sir Adrian Swir• (dcea5edl Trust fund LIOO. and further monies. securities, land chattels or txher investments donated upon and subject to the same trust Obj•cts &Jch charities or for such exclusively charitabl8 purposes as the trustees may determine. Inv•stmènt The Trustees have power5 of inYe5tment as if absolute entitled to the Trust Fund beTreficrdlly. including * power to invest 5urplu$ incorn& Iwtvestment m4nag¢r5 rasin & Parthers LLP luxon House 100 St Paul's Churchyard London EC4M BBU Audltors D¢)# Wtlson Audrt Ser¥lces LLP 22 Chan¢¢ry Lane London WC2A I LS Sollcltors Bircham Dyson Bell 50 BroaaY Westminster London SWIH OBL Lester Adridge l King Street London EC2V BAU Banker5 Coutts & Co 440 Strand Lond)n WC2R OQS Addrnss Swire House 59 Bucngharn Gate London SWIE6AI
THE SWIRE CHARITABLE TRUST REPO R T OF TH E TRUSTEES Year ended 31 December 2010 The Trustees present thwr report and fixancial statements of the eharity lor the year ended 31 December 2020. The finantial statements have been prepared in accordance with the accounting policies set out in note l of the financial statements and with the Accounting and Reporting by Charites'. Statement of RecomrTrersded Practice applitable to charlties preparing chelr accounts In accordance wlth the Rnan<lal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021- Structure. governance and management The Swire Char+rable Trust is an unincgrporared charity. constructed under a trust deed dated 23 December l 975 3nd ts a registered chariry. number 270726. The Swire Educational Trust {registered number 328366), which was an unincorporated charity established on 12 September 1989. was merged with The Swire Charitable Trust on 31 December 2015 and the merzed charity operates under number 270n6. The Swire Educational Trust has been removed from the register. The power tQ 3ppoint new Tru5£ee$ Is vested in the Setdors durin¥ their lrfetime. Ke5punsi&lity for the Induction of any new Trustee. which invofve5 awareness of the history and approach of the charity and an undersranding of a Trustee's duue5. lie5 With the Trustees. A new Trustee would receive ctspies of the pr¢vious y¢ar'$ 4¢¢ounts. At the Trustees. meetiTr& the Trustees agree the Strategy of the trusL inclding consideration of ¢S)nation rnakin& inve$tment$, reserves aThd risk rnanagement policies. The day to day athiiThistration of the charity is carried out by John Swire & Sons knmited Tht major risks io which the Eru$t may be exposed. a5 identrfd by the trusoes, have been reviewed to confirni that systems where appropri*. exijt to mitigate those ri5k5. Grant makln8 ptsllcy The Trvsrees meet to consider what granrs I donation5 they will make and to rwtw any feedback they have received. The Trustees have established an online application process for charitie5 to make formal application5 lor yants explalnlng how any funds would be used and wh2t would be achle¥ed. In 2019 the charity provided grants through three main proKrarnrnes'. The welfare programrne, which f+XU55ed on ¥upporvnE pgsitiv¢ change in the community. The opportunity programme. which focussed on nurturing potential by helping <hildren and adults from all backgrounds to fulfil their potential and make the most of their talents. The heritage programme. designed to promote regeneratbon through restoration. In luty 2019, these pro¥ramme5 were further refined. and a new Environment Funding ProKrarnme was Unthe& The charity now provides Erants to chari¢ies rhrough the following three programmes.. The opportunlty programme, which aims to improve life chat)ces for the followin& ex-service men 2nd women- vlctims ol slavery and tralfickin& children and youn¥ people in the Gire of their local authority. invofved with the criminal justice sy5tern or from the rnost socio-economic3lly di3advantayd backgrounds. The environment programme which funds chariiie5 ¢ha¢ can connect people to the environrnent and support the UK'S biodiversity The heritage programrne, which funds heritaze wark that tan dtliver sotial and economie benefits to deprrved ¢tynmunities or disadvanfaged pèoplé and charities worklng ta saféyjard endangered skllls In addlOn to thls core funding programme, the Trustees COnne to make grants to charities on a discretionary basis. The Trust a150 exi5t5 to administer a variery of scholarship Schemes for students and to assist them to study ac univer5iues and colleges in the United Kingdom aTrd elsewhere, through the res¢rirted fund. holar5hips are advertised On aifiliated univer5itiesl¢olleges websit¢S and nation papers in Hong K¢n& ja, China and other juri5diction5 that the truste¢5 see fit. The ¢andidaTr5 appty directty to the univer5rti¢S and if they meet the academic criteria thy are interviewed by a panel. On success. the university offers the c3ndidate admi55ion to their chosen course ol study and refers the candidate to the trusi for considerauon of awarfin8 a Kholarship. The policy ol maknng 8rants is to support deserysng case5 for award5 for rerriary eduotion.
THE SWIRE CHARITABLE TRUST Year ended 31 December 202• The stratw of the fund is to continue to work with unwersr£ieslcolleges and make grants based on rnerit ol the applicaThL Objective5, activities and achSe¥ements for th• publlc benefit The objtttfve ol the Tru5f is to provide donatyans and yanis tts ch¥i¢its i# the United Klngdom and elsewhere. In 2020, the Trust made donations and grants totslling £4,117.85012019- £3,890.2941. Ther was a irtcrease in fund5 for the year of £444.71312019 - increase of £33,269). During the year to 31 December 2020, the Trust approved rhe seleLtyOn 01612019 - 131 new scholars and granted 13 PO19 - 191 annual scholar5hip5 and award5 to existyng sEholar5. It expe¢ts to fund i greater t)umber of scholarships and awards In the year EO 31 DecEmbEr 2021. The Trus¢ees intend to continue to provlde 511PPOrt to their chosen charItae ciu5es. The Trnstees. haying regard to the public benefit guidance published by the Charity Commission in accordance with séttltsn 17 ¢f the Chariiies A¢t 2011. ¢ofisid¢r that thè purpos¢ and a¢¢1¢9 of the ¢harl¢y the requlrements of the pthlic benefit test ser out in the se¢uon 4 01 the same ACL The investments held in the portFol¢o with Sarasin & Partners LLP have decreased by 8.17% during the year12019- 0.78% increa5el- Investment pollcy The Trustse$' prineip31 resourtes arise from (l)natlons ro rhe trust. The Trustees have expended through donations and 8rantS the income arising therefrorn on an annual bas15. The Tru$tEe$ maintsin a cash balance in order to PrOde a fund to meet grant5 and donations which they w>h to makt in excess of danatltsns received In any partieular year. In this rerdrd the Trustees have noted the Statutory dury of care required by the Trustee Acr 2000, in relation to their holding suitable investments and the need for diversification of inyestments $0 lar as is appropriate to the circumstances of the trust. It 1$ the Tru5tees' policy to utilise all of the fund5 in pursuance of the Trust's objective5 in a period not ¢x¢e¢dlftg frfLeen years. There is no requirement to maintain a particular level of inrorne re5Èrve¥ as endowment lunds can be expended to meet expeTrditure as required. The eStment poliey is to invest approximately 20% of the fund in fixed interest and Cash with the remainder in UK and overseas equltles to maximlse the k)ng term real return from the fund. Th1$ policy is implemented by Independent fund manager The charity does not operate an "ethrcal investment policy". Rtseryes polity The Swire Charitable Trust was creatsd in Decernber 1975 and provides the Trustees with wide power5 of di5cre¢ion to distribute the donations and other income of the trust fund lor charitable purposes a5 the Trustees determine. Ir has been the Sertlors, and Trus£ee5' intentlon that the trust fund should be able to grow during the accumulation period with the help of accumulation of income. Once income is accumulated. it becomes an addition to the Trust's capital. The aecumulation period of the unrestricted fund ended 22 December 1996. The a¢cumuLitlon period of the r¢strlrt¢d fund ended 12 SepEemb¢r 2010. It is the Trustees, policy not to retaln reseThes within the uThrestricted fund as overhead5 are low and the grants thar are made vary according to the income operated. As such no reserves are required to ensure the Trust's continued operations. Endowment reserves are held within the restricted fund to support future 5cholarship5. At balance shee¢ date the funds held in the Endowment reserve were £8,359,746 (2019 - £8,742,782).
THE SWIRE CHARITABLE TRUST Year ended 31 December 2020 Impart of cov1 I g The trustees have considered the impatt of COVID-19 on the objectives, activiues arsd financial position of the trust and they have been sausfied with the operation5 in the year given the widespread disruption caused by the pandemic. The financial p051titsn remains robust and the value of the Endowment Funds remain in exce55 of projected donations for the next decade. Kèy mana8emènt personnel r•munAtlon The Trustees consider the board cf trustees as cornprising the key managernent personnel of the charty in charye f dtrectimg and controlling the chariry and operating the tharity on a day-to-day basis. 1 Trusttes wve their time freely and no Trustee remuneration or expense r¢irnbur5emenrs were paid in the year. Rlsk management The principal risks faced by the charity lie in the performance of the IeStMents and risks from ineffective 8rant making. The Ydriability of investsnent returns is the charity's major financial risl It mitigates this risk by retainsng expert investment athisors and having a diversrfied investment portfolio. The risk from ineffective grant-making 15 mitsgated by cartyng out research on charitable institutions to establish whether potentièl donations wll used effective and in furtherance of this chariws own objectives. Trustees, responsibilitses in relatlon to the financlal statements The Trus¢$ are responsible for preparing the Trustee5' repor[ and the financial sfatements in accordante wlih applicable law and United Kingdom Accounting Stsndards. The law applicable to charities in Enland and Wales requires the trustee5 io prepare financkil 5¢3tements for each financial year which give a true and fair view of the State of affair5 of the charity and of the incorning resources and application of resources of the charity for thar period. In preparing these financial staternent5. the trustees are required s¢le¢t $uir3ble a¢¢ounting poli¢i¢s and then appty them ¢onslstendr. observe the rnethods and principles of the CharitR5 SORP.. make judgements and accounting estimates that are reasonable aTrd prudent: state whether applicable accounting standards have been followe4 subjeet to departLtres disclosed and expl¥ned Sn th¢ finan¢ial statements.. and prepare the finan<ial sratement5 the ZOinK concern basis unle55 it 15 inappropriate to presume that the harity will Continue in business. The Trustees are resptsn$ible for keeping aecounting records whith disclost with reasonable accuracy the financial PQSltion of the charity and ¢robl¢ thern to ensure thac the finanri313¢atement5 f¢ynpiy with the Ch3rities Act 2011. the Charity (Actotsnts and Rtportsl RegUlaon$ 2008 and the provislons of the rrust deed. They are also responsible for sèfeguarding the assets ol the charity and hence for tsking reasonabk $¢EP$ for the prevendon and defecrion of fraud and other irregularities. Staternent as to disdosure to our auditors In so far as the TrustÈÈs ¥¢ awarè at th¢ time Qf approvlng our Trust¢es' annual reporL there Is no relevant Infomatlon, being inf0mat neetjed by the audltor In ¢¢nnedlan wlth preparing thelr rtporr. of whirh the group's ayditor 15 unaware. and th¢ Tru¥¢*4 hang made ènquirles of fellow Trust¢es and rh¢ Trus¢'s audl¢or thac they ought to have individully faken, have each taken all steps that helshe is obliged to take as a tyusiee in order to rnake themselves aware of any relevant audit inforrnation and to es¢ablish that the auditor is aware of thai inforniation. S C SWIRE For the trustees 5 Oetobèr 2021
THE SWIRE CHARITABLE TRUST AU DITO R'S R EPO R T Year ended 31 December 2020 Oplnlon We haYE audrted the financial staternents of The Swire Charitable Trusr (the 'charity') for rhe y¢ar ended 31 December 2020, which comprise the statement of financial a£tiVitlès, balance sheèL StatémÈnt of cashflows attd notes tts the tinanrial $tat¢m¢nts, inrluding 4 summiry ol signrfirani atcgunting polici¢s. The finantixl repordng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Pinancial ReporLing Sran<lard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunired Kin8dom Generalty A¢c¢pred Accounung Practice). Thb r¢port Is made 50bly ro th¢ charary's Tru5tee5. a body. in ac¢ordanc¢ with regulations ma¢k under S¢ttbn 154 of the Charities Act 201 l. Our audit work has been undeken so that we might State to the charlty's Trustee5 those matters we are required to srate to them in an audthr's report and for no other purpose. To the fullest txrtnt permitted by law, we do not accept or a55urne rewnsibility to anyone other than the eharity amd the th¥ity's Trustees as a body, lor our audit work. lor thi% reporL or for the opinion5 we have formed ITh our oplnl¢)tt. the flnanclal $TaEemeThts.' st a true and fair view ol the stats of the charity's affairs as a¢ 31 December 2020 ar of its incoming resources and application of re5ource& including its incorne and expenditure. for the year rhen ended- have bÈÈn properly prepared In actord#nce wtth United Klngdom Generally Acceptsd AttountSng Pracilce.. have been prepared in accordance wlth the requlrements of the Charlties Act 2011. Basls for oplnlon We conducted our aydit in accordance with Interrtational Standards on Auditing (UK) IISAS (UKII and applicab law. Our responsibilit4es under those standards are further destribed in the Auditor's responsibilities lor the audit of the finan¢lal sratements s¢¢vL)n of our report. W ar¢ Ind¢pend¢ni of th¢ ehariry in 3¢¢ordan¢e with the ethi¢ requirements that are revant to our audt of rhe finat)clal sratements In the UK Including the FRC'S Ethlcal Standard. and we have fulfilled our other ethical resptsnsibiliues in accordance with these re9u1rernen We beIve that the audit evidence we have obf3ined is sufficient and appropriate to providE a bas15 for our opinion. Concluslons relatin8 to golns concern In 3uditinK the financial statements. we have concluded that the trusree'5 use of the goin¥ concern b3515 of Kcounting ITr the preparation ol the financial statemen¢s 15 aFpropriate. Sed on the work we have performed. we have not identified any material uncemintie5 reLiting to events or condittorss thaL Individually or collectively. may east significant doubt oh the chariw's abiliy to eontinue as a goihg concern for a period of at least twelve months from when the financiil ststements are authorised for issue. Our responsibllltSe$ and th¢ responsibllkles of the trust¢¢5 wich respecc ro gtsing ¢on¢¢rn ¥ des¢ribed In the relent sections of thls reporL Other Infomatlon The oiher inlormation comprises the infomation included in the Trustees. aTrnual report, other than the financsal statsrnents and our auditor's report thereon. The tru$tee$ are responsib lor the other infomiation. Our opinKsn ¢)n the financial stAtements does nat tover the other information and. except to the t¥tent otheIe explicit stated in our repork we do not express any fom) of assurance conclusion thereon.
THE SWIRE CHARITABLE TRUST AUDITOR S REPOR T Year ended 31 December 2020 In conn¢¢rion wth our audit of the financil staterneTh¢s, our responsibiliry is to read the other inforna¢n and, in dotng consider whether the other inforrnavon is rnaterially incon515¢eni with the financkil statements or our knovledge obtained in the audit or otherwise appears to be matsrially rniss¢atsd. 11 we identify such marIal inconsistencies or apparenr rnaterhil rni55tarements, we are required ¢0 determine whether there 15 a material mlsststemént In tht financial statements or a material rnissratemeni of the other information. If. based gn the work we have perforrned, we ¢0n¢lyde tha£ Ehere is a rnIrlI rni$$tstement of thi5 other inforrnation. we art required to report thac tacL We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in resP¢rt of the followin¥ rnatter5 in re¢100 tt1 Twhich the Charityes Art 2011 requ¢re5 US to report ro you rf. in gur opinion.. the inlonnation in the Trustees. annual report is incon515teTrt in any matersal re5pert the financi 5fatement5,' or the charity has not kept adequate accountlng records; or the finan£ial Statements are not in agreement with the accountin8 record5 aTrd returns., or we have not receSved 11 thé It)tormtitsn and e¥planations w¢ r¢quire I¢x our ¥udit. Responsibilities of trustees As explained more fully in rhe Trustees, responsibilities statement set out on page 5. the Trustee$ are responsiblt for the preparation of the Ilnancial statements and for belng satisfd that they gNe a true and hlr View. and for such internal control as the Trustees determine is nece$sary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the finala1 statements, the Tru$Eee$ are responsible for ¥s$e$sing the ¢harity'$ abiliy to wndnue as a going concern. disclosin& as applIcab, matter$ reled to going toncern and u$lng the golng concÈrn basis ol accounting unless the Trusthts Èither intend to liquidate the charity or to cease operations. or have no realis¢lC alternative but to do so. AudIt0$ responslbllltles lor the audlt of th? Ilnanclal statements Audltorfs Ye$pon$lbilities lor the audit of the financial itatements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance th the Act and releyant regulations made or having effett ther¢under. Our objectives are to obtain reasonable assurance about whether the fiTranclal starements a$ a whole are free from material rnisstatemeni whether due to fraud or error. and to issue an audiwrfs report ihat includes our opinion. Reasonable as$uran¢e is a high level of assuranct, but is not a guarantee that an audit conducred in accordanre with ISAS IUKI always detect a material mi5$taternent when it ex15ts. Mi5Statements can arise from fraud or error and are considered mat¢rial W, indidal or in agsr¢gat¢. they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statern Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design prtxedures in line with our responsibilities. outlined above. to detert mater1 misstatements in respect of irregularitie% including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below..
THE SWIRE CHARITABLE TRUST AUDITOR'S REPOR T Year ended JI December 2020 We gained an understanding of the leKal and regulatory framework applicable to the chariry by consideri arnongst other things. the sertor in which it operare5, and considered the risk of acts by Ihe charity thar were contrary to applicable laws and regulations, including fraud. We designed audit procedures w respond to the assessed level ol risk but recognised that the risk of not detecting a matsrial rnisstatement the to fraud 15 high¢r than the risk ol nor detecung one resuk¢ng from error. a5 fraud rnay involve deliberate concealment by. for example. forgery or intentional misrepresenrations. or through collusion. We focused on laws and regusations which could give Mse to a Materi misststement in the financial staments. Including, but not limited to the Charityes Act 2011. Our tests included weeing the financial statement di5clo¥ure5 to Under4 supporting documentstion. enquiries with management and enquirles of third ptrtles. As in all our audits. we aL%o addressed the risk of managnent OYErride of internal controls. including testing journals and evaluating whether there was evidence ol bias by management that represented a risk of material mi55tatement due to fraud. There are inheren¢1imitation5 in the audit procedures described above and. the further removed non-compliance with Liws and regulations is from the events and transactions reflected in the financial statements, the less likety we would become aware of We did not ideTrtrfy any key wdit matters relating to irregularities, includiThg fraud. A lurther descrpuon of our responsibilities for the auth¢ of the financial sutements is loCad on the Financial Reporting Council's website aL' www.frc.or&uWauditorsresponsibilities. This descriptson fom5 part of our auditor's reporL Us• of our report This report is made SOlY to the eharrity's Trustee$, as a bo, in accor&nce with regulations made under section 154 01 the Charities Att 201 l. Our audit work ha5 been undertaken so that we might state to the charitls trustees those matters we are required to state to them in an auaEor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsiblllty to anyone other than the charity and the charity's Trustee$ as a body. for our aydtt worl for this repor( or lor the opinions we have formed. Dixon Wilson Audit SÈrvl¢¢s LLP. Suturgry Auditor 22 Chancery Lane London WC2A ILS 19 October 2021 DiK(•) Wllgoft Audlr Serykes LLP 1$ l(w'ble to ICL audlwr in form$ of seeu¢)n 1212 of tho Comp*)i¢s Att 2C(I&
THE SWIRE CHARITABLE TRUST ST A TEM E NT OF FINANC IAL ACT IVITI ES Year ended 31 December 2020 R•stri£ted Mpendable Aestrlrted Endovmient Income Unr•stri£t•d Fund Fund Fund 2020 Totat 2019 Totsl Not¢ Inconie and endowmnts from: ItwesrmÈnts 247.760 371 234J54 4.189.126 4.189,126 3,OCQ,000 Tot Incom• and endowm•nts 247.760 4.189.497 4.437.257 3,234,354 Exp•rdltuve or¢ Raiikn8 fund5 Charitsb ¥tr4w¢s 31,341 863.291 31341 4,225.039 17)591 4.018585 3.361.748 Total expenthture 895,633 3,361,748 4.257.381 4.01 1,226 Net 8ains on invewnpnt assets I641? 264837 810,141 Net Infomel(¢xpendlture) Transfers between funds 264037 1647073) 647M73 827.749 4H.713 33.209 16470731 1383.0361 N¢t movement In funds 827,749 4.713 33.269 R¢¢ondlla¥+)n of fvnd% Fund banCe br¢fr*tWard •¢ I lattry 2020 Fund l)alanc• carrl•d fonvard at 31 Detember 1010 8,7417KI 63,067 8,W5,819 8.772580 ¢359,746 8W,816 9.2SO.$61 8.805.849 AJI amounts are fft respect ofcontinuinz artNit5.
THE SWIRE CHARITABLE TRUST BALAN CE SH E ET At 31 December 2020 2020 2019 Flxed asseti Investments 9.510.762 10.357,055 Current assets Debr$ Cash at bank and in hand 6215 1,366,192 6.755 475.998 1.372.407 482.753 Llabllltle5 Creditors.. amtyjnts falling due w¥thin one year Net current asset(lIabIlIt1e5) (1,008.607) 363,800 (1.552.959) (1.070,206) Creditors.. amounu falling duè alter one year Net a$5ets (624,0) 9.250.562 {481.OGVI 8.805.849 The funds of the charlty. Restricred expendable en&)wment fund5 Unrestricted income fund 8.359.746 890.816 8.742.782 63.067 9250.562 8.805.849 Th* finan¢lal s¢at¢m¢nts on pages 9 to 24 were approved by the w¢re slgn¢d on irs b¢half by.. rd ol trustee5 On 5 October 2021 and S C SWIRE B N SWIRE Trustee Trustee 10
THE SWIRE CHARITABLE TRUST ST A TEMENT OF CASH FLOWS ended 31 Dec•mber 2020 2020 Total 2019 Total Not• Net cash used In operatln8 actl¥ltles 1469.0671 (1.081,480) thsh fvws from ift¥estinE o(tMbe& DldendS and interest 248.131 234.354 Pro¢¢¢4s from 5al¢ gf Inv¢$tm¢nts 3.102,771 7.132.980 Purchase of Investments (1.991.641) 1.359,261 (6.402.822) 964.512 Net Cash provlded by Investlng actlvltle5 Change In cash and cash equlvalents 890.194 (116.968) Cash and cash equi¥alents brought lorw*rd 475,998 592.966 Cash and cash equivalents carried forward 1,361192 475.998
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2020 Accountln8 pollcl {a) 8asls of preparatlon and a$5essment of golng concern The financial statements have been prepared under the historic cost convention, with the excepuon that investments ire included at market value. The fiThancki1 statements have been prepared in accordance with the Ststement of Recommended Prathce: Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 effEcte I january 2019 and the Charities Act 2011. The Trust constitutes a public benef¢t entity u defined by FRS 102. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There are no 5i8nificant areas of judgement and key assumptions that affect items in th¢ xcounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of a55e¢s held by the Trust are the level of investment return and the performance of investrneni rnarkets (see the risk management section of the trustees. annual report for more ifilormation . (b) Funds structurè The charity has an endowment fund created by a grft. The income ol thi5 fund Is unrtstrtcted. The tern)s of the endowment allow the capital of the fund to be spent rf the Trustees so deterniine. Unrestricted income funds comprise those lunds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include desiznated funds where ¢h8 Trust8e5. at their th5cretion, have created a fund for a specrfic purpose. The assets of the restricted fund were iransferred to Charitable Trust on 31 DecembEr 2015 from the Swire Educational Tru5L These assets continue to be used to further the purpose5 Of the Swire EducatKnal Trus( whlch has n¢)w b¢n wound up. The tybj¢tts ¢sf the fvnd ar¢ co womot and ad¥an¢¢ ¢du¢atlon by all such means as may be appropriace to charitable purposes ané furthering the education ol persons actsnding eduuuonal establishrnÈnrs in rhe UK or oversea (c) Income reco8nltlon All income is recognl$¢¢J ¢sn¢é the charity has entidement to the income, it 1$ probable that the income WIN be received and amount ol income receivable can be measured reliabty. Donations are recognised when the Trust ha5 been notified in writin8 of both the amount and 5ettJement date. Interert on funds held on deposit is included when receivable at)d the amount can be measured reliably by the charity this is nomally upon notificatson of the interest paid or payable by the bank Diwdends are recognised once the dividend has been decLired and the notrfication has been received of the dNidend due. This 15 norrnally upon notification by our Inve¥cmÉn¢ ad¥lsor of the dividend yitld of thè Investmènt portlollo. (d) Exp¢ndl¢urg recognltlon Lthilit*s are re£ogni$ed as expenditure a5 500n as there is a tegal or con5tructsve obligation committyng the charity to that expenditure. it is probable that setdement wll be requsred and the amount of the obligation can be measured reliably. Grants payable are payments made to third parries in the furtherance of the CharIte objects of the TrusL Thi5 15 accrued once the recipient has been notifjed of the grant award. (•) Irrncoverable VAT Irrecoverable VAT 1$ charged a8ainst the expenditure heading for which 1¢ wa5 incurred. 12
THE SWIRE CHARITABLE TRUST N OTES TO TH E FI N AN CIAL ST A TEM ENTS Year end¢d 31 December 1010 io Costs of ralslng funds The costs of Keneratinz fun& consist of investment management lees and are attrutable to the restritted fund in both year5. (8) Support and governance Costs The Chartty does not Incur support costs. Governance costs comprfse all costs Involving the publlc accountsbillty of the charity and its compliance with regulation and good prnctice. Governance costs relate to charitable activities. (h) Charitable activitiei Costs of charitsblt actlvitie5 include grants rnade and governance cost5 as shown in note 3. Reallsed galns and losses I pins and los$e5 are taken to the Ststement of Financial Activities as they arise. Keali5ed gains and 1055es On investments are calculated as the difference between sales proceeds and their opening Carrng value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and10sses are calculated as the difference berween the falr Value 2t the year end and thelr carrying value. Realised and unreatised investment rdins and losses are combined in the Statement of Ananesal Actfvlties. u) Fkxed asset Inv•stmtnts lttvesknents are a lorm of b1¢ financial instrument and are initially recogni¥ed ai their tyan¥a¢tion value anij subsequendy rnea5ured at their fair yue as ai the b31ance sheet date usinz the closing quoted market price. The statern¢nt oi financial actltIeS includes the net 8ain5 and10s5es arisin8 on revalua¢K)n and disposals throughout the The Trust does not acquire put options, derivatives or other complex financial Sn$truments. The m3in form of financial risk faced by the chariry 15 thac ol volaoliry in equity markets and investment rnarket¥ dve to wider economic condition5. the atti¢ude of investors ¢0 investment risk. and changes in sentirnent concerrrin¥ equities withiTr particular sectors or sub sectors. (k) Credltors Creditor5 are reco8nised where the chariw has a present oblirdtion resulllng from a past event thaL will probably results in the tran51er gf funds to a third prry and the amount due to $etde the obli8a[n caTr b¢ measured or estlmated relbly. Invstm*nt income Restrictrd Incom¢ Unr•Jtrlct•d Fund Fund R¢5trict¢d lTrcom• Unrestrlrt• Fund Fund 2020 Total 3019 UK bank hior•$t UK equities Ft<ed interest 371 371 199.543 4&117 1.733 1.733 l T9.390 53.231 199.543 48,117 179.390 53231 247,760 371 24&131 232.621 1.733 234.354
THE SWIRE CHARITABLE TRUST NOTES TO THÉ FINANCIAL ST A TEMENTS Yw ended 31 Dec¢mbèr 2020 Anatysls of Iharitable expenditure The charity did not undertake any a¢tivity direcdy but met its charitable purposes by making don¢$ and grants. 2020 2019 1851 Martne Trust 240 Project 2874 Trust Ablaze Acrington Stanley Community Trust Action ainrt Cancer Action For ConseThation 10.000 25.OOtI 5.000 10.000 25OQ 20.OOQ 15.OOQ Age UK Air League Trust Alternatives Trust Alzheirner's Research UK Amber Foundation Amgueddfa Cymru - National Museum Wales knpney Crucis PCC Andrew Clark Trust Amonico Consort Art History Link-up Artern Charitable Foundatton Aspire Assistance in Disabilirr Ataxia UK Autistyca 82rt5 Charity Bath Abbey footprint project Be Free Young Carers BeatiTrg Time 8ecome BEnjamin Franwin House Berkshire Youth Bipolar UK Ble5rna 8let¢hely Park Trust 81is5 Bloodwise BI Wood 80ty & Sovl Bolton Lads & Girls Clubs Boost Employabllity Breaking Barriers Brtast Cancer Haven Bristol Aèra Collection Trusty Bristol Hospitality Nerk IBHNI 8ritain Nepal Medcal Trust British Red Cross Britlsh Refugee Council Building Crafts & Conservation Foundatton Building Heroes Education FOUndlOn Carried forward 42.028 15,orx) i o.ooo 25.0(• 15.000 15.000 25.000 750 25OLI 3,500 1.250 ISOCI 5.OOQ 1.000 5.000 7,Sth) 10.000 5.000 20,C 25,000 25,000 5.wo 15,000 10,000 2.5( 5.000 10.000 15.000 29.640 17.000 6.000 25.OGQ 20.000 10.ooo 5.OOQ 5.OOQ 5.cilo lo.0 I s.0 20X 15.lY)O iomo 20mO 10.000 25.000 273.02B 409.640 14
THE SWIRE CHARITABLE TRUST N OTES TO TH E FI NANC IAL ST A TEM E NTS Yw ended 31 D¢c¢mber 20111 Any$l$ of ¢harltablé PndIture (contlnued) Z030 2019 8rought lorvnrd 273.02B 409,640 Burma Star Memorral Fund yrne Avenue Trust Cais Ltd Canine Partners CardiTral Hume Centre Care For Veterans Career Rea Carelreebreaks Caritas Anchor House Central London Samaritans Chance ¢0 Shine Charnwood 20..20 wenty Twenty} CHASE Africa Chefs in Schools Child Autism UK Children's Literacy Charity Chilton Foliat Community Association Chinese Centre For CoThtemporary Art Church of the Transfiguration - Lazeretto Churches Conservation Trust City & Guilds Of London Art khool City year UK Classics lor Al Clean Break Theatre Company Cle&n Rivers Trust Clea1$tOn Project CleaupUK Coldharbour Mill Trust UmSted Colley of Arms Columba Combat Srress Commynicy Heart Proiert5 Compassion in Dying Counte55 018recknock Hospice Country Trurt Courtauld Institute of Art Fund Dame Vers Lynn ChildreTr's Chariry Debace Mate 5chXls Llmml Dementia UK Derby Toc H Children's Camp Diabetes UK Drive Forward Foundation E P Youth Ltd Earth Trust East London Shakespeare Festival East Surrey Dial-A-Ride Ecobirmingham ECPAT UK 10,oth) 24,222 25,000 2500 2JOO 10.000 8,000 20.000 50.000 5,000 25.W) 8,)0 25,C 2300 3.240 2500 15.000 i.soo 5.(LlO 15,000 15.000 2500 2,730 5.000 50.000 20.000 2JOO 24,000 5.000 i &ooo 20.000 2Q,000 7,100 12.000 40.000 4Q.OQO 1.500 i o.oc i 0,000 2JOO 25.000 s,000 33JOO lo.(0 4,000 s,th)o 33.5¢)0 5.(KlO 10.000 31.784 31.784 7500 25,000 s,000 7500 6.000 35.OQO 911.664 30.000 Carried fot)Yard 662,864 15
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 D•c•mb•r 2020 Analysls of charltabl• •xpendlture (tontlnuèd) 2020 2019 Brou8ht for*Ard 662 911.664 Fair Shares Glouce¥t¢r5hire Fare Share Felix Proiert Field Lane Reld¥ In frus¢ Food MacLers Foundation Foijndation Of The College 01 St George Freedom Kit Ba85 Fréshwater Habirats Trust Freya Foundation Friends Of Cathedral Mu51£ Future Frontiers 7JOO 2500 7JOO 25,OCKI 25.000 25,000 20,000 25(Xl 8.000 5,000 5,000 10,0 Garden Classroom GC) Giving World Glob31 Generation Glouctster Cathedral Good Morning Service he) Govan Her1e Trus¢ SCIO Gréat Ormond Street Children's Charity Greater Manchester Youth Nerwork IGMYN) Grey Coac H05pitaS Grpw Halo Trust Hands Up Foundation Hearing Doy lor Deaf People HELM TRAINING 15.000 20,125 115(Kl 2300 i 0,000 5.000 20.000 14.856 i 0.000 500 7500 20.000 40.000 10.000 2JOQ 7,5r 20.000 40.000 i 0.000 Helpforce Community Trust Helping UKdThda Schools IHUGSI Hereford Cathedral Perpetual Trust Heritage Crafts Assocation Heritage or London Trust Heron Corn Mill18eethzml Ltd Highground Projects mited Historlt Ctsventry Trust Honourable C¢. of Air Pilot$ (Hong K¢ng Rewon} Hi>pe for justi Hcpe for TorroW Hope UK Horatyo's Garden Horseworld Trust Hull Ch¢ldreTr's University Institute of Cancer Vacclnes & Immunotherapy (ICVII Itoun1VerSIly Involve Leeds Iana Trust lari Bristol lunie'5 Farm john Muir Trust Carried forward 35.000 20.0 20,000 17JOO 25.0 50.000 16.000 10,oc I s,0( 20.000 2JOO s,oth) 24458 10.O(KS 20.0 10.000 20.000 15.000 &ooo 17.036 20.000 o.ooo 1,032.447 I J70J56
THE SWIRE CHARITABLE TRUST NOTES TO TH E FI NAN CIAL ST A T EM E NTS Year •nded 31 Dec•mb•r 2020 Analyslg of charltable expendlture {contlnued) 2020 2019 Brou8ht forward 1.032.447 I J7CIS56 lon E8w"ng Trust Iu5dce And Care Keep 8rit3in Tidy Kenya Keys Key Changes {Isling¢on Musl¢ Forum) Key4Lrfe Kldney Researth UK KIDS King Etsard Vll's Hosptral Lake Distrirt Founda¢ion Launch It Leadershlp Through Sport & Business (LTSBI League of Remembrance Legh Building PresemvoTr Trust Leigh Fllm Society CIO Level Trnst Lilecentre Literacy FIr3¥ Llving Painun Uama Uanhilleth Miner5 Institute London Youth London's Free Open r Thea¢re Season London'5 Mr Arnbulance Longfield Hall Trust Loughborouzh Belwoundry Trust h8> Lowe Syndrorne Trust Lowry Centre Trust (The) Lullaby Trust Lymphoma Actyon Macrnillan Cancer Support Magdalen College Development TrLtst Magic Breakfast Maue's Marle Curl¢ Can¢er C¥e MarinÈ Stsci¢ty & Sea Cad¢rs Medital Aid For Ple¥tinians Medicines for Muheza men Health UK Michael Roberts Charitable Trust Mighty Creatives (fhe) Mtgrateful CIO Miftehead Museum Missing People Mission Aviation Fellowship UK {MAF.UK) Mlssion Rabies Mi$51gn to S¢afar¢rs 21,0(#J 56.67Q 25,0( 5.018 5.t0 3200 20.(POO 5.QOO 20.1Th>) 25.QOO 10.c 10.c 10.c io,ooo 7500 18.¢XKI 14.¢XKI 12JOO 5.QOQ 25.0(Kl 7.5(Kl 5.QOO 24JOQ 2 1.889 io.ooo 25.000 21.889 6.240 I&oL 50.000 2500 15.000 5.000 5.000 5.000 2.500 s.000 Is.000 2.51x1 1500 25.000 10.000 I,coo 25.000 1.000 3.334 5.000 20.000 15,OOD 4.0 10.0 5.000 5,000 2,500 25.000 25.000 Carried forward 1.508.264 1.654,479 17
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 3 l Decernber 2020 Analysls of charl¢able exp¢ndltur• (contlnu•d) 2•10 2019 Brought forvrtrd 1.508.264 1.654.479 MNDA MDbility Trust Moghissi Laser Trust Movement Centre (Th¢) MS Society Muscular Dystrophy UK Musie In HosPita15 & Care Mustsrd Tree National Brain Appeal ITh¢l Natlonal Emergencies Trust- Coronavirus App Nation Youth Theatre Nehemiah Projett (The) Nepacs New Philanthropy C¥i¢al No Limits (South) Northern Leaming Trust Oarsome Chance One Parent Famil$ scotland Open Kitchens Oracle Caneer Trust Orthard Proltct ICau5el Ltd Omiiston Trust Oxford Abuse & Cri515 Centre IOSARCCI ncreati¢ Cao¢¢r UK Parent Infant Foundaugn Parents in Need ParnSOn'S UK PCC of Cheriton Parish P*gplÈ's Trust For Endangered Speaes Pèr50nal Support Unit Pirnlico Musical Foundation itt Rivers Museum. UnNersity of Oxford Planters. Benevolent Fund of Ceylon Possible Prince's Foundation Prison Advice and Care Trust Prison Radio A550ciation IPRAI Prosratt Cancer UK Queen's UniYer$ity of Belfast Foundation Ragged School Museum Rarnsbury And Axford LCC Ravensrliffe Cornmunity Association Re.'Work Ltd Read Easy UK Red Thread Refugee Action Kingston ReKdin-The Tru$t For Sports Tetraple8iCS Regenerate Carried forward 5,QOO s.000 5.QOO 2JOO 10.ooo 3,QOO 2JOO 2.500 5.000 15.000 5.000 450.000 2300 9AOO 30.000 25.000 25.000 10.200 20,0) 30,OC 50.OQO 15.000 2,500 20.0 10.0 12.5CKI 2.5CKI 5.QOO 5QO 3500 4.000 10,000 5.000 25.00) 2.C(10 s.0 25.0 2.000 20.01 15.OtXI 20.000 5.000 10.348 29.831 10.0 10,248 50.1)00 10.000 7500 12,500 7.StX) 10.000 25,000 I6.5) 20.000 1.000 15,rn) 2.370,344 1.951.327
THE SWIRE CHARITABLE TRUST N OTES TO TH E FI NAN CIAL ST A TEM E NT5 Year ended 31 December 2020 Analys1$ of ¢haTitabl¢ expenditure (continued) 2020 2019 Brou£h¢ forward 2.370,344 1.951 J27 Right to Succeed Rayal Acaderny of Art5 Royal Academy of Musl¢ oyal 8allet School Royal Brirish Lew'on Royal Brit15h Legion Industries Royal Horticultural Society (The) Royal Hospital for Neurts-Disabilitles Royal Marines Ch%r¥Ey (fhÈl Kuddl's Retreat Sale Passage International Salnt Francis Hospite Sat)e S2ve the Children khool-Homt Supptsrt Scope Scotswotsd Naturtl Community Garthn Seafarers UK Seafarers Welfare Assistance Network SWAN Setond Chanee Children'5 Charity Shabang Inclusive L&irning Sheerness Dackyard Preservation Tru51 Sheker Siblings Tggeiher Smart Works Charity Snowdrop Projecc (The) Soil Assotiauon south DoWTh5 National Park Trust Spencer Contact SSAFA Si Andrew's Youth Club St Cuthbert's Centre St Eoknrd's Church of En¥and School Stlohn's Chureh WteAoo St Laurence Church & Cenrre. Cadord St Luke'5 Hospice. &sildon St Mary Le Bow Young Hornele55 Charity St Michael and All Angels Clifton Hampden Si Munzts's St Peter'5 Church Notunz Hill Si Petrock'5 (Exeterl Si Vincent'5 Family ProFct Startuponline Steam Tug Brent Trurt Step Together Volunte¢rlng Stop the Traffik Stow Maries Great War Aerodrorne Stroke Association 50.000 50.000 25.000 4.000 15.QOO 3,500 15,000 15.000 40.756 25.000 40.756 25,000 2,500 7.500 5.000 3.OQO 3J34 20,0 i.0 12.500 5.000 2500 3.000 38.850 25,000 4.500 20,000 25,c0 25.or 29,477 20.000 2JOO 5,000 15.OQO 2500 10.000 70.042 2.500 15,OLXI 5,000 5,000 2,S(Xl 5,OC) 10.0( 25.OOQ 2JOQ 5.OOQ 52.535 19.oc 3,000 25.CO) 25.000 15.000 rritd forward 2,900,654 2J41.267 19
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2021 Analy51s of chw4table expendlture (contlnued) 2020 2019 Brought forward 2.900,654 2J41J67 Style for Soldiers Sue Ryder PalliatNe Care Hub South Oxfordshire Suffolk Wildlrfe Trust Surfers Against Sewage Survivors CY Human Traffscking In ScOtnd Sutton Trust Teach First Team Rubicon UK Teen4e Cancer Trust Tenterden Memory Café Thackray Medical Museum Thames Hospice Thelsle ofwight Bus and Coxh Museurn Lrd The Passage The Sustainability Centre The Tectona Trust The Village Theatre5 Trust Thinkforward UK Thoma$ Morley Trust Thornton & Allerton Communl£y ASSN Thumb5 Up Club Tommy's Trailblazers Mentorlng Lttl Transitions UK Tron Theatre Trussell Trust Trust For Su$tsiTrablE Turde KLY Arts Ufton Court EdU¢atIon TNst Unicorn PreseatiOn S0d¢iy University of Briswl Universiry gf East Anglia University d West London Unseen UK Versus Arthritys Veterans Farm Able Foundation Villier5 Park Educational Trust Walking wth the Wtrunded War Memoriak Trust Watermlll Foundarion knmited waveeY Stearn Navi8a¢ion Co Ltd Wellington Trusi West London Zone West Somerset Railway Assaciation (WSRAI Westminster Foodbank Wheelyboat Trust Whidow Hall Farni TrusE Umked 2.000 10.oc 12,420 2.500 10.0 20,000 50.000 23.000 2.000 1.000 25.000 2500 25,0( 10.oc 9.oc 53.334 20.000 15.OTrJ 2.500 40.000 24,000 2500 24.000 2.500 s,000 20.000 15.000 20.QOO 2.500 15.¢XQ 10.00) 5.000 io.ooo 21790 2500 10.000 32.963 25,tx)o 10.000 10,650 50,000 10.( i 0,00) 10.GOQ 5.GOQ 20.OOQ 5.000 25.000 10.000 25.000 16.521 S,C#)O 15,000 Carried forward 3,253,535 2.814.564 20
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Ye•T ended 31 December 2020 Analysis of charitable expenditurn (contlnued) 2020 2019 Brouzht forbvard 3253.53S 2.814J64 Whitchurch Silk Mill Trust Whitechapel Centre Whi2z Klds Whg Cares? ScoiLind Wlltl Abouc Clifftsrd Wild Ilanet Trust Wycorne Yourh Action Yehudi Mthuhln School York Minster Fund Young Carers Development Trust Young Ealing Foun&tion Young Enterprise Scotland Young Glouce5ter5hire Youih A¢knture Trust 12.000 10,000 25.000 i o.Tr)o 25.000 10.000 5.(XlO 10.000 15.000 24.787 25.000 3.293.535 2.964J51 Donations and grants of le35 than £ 1,000 durinz the year Grant wfting for educational scholarthip stheme Total donations 2,750 923.193 824.315 4.117.850 3A90.294 )vemonce costs olloc¢*ed to choritatle Gctivitie Consultancy cost5 Audltors remuneration Bank ¢harz¢s Management fee5 Advtrrising 65,382 5.580 85.212 5.460 125 36.000 1.494 340th) 176 107.189 128291 4.225.039 4.018J85 In 2020 £3,361.748 (2019 _ 13.044.796) of ¢haritabl¢ expenditure related to the unrestricted fund and £863,291 12019- £973.7891 relad to the restr(¢td incorne fund.
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 21110 Flxed a55et Investments 2020 2019 Quoted invtstmerti Market v7lu¢ at Start of year Additions at cost Disposal proceeds Net reali5ed1105se5llzain5 on dispw Net unr¢alls¢d investrneTrt gain5 Market value at end of year 10.357.055 1,991.641 (3,102.771) 149.577) 314,414 10.277.972 6.402,823 (7,132,980) 33.681 776.459 9.510.762 IOJ57.Q55 The historical rost of investments at 31 December 2020 was £8.036.15212019- £9.097,895}. There were 7 investments in indiwdual entitses held at 31 December 2020 which were over 5% ol the portfolio by value (Including cash depostt(sll and are Eher¢fore considered by the Trustees to be material in the context of the investment portfolio. 968.621 Sara5in Global Higher Dividend ISteAing Hedgedl- I Inc- Market £1.494.582 {15.7%) 801,564 S¥asin Global Dividend I Inc- Market value £1.464.458 {15.4%1 929,984 Sara$ln Sterling Bond- I In¢- Market value £l.125.280111.8%) 982,134 Sara%in Fund for Chari¢ies- Thernatic UK Equity {G8PI- X Inc - Market value £1.071.509111.3%1 705,728 Sarasin Income and Reserves Fund Cl•s$ A 5TP- Mark¢c £829.231 {8.7%1 6,005 ICS-INS Sterl Llq-HeritsgÈ ACC IBlackrockl- STP- Market vlue £631.11016.6%1 3.S30 Inv¢s¢o Physiol Gold- Market value L473.559 {5.0%1 The net reali5ed gain5 on investment in both years related to the réstrleted exp¢ndablt endowment fund. The charity is partly reliant on investment in<ome in the form of intsrest and dividends received on investmtnTS held. Creditor5 2020 2019 Amounts falllng due wlthln one year DonarIongran[S payable Accruals Othtr crEditor5 542.000 5.580 461.027 T46.OQO 5,486 801.471 I,Crf)8.607 I J52.959 Amounts falllng due after one year Donationslzrants payablo 624.¢)00 481.(Xkl 1,631607 2.033.959 22
THE SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST ATEMENTS Year ended JI December 2020 Analy$15 of net ass¢ts b¢tween fundi Restrlcted Endowment Unrestrlcted Funds Funds Total Fund bInceS as at 31 December 2020 are represented br. Debtors Cash at bank and in hand Creditors 3,715 472.356 11.627,0871 2.500 6.215 893,836 1.366.192 15.5201 11.632,6071 890/16 1260.2C(I) lTrvestments 9,510.762 9,510.762 .359,746 890.616 9.250.562 Reconciliation of net mov•m•nt in funds to net cash Ilow from operatbng actlvltles 2020 Total 2019 Totsl Net movement in funds Deduct income from investments Gain$ on inv¢$DrÈnrs Increase In creditor5 Decrease in debtors 444,713 1248.1311 {264.837) {401,3521 540 33.269 (234.354) (810.141) (72.062) 1.808 Net cash used in operating activities 1469.0671 (1.081.4801 Related party transartlon5 During the year fvhn SwirÈ & Sons Limited. a company in which the Trustrex have a particlpatinz interesl Pve donations writhout conditions of £4,189,12612019 - £3.0(,000} and paid expen$¢s on the charity'$ beh•W totalling £794,123 rI019 - Ll,187.6471. At the year end £461.027 12019 - 1801,4731 was owed to john Swire & Sons Limited. During the year the charity a0anCed a loan ol £IOO.00012019 - £nill to the john sre 1989 Charitable Trust, a trust in which B N Swire and J S Swire are Trustees. The loan was interest free and repayable on the demand. At the balance sheet date the arnount owed wa5 £nil. During the year. the Trustees received nu efflolumeTrts or reirnbursernent of expenses for their servKes QO19 . 23
THE SWIRE CHARITABLE TRUST NOT ES TO T HÉ F I NAN C IAL ST A T EM E NTS Year ended JI December 2020 Flnanclal ass•ts and Ilabllltles The foll¢)wing are financml liabilities that 9ualfy as basic financlal Insfruments and are tnitlalty recognised at transaction value and subsequendy measured at their amortised COSL Flnanclal Ilabllltles 2020 2019 Ac¢rua15 Other ereditors Donatknnslgrants payaW* 5.580 461.027 1,166,000 5,486 801.473 1.227,QOO 1.632,607 2.033.959 The follon¥ are financial assets thai qualify as basic financial instrument5 and are initially reco8Dised at their transaction rdlue and subsequendy measured a¢ cheir fair value as at the balaTr£e sheet date using the closing quoted market prlce.. Flnanclal assets Quoted investsnents 9.510.762 10.357.055 9.510,762 10.357.055 24