**Swann-Morton Foundation** Annual Report and financial statements For the year ended 30 June 2025 **Charity No 271925** Swann-Morton Foundation Annual Report and financial statements for the year ended 30 June 2025 ## Trustees and advisers |Charity registration number:|271925| |---|---| |Bankers:|Barclays Bank Plc| ||PO Box 1385| ||2 Arena Court| ||SHEFFIELD| ||S9 2WU| |Solicitors:|Wake Smith| ||No 1 Velocity| ||2 Tenter Street| ||SHEFFIELD| ||S1 4BY| |Trustees:|J I Gilmour| ||M I Hirst| ||G Rodgers| |Address:|Penn Works| ||Owlerton Green| ||SHEFFIELD| ||S6 2BJ| |Independent examiner:|Christopher Bagnall FCA| ||Grant Thornton UK LLP| ||Chartered Accountants| ||1 Holly Street| ||SHEFFIELD| ||S1 2GT| Swann-Morton Foundation Annual Report and financial statements for the year ended 30 June 2025 ## Index |Trustees||1|3| |---|---|---|---| |report|||4| |Statement of financial activities|||5| |Balance sheet|||6| |Notes to the financial statements|7||10| Swann-Morton Foundation 1 Annual Report and financial statements for the year ended 30 June 2025 The trustees present their report and the financial statements for the year ended 30 June 2025. ## Trustees of the company The trustees who held office during the year were as follows: J I Gilmour M J McGinley (resigned 1 June 2025) M I Hirst (appointed 8 July 2025) G Rodgers The trustees present their report along with the financial statements of the Charity for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity applicable law. ## Constitution and objects The Swann-Morton foundation is constituted under a trust deed dated 12 May 1976 and is a registered Charity No: 271925. The aims and objectives of the Charity are as follows: 1. The advancement of education by the promotion and encouragement of study and research in the fields of surgery and medicine and where appropriate the publication of the results of such research. 2. The advancement of education in such other ways as the trustees may think fit and in particular by making grants to any school, college, university or other educational institution for its educational purposes generally or for any particular educational purpose thereof and by making and awarding grants, scholarships, exhibitions and prizes for the encouragement of study and learning and the assistance of persons being educated or pursuing courses of study or learning at any such school college university or institution or elsewhere. 3. The relief of poverty and in particular the provision of financial and other help to any persons who are employees or former employees of W R Swann & Co Limited. 4. The relief of suffering and distress among those who are sick, infirm, injured or otherwise physically or mentally handicapped or disabled. The relief of poverty and in particular the provision of financial and other help to any persons who are employees or former employees of W R Swann & Co Limited. 5. The promotion of any other charitable trust or company for the relief of suffering or distress. These aims and objectives were met by the application of the unrestricted funds. The Charity carries out these objectives by making donations to local and national charities and giving study grants to local students. The trustees remain confident that the Charity demonstrates properly the public benefit expected by the Charity Commission through these aims and objectives. The Charity has referred to the guidance contained in the Charity guidance on public benefit when reviewing our aims and objectives and in planning our future activities. ## Appointment of Trustees, Induction and Training New trustees may be appointed by a resolution of the existing trustees. Newly elected trustees are given a brief on the organisation's structure and their responsibilities as trustees. Swann-Morton Foundation 2 Annual Report and financial statements for the year ended 30 June 2025 ## Related Parties The Charity jointly owns 50% of W.R. Swann & Co Limited along with W.R. Swann & Co Employees Benefit Scheme. The Charity's accountancy costs are borne by Swann-Morton Limited, a subsidiary of W.R. Swann & Co Limited. A gift aid donation is made by Swann-Morton Limited, on an annual basis. ## Risk Statement The trustees believe that due to the fact the Charity is funded by a gift aid donation from the W.R. Swann & Co Group, that the Charity isn't at significant risk. ## Organisation The trustees who have served during the year and since the year end are set out on page 1. Trustees are appointed by the board of trustees. ## Assessment of Achievements The primary performance indicators in pursuit of the Charity's objectives are the amount of donations made to Charities to give relief from poverty or suffering. The Charity has donated £98,941 (2024: £96,842) during the year. ## Grant/loan making policy The Charity invites applications for funding of projects from hospitals, charities and students. Applicants are invited to submit a summary of their proposals in a specific format. The applications are reviewed against specific criteria and research objectives which are set by the trustees. ## Financial review and investment policy The Charity did not engage in any fund raising activities during the year, its sole income being received in the form of dividend or gift aid as identified on the Statement of Financial Activities. The Charity has made a net surplus of £1,151 during the year, bringing the reserves to £106,308. ## Reserves policy It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which equates to approximately twelve months unrestricted expenditure. This provides sufficient funds to cover and respond to emergency applications for grants/loans, which arise from time to time. Unrestricted funds were maintained at this level throughout the year. ## Risk management The trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. ## Responsibilities Statement The trustees are responsible for preparing the Report of the trustees and the financial statements in accordance with applicable law and regulations. The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP (FRS 102); - make judgements and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. Swann-Morton Foundation 3 Annual Report and financial statements for the year ended 30 June 2025 The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the C 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. ## Going concern The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity has confirmed that it has adequate cash resources for at least 12 months following signing of these financial statements and for this reason they continue to adopt the going concern basis in preparing the financial statements. Approved by the Trustees on and signed on their behalf by: ## **M I Hirst** Trustee Docusign Envelope ID: 164245FE-BD7E-4FA9-AA62-229BD6E436E9 4 ## Independent examiner’s report to the trustees of Swann-Morton Foundation I report to the trustees on my examination of the accounts of Swann-Morton Foundation (the "Charity") for the year ended 30 June 2025. ## **Responsibilities and basis of report** As the Charity trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Charity’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect: - accounting records were not kept in respect of the Charity as required by section 130 of the Act; or - the accounts do not accord with these records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Our report is made solely to the Charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our 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 independent examiner'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 work or for the independent examiner’s report, or for the opinions we have formed. ## **Christopher Bagnall FCA** ICAEW Grant Thornton UK LLP Chartered Accountants Sheffield Date: 19/9/2025 Swann-Morton Foundation 5 Annual Report and financial statements for the year ended 30 June 2025 ## Statement of financial activities |**Note**
**Income**
Donations and legacies
3
Interest
Total income
**Expenditure**
Donations and administrative expenses
4
Total expenditure
Net movements in funds
**Reconciliation of funds**
Total Funds brought forward at 1 July 2024
Total funds carried forward at 30 June 2025|**Unrestricted**
**Funds**
**£**
100,000
430|**Total funds**
**2025**
**£**
**100,000**
**430**|Total funds
2024
£
85,140
395| |---|---|---|---| ||100,430|**100,430**|85,535| ||(99,279)|**(99,279)**|(97,335)| ||(99,279)
1,151
105,157|**(99,279)**
**1,151**
**105,157**|(97,335)
(11,800)
116,957| ||106,308|**106,308**|105,157| The accompanying accounting policies and notes form an integral part of these accounts. Swann-Morton Foundation 6 Annual Report and financial statements for the year ended 30 June 2025 ## Balance sheet |**Note**
**Fixed assets**
Investments
7
**Current assets**
Cash at bank and in hand
**Net assets**
8
**The funds of the Charity:**
**Unrestricted funds**
Unrestricted income funds
10
**Total Charity funds**|**2025**
**£**
**99,000**|2024
£
99,000| |---|---|---| ||**7,308**|6,157| ||**106,308**|105,157| ||**106,308**|105,157| ||**106,308**|105,157| The accounts were approved by the Board on and signed on its behalf by: **M I Hirst** Trustee Swann-Morton Foundation 7 Annual Report and financial statements for the year ended 30 June 2025 1 ## Notes to the financial statements ## Charity information Swann Morton Foundation is a Charity (Charity number 271925). The registered office is Penn Works, Owlerton Green, Sheffield, S6 2BJ. 2 Principal accounting policies ## **2.1 Basis of preparation** The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Swann Morton Foundation meets the definition of a Public Benefit Entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The principal accounting policies of the Charity have remained unchanged from the previous year and are set out below. The financial statements are presented in Sterling (£). ## **2.2 Going concern** The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity has confirmed that it has adequate cash resources for at least 12 months following signing of these financial statements and for this reason they continue to adopt the going concern basis in preparing the financial statements. ## **2.3 Fund accounting policy** Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity as disclosed in note 3. ## **2.4 Income and legacies** Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. ## **2.5 Expenditure** Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. ## **2.6 Investments** The investment in shares of W. R. Swann & Co Limited is held at cost because the trustees of Swann Morton Foundation do not believe a reliable measure of current fair value can be made. ## **2.7 Basis of consolidation** The investment in shares of W.R. Swann & Co Limited has not been consolidated, and is accounted for as a simple investment. Despite the 50% shareholding, the trustees do not exercise any significant influence over the operating and financial policy of the company, which is independently managed by a separate board of directors. There is no active involvement or influence in policy decisions of the company, which is run on a commercial basis. Swann-Morton Foundation 8 Annual Report and financial statements for the year ended 30 June 2025 3 ## Notes to the financial statements ## Income |Donations
Interest on cash deposits|**Unrestricted**
**Funds**
**£**
100,000
430|**Total Funds**
**2025**
**£**
**100,000**
**430**|Total Funds
2024
£
85,140
395| |---|---|---|---| ||100,430|**100,430**|85,535| ## 4 Total expenditure |**Direct costs**
Burton Street Foundation
CBA projects
Student Grants and Electives
St Luke
s Hospice
Family works at St Johns Ambulance
Other donations
Bank charges|**Donations**
**£**
6,000
6,000
3,500
6,262
19,000
6,800
5,000
46,379
-|**Total 2025**
**£**
**6,000**
**6,000**
**3,500**
**6,262**
**19,000**
**6,800**
**5,000**
**46,379**
**338**|Total 2024
£
5,650
6,000
3,500
6,692
21,000
6,000
5,000
43,000
493| |---|---|---|---| ||98,941|**99,279**|97,335| ## Employees The Trust had 3 trustees during the year (2024: 3). There were no employees. No trustees received any remuneration or expenses during the year. 5 6 Swann-Morton Foundation 9 Annual Report and financial statements for the year ended 30 June 2025 7 ## Notes to the financial statements Investments held as fixed assets **Unlisted investments £ Cost** As at 1 July 2024 and 30 June 2025 **99,000 Net book value** As at 30 June 2024 and as at 30 June 2025 **99,000** All investment assets were held in the UK. The Charity holds more than 20% of the share capital of the following company: ||**Country of**|**Principal activity**|||| |---|---|---|---|---|---| |**Associated holdings**|**incorporation**||**Class**|**%**|**Year end**| |W.R. Swann & Co Limited|United Kingdom|Holding company (the|Ordinary|50|30 September| |||principal activity of the|||2024| |||group is the manufacture|||| |||and sale of fine edge|||| |||blades)|||| |**Associated holdings**|||**Capital &**||**Profit for the**| ||||**reserves**||**period**| ||||**£**||**£**| |W.R. Swann & Co Limited|United Kingdom||42,872,480||1,986,852| Net assets by fund |Investments
Current assets
Net assets|Unrestricted
Funds
£
99,000
7,308|**Total Funds**
**2025**
**£**
**99,000**
**7,308**|Total Funds
2024
£
99,000
6,157| |---|---|---|---| ||106,308|**106,308**|105,157| 8 Swann-Morton Foundation 10 Annual Report and financial statements for the year ended 30 June 2025 9 ## Notes to the financial statements ## Related parties ## Controlling entity The Charity is controlled by the trustees. ## Related party transactions During the year Gift Aid donations of £100,000 (2024: £85,000) were received from Swann-Morton Limited, a wholly owned subsidiary of W.R. Swann & Co Limited. W.R. Swann & Co Limited is jointly owned by the W.R. Swann Employees Benefit Scheme and the Swann-Morton Foundation. In turn the W.R. Swann Employees Benefit Scheme is controlled by the W R Swann and D Thorp Settlement via W.R. Swann & Co Trustees Limited, which acts as the trustee. The directors of W.R. Swann & Co Trustees Limited, which is limited by guarantee, are R J Whiteley, J I Gilmour and C L Taylor. The Charity accounting costs are met by Swann-Morton Limited. Charity Commission. ## 10 Analysis of funds |Unrestricted general funds|At 1 July 2024
£
105,157|Income
£
100,430|Expenditure
**At 30 June**
**2025**
£
**£**
(99,279)
**106,308**| |---|---|---|---|