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 d1￿ctIOn 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 s￿RE 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 de￿ribed 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 fO￿ard 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 aPpr￿ed by the board of trustees on
and were sianed on its behalf bv..
2025
S C SWIRE
Trustee
14

THE ADRIAN s￿RE 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 Chu￿he5 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 FlO￿nCe
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