THE ADRIAN SWIRE CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Charlty number: 800493
THE ADRIAN SWIRE CHARrrABLE TRUST INDEX Year ended 31 December 2024 Paga General information Report of th8 trusteés Auditors, r8POrt Statement of financial activities Balance sheet 10 Statement of cash flows 11 Notes to the flnancial statements 12
THE ADRIAN SWIRE CHARITABLE TRUST GENERAL INFORMA TION Year ended 31 December 2024 Established by deed 28 October 1988 Charlty number 800493 Trustees Lady Judith Swire M V Allfrey M B Swire S C Swire J H Kidner C R Soames (appolnted 20 October 2022) Power to appolnt new trustees was v8St8d in the settlor during hls Ilfellme and Is thereafter vested In Lady Judith Swlre durlng her Ilf8tlm8. Settlor Slr Adrfan Swlre Trust fund £100. further settlements. accumulation of Income, capital accretlon or otherwise and all property representing the same. Objects Such charitable obJ8Cts as the Settlor shall in wrltlng direct or in default of d1ctIOn as the Trustees shall from time to tlme d8t8rmln8. Accumulatlon 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 retaln The Trustees have power to retain any John SWI & Sons Limited shares comprls8d in the Trust Fund. InvoStm•nt8 Powers of Investment as an absolute b8nefici81 owner. Investment manager• Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 88U Bankers Coutts & Co 440 Strand London WC2R OQS Audltors Dixon Wilson Audlt Servl¢es LLP 22 Chancery Lan8 London WC2A 1LS Address Swire House 59 Buckingham Gate London SW1 E 6AJ
THE ADRIAN sRE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended 31 December 2024 The Trustees present their report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in not8 1 of Ihe financial statements and with the Accountlng and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in arKordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Struclurey governance and management The Trust is an unincorporated charlty, constructed under a trusl deed dated 28 Octob8r 1988 and is a registered charity, number 800493. In accordance with thè Twsl deed, the minimum number of Trustees 15 three. The power to appoint new trustees is vested in Lady Judith Swir8 durlng her lif8tlme. Responsibilty for the induction of all nèw trustees, which involv8s awareness of the history and approach of th8 charity and an understanding of a trustee's duties, lies with the Chair. New Trustees receive detailed information about th8 charity's gov8rnanc8, grant making, and flnancial positSon, includlng Copies of Charity Commission guidance for trustees, the Trust's governing document. and the annual r8POrt and accounts. The Trustees are dlrectly responslble for the management of the Trust. The Trustees agree the Trust's strategy, review and approve donations and grants, and ov8rsee 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 provid8S 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 lce a year to consider grants and donations. Time-sensitlve requests can also be agreed outside of meetings. Proposals for grants of £25,000 and over and for multl-yèar grants are considèred by all Twstees. Grants of under £25,000 may be considered at Trustee meetings but can also be agreed outslde of meetings by a minimum of two Truslees. Tha Trust does not run open funding programmes or encourage unsolicited appllcatlons. Most potential grant holders are initially idenllfied by the Trustees. Organisations being considered for a grant are usually requir8d to submlt a request explalning how the funds would be used and what would be achieved. All request5 for funding are managed online. Due diligence is then und&rtaken by a small team on behalf of the Trustees. before grants are agreed. Objectives, activities and achlevements for the public benefit Th8 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 charitabl8 bodies, trusts. associations, institutions or organisations. Grants awarded by the Adrian Swire Charitable Trust reflect the interests of the Settlorfs family. During the year, the Trust awarded grants totaling £1,626,733 (2023 - £1,483,824). Areas of the Trust's grant-making in 2024 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 geographlc focus to its grant making, supporting Gharities in Oxfordshire. Wiltshire. Somerset, and Dorset. During the year, the Trust received a donation of £nil (2023 - £2,108).
THE ADRIAN SWIRE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended 31 Decembar 2024 The Trustees, having regard to the publlc benefit guidance published by the Charity Commission in awordance 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 ofthe same Act. Investment policy and performance Under paragraph 5.2 of the trust instrum8nt, the Trustees have power to retain shar8s in John Swire & Sons Limited and are not under any duty to diversify to the extent that the trust fund comprlse5 those shares. The Trustees have also noted the statutory duty of care required by the Trust8e Act 2000, in ralation to their holding suitable inv8Stments and the need for diversification of investments so far as is appropriate to the ¢ir¢umstances of the Trust. The Trust88s' 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 ¢harity's capital in real terms. The Trust's Investments are held in the Sarasin Endowments Fund, which alms to provlde long-lerm charity investors with a sustainable income, while maintaining the real value of the capital and incom8 for the future. The fund Integrates ESG screening crit8ria to ensure the stewardship of funds in a responsible globally diversified porttollo. The Ilsted Investm8nt portfolio returned 12.20/0 (2023 8.60/0) against their benchmark of 14.30/012023 11.9 /0). Income from ordinary and preference shar8s In John Swire & Sons Ltd was £1,655,734 {2023 £1.543,187}, Reserves Pollcy The Trust was crèated in 1988 with a fund intended to provide a regular18vel of income which could be distributed for a wide variety of charitable purposes. It is Ihe Trustees, policy not to retain reserves as the charlty's overheads are low and any deficit on the Unrestricted Fund can be removed by iransfers from the endowment fund at the discr8tion of the Trustees. Flnanclal posltlon and statements The Trustees consldered the financial position to be satisfactory. There is sufficient cash and Inveslment Income to meet the committed donations and to continue to provide support to thelr chos8n charitabl8 causes. The financial statements comply with the current statutory requirements and with the requirements of the Trust deed. Key management personnel romuneratlon The Trustees consider th8 Board of Trustees as comprising the k8y management personnel in charge of dlrecting and controlling the charity. All Trust&8s give their tlme freely and no Truslee remun8ration or expense reimbursements W8r8 paid in the year. The day-to-day operatlon and administration of the Trusl is delivered by a small team within John Swire & Sons Ltd. Rlsk management The Trust's Risk Règlster 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 porfomiance of it5 investments and risks from ineffective grant making. The major risks to which the Trust may be exposed, as identifled by the Trustees, have been reviewed and. where appropriate. processes and systems have been put in place to mitigate those risks.
THE ADRIAN SWIRE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended 31 December 2024 The variablllty 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 contaln8d In the Deed to retain and not to diversify those shares. The Trustees seek to mitigate the rlsks through their board représentation, as w&ll as by the regular monitoring of such investments on receipt of published financial information. The risk of ineffective grant-making is mitigated by Carrylng out research on charitable institutions to establish whether potential donations will b8 used eff8Ctively and in furtherance of this charity's own objectives. Statemant of Trustees, rèsponsibilities In r•lation to the flnanclal 8tatomont$ The Trustees are responsible for preparing the Trustees, report and the financial statements In accordance wlth applicable law and United Kingdom Accounting Standards. Tha law applicable to harities In England and Wales requires the Trust88S to pr8pare financial slatements for each financial year whlch give a true and fair vlew 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 requlred to- select suitab18 accounting policies and th8n apply them consistently; observe the m81hods and principles of the Charities SORP- make judgements and accounting 8stimat8S that are reasonable and prudent- state whether appllcable accounting standards have be8n followed, subject to any departures disclosed and explalned in the financlal statements., and prepare the financial statements on the going concern basis unless It Is inappropriate to presum8 that the charity will continue in business. The Trustees are responsible for keeping accounting records which dlsclos8 wlth reasonable accuracy the financial positlon of the charity and enable them to ensure that the financial statèmènts comply wlth the Charities Act 2011, the Charity (Accounts and R8POrts> Regulations 2008 and the provlsions of the trust deed. They are also responsible for safeguarding the assets of Ihe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. S C Swlre For the trustees Z 06tg&&r 2025
THE ADRIAN SWIRE CHARITABLE TRUST AUDITORS REPOR T Year ended 31 Decèmbor 2024 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ADRIAN SWIRE CHARITABLE TRUST Oplnlon We have audit8d th8 flnanclal statements of The Adrian Swire Charltable Trust (Ihe '¢harity'l for the year ended 31 December 2024, which ¢omprlse the statement of financial activities, balance sheet. statement of cash flows and notes to th8 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 Klngdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce). In our oplnlon, th8 financial statements,. glve a true and fair vlew of the stale of the charity's affairs a5 at 31 December 2024 and of its Incoming r850urces and application of resources for the year then ended-, have been properly prepared In accordance wlth United Kingdom Generally Accepted Accounting Praclic8', and have been prepared In accordance wlth th8 requirements of th8 Charities Act 2011. Basis for oplnion 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 raport. We are independent of the charlty in accordance with th8 ethical requirements that are relevant to our audit of the financial statements in th8 UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical r8sponsibilities In accordance with thes8 r8quir8ments. We b81ieve that the audit evidence we have obtained is sufficiant and appropriate to provide a basis for our opinlon. Concluslons relatlng to going concern In auditlng the financlal statements, we have concluded that the trustees, use of the golng concern basis of accounting in the prèparatlon of the financial statements is appropriate. Based on the work we have performed, w8 hav8 not Id8ntlfled any material unc8rtainties relating to @vents or conditions that, individually or ¢ollectlvely, may cast signlficant doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the flnanclal statements are authorised for Issue. Our responsibilities and th8 responsibilities of the trustees with respect to going concern are deribed In the relevant sections of this report. Other information The other information comprises the Infomiation 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 Infomiation and we do not express any fomi of assurance conclusion thereon. 10
THE ADRIAN SWIRE CHARITABLE TRUST AUDITORS REPOR T Year ended 31 December 2024 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 mlsstated. If wè identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslat8m8nt In the financial slatements 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 othér informatlon, we are required to report that fact. We have nothing to port in this regard. Matters on which wo aro requlred to roport by exception We have nothing to report in respect of the followlng matters In relatlon to whlch the Charltles (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the Informatlon given In the financlal statements Is inconsistent in any material respect with the trustees report; or sufficient accounting records have not been kept; or the financlal statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Re$pon8ibilitios of trustees As èxplained 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 balng satisfied that they give a true and fair view, and for such internal control as the trustees delermlne 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 responslble for assesslng the charlty's ablllty to continue as a going concern, disclosing, as appli¢abl&, matters rèlated to going concern and using the going Concem basis of accounting unless the trustees 8lther intend to liquidate the charity or to Cease operations, or have no realistic altemalive but to do so. Auditor's r•sponsibilitios for the audit of the flnaneial statements We have been appointed as audltor under sectlon 144 of the Charltles A 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 misslatem8nt when it exlsts. 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 irregularitie5. including fraud is detailed below:
THE ADRIAN SWIRE CHARITABLE TRUST AUDITORS REPOR T Year ended 31 December 2024 We gained an understanding of the legal and regulatory fram8work appllcable to the charity by consld8ring, amongst other things, the sector in which It operates, and considered the risk of acts by the charity that were contrary lo applicablé laws and regulations. including fraud. We dèsigned audit procedures to respond to the assessed level of risk, but recognis8d that the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve d81ib8rate concealment by, for example, forgery or intentional misrepr&s&ntations, or through collusion. We focused on laws and regulations whlch could give rise to a material mlsstatement In the financial statements, Including, but not Ilmlted to the Charitles Act 2011. Our tests Included agreelng the financial statement disclosures to und8rlylng supporting documentation, enquiries with management and enqulrles of thlrd parties. As In all our audlts, we also addressed the rlsk of management overrid8 of int8rnal controls, includlng testing journals and evaluatlng whether there was evidence of bias by management that represented a rfsk of materlal mlsstatem8nt du8 to fraud. There are inherent limltatlons In the audit procedures described above and, th8 further r8mov8d non- compllance wlth laws and regulations Is from the events and transactions reflected in the financial statements, the less likely we would b8com8 aware of it. We did not Identify any key audlt matters ralating to Irregularities, including fraud. A further description of our responsibilities for the audit of the financlal statam8nts is located on the Financial Reporting Councll's website at: www.frc.org.uklauditorsresponslbilities. This description forms part of our audltorfs report. Usa of our report This report is made solely to the charlty's trusteés, as a body, in accordance with regulations made undèr section 154 of the Charities Act 2011. Our audit work has been undertaken so that we mlght stat8 to the charity's trusteas those matters we are required to statè 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 charlty's trustees as a body. for our audit work, for thls report, or for the oplnlons we have formed. - Aa,frfv> LLP Dixon Wllson Audlt Servl¢es LLP, Statutory Audltor 22 Chancery Lane London WC2A 1 LS Dat8:.. 8 October 2025 Dixon Wilson Audit Servicas LLP is eligible to aGt as an auditor in term5 of section 1212 of the Companies Act 2006 12
THE ADRIAN SWIRE CHARITABLE TRUST ST A TEMENT OF FI NANCIAL ACTIVITI ES Year ended 31 December 2024 2024 2023 Unrestricted Income Fund Expandabla Endowment Fund Total Total Income and endowments from: Donations Investments 2.108 1. 740,070 1,878,318 1,878,318 Totsl Incomlng re8ources 1,878,318 1.878.318 1. 742, 178 Exp•ndltur• on: Ralslng fund$ Charttable activltles {18.485) (18,485) (16,920) (1,678.520) (1,532,397) {18,485> (1,697.Ixi5) (1,549,317) (1,678.520) (1,678.520) Total expondlturo Net galn on Investment assets 8.058.601 8.058,601 1,664.385 Net Incom• 199.798 8.040,116 8.239,914 1,857.246 Nal movement In funds 199,798 8,040,116 8.239,914 1,857,246 Reconclllatlon of funds: Fund balance brought forward at 1 January 2024 Fund balance carrled fOard at 31 December 2024 1,099,354 36,642,357 37,741,711 35,884,465 1,299,152 44,682,473 45,981,625 3T,741,711 All amounts are In respect of contlnuing activltl8s. 13
THE ADRIAN SWIRE CHARITABLE TRUST BALANCE SHEET At 31 Decembor 2024 2024 2023 Note Flxed 8ss•ts Investments 44.892.200 36,813.172 Currant assets Cash at bank and In hand Debtors 1,155,260 5,498 995.572 4,849 1.160,758 1,000,421 Llabllfti•$ Creditors: Amounts falling due wlthln one year {71.333) (71,882) N•t curr•nt a880ts 1,089.426 928,539 Total as•ets 1088 curr•nt Ilabllltias 45,981,625 37.741.711 Nat a88•ts 45,981.625 3T,741,T11 Th• fund• of th• chartty: Unrestricted Incom8 funds Expendable erKlowment funds 1.299.152 44,682.473 45.981.625 1.099.354 36,642,357 37.741.T11 Tha tlnanclal statements on pages g to 19 were aPpred by the board of trustees on and were sianed on its behalf bv.. 2025 S C SWIRE Trustee 14
THE ADRIAN sRE CHARrrABLE TRUST ST A TEMENT OF CASH FLOWS Y•ar andad 31 D•cemb•r 2024 2024 Total 2023 Total Net Ixh used in operating actlvlties (1,698.203} (1,546,940) Cash flows from Investlng 8ctivilies.' Interest arKI dividends Purchase of Investments 1,878.318 (20,427) 1,857,891 1,740,070 (24.047) 1,716.023 Net cash provlded by Investlng acUvltl8s Changg in cash and cash gqufvalents 159,688 169,083 Cash and cash equlvalents brought forward 995,572 826.489 Cash and Cash equivalents carrled forward 1.155,260 995,572 15
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Accounting policles (a) Basis of preparatlon and assessment of going concern The financial statements have been prepared under the historic cost convention, with the exception that invèstments are included at market value. The financlal statements have been prepared in accordance with the Ststement 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> effectlV8 1 January 2019 and the Charities Act 2011. The financial statements ar8 present8d In pounds sterling whlch 1$ the functSonal currency of the Trust and rounded to th8 near85t £. Th8 tnjst constitutes a publi¢ benefit enlity as defined by FRS 102. The tru$te85 con81der that there are no material unc8rtalnlles about the Trust'5 ability to continue as a going concem. There are no signiflcant areas of adjustment and key assumption5 that affect Item5 in the accounts. With respect to th8 next reporting period, the most significant areas of unc8rtainty that affect the carrylng valua of assols held by the Trust are the level of investment retum and the pgrformanc8 of Investment markets (gee the risk management $8Ction of the trustees, annual report for more infomiatlon). (b> Fund8 Structuro The charity has an 8xpendable endowment fund created by a gift. The income of this trust is unrestricted. The tems of the endowment allow the capital of the fund to be spent If the trustees so deternin8. Unrestrfcted income funds comprise those funds which the trustees are fr88 to use for any purpose in furtherance of the charitable objects. Unrestricted funds include deslgnated funds where Ihe tnjstees, at their discretion, have created a fund for a specific purpose. Income recognltlon All incomè is recognised once th8 charity has entitlemenl to the Income, It is probable that the incom8 will be received and the amount of income receivable can be measured reliably. Donations are recognlsed when the Trust has been notified in writing of both thè amount and settlement date. Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by th8 charity., this is nomially upon notification of the inlerest paid or payable by the bank. Divldends are recognised once the dividend has been declared and the nolificalion has been recelved of the dividend due. This is normally upon notification by our Investment advlsor of the dividend yield of the Investment portfolio. (d) Expendllur• r•cognltion Liabilities are recognis8d as expenditure as soon as there Is a legal or constructive obligation commlttlng the charity to that expenditu, It Is probable that settlement will be required and th8 amount of the obligation can be measured r8llably. Grants payablo are payments made to third parties in the furtheranca of the charitable objects of th8 Trust. Thls is accrued once the recipient has been notified of the grant award. le) Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Irrecoverable VAT ifj Support and governance costs The charity does not incur support costs. Govemance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governanc8 costs relate to thariiable activitl8S. 16
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 310ecember 2024 (g) Fixed asset investments Investments are a fonn of basic financial instrument and are inltlally recognlsed at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted markat price. The statemént of financial activities includes the net gains and losses arislng on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial Instruments. Th8 maln fom of financlal risk faced by the charity is that of volatility In equity mathets and investment markets due to wider economic conditions, the attltude of investors to investment risk, and changes in sentlment conceming equities within partlcular sectots or sub sectors. John Swire & Sons Limll6d ordinary shares are valued at the maxlmum prlce that can be applied to sales belween shareholders. The price is proposed at the Annual General Meeting of the company by the board of dlrectors and is approved by the shareholders. It Is calculated based on a dlvid8nd yield calculation and review of comparable quoted companies. John Swlre & Sons Llmited preference shares are valued on a daily basis by dividlng the coupon by the avèrage yield of comparable quoted companies, scaled down to accounl for the share5 being unlisted. (h) ReallB8d galn8 and los$e8 All gains and losses are included net in the Statement of Financlal 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 al the year end arKI their carrying value. Realised and unrealised Investment gains and losses are comblned in th8 Statement of Financlal Activities. Investment incom• 2024 2023 Investment income compris8S.' Income from unlisted securitl8S Income from UK pooled investment Int8rest on cash d8POSIt 1,655,734 181,879 40,705 1.543, 187 166, 196 30.687 1.878,318 1,740,070 Investment Income in both years was attributable to the unrestricted income fund. 17
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Analysis of expendlture on charltable actlvltle$ The charity dld not undertake any activity dlrectly but met its charitable purposes by making donatlons and grants. 2024 2023 Grants made to Gharitablg institutions.. Aberchirder Willage Hall Action4Youth Afrlca 95 Caine Prize Alr League Trust Air Pilots Trust Honourable Co Armonico Consort Art History Link-up Arts at the Old Fire Statlon Ashmolean Muséum Asylum Welcome Ayre to Air Be Free Young Carers Berkshire. Bucks and Oxford5hlre Wlldlffe Trust Birth Companions Bletchley Park Trust Brid8well Organic Gardens BuckinghamshI Historlc Churches Trust Burton Dassett PCC Cancer Vaccine Institute Calvert Trust Exmoor Central London Samaritans Chalsworth House Trust Citizens Advice Buckinghamshlre Classics for All Continuo Foundation Cobernic Camphill Community Com Exchange Trust Countryside Learnlng Crisis UK Crossllght Advice Dalkeith and Monktonhall Brass Band Dancers, Career Development Dartmoor Pony Heritage Trust Devon Hlstoric Churches Trust Devon Wildlife Trust Dlff8r8nt Strokes Diverse Abilities Plus Ltd Dorset Historic Churches Trust Douglas Bader Foundation Douglas Swire Memorial Hall Carried forward 5,000 50.000 15,000 18,000 10,000 15,000 10,000 10,000 36,574 15,000 10,000 10,000 10,000 20,000 10,000 10,000 36,574 10,000 40,000 12,000 20,000 15,000 5,000 5.000 5,000 15,000 24,000 25.000 20,000 20,000 6,000 50,000 75,000 20.000 10.000 20,000 10.000 10.000 2,000 20,000 6,000 5,000 25,000 10,000 25,000 10,000 25,652 7,500 5,000 12,500 470, 574 391.226 18
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Analysis of expenditure on charitable activities {continued) 2024 2023 Brought forward 391,226 470,574 Dr8ssability Earth Trust Essex Yeomanry Exeter Cathedral Musl¢ Foundation Trust Exeter Science Centre Fine Cell Work Flexlcare (Oxford and Ablngdon) Force Cancer Charity Friends of The Ridgeway Friends of The Natlons Librarles Gilbert White and The Oates Collections Glynd8bourn8 Productions Limited Guideposts Trust Limited Helen & Douglas House Heritage of London Trust Home-start Blackmore Vale Horalio's Garden Homchurch Aerodrome Hlstorlcal Trust Hotel School Inkerman Housing Association Institute of Cancer Vaccines and Immunotherapy International Tree Foundation Julia's House Langford Farm Trust Lifebeat Lyme Regis Boat Buildlng Academy Lyneham Flying Club MAC Belfast Mary Rose Trust Maymessy Communify Interest Company Menai Strait's Heritage Sailing Myvision Oxfordshire National Literacy Trust National Trust Tracheostomy Safety Project National Spiffire Project Natural History Museum Nelson Trust New Model Institute for Technology and Engineering Newbury Spring Festival Newcastle Upon Tyne RGS One-Eighty Limited Opera Holland Park Oracle Cancer Trust Oxfordshire Community Foundation Oxfordshire Historic Chuhe5 Trust Oxford Hub Oxford Li8d8r 6,771 25,000 1,000 6.449 20,000 1,000 2.000 9,830 25.000 6,CKIO 20,000 1,500 6,100 25,000 20,000 20,000 14,000 5,000 11,000 15,000 5,000 io,ooo 15.000 10,000 5,000 5,000 5,000 5,486 20,000 15,000 10,000 18,953 15.000 15,000 5,000 20,000 17.500 17,500 9,000 5,000 20,000 5,000 5,000 5,000 18,500 18,500 15,000 50,000 25.000 25.000 25,000 12,000 12,000 3,000 20,000 10.000 10,000 25.000 40.000 15,000 15,000 12.000 17,500 12,000 12.000 Carried forward 827,583 930,806 19
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Anatysls of expenditure on charitable activities (continued) 2024 2023 Brought forward 827.583 733,806 Oxfordshire South & Vale Citizens Advic8 Bureau Oxfordshire Youth Parkhouse Award (The) PCC of Badgar Peeple Prior's Court Foundation Prisoners Abroad Prisoners, Education Trust Promis8 Foundatlon Quest for Learning Ramsbury and Axford LCC R8ad Easy UK Read for Good Royal Agricultural Benevolent Instltutlon Royal Air Force Banevolent Fund Royal Alr Force Museum Royal Trinlty Hosplce Schoolreaders Seeds4succe55 Semley CE VA Primary School S8mley PCC Shaftesbury Arts Centre Shaftesbury Refugee Group Shannon Trusl Sinfonia of London Sparsholt Church Sparsholt with Kingston Llsle PCC St Catherine College Wallace Watson Award St Giles P900 Organ St Luke'5 Hospital St Mary's Church Parochial Church Council Style for Soldiers Sue Ryder Palliative Care Hub South Oxfordshlre Thanet Country Trust Th8 Air League Trust The Anne Robson Trust The Brain Tumour Charity The British Institute of FlOnCe The Charlie Waller Trust Th8 Country Trust The Deaf Academy The Forward Trust The Landmark Trust The Military Wives Choirs Foundation The Mulbéry Bush Organisation LTD Carried forward 15.000 25,000 25,000 5,000 20,000 50,000 15,000 20.000 6,000 10,000 5,000 25,000 4,000 26,400 25,000 10,000 5.000 7,116 5,000 60,000 15,000 18,000 10,000 18.000 8,000 6,000 20,000 1,000 30,000 15,000 10.000 10,000 5,000 30,000 10,000 5,000 20,000 10,000 7,500 10,000 20.000 10,000 18,000 25,000 20,000 10,000 15.000 6.500 10,000 15.000 5,000 50.000 20,000 30.000 1.357.483 1.275,422 20
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Analysis of expenditure on charltable activities (Contlnued) 2024 2023 Brought forward 1.357,483 1,275,422 The National Hedgelaying Society The Parkhouse Award Trust The Porch The St Marys, Restoration Trust The Story Museum The Wheelyboat Trust The Yehudi Menuhin School Llmited The Young Musicians Symphony Orchestra Thomas Plume's Library, Maldon Thousand Islands Playhouse Thousand Islands Watershed Land Trust Trinity House Maritime Charity {WMNCS) University Colleg8 Oxford (Unlvj Unlocked Graduate5 Wantage Choral Sixiety Wantage Literary Festival Waterloo Uncovered Wentworth Woodhouse Preservation Trust Wessex Musaums Trust Westerkirk Parish Library Trust Fund West London Zone Vale Community Impact Wiltshlre Cltizens Advice Wiltshire Historic Churches Trust Wlllshlre Scrapstore and Resource C8ntre Winston's Wish Woodland Trust Wycombe Abbey Young Musiclans Symphony Orchestra YMSO 10,000 25,000 20,000 9,750 19,452 10,000 15,000 15.000 20,000 5,000 5,000 5,000 10,000 2,500 50,000 1,250 5,000 20.000 20,000 10,000 50,000 3,000 15,000 20,000 1,500 10,000 10,000 15,000 5,000 8,000 10,000 20,000 5,300 5,200 20,000 1,625,033 1,483,824 Donations and gr8nts of less than £1,000.. Bayford PCC Purbeck Youth Muslc Wantage Choral Society 200 750 750 1,700 1,626,733 Total donations 1,483,824 Governance costs allocated to charitable 8Ctivitles.' Feesl8XP8nses Consultancy costs Auditor's remuneration 1,260 46.787 3.740 1,260 42,933 4,380 51.787 48,573 Total exp8nditur8 on charltable activities 1,678,520 1,532,397 Expenditure on charitable activities in both years was attributable to the unrestricted Income fund. 21
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Flxad assot Investments 2024 2023 Quotedlunquoted Invastments Market valu8 at stsrt of year Additions Net unraallsed galns on Investment assets Market valu8 at end of year 36,813,172 20,427 8,058,601 44,892,200 35,124, 740 24,047 1,664,385 36,813,172 Investments have been made In the followlng categories of securities: 2024 2023 Unquoted Investments John Swire & Sons Ltd (Ords) John Swire & Sons Ltd (Pren 38,494,665 919,864 30,899, 888 889.539 Quoted Investment Sarasln Inv Funds Alpha CIF Endowments Inc 5,477,671 5,023, 745 44,892,200 36,813,172 The historical cost of investments at 31 December 2024 was £12,471,799 {2023 - £12,447,752). The unquoted Investments were ordinary and preference shares of John Swire & Sons Limited. The two largest Investments ar8 a holding of ordlnary shares In John Swire & Sons Limlt8d valued at £38,494,665 (2023 - £30,899,888) and a holdlng of income units in Sarasin Alpha CIF for Endowments at £5,477,871 (2023 - £5,023,745). Net unr8allsed losses on investment assets in thls year and gains In tha pr8vlous year were attrlbutabla to th8 endowment fund. Dobtorg 2024 2023 Other Debtors 5,498 4,849 Creditors: amounts falllng due wlthln one year 2024 2023 Accruals Other Creditors 18,906 52,427 23,489 48,393 71,333 71,882 22
THE ADRIAN SWIRE CHARITABLE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 December 2024 Analysls of net assets between funds Unrestricted Income fund Expendable Endowment fund Total 2024 Fund balances as at 31 De¢emb8r 2024 are presented by: Cash and Debtors Interfund Creditors Investments 1,155,205 204.963 (61,016) 5,553 (204.963) (10,317) 44,892,200 1,160,758 (71,333) 44,892.200 1,299,152 44,682,473 45,981,625 Reconclllatlon of nel movement in funds to n•t cash flow from op•ratbng activities 2024 2023 Net movement in funds Deduct Income from Investments Deduct (galns) on investments (Decreaseyincrease in creditors {Increas8) in deblors Net cash used In operatlng activities 8.239,914 1,857,246 (1,878,318) (1,740,070) (8,058,601) (1.664,385) (549) 344 (649) (75) (1,698,203) (1,546.940) Related party tran$actlon8 Durlng the year John Swir8 & Sons Llmlled, a company in whlch the trustees have a participatlng interest, paid expenses on the charity's behalf totalling £52,427 (2023 £48,393) and was repaid £48,39312023 £67,338). At the balance sheet date, thè amount due to John Swire & Sons Llmlted was £52.427 {2023 - £48,393). Durlng the year the charlty dld not rec8lv8 donatlons from the Trustées (2023 - £nll). During the year, the Trust88s received no emoluments or relmbursement of expenses for thelr servlces (2023 - £nll). 10. Flnancial a8sel$ and liabllltieg The following are financial assets that qualify as ba51¢ 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 Pr1 or, for unquoted investments, using the valuation methods in the accounting policy for Fixed Asset Investm8nts: Flnanclal assets 2024 2023 Quotedlunquoted investments 44,892,200 36,813, 172 44,892,200 36,813,172 23