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2022-12-31-accounts

THE SWIRE CHARITABLE TRUST

REPORT AND ACCOUNTS

YEAR ENDED 31 DECEMBER 2022

Charity number: 270726

THE SWIRE CHARITABLE TRUST

I N D E X

Year ended 31 December 2022

Page
General information 2
Report of the trustees 3
Auditor’s report 7
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13

1

THE SWIRE CHARITABLE TRUST

G E N E R A L I N F O R M A T I O N

Year ended 31 December 2022

Established by deed 23 December 1975
Charity number 270726
Trustees B N Swire
J S Swire
M B Swire
(retired 9 May 2022)
S C Swire
M V Allfrey
R Hogg
Power to appoint new Trustees was vested in the Settlors
during their lifetimes and thereafter in the Trustees,
provided that there are always at least five Trustees.
Settlors Sir John Swire CBE (deceased)
Sir Adrian Swire (deceased)
Trust fund £100, and further monies, securities, land chattels or other
investments donated upon and subject to the same trusts.
Objects Such charities or for such exclusively charitable purposes as
the trustees may determine.
Investment The Trustees have powers of investment as if absolutely
entitled to the Trust Fund beneficially, including a power to
invest surplus income.
Investment managers Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London
EC4M 8BU
Auditors Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
Solicitors Bircham Dyson Bell Lester Aldridge
One Bartholomew Close 120 Moorgate
London London
EC1A 7BL EC2M 6UR
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Address Swire House
59 Buckingham Gate
London
SW1E 6AJ

2

R E P O R T O F T H E T R U S T E E S

THE SWIRE CHARITABLE TRUST

Year ended 31 December 2022

The Trustees present their report and financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

This report should be read in conjunction with the information included in page 2.

Structure, governance and management

The Swire Charitable Trust is an unincorporated charity, constructed under a trust deed dated 23 December 1975 and is a registered charity, number 270726.

In accordance with the Trust deed, the minimum number of Trustees must be at least five. The power to appoint new Trustees is vested in the current Trustees.

Responsibility for the induction of all new Trustees, which involves awareness of the history and approach of the charity and an understanding of a Trustee’s duties, lies with the Trustees. New Trustees receive detailed information about the charity’s governance, grant making, and financial position, including copies of Charity Commission guidance for trustees, the Trust’s governing document, and the annual report and accounts.

The Trustees are directly responsible for the management of the Trust. The Trustees agree the Trust’s strategy, review and approve donations and grants, and oversee the charity’s governance, including the investment, reserves, and risk management policies, which are reviewed by the Trustees annually.

The Trust deed provides the Trustees with broad powers to create polices to support the management, governance, and administration of the Trust.

Grant making policy

The Trustees hold regular meetings to consider grants and donations.

Proposals for grants of £25,000 and over and for multi-year grants are considered at quarterly meetings by all Trustees. Grants of under £25,000 are considered at Committee meetings attended by a minimum of two Trustees. Committee meetings are held regularly, usually every four to six weeks, to ensure that grants are considered, awarded, and confirmed on an ongoing basis. There are no fixed deadlines for applications.

The Trust has an online application process. All organisations applying for funding are required to submit a request online outlining how funds would be used and what would be achieved. Due diligence is then undertaken and shortlisted organisations are contacted for further information, before proposals and recommendations are considered by the Trustees.

Applicants are advised that the total amount requested should represent no more than 10% of the charity’s reported income. Multi-year grants are usually only made to charities that have been supported previously.

The Trust aims to be responsive and flexible in its grant making and is open to applications for restricted funding or for support of core costs.

Grant making programmes

The charity currently provides grants to charities through the following programmes:

3

THE SWIRE CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )

Year ended 31 December 2022

In addition to these funding programmes, in 2022 the Trustees continued to make grants to charities within a dedicated Covid-19 Recovery Programme . This programme awarded grants of under £25,000 to charities providing a critical response to Covid-19 or facing funding challenges directly related to Covid-19.

The Trust’s small discretionary fund continued to provide grants to local charities and small donations to causes championed by the staff and other stakeholders of John Swire & Sons Ltd.

Scholarships programme

The Swire Scholarships Programme was established in the 1980s as the Swire Educational Trust, which was merged into The Swire Charitable Trust in 2015. The Trust administers a number of scholarships for graduate and postgraduate study at British and overseas universities for overseas students.

Scholarships are advertised on the websites of affiliated universities or colleges websites, and in national papers in Hong Kong, Japan, China, and other jurisdictions. Candidates apply directly to the affiliated universities and, if they meet the academic criteria, they are interviewed by a panel. The university decides whether to offer a candidate admission to their chosen course of study. The university may then refer a successful candidate to be considered for a scholarship from the Trust.

Objectives, activities and achievements for the public benefit

The Trust Deed contains broad charitable objects which allow the Trustees, in their discretion, to pay or apply the income and, if agreed, the capital of the Trust Fund to or for the benefit of any charitable bodies, trusts, associations, institutions or organisations in the United Kingdom and elsewhere.

In 2022, the Trust made donations and grants totalling £4,778,121 (2021 - £3,970,985). There was a net decrease in funds for the year of £1,716,603 (2021 - £239,503).

Within the Trust’s focused funding programmes £1.98m was awarded in Opportunity grants, £570,000 was awarded in Heritage grants and £566,000 was awarded in Environment grants. A list of charities that received grants during the year can be found on pages 15 – 22.

During the year to 31 December 2022, the Trust approved the selection of 9 (2021 - 11) new scholars and granted 11 (2021 - 11) annual scholarships and awards to existing scholars.

The Trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in the section 4 of the same Act.

Investment policy

The Trustees’ principal resources arise from donations to the trust. The Trustees have expended through donations and grants the income arising therefrom on an annual basis. The Trustees maintain a cash balance in order to provide a fund to meet grants and donations which they wish to make in excess of donations received in any particular year.

In this regard the Trustees have noted the statutory duty of care required by the Trustee Act 2000, in relation to their holding suitable investments and the need for diversification of investments so far as is appropriate to the circumstances of the trust.

There is no requirement to maintain a particular level of income reserves as endowment funds can be expended to meet expenditure as required.

The Trustees’ overall investment objective is to achieve a level of investment income growth which at least matches the rate of inflation, while protecting the value of the charity’s capital in real terms. This policy is implemented by independent fund managers.

4

THE SWIRE CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )

Year ended 31 December 2022

Financial review

The investments held in the portfolio with Sarasin & Partners LLP have decreased by 26.1% during the year (2021 – 0.3% decrease). Dividends of £274,726 were received in the year (2021 - £201,490).

During the year the Trust received donations of £4,000,000 (2021 - £3,000,000) all of which were attributable to the Unrestricted Fund. At the balance sheet date, the Unrestricted Fund stood at a surplus of £393,632 (2021 - £298,364).

Reserves policy

The Swire Charitable Trust was created in December 1975 and provides the Trustees with wide powers of discretion to distribute the donations and other income of the Trust fund for charitable purposes as the Trustees determine. It has been the Settlors’ and Trustees’ intention 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 accumulation period of the unrestricted fund ended 22 December 1996. The accumulation period of the restricted fund ended 12 September 2010.

It is the Trustees’ policy not to retain reserves within the unrestricted fund as overheads are low and the grants that are made vary according to the income generated. As such no reserves are required to ensure the Trust’s continued operations.

Endowment reserves are held within the restricted fund to support future scholarships. At the balance sheet date

the funds held in the Endowment reserve were £6,900,824 (2021 - £8,712,695).

Key management personnel remuneration

The Trustees consider the Board of Trustees as comprising the key management personnel in charge of directing and controlling the charity. All Trustees give their time freely and no Trustee remuneration or expense reimbursements were paid in the year. The day-to-day operation and administration of the Trust is delivered by John Swire & Sons Ltd.

Risk management

The trustees are satisfied that appropriate policies, protection, systems, and checks remain in place to mitigate exposure to major risks. Operational risks and policies are reviewed on a regular basis and are also formally considered by the Trustees.

The principal risks faced by the charity lie in the performance of investments and operational risks relating to grant making that might arise from systems failure and/or fraudulent applications. There is also a reputational risk for the charity through its relationship with John Swire & Sons Ltd.

Investments: The variability of investment returns is the charity’s major financial risk. It mitigates this risk by retaining expert investment advisors and having a diversified investment portfolio.

Operations: The risk of ineffective grant making through systems failure and/or fraudulent applications is mitigated by carrying out research and due diligence on potential grant holders by a skilled grants management team. All applications are received, processed, and managed online to minimise the risk of administrative errors. Bank details are verified in advance of all payments, including multi-year grants. Banking protocols are also in place, including multiple layers of authorisation for all payments.

Reputation: Direct involvement of members of the Trustee Board in the activities of John Swire & Sons Ltd also enables them to be fully appraised of events that might give rise to reputational risks.

Plans for future periods

The Trustees are committed to responding to the needs of the charity sector, both through the Trust’s established thematic programmes and by making additional funding available to address exceptional needs.

5

THE SWIRE CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )

Year ended 31 December 2022

Trustees’ responsibilities 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 each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The Trustees 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure to our auditors

Insofar as the Trustees are aware at the time of approving our Trustees’ annual report:

S C SWIRE For the trustees 24 October 2023

6

THE SWIRE CHARITABLE TRUST

A U D I T O R ’ S R E P O R T

Year ended 31 December 2022

Opinion

We have audited the financial statements of The Swire Charitable Trust (the ‘charity’) for the year ended 31 December 2022, 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).

This report is made solely to the charity’s Trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International 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 the financial statements section of our report. We are independent of the charity in accordance with the ethical 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

7

THE SWIRE CHARITABLE TRUST

A U D I T O R ’ S R E P O R T

Year ended 31 December 2022

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities 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 objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’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 with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

8

THE SWIRE CHARITABLE TRUST

A U D I T O R ’ S R E P O R T

Year ended 31 December 2022

We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity 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 a 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 collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act 2011.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of third parties.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS 24 October 2023

Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

9

THE SWIRE CHARITABLE TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 December 2022

Restricted
Expendable
Endowment
Fund
Note
£
Income and endowments from:
Investments
2
-
Donations and legacies
-

Total income and endowments
-

Expenditure on:
Raising funds
-
Charitable activities
3
-

Total expenditure
-

Net (losses)/gains on investment assets
4
(1,033,934)

Net (expenditure)/income
(1,033,934)
Transfers between funds
(777,937)

Net movement in funds
(1,811,871)

Reconciliation of funds:
Fund balance brought forward
at 1 January 2022
8,712,695

Fund balance carried forward
at 31 December 2022
6,900,824
 Restricted
Income Unrestricted
Fund
Fund
£
£
295,927
1,813
-
4,000,000


295,927
4,001,813


30,907
-
1,042,957
3,906,545


1,073,864
3,906,545


-
-


(777,937)
95,268
777,937
-


-
95,268
-
298,364


-
393,632		 2022
Total
£
297,740
4,000,000

4,297,740

30,907
4,949,502

4,980,409

(1,033,934)

(1,716,603)
-

(1,716,603)
9,011,059

7,294,456		 2021
Total
£
233,974
3,000,000

3,233,974

17,279
4,101,556

4,118,835

645,358

(239,503)
-

(239,503)
9,250,562

9,011,059

All amounts are in respect of continuing activities.

10

THE SWIRE CHARITABLE TRUST

B A L A N C E S H E E T

At 31 December 2022

Note
Fixed assets
Investments
4
Current assets
Debtors
5
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one year
6
Net current assets/(liabilities)
Creditors: amounts falling due after one year
6
Net assets
The funds of the charity:
Restricted expendable endowment funds
7
Unrestricted income fund
7		 2022
£
7,006,903

120,824
1,233,942

1,354,766
(447,213)

907,553
(620,000)

7,294,456
6,900,824
393,632

7,294,456		 2021
£
9,478,358

6,480
810,558

817,038
(840,337)

(23,299)
(444,000)

9,011,059

8,712,695
298,364

9,011,059

24 October

The financial statements on pages 10 to 25 were approved by the board of trustees on 2023 and were signed on its behalf by:

S C SWIRE Trustee

11

THE SWIRE CHARITABLE TRUST

S T A T E M E N T O F C A S H F L O W S

Year ended 31 December 2022

Note
Net cash used in operating activities
8
Cash flows from investing activities:
Dividends and interest
Proceeds from sale of investments
Purchase of investments

Net cash provided by investing activities

Change in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2022
Total
£
(1,311,877)

297,740
2,577,927
(1,140,406)

1,735,261
423,384
810,558

1,233,942
 2021
Total
£
(1,467,370)

233,974
2,889,567
(2,211,805)

911,736
(555,634)
1,366,192
810,558

12

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

1. Accounting policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Charities Act 2011.

The financial statements are presented in pounds sterling which is the functional currency of the Trust and rounded to the nearest £.

The Trust constitutes a public benefit entity as 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 significant areas of judgement and key assumptions that affect items in the accounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the risk management section of the trustees’ annual report for more information).

(b) Funds structure

The charity has an endowment fund created by a gift. The income of this fund is unrestricted. The terms of the endowment allow the capital of the fund to be spent if the Trustees so determine.

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.

The assets of the restricted fund were transferred to Swire Charitable Trust on 31 December 2015 from the Swire Educational Trust. These assets continue to be used to further the purposes of the Swire Educational Trust, which has now been wound up. The objects of the fund are to promote and advance education by all such means as may be appropriate to charitable purposes and furthering the education of persons attending educational establishments in the UK or overseas.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and amount of income receivable can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and the notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. This is accrued once the recipient has been notified of the grant award.

(e) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

13

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

(f) Costs of raising funds

The costs of generating funds consist of investment management fees and are attributable to the restricted fund in both years.

(g) Support and governance costs

The charity does not incur support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs relate to charitable activities.

(h) Investment gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

(i) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within particular sectors or sub sectors.

(j) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably results in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

2.
Investment income
Restricted
Income Unrestricted
Fund
Fund
£
£
UK bank interest
-
1,813
UK equities
274,726
-
Fixed interest
21,201
-


295,927
1,813

 Restricted
2022
Income Unrestricted
Total
Fund
Fund
£
£
£
1,813
-
70
274,726
201,490
-
21,201
32,414
-



297,740
233,904
70


 2021
Total
£
70
201,490
32,414
233,974

14

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3. Analysis of charitable expenditure

The charity did not undertake any activity directly but met its charitable purposes by making donations and grants.

ABandofBrothers
Abbey People CIO
Aberdeen Cyrenians
Able Child Africa
Above Adventure
Action for Conservation
Afghanistan and Central Asian Association
Afro Innovation Group
Age UK
Air League Trust
Aldridge Foundation
Alzheimer's Research UK
Amber Foundation
Armonico Consort
Art History Link-Up
Ashden
Autistica
Back on Track Manchester
Barts Charity
Barts Heritage
Bath Industrial Heritage Trust
Beating Time
Become
Bees and Refugees
Belong
Berks, Bucks and Oxon Wildlife Trust (BBOWT)
Big Issue
Blood Cancer UK (Bloodwise)
Bolton Lads & Girls Clubs
Bournemouth Food Bank
Bournemouth University Higher Education Corporation
Brake
Breaking Barriers
Bristol Aero Collection Trust
Britannia Sailing Trust
British Asian Trust
British Red Cross
Brunel Museum
Calvert Trust Exmoor
Cambridge Science Centre
Cardboard Citizens
Cardiac Risk in The Young
Cardinal Hume Centre
Care for Veterans
Carefree
Carried forward		 2022
£
20,000
20,000
24,950
-
-
30,000
-
19,740
10,000
-
-
-
-
-
-
-
-
15,000
-
40,000
-
20,000
25,000
-
24,500
-
-
-
-
20,000
10,000
-
20,000
-
12,000
24,530
25,000
15,000
-
10,220
-
-
20,000
-
-

405,940		 2021
£
20,000
-
-
10,000
30,000
-
10,000
-
-
15,000
10,000
1,500
15,000
30,000
5,000
30,000
5,000
-
10,000
-
10,000
20,000
25,000
2,500
24,000
50,000
25,000
5,000
10,000
-
-
12,500
20,000
20,000
-
-
55,000
-
30,000
-
15,000
1,500
-
10,000
25,000

552,000

15

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
Caris Camden Families
Caritas Anchor House
Cathedral Music Trust
Chailey Heritage Foundation
Chance to Shine
Changing Tunes
Charnwood 20:20 (Twenty Twenty)
CHASE Africa
Chefs in Schools
Chichester Ship Canal Trust
Child Autism UK
Childnet International
Children's Literacy Charity
Chinese Centre for Contemporary Art
City Hearts
City year UK
Clean Rivers Trust
CleanUpUK
Cleveland Pool Trusts
Collegiate Church of St Mary
Combat Stress
Corn Exchange
Coventry Refugee and Migrant Centre
Cruse Bereavement Care
Cystic Fibrosis Care
Debate Mate Schools Limited
DEC Indian Coronavirus Appeal
Dementia UK
Derbyshire Wildlife Trust
Disaster Emergency Committee (DEC)
Doorstep Library Network
Douglas Bader Foundation
E:Merge
East London Shakespeare Festival
Ella's Home
Endeavour Training Ltd
EP Youth LTD
Falkland Hall Charity
Fare Share
Farms for City Children
Felix Project
Fields in Trust
Fife Employment Access Trust
Fincham Memorial Hall and Playing Fields
Foodcycle
Foundation of The College of St George
Foxcote Manor Society
Carried forward		 2022
2021
£
£
405,940
552,000
24,950
-
-
7,500
-
2,500
-
5,000
-
2,500
25,000
-
17,500
15,000
-
2,500
40,000
-
20,000
20,000
-
5,285
-
25,000
-
15,000
-
5,000
-
30,000
25,000
25,000
-
20,000
15,000
15,000
-
5,000
25,000
-
-
40,000
-
1,000
-
20,000
-
25,000
-
15,000
-
33,500
-
25,000
5,000
5,000
30,000
-
25,000
-
15,000
-
5,000
-
6,613
15,277
-
2,500
-
23,871
25,000
15,000
-
10,000
-
10,000
20,000
20,000
46,436
-
-
5,000
-
25,000
-
25,000
4,500
-
-
20,000
-
30,000
-
3,500


780,939
1,121,933

16

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
Freedom from Torture
Front Lounge
Future Frontiers
Garden Classroom (TGC)
Give a Book
Giving World
Global Generation
Good Morning Service (The)
Goodwill Centre Sihanoukville
Greater Manchester Youth Network
Greenhook Fishing
Groundswell Network Support UK
GROW
Growing Works
Gwent Wildlife Trust
Halo Trust
Halow (Birmingham)
Hand of Solace
Hands of Hope
Hands Up Foundation
Hardman Trust
Hearing Dogs for Deaf People
Helm Training
Helping Uganda Schools (HUGS)
Heritage Crafts Association
Heritage of London Trust
Hestia Housing and Support
Highground Projects Limited
Highlands & Islands Environment Foundation
Holy Trinity Foodbank Stroud Green
Hope for Tomorrow
Horatio's Garden
Horizons (Plymouth)
Horseback UK
Horseworld Trust
Hot Chocolate Trust
Household Division Fund Organ Replacement
Hull Children's University
Humans MCR
Infobuzz
Innovations for Learning UK
Institute of Cancer Vaccines & Immunotherapy (ICVI)
IntoUniversity
Irene Taylor Trust
Irise International
Island Trust
Jacari
Carried forward		 2022
£
780,939
25,000
-
25,000
10,000
10,000
20,000
24,000
-
-
24,000
-
20,000
-
10,000
55,102
-
24,950
-
-
-
20,000
-
-
5,000
30,000
25,000
15,000
-
30,000
-
-
5,000
10,000
-
-
30,317
2,500
12,000
24,500
-
-
-
40,000
15,000
15,000
20,000
10,000

1,338,308		 2021
£
1,121,933
-
15,000
25,000
10,000
-
-
-
2,500
2,500
-
5,000
-
14,000
10,000
-
10,000
-
4,750
10,000
2,500
-
10,000
20,000
15,000
30,000
25,000
21,157
25,000
7,500
2,500
15,000
5,000
-
24,000
26,458
-
10,000
10,000
20,000
15,000
15,000
25,000
20,000
-
-
-
-

1,574,798

17

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
Jamie's Farm
Jon Egging Trust
Just for Kids Law Limited
Just Rifles Charitable Trust
Justice and Care
Kenya Keys
Key Changes: Positive Mental Health Through Music
KEY4LIFE
Keyfund Federation Ltd
Kilmartin Museum
King Edward VII's Hospital
Kingsbridge Area Food Bank
Launch It
Leadership Through Sport & Business (LTSB)
Learn English at Home
Leigh Film Society CIO
Leighton Library Trust
Leprosy Mission England and Wales
Level Trust
Liberty Choir UK
Link to Change
Literacy Pirates
Little Ouse Headwaters Project
Living Paintings
London Scottish Regimental Trust
London Youth Choirs
Lord Kitchener Holiday Centre
Lowry Centre Trust
Lullaby Trust
Macmillan Cancer Support
MAC-UK
Magdalen College Development Trust
Magic Breakfast
Marine Society & Sea Cadets
Medical Detection Dogs
Mentor Link
Middlewich Heritage Trust
Migrateful CIO
Mills Archive Trust
Mind in Mid Herts
Mission Aviation Fellowship UK (MAF-UK)
Mission to Seafarers
Moghissi Laser Trust
Monte San Martino Trust
Museum of London Archaeology
Mustard Tree
Mybigcareer
Carried forward		 2022
£
1,338,308
25,000
21,000
20,000
2,500
30,000
-
24,880
20,000
-
-
-
20,000
-
-
5,000
10,000
10,000
-
-
10,000
-
-
10,000
-
-
20,000
-
-
15,000
-
24,950
-
24,500
-
-
10,000
10,000
25,000
-
-
-
35,500
-
-
14,000
-
-

1,725,638		 2021
£
1,574,798
25,000
21,000
-
-
-
7,500
-
20,000
22,601
5,000
25,000
-
10,000
15,000
6,638
-
-
2,500
19,772
-
15,000
25,000
-
5,000
13,500
-
10,000
15,000
5,000
1,000
-
5,000
-
15,000
2,500
15,000
-
7,500
23,289
2,090
6,412
25,000
5,000
20,000
-
15,000
12,500

1_,998,600_

18

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
Mybnk
National Youth Advocacy Service
Nautical Institute
Nepacs
No Limits (SOUTH)
Oarsome Chance
Ocean Generation
Old Kilpatrick Food Parcels
Open House Festival Ltd
Orchard Project (CAUSE) LTD
Orchestra of the Swan
Ormiston Trust
Our Time
Pancreatic Cancer UK
Pandora Project
Parkinson's UK
Petty Pool Trust
Planters' Benevolent Fund of Ceylon
Plastic Free North Devon
Portsmouth Sail Training Trust
Positive Youth Foundation
Power2 Ltd
Prevent 2 Protect
Prison Advice & Care Trust
Prison Radio Association (PRA)
Promiseworks
Prostate Cancer UK
Pure Insight
Queen Elizabeth Scholarship Trust
Radnorshire Wildlife Trust
Ramsbury And Axford LCC
Re:Work Ltd
Reachout UK
Read Easy UK
Rebuild East Midlands
Refugee Action Kingston
Regain - The Trust for Sports Tetraplegics
Regenerate
REFA – The Forces Employment Charity
Riana Development Network (RDN)
Right To Succeed
Royal Air Force Museum
Royal Ballet School
Royal British Legion Industries
Royal College of Music
Royal Hospital for Neuro-Disabilities
Royal Society for Asian Affairs
Carried forward		 2022
£
1,725,638
-
19,200
-
31,090
25,000
25,000
2,500
-
24,950
20,000
-
-
-
-
24,950
-
-
-
9,200
14,648
20,000
24,950
-
20,000
35,000
20,000
-
30,000
-
50,000
10,000
14,000
25,000
-
10,000
-
-
25,000
40,000
1,950
25,000
-
15,000
-
20,000
-
4,000

2,312,076		 2021
£
1_,998,600_
24,000
10,000
2,500
30,480
25,000
25,000
5,000
4,000
-
20,000
3,223
20,000
17,160
10,000
-
2,000
5,000
2,000
-
-
-
-
5,000
35,000
-
-
5,000
-
15,000
-
10,000
12,000
-
10,000
-
24,000
10,000
-
-
-
25,000
10,000
15,000
40,756
-
5,000
-

2,425,719

19

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
Ruddi's Retreat
RWA
Safe Passage International
Saint Francis Hospice
Save the Family
Saving The Elephants
School-Home Support
Severn Valley Railway Charitable Trust
Sifa Fireside
Single Homeless Project
Sir John Soane’s Musuem
Sirona Therapeutic Horsemanship
Slough Fort Preservation Trust
Social Care Institute for Excellence
Soil Association
Soundmix
South Downs National Park Trust
Spear Housing Association
Species Recovery Trust
Spitalfields Crypt Trust
Spotlight UK
SSAFA
St Albans Symphony Orchestra
St Andrew's Youth Club
St Clare Hospice
St Mary Le Bow Young Homeless Charity
St Sampson's Church
St Vincent’s Family Project
Standout Programmes
Staying Put
Steamship Freshspring Trust
Stella Maris
Step by Step Partnership Ltd
Step Together Volunteering
Stop the Traffik
Straight Talking Peer Education
Stroke Association
Style for Soldiers
Suffolk Wildlife Trust
Support Through Court
Surfers Against Sewage
Survivors of Human Trafficking in Scotland
Suzy Lamplugh Trust
Teach First
Tees Valley Women's Centre Ltd
Thai Buddharam Temple and Cultural Centre
Thame Youth Projects Group
Carried forward		 2022
£
2,312,076
-
-
20,000
-
33,467
-
20,000
20,000
25,000
-
20,000
10,000
2,000
-
25,000
3,500
-
20,000
-
-
-
-
3,000
20,000
5,000
-
-
20,000
20,000
24,950
12,000
8,000
20,000
25,000
48,117
-
-
-
50,000
-
5,000
20,000
-
25,000
-
-
2,500

2,819,610		 2021
£
2,425,719
19,572
20,000
15,000
10,000
-
2,500
20,000
-
25,000
17,130
-
10,000
-
15,000
25,000
-
24,000
-
5,350
20,000
19,240
5,000
-
15,000
-
2,500
7,500
-
25,000
-
-
-
-
25,000
46,003
15,000
10,000
2,500
-
35,000
-
-
5,000
25,000
20,000
10,000
-

2,922,014

20

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
The Abbey Centre
The Amelia Scott Cultural Trust
The Baca Charity
The British Diabetic Association
The Bryntail Cottage Charity
The Country Trust
The Dash Charity
The Eikon Charity
The Forward Trust
The Game and Wildlife Conservation Trust
The Green Team
The Haven Wolverhampton
The Heritage Alliance
The Hertfordshire and Middlesex Wildlife Trust Limited
The Historic England Foundation
The Lantern Trust
The Larder West Lothian
The Learning Through Landscapes Trust
The Louise Project
The Muirhead Outreach Project Ltd
The National Garden Scheme
The Passage
The Prince's Foundation
The Pump (East Birmingham) Ltd
The Scottish Flag Trust
The Seafarers' Charity
The Snowdrop Project
The Springhead Trust Ltd
The Talent Foundry
The Tectona Trust
The Upper Room (St Saviour’s)
The Village
The Whale Company
The Wheelyboat Trust
Theatre Development Trust -Theatre Artists Fund
Theatres Trust
TheHorseCourse
Traffik Analysis Hub
Trailblazers Mentoring Ltd
Transitions UK
Trelya
Trussell Trust
Turtle Key Arts
Ufton Court Educational Trust
Unfold
Unicorn Preservation Society
Unseen UK
Carried forward		 2022
£
2,819,610
10,000
30,000
15,000
2,500
-
10,000
18,000
24,950
-
10,000
-
-
15,000
36,446
25,000
-
24,950
13,142
-
8,000
20,000
24,950
24,950
30,000
-
-
25,000
-
-
30,000
10,000
-
-
25,000
-
40,000
10,000
20,000
20,000
-
-
-
5,000
5,000
7,500
10,000
25,000

3,389,998		 2021
£
2,922,014
-
-
15,000
-
20,000
-
-
-
5,000
-
15,000
10,000
-
-
-
3,000
-
-
10,000
10,000
-
5,000
25,000
-
15,000
5,000
25,000
23,950
30,000
-
-
5,000
5,000
5,000
20,000
25,000
-
-
20,000
15,000
20,000
25,000
-
5,000
-
10,000
25,000

3,318,964

21

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

3.
Analysis of charitable expenditure (continued)
Brought forward
Upreach Charitable Company
Venture Trust
Veterans Lifeline
Veterans Outdoors
Victoria and Albert Museum
Village of Forgiveness
Villiers Park Educational Trust
Vincent Wildlife Trust
War Memorials Trust
Wellington Trust
Wentworth Woodhouse Preservation Trust
West Horsley Place Trust
West London Zone
West Wales River Trust
Westminster Foodbank
Whirlow Hall Farm Trust Limited
Wild Ground
Wilton's Music Hall
Wilts and Berks Canal Trust
World Literacy Foundation
WWF – UK
Wycombe Youth Action
XPL (The Excel Project)
Yeovil Rivers Community Trust
Young Roots
Youth Adventure Trust
Donations and grants of less than £1,000 during the year
Grant gifting for educational scholarship scheme
Total donations
Governance costs allocated to charitable activities:
Consultancy costs
Auditor’s remuneration
Bank charges
Management fees
Expenses		 2022
£
3,389,998
-
30,000
-
15,000
20,000
5,000
20,000
20,000
-
5,000
38,766
10,000
20,000
24,000
7,500
25,000
-
22,200
25,000
-
25,000
-
30,000
-
20,000
20,000


3,772,464
1,250
1,004,407
4,778,121
130,281
5,100
-
36,000
-

171,381

4,949,502
 2021
£
3,318,964
23,000
-
10,000
-
-
-
20,000
-
10,000
5,000
-
-
20,000
-
-
-
24,373
20,000
-
15,000
25,000
5,000
-
5,000
-
-

3,501,337
-
469,648

3,970,985
88,227
5,880
54
36,000
410

130,571

4,101,556

In 2022 £3,906,545 (2021 - £3,592,522) of charitable expenditure related to the unrestricted fund and £1,042,957 (2021 - £509,034) related to the restricted income fund.

22

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

4.
Fixed asset investments
Quoted investments
Market value at start of year
Additions at cost
Disposal proceeds
Net realised gains on disposal
Net unrealised investment (losses)/gains
Market value at end of year		 2022
£
9,478,358
1,140,406
(2,577,927)
116,305
(1,150,239)

7,006,903
 2021
£
9,510,762
2,211,805
(2,889,567)
174,532
470,826
9,478,358

The net realised losses figure in the statement of financial activities includes a foreign exchange gain of £15,941 (2021 - £nil).

The historical cost of investments at 31 December 2022 was £6,336,167 (2021 - £7,514,767).

There were 4 investments in individual entities held at 31 December 2022 which were over 5% of the portfolio by value (including cash deposits) and are therefore considered by the Trustees to be material in the context of the investment portfolio.

The net realised gains on investments this year and in the prior year related to the restricted expendable endowment fund.

5.
Debtors

Other debtors		 2022
£
120,824
 2021
£
6,480
6.
Creditors
Amounts falling due within one year
Donations/grants payable
Accruals
Other creditors
Amounts falling due after one year
Donations/grants payable		 2022
£
297,000
5,100
145,113

447,213
620,000

1,067,213
 2021
£
283,000
6,304
551,033
840,337
444,000
1,284,337

23

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

7. Analysis of net assets between funds

Restricted
Endowment
Unrestricted
Funds
Funds
£
£
Fund balances as at 31 December 2022 are represented by:
Debtors
10,824
110,000
Cash at bank and in hand
947,760
286,182
Creditors due within 1 year
(444,663)
(2,550)
Creditors due in more than 1 year
(620,000)
-


Investments
7,006,903
-


6,900,824
393,632
 Total
£
120,824
1,233,942
(447,213)
(620,000)

7,006,903

7,294,456

8. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Deduct income from investments
Losses/(gains) on investments
Decrease in creditors
Increase in debtors
Net cash used in operating activities		 2022
Total
£
(1,716,603)
(297,740)
1,033,934
(217,124)
(114,344)

(1,311,877)		 2021
Total
£
(239,503)
(233,974)
(645,358)
(348,270)
(265)

(1,467,370)

9. Related party transactions

During the year John Swire & Sons Limited, a company in which some of the Trustees have a participating interest, gave donations without conditions of £4,000,000 (2021 – £3,000,000) and paid expenses on the charity’s behalf totalling £986,945 (2021 - £676,965). At the year end £145,113 (2021 - £551,033) was owed to John Swire & Sons Limited.

During the year, the trust paid donations of £110,000 (2021 - £nil) on behalf of John Swire 1989 Charitable Trust, a trust in which J S Swire and B N Swire are trustees, and was repaid funds to the value of £nil (2021 - £nil). At the balance sheet date, the amount due from John Swire 1989 Charitable Trust was £110,000 (2021 - £nil).

During the year, the Trustees received no emoluments or reimbursement of expenses for their services (2021 - none).

24

THE SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2022

10. Financial assets and liabilities

The following are financial liabilities that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their amortised cost.

Financial liabilities
Accruals
Other creditors
Donations/grants payable		 2022
£
5,100
145,113
917,000

1,067,213		 2021
£
6,304
551,033
727,000
1,284,337

The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price:

Financial assets
Quoted investments
 7,006,903

7,006,903
 9,478,358

9,478,358

25