2023-12-31-accounts

THE ADRIAN SWIRE CHARITABLE TRUST

REPORT AND ACCOUNTS

YEAR ENDED 31 DECEMBER 2023

Charity number: 800493

THE ADRIAN SWIRE CHARITABLE TRUST

I N D E X

Year ended 31 December 2023

	Page
General information	2
Report of the trustees	3
Auditors’ report	6
Statement of financial activities	9
Balance sheet	10
Statement of cash flows	11
Notes to the financial statements	12

1

THE ADRIAN SWIRE CHARITABLE TRUST

G E N E R A L I N F O R M A T I O N

Year ended 31 December 2023

Established by deed	28 October 1988
Charity number	800493
Trustees	Lady Judith Swire
	M V Allfrey
	M B Swire
	S C Swire
	J H Kidner
	C R Soames (appointed 20April2023)
	Power to appoint new trustees was vested in the
	settlor during his lifetime and is thereafter vested in
	Lady Judith Swire during her lifetime.
Settlor	Sir Adrian Swire
Trust fund	£100, further settlements, accumulation of income,
	capital accretion or otherwise and all property
	representing the same.
Objects	Such charitable objects as the Settlor shall in writing
	direct or in default of direction as the Trustees shall
	from time to time determine.
Accumulation	During the period 21 years from the date of the trust
	deed, the Trustees had power to accumulate the whole
	or any part of the income of the Trust Fund.
Power to retain	The Trustees have power to retain any John Swire &
	Sons Limited shares comprised in the Trust Fund.
Investments	Powers of investment as an absolute beneficial owner.
Investment managers	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s Churchyard
	London
	EC4M 8BU
Bankers	Coutts & Co
	440 Strand
	London
	WC2R 0QS
Auditors	Dixon Wilson Audit Services LLP
	22 Chancery Lane
	London
	WC2A 1LS
Address	Swire House
	59 Buckingham Gate
	London
	SW1E 6AJ

2

THE ADRIAN SWIRE CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 31 December 2023

The Trustees present their report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Structure, governance and management

The Trust is an unincorporated charity, constructed under a trust deed dated 28 October 1988 and is a registered charity, number 800493.

In accordance with the Trust deed, the minimum number of Trustees is three. The power to appoint new trustees is vested in Lady Judith Swire during her lifetime.

Responsibility for the induction of all new trustees, which involves awareness of the history and approach of the charity and an understanding of a trustee’s duties, lies with the Chair. New Trustees receive detailed information about the charity’s governance, grant making, and financial position, including copies of Charity Commission guidance for trustees, the Trust’s governing document, and the annual report and accounts.

The Trustees are directly responsible for the management of the Trust. The Trustees agree the Trust’s strategy, review and approve donations and grants, and oversee the charity’s governance, including the investment, reserves, and risk management policies, which are formally reviewed annually at the Trust’s annual general meeting.

The Trust deed provides the Trustees with broad powers to create polices to support the management, governance, and administration of the Trust.

Grant making policy

The Trustees currently hold meetings twice a year to consider grants and donations. Time-sensitive requests can also be agreed outside of meetings.

Proposals for grants of £10,000 and over and for multi-year grants are considered by all Trustees. Grants of under £10,000 may be considered at Trustee meetings but can also be agreed outside of meetings by a minimum of two Trustees.

The Trust does not run open funding programmes or encourage unsolicited applications. Most potential grant holders are initially identified by the Trustees.

Organisations being considered for a grant are usually required to submit a request explaining how the funds would be used and what would be achieved. All requests for funding are managed online. Due diligence is then undertaken by a small team on behalf of the Trustees, before grants are agreed.

Objectives, activities and achievements for the public benefit

The Trust Deed contains broad charitable objects which allow the Trustees, in their discretion, to pay or apply the income and, if agreed, the capital of the Trust Fund to or for the benefit of any charitable bodies, trusts, associations, institutions or organisations.

Grants awarded by the Adrian Swire Charitable Trust reflect the interests of the Settlor’s family. During the year, the Trust awarded grants totaling £1,483,824 (2022 - £1,266,410).

Areas of the Trust’s grant-making in 2023 included support for the welfare of marginalised or disadvantaged individuals and communities, music education and early career musicians, literacy skills among young people and adults, heritage and restoration projects, and maritime and aviation heritage and charities.

The Trust also has a geographic focus to its grant making, supporting charities in Oxfordshire, Wiltshire, Somerset, and Dorset.

During the year, the Trust received a donation of £2,108 (2022 - £nil).

3

THE ADRIAN SWIRE CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 31 December 2023

The Trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.

Investment policy and performance

Under paragraph 5.2 of the trust instrument, the Trustees have power to retain shares in John Swire & Sons Limited, and are not under any duty to diversify to the extent that the trust fund comprises those shares.

The Trustees have also noted the statutory duty of care required by the Trustee Act 2000, in relation to their holding suitable investments and the need for diversification of investments so far as is appropriate to the circumstances of the Trust.

The Trustees’ overall investment objective is to achieve a level of investment income growth which at least matches the rate of inflation, while protecting the value of the charity’s capital in real terms.

The Trust’s investments are held in the Sarasin Endowments Fund, which aims to provide long-term charity investors with a sustainable income, while maintaining the real value of the capital and income for the future. The fund integrates ESG screening criteria to ensure the stewardship of funds in a responsible globally diversified portfolio.

The listed investment portfolio returned 8.6% (2022 - -9.6%) against their benchmark of 11.9% (2022 - - 6.9%). Income from ordinary and preference shares in John Swire & Sons Ltd was £1,543,187 (2022 - £1,146,848).

Reserves Policy

The Trust was created in 1988 with a fund intended to provide a regular level of income which could be distributed for a wide variety of charitable purposes.

It is the Trustees’ policy not to retain reserves as the charity’s overheads are low and any deficit on the Unrestricted Fund can be removed by transfers from the endowment fund at the discretion of the Trustees.

Financial position and statements

The Trustees considered the financial position to be satisfactory. There is sufficient cash and investment income to meet the committed donations and to continue to provide support to their chosen charitable causes. The financial statements comply with the current statutory requirements and with the requirements of the Trust deed.

Key management personnel remuneration

The Trustees consider the Board of Trustees as comprising the key management personnel in charge of directing and controlling the charity. All Trustees give their time freely and no Trustee remuneration or expense reimbursements were paid in the year. The day-to-day operation and administration of the Trust is delivered by a small team within John Swire & Sons Ltd.

Risk management

The Trust’s Risk Register identifies potential risks in key areas, specifically financial risks, governance, grant making and operations, and reputation. Currently, the principal risks faced by the charity lie in the performance of its investments and risks from ineffective grant making. The major risks to which the Trust may be exposed, as identified by the Trustees, have been reviewed and, where appropriate, processes and systems have been put in place to mitigate those risks.

4

THE ADRIAN SWIRE CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 31 December 2023

The variability of investment returns is the charity’s principal financial risk. The Trust’s investments consist largely of a holding of shares in a private company that were settled upon the Trustees with the power contained in the Deed to retain and not to diversify those shares. The Trustees seek to mitigate the risks through their board representation, as well as by the regular monitoring of such investments on receipt of published financial information.

The risk of ineffective grant-making is mitigated by carrying out research on charitable institutions to establish whether potential donations will be used effectively and in furtherance of this charity’s own objectives.

Statement of Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

S C Swire For the trustees 2 October 2024

5

THE ADRIAN SWIRE CHARITABLE TRUST

A U D I T O R S ’ R E P O R T

Year ended 31 December 2023

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ADRIAN SWIRE CHARITABLE TRUST

Opinion

We have audited the financial statements of The Adrian Swire Charitable Trust (the ‘charity’) for the year ended 31 December 2023, which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

6

THE ADRIAN SWIRE CHARITABLE TRUST

A U D I T O R S ’ R E P O R T

Year ended 31 December 2023

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect 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 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

7

THE ADRIAN SWIRE CHARITABLE TRUST

A U D I T O R S ’ R E P O R T

Year ended 31 December 2023

We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act 2011.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of third parties.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS 23 October 2024 Date:…………………………..

Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

8

THE ADRIAN SWIRE CHARITABLE TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 December 2023

					2023	2022
	Unrestricted		Expendable
		Income	Endowment
	Note	Fund	Fund		Total	Total
		£		£	£	£
Income and endowments from:
Donations		2,108	-		2,108	-
Investments	2	1,740,070	-		1,740,070	1,362,851
Total incoming resources		1,742,178	-		1,742,178	1,362,851
Expenditure on:
Raising funds		-	(16,920)		(16,920)	(17,193)
Charitable activities	3	(1,532,397)	-		(1,532,397)	(1,318,927)
Total expenditure		(1,532,397)	(16,920)		(1,549,317)	(1,336,120)
Net gain/(loss) on investment assets	4	-	1,664,385		1,664,385	(11,495,667)
Net income/(expenditure)		209,781	1,647,465		1,857,246	(11,468,936)
Net movement in funds		209,781	1,647,465		1,857,246	(11,468,936)
Reconciliation of funds:
Fund balance brought forward at
1 January 2022		889,573	34,994,892		35,884,465	47,353,401
Fund balance carried forward at
31 December 2022		1,099,354	36,642,357		37,741,711	35,884,465

All amounts are in respect of continuing activities.

9

THE ADRIAN SWIRE CHARITABLE TRUST

B A L A N C E S H E E T

At 31 December 2023

2023 Note £ £ Fixed assets Investments 4 36,813,172 Current assets Cash at bank and in hand 995,572 Debtors 5 4,849 1,000,421 Liabilities Creditors: Amounts falling due within one year 6 (71,882) Net current assets 928,539 Total assets less current liabilities 37,741,711 Net assets 37,741,711 The funds of the charity: Unrestricted income funds 1,099,354 Expendable endowment funds 36,642,357 37,741,711

2022 £ £ 35,124,740 826,489 4,774 831,263 (71,538) 759,725 35,884,465 35,884,465 889,573 34,994,892 35,884,465

The financial statements on pages 9 to 20 were approved by the board of trustees on 2024 2 October and were signed on its behalf by:

S C SWIRE Trustee

10

THE ADRIAN SWIRE CHARITABLE TRUST

S T A T E M E N T O F C A S H F L O W S

Year ended 31 December 2023

		2023	2022
	Note	Total	Total
		£	£
Net cash used in operating activities	8	(1,546,940)	(1,268,084)
Cash flows from investing activities:
Interest and dividends	2	1,740,070	1,362,851
Purchase of investments		(24,047)	(20,518)
Net cash provided by investing activities		1,716,023	1,342,333
Change in cash and cash equivalents		169,083	74,249
Cash and cash equivalents brought forward		826,489	752,240
Cash and cash equivalents carried forward		995,572	826,489

11

THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

1. Accounting policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. There are no significant areas of adjustment and key assumptions that affect items in the accounts. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the risk management section of the trustees’ annual report for more information).

(b) Funds structure

The charity has an expendable endowment fund created by a gift. The income of this trust is unrestricted. The terms of the endowment allow the capital of the fund to be spent if the trustees so determine.

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and the notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. This is accrued once the recipient has been notified of the grant award.

(e) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

(f) Support and governance costs

The charity does not incur support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs relate to charitable activities.

12

THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

(g) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within particular sectors or sub sectors.

John Swire & Sons Limited ordinary shares are valued at the maximum price that can be applied to sales between shareholders. The price is proposed at the Annual General Meeting of the company by the board of directors and is approved by the shareholders. It is calculated based on a dividend yield calculation and review of comparable quoted companies.

John Swire & Sons Limited preference shares are valued on a daily basis by dividing the coupon by the average yield of comparable quoted companies, scaled down to account for the shares being unlisted.

(h) Realised gains and losses

All gains and losses are included net in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

2. Investment income	2023	2022
	£	£
Investment income comprises:
Income from unlisted securities	1,543,187	1,185,726
Income from UK pooled investment	166,196	175,482
Interest on cash deposit	30,687	1,643
	1,740,070	1,362,851

Investment income in both years was attributable to the unrestricted income fund.

13

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

THE ADRIAN SWIRE CHARITABLE TRUST

Year ended 31 December 2023

3. Analysis of expenditure on charitable activities

The charity did not undertake any activity directly but met its charitable purposes by making donations and grants.

	2023	2022
	£	£
Grants made to charitable institutions:
2874 Trust	-	5,000
Aberchirder Village Hall	5,000	-
Ace Africa (UK)	-	2,500
Action4Youth	50,000	10,000
Addenbrooke’s Charitable Trust	-	5,000
Air League Trust	18,000	18,000
Air Pilots Trust Honourable Co	10,000	10,000
Anne Robson Trust	-	20,000
Armonico Consort	15,000	20,000
Art History Link-Up	10,000	10,000
Arts at the Old Fire Station	10,000	-
Ashmolean Museum	36,574	36,574
Asylum Welcome	15,000	-
Awards for Young Musicians	-	15,000
Ayre to Air	10,000	10,000
Beaver Trust	-	20,000
Be Free Young Carers	10,000	-
Berlioz Sesquicentenary Trust	-	5,000
Birth Companions	12,000	-
Brain Tumour Charity (The)	-	10,000
Brathay Trust	-	10,000
British Red Cross	-	25,000
Britten Pears Arts	-	25,000
Buckinghamshire Historic Churches Trust	5,000	-
Burton Dassett PCC	5,000	3,000
Buxton Opera House	-	2,500
Byford PCC	-	13,036
Calvert Trust Exmoor	24,000	-
Central London Samaritans	25,000	25,000
Centre for Homeless Impact	-	20,000
Chalke Valley History Trust	-	15,000
Charities Aid Foundation – Donor Advised Fund	-	100,000
Cockpit	-	26,000
Continuo Foundation	50,000	15,000
Cobernic Camphill Community	75,000	-
Countryside Learning	10,000	-
Crosslight Advice	10,000	-
Cystic Fibrosis Care	-	2,500
Devon Historic Churches Trust	5,000	-
Devon Wildlife Trust	25,000	-
Carried forward	435,574	479,110

14

THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

3. Analysis of expenditure on charitable activities (continued)	2023	2022
	£	£
Brought forward	435,574	479,110
Different Strokes	10,000	-
Dorset Historic Churches Trust	7,500	-
Douglas Bader Foundation	5,000	-
Douglas Swire Memorial Hall	12,500	-
Dressability	6,449	-
Earth Trust	20,000	20,000
Essex Yeomanry	1,000	1,000
Exeter Cathedral Music Foundation Trust	2,000	-
Exeter Science Centre	9,830	-
Fine Cell Work	25,000	-
Flexicare (Oxford and Abingdon)	6,000
Force Cancer Charity	20,000	20,000
Friends of The Ridgeway	1,500	-
Girls’ Education Company Wycombe Abbey	-	5,000
Gloria e Marco Award	-	25,000
Glyndebourne Productions Limited	5,000	5,000
Great Haseley	-	4,000
Guideposts Trust Limited	10,000	7,500
Helen & Douglas House	15,000	-
Heritage of London Trust	10,000	10,000
Home-Start Blackmore Vale	5,000	-
Horatio’s Garden	5,000	5,000
Inkerman Housing Association	15,000	15,000
Institute of Cancer Vaccines and Immunotherapy	10,000	15,000
International Tree Foundation	18,953	-
Julia's House	15,000	30,000
Lifebeat	20,000	-
Lyme Regis Boat Building Academy	17,500	-
Lyneham Flying Club	-	9,000
MAC Belfast	5,000	-
Mary Anning Rocks	-	5,000
Mary Hare Foundation	-	15,000
Mary Rose Trust	20,000	20,000
Migrants Organise	-	20,000
Carried forward	733,806	710,610

15

THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

3. Analysis of expenditure on charitable activities (continued)	2023	2022
	£	£
Brought forward	733,806	710,610
Nat Assoc Laryngectomee Clubs (Nalc)	-	15,000
National Literacy Trust	18,500	18,500
National Trust Tracheostomy Safety Project	15,000	-
Natural History Museum	25,000	25,000
Navy Wings	-	20,000
Nelson Trust	25,000	25,000
New Model Institute for Technology and Engineering	25,000	-
Newbury Spring Festival	12,000	22,000
Norfolk Churches Trust	-	15,000
Old Fire Station	-	2,500
Opera Holland Park	10,000	-
Oracle Cancer Trust	25,000	25,000
Outward Bound International	-	10,000
Oxford Hub	12,000	-
Oxford Lieder	12,000	10,000
Oxfordshire Historic Churches Trust	17,500	2,500
Oxfordshire Victoria County History Trust	-	7,500
Oxfordshire Youth	25,000	-
Parkhouse Award (The)	25,000	-
PCC of Badger	-	2,500
Prior’s Court Foundation	-	50,000
Prisoners' Education Trust	20,000	20,000
Quest for Learning	10,000	10,000
Ramsbury and Axford LCC	5,000	-
Read for Good	7,116	-
Royal Air Force Benevolent Fund	-	25,000
Royal Air Force Museum	5,000	-
Royal Trinity Hospice	-	10,000
Saxmundham Art Station	-	12,000
Schoolreaders	10,000	-
Seeds4success	18,000	-
Semley CE VA Primary School	6,000	-
Semley PCC	6,000	-
Shaftesbury Arts Centre	20,000	-
Shaftesbury Refugee Group	1,000	-
Shannon Trust	30,000	30,000
Sinfonia of London	15,000	-
Sparsholt Church	10,000	10,000
Carried forward	1,143,922	1,078,110

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THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

3. Analysis of expenditure on charitable activities (continued) 2023 £ Brought forward 1,143,922 Sparsholt with Kingston Lisle PCC 10,000 St Catherine College Wallace Watson Award 5,000 St Luke's Hospital - Style Acre - Sue Ryder Palliative Care Hub South Oxfordshire 20,000 Temple Grove Academy - Thanet Country Trust 10,000 The Boleh Trust - The British Institute of Florence 15,000 The Charlie Waller Trust 6,500 The Deaf Academy 15,000 The Friends of Oxford Botanic Garden Arboretum - The Grange Centre - The Military Wives Choirs Foundation 20,000 The Mulberry Bush Organisation LTD 30,000 The Story Museum 19,452 The US Charitable Trust - The Wallace Collection - The Wheelyboat Trust 10,000 Thomas Plume’s Library, Maldon 5,000 Trinity House Maritime Charity (WMNCS) 10,000 Two Moors Festival - University College Oxford (Univ) 2,500 Unlocked Graduates 50,000 Vale Community Impact - Victoria and Albert Museum - Wantage Choral Society 1,250 Wantage Literary Festival 5,000 Waterloo Uncovered 20,000 Wentworth Woodhouse Preservation Trust 20,000 Wessex Museums Trust 10,000 West London Zone 10,000 Wiltshire Historic Churches Trust 5,000 WWF Mai Po Nature Reserve - Wycombe Abbey 5,200 Yehudi Menuhin School 15,000 Young Musicians Symphony Orchestra YSMO 20,000 1,483,824 Donations and grants of less than £1,000: Bayford PCC - -

2022 £ 1,078,110 - 5,000 5,000 10,000 - 5,000 - 7,500 25,000 - - 10,000 10,000 - - - 5,000 8,000 - - - 7,500 2,500 - 5,000 10,000 - 5,000 20,000 - - 10,000 - 15,000 - - 20,000 1,263,610 100

100

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THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

3. Analysis of expenditure on charitable activities (continued) 2023 £ Total donations 1,483,824 Governance costs allocated to charitable activities: Fees/expenses 1,260 Consultancy costs 42,933 Auditor’s remuneration 4,380 48,573 Total expenditure on charitable activities 1,532,397	2022 £ 1,263,710 3,960 47,056 4,201 55,217 1,318,927

Expenditure on charitable activities in both years was attributable to the unrestricted income fund.

4. Fixed asset investments Quoted/unquoted investments Market value at start of year Additions Net unrealised gains/(losses) on investment assets Market value at end of year Investments have been made in the following categories of securities: Quoted investments John Swire & Sons Ltd (Ords) John Swire & Sons Ltd (Pref) Unquoted investment Sarasin Inv Funds Alpha CIF Endowments Inc	2023 2022 £ £ 35,124,740 46,599,890 24,047 20,517 1,664,385 (11,495,667) 36,813,172 35,124,740 2023 2022 £ £ 30,899,888 29,525,595 889,539 869,097 5,023,745 4,730,048 36,813,172 35,124,740

The historical cost of investments at 31 December 2023 was £12,447,752 (2022 - £12,427,234). The unquoted investments were ordinary and preference shares of John Swire & Sons Limited. The two largest investments are a holding of ordinary shares in John Swire & Sons Limited valued at £30,899,889 (2022 - £29,525,596) and a holding of income units in Sarasin Alpha CIF for Endowments at £5,023,745 (2022 - £4,730,048). Net unrealised losses on investment assets in this year and gains in the previous year were attributable to the endowment fund.

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THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

5. Debtors Other Debtors	2023 £ 4,849	2022 £ 4,774
6. Creditors: amounts falling due within one year Accruals Other creditors	2023 £ 23,489 48,393 71,882	2022 £ 4,200 67,338 71,538

7. Analysis of net assets between funds

Unrestricted Expendable Income Endowment fund fund £ £ Fund balances as at 31 December 2023 are represented by: Cash and Debtors 995,419 5,002 Interfund 166,709 (166,709) Creditors (62,774) (9,108) Investments - 36,813,172 1,099,354 36,642,357	Total 2023 £ 1,000,421 - (71,882) 36,813,172 37,741,711

8. Reconciliation of net movement in funds to net cash flow from operating activities

	2023	2022
	£	£
Net movement in funds	1,857,246	(11,468,936)
Deduct income from investments	(1,740,070)	(1,362,851)
Deduct (gains)/add losses on investments	(1,664,385)	11,495,667
Increase in creditors	344	67,518
(Increase)/decrease in debtors	(75)	518
Net cash used in operating activities	(1,546,940)	(1,268,084)

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THE ADRIAN SWIRE CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2023

9. Related party transactions

During the year John Swire & Sons Limited, a company in which the trustees have a participating interest, paid expenses on the charity’s behalf totalling £48,393 (2022 - £67,338) and was repaid £67,338 (2022 - £nil). At the balance sheet date, the amount due to John Swire & Sons Limited was £48,393 (2022 - £67,338).

During the year the charity did not receive donations from the Trustees (2022 - £nil).

During the year, the Trustees received no emoluments or reimbursement of expenses for their services (2022 – £nil).

10. Financial assets and liabilities

The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price or, for unquoted investments, using the valuation methods in the accounting policy for Fixed Asset Investments:

Financial assets Quoted/unquoted investments	2023 2022 £ £ 36,813,172 35,124,740 36,813,172 35,124,740

20