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$hed by deed
28 October 1988
Charlty number
8￿49)
Trustees
La¢ty judith SI￿re
M V Alllrey
M 8 Swire
S C Swire
l H Kidner
C R Soames (appointed 20 October 2022)
Power to appolnt new trustees was ￿$ted Ix the stttjor
during hls lifetimÈ and 15 ther￿fter verted in ￿dY judith
Swire durlng her lIfe￿Me.
Slr A&iar* Swire
Trust fund
É100. lurther se¢d¢mer￿. acCumula￿on of income. (api
acert￿tsn 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 Ire￿nd {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 SI￿re 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 reCe￿e 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 ptslici*x 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 m*kln8 polky
The Trust￿ C￿￿entlY hvld meetinKS twice i ye3r to cOn￿der 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 un5olici*d 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 organi￿tiOns.
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 m*ryinalised 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 her￿e 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 ll*X 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 inflatK*n. whlle protectlng the Ydlue of the charlws tapid in real terrns.
The Tru5¢'s investments are held sn the Sarasin End0￿￿ents Fund which amns to prO￿de 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 glob￿lY 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 fil￿nC￿l risk The Trust's investrnenrs consist largely
Lrf a holding of shares in a private company that were setded upott the Trust*s 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¢Eul*r 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 object￿e$.
5tatem¢rt of Trustees. re%ponslblll¢les In relJtlon to the Ilnanclal statements
The Trustees are reSponsi￿e 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 char￿e5 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 th*t 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
T￿leS 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 Pract￿4
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 Eth*caf
Stsndard, and we have fU￿illed our other ethical responsibilities in accordance with these requirements. We believe
that the audit e￿dence 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 sta*ment& 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 r￿t 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 ir*fornMtion 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$tatement of other informatian. we are required
to report that fact.
We have fiothlng to report irt thi5 roprd.
Mthrs on whkh we ar• r•qulrnd to rnport by exceptlon
We have nothing to report in respect of the following matters in reLqtion to which the Charities (Accouftts
R•ports} Regulati0Th5 2008 require u5 to report to you rf. In our opinion-
thE inforrnadon glv*n In the financll statements is Inconslstent In aty materlal re5pett with the trustee5
reporL or
sufficient accounting recor& have not been kepL or
the financial stacements are not in a8reement with the accounting record5- tx
we have not received all the inforniation and explanations we requir* lor our aud
Re5ponslbllltle5 of trurtee5
As explained more fulty in the tru5teès' rtsponsibllklts statsmenr set out on page 5. the trtssteÈs are rewnsible
for the preparation of the finan¢i31 staternents and for being sav5fied that they gNe a true and lair view, and for
Such Intern￿ control as the trust￿ dÈtermine Is ntctssary to enable the preparatlon ol financial statements that
¥¢ free from mat¢rlal mlssut¢menL wh¢ther dut t¢+ frnvd or error.
In preparing the financul ststement4 the trusteei are responsible for as5e55ing the charitys abillty to continue as a
going concern. dt5closin& as applicable. matter5 related to 80in8 concern and using che going concern basis of
xcoun¢ini unless the trustees either intend to liquidate the charity Or to cease operatitshs, or have no realystic
alternative but to do 50.
Audltorfs responslbllltl•s for th• avdlt of the Iln*rKlal staternents
We have been appointed as auditor un&r section 144 of the Charities Act 2011 and report in accordance vrith the
A¢¢ 4nd relevant regul&tyons made or having effect thereunder.
Our objectives art to obt*n reasonable assurance about whether the finattcknl st*tement$ 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 de￿ct 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•t*2mplÈaAct 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 h￿h¢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 C*n laws and reguladons whl¢h could gl¥e rfst to 4 ma￿￿*1 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 $UPPOrtin¥ thurnentation. enguirie5
wlth managtment ané ¢nquiri¢s ¢f thlrd parties.
in all our audits. we a150 addressed the risk ol rnana8ernent override of intern31 contro15. includiThi te5tin¥
journals and ewalua£ing wheth¢r th¢re was ￿idence of byas by rnanagement thai reprexnted a rf5k of rnaterlal
misststemeftt du¢ £ts fraud.
There are inherent limitations in the audit procedure5 dEScr1È￿ above and, the further rernoved non-compliance
with laws and regulat￿n5 15 from the events and rransactyons refiected in the financil 5ratements, the le55 likely we
would becom¢ awar¢ d IL Wt did ftot identify any key audit matter5 relatinK to irreKulari¢ie5. in¢luding fraud
A further &scription of our responsibilities for the audit of the financuil statements is Iixated on the Financial
Reportin8 Council'5 website aL www.frc.or&uWauditorsrespon5ibilities. Thi5 de5UiPtion form5 part ¢)f our auditor's
report
Uie of our report
This report is made solely to the charl￿& trustee& as a body, in accordance with rryulations rnade under section
154 of the Charities Art 201 l. Our audit work ha$ 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 te￿5 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
Flx*d 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 Cha￿ty.
Unrertrirted incorne fun&
889.573
845.649
Expendable endowmeftt funds
34.994.892
46J07.752
35￿84.465
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
si￿ed 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 pro￿ded by im¥ettlng attè¥lties
Change in osh and cash 4guiY&lents
74249
109.810
Cash and cash equivalents brought f0Th￿rd
752,240
642.430
Cash and (ash eqU￿ntS orried forward
826.489
752.240

THE ADRIAN SWIRE CHARITA8LE TRUST
NOTES TO THE FINANCIAL ST A TEMENTS
Year ended J I D￿ernber 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¢ inVeS￿ents are
Included at market valu& The flnanehl statements have prepared Sn lccordanct wth the Ststement of
Recommended Pra£￿¢e.. A£cowuTr8 and Reporring by char￿e$ 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 char￿eS Act
The trust conS￿l￿t*S a pthltc bEnefrt trt￿ry as dtfined by FRS 102.
The trustees tongder that there are no matsr￿a uncertainties about the Trust's ability to t*Jntlnue 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 Car￿ng 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 sP￿t rf the trustees so deormine.
Unrestricted income fijnds comprtse those funds which the tru$Eees are free to use lor any purpose In furtherance of the
chamtabk obfrecr& Unrestricted funds Ineludt deslnated funds where the rrusrees, at thdr discretion. have created a
fund for a specwk purpose.
(c)
Income reco8nltlon
All income is reco8nised once the charity ha5 entitkrnent to the incorne. it 15 probable that the income will be rÈceThtEd
and the amount of income rece￿*￿￿ be measvred reliably.
DohatlDn5 are reLoznised when the Trust has been notrfied in wr￿Trz of both ￿ arnount and 5edemettt datè.
Interest on funds held on deposit 1$ 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 Par￿e$ 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 regu￿￿0￿ and zood prdCtic4 Governance costs relate to charftabk I￿vI￿e%.

THE ADRIAN SWIRE CHARITABLE TRUST
NOTES TO THE FINANCIAL ST A TEMENTS
Year ended 31 December 2022
Flx•d asset Investments
In￿tments are a lorm tsf basK financml instrumenr omd are In1￿*1￿ rtcogni5ed at their transacwon Yalue and subsequentty
measured at their fair value as ￿ the baknte sheet date using the closln¥ 9uo*d marke¢ prKe. The sts*meTr¢ of financrdl
attiviues include5 the *et 4¥ins and 1055es arising on re*71uation arld disposals throvxhwt the y*ar. 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$￿ent m•rk¢ts t￿¢ to
wider eeonomSc t¢)nd￿on& the attitude of investors to lrtvtstrneni rlsk 4nd cha¥ys in sentiment eonceming equityes
wrthit) pardcular secwrs or sub setcor5.
John SvAre & Sotts Umlted ordinary ¥￿T¢S are vthed a¢ the muimurn price th*t can be applied to sa￿$ btheen
shareholder* The prict Is proposéd at the Annual General Meeting ol the c¢xnpany by the board of directors and 15
apprt*ved by the sh￿ehoLders. It is (al¢u￿ted based on i dryidend yield calculaiion and re¥lew ol comparable woted
C<Jmpatt￿S.
john Swire & Sons knmitsd preference thares are valued on i daity basis by dividing thÈ coupoth by the averay y￿Id ol
compaTrble guoted wrnpank¥. suied dt)wn to I￿0￿nI 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 Cak￿￿ted as the drflerence between sales proceeds and thtlr opening tarrying value or their purthast
¥a￿e 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. Real￿ed and unreal￿d inYe5trnent pins and
lo5%￿ ar• combined in the Statement ol Flnanclal Acrmdès.
Invesknlent Income
2012
2021
InYe5trnent income comprises
IT￿Ome from unlisred securityes
Irthme Irom UK pooled ir)wtment
Interest on t￿h Ikposr£
1,185.726
175,482
1,643
1583.692
181.416
78
1.361851
1.765.186
I￿estrnent 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)
Att￿n4Y0Uth
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
c￿Vert 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
D￿er5e 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 charlt*ble 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
0￿￿41rd Bound International
ord tieder
Oxfordshire Association for the Blind
I￿ordshire 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
Pric*r's Court Founda￿•
Pri50ners' Education Trust
Quest lor Learnin¥
20,fXt)
20.000
10.000
5.000
5.000
20.500
15,C
I8,s￿l
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
s￿￿1110￿ Army
Sameyou
S￿MUndharn 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 v￿leY 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 Shipwri￿ts
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 activi￿t$ (contlnued)
2022
2021
Total O)nations
1263.710
1571.612
G￿rnan￿ 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 oo5se5ll￿ns 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 equ￿leS
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 rePre￿thd 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￿[g￿n$) 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 rece￿ed 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 Initi￿lY reCO￿ls*d at their
transattion value and subsequendy rne35ured at their fair value as ai the balance sheet date using the closin8 qU0￿d
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