THE ADRIAN SWIRE CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 1022 Charity number. 800493
THE ADRIAN SWIAE CHARITABLE TRUST I N DEX Year ¢nded J l December 2021 Pase General information Report of the trustees Aud$, report Ststement of ffinancial atti¥iue% BaLince sheet 10 Statement ofcash flow5 Nt)tes to the financial statunents 12
THE ADRIAN SWIRE CHARITABLE TRUST GENERAL INFORMA TION Year ended 31 December 2022 Establl$hed by deed 28 October 1988 Charlty number 849) Trustees La¢ty judith SIre M V Alllrey M 8 Swire S C Swire l H Kidner C R Soames (appointed 20 October 2022) Power to appolnt new trustees was $ted Ix the stttjor during hls lifetimÈ and 15 therfter verted in dY judith Swire durlng her lIfeMe. Slr A&iar* Swire Trust fund É100. lurther se¢d¢mer. acCumulaon of income. (api acerttsn ar othenvlse and all property representini the sarne. Obl•cts Su¢h ¢hari¢abl¢ oble¢ts as the Settlor Shall in vriting dirett or in dEfauli of direction as the Trustees shall from vrne fo timè detèrmlne. At¢umulatlon During the Perh 21 years from the date of the trust deed the Trust¢¢s had power to accumula¢e the whole or any part of the income of the Trust Fund. Power to retaln The Trustee5 have power to retain ary john Swire & Sons Limited shares comprised in the Trust Fun Investments Pow•s of Investnwnt a5 an absolute beneficial ownÈr. Investment manasevs Sarasin & Partners LLP Juxon House ICKI St Paul's Churchyard London EC4M 8BU Banknrj Coutt5 & Co 440 Strand London WC2R OQS Auditors Dixon Wilson Audit 5erviEe5 LLP 22 Chancery Lane London WC2A ILS Address Swire House 59 Buckingham Gate London SWIE6AJ
THE ADRIAN 5WIRE CHARITAALE TRUST REPOR T OF THE TRUSTEES Year ended 31 December 2022 Th¢ Trusr¢¢5 pr¢s¢rt their report finanrlal statern¢Thts of th¢ ¢harfjry for th¢ ytsr en&d 31 D¢cember 2022. The finanoal 5taternents hive been prepared in accordance vith the accounvnz policie¥ s¢r out in note l of the financial statements 3nd with the AccouTrtsnK and RepDrtin¥ by Charrues.. Staternent of Recommended Prattice applicable w charities preparing iheir arcounr5 ITr accordance with the Fin3n¢ial Reporung standard applicable in the UK and Republi¢ of Irend {FRS102). Structur& governance and manag•ment The Trust is an unincorporated charity. constructed under a trust deed dated 28 Ottober 1988 and is a reystered charity, number BW493. In accordanc wth the Trust deed. fhe minirnum numb¢r of Trustees is thr¢. The ptsw¢r to appoint new trustees Is vested In Lady SIre durlng her Ilfetlme. Responsibility for the induction of all new trustee5. which involves awareness of the hisLOry and approach of the charity and an understanding of a trustee's dutie& lie5 the Chair. New Trustees reCee detailed information about the charitls governance. grant rnak¢ and financial position. includinK copie5 of Charity Commi5SiO Kuidance for tru5¢ees the Trust'5 governing document. and the annual report and accounts. The Trustees are direc re¥>onsible for the rnanagernent of the Trust The Trustees agret the Trust's strategy, review and approve donations and grants. and oversee the charrty'5 governance. including ihe irtvtstrnenl reserves. and risk mafi4emeni ptslicix whi¢h are formally reviewed annually at the Trust's annual ¥effte meeting. The Trust deed provides the Trustees with broad powers to create polices to 5UPPOrt the manwen governance. and administration ol the Tru5L Grant mkln8 polky The Trust CentlY hvld meetinKS twice i ye3r to cOnder grarrts arkd dDnaUOnS. Tlm&senthlYe requests can so be 4reed outsidt of meetiny. Proposals lor grants of £25,ofM) and over and for mukn-year grants are considered by all Trustees. Grants of under £25,000 may be considered at Trustee meetings but also be agreed outside of meetiry by a minimum of two Trustees. The Trust ijoes not run open funding pro8ramme5 or encourage un5olicid applications. Mo¥t tential grant holders are initially ider¢tified by the Trustees. Or8anisation$ being con5idpred for a zrant art $IlY r¢qulr¢d to submit a request ypWnlng how the funds would be used and what would b¢ arhi¢¥ed. All requests for funding are managed onlSne. Due dlligente Is then undertaken by a small team on behalf ol rhe Tru¥tses. before Krants are reed. Objective4 activities and aehlevements for the publlc benefit Th Trns¢ De¢d contsins broad charitable objects which allow the Trustees. in their dlscretion. to pay or appty the income and. rf agreed. th¢ Capi of th¢ Trust Fund to Or for thE bEnefit of any charttsbk kndie5. trusts. a$59ciations. in5titution¥ or organitiOns. Grants aviarded by tht Adrian Swire Charitsble Trust refieet the interests of the Setdorfs lamily. During the year, the Trust awarded grants totalifjg £1.266.41012021 £1.571.6121- Areas of the Tnmt's grant-making In 2022 Included support for the welfare of mryinalised or disadvants¥ed individuals and communities. mu5ir edu¢ion and Early ¢are¢r mu5i¢ians. 16t¢racy 5kn115 among young people and adylts. heritsze and rÈstoradtsn prolttts. and marstlme and avlation here and tharltles. Tht Trust also has a geogr¥¥hic focus to its grant makin& supporting charities in Oxfordshir4 wiltshi Somerset, and Oor5eL DurinK the year. the Trust did llX rttei¥e any Krfts (2021- £nil).
THE ADRIAN SWIRE CHARITABLE TRUST REPO R T OF TH E TRUSTEES Year end¢d 31 Derembev ZOZ2 The Trustee5. having regard ro the public benefir guidance published by the Charity C¢)mrnission in accordance with serfion 17 of the Charities Act 2011, consider that the purpose and actiwties ol the charity Satisfy the requirements of the public bEnefir test Set out In secvon 4 gf the Same ACL Investment pollcy and performance Under paragraph 5.2 of the trust instrumen{ the Trurte¢s hav power to retain share5 in John Swlrt & Sons mited, and are not under ary duty to dNersrfy to the extent that the trust fund eomprises those shares. The Trnstee5 have also ngted the Stat[ry of (are required by the Trustee Aci 20(X). in relaiion to their holding Suitable investhents and the need for dr¥ersrficauon of investments $0 far a5 1$ appropriate ro the circurnstance5 of the Tru5L The Trustees, overall Investment tsbiectl¥¢ is to a¢hi¢ve a level of inve5uner¥i income yowth which at least matches the rate of inflatKn. whlle protectlng the Ydlue of the charlws tapid in real terrns. The Tru5¢'s investments are held sn the Sarasin End0ents Fund which amns to prOde lontrterm charity investor5 th a sustainable iTrcom& while maintaining the real value of the capital and ineome for the futyjre. The lund integrates ESG screening criteria to ensure the stewardship of funds in a responsible globlY diversified portfol. The llsted Investment portfolio returned .9.6%12021 10.6%) against their benchmark of -6.9% 12021 . 13.7%1- Inctsmt Irom ordinary and preference shares in john Smre & Sons Ltd was £1.146.84812021- £1.544R341. Reserves Pollcy The Trust was created in 1988 with a fuThd intended to provlde a regular level ol Income whlch could be distrlbuted for a wde variety of charitable purposes. It Is the Trustees. policy not tt¥ retwn reserve5 a5 the tharity'5 pverhead5 are low and any deficit on the Unrts¢ri¢ted Fund be removed by tran5fer5 from the endowment fund at the discretion of the Trustee5. Flnandal posltlon and itatements The Trustees eonsidered the finantial position to be satisfactory. There 15 Sufficient cash and inve5trnent income to meet the commltttd donatk*ns and to continue ro proMde support to their ch05en charirable causes. The financial stst¢m¢nts ¢omply wlth the ¢urr¢nt statUfOry rtquirements and with the requirements of the Trust deed. Key manasement personnel remuneratlon The Trustees consider the 8oard of Tru¥te25 u cornpri5ing the key management personnel in charge of direaing and controlling the charlty. All Trustees Ove thdr tlmè freely ahd no Trusree remuAeradon or expense reimbyr5ements were paid In the y¢ar. Th¢ day-tQ-day ¢perat40n and administration of the Trust 15 delivered by a 5mll tèam within john Swire & Son5 Ltd. Rl$k management Th¢ Trust's Rlsk Reyster identifie5 potential risks in key area5. 5pecificalty financrdl risks. governance. ¥rant maknng and operation5. and reputation. Currently. the wincipal risk5 laced by the charity lie in the perforniance of its investments and ri5k5 from ineffective grant rnthn& The major risks to which the Trust may be exposed, as identified by the Tru5¢ees, have been reviewed and, where appropriate, processes and syJtems have been put i place to mitigate those r¢sks.
THE ADRIAN SWIRE CHARITABLE TRUST REPOR T O F T H E T RUSTEES Yev end¢d JI De£ember 2022 The variability of investment return5 15 the charity'5 principal filnCl risk The Trust's investrnenrs consist largely Lrf a holding of shares in a private company that were setded upott the Trusts with the power tontained in the D4¢d to retaln and not to diverslfy th)se shares. The Trustees Seek to miti8a¢e the risks through thelr board representstion. as well as by the r¢Eulr monltoftng d su¢h In¥¢sffiitnts >n recelpr of publlshed ftrxnclal Information. The ri%k of intffedve grant-making is mitsgated by carrying out research ** tharirable ins1itUtiOnS tr establish whether potential donations wlll be used effectivety and In ftsrtherattce of thÈs ¢haritys own objecte$. 5tatem¢rt of Trustees. re%ponslblll¢les In relJtlon to the Ilnanclal statements The Trustees are reSponsie for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Sthndard5. The applicable to tharities in En8laThd and Wales requires the Trustees co prepare financi statements for eKh financial year which wve a true aThd lair of the s¢ate of affairs of the charity and of the in¢orninz resources and application of resources of the charity for that period. In preparing these finan£v41 sutemen¢& the Tru51ees are required select suitable accounting policies and then apply them consistently. ob5tr¥È the methods and printiples ol the chare5 SOKP. m3ke judgements and accounting estimates that are reA50nable and prudeni state whether applicknle accountiTr8 5tandard5 have been followed. 5ubjert to any departures diKk15ed and exphined in the financial statements.. and prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue Én business. The Trustees aro responsible for keepin8 accountin8 records which disclose with reasoThable accuracy the financi position of the eharity and enable them to ensure tht the finarttial statements etsmpty with rhe Charities Art 2011, the char (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 hr taklng rwonable stw for the prevention and det*tion of fraud aTrd other Irregularkles. S C Swire For the tnJSteES 4 ¢bfr.ber 2023
THE ADRIAN SWIRE CHARITABLE TRUST AUDITORS REPOR T Year ended 31 December 2022 INDEPENDENT AUDITORS. REPORT TO THE TRU5TEE5 OF THE ADRIAN SWIRE CHARITABLE TRUST Oplnlon We have audlttd the flnan¢l¥ stst¢rn¢nts of The Adrian Swire Charitable Trust (the 'charl) for the year ended 31 December 2022. which rompri%e the 5Ut¢rneTrt of financial actNitie& balance sheei statement of cash flows and TleS to the financlal Statements. including a summary of 5iKnificant accountiTh8 policies. The financial reporring framework that has been applied in their preparation is applicable law and Unttsd Kingdom Accounting Standards including Finartial REporting Stsndard 102 The Financial Reportin8 Standard applicab in the UK and Republie ol Ireland IUnlt¢d Kingdtyn Generally A¢Eep¢ed Ac£ountiTr8 Practice In our oplnlon. the financlal staternents-. 've a tNe and fair eW of the State of the charity's affairs as at 31 December 2021 and of Its lttcomlng resources and applicatyon of resources for the year then ended.. hav¢ been property prepared in accordance with United Kingdom Generally Accepted Accounting Pract4 and have been prep In ¥¢ordan¢t wth rhe requirement5 of the Charities Act 2011. Basls for oplnlon We cot)thcted our wdit in acrorthn<e wr<h International Standard5 on Auditing IUKI IISAS IUKII and applicab law. Our responsibilitles under thosÈ Standard5 are further described in the Auditor's responsibilities for the audit of thÈ financiat statements Section of our reporL We are independent of the Char in accordance with the eth requirements that are relevant w our aurfi¢ of the financial staternents in the UL including the FRC'S Ethcaf Stsndard, and we have fUilled our other ethical responsibilities in accordance with these requirements. We believe that the audit edence we have obtained is sufficient and appropriate to provide a bas¢$ lor our ¢)pinion. Conclu$lon$ relatlns to goln8 conc•m In audityng the financial stament& we have concluded that the trustees. use of the going etsnttrn ba51s of accounting in the preparation of the financial statements is appropriate. Based on the work we have perform¢4 we have n*X id¢nrffl¢d any materHI uncertainrie5 relating to events or conditions tha( indivldually or collectivety. may cast 5iznificant doubt on the charity'5 ability to continue a5 a going £oncwn for a pÈritsd ol at least twehe month¥ from when the financMI Statements are avthorised for issue. Our responsibiliue5 and the responsibilitie5 of the tru5tee5 with respect to going concern are described the relevant sections of thi5 reporL Other Inlormatlon The other infomiatiom cornpri5e3 the information included in the annual reporu other than the financial statements and our auothr's report thereon. The trust¢¢s art responsible for the other information. Our opinion on the finan¢ial 5uwnents does not cover the other inforrnation and we do rt express any form of assurance conclusio thereon.
THE ADRIAN SWIRE CHARITABLE TRUST AUDITORS REPO R I Year ended 31 December 2022 In connedon with our au¢&t of the finarKial statements. our r•sponsibIl is to read the other inforniarion and. in doing so, consider whether the other irfornMtion is materially incon%stent with the financial statements or our knowledge obtained in the audii or otherwse appears to be materially misstated. 11 we identfy such material inconsisEenties or app¥ent material misststtment% we are required to determine whether there a rnaterial missktement in the financral statements or a rnaterial misstaternent ol the other informatv)n. W. based on th2 work we have performed. we conclude that there 1$ a material mis$tatement of other informatian. we are required to report that fact. We have fiothlng to report irt thi5 roprd. Mthrs on whkh we ar• r•qulrnd to rnport by exceptlon We have nothing to report in respect of the following matters in reLqtion to which the Charities (Accouftts R•ports} Regulati0Th5 2008 require u5 to report to you rf. In our opinion- thE inforrnadon glvn In the financll statements is Inconslstent In aty materlal re5pett with the trustee5 reporL or sufficient accounting recor& have not been kepL or the financial stacements are not in a8reement with the accounting record5- tx we have not received all the inforniation and explanations we requir lor our aud Re5ponslbllltle5 of trurtee5 As explained more fulty in the tru5teès' rtsponsibllklts statsmenr set out on page 5. the trtssteÈs are rewnsible for the preparation of the finan¢i31 staternents and for being sav5fied that they gNe a true and lair view, and for Such Intern control as the trust dÈtermine Is ntctssary to enable the preparatlon ol financial statements that ¥¢ free from mat¢rlal mlssut¢menL wh¢ther dut t¢+ frnvd or error. In preparing the financul ststement4 the trusteei are responsible for as5e55ing the charitys abillty to continue as a going concern. dt5closin& as applicable. matter5 related to 80in8 concern and using che going concern basis of xcoun¢ini unless the trustees either intend to liquidate the charity Or to cease operatitshs, or have no realystic alternative but to do 50. Audltorfs responslbllltl•s for th• avdlt of the IlnrKlal staternents We have been appointed as auditor un&r section 144 of the Charities Act 2011 and report in accordance vrith the A¢¢ 4nd relevant regul&tyons made or having effect thereunder. Our objectives art to obtn reasonable assurance about whether the finattcknl sttement$ as a whole are free from material rnisstatemenl whether due to fraud or error. and to issue an au&rtor's report that includes our opinion. Reasonab assurance is a high level of assurance. bul is not a yarantee that an audit conducted in accordancE with ISA5 IUKI 11 afvnys dect a rnaterial mi5Staternent when 0¢ exists. Mi55tatement5 ari5¢ from fraud or error and are eonsidered material ff, indivithjally or in aggregate, they could reasonably be expected to irfuence the economic decisions of users tak•n on the basis of these financial stthments. Irregularities. inclu&ing frnud. are instances d non•t2mplÈaAct with laws and rexulations. We design procethres in line our re5pon5ibilitie5. oudined aboY. to drtert materol mi55taternents in re¥tt of irregularities including fr4ud. The ¢xc¢ttt to whlth Our pracedures are capable of detecdng irregularities. Including fraud is deuled below..
THE ADIIIAN SWIRE CHARITABLE TRUST AUDITORS REPOR T Year ended 31 D•cember 2022 We ined an understanding of the I and regulatory framework applKable to the charity by cortsiderir amongst other thin8% the sector in which it operates, and considered the risk of acts by the charry that were contrary to applicable laws and regulations, irt£ludiTrg fraud. We designed auth procedure5 to respond to the a55essed level of rtsk but recwised that the risk ol not detectlng a material misstatement due to fraud is hh¢r than che risk ol not detecting one resultyng from error, as fraud may involve deliberate coThcealmerst by, for example. forgery or intentional misrepresentations, or through colluslot). We focused Cn laws and reguladons whl¢h could gl¥e rfst to 4 ma1 mlsstat¢men¢ In the finandal slat¢tr. Includ1 but not Ilmlted to the ChaAtle5 Act 2011. Our tssts includEd agreeing the financial statement disclosvre5 to underlyin8 $UPPOrtin¥ thurnentation. enguirie5 wlth managtment ané ¢nquiri¢s ¢f thlrd parties. in all our audits. we a150 addressed the risk ol rnana8ernent override of intern31 contro15. includiThi te5tin¥ journals and ewalua£ing wheth¢r th¢re was idence of byas by rnanagement thai reprexnted a rf5k of rnaterlal misststemeftt du¢ £ts fraud. There are inherent limitations in the audit procedure5 dEScr1È above and, the further rernoved non-compliance with laws and regulatn5 15 from the events and rransactyons refiected in the financil 5ratements, the le55 likely we would becom¢ awar¢ d IL Wt did ftot identify any key audit matter5 relatinK to irreKulari¢ie5. in¢luding fraud A further &scription of our responsibilities for the audit of the financuil statements is Iixated on the Financial Reportin8 Council'5 website aL www.frc.or&uWauditorsrespon5ibilities. Thi5 de5UiPtion form5 part ¢)f our auditor's report Uie of our report This report is made solely to the charl& trustee& as a body, in accordance with rryulations rnade under section 154 of the Charities Art 201 l. Our audit work ha$ been undertaken so that we might stste to the charl$ trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exten¢ perrnitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work lor this repor¢ or for the opinions we have formed Di*on Wi150n Au(fit SÈThfices LLP. 5TXtutory Auditor 22 Chancery Lane Ltsndon WC2A I LS 23 Oelober 2023 Dlxon W1150n Audit Service5 LLP is eligibk to act as an wdinr in te5 of %ction 1212 of the Companies knt 2¢
THE ADRIAN SWIRE CHARITABLE TRUST S l A l E M E N I U F fr I N AN L IA L A L I IV S 1 I ÈS Yev ended 31 December 2022 2022 2021 Ut)restricted Expendable Income Endowment Fund Fund Total Income and endowments from: Investynents .362.851 1.361851 1.765.186 Total Incomlng rn50Mrc¢s 1.361851 1.362.851 1.765.186 Expendlture on: Raising funds Charitsble activtdes 17,193 17.193 .318.927 18,034 1.616.840 .318.927 Totab expendlture .318.927 17,193 1,331120 1.634074 Net Ilossygain on Investment assets 111.495.6671 {11.495,664 23.145.157 N•t Incom•l(èxptndltur¢) 43,924 111.5 118601 111,468.9361 23.275,469 Net movement In funds 43.924 111.512.860) 111.468.9361 23.275.469 fteconclllatlon of funds: Fund balance broush¢ forward at l January 2022 Fund balance Carried forward at 31 Deeember 2022 845.649 46.$07.752 47.353.401 24.077.932 889573 34.994.892 35,884.465 47.353.401 All amounts are In respect of continulng tiVitie
THE ADRIAN SWIRE CHARITABLE TRUST ALANCE SHEET At 31 D¢¢ember 2022 2Q22 2021 Note Flxd assets Investments 35.124.740 46599.890 Current assets Cash at baThk and in hand Debtors 826.489 4.774 752.240 5.292 831.263 757523 Llabllltl•s Creditor Amounts falllng dut wlthin one year 171.538) (4.0211 Net current assets 759.725 753.511 Total usets less currert liabilitits 35,884.465 47.353.401 Net assets 35,884,465 47.353.401 The fvnds ofthe Chaty. Unrertrirted incorne fun& 889.573 845.649 Expendable endowmeftt funds 34.994.892 46J07.752 3584.465 47.353.401 The financi Statements on pages 9 to 20 were approved by the board of trustee5 on 11 O¢tobor 2023 and were sied on its behaw by.. S C SWIRE Trustee 10
THE ADRIAN SWIRE CHARITABLE TRUST ST AI EMEN I OF LASH FLUWS Year end•d 31 December 2022 2022 2021 Total Note Net cath u58d in opernung actNitie$ 11.268.085) 11.034255) Cosh t7ows from investing octivriie Interest and dividend5 Purchase of invesrrnenrs 1.361851 120.5 In 1.342.334 1.765.186 121.121) 1.744.065 Net cash proded by im¥ettlng attè¥lties Change in osh and cash 4guiY&lents 74249 109.810 Cash and cash equivalents brought f0Thrd 752,240 642.430 Cash and (ash eqUntS orried forward 826.489 752.240
THE ADRIAN SWIRE CHARITA8LE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended J I Dernber 2022 Ac<ountlng pollc1•5 {a) Basls of prtparatlon and a8se15m•nt of golng concern The financlil ststements have been prepired under the historic cost conventK)n, with the exception tha¢ inVeSents are Included at market valu& The flnanehl statements have prepared Sn lccordanct wth the Ststement of Recommended Pra£¢e.. A£cowuTr8 and Reporring by chare$ preparing thelr iccoursts in accorthnce with the Fin3nual Reporung Ststhdard appllcablt In the UK and Republlt of lttland IFRS 1021 elfectw• I nUary 2019 and the chareS Act The trust conSltS a pthltc bEnefrt trtry as dtfined by FRS 102. The trustees tongder that there are no matsra uncertainties about the Trust's ability to tJntlnue as a golng ton<eM. There are no Kicant areas ol adjuKment and kry a55umptyons that affect iterns in the accounts. With respect to the next reporung period. the mose signthcant areas of uncertainty that affect the Carng value of assets held by the Trust are the Ve1 of inYe5tment return and the perforrnince of investynent m3rket5 (see the rNk mana8ernent 5ectiDn of the tru5tee5' annual repor¢ for more information). (b) Funds 5trKture The charfty has an expendable endowmwt fund crgat8d by a grfL The income of thk trus¢15 unrostrKted. The tern ol the eTrdowmert allow the capitsl of the fijnd to be sPt rf the trustees so deormine. Unrestricted income fijnds comprtse those funds which the tru$Eees are free to use lor any purpose In furtherance of the chamtabk obfrecr& Unrestricted funds Ineludt deslnated funds where the rrusrees, at thdr discretion. have created a fund for a specwk purpose. (c) Income reco8nltlon All income is reco8nised once the charity ha5 entitkrnent to the incorne. it 15 probable that the income will be rÈceThtEd and the amount of income rece be measvred reliably. DohatlDn5 are reLoznised when the Trust has been notrfied in wrTrz of both arnount and 5edemettt datè. Interest on funds held on deposit 1$ included when recei¥able and the amount can be mea5ur¢d relrdbly by the charity. thi$ is Trormalty upon notification ol the Interest paSd or payable by th• bank DNldend$ are recognisod once the dNi&nd has been deelared and the notffication has been rttelyed of the dYidÈnd due. This is norn)alty upon notffjicatK)n by our Investmert athlsor of the dlvldend yleld of the investrnenr pordollo. (d) Exp¢ndlture re¢ognl¢lon Liibilitie5 are recognised as expendiwre 3s soon as there 15 1 legal or constructive obli&allon cornmitong the charity t that expenditure. it is probable that sttdement will be required and the amount of the obligation be measured relkibty. Grants payable are payments made ro third Pare$ it) the furthordnee of the tharitable objects of the Trujt is tcrued oncÈ the recipient ha5 bÈÈn notffiÈd of the gAmt award. {*) Irrecoverable VAT Irrecoverable VAT is charged against the ¢xpenditure heading lor which it wa5 incurred (o Support and governanre costs Th¢ (harry does not incur support costs. Governance costs comprise all costs the public ¥countability ol the hartiy and its cornplk?nce with regu0 and zood prdCtic4 Governance costs relate to charftabk IvIe%.
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2022 Flx•d asset Investments Intments are a lorm tsf basK financml instrumenr omd are In11 rtcogni5ed at their transacwon Yalue and subsequentty measured at their fair value as the baknte sheet date using the closln¥ 9uod marke¢ prKe. The stsmeTr¢ of financrdl attiviues include5 the et 4¥ins and 1055es arising on re71uation arld disposals throvxhwt the yar. The Trust do¢5 not acquirg put optK)ns, derNativÈs or other Compl finarttial knstrurnent The malt) form of financial rlsk laced by the charity is thit of volati1/ in equw rnark¢ts and in$ent m•rk¢ts t¢ to wider eeonomSc t¢)ndon& the attitude of investors to lrtvtstrneni rlsk 4nd cha¥ys in sentiment eonceming equityes wrthit) pardcular secwrs or sub setcor5. John SvAre & Sotts Umlted ordinary ¥T¢S are vthed a¢ the muimurn price tht can be applied to sa$ btheen shareholder The prict Is proposéd at the Annual General Meeting ol the c¢xnpany by the board of directors and 15 apprtved by the shehoLders. It is (al¢uted based on i dryidend yield calculaiion and re¥lew ol comparable woted C<JmpattS. john Swire & Sons knmitsd preference thares are valued on i daity basis by dividing thÈ coupoth by the averay yId ol compaTrble guoted wrnpank¥. suied dt)wn to I0nI for the 5har¢s beinz unliste (h) Reallsed galns and losses All gains ind 105S¢s are included net in the Statemont ol Flnanchl Aet[vIt as they arise. Realised ¥ains and kxsts 4 investmerts are Cakted as the drflerence between sales proceeds and thtlr opening tarrying value or their purthast ¥ae rf ¥cquired subsequent to the first day of the finantl year. Unreali5ed lain5 and hsses are cakulated the diteren¢e between the fair value at the year end and their carrying Value. Realed and unreald inYe5trnent pins and lo5% ar• combined in the Statement ol Flnanclal Acrmdès. Invesknlent Income 2012 2021 InYe5trnent income comprises ITOme from unlisred securityes Irthme Irom UK pooled ir)wtment Interest on th Ikposr£ 1,185.726 175,482 1,643 1583.692 181.416 78 1.361851 1.765.186 Iestrnent income in both years was attributable to the unrestricted inttyfie fund. 13
THE ADRIAN SWIRE CHARITABLE TRusr NOTES TO T H E FI NAN C IAL ST A TEM ENTS Year ended 3 l December 2022 Analys15 of exp¢ndlture on chwltable actlvltles The thariw did not undEr¢ake any tiVity directly but rnet its charitable purposes by making donations and grants. 2022 2021 fronts n70dt to thoritulkn instilution& 2874 Trust Ace Africa (UK) Attn4Y0Uth Addenbrooke's Charttable Trust eUK r League Trust Alr Pilots Trust Honourable Co Ajzheimer's Research UK Anne Robson Trust Armonico Consort Art History knnk-up Ashmolean Museum Awards lor Young Muslclans Ayre to Ajr Battle of Britain Memortal Trust 8eaver Trus¢ Be Free Young Carers Bell House Dulwkh Berlioz SesquKentenary Trust Birth Companitins Blandford Forum Parochial Church Council Blue Cr0$5 Bran Tumour Charity he) Brathay Trust itain Australia Society Edueational Trust British Institute of Florence Britlsh Red Cross 8ritren Pear5 Arn Burton Dassett PCC Buxton Opera House Byford PCC cVert Trust Exmoor Carer5 Trust Caudwell Children Central London Samaritans Centre for Homeless Impact Chalke Valley History Trust Charities Aid Foundation - Donor AthL%ed Fund Charity Mentors Oxfordshlre Charlie Waller Memorial Trust Cockpit Continuo Foun&tion Cri515 UK Cystic Fibrosis Care Dwsy's Dream Devon Wildlrfe Trust 5.000 2.500 i 0.000 5.000 15.(100 25OQ 15.LKIQ ie.000 i 0.000 3500 10.000 20.000 i 0.000 36.574 15.000 10,000 25.OOCI 5.000 20,000 9.113 5.000 10.000 15.000 1500 10.ooo 10,oc 10,000 5.000 25.000 15( 25.0 2S.O¢ 9500 15(K) 13.036 20.000 5.000 3.000 25,000 25.0th) 20.000 15.000 100.DOO 15.OOQ 5.000 5.000 26,(XYJ 1S.C*J) 25.O¢XI 1500 5,OG 25.000 Carried forward 479.110 295.613 14
THE ADRIAN SWIRE CHARITABLE TAusr NOTES TO THE FINANCIAL ST A TEMENTS Yèar ènded 31 Dec¢mb¢r 2021 Analy515 of expÈndltur¢ on ¢h•rltable artlvldw {¢ontlnued) 2022 2021 Brouzht hnvard 479,110 295.613 Different Strok Dttchling Museum of Art Der5e Abilities Dougla5 Bader Foundatltsn Dressability rth Trust East Susxx Bach Choir Envlslo11 Essex Yeornanry FalWand Hall Charity Fine Cell Work Force Cancer Charity Frleftd$ of Guy7 Marsh Prix•n Friends gf Sussex Hospices Friend5 of The Ridgeway Gir15' Eduotion Company Wycombe Abb Gloria e Marco Award Gtyndebourne Productions knmited Great Haseley GuidE 0085 lor the Blind knociation Guideposts Trust Limi*d Hampshire and Isle of Wi8ht Air Ambulance Help Musicinns Heritage of London Trust Horatio's Garden Hospiscare Household Dwn Funds Organ Rtplaeement Funds Imperial War Museum Inkernian Housing Assoelldon 1Tr5psre Foundation Iftstitute ol Cancer Vacclnes and Immunotherapy INstitLrtÈ ol Cancer Research lulla's House Kathleen Ferrfjer Avrtrds Kilmartin Museum Lambourn RDA Lwue of Friend5 of Lewe5 Vittoria Hospital Letcombe Brook (Wantage) Charitable Trust Lifebeat Lord Ley¢esor Ho¥piul Lyneham Ftylng Club Macmillan Cancer Support Milta Aviatyon Museum Foundation Mary Anning Rock3 Mary Hare Foundation Mary Rose Trust Maymessy CIC Carried foThfard 3.000 10,000 5.000 5.¢XIO 20.000 2,500 20,000 20.LYJO 10.LWO i i.ooo 12.000 15.000 6.000 2500 20.OryJ 25,000 5.000 7,5fy) 7.500 5.000 IL7.000 10.000 5.000 10.000 10.000 25.000 15.000 2500 10,000 15.000 15.0 30.0 30.000 3.000 3.000 5.000 15.000 2JOO 20.000 25.000 9.(MJO 15.000 10.O(NJ 15,000 20.000 20,000 5,000 691.113 690,610
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y¢ar ended 31 December 2022 Analysls of expendlturn on charltble actlvltles (¢ontlnued) 2022 2021 Brtsught forward 690,610 691.113 Migrants Organi5e Museum of Oxford Development Trust Myaware Myelorna UK Nat Assoc Laryngectomee Clubs (N£) Natyonal Literacy Trust National Migraine Centre National Trust Natur History Museum Navy Wing5 Ne150n Trutt Newbury Spring Festival Nomad Norfolk Churches Trust Old Fire Station Oracle Cancer Trust Orchestrd of the Swart 041rd Bound International ord tieder Oxfordshire Association for the Blind Iordshire Community Foundation for&hirÈ H4Storic Churche5 Trus¢ fordshire Victoma County History Trust ordshire Youth Parkhouse Awatd lThe) PCC of Badger KC of St Anne5 Lewe5 PIKe2B Pricr's Court Founda• Pri50ners' Education Trust Quest lor Learnin¥ 20,fXt) 20.000 10.000 5.000 5.000 20.500 15,C I8,sl 3.000 2.000 25,th) 20,0fy) 25.() 22,0fy) 25.000 10.ooo 5.000 15,(O) 2.500 25.CK) 25.000 2.0(10 io.oc 75CQ 5.000 15.000 2.51XI ioc 10,¢) 2.5(4) 7.5) 25.000 2.500 15.000 10.000 15LYJ 50,000 20,OthJ 10.oc 20.QOO RNLI Ross PCC Royal Air Forte Benevolent Fund Rordl Air Force Museum Ror418ritlsh Leglon Royal Opera House Rgyal Philharrnonic Socrety Royal Trinity H05pice s1110 Army Sameyou SMUndharn Art Station Schoolreaders Scottish Opera Se¢ds4su¢¢¢$5 SErnhy Sthool Shannon Trust Sinfonia of London Sparsholt Churth Carried forward 1500 25.1)00 25.QOQ 25,0¢ 2.000 5.000 2.500 60.000 10.c Iioth) T.500 1.500 10.000 4J96 30.000 10.000 30.000 10.thjo 1.078.110 1.136509 16
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y¢a* ended J l December 2022 Analysls of expendlture on charltable artl¥ltl¢s {contlnued) 2022 1021 Broutht forw7rd 1.078.110 1.136509 Sparshok with Kinzston tisle PCC SS Greac Britain Trust St Catherine Colle8e Wallace Watson Award St Clare H05PTce St Luke's H05pi¢al St Samp%5 Church Syle Acre Submariner Memorial Appeal Sussex Heart Char South We5¢ Grid for Learninz Trust Ltd Temple Grove Academy Thames vleY Air ArnbuLince The Boleh Trust The Brit15h Institute of Florence The Clink The FrterKl¥ of Oxford Botsnic GardEn Arl>oretum The GraTh8e Centre The US Charitable Trust The Wallxe Collttuon Two Moors Festival Unr¥ersity College O¥Eord {UnÈvl UnNer51ty of Southampton Unlocked Grathjates Vle Community Impact Versus Arthrius Victoria and Albert Museum Wallace Collectyon Wantsge Choral Society Want4e Independent Advice Centre Warw Literary Fe$tiYdl Wantage Silver Band Wantage Sumrner Arts Festival Warerloo Un¢overtd Wentworth Wts¢¢dhouse Preservat40n Trust West London Zon¢ WThitungton PCC WWF Mai Po Nature Re5etye Worshipful Company of Shipwrits Young Musicians Symphony Orthestf4 YMSO Zoologicl Society of London 10.000 25.000 10,000 5.000 7JOO 10.000 10.000 10,000 10,000 10,(thi 10.000 7,5ty) 25,C 10.¢WO 10,(w)o 10,( 7.5fAI 151 5.000 127500 10.ooo 50.000 10.000 7.500 S.0(KJ 5.000 5.0 15.000 2.009 20.000 22.003 lo.(0 2500 20.0(KI 10.00) Is,0 10.000 20.QQO 2JOO 20.OLXJ 1.263.610 lJ71.012 Donotion5 and gr¢rnts ofless th¢n £l.000.. Bayford PCC Essex Yeomanry Association 100 500 600 17
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Y•ar ended 31 December 2022 Analys1$ of exp•nditure on charitable activit$ (contlnued) 2022 2021 Total O)nations 1263.710 1571.612 Grnan costs olloc¢ned to thoriti7ble ucrMDes". Aikninistration fee Consultancy c05ts Auditor'5 remuneration 3.960 47.056 4.201 3.600 38.484 3.144 55,217 45.228 Total expenditure on charitable activities 1,318.927 1.616.840 Expenditure on charitable actNlties in both year5 wa¥ attributsble to th¢ unrestricted income fund. Flxed asset Investments 2022 2021 Quotedlunquot•d Investments Marke¢ value at Start of year Additions Net unrelised oo5se5llns on Invtstm¢nt a$5ets Market at end of ytsr 46.599.890 20.517 {11.495.667) 35.124,740 23,433,612 23,145.157 46599.890 Investments have been made In the followlng caregorles of securlties.. 2022 2021 Quoted UK equities 4,730,048 5J99.989 Unquoted UK equleS 30.394.692 41.199.901 35.124.740 46.599.890 The hlstorlcal cost of Investments at 31 December 2022 v*as £11447.752 P021 É114272341- The unquoted investmeTrts were ordinary and preference shares of john Swire & Son5 Limited. The largest investments are a holdin8 of ordinary shares in john Swire & Sons Limited valued ai I29,525,59612021 £40.187.2141 and a holdin8 of incorne units in Sarasin Mpha CIF for ETrdowrnent5 at £4,750.56612021 £5.399.9891. N¢t unrdised losses ¢)n investment assets in this year and fdins in the previous year were attributable to the endosyTr¢eni fun& 18
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 Oe(emb¢r 2022 Debtors 2922 2021 Other Debtors 4,774 5292 Credltor5: arnounts falllng due wlthlTr one year 2022 21121 Accru$ ¢)ther credltors 4,200 67.338 3.144 877 71.538 4.021 Analy91% of net assets betW4en funds Unrestrlrted Income fund Expen¢lable Endowment fund Total 2022 Fund balances as at 31 DeC•ber 2021 are rePrethd br. Cash and Debtors Int*rfund Creditors Inve5trnents 826,489 129.848 (715381 4.774 (1290481 831.263 <71.538) 3S,114,740 35.124.740 884.799 34.999,666 35,884,465 Reconclllatlon of net movement In fuftds to net cuh fflow from operntln8 xtlvltles 2022 2021 Net movement In funds Deduct income Irorn investments Add lOsse[gn$) ot) investments In¢r¢asd{d¢¢reas¢} ID ¢r¢ditor5 D¢tr¢as¢l(in¢r¢asel In debtors Net cash us¢d in op¢r4ting athiti¢s (11.468.936) 11.362,8511 11.495.667 67.517 518 23.275.469 (1.765.186) P3.145.157) 1.039 (420) (1.634.255) 11,268,085) 19
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 D•c•mber 2022 Related party transactlons During the year john Swire & Son5 Lirnited. a company in whKh the trustees h3ve a part&ciparang interesL expenses on the chartrfs behaw totalling £67.338 12021 £37.781) and was repaid Lnil P021 £37.9701. At the balance sheet datè. tht amount due to John Swre & Son5 Limr(ed wa5 £67.52712021 £189). During the year the tharlty receed no donation5 from tru5tee512021- £nil). During tht y¢r. the Trustees received no emoluments or rwrnbur5ement of expenses lor their 5ervtce512021 l O. FInancI ass•ts and Ilabllltles The followlng arè fjnancial a55¢ts chai qualtfy a5 basic financial instrumefits and are InitilY reCOlsd at their transattion value and subsequendy rne35ured at their fair value as ai the balance sheet date using the closin8 qU0d marktt price or. for unquoted inve5tment5. Usin8 the valuation rnethods in the accounting policy lor Fixed Asset Investments: Flnanclal 4$5ets 2022 2021 Quotedlunquoted investments 35.124.740 46.599.890 35.124.740 46.599.890 20