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
B￿an(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$ Llrn￿ed.
Gr￿¢ maklng pollcy
The Trustees meet to consider what grantsldonauon5 they will make and to rew¢w any fe¢dba¢k they have
reCe￿ed.
Atthough the Trustees make Some grants with no forn￿1 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 PrO￿de 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$e shares.
However. the Trustee5 have also noted the 5taLUWry duty of care required by the Trustee Act 2000. in relation to
their holding suitable investment5 and the Treed for ￿ver5￿1CatIon of inyestrnents sts lar as is ¥propriate to the
circumstances of the trust.
The Tru$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 beThch￿lrk 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 exIs￿nce 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 per￿d 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 financ￿1 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 $tstsmeNts
The Trustses are re5ponslble for preparing the Trustees. report and the finir¢cial statements In accordance wlth
applicable law and United Kingdom Accounting Standard5. The law applicable to charlEies in England and Wale5
requires the Trustees to prepare financial statements lor each finaneial year which g¢ve i true fair view ol the
state of affairs ol the charity and of the incoming resources and apPlicat￿n of resources of the charity lor that
period. In prepartng these financial statements. the Trus[¢¢$ 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$.
SC5￿re
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 sta￿MentS-.
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 Gener￿lY kcepted Accounting Pra¢¢lc¢'.
have bEen prepared in attordance with the requlrtmtnts of the Charldes Art 2011.
B￿45 for oplnlon
We cond￿ted 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 beI￿ve
that the audr( evidence we have obtwr¢ed is Sufficient and appropriate to pro￿de 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 fi￿nCilI 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 2￿8 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 exp1aThat￿n5 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 I￿￿y5 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 Stat￿ent dis¢l¢sures to undertyrng supportinK d￿UmentatIon. 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 e￿luating 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
Doru￿3 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 for￿rd
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$ment of going concern
The financ￿1 staternents haye been prepared under the historic cost con¥wtyt)n. with th¢ exc¢p￿9n that Investsnents are
included a¢ market value.
The financial statements have been prepared in accordanee with the 5tsEement of
Recommended PractKe= Accountlng 3nd R¢porrin8 by Charitl95 preparing th•ir accounts in accordance with the Financrdl
Reporring Standard applKabSe in the UK and Repubkc ol Ireland IFRS 1021 effectThtt I ￿n￿ary 2019 and the Charklts Act
The trust constitijtes a pubh'c benefit en￿ty as ¢Jefined by FRS 101
Th* trust¢K cpnslder that there at* no marerh?l uncertalntles aboui the Trust's abillry ro conunue u a goln¥ ¢ortteM.
There are no si8nificanE areas of ad￿StMent and key 353UrnPtiDns that affect iterns in the accounts. With respect to the
nex¢ reporting period. the most st¢nbfic•nt are4$ of uneerralnty thac affett the earrykng value of assets htld by the Trusc
are the kvel of investrnent rrfurn and the performance ol InveSu￿È#t Nrktts Iste the rfsk mafiwmeni stttlon of the
trnstees, annual reportfor more inlormaoonl.
(b)
Funds structure
The ha$ in Èxpendable end0Y￿ent 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 lur*d5 where the trustees, ar their discretion, hive created
fund lora specrfic purpgse.
Income recognition
All Income recognisod once the ch*rtry has enrldement ro the Income, k 6$ probable rhai Ehe Incomè ￿11 ￿ recelved
and amoun¢ of income reCeN8b￿ can be measured reliabty.
DoTratyons are recogni*d when tho Trust has been notifSed In writhg of both the amount and settlemenf
In*resE on fvnds hÈld on dtposk Is thcluded Tr*then recer¥able and the amount can be rnea5ured reliibty by the ch3ri¢r,
thls Is normalty upon nolffica￿tsn 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 y*ld d the inYe¥tyenc porrfol￿.
(d)
ExPendI￿re 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 reguL1t￿n 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
*cINi￿e$ 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 ffinanc￿l rl$k fated by the Cha￿ty Is that ol volarllly In equlry m*rkeTS and InvesThent mar*ets du• ro
wider etonomic conditKJns, the attitude ol itwestors to investmert risk and than8es in seni*nent concerTrinz equiues
wlthln pardculir secrors or Sub settors.
john Swire & Sons Ltsnited ordinary shares Irt ￿￿jed at the M￿muM price that can be applied to sales betwee
shareholdprs. The prke is proposed at the Annual General MeÈtin¥ ol the company by the b￿rd 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 Acti￿lIES 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
An￿y$ll of ¢xpendlturg on charltable actlvltles
The rhariry did not undertake any actyvity direcrty but met it5 charirable purp05e5 by making donèvons and gran¢s.
2020
2019
Gr(mts mode tij ¢hofitGble institutsw¥.'
999 Club
Abbeyfield (Readin&) Society
Ability Dogs 4 Young People
Air League Trust
Air Pilots Trust Honourable Co
All Saints, Farnborou￿ PCC
Alzheimer's Research UK
Angkor Hospitsl for ChSldren UK
ArrnoTrico Consort
Art History Link-up
Ashmolean Museum
Aspire Oxfordshire Community Enterprise
Autism at KiTr8wood
Barts Charity
Batde o18ritain Memorial Trust
8e Free Young Carers
8eckbury Village Hall
8ell House Dulwich
81etchley Park Trust
8ournemouth Universsty
Brain Tumour Charity (rhe}
Brendonc*re Foundation
Britain Australi2 Soclety Educatkjnal Trust
British In$tlEUte of Florence
8RS Education Lrd
Burngate Stone C*Nlng 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 Fun*J
Cri$1$ UK
Daftlel Spargo-M3bb$ Founda￿On
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 eX￿ndIture 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 ACTre￿e$
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$o¢lacltsn Laryngeetomee Clubs (Naltl
National EmergEncies Trust Coronaviru5 AppEal
National Liceraty Trusc
Nelson Trusr
Newbury Sprlng Festival
Newbury YMCA
Nilgiris AdivBsi Trust
Norwich Local Quaker Meeting
Oes0phag￿ Patl¢nis Asso¢SaEion {OPAI
Olive Ridley Projecr
Opptsrtunlty Internatlonal UK
Oracle Cancer Trust
Outward Bound Intsmatlonal
Oxford Ll¢der
Oxford Sex￿al Abuse & Rape CC {OSARCCI
Oxfordshire Histtsric Churches Trust
Oxfordshire Mind
Oxfordshire Youth
Panereatic Cancer A¢tion
Parkhou¥e Award ITh¢l
PCC of Badger
PCC of Littlernore
Pets as Therapy
lots Trust- Honourable Co Pilot5
RiY¢r5 Museum. University Of Oxford
astic Ocean5
Pri50ners' Education Trusl
Royal Academy of Arts
Roxal Air Force Benevolent Fund
Royal Air Force Museum
Royal British Legion
Royal Horticultural Society IThe)
Royal Mar$den Canter Charity
Royal Trlnty Hospite
Safe pas￿ In[erna￿oN3I
Salisbury Hospice Charity
Sands (Stillbirth & Neonatal Death Charityl
Schoolreaders
Sea-changers
Seed54success
Semley sch1￿1
Shannon Trust
Shipston Home Nursing
Si￿tr 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,C￿0
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$hlre EnvSronment <Toel
Two M¢x*rs Fe5Eival
Untwersity College Oxford (Uniy)
Unrver$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 Ass*xiation
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 011c￿a￿d to thtTritoble octiwtse
Administration fee
Consukanty tosts
Audttor's rernUnern￿on
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 C*n ¢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 endo￿nent 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 b￿aTrees 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