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2023-12-31-accounts

THE SWIRE CHARITABLE TRUST

REPORT AND ACCOUNTS

YEAR ENDED 31 DECEMBER 2023

Charity number: 270726

THE SWIRE CHARITABLE TRUST

I N D E X

Year ended 31 December 2023

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 2023

Established by deed 23 December 1975
Charity number 270726
Trustees B N Swire
J S Swire
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 2023

The Trustees present their report and financial statements of the charity for the year ended 31 December 2023. 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 lies with the Trustees. The induction process for new Trustees includes a meeting to discuss the charity’s history, governance, approach to grant making, and financial position, and the role and responsibilities of Trustees. New Trustees receive the latest Annual Report & Accounts, a recent set of meeting papers, the Trust’s Governance Pack, a copy of the Charity Commission guidance ‘The Essential Trustee’, and the Charity Governance Code.

The Trustees are directly responsible for the management of the charity. The Trustees agree the charity’s strategy, review and approve grants and donations, and oversee the charity’s governance, including the investment, reserves, and risk management policies. Governance arrangements are detailed in the Trust’s Governance Pack, which is formally reviewed at the Trust’s Annual General Meeting.

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

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 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 for specific projects or unrestricted funding towards core costs.

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 2023

Grant making programmes

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

In addition to these funding programmes, in 2023 the Trustees continued to make a small number of grants to charities within a dedicated Cost of Living Programme . This programme awarded grants to charities supporting those facing significant challenges as a result of the cost of living crisis.

The Trust’s small discretionary fund continued to provide grants to local charities and make 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 2023, the Trust made donations and grants totalling £5,958,442 (2022 - £4,778,121). There was a net decrease in funds for the year of £750,417 (2022 - £1,716,603).

Within the Trust’s focused funding programmes £1,903,336 was awarded in Opportunity grants, £811,660 was awarded in Heritage grants and £764,459 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 2023, the Trust approved the selection of 11 (2022 - 9) new scholars and granted 11 (2022 - 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.

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 2023

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.

Financial review

The investments held in the portfolio with Sarasin & Partners LLP have increased by 8.1% during the year (2022 – 26.1% decrease). Dividends of £246,157 were received in the year (2022 - £274,726).

During the year the Trust received donations of £5,000,000 (2022 - £4,000,000) all of which were attributable to the Unrestricted Fund. At the balance sheet date, the Unrestricted Fund stood at a surplus of £250,045 (2022 - £393,632).

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 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 as restricted funds to support future scholarships. At the balance sheet date the funds held in the Endowment reserve were £6,293,994 (2022 - £6,900,824).

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.

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 2023

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.

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.

S C SWIRE For the trustees

2024

6

THE SWIRE CHARITABLE TRUST

A U D I T O R ’ S R E P O R T

Year ended 31 December 2023

Opinion

We have audited the financial statements of The Swire Charitable Trust (the ‘charity’) for the year ended 31 December 2023, 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 2023

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 2023

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 noncompliance 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 2024

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 2023

Restricted
Expendable Restricted
Endowment
Income Unrestricted
Fund
Fund
Fund
Note
£
£
£
Income and endowments from:
Investments
2
-
265,499
17,162
Donations and legacies
-
-
5,000,000


Total income and endowments
-
265,499
5,017,162


Expenditure on:
Raising funds
-
27,254
-
Charitable activities
3
-
951,335
5,160,749


Total expenditure
-
978,589
5,160,749


Net (losses)/gains on investment assets 4
106,260
-
-


Net (expenditure)/income
106,260 (713,090)
(143,587)
Transfers between funds
(713,090) 713,090
-


Net movement in funds
(606,830)
-
(143,587)
Reconciliation of funds:
Fund balance brought forward
at 1 January 2023
6,900,824
-
393,632


Fund balance carried forward
at 31 December 2023
6,293,994
-
250,045		 2023
2022
Total
Total
£
£
282,661
297,740
5,000,000 4,000,000

5,282,661_4,297,740_

27,254
30,907
6,112,084_4,949,502_

6,139,338_4,980,409_

106,260_(1,033,934)

(750,417)(1,716,603)
-
-

(750,417)(1,716,603)
7,294,456_9,011,059

6,544,039_7,294,456_

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 2023

Note
2023
£
Fixed assets
Investments
4
7,571,860

Current assets
Debtors
5
13,385
Cash at bank and in hand
741,818

755,203
Liabilities
Creditors: amounts falling due within one year
6
(1,060,024)

Net current assets/(liabilities)
(304,821)
Creditors: amounts falling due after one year
6
(723,000)

Net assets
6,544,039
The funds of the charity:
Restricted expendable endowment funds
7
6,293,994
Unrestricted income fund
7
250,045

6,544,039		 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

2024 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 2023

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		 2023
Total
£
(316,088)

282,661
749,193
(1,207,890)

(176,036)
(492,124)
1,233,942
741,818		 2022
Total
£
(1,311,877)

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

1,735,261
423,384
810,558
1,233,942

12

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

THE SWIRE CHARITABLE TRUST

Year ended 31 December 2023

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

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

THE SWIRE CHARITABLE TRUST

Year ended 31 December 2023

(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
-
17,162
UK equities
246,157
-
Fixed interest
19,342
-


265,499
17,162

 Restricted
2023
Income Unrestricted
Total
Fund
Fund
£
£
£
17,162
-
1,813
246,157
274,726
-
19,342
21,201
-



282,661
295,927
1,813


 2022
Total
£
1,813
274,726
21,201
297,740

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 2023

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
Ace Africa UK
Action for Conservation
Afro Innovation Group
Age UK
Alzheimer's Research UK
Amgueddfa Cymru National Museum Wales
Avon Needs Trees
Back on Track Manchester
Barca-Leeds
Barts Heritage
Beating Time
Become
Belong
Belville Community Garden Trust
Bournemouth Food Bank
Bournemouth University Higher Education Corporation
Breaking Barriers
Bridge 2 (Liverpool)
Bright Green Nature
Bristol Hospitality Network
Bristol Refugee Rights
Britannia Sailing Trust
British Asian Trust
British Red Cross
Brunel Museum
Cambridge Science Centre
Capital Kids Cricket
CARAS (Community Action for Refugees and Asylum Seekers
Cardboard Citizens
Cardinal Hume Centre
Caring in Bristol
Caris Camden Families
Carlisle Youth Zone
Chance to Shine
Changing Tunes
Charnwood 20:20 (Twenty Twenty)
Chefs in Schools
Chichester Ship Canal Trust
Children 1st
Children Seen and Heard
Churches Conservation Trust
City & Guilds of London Art School

Carried forward		 2023
£
20,000
-
-
7,500
30,000
-
-
2,500
20,000
10,000
-
32,911
-
-
20,000
30,000
20,000
-
-
20,000
12,500
10,288
20,000
10,000
-
-
25,000
-
-
24,476
46,281
25,000
20,000
15,000
-
20,000
3,500
-
15,000
20,000
-
75,000
29,000
30,000
40,000

653,956		 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
-
24,950
-
-
25,000
17,500
40,000
20,000
-
-
-
-

533,390

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 2023

3.
Analysis of charitable expenditure (continued)
2023
£
Brought forward
653,956
City year UK
25,000
Clean Break Theatre Company
20,000
CleanUpUK
15,000
Clyne Heritage Society
10,000
Cockpit
20,000
College of Arms
10,500
Collegiate Church of St Mary
-
Community Heart Productions
4,000
Council for British Archaeology
10,000
Country Trust
10,000
Cumbria Wildlife Trust
100,000
Curwent Print Study Centre
25,000
Dementia UK
5,000
Derbyshire Wildlife Trust
-
Disaster Emergency Committee (DEC)
-
DIG in CIO
12,000
Doorstep Library Network
-
Doctors of the World UK
22,500
Douglas Bader Foundation
-
Dundee Museum of Transport
30,000
E:Merge
-
Ella's Home
30,000
Empire Fighting Changed
20,000
Endeavour Training Ltd
20,000
Fare Share
-
Farms for City Children
-
Field Studies Council
32,292
Fight4Change Foundation
20,000
Fincham Memorial Hall and Playing Fields
-
Folkstone Leas Lift Company CIO
20,000
Foodcycle
24,950
Freedom from Torture
-
Friends of Westonbrit Arbertum
30,000
Future Frontiers
25,000
Garden Classroom (TGC)
-
Gardening with Disabilities
5,000
Garden Museum
81,160
Gingerbread, The Charity for Single Parent Families
60,000
Give a Book
-
Giving World
-
Glencoe Folk Museum
20,000
Global Generation
-
Greater Manchester Youth Network
-
Groundswell Network Support UK
25,000
Groundwork UK
50,000
GROW
17,000

Carried forward
1,453,358		 2022
£
533,390
25,000
-
15,000
-
-
-
25,000
-
-
-
-
-
5,000
30,000
25,000
-
15,000
-
5,000
-
6,613
-
-
25,000
20,000
46,436
-
-
4,500
-
-
25,000
-
25,000
10,000
10,000
10,000
10,000
10,000
20,000
20,000
24,000
24,000
20,000
-

938,939

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 2023

3.
Analysis of charitable expenditure (continued)
2023
£
Brought forward
1,453,358
Growing Works
10,000
Gwent Wildlife Trust
-
Halow (Birmingham)
-
Hardman Trust
-
HELM Training
25,000
Helping Uganda Schools (HUGS)
2,500
Heritage Crafts Association
-
Heritage of London Trust
25,000
Hestia Housing and Support
-
Highlands & Islands Environment Foundation
20,000
Historic Buildings and Places (Ancient Monument Society)
10,000
Hope for Justice
10,000
Horatio's Garden
5,000
Horizons (Plymouth)
-
Hot Chocolate Trust
-
Household Division Fund Organ Replacement
-
Hull Children's University
12,000
Humans MCR
14,000
Intermission Youth
10,000
IntoUniversity
30,000
Irene Taylor Trust
-
Irise International
-
Island Trust
-
Jacari
10,000
Jamie's Farm
25,000
Jon Egging Trust
-
Just for Kids Law Limited
-
Just Rifles Charitable Trust
-
Justice and Care
20,000
Keep Wales Tidy
50,000
Key Changes: Positive Mental Health Through Music
-
KEY4LIFE
20,000
King Edward VI and the Reverand Joseph Prime Almshouse Charity
20,000
Kingsbridge Area Food Bank
-
Lake District Foundation
10,000
Leap Confronting Conflict
30,000
Learn English at Home
5,000
Leigh Film Society CIO
-
Leighton Library Trust
10,000
Level Trust
30,000
Liberty Choir UK
-
Life Cycle
15,000
Light Up Learning
10,000
Link to Change
20,000
Little Angel Theatre
20,000
London Wildlife Trust
23,479

Carried forward
1,945,337		 2022
£
938,939
10,000
55,102
24,950
20,000
-
5,000
30,000
25,000
25,000
30,000
-
-
5,000
10,000
30,317
2,500
12,000
24,500
-
40,000
15,000
15,000
20,000
10,000
25,000
21,000
20,000
2,500
30,000
-
24,880
20,000
-
20,000
-
-
5,000
10,000
10,000
-
10,000
-
-
-
-
-

1,536,688

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 2023

3.
Analysis of charitable expenditure (continued)
2023
£
Brought forward
1,945,337
London Youth Choirs
-
Loughborough Junction Action Group
24,000
Lullaby Trust
-
MAC-UK
-
Magic Breakfast
127,550
Margaret Carey Foundation
20,000
Merchant Navy Association
5,000
Michael Roberts Charitable Trust
15,000
Mentor Link
10,000
Middlewich Heritage Trust
-
Migrateful CIO
-
Mission to Seafarers
36,000
Museum of London Archaeology
-
Moor Trees
30,000
Mybnk
30,000
National Heritage Ironwork Group
3,000
National Youth Advocacy Service
-
Nepacs
31,711
NIACRO
20,000
No Limits (SOUTH)
-
North East Young Dads and Lads Project (NEYDL)
23,000
Nottingham and Nottinghamshire Refugee Forum
20,000
Oarsome Chance
25,000
Off the Streets
15,000
Ocean Generation
-
Old Kilpatrick Food Parcels
10,000
One Eight
14,000
One Parent Families Scotland
20,000
One Small Think
50,000
Open House Festival Ltd
-
Opportunity Sports Foundation
10,000
Orchard Project (CAUSE) LTD
-
Orpington Football Club
2,500
Pandora Project
-
Passion for Learning CIO
20,000
Plastic Free North Devon
-
Portsmouth Sail Training Trust
15,701
Positive Youth Foundation
15,000
Power2 Ltd
-
Prison Advice & Care Trust
20,000
Prison Radio Association (PRA)
35,000
Promiseworks
-
Pure Insight
30,000
Radnorshire Wildlife Trust
50,000
Ramsbury And Axford LCC
-
Re:Work Ltd
16,000

Carried forward
2,698,799		 2022
£
1,536,688
20,000
-
15,000
24,950
24,500
-
-
-
10,000
10,000
25,000
35,500
14,000
-
-
-
19,200
31,090
-
25,000
-
-
25,000
-
2,500
-
-
-
24,950
24,950
20,000
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
2,146,126

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 2023

3.
Analysis of charitable expenditure (continued)
2023
£
Brought forward
2,698,799
Reachout UK
25,000
Rebuild East Midlands
-
Refugee Action Kingston
24,000
Refugee Resource
10,000
Regenerate
15,000
REFA – The Forces Employment Charity
-
Riana Development Network (RDN)
-
Right To Succeed
-
Roundabout
20,000
Royal Air Force Museum
25,000
Royal Ballet School
-
Royal College of Music
-
Royal Marsden Cancer Charity
1,000
Royal Navy and Royal Marines Charity
5,000
Royal Society for Asian Affairs
-
Ruddi's Retreat
20,000
Safe and Sound Group
20,000
Safe Passage International
-
Save the Family
-
School-Home Support
-
Scottish Seabird Centre
30,000
Scottish Wildlife Trust
45,000
Seamab
75,000
Seaview Sailing Trust
10,000
Selsey Pavillion Trust
24,000
Severn Valley Railway Charitable Trust
-
Sifa Fireside
-
Single Homeless Project
50,000
Sir John Soane’s Musuem
-
Sirona Therapeutic Horsemanship
10,000
Slough Fort Preservation Trust
-
Small Woods Association
32,000
Soil Association
25,000
Soundmix
-
Somerset Wildlands
5,000
South Cumbria Rivers Trust
15,400
South Downs National Park Trust
40,000
Spark Inside
15,000
Spear Housing Association
-
Spill Festival
6,000
SSAFA
5,000
St Albans Symphony Orchestra
-
St Andrew's Youth Club
25,000
St Clare Hospice
-
St Colomb’s Hall Trust
22,000
St Giles Church, Tockenham
3,000

Carried forward
3,301,199		 2022
£
2,146,126
25,000
10,000
-
-
25,000
40,000
1,950
25,000
-
-
15,000
20,000
-
-
4,000
-
-
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
-
-

2,539,043

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 2023

3.
Analysis of charitable expenditure (continued)
2023
£
Brought forward
3,301,199
St Mungo’s
20,000
St Vincent’s Family Project
15,000
St Michael’s Hospice
7,500
Standout Programmes
20,000
Stanley Arts
20,000
Staying Put
-
Steamship Freshspring Trust-
-
Stella Maris
-
Step by Step Partnership Ltd
20,000
Step Together Volunteering
25,000
Stop the Traffik
50,638
Street League
30,000
Strength and Learning through Horses
15,000
Stroke Association
1,000
Suffolk Building Preservation Trust
10,000
Suffolk Wildlife Trust
-
Surfers Against Sewage
5,000
Survivors of Human Trafficking in Scotland
-
Tall Ships Youth Trust
20,000
Teach First
-
Teen Action
8,535
Thames Youth Projects Group
10,000
The Abbey Centre
-
The Amelia Scott Cultural Trust
-
The Avenues Youth Project
10,000
The Baca Charity
15,000
The Big House Theatre Company
10,000
The Boleh Trust
5,000
The British Diabetic Association
-
The Catherdal Archer Project
35,000
The Children’s Literacy Charity
15,000
The Cirdan Sail Trust
11,200
The Country Trust
-
The Dash Charity
-
The Eikon Charity
-
The Game and Wildlife Conservation Trust
-
The Garden Trust
10,000
The Georgian Group
10,000
The Hardman Trust
25,000
The Heritage Crafts Association
35,000
The Heritage Alliance
-
The Hertfordshire and Middlesex Wildlife Trust Limited
-
The Historic England Foundation
-
The Island Trust
15,000
The Larder West Lothian
-
The Learning Through Landscapes Trust
-
The Kent and East Sussex Railway Company
21,000

Carried forward
3,786,072		 2022
£
2,539,043
-
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
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
-

3,054,598

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 2023

3.
Analysis of charitable expenditure (continued)
2023
£
Brought forward
3,786,072
The Kings Foundation
30,000
The Literacy Pirates
25,000
The Muirhead Outreach Project Ltd
8,000
The Mustard Tree
40,000
The National Garden Scheme
-
The Passage
-
The Prince's Foundation
-
The Pump (East Birmingham) Ltd
50,000
The Reader
36,594
The Rivers Trust
100,000
The Seafarers' Charity
5,000
The Snowdrop Project
25,000
The Society for the Protection of Ancient Buildings
10,000
The Switchback Iniative
30,000
The Trussell Trust
120,000
The Tectona Trust
-
The Twentieth Century Society
10,000
The Upper Room (St Saviour’s)
10,000
The Victorian Society
10,000
The Village Hub Community
10,000
The Wildlife Trust of South and West Wales
20,000
The Wheelyboat Trust
-
Theatre Development Trust -Theatre Artists Fund
10,000
Theatres Trust
30,000
TheHorseCourse
10,000
Tommorow’s Women Wirral
22,340
Traffik Analysis Hub
15,000
Trailblazers Mentoring Ltd
10,000
Trussell Trust
25,000
Tullie Museum and Art Gallery Trust
50,000
Tullochan
22,498
Turtle Key Arts
-
Ufton Court Educational Trust
-
UK and Europe World Literacy Foundation -
15,000
UK Men’s Sheds Association
15,000
Unfold
-
Unicorn Preservation Society
10,000
Unseen UK
-
United Kingdom Sailing Academy
50,000
Venture Trust
-
Veterans Lifeline
-
Veterans Outdoors
15,000
Victoria and Albert Museum
-
Village of Forgiveness
-
Villiers Park Educational Trust
20,000
Vincent Wildlife Trust
-
Wear Rivers Trust
24,000

Carried forward
4,669,504		 2022
£
3,054,598
-
-
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
-
30,000
-
15,000
20,000
5,000
20,000
20,000
-

3,499,998

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 2023

3.
Analysis of charitable expenditure (continued)
Brought forward

Wellington Trust
Wentworth Woodhouse Preservation Trust
West Horsley Place Trust
West London Zone
West Country Rivers Trust
West Wales River Trust
Westminster Foodbank
Whirlow Hall Farm Trust Limited
Why Me? Transforming Lives through Restorative Justice
Wilton's Music Hall
Wilts and Berks Canal Trust
Wiltshire Archaeological and Natural History Society
WWF – UK
XPL (The Excel Project)
Yeovil Rivers Community Trust
York Minster Fund
Young Carers Devekopment Trust
Young Steps
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
Management fees
 2023
£
4,669,504

-
-
20,000
24,000
-
-
25,000
20,000
40,000
-
20,000
25,000
30,000
10,000
60,000
12,000
4,300
25,000
25,000


5,009,804

-
948,638

5,958,442

148,332
5,310
-
153,642
6,112,084
 2022
£
3,499,998
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

In 2023 £5,160,749 (2022 - £3,906,545) of charitable expenditure related to the unrestricted fund and £951,335 (2022 - £1,042,957) 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 2023

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 gains/(losses)
Market value at end of year		 2023
£
7,006,903
1,207,890
(749,193)

95,936
10,324



7,571,860		 2022
£
9,478,358
1,140,406
(2,577,927)
116,305
(1,150,239)
7,006,903

The net realised losses figure in the statement of financial activities includes a foreign exchange gain of £nil (2022 - £15,941).

The historical cost of investments at 31 December 2023 was £6,889,541 (2022 - £6,336,167).

There were 6 investments in individual entities held at 31 December 2023 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		 2023
£
13,385		 2022
£
120,824
6.
Creditors
Amounts falling due within one year
Donations/grants payable
Accruals
Other creditors
Amounts falling due after one year
Donations/grants payable		 2023
£
200,700
11,983
847,341

1,060,024
723,000

1,783,024		 2022
£
297,000
5,100
145,113

447,213
620,000

1,067,213

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 2023

7. Analysis of net assets between funds

Restricted
Endowment
Unrestricted
Funds
Funds
£
£
Fund balances as at 31 December 2023 are represented by:
Debtors
3,385
10,000
Cash at bank and in hand
345,727
396,091
Creditors due within 1 year
(903,978)
(156,046)
Creditors due in more than 1 year
(723,000)
-


Investments
7,571,860
-


6,293,994
250,045
 Total
£
13,385
741,818
(1,060,024)
(723,000)

7,571,860

6,544,039

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

Net movement in funds
Deduct income from investments
(Gains)/losses on investments
Increase/(decrease) in creditors
(Decrease)/increase in debtors
Net cash used in operating activities		 2023
Total
£
(750,417)
(282,661)
(106,260)
715,811
107,439

(316,088)		 2022
Total
£
(1,716,603)
(297,740)
1,033,934
(217,124)
(114,344)

(1,311,877)

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 £5,000,000 (2022 – £4,000,000) and paid expenses on the charity’s behalf totalling £948,639 (2022 - £986.945). At the year end £847,341 (2022 - £145,113) was owed to John Swire & Sons Limited.

During the year, the trust paid donations of £nil (2022 - £110,000) 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 £110,000 (2022 - £nil). At the balance sheet date, the amount due from John Swire 1989 Charitable Trust was £nil (2022 - £110,000).

During the year, the Trustees received no emoluments or reimbursement of expenses for their services (2022 - 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 2023

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		 2023
2022
£
£
11,983
5,100
847,341
145,113
923,700
917,000


1,783,024
1,067,213		 2022
£
5,100
145,113
917,000

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		 7,571,860

7,571,860
 7,006,903

7,006,903

25