THE ADRIAN SWIRE CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 3 I DECEMBER 2020 Charlty number. 800493
THE ADAIAN SWIRE CHARITABLE TRUST l N D EX Year ended 31 December 2020 Gene information Report of the trustees Audittsrs. report Statement of financNI actyvitye5 Ban(e Sheet 10 Statement of Cash Flows Note5 to the financial staternent5 12
THE ADRIAN SWIRE CHARITABLE TRUST G E N E RAL I NFO RMA TI ON Year ended 31 December 2020 Establlshed by deed 28 Ortob¢r 1988 Charlty number 800493 Trustees The La¢ty Judlth Swore Mrs M V Alwrey MBSwre S C Swire R l Leonard l H Kidner Power to ¥polnt new rrustee$ was vested In the settlor durinz hi5 lrfetiffle and thereafter verted in Lady judith 5wre during her lrfetime. Settlor Slr Adrian Swlre Trust lund £100. further se¢dements. ¥cumulation of incorne. capi accretion or otherwise #nd all property representing the sam¢. Objects Such charitable tsbiects as the Settlor shall in writing direct or in default of direction as the Trustees sh311 from time to time drttmiin¢. Ac¢umulatlon DurinE the period 21 year5 from th¢ rjate of the trust dee4 the Trustees had power to ateumulate the whole or any part of the incgme of th¢ Trusr Fund. Power to retaln The Tru5ree5 have power to r¢taiTh anyjohn Stthre a Sons Lirnited Shares comprised in the Trust Fund. Investments Powers of investment a5 an absolute beneficHI owner. Investment mana8evs Sarasin & Partner5 LLP luxon House St Paul's Churchyard London ÉC4M 8BU Bankers Coutts & Co 440 Strand London C2R OQS Audltors Dixon Wilson Audit SeNces LLP 22 Chancery Lane London WC2A I LS Addrnss Swire House 59 Buckinzharn Gat¢ Londo SWIE6AI
THE ADRIAN SWIRE CHARITABLE TRUST REPORT OF T H E TRUSTE ES Y•ar •nd•d 31 D•c•mb•r 2020 The Trustees present their report and financial statements ol the charity for the year endèd 31 Dttemb¢r 2020. The financial statements have been prepared in accordance with the accountyng policies set out in nots l tsf the financial staternent5 aTrd with the AccountinK and Reporting by CharKie5.' StatEment of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and RepublK ol Ireland IFRS1021- Structure 8oYernance and management The Trust is an tsnlnctsrporaced chariw. construeted under a trust &ed dared 28 October 1988 and is a registered harity. number 800493. The power to appoint new Trustees is vested in the settlor during his liletyme ar¢d thereafter in Lady ludTth Swire during her lifetsme. Responsibility for the induction of any new Tru$tee. which involves iwaren¢5s of the history ar¥d approach ol the charity and an understanding ol a Trustee's dutie5. lies with the Truste¢5. A new Trustee would receive copie5 of the previou5 year'5 acEounc%. At the Trustees. meetin& the Trustees agret the strategy of the TrusL including consideration of donation makin& lttvesim¢nts, reserYe$ and risk manag¥neJt polieies. The day to day tthiinistration of the charity is carrRd out by ltrhn Swire & Son$ Llrned. Gr¢ maklng pollcy The Trustees meet to consider what grantsldonauon5 they will make and to rew¢w any fe¢dba¢k they have reCeed. Atthough the Trustees make Some grants with no forn1 appliGltioTrs. they nornially require oryanisations to submit 3 request explaining how the fund¥ could be used and what would be aehieved. Oblertlve$, artlvltle5 and athlevementg for the publlc benefft The objectNe of the Trust is to provide donations and grants for charitabl purpose5 in the United Kingdorn ind elsewhere. Durin8 the year. the Trust received the follow 8ift5.- Merlin Swire £773 12019 - £26.7431 In cash donatlon$ including Grft Aid repaymeTht& Durlng the year the Trusr has been able to conrlnue to make donatlons 2nd grants totalling £1,272.731 (2019 £1.646,C*)41. The Trustees intend to continue to PrOde support to their chosen charitable cause& The Trurtee5, having reDrd co the public bendt guidaA¢¢ publi$h¢d by rh¢ Chartty Commlsslon in accordance with 5ecuon 17 of the Charitie5 Act 2011. consider Ihai Ihe purpose and activities of the charity saosly the requlrements of the public benefit Set out in section 4 91 the xarne ACL Investment polity and ptrfornwice Under paragraph 5.2 of the trust instrumenL the Trustees have power to retain 5har¢s lft john Swir¢ & Son$ Limited, and are not under any duty to diver5rfy to the extent that the trust fund comprises tho$e shares. However. the Trustee5 have also noted the 5taLUWry duty of care required by the Trustee Act 2000. in relation to their holding suitable investment5 and the Treed for ver51CatIon of inyestrnents sts lar as is ¥propriate to the circumstances of the trust. The Tru$re¢s' ¢)verall invesrment objtrtive Ss io achieve a levd of Investment income growth whlch at least matches the rate of iDfiation, while protecting the v31ue of the charity's capital In real terms. The value of the ordinary and preference shares in john Swire & Son5 bmited fell by (10.301.149 during the year. This reflects the impact of the COVID-19 pandemic on the valuation ol the ctsmpanr. however th¢ trus¢¢es are 5au5fied that the company is in a robust Position and thi5 decrease in will reverse over ume.
THE ADRIAN SWIRE CHARITABLE TRUST R EPO R T O F THE T RUSTEES Year ended 31 December 2020 The listed investmert portfol performance. rnana8ed by the investment advisors. 9.7%12019- 19.6%138ainst their beThchlrk of 6.8 % {2019 - 18.S%1- The income from unlisted securitie5 decreased by 1.2% thrin8 the ye3r. 3 decrease of £1S.190. Where investrnents have bten ¢knat¢d to the charlty. the Trustees tlso consider whether a disposal of such investments Could discourage similar donadons In the futur. The charity does not opern an'ethical investment policl.. R¢ser¥e5 Poll¢y The Trust was created in 1988 i fund intended to provide a regular level of income which could be distributed for a wide Tr*3riety of charitable purposes. In addition, and thi5 15 evidenced by the exIsnce of the 21 year power of accumulation. it has been the Settlor's and the Trusree5' intenmon that the fund should be able to grow during the accumulation period with the help of ateumulat(tsn$ af Income. Once income is accumuLqted. it becornes an addition to the Try¥c's capital. The arcurnulation perd Ended on 27 October 2009. It is the Trustee5' policy not to retain re$erye5 as the charity's overheads are low and Iny deficit w the unre5tritted fund be removed by translers from the er%¢JowThent fund at the discretion pf the Trust¢¢s. Fln4nclal posltlon and statements The Tru5tee5 considered the financial position to be satlsfa£tory. There is sufficient cash and investment income ¢0 meet the cornrnitted d)naiions and ro continue to provide sUPPOrt to their chosen charitable causes. The financial ststements comply with the current statutory requiremeftts and wlth the requirements of the trust deed. Key management personnel remuneratk¥n The Trustees eonsider the board of trustees as eomprising the key management personnel of the charity in rharge ol directing afid controlling the Charity and operating the charirx on a day-to-day basis. All Trustee5 wve their rirne Iretly and no Trwstee remuneration or expense reimbursements were paid in the year. Rlsk management The major risks to whtch the Trust may be exposed. a5 identrfied by the Trustee5. have l)Een rviiewed to tonfirm that systems, where appropriate, exist to mitifdte those ri%ks. The principal risks faced by the ¢h#rlty Ile In the p¢rform•n¢e of the investments and risks from ineffective yant making. The variability ot inyestrnent returns is the charitls maior financial risk. The Trust'5 investrnents consist r8ety of hdding of shares ith a private company that were settled upon the Trustees with the power contained in the Deed to retsin and not to diversrfy those shares. The Trustse$ $eek to mitigate the risks through their board representation. as well as by th¢ r¢zular monitoring ol such in¥estments on receipt ol published financial information. The risk of ineffeciiye grant-making 1$ mitigated by carrying out research on charitable insousuon5 to e5tabli5h whether pocential donauons will be used elfediyely and in furtheranee of th ch¥ity's own objettives. Impact ofCOVID-19 The trustees have considered the impact of COVID-19 oft the objectives. activiie5 and financill position of the rrust and they have been satisfied th the operations in the year given the widespread disruption caused by the pandernic. The financ1 position remaiTr5 robust and the value tsf the Endowment Funds remain in excess of projerted donation5 for the next decade.
THE ADRIAN SWIRE CHARITABLE TRUST R EPOR T O F TH E TRUSTE ES Year ended 31 D¢c¢mb¢r 2020 Statement of Trustees. vesponslbllltles In relatlon to the fflnanclAI $tstsmeNts The Trustses are re5ponslble for preparing the Trustees. report and the finir¢cial statements In accordance wlth applicable law and United Kingdom Accounting Standard5. The law applicable to charlEies in England and Wale5 requires the Trustees to prepare financial statements lor each finaneial year which g¢ve i true fair view ol the state of affairs ol the charity and of the incoming resources and apPlicatn of resources of the charity lor that period. In prepartng these financial statements. the Trus[¢¢$ are required to.. selert suitable accouncing policies and then apply them tonslsten observe the rnethod5 and principles of the Charitie5 SORP., rnake judgernents and accounting e5timate5 that are reasonable and prudent,. state whether applicable accounting standards haye been lollowed. subiett to any departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inapproprkite to pruume that Ehe charity wlll tonunuÈ In business. The Trustee$ are re5pJnsi61e for keepirkg accounting rKords which disclose with reasonable accuray the financial posltion of the chariry and enablé them to ethsure that the financial statements comply th the Charitses Aci 2011. the Charity (Accounts and Reptsrtsl Regulation5 2008 and the provi510n5 01 the trust <Jeed. They are also responsible for safeguarding the assets of the thariry and hence for thkn.ng reasonable Sreps for the prevenrion and detectlon of fraud and other Irreguhritie$. SC5re For the rrustees 6 October 2021
THE ADRIAN SWIRE CHARITABLE TRUST AU D ITORS REPOR T Year ended 31 December 2020 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ADRIAN SWIRE CHAIUTABLE TRUST Oplnlon We have audited the financial statements of The Adrian Swire Charitable Trust lthe'charity'l for the year ended 31 December 2020, which comprise the staternent of financial activi¢ie5, balance sheeL Statement of whflows and note5 to the financiil statements. Including a summary ol significani accounting policies. The fJnanciaJ repordng framework Chat ha5 been applied in their preparatyon is applicable law and United Kingdcffi Accouniing Standar including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdcm Generalty Accepted Accounting Practice). In our opinion. the financial staMentS-. give a true and fair ¥W ol the state of the charity's affairs as at 31 December 2020 and of its incomiThg resources and application of resources for the year then endeé.. have been properly prepared in accordance wtth United Kingdom GenerlY kcepted Accounting Pra¢¢lc¢'. have bEen prepared in attordance with the requlrtmtnts of the Charldes Art 2011. B45 for oplnlon We condted our audit in accordance with International Standards Auditing IUKI 115As IUKI) and applicable law. Our responsibilitie5 under those standards are furth¢r d¢seribeiJ rh¢ Auditor's responsibilities for the au&t of the financial 5taternents 5ectyon of our report. We are independent of the charity in accgrdance wKh the ethical requirernents that are relevant to our audit al the financial ststements in the UL intluding the FRC'S Ethieal Standard, and we have fulfilled our other ethicl responsibili¢& in accordance with these requirernents. We beIve that the audr( evidence we have obtwr¢ed is Sufficient and appropriate to prode a ba5Ts for our opinion. Concluslons rnlatlns to golnz conc• In auditing the financial statements, we have concluded that the trustee's use of the 80in¥ concern ba515 Of accounting in the preparatton of the financial Statements is appropriate. 8ased on the work we have performe4 we have not identified any material uncertainties relating to events or tondldons thai Indlvldually or collectfvely, may cast slgnlficant doubt on the charity's ability to continue as a going concern lor a pEriod of at least twelve month5 from when thE financial ststernents are authorised for i$sue. Our re5ponsibilityes and the re5ponslbllicie5 of the trustees r¢spetr to gofjng t¢Jntern are described in the r¢l¢vant s¢¢tltsns of this r¢porL Other Informatlon The other information comprises the infomution included in the annual repor( other than the financial statements and our auditor's report thereon. The trurtees are responsible for the other inlomiation. Our opinion on the fljanclal sutements doe5 nQt ¢oYer the other inforrnaEion and WE do not express any form ol assurance concluSKsn thereon.
THE ADRIAN SWIRE CHARITABLE TRUST AUDITORS, REPOR T Year ended 31 December 2020 In connection our audit ol the financial 5tatement& our responsibility is to read the other Informatyon and. In doing 59. consider whether the other information 15 rnaterially inconsistent with rhe finCilI ststements or our knowledge obwned in the audit or otherwise appears to be rnaterially rnisstated. If we Identlfy sueh material inconsistencies or apparent material misstatements, we 3re required to determine whether there is a material rn1S5taternenr in the financial 5tarernents or a marerial rnisstaternent gf the other inl•rmati¢)n. If. based on the work we have performed, we con¢ludÈ that thert is a material misstatemeni tsf thls other Information. we are required to report that fKt. We have nothing to report in this r¢8ard. Matters on whlch we we requlred to report by exceptlon We have nothing to report in respect of the following mattsr5 In rdation to whith the Charirles IAceounts and Reports) Regulatlgns 28 require us ro report to ycu IE. in our opinion.. the information gNen in the financial statements is inconsistent in aTry material respect with the trustee5 report., or 5ufficien¢ accountin8 records have not been kepL or the finan<il stat¢m¢nE$ are not In agre¢meni wlth th¢ •¢¢oundng re¢ords', or we have not received all the irslormation and exp1aThatn5 we require for our audiL Responsib1lltl of trustees As explained more fully in the trustee$. responsibilities ststement set out on page 5, the trustees are responsible for the preparation ol the financial statements and for being satisfied that they give a true and fair view. and for such Intern21 conrrol as the trustees determine Is necessary ro enable the preparation ol firsancial statements that are free from Materi mlsstatÈmenL whether due to fraud or error. In preparlng the finantial stsrements, the tnjstets rÈ responsible for assessing the charity's ability to cortsnue as a going con¢¢rn, di5E105ing. as applicabl¢, mauers related to g¢ing ¢on¢ern and using the going concern bAsis of at¢ounting unless the tru5tÈes either intend to Ilquidate the chartty or to cea$e operations. or have no realistic alternauve bul ro do 50. Audltorfs responslbllltles for the audlt of the flnanclal statements We have beer appointed as auditor under 5ettion IH of the Charities Act 2011 and report In (ordanCe ihe Act and relevant regulations made or having effert 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 iThcludes our opinion. Reasonable assurance 15 a high level of a55urance. but 13 not a guarantee thai an audit tonducted in accordance wlth ISAS {UKI will Iy5 detect a Materi mlssratement when It exlsts. Misstartments can arise from fraud or error and are considered material if, individually or in a88regate, they could reason3bty be expected to influence the economic decision5 of users taken on the ba515 of these financial stacernent5. IrreguLiriue5. including fraud. are instances of non-compliance with laws and regulation5. We design procedures in line with our responsSbillt5es. outlined above. to detect material misstatements in respect of irreKulariue& iTrcluolnz Iraud. The extent to which our procedures are capable of detectyng irregularities. including fraud IK detailed below..
THE ADRIAN SWIRE CHARITA8LE TRUST AUDITORS REPO R T Yeor ended 31 December 2020 We zained an understanding of the legal and regulatory framework ipplicable to the charity by con$lderin& ongst other things, the sector in which it operates, and considered the risk of acts by the chamry Ehat were contrary to applicable w$ and regulations. inclutsng fraud. We deslgned audlt procedures to respond to the assessed level ol risk but recogrsised that the risk of not detecting a tnaterial rni55tstement due to fraud 15 h¥her than the risk of Trot detecting one results'ng from error, as fraud may involve deliberate concealment by, for example. lorgery or intentioTral misrepresenttEion$, or thmugh eollu$ion. We focused on laws and regulaclon$ whlth tould give rise to a rnaterial mi55taternent in the finanrial staomentS. ineludin& but not lirnited to the Charitses Act 2011. Our tests included azreein¥ th¢ ffinancial Statent dis¢l¢sures to undertyrng supportinK dUmentatIon. enquiries wlch management and enquirles of thiré parries. As in #ll our audlts. we atso addressed the risk of mana8ement override ol internal contro15. including te5¢ing journal$ and eluating whether there was eviden¢È of bils by rnanym¢nt that repre5enfed a risk of rnateri misstatement due to fraud. There are inherent limitations in the audir procetjures d¢s¢rlbed abov¢ and. the further rémoved n+>m-complkin¢e with laws atbd regulations Is from the everyts and ¢ranwtion$ reflected in the financial 5taternents. the less likely we would become aware ol it We did not idtntify any key audit rnatter5 rehting to irrezularities. including Iraud. A further descrfption of our respon5ibilitie5 for rh¢ audit of the financMI st3ternent5 is located on the h'nancial Repordng Council's webslte aL' www.fr¢.org.uklaudlrorsr¢spon$ibilitie& Thts description forrns part of our audr(or'$ report. Use of our report Thls report is rnade solely to the charity's trusree& a5 a body. in accordance with regulauons rnade under settion 154 of the Charitie¥ Acc 2011. Our audi¢ work has been undertaken $0 that we might State to the charity's trustees those rnatter¥ we are required to state to them in an auditor's report and for no other purpose. To the fullest ALEIIL pvrtiiiLLvd by law. Y¥e IioL arrrpL or a55urtiv re5PDll5ibilily LTr anyDnE other thaa the charity and the ¢harity'5 ¢rustee5 a5 a body. for our audit work for this reporL or lor the opinions we have formed. Dixon Wilson Audit SeNces LLP. Statutcry Auditor 22 Chancery Lane Lon&n WC2A I LS Dat¢.. 19 O¢tobèr 2021 Dixon Wfjlson Audt Serykes LLP rs eligible Lo act as 3Tr 3uditor in terrns ol stttion 1212 of the Cornpanies Act 21
THE ADRIAN SWIRE CHARITABLE TRUST ST A TEME NT OF FI NANCIAL ACTIVITI ES Year ended 31 December 2020 2020 2019 Unrestrlcted Expendable Income Endowment Fund Fund Note Total Total Incom* and endowm¢nts from: Investsnents Doru3 and le8acie5 Total incoming re50ur(es 1.421.508 1.421.500 773 1,414.050 276.743 773 1,421.508 773 1,422.281 1,690.793 Expenditur¢ on: Raising fuTrd$ Charitable activities 9.744 9,744 1,323.051 1.323.051 1.698.793 1.698.793 Total expenditure 1,323.051 9.744 1,332.795 Net losses on iTrYestment assets {10.015.7W)I 110.015.7801 12.202J06J Net incomel(expenditurn) 98.457 110,024.751 I (9,926,294> 12.2105061 Net movement In lunds 98.457 110.024.751) 19.926.294) Q.2 10.506) Re¢on¢lllatlon of funds: Fund balan¢e brought for¥vard at I january 2020 Fund ba12tKe carrled forward at 310ecember 2020 $98,846 33,405,380 34,004,226 J6.214.132 697.303 23.380.629 24.077.932 34.004.226 AJI amounts are In respect of continubng activlties.
THE ADRIAN SWIRE CHARITABLE TRUST ALANCE SHEET At 31 DKemb•r 2020 2020 2019 Note Flx•d assets Investment$ 23.433,612 33.449.392 Current 71ssets Cash at bank and in hand Debtors 642,430 4,B72 600.501 647.302 6QO.501 Uabilities Creditor& Amtwnt5 Illin¥ due within one year 119821 145.6671 Net current a55•ts 644.320 554.834 Total assets leis Current Ilabllltl•s 24.077.932 34.Q04.226 Net assets 24.077.932 34.004.226 The fund5 ofthe charlty: Unrestrieted income funds 697.303 598,846 33.405.380 Expendable endowrllent funds 23,380.629 24.OTI,932 34.004.226 The finaTrctal ststements on page5 9 to 20 were approve¢J by the board of trustees on 6 O¢tober 2021 and were signed on Its behaK br. scswi M V ALLFREY Trustee Trustee 10
THE ADRIAN SWIRE CHARITABLE TRUST ST ATEMENT OF CASH FLOWS Year end•d 31 December 2020 20211 Total 2019 Totsl Nots Net osh used in operating activitie5 (1,379,579) (1.286.411) sh from in¥psting uLtriti. Intere5¢ and dividend$ Purchase of investments 1.421308 1,414.050 1151.7431 1.262.307 Net cash provided by inve5tin¥ activities 1.421308 Change In tash and cash equlvalenrs 41.929 (24.104) Cash and cash equivalents brought forrd 600.501 624.605 Cash and cash equivdlents carried forward 642.430 600.501
THE ADRIAN SWIRE CHARITABLE TRUST N OTES TO T H E FI NAN CIAL ST A T EM ENTS Year ¢nded 31 December 1020 Aci¢)wrtln8 pollcle5 () ash of preparatlon and 4sses$ment of going concern The financ1 staternents haye been prepared under the historic cost con¥wtyt)n. with th¢ exc¢p9n that Investsnents are included a¢ market value. The financial statements have been prepared in accordanee with the 5tsEement of Recommended PractKe= Accountlng 3nd R¢porrin8 by Charitl95 preparing th•ir accounts in accordance with the Financrdl Reporring Standard applKabSe in the UK and Repubkc ol Ireland IFRS 1021 effectThtt I nary 2019 and the Charklts Act The trust constitijtes a pubh'c benefit enty as ¢Jefined by FRS 101 Th trust¢K cpnslder that there at no marerh?l uncertalntles aboui the Trust's abillry ro conunue u a goln¥ ¢ortteM. There are no si8nificanE areas of adStMent and key 353UrnPtiDns that affect iterns in the accounts. With respect to the nex¢ reporting period. the most st¢nbfic•nt are4$ of uneerralnty thac affett the earrykng value of assets htld by the Trusc are the kvel of investrnent rrfurn and the performance ol InveSuÈ#t Nrktts Iste the rfsk mafiwmeni stttlon of the trnstees, annual reportfor more inlormaoonl. (b) Funds structure The ha$ in Èxpendable end0Yent lund created by a grfL The kn¢orn$ ol this trust 15 Unre$trK¢. The tenns ol the endDwmeht allow the capitsl of the lund to be spent rf the tru5t¢e$ 50 de¢ermine. Unre5tricred incorne fund5 COrnPrise those fund5 which the tru¥¢s are he ¢0 use for any purpose in furth¢rance of the charitable objects. Unrestricted funds include designated lurd5 where the trustees, ar their discretion, hive created fund lora specrfic purpgse. Income recognition All Income recognisod once the chrtry has enrldement ro the Income, k 6$ probable rhai Ehe Incomè 11 recelved and amoun¢ of income reCeN8b can be measured reliabty. DoTratyons are recognid when tho Trust has been notifSed In writhg of both the amount and settlemenf InresE on fvnds hÈld on dtposk Is thcluded Trthen recer¥able and the amount can be rnea5ured reliibty by the ch3ri¢r, thls Is normalty upon nolfficatsn of the interest paid or payable by the bank DNidend5 are recognised once the dividend has been decLired and the notifKation has been received of the (thvidend due. This is nomalty upon notyficatyon by wr vesuhtht a¢fvlsor of the dlvldénd yld d the inYe¥tyenc porrfol. (d) ExPendIre re¢o8nition Liabilitye5 are recognised 45 expenditure 45 soon as there is a legal or consrrutuve obllauon commitung the ch*rlry thar expenditure, it is probable rhat serdement wlll be required and the amount of the oblizatiorb can be measured reliabty. Grants payablt are payrnent5 rnade to third proes in the furtherance of the charitable object¥ of the TrusL Thi5 15 xtcrued once the recipient ha5 been notifi¢d ol the grant awdrd. (e) Irrecoyerablt VAT Irrecoverable VAT is charged against the expendlture heading lor whlch Ir was Incurred. ifj Suppor¢ and ¥o¥em•n<e costs The Charity doe5 not incur support <osts. Governance costs comprise all costs invofving the publit ateountsbillty of the harl¢y and its C+Jmpliance wth reguL1tn and good pracuee. Governance costs rela to tharlTable aeth+ttles. (g) Chvitable actlvitles COSTS of Chartsb actly1t$ Intlude grants fflade and govern3nce costs as showm in nore 4. 12
THE ADRIAN SWIRE CHARITABLE TRUST N OT ÉS TO T H É FI NAN C IAL ST A TÉ M ENTS Year ended 31 December 2020 Ih) Flx•d #5set In¥•5tmtnts InYestment5 are a form of basic financial instrument and are lnival recognised at their traThsactyon Ydlue and svbsequentty measured at thelr fair value as at tho balance th¢et date u$Sn% the ck)$in% quoted market price. The staoment of financAI cINie$ Indudes the net Dlns and losses arising on reydluadon and dlsposals throughout th• year. rhe frux does nor acquire put otyoTr& deriyatwes or other complex finatjcial instrumenu. The maln lorm of ffinancl rl$k fated by the Chaty Is that ol volarllly In equlry mrkeTS and InvesThent marets du• ro wider etonomic conditKJns, the attitude ol itwestors to investmert risk and than8es in seninent concerTrinz equiues wlthln pardculir secrors or Sub settors. john Swire & Sons Ltsnited ordinary shares Irt jed at the MmuM price that can be applied to sales betwee shareholdprs. The prke is proposed at the Annual General MeÈtin¥ ol the company by the brd of dlrettors and 15 approved by the 5hareholder5. It ts cakulated based on a diyidend yield calcul3th and re¥ of cornparable quoted compani john Swire & Sons Limited preference shares are valued on a daily basis by dNiding the coupon by the average of comparable quoted eompanies. scaled down to account for the shares being unlisted. R¢*1isèd galns and losses All gains and los%e5 are included net in the SrAcement ol FinancKIl ActilIES aj they ari%. Realised gains and on investrnents are c3kulated as the difference between sales proceeds and their opening carrying value or their purchase value rf acquired subsewent to the firrt day ol the financial year. Unrealised zains and kjsses are calculated as the drff¢ren¢e between the fair value at the year end and their urrymg valu¢. R¢alised and unrealised inYe¥¢ment gain¥ and 5ses are combined in the Statement of Financial Acuviu Invwtment income 2020 2019 InYe5trnent income compri5e5.' Income from unlisced seeuAtlÈs Income from UK poded investment Interest on cash deposit 1,2SO.969 170.042 497 1206.158 145538 2J54 1,421,508 1.414.050 Inveslmeni income i# borh years was attributable to the uwe5triEred income lund. Oonattons And lègacl¢s 2020 2019 Unre5tr1cted Fund LeKdcies 250.000 Expendable Endowm¢nt Capltal Fund Donations 773 26.743 773 276.743 13
THE ADRIAN SWIRE CHARITABLE TRUST NOT ES TO TH E FI NAN C IAL ST A TEM ENTS Year tnded 31 December 2020 Any$ll of ¢xpendlturg on charltable actlvltles The rhariry did not undertake any actyvity direcrty but met it5 charirable purp05e5 by making donèvons and gran¢s. 2020 2019 Gr(mts mode tij ¢hofitGble institutsw¥.' 999 Club Abbeyfield (Readin&) Society Ability Dogs 4 Young People Air League Trust Air Pilots Trust Honourable Co All Saints, Farnborou PCC Alzheimer's Research UK Angkor Hospitsl for ChSldren UK ArrnoTrico Consort Art History Link-up Ashmolean Museum Aspire Oxfordshire Community Enterprise Autism at KiTr8wood Barts Charity Batde o18ritain Memorial Trust 8e Free Young Carers 8eckbury Village Hall 8ell House Dulwich 81etchley Park Trust 8ournemouth Universsty Brain Tumour Charity (rhe} Brendoncre Foundation Britain Australi2 Soclety Educatkjnal Trust British In$tlEUte of Florence 8RS Education Lrd Burngate Stone CNlng Centre &Jrttsn Dassett PCC Byme Avenue Trtsst C54 SkyTnaster Trust Caudwell Children Central London Samaritans Chalke Valley History Trust ChaAie Waller Memorial Trust Child 8ereavement UK Church Council St James Church DÈnchworth Clean Rtvers Trust Coastsl Fortes Heritw Trust Cold5tream Guards Charitable Fund Cornbai Stre55 Computer Aid Internatio Country Trust (The) Courtauld Instituts ol Art FunJ Cri$1$ UK Daftlel Spargo-M3bb$ FoundaOn Devon Wlldlife TrLÈsr 2.500 2,500 25.050 15.CO) 10.(X) 2.500 25.¢X¥) 20.000 15.000 10,tWO 17.000 17.C 50.000 5.th)0 s.0 5.000 5.000 27,000 15.000 20,OG 2Q.OQO 25,(JXI 10,cK#) 25,0) 25.000 10.000 4.700 3,OLXI 15.000 2.500 50.OQO 15.000 2.500 25.000 4.000 50.000 2.500 2500 S.{0 5.000 5.CQO 50.000 25.000 10,000 19,5(Kl CarrRd fotward 281,050 495.200 14
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO TH E F INAN C IAL ST A T EM E NTS y ended 31 D•cember 2020 Analysls of eXndIture on charltable actlvltl•s (contlnued) 2020 2019 Brought forward 281.050 495.200 DNerse Abiliues Dorset and Somerset Ar Ambulante Dorset Children s Foundation Douglas Bador Foundauo Dressabt'lity Earth Trnst Equal Representation for ACTree$ Eton College Fine Cell Work Fishmongers. Charitable Trust Force Caneer Chari Friends of Guys Marsh Prison Friends of The Ridgeway Girls, Education C¢Jmpany Wytombe Ajybty Gtyndebourfte Prodv¢tions Limited Got Matar Development Grotsp {Ace Afriol Govan Heritage Trust Scio Grange Festival Guideposts Trurt Limited Guy's and St Thomas, Charl¢y Hall of Cornwall Trust Harnpshire and Isle of Wight Air Arnbulance Harlow Cricket Club (Marigolds REC Groundl Hearts & Minds knmited Helen & DoU8las House Help Musicrons Helping Uganda Schools IHUKS) Home-start North Dorset Home-start Southwark Hope for Tomorrow Imperial War Museum Independent Art5 Inkerman Housing Association julia's House Katie Haines MemorSal Trust Kimmeridge Trust Klng Edward Vll's Hosplraf Leprosy Mission England ind Wales Live Music Now London Library Mw'es Mai5 House Mango Tree (The) Maririrne Archaeolou Trust Mary Hare Foundation Mtntsl Health R¢swch UK MerliTr MS Centre Migrants Organise Carried lorward lo) 20.000 10.000 6.450 5.000 2500 15.0th) 3,000 25.0ts) 15.00) 15.000 io.ooo 26,LlOQ 15.000 5,QOO 5.OOQ 5.000 12.¢X 15,¢X 2.500 5.000 20.0th) 75OQ 10.oth) 7.800 2JOO 5.000 5.OOQ 25.0 5.000 10.000 10.000 5.000 20.870 5.000 15,000 6Q.612 I 5,000 30,000 5,000 10,000 10,000 2.500 5.000 10.000 2.500 10.000 25.000 7.000 io.ooo 5.GOQ 3500 20.OOQ 25.0 S61.410 872.062
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Yéar ended 31 December 2020 Analys1$ of expendlture on charltable artlvltles {contlnu•d) 2020 2019 Brought fonvard 561.420 871062 Museum of Oxford Development Trust Nat Assoc Laryngecrornee Clubs (Nalcl Na£lon21 As$o¢lacltsn Laryngeetomee Clubs (Naltl National EmergEncies Trust Coronaviru5 AppEal National Liceraty Trusc Nelson Trusr Newbury Sprlng Festival Newbury YMCA Nilgiris AdivBsi Trust Norwich Local Quaker Meeting Oes0phag Patl¢nis Asso¢SaEion {OPAI Olive Ridley Projecr Opptsrtunlty Internatlonal UK Oracle Cancer Trust Outward Bound Intsmatlonal Oxford Ll¢der Oxford Sexal Abuse & Rape CC {OSARCCI Oxfordshire Histtsric Churches Trust Oxfordshire Mind Oxfordshire Youth Panereatic Cancer A¢tion Parkhou¥e Award ITh¢l PCC of Badger PCC of Littlernore Pets as Therapy lots Trust- Honourable Co Pilot5 RiY¢r5 Museum. University Of Oxford astic Ocean5 Pri50ners' Education Trusl Royal Academy of Arts Roxal Air Force Benevolent Fund Royal Air Force Museum Royal British Legion Royal Horticultural Society IThe) Royal Mar$den Canter Charity Royal Trlnty Hospite Safe pas In[ernaoN3I Salisbury Hospice Charity Sands (Stillbirth & Neonatal Death Charityl Schoolreaders Sea-changers Seed54success Semley sch11 Shannon Trust Shipston Home Nursing Sitr Line Southwark Day Centre for A$uM Seekers Spar5holt wich King5¢0n Lisl¢ PCC Carrled fonvard iooc io.ooo 25.O¢X• 35,000 1 52.0 5.000 10.0¢ 20.OOQ 1509 5.QOQ 10.ooo 2500 5,009 2,0 15,000 555¢XI 10,000 10.oc 10.000 5.O¢X• 2500 2,500 10.000 15.000 1500 25.000 7,5( 8.000 5.000 10.000 2,500 25.OCQ 2.500 30.000 25.000 25.000 30.000 25,C0 10.C4JO S,C4)0 2S.¢XK) 5.000 160.000 35.0(XJ 7,500 25OQ 10.ooo S.OOQ 2500 10,000 4,042 2Q.000 10,0 2,408 30.000 15,OC 10,000 11,500 28.303 20.000 11,500 10.000 1.087.631 l.H7.604 16
THE ADRIAN SWIRE CHARITABLE TRUST N OTES T O TH E FI NANC IAL ST A T EM E NTS yWend 31 D•comb•r 2020 Anafysls of expendltur¢ on charbtable actlvltles {contlnued) 2020 2019 Brought forward 1.087.631 1.447,604 Springhead Trust (fhel SS Great Britain Trust Sc Andrew's Healthcare St Catherine College Wallace Watson Award St Clare Hospice St john's Churth Waterloo St Luke'5 Hospital St Mary's Church, Great Parndon Pcc St Michael and Angels Clrfton Hampden St Paul's Cathedral Chorister Trust Stoke Mandevtlle Spinal Reséarch Stow Maries Great War Aerodrome Trust Style Acre Sudep Action Sue Ryder Palliative Care Hub South Oxfordshire &Jssex Hittoric Churches Trurt South West Grld for Learning Trust Ltd Teapot Trust Thames Valley Arnbulance Tokes Fam) Education Trussell Trust Trust Oxford$hlre EnvSronment <Toel Two M¢xrs Fe5Eival Untwersity College Oxford (Uniy) Unrver$ity of Southampron Univer$My of Wesc Londtsn Veterans Contact Polnt Volunteer Link_up Wantage Choral Society Wanrage Independent Advice Centre Wanrage kn'terary Festtval Wantage Surnmer Art5 Festival Watsrloo Uncovered Whiu-Kidz Wittshire Air Arnbulance Women lor Women Internation Young Musiciary5 Symphony Or¢h¢stra YMSO Zoe's Flace Baby Hospice 3.000 10.oLk) 3,000 s.0) 5.000 1S.OC 1,SiXI lo.0) 10.oth) 10,oth) 10.000 10.OCK) 10.0 2500 20.000 10.0 10,orp) 17,0(X) 5,OC 2.5 25.oc 2500 10.000 10.0 3,600 7,01 5.000 5,000 i.ooo 20.OtKI 9.200 15,000 10,000 20,000 2.500 20,0)0 1,271.631 1.644.904 Dondtrms ond Eronts rfless thon £l.000.. Bxyford PCC Coldsrream Guards Assxiation Essex Yeomanry A5sociatign Outward Bound Trust soo 500 500 1.100 Total donations 1,271731 1.646.004 17
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THÉ FINANCIAL ST A TEMENTS Y¢ar end¢d JI December 2020 Analyslg of expendlture on charttable actmtles (contlnued) 2020 2019 Governontr costs 011cad to thtTritoble octiwtse Administration fee Consukanty tosts Audttor's rernUnernon 3.600 43,738 2.982 3.61x1 46,267 2.922 SO.320 52.789 Total expenditure on charitable attivstyes .323.051 1.698.793 Expenditure Cn ¢harftable I¢¥1¢$ both Ye was attrfbutab5¢ ro the unrewkted Inc>ne fund Flxed asset investments 2020 2019 Quotedlunquoted Investments Market value at Stsrt of year Addirion5 Net unreali5ed losses OTr Investment assets 33.H9,392 35,500.155 151.743 (2.202.506) 33.449.392 110,015.780) 23,433,612 Markot value at end of year Investments have bEen made in the followin¥ cate8or¥e5 of securitie5'. Z020 1019 Quoted UK equities 4.999.270 4.713.901 Unquoted UK equr£ies 18,434,342 28.735.491 23.433,612 33.449.392 The historical cosr of Investments at 31 December 2020 was £11406.113 (2019 - É12,406.113). The unquoted investments w¢re ordinary and preference shares ol john Swire & Son5 Limsted. Th¢ two largest investmerts are.. a holdlng of ordinary shares in hn Swire & Sons Limited valued at £17.446,28512019 _ £27,746.2481 and a holding of inc¢)me units in Sara5in Alpha CIF for Endowrnents at £4,999,27012019 . £4,713.901}. Net unrealised zain¥ ao investment assets in both years were attributable to the endonent fund5. Debtors 2020 2019 Other Debtors 4,872 18
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2020 Credltors: amounts falllng due wlthln one year 2020 2019 Accrua15 Other crtditor5 2.982 6522 39.145 2,982 45,667 Analysls of net a55ets between funds UnrestActed Income funds Expendable Endowment funds Totsl 2020 Fund baTrees as at 31 De£ember 2020 are represented by.. Cash and Debtor5 Creditors 700,285 P.982) 697.303 7(Kl.285 155,9651 644,320 {52.9831 152.9831 23,433.612 Inve¥trnent5 23,433.612 697.303 23.380.629 24.077,932 Reconclllatlon of net movemert In funds to net cash tlow from operatlng actlvltles 1020 2019 Net movement in lund5 Deduct income from investments Add losses on investments {DecreasÈllintrease in ereditors Ilncreaselldecrease in debtors Net cash used in operating a£e$ 19,926,294) 11.421.508) 10.015.780 142,6851 12.21QJ06) 11,414,050) 2.202.506 10.639 125.000 11,379,579) {1.286,411) Related party tran$artlon% Durittg the year john Swire & Sons Umited. a company in which the trustees have a participavng TntereSL paid expenst$ on the charity's behatf totslling I36.6S9 12019 . £39.145} and was repaid fund5 to the value (rf £79.404 (2019 - £29,349). At the balance sheet date. the amount due ro john Swlre & Son$ Ltmited was £nil 12019 £42.745}. During the year the charity received donatyons. including GrFt Aid. from the trustees without conditions ol (773 12019 . £26,743). During the year the charity reeeived a legxy from the Estare of Sir Adrian Swire wlthaut conditions of Lnil QOI9- £250,) During the year. tht trustees received no ernoluments or reirnbur5ernen¢ of eypertses for their services 12019 - none).
THE ADRIAN SWIRE CHARITABLE TRUST N OTES TO T HE FINAN CIAL ST A T EM E NTS Year ended 31 December 2020 I l. Flnanclal wsets and Ilabllltle5 The followin8 are financial assets that qualify as basic financial instruments and are Inltially reeognised at thelr transaction value and subseguendy measured at their fair Ydlue a5 at the balance 5hEet date u5in8 the c105ing quoted market price or. for unquoted investments. using the valuation fflethod5 in the accounting policy for Fixed Asset Invutrnent5'. Financial assets 2020 2119 QLtotedlunquoted investments 23.433.612 33.449.392 23,433,612 33.449,392 20